%PDF-1.5 1 0 obj <> endobj 3 0 obj <> endobj 4 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 303.50 24.60 Td (1) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 503.15 747.70 Td (Exhibit 99.2) Tj ET Q /GS0 gs q 190.00 0 0 52.00 211.00 690.70 cm /I1 Do Q BT /F1 10.00 Tf ET BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 677.50 Td (14375 NW) Tj ET Q q 0 0 0 rg BT 97.88 677.50 Td ( Science Park Drive) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 664.30 Td (Portland, OR 97229) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 651.10 Td (July 27, 2017) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 78.20 622.30 Td (CFO Commentary on ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 212.35 622.30 Td (Second) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 255.13 622.30 Td ( Quarter) Tj ET Q q 0 0 0 rg BT 307.36 622.30 Td ( and First Half ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 399.14 622.30 Td (2017) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 427.14 622.30 Td ( Financial Results ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 195.50 605.50 Td (and Updated ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 276.42 605.50 Td (2017) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 304.42 605.50 Td ( Financial Outlook) Tj ET Q BT /F2 11.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 49.5 578.578564453125 m 153.69921875 578.578564453125 l s q 0 0 0 rg BT 49.50 580.30 Td (Financial Information) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 567.10 Td (Please reference accompanying financial information in the corresponding earnings release at) Tj ET Q BT /F1 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 49.5 552.43369140625 m 230.36083984375 552.43369140625 l s q 0 0 1 rg BT 49.50 553.90 Td (http://investor) Tj ET Q q 0 0 1 rg BT 110.61 553.90 Td (.columbia.com/results.cfm.) Tj ET Q BT /F2 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 49.5 526.978564453125 m 125.361328125 526.978564453125 l s q 0 0 0 rg BT 49.50 528.70 Td (Confer) Tj ET Q q 0 0 0 rg BT 82.29 528.70 Td (ence Call) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 515.50 Td (The ) Tj ET Q q 0 0 0 rg BT 68.89 515.50 Td (company ) Tj ET Q q 0 0 0 rg BT 111.50 515.50 Td (will ) Tj ET Q q 0 0 0 rg BT 130.91 515.50 Td (host ) Tj ET Q q 0 0 0 rg BT 151.54 515.50 Td (a ) Tj ET Q q 0 0 0 rg BT 158.71 515.50 Td (conference ) Tj ET Q q 0 0 0 rg BT 209.24 515.50 Td (call ) Tj ET Q q 0 0 0 rg BT 227.41 515.50 Td (on ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 240.53 515.50 Td (Thursday) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 281.36 515.50 Td (, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 286.40 515.50 Td (July27, ) Tj ET Q q 0 0 0 rg BT 323.53 515.50 Td (2017) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 345.53 515.50 Td ( ) Tj ET Q q 0 0 0 rg BT 347.82 515.50 Td (at ) Tj ET Q q 0 0 0 rg BT 358.05 515.50 Td (5:00 ) Tj ET Q q 0 0 0 rg BT 379.90 515.50 Td (p.m. ) Tj ET Q q 0 0 0 rg BT 401.75 515.50 Td (ET) Tj ET Q q 0 0 0 rg BT 414.99 515.50 Td ( ) Tj ET Q q 0 0 0 rg BT 417.28 515.50 Td (to ) Tj ET Q q 0 0 0 rg BT 428.12 515.50 Td (review ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 460.34 515.50 Td (second) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 490.89 515.50 Td ( ) Tj ET Q q 0 0 0 rg BT 493.18 515.50 Td (quarter ) Tj ET Q q 0 0 0 rg BT 526.62 515.50 Td (and ) Tj ET Q q 0 0 0 rg BT 544.79 515.50 Td (first ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 502.30 Td (half ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 69.14 502.30 Td (2017) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 91.14 502.30 Td ( ) Tj ET Q q 0 0 0 rg BT 93.68 502.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 134.69 502.30 Td (results, ) Tj ET Q q 0 0 0 rg BT 168.70 502.30 Td (as ) Tj ET Q q 0 0 0 rg BT 180.40 502.30 Td (well ) Tj ET Q q 0 0 0 rg BT 201.88 502.30 Td (as ) Tj ET Q q 0 0 0 rg BT 213.58 502.30 Td (its ) Tj ET Q q 0 0 0 rg BT 226.51 502.30 Td (updated ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 263.87 502.30 Td (2017) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 285.87 502.30 Td ( ) Tj ET Q q 0 0 0 rg BT 288.41 502.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 329.43 502.30 Td (outlook. ) Tj ET Q q 0 0 0 rg BT 368.14 502.30 Td (T) Tj ET Q q 0 0 0 rg BT 374.09 502.30 Td (o ) Tj ET Q q 0 0 0 rg BT 382.13 502.30 Td (participate, ) Tj ET Q q 0 0 0 rg BT 433.84 502.30 Td (please ) Tj ET Q q 0 0 0 rg BT 463.86 502.30 Td (dial ) Tj ET Q q 0 0 0 rg BT 482.89 502.30 Td (\(877\) ) Tj ET Q q 0 0 0 rg BT 509.26 502.30 Td (407-9205 ) Tj ET Q q 0 0 0 rg BT 553.96 502.30 Td (in ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 489.10 Td (the ) Tj ET Q q 0 0 0 rg BT 69.16 489.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 94.50 489.10 Td (The ) Tj ET Q q 0 0 0 rg BT 117.82 489.10 Td (call ) Tj ET Q q 0 0 0 rg BT 139.92 489.10 Td (will ) Tj ET Q q 0 0 0 rg BT 163.26 489.10 Td (be ) Tj ET Q q 0 0 0 rg BT 179.86 489.10 Td (webcast ) Tj ET Q q 0 0 0 rg BT 221.51 489.10 Td (live ) Tj ET Q q 0 0 0 rg BT 244.23 489.10 Td (on ) Tj ET Q q 0 0 0 rg BT 261.45 489.10 Td (the ) Tj ET Q q 0 0 0 rg BT 281.12 489.10 Td (Investor ) Tj ET Q q 0 0 0 rg BT 323.38 489.10 Td (Relations ) Tj ET Q q 0 0 0 rg BT 371.16 489.10 Td (section ) Tj ET Q q 0 0 0 rg BT 408.54 489.10 Td (of ) Tj ET Q q 0 0 0 rg BT 423.93 489.10 Td (the ) Tj ET Q q 0 0 0 rg BT 443.59 489.10 Td (company's ) Tj ET Q q 0 0 0 rg BT 496.39 489.10 Td (website ) Tj ET Q BT /F1 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 536.21875 487.63369140625 m 562.49951171875 487.63369140625 l s q 0 0 1 rg BT 536.22 489.10 Td (http://) Tj ET Q BT /F1 11.00 Tf ET 0 0 1 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 49.5 474.43369140625 m 149.703125 474.43369140625 l s q 0 0 1 rg BT 49.50 475.90 Td (investor) Tj ET Q q 0 0 1 rg BT 84.33 475.90 Td (.columbia.com) Tj ET Q BT /F1 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 149.70 475.90 Td ( ) Tj ET Q q 0 0 0 rg BT 152.45 475.90 Td (where ) Tj ET Q q 0 0 0 rg BT 182.07 475.90 Td (it ) Tj ET Q q 0 0 0 rg BT 190.94 475.90 Td (will ) Tj ET Q q 0 0 0 rg BT 210.80 475.90 Td (remain ) Tj ET Q q 0 0 0 rg BT 244.09 475.90 Td (available ) Tj ET Q q 0 0 0 rg BT 286.54 475.90 Td (until ) Tj ET Q q 0 0 0 rg BT 309.46 475.90 Td (July ) Tj ET Q q 0 0 0 rg BT 330.54 475.90 Td (25, ) Tj ET Q q 0 0 0 rg BT 347.04 475.90 Td (2018.) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 49.5 447.6220703125 m 86.173828125 447.6220703125 l s q 0 0 0 rg BT 49.50 449.50 Td (Second) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 86.173828125 447.6220703125 m 184.60546875 447.6220703125 l s q 0 0 0 rg BT 86.17 449.50 Td ( ) Tj ET Q q 0 0 0 rg BT 89.17 449.50 Td (Quarter) Tj ET Q q 0 0 0 rg BT 130.94 449.50 Td ( ) Tj ET Q q 0 0 0 rg BT 133.94 449.50 Td (Summary) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 436.30 Td (Net ) Tj ET Q q 0 0 0 rg BT 68.13 436.30 Td (sales ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 92.26 436.30 Td (increase) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 128.29 436.30 Td (d ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 136.54 436.30 Td ($10.1) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 161.29 436.30 Td ( ) Tj ET Q q 0 0 0 rg BT 164.04 436.30 Td (million, ) Tj ET Q q 0 0 0 rg BT 201.32 436.30 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 213.24 436.30 Td (3) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 218.74 436.30 Td ( ) Tj ET Q q 0 0 0 rg BT 221.49 436.30 Td (percent, ) Tj ET Q q 0 0 0 rg BT 259.35 436.30 Td (to ) Tj ET Q q 0 0 0 rg BT 270.66 436.30 Td (a ) Tj ET Q q 0 0 0 rg BT 278.29 436.30 Td (first-quarter ) Tj ET Q q 0 0 0 rg BT 333.57 436.30 Td (record ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 364.41 436.30 Td ($398.9 ) Tj ET Q q 0 0 0 rg BT 397.41 436.30 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 429.19 436.30 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 412.30 Td (Gross ) Tj ET Q q 0 0 0 rg BT 77.92 412.30 Td (mar) Tj ET Q q 0 0 0 rg BT 94.82 412.30 Td (gin ) Tj ET Q q 0 0 0 rg BT 111.63 412.30 Td (contracted ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 160.18 412.30 Td (90) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 171.18 412.30 Td ( ) Tj ET Q q 0 0 0 rg BT 173.93 412.30 Td (basis ) Tj ET Q q 0 0 0 rg BT 198.68 412.30 Td (points ) Tj ET Q q 0 0 0 rg BT 228.33 412.30 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 239.63 412.30 Td (45.3) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 258.88 412.30 Td ( ) Tj ET Q q 0 0 0 rg BT 261.63 412.30 Td (percent. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 385.90 Td (Selling, ) Tj ET Q q 0 0 0 rg BT 85.43 385.90 Td (general ) Tj ET Q q 0 0 0 rg BT 119.82 385.90 Td (& ) Tj ET Q q 0 0 0 rg BT 130.39 385.90 Td (administrative ) Tj ET Q q 0 0 0 rg BT 195.33 385.90 Td (\(SG&A\) ) Tj ET Q q 0 0 0 rg BT 235.23 385.90 Td (expenses ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 276.96 385.90 Td (increase) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 312.99 385.90 Td (d ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 320.50 385.90 Td ($7.3 ) Tj ET Q q 0 0 0 rg BT 341.77 385.90 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 373.55 385.90 Td (, ) Tj ET Q q 0 0 0 rg BT 378.32 385.90 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 389.49 385.90 Td (4) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 394.99 385.90 Td ( ) Tj ET Q q 0 0 0 rg BT 397.01 385.90 Td (percent, ) Tj ET Q q 0 0 0 rg BT 434.14 385.90 Td (including ) Tj ET Q q 0 0 0 rg BT 477.71 385.90 Td (approximately ) Tj ET Q q 0 0 0 rg BT 543.26 385.90 Td ($4.0 ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 372.70 Td (million ) Tj ET Q q 0 0 0 rg BT 84.14 372.70 Td (of ) Tj ET Q q 0 0 0 rg BT 96.17 372.70 Td (expenses ) Tj ET Q q 0 0 0 rg BT 138.74 372.70 Td (related ) Tj ET Q q 0 0 0 rg BT 171.52 372.70 Td (to ) Tj ET Q q 0 0 0 rg BT 182.94 372.70 Td (the ) Tj ET Q q 0 0 0 rg BT 199.24 372.70 Td (operating ) Tj ET Q q 0 0 0 rg BT 243.64 372.70 Td (model ) Tj ET Q q 0 0 0 rg BT 273.99 372.70 Td (assessment ) Tj ET Q q 0 0 0 rg BT 325.74 372.70 Td (that ) Tj ET Q q 0 0 0 rg BT 345.09 372.70 Td (the ) Tj ET Q q 0 0 0 rg BT 361.39 372.70 Td (company ) Tj ET Q q 0 0 0 rg BT 404.58 372.70 Td (commenced ) Tj ET Q q 0 0 0 rg BT 460.58 372.70 Td (during ) Tj ET Q q 0 0 0 rg BT 492.16 372.70 Td (the ) Tj ET Q q 0 0 0 rg BT 508.46 372.70 Td (first ) Tj ET Q q 0 0 0 rg BT 529.04 372.70 Td (quarter) Tj ET Q q 0 0 0 rg BT 559.75 372.70 Td (, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 359.50 Td (resulting ) Tj ET Q q 0 0 0 rg BT 90.74 359.50 Td (in ) Tj ET Q q 0 0 0 rg BT 102.05 359.50 Td (approximately ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 168.34 359.50 Td (60) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 179.34 359.50 Td ( ) Tj ET Q q 0 0 0 rg BT 182.09 359.50 Td (basis ) Tj ET Q q 0 0 0 rg BT 206.84 359.50 Td (points ) Tj ET Q q 0 0 0 rg BT 236.48 359.50 Td (of ) Tj ET Q q 0 0 0 rg BT 248.39 359.50 Td (operating ) Tj ET Q q 0 0 0 rg BT 292.68 359.50 Td (expense ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 330.86 359.50 Td (deleverage) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 378.49 359.50 Td (. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 335.50 Td (Operating ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 96.51 335.50 Td (loss) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 113.62 335.50 Td ( ) Tj ET Q q 0 0 0 rg BT 116.65 335.50 Td (totaled ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 149.60 335.50 Td ($17.3) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 174.35 335.50 Td ( ) Tj ET Q q 0 0 0 rg BT 177.37 335.50 Td (million, ) Tj ET Q q 0 0 0 rg BT 214.93 335.50 Td (or ) Tj ET Q q 0 0 0 rg BT 227.11 335.50 Td (\() Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 230.78 335.50 Td (4.4) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 244.53 335.50 Td (\) ) Tj ET Q q 0 0 0 rg BT 251.21 335.50 Td (percent ) Tj ET Q q 0 0 0 rg BT 286.60 335.50 Td (of ) Tj ET Q q 0 0 0 rg BT 298.79 335.50 Td (net ) Tj ET Q q 0 0 0 rg BT 315.25 335.50 Td (sales, ) Tj ET Q q 0 0 0 rg BT 342.40 335.50 Td (including ) Tj ET Q q 0 0 0 rg BT 386.98 335.50 Td (approximately ) Tj ET Q q 0 0 0 rg BT 453.53 335.50 Td ($) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 459.03 335.50 Td (4.0) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 472.78 335.50 Td ( ) Tj ET Q q 0 0 0 rg BT 475.80 335.50 Td (million ) Tj ET Q q 0 0 0 rg BT 510.61 335.50 Td (of ) Tj ET Q q 0 0 0 rg BT 522.79 335.50 Td (expenses ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 322.30 Td (related ) Tj ET Q q 0 0 0 rg BT 82.17 322.30 Td (to ) Tj ET Q q 0 0 0 rg BT 93.48 322.30 Td (the ) Tj ET Q q 0 0 0 rg BT 109.67 322.30 Td (company's ) Tj ET Q q 0 0 0 rg BT 159.00 322.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 203.29 322.30 Td (model ) Tj ET Q q 0 0 0 rg BT 233.54 322.30 Td (assessment. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 298.30 Td (Net ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 68.55 298.30 Td (loss) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.67 298.30 Td ( ) Tj ET Q q 0 0 0 rg BT 88.83 298.30 Td (totaled ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 121.94 298.30 Td ($1) Tj ET Q q 0 0 0 rg BT 132.53 298.30 Td (1.5 ) Tj ET Q q 0 0 0 rg BT 149.44 298.30 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 181.23 298.30 Td (, ) Tj ET Q q 0 0 0 rg BT 187.14 298.30 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 199.47 298.30 Td ($\(0.17\)) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 231.55 298.30 Td ( ) Tj ET Q q 0 0 0 rg BT 234.72 298.30 Td (per ) Tj ET Q q 0 0 0 rg BT 251.93 298.30 Td (share, ) Tj ET Q q 0 0 0 rg BT 281.06 298.30 Td (including ) Tj ET Q q 0 0 0 rg BT 325.77 298.30 Td (expenses ) Tj ET Q q 0 0 0 rg BT 368.65 298.30 Td (of ) Tj ET Q q 0 0 0 rg BT 380.98 298.30 Td (approximately ) Tj ET Q q 0 0 0 rg BT 447.68 298.30 Td ($) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 453.18 298.30 Td (2.5) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 466.93 298.30 Td ( ) Tj ET Q q 0 0 0 rg BT 470.10 298.30 Td (million ) Tj ET Q q 0 0 0 rg BT 505.05 298.30 Td (net ) Tj ET Q q 0 0 0 rg BT 521.65 298.30 Td (of ) Tj ET Q q 0 0 0 rg BT 533.99 298.30 Td (tax, ) Tj ET Q q 0 0 0 rg BT 553.34 298.30 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 285.10 Td ($) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 55.00 285.10 Td (0.04) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 74.25 285.10 Td ( ) Tj ET Q q 0 0 0 rg BT 77.00 285.10 Td (per ) Tj ET Q q 0 0 0 rg BT 93.80 285.10 Td (share, ) Tj ET Q q 0 0 0 rg BT 122.50 285.10 Td (related ) Tj ET Q q 0 0 0 rg BT 155.18 285.10 Td (to ) Tj ET Q q 0 0 0 rg BT 166.48 285.10 Td (the ) Tj ET Q q 0 0 0 rg BT 182.67 285.10 Td (company's ) Tj ET Q q 0 0 0 rg BT 232.00 285.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 276.29 285.10 Td (model ) Tj ET Q q 0 0 0 rg BT 306.54 285.10 Td (assessment.) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 49.5 258.0220703125 m 153.486328125 258.0220703125 l s q 0 0 0 rg BT 49.50 259.90 Td (First Half Summary) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 246.70 Td (Net sales increased ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 136.54 246.70 Td ($28.8) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 161.29 246.70 Td ( million, or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 213.24 246.70 Td (3) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 218.74 246.70 Td ( percent \() Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 260.27 246.70 Td (4) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 265.77 246.70 Td ( percent constant-currency\) to a record ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 438.62 246.70 Td ($942.7) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 468.87 246.70 Td ( million.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 220.30 Td (Gross mar) Tj ET Q q 0 0 0 rg BT 94.82 220.30 Td (gin of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 123.54 220.30 Td (46.6) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 142.79 220.30 Td ( percent ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 180.66 220.30 Td (contracted) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 226.46 220.30 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 229.21 220.30 Td (10) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 240.21 220.30 Td ( basis points. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 193.90 Td (SG&A) Tj ET Q q 0 0 0 rg BT 79.45 193.90 Td ( expenses increased ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 168.94 193.90 Td ($15.1) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 193.69 193.90 Td ( million, or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 245.64 193.90 Td (4) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 251.14 193.90 Td ( percent, including approximately $5.2 million of expenses related to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 180.70 Td (the operating model assessment that the company commenced during the first quarter) Tj ET Q q 0 0 0 rg BT 425.08 180.70 Td (, resulting in approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.42 180.70 Td (30) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 559.42 180.70 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 167.50 Td (basis points of expense ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 153.98 167.50 Td (deleverage) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 201.61 167.50 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 141.10 Td (Operating income declined $1.8 million, or 5 percent, to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 299.99 141.10 Td ($30.7) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 324.74 141.10 Td ( million, including the impact of expenses of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 127.90 Td (approximately $) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 121.28 127.90 Td (5.2) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 135.03 127.90 Td ( million related to the operating model assessment.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 114.70 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 101.50 Td (Net ) Tj ET Q q 0 0 0 rg BT 67.73 101.50 Td (income ) Tj ET Q q 0 0 0 rg BT 102.45 101.50 Td (increased ) Tj ET Q q 0 0 0 rg BT 146.32 101.50 Td (4 ) Tj ET Q q 0 0 0 rg BT 154.16 101.50 Td (percent ) Tj ET Q q 0 0 0 rg BT 188.87 101.50 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 199.77 101.50 Td ($24.5) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 224.52 101.50 Td ( ) Tj ET Q q 0 0 0 rg BT 226.86 101.50 Td (million, ) Tj ET Q q 0 0 0 rg BT 263.74 101.50 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 275.24 101.50 Td ($0.35) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 299.99 101.50 Td ( ) Tj ET Q q 0 0 0 rg BT 302.34 101.50 Td (per ) Tj ET Q q 0 0 0 rg BT 318.73 101.50 Td (diluted ) Tj ET Q q 0 0 0 rg BT 351.62 101.50 Td (share, ) Tj ET Q q 0 0 0 rg BT 379.92 101.50 Td (including ) Tj ET Q q 0 0 0 rg BT 423.82 101.50 Td (expenses ) Tj ET Q q 0 0 0 rg BT 465.87 101.50 Td (of ) Tj ET Q q 0 0 0 rg BT 477.37 101.50 Td (approximately ) Tj ET Q q 0 0 0 rg BT 543.25 101.50 Td ($) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 548.75 101.50 Td (3.3) Tj ET Q BT /F1 11.00 Tf ET BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 88.30 Td (million ) Tj ET Q q 0 0 0 rg BT 84.03 88.30 Td (net ) Tj ET Q q 0 0 0 rg BT 100.22 88.30 Td (of ) Tj ET Q q 0 0 0 rg BT 112.13 88.30 Td (tax, ) Tj ET Q q 0 0 0 rg BT 131.07 88.30 Td (or ) Tj ET Q q 0 0 0 rg BT 142.98 88.30 Td ($) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 148.48 88.30 Td (0.05) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 167.73 88.30 Td ( ) Tj ET Q q 0 0 0 rg BT 170.48 88.30 Td (per ) Tj ET Q q 0 0 0 rg BT 187.28 88.30 Td (share, ) Tj ET Q q 0 0 0 rg BT 215.99 88.30 Td (related ) Tj ET Q q 0 0 0 rg BT 248.66 88.30 Td (to ) Tj ET Q q 0 0 0 rg BT 259.97 88.30 Td (the ) Tj ET Q q 0 0 0 rg BT 276.15 88.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 320.44 88.30 Td (model ) Tj ET Q q 0 0 0 rg BT 350.69 88.30 Td (assessment.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 60.70 Td (The company repurchased ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 168.31 60.70 Td (665,095) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 204.06 60.70 Td ( shares of common stock at an aggregate purchase price of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 463.98 60.70 Td ($35.5 million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 523.26 60.70 Td (.) Tj ET Q endstream endobj 5 0 obj <> endobj 6 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 24.60 Td (2) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 49.5 731.6220703125 m 112.505859375 731.6220703125 l s q 0 0 0 rg BT 49.50 733.50 Td (Updated ) Tj ET Q q 0 0 0 rg BT 96.51 733.50 Td (FY) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 112.505859375 731.6220703125 m 136.505859375 731.6220703125 l s q 0 0 0 rg BT 112.51 733.50 Td (2017) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 136.505859375 731.6220703125 m 286.189453125 731.6220703125 l s q 0 0 0 rg BT 136.51 733.50 Td ( ) Tj ET Q q 0 0 0 rg BT 139.51 733.50 Td (Financial ) Tj ET Q q 0 0 0 rg BT 190.51 733.50 Td (Outlook ) Tj ET Q q 0 0 0 rg BT 235.52 733.50 Td (Summary) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 286.19 733.50 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 720.30 Td (Our ) Tj ET Q q 0 0 0 rg BT 69.36 720.30 Td (updated ) Tj ET Q q 0 0 0 rg BT 106.93 720.30 Td (full ) Tj ET Q q 0 0 0 rg BT 124.95 720.30 Td (year ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 146.63 720.30 Td (2017) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 168.63 720.30 Td ( ) Tj ET Q q 0 0 0 rg BT 171.38 720.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 212.61 720.30 Td (outlook ) Tj ET Q q 0 0 0 rg BT 248.97 720.30 Td (anticipates: ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 707.10 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 707.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 103.49 707.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 126.99 707.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 160.26 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 171.53 707.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 237.18 707.10 Td (3 ) Tj ET Q q 0 0 0 rg BT 244.79 707.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 279.27 707.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 324.74 707.10 Td (with ) Tj ET Q q 0 0 0 rg BT 346.41 707.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 370.52 707.10 Td (net ) Tj ET Q q 0 0 0 rg BT 386.07 707.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 409.56 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 420.84 707.10 Td ($2.38 ) Tj ET Q q 0 0 0 rg BT 447.70 707.10 Td (billion, ) Tj ET Q q 0 0 0 rg BT 481.29 707.10 Td (including ) Tj ET Q q 0 0 0 rg BT 524.95 707.10 Td (less ) Tj ET Q q 0 0 0 rg BT 543.56 707.10 Td (than ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 693.90 Td (1 ) Tj ET Q q 0 0 0 rg BT 93.75 693.90 Td (percentage ) Tj ET Q q 0 0 0 rg BT 144.13 693.90 Td (point ) Tj ET Q q 0 0 0 rg BT 169.49 693.90 Td (negative ) Tj ET Q q 0 0 0 rg BT 209.50 693.90 Td (ef) Tj ET Q q 0 0 0 rg BT 217.85 693.90 Td (fect ) Tj ET Q q 0 0 0 rg BT 237.08 693.90 Td (from ) Tj ET Q q 0 0 0 rg BT 261.22 693.90 Td (changes ) Tj ET Q q 0 0 0 rg BT 299.39 693.90 Td (in ) Tj ET Q q 0 0 0 rg BT 310.70 693.90 Td (currency ) Tj ET Q q 0 0 0 rg BT 351.92 693.90 Td (exchange ) Tj ET Q q 0 0 0 rg BT 396.20 693.90 Td (rates;) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 680.70 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 680.70 Td (Operating ) Tj ET Q q 0 0 0 rg BT 131.20 680.70 Td (income ) Tj ET Q q 0 0 0 rg BT 165.29 680.70 Td (growth ) Tj ET Q q 0 0 0 rg BT 198.16 680.70 Td (of ) Tj ET Q q 0 0 0 rg BT 209.04 680.70 Td (approximately ) Tj ET Q q 0 0 0 rg BT 274.29 680.70 Td (3 ) Tj ET Q q 0 0 0 rg BT 281.50 680.70 Td (percent ) Tj ET Q q 0 0 0 rg BT 315.58 680.70 Td (to ) Tj ET Q q 0 0 0 rg BT 325.85 680.70 Td (between ) Tj ET Q q 0 0 0 rg BT 364.21 680.70 Td (approximately ) Tj ET Q q 0 0 0 rg BT 429.46 680.70 Td ($256 ) Tj ET Q q 0 0 0 rg BT 453.17 680.70 Td (million ) Tj ET Q q 0 0 0 rg BT 486.67 680.70 Td (and ) Tj ET Q q 0 0 0 rg BT 504.26 680.70 Td ($265 ) Tj ET Q q 0 0 0 rg BT 527.98 680.70 Td (million, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 667.50 Td (representing ) Tj ET Q q 0 0 0 rg BT 142.62 667.50 Td (operating ) Tj ET Q q 0 0 0 rg BT 186.91 667.50 Td (mar) Tj ET Q q 0 0 0 rg BT 203.81 667.50 Td (gin ) Tj ET Q q 0 0 0 rg BT 220.62 667.50 Td (of ) Tj ET Q q 0 0 0 rg BT 232.53 667.50 Td (approximately ) Tj ET Q q 0 0 0 rg BT 298.81 667.50 Td (10.8 ) Tj ET Q q 0 0 0 rg BT 320.81 667.50 Td (percent;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 654.30 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 654.30 Td (An ef) Tj ET Q q 0 0 0 rg BT 110.04 654.30 Td (fective income tax rate of approximately 23.0 percent; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 641.10 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 641.10 Td (Up ) Tj ET Q q 0 0 0 rg BT 101.96 641.10 Td (to ) Tj ET Q q 0 0 0 rg BT 113.52 641.10 Td (4 ) Tj ET Q q 0 0 0 rg BT 122.04 641.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 157.41 641.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 191.59 641.10 Td (in ) Tj ET Q q 0 0 0 rg BT 203.16 641.10 Td (net ) Tj ET Q q 0 0 0 rg BT 219.61 641.10 Td (income ) Tj ET Q q 0 0 0 rg BT 254.99 641.10 Td (to ) Tj ET Q q 0 0 0 rg BT 266.56 641.10 Td (between ) Tj ET Q q 0 0 0 rg BT 306.22 641.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 372.77 641.10 Td ($193 ) Tj ET Q q 0 0 0 rg BT 397.78 641.10 Td (million ) Tj ET Q q 0 0 0 rg BT 432.57 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 451.47 641.10 Td ($200 ) Tj ET Q q 0 0 0 rg BT 476.48 641.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 514.02 641.10 Td (or ) Tj ET Q q 0 0 0 rg BT 526.19 641.10 Td ($2.74 ) Tj ET Q q 0 0 0 rg BT 553.96 641.10 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 627.90 Td ($2.84 ) Tj ET Q q 0 0 0 rg BT 113.00 627.90 Td (per ) Tj ET Q q 0 0 0 rg BT 129.80 627.90 Td (diluted ) Tj ET Q q 0 0 0 rg BT 163.10 627.90 Td (share.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 614.70 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 614.70 Td (The ) Tj ET Q q 0 0 0 rg BT 104.07 614.70 Td (above ) Tj ET Q q 0 0 0 rg BT 131.81 614.70 Td (outlook ) Tj ET Q q 0 0 0 rg BT 166.90 614.70 Td (does ) Tj ET Q q 0 0 0 rg BT 188.53 614.70 Td (not ) Tj ET Q q 0 0 0 rg BT 204.06 614.70 Td (include ) Tj ET Q q 0 0 0 rg BT 237.91 614.70 Td (any ) Tj ET Q q 0 0 0 rg BT 255.27 614.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 295.22 614.70 Td (impact ) Tj ET Q q 0 0 0 rg BT 326.63 614.70 Td (incurred ) Tj ET Q q 0 0 0 rg BT 364.75 614.70 Td (during ) Tj ET Q q 0 0 0 rg BT 394.94 614.70 Td (the ) Tj ET Q q 0 0 0 rg BT 409.85 614.70 Td (first ) Tj ET Q q 0 0 0 rg BT 429.04 614.70 Td (half ) Tj ET Q q 0 0 0 rg BT 447.62 614.70 Td (of ) Tj ET Q q 0 0 0 rg BT 458.25 614.70 Td (2017 ) Tj ET Q q 0 0 0 rg BT 481.73 614.70 Td (or ) Tj ET Q q 0 0 0 rg BT 492.36 614.70 Td (to ) Tj ET Q q 0 0 0 rg BT 502.39 614.70 Td (be ) Tj ET Q q 0 0 0 rg BT 514.25 614.70 Td (recognized ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 601.50 Td (during ) Tj ET Q q 0 0 0 rg BT 116.77 601.50 Td (the ) Tj ET Q q 0 0 0 rg BT 132.76 601.50 Td (second ) Tj ET Q q 0 0 0 rg BT 165.85 601.50 Td (half ) Tj ET Q q 0 0 0 rg BT 185.50 601.50 Td (of ) Tj ET Q q 0 0 0 rg BT 197.21 601.50 Td (2017 ) Tj ET Q q 0 0 0 rg BT 221.76 601.50 Td (from ) Tj ET Q q 0 0 0 rg BT 245.69 601.50 Td (activities ) Tj ET Q q 0 0 0 rg BT 287.95 601.50 Td (associated ) Tj ET Q q 0 0 0 rg BT 335.70 601.50 Td (with ) Tj ET Q q 0 0 0 rg BT 357.81 601.50 Td (the ) Tj ET Q q 0 0 0 rg BT 373.79 601.50 Td (operating ) Tj ET Q q 0 0 0 rg BT 417.88 601.50 Td (model ) Tj ET Q q 0 0 0 rg BT 447.93 601.50 Td (assessment ) Tj ET Q q 0 0 0 rg BT 499.36 601.50 Td ( ) Tj ET Q q 0 0 0 rg BT 501.91 601.50 Td (or ) Tj ET Q q 0 0 0 rg BT 513.62 601.50 Td (subsequent ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 588.30 Td (actions.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 561.90 Td (The ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 68.16 561.90 Td (Updated) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.50 561.90 Td ( ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 110.05 561.90 Td (Full ) Tj ET Q q 0 0 0 rg BT 130.33 561.90 Td (Y) Tj ET Q q 0 0 0 rg BT 137.05 561.90 Td (ear) Tj ET Q q 0 0 0 rg BT 152.12 561.90 Td ( ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 153.67 561.90 Td (2017) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 175.67 561.90 Td ( ) Tj ET Q q 0 0 0 rg BT 177.23 561.90 Td (Financial ) Tj ET Q q 0 0 0 rg BT 222.79 561.90 Td (Outlook) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 261.30 561.90 Td ( ) Tj ET Q q 0 0 0 rg BT 262.85 561.90 Td (section ) Tj ET Q q 0 0 0 rg BT 295.57 561.90 Td (beginning ) Tj ET Q q 0 0 0 rg BT 341.12 561.90 Td (on ) Tj ET Q q 0 0 0 rg BT 353.67 561.90 Td (page ) Tj ET Q q 0 0 0 rg BT 375.99 561.90 Td (4 ) Tj ET Q q 0 0 0 rg BT 383.05 561.90 Td (below ) Tj ET Q q 0 0 0 rg BT 411.49 561.90 Td (contains ) Tj ET Q q 0 0 0 rg BT 449.70 561.90 Td (a ) Tj ET Q q 0 0 0 rg BT 456.14 561.90 Td (more ) Tj ET Q q 0 0 0 rg BT 480.29 561.90 Td (detailed ) Tj ET Q q 0 0 0 rg BT 516.66 561.90 Td (discussion ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 548.70 Td (of ) Tj ET Q q 0 0 0 rg BT 61.41 548.70 Td (the ) Tj ET Q q 0 0 0 rg BT 77.60 548.70 Td (factors ) Tj ET Q q 0 0 0 rg BT 110.28 548.70 Td (contributing ) Tj ET Q q 0 0 0 rg BT 166.80 548.70 Td (to ) Tj ET Q q 0 0 0 rg BT 178.11 548.70 Td (this ) Tj ET Q q 0 0 0 rg BT 196.75 548.70 Td (outlook.) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 49.5 519.2220703125 m 86.173828125 519.2220703125 l s q 0 0 0 rg BT 49.50 521.10 Td (Second) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 86.173828125 519.2220703125 m 225.28125 519.2220703125 l s q 0 0 0 rg BT 86.17 521.10 Td ( ) Tj ET Q q 0 0 0 rg BT 89.17 521.10 Td (Quarter) Tj ET Q q 0 0 0 rg BT 130.94 521.10 Td ( ) Tj ET Q q 0 0 0 rg BT 133.94 521.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 184.95 521.10 Td (Results ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 507.90 Td (\(All ) Tj ET Q q 0 0 0 rg BT 69.97 507.90 Td (comparisons ) Tj ET Q q 0 0 0 rg BT 128.32 507.90 Td (are ) Tj ET Q q 0 0 0 rg BT 144.50 507.90 Td (between ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 183.90 507.90 Td (second) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 214.44 507.90 Td ( ) Tj ET Q q 0 0 0 rg BT 217.19 507.90 Td (quarter ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 251.09 507.90 Td (2017) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 273.09 507.90 Td ( ) Tj ET Q q 0 0 0 rg BT 275.84 507.90 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 294.47 507.90 Td (second) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 325.02 507.90 Td ( ) Tj ET Q q 0 0 0 rg BT 327.77 507.90 Td (quarter ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 361.66 507.90 Td (2016) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 383.66 507.90 Td (, ) Tj ET Q q 0 0 0 rg BT 389.16 507.90 Td (unless ) Tj ET Q q 0 0 0 rg BT 419.41 507.90 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 464.93 507.90 Td (noted.\)) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 482.70 Td (The ) Tj ET Q q 0 0 0 rg BT 69.73 482.70 Td (second ) Tj ET Q q 0 0 0 rg BT 103.40 482.70 Td (quarter ) Tj ET Q q 0 0 0 rg BT 137.68 482.70 Td (is ) Tj ET Q q 0 0 0 rg BT 148.14 482.70 Td (the ) Tj ET Q q 0 0 0 rg BT 164.71 482.70 Td (company's ) Tj ET Q q 0 0 0 rg BT 214.42 482.70 Td (smallest ) Tj ET Q q 0 0 0 rg BT 253.60 482.70 Td (revenue ) Tj ET Q q 0 0 0 rg BT 291.53 482.70 Td (quarter) Tj ET Q q 0 0 0 rg BT 322.24 482.70 Td (, ) Tj ET Q q 0 0 0 rg BT 328.12 482.70 Td (historically ) Tj ET Q q 0 0 0 rg BT 380.73 482.70 Td (accounting ) Tj ET Q q 0 0 0 rg BT 432.12 482.70 Td (for ) Tj ET Q q 0 0 0 rg BT 448.07 482.70 Td (a ) Tj ET Q q 0 0 0 rg BT 456.08 482.70 Td (mid-teens ) Tj ET Q q 0 0 0 rg BT 502.59 482.70 Td (percentage ) Tj ET Q q 0 0 0 rg BT 553.35 482.70 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 469.50 Td (annual ) Tj ET Q q 0 0 0 rg BT 81.97 469.50 Td (net ) Tj ET Q q 0 0 0 rg BT 98.56 469.50 Td (sales. ) Tj ET Q q 0 0 0 rg BT 125.15 469.50 Td (As ) Tj ET Q q 0 0 0 rg BT 140.52 469.50 Td (a ) Tj ET Q q 0 0 0 rg BT 148.56 469.50 Td (result, ) Tj ET Q q 0 0 0 rg BT 178.89 469.50 Td (year) Tj ET Q q 0 0 0 rg BT 197.60 469.50 Td (-over) Tj ET Q q 0 0 0 rg BT 220.59 469.50 Td (-year ) Tj ET Q q 0 0 0 rg BT 246.33 469.50 Td (regional, ) Tj ET Q q 0 0 0 rg BT 288.27 469.50 Td (brand ) Tj ET Q q 0 0 0 rg BT 316.47 469.50 Td (and ) Tj ET Q q 0 0 0 rg BT 335.50 469.50 Td (category ) Tj ET Q q 0 0 0 rg BT 376.52 469.50 Td (net ) Tj ET Q q 0 0 0 rg BT 393.11 469.50 Td (sales ) Tj ET Q q 0 0 0 rg BT 417.64 469.50 Td (comparisons ) Tj ET Q q 0 0 0 rg BT 476.39 469.50 Td (often ) Tj ET Q q 0 0 0 rg BT 502.14 469.50 Td (produce ) Tj ET Q q 0 0 0 rg BT 540.72 469.50 Td (lar) Tj ET Q q 0 0 0 rg BT 552.12 469.50 Td (ge ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 456.30 Td (percentage ) Tj ET Q q 0 0 0 rg BT 100.03 456.30 Td (variances ) Tj ET Q q 0 0 0 rg BT 144.47 456.30 Td (in ) Tj ET Q q 0 0 0 rg BT 155.93 456.30 Td (relation ) Tj ET Q q 0 0 0 rg BT 192.43 456.30 Td (to ) Tj ET Q q 0 0 0 rg BT 203.89 456.30 Td (the ) Tj ET Q q 0 0 0 rg BT 220.23 456.30 Td (prior ) Tj ET Q q 0 0 0 rg BT 244.51 456.30 Td (year's ) Tj ET Q q 0 0 0 rg BT 272.61 456.30 Td (comparable ) Tj ET Q q 0 0 0 rg BT 326.81 456.30 Td (period ) Tj ET Q q 0 0 0 rg BT 357.82 456.30 Td (due ) Tj ET Q q 0 0 0 rg BT 376.60 456.30 Td (to ) Tj ET Q q 0 0 0 rg BT 388.06 456.30 Td (the ) Tj ET Q q 0 0 0 rg BT 404.41 456.30 Td (small ) Tj ET Q q 0 0 0 rg BT 431.14 456.30 Td (base ) Tj ET Q q 0 0 0 rg BT 453.59 456.30 Td (of ) Tj ET Q q 0 0 0 rg BT 465.66 456.30 Td (comparison ) Tj ET Q q 0 0 0 rg BT 519.88 456.30 Td (and ) Tj ET Q q 0 0 0 rg BT 538.67 456.30 Td (shifts ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 443.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.60 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 76.57 443.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 107.84 443.10 Td (of ) Tj ET Q q 0 0 0 rg BT 119.54 443.10 Td (shipments ) Tj ET Q q 0 0 0 rg BT 166.69 443.10 Td (which, ) Tj ET Q q 0 0 0 rg BT 198.86 443.10 Td (when ) Tj ET Q q 0 0 0 rg BT 225.23 443.10 Td (coupled ) Tj ET Q q 0 0 0 rg BT 262.59 443.10 Td (with ) Tj ET Q q 0 0 0 rg BT 284.68 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 300.66 443.10 Td (company's ) Tj ET Q q 0 0 0 rg BT 349.78 443.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 374.92 443.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 395.18 443.10 Td (structure, ) Tj ET Q q 0 0 0 rg BT 438.95 443.10 Td (can ) Tj ET Q q 0 0 0 rg BT 456.76 443.10 Td (have ) Tj ET Q q 0 0 0 rg BT 480.06 443.10 Td (an ) Tj ET Q q 0 0 0 rg BT 492.98 443.10 Td (amplified ) Tj ET Q q 0 0 0 rg BT 537.67 443.10 Td (ef) Tj ET Q q 0 0 0 rg BT 546.02 443.10 Td (fect ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 429.90 Td (on ) Tj ET Q q 0 0 0 rg BT 63.25 429.90 Td (operating ) Tj ET Q q 0 0 0 rg BT 107.54 429.90 Td (results.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 404.70 Td (Net Sales ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 391.50 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 110.30 391.50 Td (net ) Tj ET Q q 0 0 0 rg BT 126.49 391.50 Td (sales ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 150.62 391.50 Td (increase) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 186.65 391.50 Td (d ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 194.90 391.50 Td ($10.1) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 219.65 391.50 Td ( ) Tj ET Q q 0 0 0 rg BT 222.40 391.50 Td (million, ) Tj ET Q q 0 0 0 rg BT 259.68 391.50 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 271.59 391.50 Td (3) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 277.09 391.50 Td ( ) Tj ET Q q 0 0 0 rg BT 279.84 391.50 Td (percent, ) Tj ET Q q 0 0 0 rg BT 317.71 391.50 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 329.02 391.50 Td ($398.9 ) Tj ET Q q 0 0 0 rg BT 362.02 391.50 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 393.80 391.50 Td (.) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 71.5 364.83369140625 m 107.55615234375 364.83369140625 l s q 0 0 0 rg BT 71.50 366.30 Td (Regions) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 107.56 366.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 353.10 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 353.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 124.83 353.10 Td (net ) Tj ET Q q 0 0 0 rg BT 140.03 353.10 Td (sales ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 163.18 353.10 Td (increase) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 199.21 353.10 Td (d ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 206.47 353.10 Td ($9.4) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 225.72 353.10 Td ( ) Tj ET Q q 0 0 0 rg BT 227.49 353.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 263.79 353.10 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 274.71 353.10 Td (4) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 280.21 353.10 Td ( ) Tj ET Q q 0 0 0 rg BT 281.98 353.10 Td (percent, ) Tj ET Q q 0 0 0 rg BT 318.86 353.10 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 329.18 353.10 Td ($238.2) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 359.43 353.10 Td ( ) Tj ET Q q 0 0 0 rg BT 361.20 353.10 Td (million. ) Tj ET Q q 0 0 0 rg BT 397.37 353.10 Td (The ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 416.24 353.10 Td (increase) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 452.27 353.10 Td ( ) Tj ET Q q 0 0 0 rg BT 454.03 353.10 Td (in ) Tj ET Q q 0 0 0 rg BT 464.35 353.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 485.68 353.10 Td (net ) Tj ET Q q 0 0 0 rg BT 500.88 353.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 524.03 353.10 Td (reflected ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 339.90 Td (a ) Tj ET Q q 0 0 0 rg BT 111.59 339.90 Td (mid-teen ) Tj ET Q q 0 0 0 rg BT 153.89 339.90 Td (percentage ) Tj ET Q q 0 0 0 rg BT 204.73 339.90 Td (increase ) Tj ET Q q 0 0 0 rg BT 243.96 339.90 Td (in ) Tj ET Q q 0 0 0 rg BT 255.73 339.90 Td (direct-to-consumer ) Tj ET Q q 0 0 0 rg BT 342.62 339.90 Td (\(DTC\) ) Tj ET Q q 0 0 0 rg BT 375.15 339.90 Td (net ) Tj ET Q q 0 0 0 rg BT 391.80 339.90 Td (sales, ) Tj ET Q q 0 0 0 rg BT 419.14 339.90 Td (partially ) Tj ET Q q 0 0 0 rg BT 459.00 339.90 Td (of) Tj ET Q q 0 0 0 rg BT 467.96 339.90 Td (fset ) Tj ET Q q 0 0 0 rg BT 487.05 339.90 Td (by ) Tj ET Q q 0 0 0 rg BT 501.26 339.90 Td (a ) Tj ET Q q 0 0 0 rg BT 509.35 339.90 Td (high-single-) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 326.70 Td (digit ) Tj ET Q q 0 0 0 rg BT 127.28 326.70 Td (percentage ) Tj ET Q q 0 0 0 rg BT 178.52 326.70 Td (decrease ) Tj ET Q q 0 0 0 rg BT 219.98 326.70 Td (in ) Tj ET Q q 0 0 0 rg BT 232.15 326.70 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 279.74 326.70 Td (net ) Tj ET Q q 0 0 0 rg BT 296.79 326.70 Td (sales ) Tj ET Q q 0 0 0 rg BT 321.78 326.70 Td (resulting ) Tj ET Q q 0 0 0 rg BT 363.89 326.70 Td (primarily ) Tj ET Q q 0 0 0 rg BT 408.43 326.70 Td (from ) Tj ET Q q 0 0 0 rg BT 433.42 326.70 Td (the ) Tj ET Q q 0 0 0 rg BT 450.47 326.70 Td (combined ) Tj ET Q q 0 0 0 rg BT 497.45 326.70 Td (ef) Tj ET Q q 0 0 0 rg BT 505.80 326.70 Td (fects ) Tj ET Q q 0 0 0 rg BT 530.17 326.70 Td (of ) Tj ET Q q 0 0 0 rg BT 542.95 326.70 Td (U.S. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 313.50 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 151.56 313.50 Td (customer ) Tj ET Q q 0 0 0 rg BT 195.97 313.50 Td (bankruptcies, ) Tj ET Q q 0 0 0 rg BT 259.00 313.50 Td (liquidations ) Tj ET Q q 0 0 0 rg BT 315.02 313.50 Td (and ) Tj ET Q q 0 0 0 rg BT 334.99 313.50 Td (store ) Tj ET Q q 0 0 0 rg BT 360.45 313.50 Td (closures ) Tj ET Q q 0 0 0 rg BT 400.58 313.50 Td (that ) Tj ET Q q 0 0 0 rg BT 421.15 313.50 Td (have ) Tj ET Q q 0 0 0 rg BT 446.00 313.50 Td (occurred ) Tj ET Q q 0 0 0 rg BT 488.55 313.50 Td (over ) Tj ET Q q 0 0 0 rg BT 512.18 313.50 Td (the ) Tj ET Q q 0 0 0 rg BT 529.69 313.50 Td (past ) Tj ET Q q 0 0 0 rg BT 551.49 313.50 Td (18 ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 300.30 Td (months. ) Tj ET Q q 0 0 0 rg BT 141.82 300.30 Td (During ) Tj ET Q q 0 0 0 rg BT 176.17 300.30 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 192.79 300.30 Td (second) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 223.33 300.30 Td ( ) Tj ET Q q 0 0 0 rg BT 226.51 300.30 Td (quarter ) Tj ET Q q 0 0 0 rg BT 260.84 300.30 Td (of ) Tj ET Q q 0 0 0 rg BT 273.19 300.30 Td (2017, ) Tj ET Q q 0 0 0 rg BT 301.12 300.30 Td (the ) Tj ET Q q 0 0 0 rg BT 317.74 300.30 Td (company ) Tj ET Q q 0 0 0 rg BT 361.24 300.30 Td (operated ) Tj ET Q q 0 0 0 rg BT 402.29 300.30 Td (122 ) Tj ET Q q 0 0 0 rg BT 421.97 300.30 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 444.71 300.30 Td (retail ) Tj ET Q q 0 0 0 rg BT 470.49 300.30 Td (stores ) Tj ET Q q 0 0 0 rg BT 499.33 300.30 Td (and ) Tj ET Q q 0 0 0 rg BT 518.40 300.30 Td (4 ) Tj ET Q q 0 0 0 rg BT 527.08 300.30 Td (branded ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 287.10 Td (ecommerce ) Tj ET Q q 0 0 0 rg BT 156.48 287.10 Td (sites, ) Tj ET Q q 0 0 0 rg BT 181.08 287.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 226.74 287.10 Td (with ) Tj ET Q q 0 0 0 rg BT 248.58 287.10 Td (1) Tj ET Q q 0 0 0 rg BT 253.68 287.10 Td (13 ) Tj ET Q q 0 0 0 rg BT 266.97 287.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 294.92 287.10 Td (and ) Tj ET Q q 0 0 0 rg BT 313.10 287.10 Td (5 ) Tj ET Q q 0 0 0 rg BT 320.89 287.10 Td (branded ) Tj ET Q q 0 0 0 rg BT 358.61 287.10 Td (ecommerce ) Tj ET Q q 0 0 0 rg BT 411.59 287.10 Td (sites ) Tj ET Q q 0 0 0 rg BT 433.44 287.10 Td (in ) Tj ET Q q 0 0 0 rg BT 444.28 287.10 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 460.01 287.10 Td (second) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 490.56 287.10 Td ( ) Tj ET Q q 0 0 0 rg BT 492.85 287.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 526.29 287.10 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 537.75 287.10 Td (2016) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 559.75 287.10 Td (. ) Tj ET Q q 0 0 0 rg BT 565.25 287.10 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 273.90 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 273.90 Td (Net ) Tj ET Q q 0 0 0 rg BT 121.60 273.90 Td (sales ) Tj ET Q q 0 0 0 rg BT 145.21 273.90 Td (in ) Tj ET Q q 0 0 0 rg BT 155.99 273.90 Td (the ) Tj ET Q q 0 0 0 rg BT 171.65 273.90 Td (Latin ) Tj ET Q q 0 0 0 rg BT 196.59 273.90 Td (America/Asia ) Tj ET Q q 0 0 0 rg BT 259.90 273.90 Td (Pacific ) Tj ET Q q 0 0 0 rg BT 292.66 273.90 Td (\(LAAP\) ) Tj ET Q q 0 0 0 rg BT 330.94 273.90 Td (region ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 361.26 273.90 Td (decrease) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 399.12 273.90 Td (d ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 406.84 273.90 Td ($7.8) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 426.09 273.90 Td ( ) Tj ET Q q 0 0 0 rg BT 428.31 273.90 Td (million, ) Tj ET Q q 0 0 0 rg BT 465.06 273.90 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 476.45 273.90 Td (9) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 481.95 273.90 Td ( ) Tj ET Q q 0 0 0 rg BT 484.17 273.90 Td (percent ) Tj ET Q q 0 0 0 rg BT 518.76 273.90 Td (\() Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 522.42 273.90 Td (8) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 527.92 273.90 Td ( ) Tj ET Q q 0 0 0 rg BT 530.14 273.90 Td (percent ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 260.70 Td (constant-currency\), ) Tj ET Q q 0 0 0 rg BT 191.10 260.70 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 202.04 260.70 Td ($79.5) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 226.79 260.70 Td ( ) Tj ET Q q 0 0 0 rg BT 229.18 260.70 Td (million, ) Tj ET Q q 0 0 0 rg BT 266.10 260.70 Td (consisting ) Tj ET Q q 0 0 0 rg BT 313.10 260.70 Td (primarily ) Tj ET Q q 0 0 0 rg BT 356.42 260.70 Td (of ) Tj ET Q q 0 0 0 rg BT 367.97 260.70 Td (a ) Tj ET Q q 0 0 0 rg BT 375.24 260.70 Td (low-20 ) Tj ET Q q 0 0 0 rg BT 408.80 260.70 Td (percent ) Tj ET Q q 0 0 0 rg BT 443.55 260.70 Td (decline ) Tj ET Q q 0 0 0 rg BT 477.70 260.70 Td (in ) Tj ET Q q 0 0 0 rg BT 488.64 260.70 Td (China ) Tj ET Q q 0 0 0 rg BT 517.31 260.70 Td (\(high-teen ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 247.50 Td (percent ) Tj ET Q q 0 0 0 rg BT 141.20 247.50 Td (constant-currency\), ) Tj ET Q q 0 0 0 rg BT 231.74 247.50 Td (including ) Tj ET Q q 0 0 0 rg BT 278.62 247.50 Td (the ) Tj ET Q q 0 0 0 rg BT 297.39 247.50 Td (ef) Tj ET Q q 0 0 0 rg BT 305.73 247.50 Td (fect ) Tj ET Q q 0 0 0 rg BT 327.55 247.50 Td (of ) Tj ET Q q 0 0 0 rg BT 342.04 247.50 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 396.83 247.50 Td (first-quarter ) Tj ET Q q 0 0 0 rg BT 454.69 247.50 Td (shipments ) Tj ET Q q 0 0 0 rg BT 504.63 247.50 Td (to ) Tj ET Q q 0 0 0 rg BT 518.52 247.50 Td (wholesale ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 234.30 Td (customers ) Tj ET Q q 0 0 0 rg BT 151.09 234.30 Td (in ) Tj ET Q q 0 0 0 rg BT 162.63 234.30 Td (advance ) Tj ET Q q 0 0 0 rg BT 201.64 234.30 Td (of ) Tj ET Q q 0 0 0 rg BT 213.79 234.30 Td (the ) Tj ET Q q 0 0 0 rg BT 230.21 234.30 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 276.56 234.30 Td (resource ) Tj ET Q q 0 0 0 rg BT 316.80 234.30 Td (planning ) Tj ET Q q 0 0 0 rg BT 358.27 234.30 Td (\(ERP\) ) Tj ET Q q 0 0 0 rg BT 388.76 234.30 Td (go-live ) Tj ET Q q 0 0 0 rg BT 422.90 234.30 Td (that ) Tj ET Q q 0 0 0 rg BT 442.38 234.30 Td (occurred ) Tj ET Q q 0 0 0 rg BT 483.84 234.30 Td (during ) Tj ET Q q 0 0 0 rg BT 515.54 234.30 Td (the ) Tj ET Q q 0 0 0 rg BT 531.96 234.30 Td (second ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 221.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 138.06 221.10 Td (of ) Tj ET Q q 0 0 0 rg BT 150.63 221.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 178.55 221.10 Td (Through ) Tj ET Q q 0 0 0 rg BT 219.84 221.10 Td (the ) Tj ET Q q 0 0 0 rg BT 236.69 221.10 Td (first ) Tj ET Q q 0 0 0 rg BT 257.82 221.10 Td (half, ) Tj ET Q q 0 0 0 rg BT 281.08 221.10 Td (constant-currency ) Tj ET Q q 0 0 0 rg BT 363.28 221.10 Td (net ) Tj ET Q q 0 0 0 rg BT 380.13 221.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 404.93 221.10 Td (in ) Tj ET Q q 0 0 0 rg BT 416.89 221.10 Td (China ) Tj ET Q q 0 0 0 rg BT 446.58 221.10 Td (grew ) Tj ET Q q 0 0 0 rg BT 471.98 221.10 Td (at ) Tj ET Q q 0 0 0 rg BT 483.33 221.10 Td (a ) Tj ET Q q 0 0 0 rg BT 491.62 221.10 Td (mid-single-digit ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 207.90 Td (percentage ) Tj ET Q q 0 0 0 rg BT 153.88 207.90 Td (rate. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 194.70 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 194.70 Td (Net ) Tj ET Q q 0 0 0 rg BT 123.24 194.70 Td (sales ) Tj ET Q q 0 0 0 rg BT 148.47 194.70 Td (in ) Tj ET Q q 0 0 0 rg BT 160.89 194.70 Td (the ) Tj ET Q q 0 0 0 rg BT 178.18 194.70 Td (Europe/Middle ) Tj ET Q q 0 0 0 rg BT 248.63 194.70 Td (East/Africa ) Tj ET Q q 0 0 0 rg BT 302.57 194.70 Td (\(EMEA\) ) Tj ET Q q 0 0 0 rg BT 344.92 194.70 Td (region ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 376.87 194.70 Td (increase) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 412.90 194.70 Td (d ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 422.26 194.70 Td ($8.2) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 441.51 194.70 Td ( ) Tj ET Q q 0 0 0 rg BT 445.36 194.70 Td (million, ) Tj ET Q q 0 0 0 rg BT 483.75 194.70 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 496.76 194.70 Td (14) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 507.76 194.70 Td ( ) Tj ET Q q 0 0 0 rg BT 511.62 194.70 Td (percent ) Tj ET Q q 0 0 0 rg BT 547.84 194.70 Td (\(16 ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 181.50 Td (percent ) Tj ET Q q 0 0 0 rg BT 140.32 181.50 Td (constant-currency\), ) Tj ET Q q 0 0 0 rg BT 229.98 181.50 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 242.99 181.50 Td ($67.3) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 267.74 181.50 Td ( ) Tj ET Q q 0 0 0 rg BT 272.19 181.50 Td (million, ) Tj ET Q q 0 0 0 rg BT 311.18 181.50 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 357.77 181.50 Td (mid-teen ) Tj ET Q q 0 0 0 rg BT 401.32 181.50 Td (percentage ) Tj ET Q q 0 0 0 rg BT 453.41 181.50 Td (growth ) Tj ET Q q 0 0 0 rg BT 489.02 181.50 Td (in ) Tj ET Q q 0 0 0 rg BT 502.03 181.50 Td (Europe-direct ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 168.30 Td (markets ) Tj ET Q q 0 0 0 rg BT 141.26 168.30 Td (\(low-20 ) Tj ET Q q 0 0 0 rg BT 179.02 168.30 Td (percent ) Tj ET Q q 0 0 0 rg BT 214.33 168.30 Td (constant-currency\) ) Tj ET Q q 0 0 0 rg BT 299.72 168.30 Td (driven ) Tj ET Q q 0 0 0 rg BT 330.76 168.30 Td (by ) Tj ET Q q 0 0 0 rg BT 344.70 168.30 Td (increased ) Tj ET Q q 0 0 0 rg BT 389.17 168.30 Td (Spring ) Tj ET Q q 0 0 0 rg BT 421.44 168.30 Td (2017 ) Tj ET Q q 0 0 0 rg BT 446.38 168.30 Td (advance ) Tj ET Q q 0 0 0 rg BT 485.35 168.30 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 532.27 168.30 Td (orders, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 155.10 Td (and ) Tj ET Q q 0 0 0 rg BT 122.02 155.10 Td (a ) Tj ET Q q 0 0 0 rg BT 129.55 155.10 Td (low-teen ) Tj ET Q q 0 0 0 rg BT 170.67 155.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 220.94 155.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 259.61 155.10 Td (in ) Tj ET Q q 0 0 0 rg BT 270.81 155.10 Td (net ) Tj ET Q q 0 0 0 rg BT 286.89 155.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 310.91 155.10 Td (to ) Tj ET Q q 0 0 0 rg BT 322.11 155.10 Td (EMEA) Tj ET Q q 0 0 0 rg BT 352.67 155.10 Td ( ) Tj ET Q q 0 0 0 rg BT 355.31 155.10 Td (distributors, ) Tj ET Q q 0 0 0 rg BT 410.81 155.10 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 455.60 155.10 Td (shipment ) Tj ET Q q 0 0 0 rg BT 498.57 155.10 Td (of ) Tj ET Q q 0 0 0 rg BT 510.37 155.10 Td (our ) Tj ET Q q 0 0 0 rg BT 527.68 155.10 Td (Russian ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 141.90 Td (distributor's ) Tj ET Q q 0 0 0 rg BT 158.34 141.90 Td (increased ) Tj ET Q q 0 0 0 rg BT 202.62 141.90 Td (Fall ) Tj ET Q q 0 0 0 rg BT 222.49 141.90 Td (2017 ) Tj ET Q q 0 0 0 rg BT 247.24 141.90 Td (advance ) Tj ET Q q 0 0 0 rg BT 286.02 141.90 Td (orders.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 128.70 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 128.70 Td (Net ) Tj ET Q q 0 0 0 rg BT 121.19 128.70 Td (sales ) Tj ET Q q 0 0 0 rg BT 144.38 128.70 Td (in ) Tj ET Q q 0 0 0 rg BT 154.74 128.70 Td (Canada ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 189.54 128.70 Td (increase) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 225.56 128.70 Td (d ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 232.87 128.70 Td (2) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 238.37 128.70 Td ( ) Tj ET Q q 0 0 0 rg BT 240.18 128.70 Td (percent ) Tj ET Q q 0 0 0 rg BT 274.35 128.70 Td (\(5 ) Tj ET Q q 0 0 0 rg BT 285.32 128.70 Td (percent ) Tj ET Q q 0 0 0 rg BT 319.50 128.70 Td (constant-currency\) ) Tj ET Q q 0 0 0 rg BT 403.76 128.70 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 414.13 128.70 Td ($13.9) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 438.88 128.70 Td ( ) Tj ET Q q 0 0 0 rg BT 440.68 128.70 Td (million, ) Tj ET Q q 0 0 0 rg BT 477.02 128.70 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 520.97 128.70 Td (increased ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 115.50 Td (DTC ) Tj ET Q q 0 0 0 rg BT 128.25 115.50 Td (net ) Tj ET Q q 0 0 0 rg BT 144.44 115.50 Td (sales, ) Tj ET Q q 0 0 0 rg BT 171.32 115.50 Td (partially ) Tj ET Q q 0 0 0 rg BT 210.72 115.50 Td (of) Tj ET Q q 0 0 0 rg BT 219.69 115.50 Td (fset ) Tj ET Q q 0 0 0 rg BT 238.32 115.50 Td (by ) Tj ET Q q 0 0 0 rg BT 252.07 115.50 Td (lower ) Tj ET Q q 0 0 0 rg BT 279.87 115.50 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 326.60 115.50 Td (net ) Tj ET Q q 0 0 0 rg BT 342.79 115.50 Td (sales.) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 71.5 87.63369140625002 m 102.6630859375 87.63369140625002 l s q 0 0 0 rg BT 71.50 89.10 Td (Brands) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 102.66 89.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 75.90 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 75.90 Td (Columbia ) Tj ET Q q 0 0 0 rg BT 150.31 75.90 Td (brand ) Tj ET Q q 0 0 0 rg BT 178.77 75.90 Td (net ) Tj ET Q q 0 0 0 rg BT 195.63 75.90 Td (sales ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 220.43 75.90 Td (increase) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 256.46 75.90 Td (d ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 265.38 75.90 Td ($7.1) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 284.63 75.90 Td ( ) Tj ET Q q 0 0 0 rg BT 288.05 75.90 Td (million, ) Tj ET Q q 0 0 0 rg BT 326.00 75.90 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 338.58 75.90 Td (2) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 344.08 75.90 Td ( ) Tj ET Q q 0 0 0 rg BT 347.50 75.90 Td (percent ) Tj ET Q q 0 0 0 rg BT 383.28 75.90 Td (\(3 ) Tj ET Q q 0 0 0 rg BT 395.86 75.90 Td (percent ) Tj ET Q q 0 0 0 rg BT 431.65 75.90 Td (constant-currency\), ) Tj ET Q q 0 0 0 rg BT 520.28 75.90 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 532.25 75.90 Td ($340.5) Tj ET Q BT /F1 11.00 Tf ET BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 62.70 Td (million, ) Tj ET Q q 0 0 0 rg BT 140.84 62.70 Td (including ) Tj ET Q q 0 0 0 rg BT 185.20 62.70 Td (increased ) Tj ET Q q 0 0 0 rg BT 229.54 62.70 Td (net ) Tj ET Q q 0 0 0 rg BT 245.79 62.70 Td (sales ) Tj ET Q q 0 0 0 rg BT 269.98 62.70 Td (in ) Tj ET Q q 0 0 0 rg BT 281.34 62.70 Td (the ) Tj ET Q q 0 0 0 rg BT 297.59 62.70 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 319.96 62.70 Td (DTC ) Tj ET Q q 0 0 0 rg BT 344.77 62.70 Td (business ) Tj ET Q q 0 0 0 rg BT 384.86 62.70 Td (and ) Tj ET Q q 0 0 0 rg BT 403.55 62.70 Td (in ) Tj ET Q q 0 0 0 rg BT 414.92 62.70 Td (the ) Tj ET Q q 0 0 0 rg BT 431.16 62.70 Td (EMEA) Tj ET Q q 0 0 0 rg BT 461.72 62.70 Td ( ) Tj ET Q q 0 0 0 rg BT 464.53 62.70 Td (region, ) Tj ET Q q 0 0 0 rg BT 498.19 62.70 Td (partially ) Tj ET Q q 0 0 0 rg BT 537.65 62.70 Td (of) Tj ET Q q 0 0 0 rg BT 546.62 62.70 Td (fset ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 49.50 Td (by ) Tj ET Q q 0 0 0 rg BT 117.25 49.50 Td (lower ) Tj ET Q q 0 0 0 rg BT 145.05 49.50 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 167.36 49.50 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 214.09 49.50 Td (net ) Tj ET Q q 0 0 0 rg BT 230.28 49.50 Td (sales, ) Tj ET Q q 0 0 0 rg BT 257.16 49.50 Td (and ) Tj ET Q q 0 0 0 rg BT 275.79 49.50 Td (lower ) Tj ET Q q 0 0 0 rg BT 303.59 49.50 Td (net ) Tj ET Q q 0 0 0 rg BT 319.78 49.50 Td (sales ) Tj ET Q q 0 0 0 rg BT 343.91 49.50 Td (in ) Tj ET Q q 0 0 0 rg BT 355.22 49.50 Td (China. ) Tj ET Q endstream endobj 7 0 obj <> endobj 8 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 24.60 Td (3) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 748.40 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 748.40 Td (SOREL) Tj ET Q q 0 0 0 rg BT 137.93 748.40 Td ( ) Tj ET Q q 0 0 0 rg BT 139.42 748.40 Td (brand ) Tj ET Q q 0 0 0 rg BT 165.95 748.40 Td (net ) Tj ET Q q 0 0 0 rg BT 180.87 748.40 Td (sales ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 203.74 748.40 Td (increase) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 239.77 748.40 Td (d ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 246.76 748.40 Td ($2.5) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 266.01 748.40 Td ( ) Tj ET Q q 0 0 0 rg BT 267.49 748.40 Td (million, ) Tj ET Q q 0 0 0 rg BT 303.51 748.40 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 314.16 748.40 Td (71) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 325.16 748.40 Td ( ) Tj ET Q q 0 0 0 rg BT 326.65 748.40 Td (percent ) Tj ET Q q 0 0 0 rg BT 360.50 748.40 Td (\(74 ) Tj ET Q q 0 0 0 rg BT 376.65 748.40 Td (percent ) Tj ET Q q 0 0 0 rg BT 410.50 748.40 Td (constant-currency\), ) Tj ET Q q 0 0 0 rg BT 497.19 748.40 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 507.24 748.40 Td ($6.0) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 526.49 748.40 Td ( ) Tj ET Q q 0 0 0 rg BT 527.97 748.40 Td (million, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 735.20 Td (driven ) Tj ET Q q 0 0 0 rg BT 134.35 735.20 Td (by ) Tj ET Q q 0 0 0 rg BT 148.10 735.20 Td (sales ) Tj ET Q q 0 0 0 rg BT 172.23 735.20 Td (of ) Tj ET Q q 0 0 0 rg BT 184.15 735.20 Td (the ) Tj ET Q q 0 0 0 rg BT 200.34 735.20 Td (brand's ) Tj ET Q q 0 0 0 rg BT 234.39 735.20 Td (expanded ) Tj ET Q q 0 0 0 rg BT 279.29 735.20 Td (spring ) Tj ET Q q 0 0 0 rg BT 309.54 735.20 Td (season ) Tj ET Q q 0 0 0 rg BT 341.62 735.20 Td (assortment.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 722.00 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 722.00 Td (prAna ) Tj ET Q q 0 0 0 rg BT 133.41 722.00 Td (brand ) Tj ET Q q 0 0 0 rg BT 160.87 722.00 Td (net ) Tj ET Q q 0 0 0 rg BT 176.73 722.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 200.54 722.00 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 212.12 722.00 Td ($35.0) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 236.87 722.00 Td ( ) Tj ET Q q 0 0 0 rg BT 239.29 722.00 Td (million ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 273.49 722.00 Td (increase) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 309.52 722.00 Td (d ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 317.44 722.00 Td ($2.8) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 336.69 722.00 Td ( ) Tj ET Q q 0 0 0 rg BT 339.11 722.00 Td (million, ) Tj ET Q q 0 0 0 rg BT 376.06 722.00 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 387.64 722.00 Td (9) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 393.14 722.00 Td ( ) Tj ET Q q 0 0 0 rg BT 395.56 722.00 Td (percent, ) Tj ET Q q 0 0 0 rg BT 433.10 722.00 Td (concentrated ) Tj ET Q q 0 0 0 rg BT 491.70 722.00 Td (in ) Tj ET Q q 0 0 0 rg BT 502.68 722.00 Td (the ) Tj ET Q q 0 0 0 rg BT 518.54 722.00 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 540.52 722.00 Td (DTC ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 708.80 Td (business.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 695.60 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 695.60 Td (Mountain ) Tj ET Q q 0 0 0 rg BT 150.28 695.60 Td (Hardwear ) Tj ET Q q 0 0 0 rg BT 197.65 695.60 Td (brand ) Tj ET Q q 0 0 0 rg BT 226.71 695.60 Td (net ) Tj ET Q q 0 0 0 rg BT 244.15 695.60 Td (sales ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 269.54 695.60 Td (decrease) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 307.40 695.60 Td (d ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 316.91 695.60 Td ($0.9) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 336.16 695.60 Td ( ) Tj ET Q q 0 0 0 rg BT 340.17 695.60 Td (million, ) Tj ET Q q 0 0 0 rg BT 378.71 695.60 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 391.88 695.60 Td (5) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 397.38 695.60 Td ( ) Tj ET Q q 0 0 0 rg BT 401.38 695.60 Td (percent, ) Tj ET Q q 0 0 0 rg BT 440.51 695.60 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 453.07 695.60 Td ($16.1) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 477.82 695.60 Td ( ) Tj ET Q q 0 0 0 rg BT 481.83 695.60 Td (million, ) Tj ET Q q 0 0 0 rg BT 520.37 695.60 Td (reflecting ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 682.40 Td (declines ) Tj ET Q q 0 0 0 rg BT 142.29 682.40 Td (in ) Tj ET Q q 0 0 0 rg BT 153.60 682.40 Td (Korea ) Tj ET Q q 0 0 0 rg BT 183.22 682.40 Td (and ) Tj ET Q q 0 0 0 rg BT 201.85 682.40 Td (the ) Tj ET Q q 0 0 0 rg BT 218.04 682.40 Td (U.S.) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 71.5 655.73369140625 m 155.50927734375 655.73369140625 l s q 0 0 0 rg BT 71.50 657.20 Td (Product ) Tj ET Q q 0 0 0 rg BT 108.47 657.20 Td (Categories) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 644.00 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 644.00 Td (Global ) Tj ET Q q 0 0 0 rg BT 136.10 644.00 Td (Apparel, ) Tj ET Q q 0 0 0 rg BT 176.95 644.00 Td (Accessories ) Tj ET Q q 0 0 0 rg BT 232.91 644.00 Td (and ) Tj ET Q q 0 0 0 rg BT 252.21 644.00 Td (Equipment ) Tj ET Q q 0 0 0 rg BT 303.90 644.00 Td (net ) Tj ET Q q 0 0 0 rg BT 320.76 644.00 Td (sales ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 345.56 644.00 Td (increase) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 381.59 644.00 Td (d ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 390.51 644.00 Td (3) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 396.01 644.00 Td ( ) Tj ET Q q 0 0 0 rg BT 399.44 644.00 Td (percent, ) Tj ET Q q 0 0 0 rg BT 437.97 644.00 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 449.95 644.00 Td ($329.7) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 480.20 644.00 Td ( ) Tj ET Q q 0 0 0 rg BT 483.62 644.00 Td (million, ) Tj ET Q q 0 0 0 rg BT 521.57 644.00 Td (primarily ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 630.80 Td (driven ) Tj ET Q q 0 0 0 rg BT 134.35 630.80 Td (by ) Tj ET Q q 0 0 0 rg BT 148.10 630.80 Td (increased ) Tj ET Q q 0 0 0 rg BT 192.38 630.80 Td (net ) Tj ET Q q 0 0 0 rg BT 208.57 630.80 Td (sales ) Tj ET Q q 0 0 0 rg BT 232.70 630.80 Td (of ) Tj ET Q q 0 0 0 rg BT 244.61 630.80 Td (the ) Tj ET Q q 0 0 0 rg BT 260.80 630.80 Td (Columbia ) Tj ET Q q 0 0 0 rg BT 306.94 630.80 Td (and ) Tj ET Q q 0 0 0 rg BT 325.57 630.80 Td (prAna ) Tj ET Q q 0 0 0 rg BT 355.81 630.80 Td (brands.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 617.60 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 617.60 Td (Global ) Tj ET Q q 0 0 0 rg BT 136.25 617.60 Td (Footwear ) Tj ET Q q 0 0 0 rg BT 180.61 617.60 Td (net ) Tj ET Q q 0 0 0 rg BT 196.87 617.60 Td (sales ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 221.06 617.60 Td (increase) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 257.09 617.60 Td (d ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 265.41 617.60 Td (3) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 270.91 617.60 Td ( ) Tj ET Q q 0 0 0 rg BT 273.72 617.60 Td (percent ) Tj ET Q q 0 0 0 rg BT 308.90 617.60 Td (\(4 ) Tj ET Q q 0 0 0 rg BT 320.88 617.60 Td (percent ) Tj ET Q q 0 0 0 rg BT 356.06 617.60 Td (constant-currency\), ) Tj ET Q q 0 0 0 rg BT 444.08 617.60 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 455.45 617.60 Td ($69.2) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 480.20 617.60 Td ( ) Tj ET Q q 0 0 0 rg BT 483.02 617.60 Td (million, ) Tj ET Q q 0 0 0 rg BT 520.36 617.60 Td (reflecting ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 604.40 Td (increased ) Tj ET Q q 0 0 0 rg BT 147.78 604.40 Td (SOREL) Tj ET Q q 0 0 0 rg BT 182.21 604.40 Td ( ) Tj ET Q q 0 0 0 rg BT 184.96 604.40 Td (brand ) Tj ET Q q 0 0 0 rg BT 212.75 604.40 Td (net ) Tj ET Q q 0 0 0 rg BT 228.94 604.40 Td (sales.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 579.20 Td (Gr) Tj ET Q q 0 0 0 rg BT 62.74 579.20 Td (oss Margin) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 566.00 Td (Gross ) Tj ET Q q 0 0 0 rg BT 77.40 566.00 Td (mar) Tj ET Q q 0 0 0 rg BT 94.30 566.00 Td (gin ) Tj ET Q q 0 0 0 rg BT 110.59 566.00 Td (contracted ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 158.62 566.00 Td (90) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 169.62 566.00 Td ( ) Tj ET Q q 0 0 0 rg BT 171.85 566.00 Td (basis ) Tj ET Q q 0 0 0 rg BT 196.08 566.00 Td (points ) Tj ET Q q 0 0 0 rg BT 225.20 566.00 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 235.98 566.00 Td (45.3) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 255.23 566.00 Td ( ) Tj ET Q q 0 0 0 rg BT 257.46 566.00 Td (percent ) Tj ET Q q 0 0 0 rg BT 292.06 566.00 Td (of ) Tj ET Q q 0 0 0 rg BT 303.45 566.00 Td (net ) Tj ET Q q 0 0 0 rg BT 319.12 566.00 Td (sales. ) Tj ET Q q 0 0 0 rg BT 345.32 566.00 Td (The ) Tj ET Q q 0 0 0 rg BT 364.65 566.00 Td (second ) Tj ET Q q 0 0 0 rg BT 397.42 566.00 Td (quarter ) Tj ET Q q 0 0 0 rg BT 430.80 566.00 Td (is ) Tj ET Q q 0 0 0 rg BT 440.37 566.00 Td (the ) Tj ET Q q 0 0 0 rg BT 456.03 566.00 Td (smallest ) Tj ET Q q 0 0 0 rg BT 494.31 566.00 Td (revenue ) Tj ET Q q 0 0 0 rg BT 531.35 566.00 Td (quarter ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 552.80 Td (and ) Tj ET Q q 0 0 0 rg BT 68.13 552.80 Td (as ) Tj ET Q q 0 0 0 rg BT 80.05 552.80 Td (a ) Tj ET Q q 0 0 0 rg BT 87.68 552.80 Td (result, ) Tj ET Q q 0 0 0 rg BT 117.62 552.80 Td (the ) Tj ET Q q 0 0 0 rg BT 133.80 552.80 Td (following ) Tj ET Q q 0 0 0 rg BT 179.33 552.80 Td (items ) Tj ET Q q 0 0 0 rg BT 205.91 552.80 Td (had ) Tj ET Q q 0 0 0 rg BT 224.54 552.80 Td (an ) Tj ET Q q 0 0 0 rg BT 237.68 552.80 Td (amplified ) Tj ET Q q 0 0 0 rg BT 282.58 552.80 Td (ef) Tj ET Q q 0 0 0 rg BT 290.93 552.80 Td (fect ) Tj ET Q q 0 0 0 rg BT 310.16 552.80 Td (on ) Tj ET Q q 0 0 0 rg BT 323.91 552.80 Td (gross ) Tj ET Q q 0 0 0 rg BT 349.88 552.80 Td (mar) Tj ET Q q 0 0 0 rg BT 366.79 552.80 Td (gin:) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 68.50 539.60 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.50 539.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 131.33 539.60 Td (promotional ) Tj ET Q q 0 0 0 rg BT 188.41 539.60 Td (activity ) Tj ET Q q 0 0 0 rg BT 224.70 539.60 Td (in ) Tj ET Q q 0 0 0 rg BT 236.56 539.60 Td (the ) Tj ET Q q 0 0 0 rg BT 253.31 539.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 276.17 539.60 Td (in ) Tj ET Q q 0 0 0 rg BT 288.03 539.60 Td (order ) Tj ET Q q 0 0 0 rg BT 314.55 539.60 Td (to ) Tj ET Q q 0 0 0 rg BT 326.41 539.60 Td (liquidate ) Tj ET Q q 0 0 0 rg BT 368.20 539.60 Td (aged ) Tj ET Q q 0 0 0 rg BT 392.27 539.60 Td (inventory ) Tj ET Q q 0 0 0 rg BT 437.73 539.60 Td (primarily ) Tj ET Q q 0 0 0 rg BT 481.97 539.60 Td (through ) Tj ET Q q 0 0 0 rg BT 519.50 539.60 Td (our ) Tj ET Q q 0 0 0 rg BT 537.46 539.60 Td (outlet ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.50 526.40 Td (stores;) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 513.20 Td (partially of) Tj ET Q q 0 0 0 rg BT 97.87 513.20 Td (fset by:) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 500.00 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 500.00 Td (favorable changes in sales channel mix with a higher proportion of DTC net sales, which generally carry ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 486.80 Td (higher gross mar) Tj ET Q q 0 0 0 rg BT 159.23 486.80 Td (gins, and a lower proportion of net sales to our wholesale customers and international ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 473.60 Td (distributors, which generally carry lower gross mar) Tj ET Q q 0 0 0 rg BT 310.43 473.60 Td (gins.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 447.20 Td (Selling, General and ) Tj ET Q q 0 0 0 rg BT 147.29 447.20 Td (Administrative \(SG&A\) Expense ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 434.00 Td (SG&A) Tj ET Q q 0 0 0 rg BT 79.45 434.00 Td ( ) Tj ET Q q 0 0 0 rg BT 82.11 434.00 Td (expense ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 120.20 434.00 Td (increase) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 156.23 434.00 Td (d ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 164.39 434.00 Td ($7.3 ) Tj ET Q q 0 0 0 rg BT 186.30 434.00 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 218.08 434.00 Td (, ) Tj ET Q q 0 0 0 rg BT 223.49 434.00 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 235.31 434.00 Td (4) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 240.81 434.00 Td ( ) Tj ET Q q 0 0 0 rg BT 243.47 434.00 Td (percent, ) Tj ET Q q 0 0 0 rg BT 281.24 434.00 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 292.46 434.00 Td ($200.6 ) Tj ET Q q 0 0 0 rg BT 325.36 434.00 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 357.15 434.00 Td (, ) Tj ET Q q 0 0 0 rg BT 362.55 434.00 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 374.38 434.00 Td (50.3) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 393.63 434.00 Td ( ) Tj ET Q q 0 0 0 rg BT 396.28 434.00 Td (percent ) Tj ET Q q 0 0 0 rg BT 431.31 434.00 Td (of ) Tj ET Q q 0 0 0 rg BT 443.13 434.00 Td (net ) Tj ET Q q 0 0 0 rg BT 459.23 434.00 Td (sales, ) Tj ET Q q 0 0 0 rg BT 486.02 434.00 Td (compared ) Tj ET Q q 0 0 0 rg BT 532.04 434.00 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 543.26 434.00 Td (49.7) Tj ET Q BT /F1 11.00 Tf ET BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 420.80 Td (percent ) Tj ET Q q 0 0 0 rg BT 85.60 420.80 Td (of ) Tj ET Q q 0 0 0 rg BT 98.49 420.80 Td (net ) Tj ET Q q 0 0 0 rg BT 115.66 420.80 Td (sales ) Tj ET Q q 0 0 0 rg BT 140.78 420.80 Td (in ) Tj ET Q q 0 0 0 rg BT 153.06 420.80 Td (last ) Tj ET Q q 0 0 0 rg BT 172.07 420.80 Td (year's ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 200.99 420.80 Td (second) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 231.54 420.80 Td ( ) Tj ET Q q 0 0 0 rg BT 235.27 420.80 Td (quarter) Tj ET Q q 0 0 0 rg BT 265.98 420.80 Td (, ) Tj ET Q q 0 0 0 rg BT 272.46 420.80 Td (representing ) Tj ET Q q 0 0 0 rg BT 330.55 420.80 Td (approximately ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 397.82 420.80 Td (60) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 408.82 420.80 Td ( ) Tj ET Q q 0 0 0 rg BT 412.55 420.80 Td (basis ) Tj ET Q q 0 0 0 rg BT 438.28 420.80 Td (points ) Tj ET Q q 0 0 0 rg BT 468.91 420.80 Td (of ) Tj ET Q q 0 0 0 rg BT 481.80 420.80 Td (operating ) Tj ET Q q 0 0 0 rg BT 527.07 420.80 Td (expense ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 407.60 Td (deleverage) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 97.13 407.60 Td (. ) Tj ET Q q 0 0 0 rg BT 102.43 407.60 Td (The ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.28 407.60 Td (increase) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 158.31 407.60 Td (d ) Tj ET Q q 0 0 0 rg BT 166.56 407.60 Td (SG&A) Tj ET Q q 0 0 0 rg BT 196.52 407.60 Td ( ) Tj ET Q q 0 0 0 rg BT 199.27 407.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 237.45 407.60 Td (included:) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 394.40 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 394.40 Td (increased ) Tj ET Q q 0 0 0 rg BT 129.78 394.40 Td (costs ) Tj ET Q q 0 0 0 rg BT 154.53 394.40 Td (to ) Tj ET Q q 0 0 0 rg BT 165.84 394.40 Td (support ) Tj ET Q q 0 0 0 rg BT 201.59 394.40 Td (the ) Tj ET Q q 0 0 0 rg BT 217.77 394.40 Td (company's ) Tj ET Q q 0 0 0 rg BT 267.11 394.40 Td (expanding ) Tj ET Q q 0 0 0 rg BT 315.68 394.40 Td (global ) Tj ET Q q 0 0 0 rg BT 345.92 394.40 Td (DTC ) Tj ET Q q 0 0 0 rg BT 370.67 394.40 Td (businesses;) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 381.20 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 381.20 Td (expenses ) Tj ET Q q 0 0 0 rg BT 127.96 381.20 Td (of ) Tj ET Q q 0 0 0 rg BT 139.87 381.20 Td (approximately ) Tj ET Q q 0 0 0 rg BT 206.16 381.20 Td ($4.0 ) Tj ET Q q 0 0 0 rg BT 228.16 381.20 Td (million ) Tj ET Q q 0 0 0 rg BT 262.69 381.20 Td (related ) Tj ET Q q 0 0 0 rg BT 295.36 381.20 Td (to ) Tj ET Q q 0 0 0 rg BT 306.67 381.20 Td (the ) Tj ET Q q 0 0 0 rg BT 322.85 381.20 Td (company's ) Tj ET Q q 0 0 0 rg BT 372.19 381.20 Td (operating ) Tj ET Q q 0 0 0 rg BT 416.48 381.20 Td (model ) Tj ET Q q 0 0 0 rg BT 446.72 381.20 Td (assessment; ) Tj ET Q q 0 0 0 rg BT 501.41 381.20 Td (and) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 368.00 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 368.00 Td (increased personnel related expenses; ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 354.80 Td (partially of) Tj ET Q q 0 0 0 rg BT 97.87 354.80 Td (fset by:) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 341.60 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 341.60 Td (changes ) Tj ET Q q 0 0 0 rg BT 123.68 341.60 Td (in ) Tj ET Q q 0 0 0 rg BT 134.98 341.60 Td (the ) Tj ET Q q 0 0 0 rg BT 151.17 341.60 Td (timing ) Tj ET Q q 0 0 0 rg BT 182.65 341.60 Td (of ) Tj ET Q q 0 0 0 rg BT 194.56 341.60 Td (receipt ) Tj ET Q q 0 0 0 rg BT 227.23 341.60 Td (of ) Tj ET Q q 0 0 0 rg BT 239.15 341.60 Td (local ) Tj ET Q q 0 0 0 rg BT 263.27 341.60 Td (tax ) Tj ET Q q 0 0 0 rg BT 279.46 341.60 Td (subsidies ) Tj ET Q q 0 0 0 rg BT 322.55 341.60 Td (related ) Tj ET Q q 0 0 0 rg BT 355.22 341.60 Td (to ) Tj ET Q q 0 0 0 rg BT 366.53 341.60 Td (the ) Tj ET Q q 0 0 0 rg BT 382.71 341.60 Td (company's ) Tj ET Q q 0 0 0 rg BT 432.05 341.60 Td (China ) Tj ET Q q 0 0 0 rg BT 461.07 341.60 Td (joint ) Tj ET Q q 0 0 0 rg BT 483.99 341.60 Td (venture; ) Tj ET Q q 0 0 0 rg BT 522.78 341.60 Td (and) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 328.40 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 328.40 Td (the ) Tj ET Q q 0 0 0 rg BT 101.69 328.40 Td (favorable ) Tj ET Q q 0 0 0 rg BT 145.97 328.40 Td (impact ) Tj ET Q q 0 0 0 rg BT 178.65 328.40 Td (of ) Tj ET Q q 0 0 0 rg BT 190.56 328.40 Td (foreign ) Tj ET Q q 0 0 0 rg BT 225.08 328.40 Td (currency ) Tj ET Q q 0 0 0 rg BT 266.30 328.40 Td (translation.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 303.20 Td (Operating ) Tj ET Q q 0 0 0 rg BT 100.53 303.20 Td (Income) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 290.00 Td (Operating ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 96.51 290.00 Td (loss) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 113.62 290.00 Td ( ) Tj ET Q q 0 0 0 rg BT 116.65 290.00 Td (totaled ) Tj ET Q q 0 0 0 rg BT 149.60 290.00 Td ($) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 155.10 290.00 Td (17.3 ) Tj ET Q q 0 0 0 rg BT 177.37 290.00 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 209.16 290.00 Td (, ) Tj ET Q q 0 0 0 rg BT 214.93 290.00 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 227.11 290.00 Td (\(4.4\)) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 248.19 290.00 Td ( ) Tj ET Q q 0 0 0 rg BT 251.21 290.00 Td (percent ) Tj ET Q q 0 0 0 rg BT 286.60 290.00 Td (of ) Tj ET Q q 0 0 0 rg BT 298.79 290.00 Td (net ) Tj ET Q q 0 0 0 rg BT 315.25 290.00 Td (sales, ) Tj ET Q q 0 0 0 rg BT 342.40 290.00 Td (including ) Tj ET Q q 0 0 0 rg BT 386.98 290.00 Td (expenses ) Tj ET Q q 0 0 0 rg BT 429.71 290.00 Td (of ) Tj ET Q q 0 0 0 rg BT 441.89 290.00 Td (approximately ) Tj ET Q q 0 0 0 rg BT 508.45 290.00 Td ($4.0 ) Tj ET Q q 0 0 0 rg BT 530.72 290.00 Td (million ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 276.80 Td (related ) Tj ET Q q 0 0 0 rg BT 81.59 276.80 Td (to ) Tj ET Q q 0 0 0 rg BT 92.32 276.80 Td (the ) Tj ET Q q 0 0 0 rg BT 107.92 276.80 Td (operating ) Tj ET Q q 0 0 0 rg BT 151.63 276.80 Td (model ) Tj ET Q q 0 0 0 rg BT 181.29 276.80 Td (assessment, ) Tj ET Q q 0 0 0 rg BT 235.09 276.80 Td (compared ) Tj ET Q q 0 0 0 rg BT 280.63 276.80 Td (with ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 302.35 276.80 Td (second) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 332.90 276.80 Td ( ) Tj ET Q q 0 0 0 rg BT 335.07 276.80 Td (quarter ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 368.38 276.80 Td (2016) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 390.38 276.80 Td ( ) Tj ET Q q 0 0 0 rg BT 392.55 276.80 Td (operating ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 436.26 276.80 Td (loss) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 453.38 276.80 Td ( ) Tj ET Q q 0 0 0 rg BT 455.55 276.80 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 466.88 276.80 Td ($1) Tj ET Q q 0 0 0 rg BT 477.47 276.80 Td (1.8 ) Tj ET Q q 0 0 0 rg BT 493.39 276.80 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 525.17 276.80 Td (, ) Tj ET Q q 0 0 0 rg BT 530.09 276.80 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 541.42 276.80 Td (\(3.0\)) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 562.50 276.80 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 263.60 Td (percent ) Tj ET Q q 0 0 0 rg BT 84.62 263.60 Td (of ) Tj ET Q q 0 0 0 rg BT 96.53 263.60 Td (net ) Tj ET Q q 0 0 0 rg BT 112.72 263.60 Td (sales. ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 237.20 Td (Income ) Tj ET Q q 0 0 0 rg BT 86.88 237.20 Td (T) Tj ET Q q 0 0 0 rg BT 93.20 237.20 Td (ax ) Tj ET Q q 0 0 0 rg BT 106.95 237.20 Td (Expense) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 224.00 Td (The ) Tj ET Q q 0 0 0 rg BT 69.59 224.00 Td (ef) Tj ET Q q 0 0 0 rg BT 77.93 224.00 Td (fective ) Tj ET Q q 0 0 0 rg BT 110.84 224.00 Td (tax ) Tj ET Q q 0 0 0 rg BT 127.26 224.00 Td (rate ) Tj ET Q q 0 0 0 rg BT 146.73 224.00 Td (for ) Tj ET Q q 0 0 0 rg BT 162.54 224.00 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 178.97 224.00 Td (second) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 209.51 224.00 Td ( ) Tj ET Q q 0 0 0 rg BT 212.50 224.00 Td (quarter ) Tj ET Q q 0 0 0 rg BT 246.63 224.00 Td (was ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 266.72 224.00 Td (28.6) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 285.97 224.00 Td ( ) Tj ET Q q 0 0 0 rg BT 288.96 224.00 Td (percent, ) Tj ET Q q 0 0 0 rg BT 327.06 224.00 Td (compared ) Tj ET Q q 0 0 0 rg BT 373.41 224.00 Td (to ) Tj ET Q q 0 0 0 rg BT 384.95 224.00 Td (a ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 392.82 224.00 Td (29.1) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 412.07 224.00 Td ( ) Tj ET Q q 0 0 0 rg BT 415.05 224.00 Td (percent ) Tj ET Q q 0 0 0 rg BT 450.40 224.00 Td (rate ) Tj ET Q q 0 0 0 rg BT 469.87 224.00 Td (in ) Tj ET Q q 0 0 0 rg BT 481.41 224.00 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 497.83 224.00 Td (second) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 528.38 224.00 Td ( ) Tj ET Q q 0 0 0 rg BT 531.37 224.00 Td (quarter ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 210.80 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 61.41 210.80 Td (2016) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 83.41 210.80 Td (.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 185.60 Td (Net ) Tj ET Q q 0 0 0 rg BT 68.74 185.60 Td (Income) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 172.40 Td (Net ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 68.55 172.40 Td (loss) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.67 172.40 Td ( ) Tj ET Q q 0 0 0 rg BT 88.83 172.40 Td (totaled ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 121.94 172.40 Td ($1) Tj ET Q q 0 0 0 rg BT 132.53 172.40 Td (1.5 ) Tj ET Q q 0 0 0 rg BT 149.44 172.40 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 181.23 172.40 Td (, ) Tj ET Q q 0 0 0 rg BT 187.14 172.40 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 199.47 172.40 Td ($\(0.17\)) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 231.55 172.40 Td ( ) Tj ET Q q 0 0 0 rg BT 234.72 172.40 Td (per ) Tj ET Q q 0 0 0 rg BT 251.93 172.40 Td (share, ) Tj ET Q q 0 0 0 rg BT 281.06 172.40 Td (including ) Tj ET Q q 0 0 0 rg BT 325.77 172.40 Td (expenses ) Tj ET Q q 0 0 0 rg BT 368.65 172.40 Td (of ) Tj ET Q q 0 0 0 rg BT 380.98 172.40 Td (approximately ) Tj ET Q q 0 0 0 rg BT 447.68 172.40 Td ($) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 453.18 172.40 Td (2.5) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 466.93 172.40 Td ( ) Tj ET Q q 0 0 0 rg BT 470.10 172.40 Td (million ) Tj ET Q q 0 0 0 rg BT 505.05 172.40 Td (net ) Tj ET Q q 0 0 0 rg BT 521.65 172.40 Td (of ) Tj ET Q q 0 0 0 rg BT 533.99 172.40 Td (tax, ) Tj ET Q q 0 0 0 rg BT 553.34 172.40 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 159.20 Td ($) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 55.00 159.20 Td (0.04) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 74.25 159.20 Td ( ) Tj ET Q q 0 0 0 rg BT 77.99 159.20 Td (per ) Tj ET Q q 0 0 0 rg BT 95.77 159.20 Td (share, ) Tj ET Q q 0 0 0 rg BT 125.46 159.20 Td (related ) Tj ET Q q 0 0 0 rg BT 159.12 159.20 Td (to ) Tj ET Q q 0 0 0 rg BT 171.41 159.20 Td (the ) Tj ET Q q 0 0 0 rg BT 188.59 159.20 Td (company's ) Tj ET Q q 0 0 0 rg BT 238.91 159.20 Td (operating ) Tj ET Q q 0 0 0 rg BT 284.18 159.20 Td (model ) Tj ET Q q 0 0 0 rg BT 315.41 159.20 Td (assessment, ) Tj ET Q q 0 0 0 rg BT 370.78 159.20 Td (compared ) Tj ET Q q 0 0 0 rg BT 417.88 159.20 Td (with ) Tj ET Q q 0 0 0 rg BT 441.17 159.20 Td (net ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 458.35 159.20 Td (loss) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 475.47 159.20 Td ( ) Tj ET Q q 0 0 0 rg BT 479.20 159.20 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 492.10 159.20 Td ($8.2 ) Tj ET Q q 0 0 0 rg BT 515.09 159.20 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 546.87 159.20 Td (, ) Tj ET Q q 0 0 0 rg BT 553.35 159.20 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 146.00 Td ($\(0.12\)) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 81.58 146.00 Td ( ) Tj ET Q q 0 0 0 rg BT 84.33 146.00 Td (per ) Tj ET Q q 0 0 0 rg BT 101.12 146.00 Td (share, ) Tj ET Q q 0 0 0 rg BT 129.83 146.00 Td (in ) Tj ET Q q 0 0 0 rg BT 141.14 146.00 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 157.32 146.00 Td (second) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 187.87 146.00 Td ( ) Tj ET Q q 0 0 0 rg BT 190.62 146.00 Td (quarter ) Tj ET Q q 0 0 0 rg BT 224.52 146.00 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 236.43 146.00 Td (2016) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 258.43 146.00 Td (.) Tj ET Q BT /F2 11.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 49.5 117.87856445312502 m 115.1884765625 117.87856445312502 l s q 0 0 0 rg BT 49.50 119.60 Td (Balance Sheet) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 106.40 Td (At ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 64.07 106.40 Td (June30, ) Tj ET Q q 0 0 0 rg BT 104.30 106.40 Td (2017) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 126.30 106.40 Td (, ) Tj ET Q q 0 0 0 rg BT 132.62 106.40 Td (cash ) Tj ET Q q 0 0 0 rg BT 155.73 106.40 Td (and ) Tj ET Q q 0 0 0 rg BT 175.18 106.40 Td (short-term ) Tj ET Q q 0 0 0 rg BT 224.57 106.40 Td (investments ) Tj ET Q q 0 0 0 rg BT 280.69 106.40 Td (totaled ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 314.19 106.40 Td ($622.2 ) Tj ET Q q 0 0 0 rg BT 348.01 106.40 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 379.79 106.40 Td (, ) Tj ET Q q 0 0 0 rg BT 386.10 106.40 Td (compared ) Tj ET Q q 0 0 0 rg BT 433.04 106.40 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 445.16 106.40 Td ($428.8 ) Tj ET Q q 0 0 0 rg BT 478.98 106.40 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 510.76 106.40 Td ( ) Tj ET Q q 0 0 0 rg BT 514.33 106.40 Td (at ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 525.84 106.40 Td (June30, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 93.20 Td (2016) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 71.50 93.20 Td (. ) Tj ET Q q 0 0 0 rg BT 75.78 93.20 Td (At ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 88.74 93.20 Td (June30, ) Tj ET Q q 0 0 0 rg BT 127.37 93.20 Td (2017) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 149.37 93.20 Td (, ) Tj ET Q q 0 0 0 rg BT 154.08 93.20 Td (approximately ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 219.57 93.20 Td (55) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 230.57 93.20 Td ( ) Tj ET Q q 0 0 0 rg BT 232.54 93.20 Td (percent ) Tj ET Q q 0 0 0 rg BT 266.86 93.20 Td (of ) Tj ET Q q 0 0 0 rg BT 277.99 93.20 Td (cash ) Tj ET Q q 0 0 0 rg BT 299.50 93.20 Td (and ) Tj ET Q q 0 0 0 rg BT 317.34 93.20 Td (short-term ) Tj ET Q q 0 0 0 rg BT 365.12 93.20 Td (investments ) Tj ET Q q 0 0 0 rg BT 419.64 93.20 Td (were ) Tj ET Q q 0 0 0 rg BT 442.97 93.20 Td (held ) Tj ET Q q 0 0 0 rg BT 463.87 93.20 Td (in ) Tj ET Q q 0 0 0 rg BT 474.39 93.20 Td (foreign ) Tj ET Q q 0 0 0 rg BT 508.11 93.20 Td (jurisdictions ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 80.00 Td (where ) Tj ET Q q 0 0 0 rg BT 79.12 80.00 Td (a ) Tj ET Q q 0 0 0 rg BT 86.75 80.00 Td (repatriation ) Tj ET Q q 0 0 0 rg BT 140.20 80.00 Td (of ) Tj ET Q q 0 0 0 rg BT 152.11 80.00 Td (those ) Tj ET Q q 0 0 0 rg BT 178.08 80.00 Td (funds ) Tj ET Q q 0 0 0 rg BT 205.28 80.00 Td (to ) Tj ET Q q 0 0 0 rg BT 216.58 80.00 Td (the ) Tj ET Q q 0 0 0 rg BT 232.77 80.00 Td (United ) Tj ET Q q 0 0 0 rg BT 265.46 80.00 Td (States ) Tj ET Q q 0 0 0 rg BT 294.49 80.00 Td (would ) Tj ET Q q 0 0 0 rg BT 324.74 80.00 Td (likely ) Tj ET Q q 0 0 0 rg BT 352.54 80.00 Td (result ) Tj ET Q q 0 0 0 rg BT 379.73 80.00 Td (in ) Tj ET Q q 0 0 0 rg BT 391.03 80.00 Td (a ) Tj ET Q q 0 0 0 rg BT 398.66 80.00 Td (significant ) Tj ET Q q 0 0 0 rg BT 447.85 80.00 Td (tax ) Tj ET Q q 0 0 0 rg BT 464.04 80.00 Td (cost ) Tj ET Q q 0 0 0 rg BT 484.50 80.00 Td (to ) Tj ET Q q 0 0 0 rg BT 495.81 80.00 Td (the ) Tj ET Q q 0 0 0 rg BT 512.00 80.00 Td (company) Tj ET Q q 0 0 0 rg BT 551.61 80.00 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 66.80 Td ( ) Tj ET Q endstream endobj 9 0 obj <> endobj 10 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 24.60 Td (4) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 748.40 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 111.45 748.40 Td (inventories ) Tj ET Q q 0 0 0 rg BT 164.22 748.40 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 177.28 748.40 Td ($559.5 ) Tj ET Q q 0 0 0 rg BT 211.43 748.40 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 243.21 748.40 Td ( ) Tj ET Q q 0 0 0 rg BT 247.11 748.40 Td (at ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 258.94 748.40 Td (June30, ) Tj ET Q q 0 0 0 rg BT 299.50 748.40 Td (2017) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 321.50 748.40 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 325.40 748.40 Td (decrease) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 363.25 748.40 Td (d ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 372.65 748.40 Td ($94.1 ) Tj ET Q q 0 0 0 rg BT 401.30 748.40 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 433.08 748.40 Td (, ) Tj ET Q q 0 0 0 rg BT 439.73 748.40 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 452.79 748.40 Td (14) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 463.79 748.40 Td ( ) Tj ET Q q 0 0 0 rg BT 467.68 748.40 Td (percent, ) Tj ET Q q 0 0 0 rg BT 506.70 748.40 Td (compared ) Tj ET Q q 0 0 0 rg BT 553.96 748.40 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 735.20 Td (June30, ) Tj ET Q q 0 0 0 rg BT 89.03 735.20 Td (2016) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 111.03 735.20 Td (. ) Tj ET Q q 0 0 0 rg BT 116.44 735.20 Td (The ) Tj ET Q q 0 0 0 rg BT 136.41 735.20 Td (decrease ) Tj ET Q q 0 0 0 rg BT 177.14 735.20 Td (was ) Tj ET Q q 0 0 0 rg BT 197.11 735.20 Td (primarily ) Tj ET Q q 0 0 0 rg BT 240.91 735.20 Td (driven ) Tj ET Q q 0 0 0 rg BT 271.88 735.20 Td (by ) Tj ET Q q 0 0 0 rg BT 285.75 735.20 Td (a ) Tj ET Q q 0 0 0 rg BT 293.50 735.20 Td (planned ) Tj ET Q q 0 0 0 rg BT 331.19 735.20 Td (shift ) Tj ET Q q 0 0 0 rg BT 353.61 735.20 Td (in ) Tj ET Q q 0 0 0 rg BT 365.04 735.20 Td (the ) Tj ET Q q 0 0 0 rg BT 381.34 735.20 Td (timing ) Tj ET Q q 0 0 0 rg BT 412.94 735.20 Td (of ) Tj ET Q q 0 0 0 rg BT 424.97 735.20 Td (Fall ) Tj ET Q q 0 0 0 rg BT 444.95 735.20 Td (2017 ) Tj ET Q q 0 0 0 rg BT 469.82 735.20 Td (inventory ) Tj ET Q q 0 0 0 rg BT 514.84 735.20 Td (production ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 722.00 Td (and ) Tj ET Q q 0 0 0 rg BT 68.73 722.00 Td (receipts ) Tj ET Q q 0 0 0 rg BT 106.29 722.00 Td (to ) Tj ET Q q 0 0 0 rg BT 118.19 722.00 Td (align ) Tj ET Q q 0 0 0 rg BT 143.54 722.00 Td (inventory ) Tj ET Q q 0 0 0 rg BT 189.04 722.00 Td (purchases ) Tj ET Q q 0 0 0 rg BT 235.77 722.00 Td (more ) Tj ET Q q 0 0 0 rg BT 261.72 722.00 Td (closely ) Tj ET Q q 0 0 0 rg BT 296.23 722.00 Td (with ) Tj ET Q q 0 0 0 rg BT 319.13 722.00 Td (our ) Tj ET Q q 0 0 0 rg BT 337.15 722.00 Td (Fall ) Tj ET Q q 0 0 0 rg BT 357.61 722.00 Td (2017 ) Tj ET Q q 0 0 0 rg BT 382.96 722.00 Td (advance ) Tj ET Q q 0 0 0 rg BT 422.34 722.00 Td (order ) Tj ET Q q 0 0 0 rg BT 448.90 722.00 Td (book. ) Tj ET Q q 0 0 0 rg BT 477.00 722.00 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 523.11 722.00 Td (flow ) Tj ET Q q 0 0 0 rg BT 546.62 722.00 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 708.80 Td (receipts ) Tj ET Q q 0 0 0 rg BT 86.02 708.80 Td (are ) Tj ET Q q 0 0 0 rg BT 101.76 708.80 Td (on ) Tj ET Q q 0 0 0 rg BT 115.07 708.80 Td (track ) Tj ET Q q 0 0 0 rg BT 139.37 708.80 Td (to ) Tj ET Q q 0 0 0 rg BT 150.24 708.80 Td (timely ) Tj ET Q q 0 0 0 rg BT 180.66 708.80 Td (deliver ) Tj ET Q q 0 0 0 rg BT 213.51 708.80 Td (Fall-season ) Tj ET Q q 0 0 0 rg BT 265.93 708.80 Td (inventory ) Tj ET Q q 0 0 0 rg BT 310.40 708.80 Td (in ) Tj ET Q q 0 0 0 rg BT 321.27 708.80 Td (line ) Tj ET Q q 0 0 0 rg BT 340.08 708.80 Td (with ) Tj ET Q q 0 0 0 rg BT 361.95 708.80 Td (our ) Tj ET Q q 0 0 0 rg BT 378.92 708.80 Td (sales ) Tj ET Q q 0 0 0 rg BT 402.62 708.80 Td (plan. ) Tj ET Q q 0 0 0 rg BT 426.45 708.80 Td (W) Tj ET Q q 0 0 0 rg BT 435.95 708.80 Td (e ) Tj ET Q q 0 0 0 rg BT 443.15 708.80 Td (expect ) Tj ET Q q 0 0 0 rg BT 474.17 708.80 Td (inventory ) Tj ET Q q 0 0 0 rg BT 518.64 708.80 Td (levels ) Tj ET Q q 0 0 0 rg BT 546.61 708.80 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 695.60 Td (growth ) Tj ET Q q 0 0 0 rg BT 83.41 695.60 Td (to ) Tj ET Q q 0 0 0 rg BT 94.72 695.60 Td (normalize ) Tj ET Q q 0 0 0 rg BT 141.45 695.60 Td (with ) Tj ET Q q 0 0 0 rg BT 163.75 695.60 Td (net ) Tj ET Q q 0 0 0 rg BT 179.94 695.60 Td (sales ) Tj ET Q q 0 0 0 rg BT 204.07 695.60 Td (growth ) Tj ET Q q 0 0 0 rg BT 237.99 695.60 Td (by ) Tj ET Q q 0 0 0 rg BT 251.74 695.60 Td (the ) Tj ET Q q 0 0 0 rg BT 267.93 695.60 Td (end ) Tj ET Q q 0 0 0 rg BT 286.56 695.60 Td (of ) Tj ET Q q 0 0 0 rg BT 298.47 695.60 Td (the ) Tj ET Q q 0 0 0 rg BT 314.66 695.60 Td (year) Tj ET Q q 0 0 0 rg BT 332.98 695.60 Td (.) Tj ET Q BT /F2 11.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 49.5 667.478564453125 m 327.06201171875 667.478564453125 l s q 0 0 0 rg BT 49.50 669.20 Td (Y) Tj ET Q q 0 0 0 rg BT 56.22 669.20 Td (ear) Tj ET Q q 0 0 0 rg BT 71.08 669.20 Td (-to-Date ) Tj ET Q q 0 0 0 rg BT 112.31 669.20 Td (Cash ) Tj ET Q q 0 0 0 rg BT 138.90 669.20 Td (Flow) Tj ET Q q 0 0 0 rg BT 161.51 669.20 Td (, ) Tj ET Q q 0 0 0 rg BT 167.01 669.20 Td (Shar) Tj ET Q q 0 0 0 rg BT 189.43 669.20 Td (e ) Tj ET Q q 0 0 0 rg BT 197.07 669.20 Td (Repur) Tj ET Q q 0 0 0 rg BT 226.81 669.20 Td (chases ) Tj ET Q q 0 0 0 rg BT 259.50 669.20 Td (and ) Tj ET Q q 0 0 0 rg BT 279.99 669.20 Td (Dividends) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 656.00 Td (Net ) Tj ET Q q 0 0 0 rg BT 69.37 656.00 Td (cash ) Tj ET Q q 0 0 0 rg BT 92.91 656.00 Td (provided ) Tj ET Q q 0 0 0 rg BT 136.01 656.00 Td (by ) Tj ET Q q 0 0 0 rg BT 151.00 656.00 Td (operations ) Tj ET Q q 0 0 0 rg BT 200.81 656.00 Td (in ) Tj ET Q q 0 0 0 rg BT 213.36 656.00 Td (the ) Tj ET Q q 0 0 0 rg BT 230.79 656.00 Td (first ) Tj ET Q q 0 0 0 rg BT 252.50 656.00 Td (half ) Tj ET Q q 0 0 0 rg BT 273.60 656.00 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 286.75 656.00 Td (2017) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 308.75 656.00 Td ( ) Tj ET Q q 0 0 0 rg BT 312.74 656.00 Td (was ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 333.84 656.00 Td ($157.0 ) Tj ET Q q 0 0 0 rg BT 368.08 656.00 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 399.86 656.00 Td (, ) Tj ET Q q 0 0 0 rg BT 406.61 656.00 Td (compared ) Tj ET Q q 0 0 0 rg BT 453.97 656.00 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 466.51 656.00 Td ($102.7 ) Tj ET Q q 0 0 0 rg BT 500.76 656.00 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 532.54 656.00 Td ( ) Tj ET Q q 0 0 0 rg BT 536.53 656.00 Td (in ) Tj ET Q q 0 0 0 rg BT 549.08 656.00 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 642.80 Td (comparable ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.55 642.80 Td (2016) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 125.55 642.80 Td ( ) Tj ET Q q 0 0 0 rg BT 128.30 642.80 Td (period.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 616.40 Td (Capital expenditures in the first half of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 222.70 616.40 Td (2017) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 244.70 616.40 Td ( totaled ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 280.13 616.40 Td ($24.3 million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 339.42 616.40 Td (, compared to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 402.34 616.40 Td ($23.0 million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 461.62 616.40 Td ( in the comparable ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 603.20 Td (2016) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 71.50 603.20 Td ( period.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 590.00 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 576.80 Td (During ) Tj ET Q q 0 0 0 rg BT 84.10 576.80 Td (the ) Tj ET Q q 0 0 0 rg BT 100.98 576.80 Td (first ) Tj ET Q q 0 0 0 rg BT 122.15 576.80 Td (half, ) Tj ET Q q 0 0 0 rg BT 145.44 576.80 Td (the ) Tj ET Q q 0 0 0 rg BT 162.32 576.80 Td (company ) Tj ET Q q 0 0 0 rg BT 206.08 576.80 Td (repurchased ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 262.66 576.80 Td (665,095) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 298.41 576.80 Td ( ) Tj ET Q q 0 0 0 rg BT 301.85 576.80 Td (shares ) Tj ET Q q 0 0 0 rg BT 332.78 576.80 Td (of ) Tj ET Q q 0 0 0 rg BT 345.38 576.80 Td (common ) Tj ET Q q 0 0 0 rg BT 387.32 576.80 Td (stock ) Tj ET Q q 0 0 0 rg BT 413.98 576.80 Td (at ) Tj ET Q q 0 0 0 rg BT 425.36 576.80 Td (an ) Tj ET Q q 0 0 0 rg BT 439.18 576.80 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 485.37 576.80 Td (purchase ) Tj ET Q q 0 0 0 rg BT 527.91 576.80 Td (price ) Tj ET Q q 0 0 0 rg BT 553.33 576.80 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 563.60 Td ($35.5 ) Tj ET Q q 0 0 0 rg BT 76.76 563.60 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.54 563.60 Td (. ) Tj ET Q q 0 0 0 rg BT 113.25 563.60 Td (At ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 126.77 563.60 Td (June30, ) Tj ET Q q 0 0 0 rg BT 165.94 563.60 Td (2017) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 187.94 563.60 Td (, ) Tj ET Q q 0 0 0 rg BT 193.21 563.60 Td (approximately ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 259.26 563.60 Td ($137.9 ) Tj ET Q q 0 0 0 rg BT 292.02 563.60 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 323.80 563.60 Td ( ) Tj ET Q q 0 0 0 rg BT 326.31 563.60 Td (remained ) Tj ET Q q 0 0 0 rg BT 369.75 563.60 Td (available ) Tj ET Q q 0 0 0 rg BT 411.96 563.60 Td (under ) Tj ET Q q 0 0 0 rg BT 439.52 563.60 Td (the ) Tj ET Q q 0 0 0 rg BT 455.47 563.60 Td (current ) Tj ET Q q 0 0 0 rg BT 489.13 563.60 Td (stock ) Tj ET Q q 0 0 0 rg BT 514.87 563.60 Td (repurchase ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 550.40 Td (authorization, ) Tj ET Q q 0 0 0 rg BT 112.70 550.40 Td (which ) Tj ET Q q 0 0 0 rg BT 142.01 550.40 Td (does ) Tj ET Q q 0 0 0 rg BT 164.59 550.40 Td (not ) Tj ET Q q 0 0 0 rg BT 181.07 550.40 Td (obligate ) Tj ET Q q 0 0 0 rg BT 218.92 550.40 Td (the ) Tj ET Q q 0 0 0 rg BT 234.78 550.40 Td (company ) Tj ET Q q 0 0 0 rg BT 277.52 550.40 Td (to ) Tj ET Q q 0 0 0 rg BT 288.49 550.40 Td (acquire ) Tj ET Q q 0 0 0 rg BT 323.28 550.40 Td (any ) Tj ET Q q 0 0 0 rg BT 341.58 550.40 Td (specific ) Tj ET Q q 0 0 0 rg BT 378.21 550.40 Td (number ) Tj ET Q q 0 0 0 rg BT 414.23 550.40 Td (of ) Tj ET Q q 0 0 0 rg BT 425.81 550.40 Td (shares ) Tj ET Q q 0 0 0 rg BT 455.72 550.40 Td (or ) Tj ET Q q 0 0 0 rg BT 467.30 550.40 Td (to ) Tj ET Q q 0 0 0 rg BT 478.28 550.40 Td (acquire ) Tj ET Q q 0 0 0 rg BT 513.06 550.40 Td (shares ) Tj ET Q q 0 0 0 rg BT 542.97 550.40 Td (over ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 537.20 Td (any ) Tj ET Q q 0 0 0 rg BT 68.13 537.20 Td (specified ) Tj ET Q q 0 0 0 rg BT 110.59 537.20 Td (period ) Tj ET Q q 0 0 0 rg BT 141.44 537.20 Td (of ) Tj ET Q q 0 0 0 rg BT 153.35 537.20 Td (time.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 510.80 Td (The company paid cash dividends of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 213.84 510.80 Td ($25.0 million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 273.13 510.80 Td ( during the first half of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 375.77 510.80 Td (2017) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 397.77 510.80 Td (.) Tj ET Q BT /F2 11.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 49.5 482.678564453125 m 209.107421875 482.678564453125 l s q 0 0 0 rg BT 49.50 484.40 Td (Regular) Tj ET Q q 0 0 0 rg BT 87.18 484.40 Td ( Quarterly Cash Dividend) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 471.20 Td (At ) Tj ET Q q 0 0 0 rg BT 63.63 471.20 Td (its ) Tj ET Q q 0 0 0 rg BT 77.15 471.20 Td (regular ) Tj ET Q q 0 0 0 rg BT 111.42 471.20 Td (board ) Tj ET Q q 0 0 0 rg BT 139.60 471.20 Td (meeting ) Tj ET Q q 0 0 0 rg BT 178.16 471.20 Td (on ) Tj ET Q q 0 0 0 rg BT 192.28 471.20 Td (July ) Tj ET Q q 0 0 0 rg BT 213.75 471.20 Td (21, ) Tj ET Q q 0 0 0 rg BT 230.63 471.20 Td (2017 ) Tj ET Q q 0 0 0 rg BT 255.75 471.20 Td (the ) Tj ET Q q 0 0 0 rg BT 272.32 471.20 Td (board ) Tj ET Q q 0 0 0 rg BT 300.49 471.20 Td (of ) Tj ET Q q 0 0 0 rg BT 312.78 471.20 Td (directors ) Tj ET Q q 0 0 0 rg BT 354.39 471.20 Td (authorized ) Tj ET Q q 0 0 0 rg BT 403.94 471.20 Td (a ) Tj ET Q q 0 0 0 rg BT 411.95 471.20 Td (regular ) Tj ET Q q 0 0 0 rg BT 446.23 471.20 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 489.06 471.20 Td (cash ) Tj ET Q q 0 0 0 rg BT 511.73 471.20 Td (dividend ) Tj ET Q q 0 0 0 rg BT 553.35 471.20 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 458.00 Td ($0.18 ) Tj ET Q q 0 0 0 rg BT 77.00 458.00 Td (per ) Tj ET Q q 0 0 0 rg BT 93.80 458.00 Td (share, ) Tj ET Q q 0 0 0 rg BT 122.50 458.00 Td (payable ) Tj ET Q q 0 0 0 rg BT 159.46 458.00 Td (on ) Tj ET Q q 0 0 0 rg BT 172.60 458.00 Td (August ) Tj ET Q q 0 0 0 rg BT 207.13 458.00 Td (31, ) Tj ET Q q 0 0 0 rg BT 223.63 458.00 Td (2017 ) Tj ET Q q 0 0 0 rg BT 248.38 458.00 Td (to ) Tj ET Q q 0 0 0 rg BT 259.69 458.00 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 318.03 458.00 Td (of ) Tj ET Q q 0 0 0 rg BT 329.94 458.00 Td (record ) Tj ET Q q 0 0 0 rg BT 360.78 458.00 Td (on ) Tj ET Q q 0 0 0 rg BT 373.92 458.00 Td (August ) Tj ET Q q 0 0 0 rg BT 408.46 458.00 Td (17, ) Tj ET Q q 0 0 0 rg BT 424.96 458.00 Td (2017. ) Tj ET Q BT /F2 11.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 49.5 431.078564453125 m 138.423828125 431.078564453125 l s q 0 0 0 rg BT 49.50 432.80 Td (Updated Full ) Tj ET Q q 0 0 0 rg BT 113.88 432.80 Td (Y) Tj ET Q q 0 0 0 rg BT 120.61 432.80 Td (ear) Tj ET Q q 0 0 0 rg BT 135.67 432.80 Td ( ) Tj ET Q BT /F2 11.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 138.423828125 431.078564453125 m 160.423828125 431.078564453125 l s q 0 0 0 rg BT 138.42 432.80 Td (2017) Tj ET Q BT /F2 11.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 160.423828125 431.078564453125 m 251.18994140625 431.078564453125 l s q 0 0 0 rg BT 160.42 432.80 Td ( Financial Outlook ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 419.60 Td (Our ) Tj ET Q q 0 0 0 rg BT 69.80 419.60 Td (objective ) Tj ET Q q 0 0 0 rg BT 113.31 419.60 Td (in ) Tj ET Q q 0 0 0 rg BT 125.06 419.60 Td (providing ) Tj ET Q q 0 0 0 rg BT 171.03 419.60 Td (a ) Tj ET Q q 0 0 0 rg BT 179.11 419.60 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 254.39 419.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 296.07 419.60 Td (outlook ) Tj ET Q q 0 0 0 rg BT 332.87 419.60 Td (is ) Tj ET Q q 0 0 0 rg BT 343.40 419.60 Td (to ) Tj ET Q q 0 0 0 rg BT 355.15 419.60 Td (help ) Tj ET Q q 0 0 0 rg BT 377.29 419.60 Td (investors ) Tj ET Q q 0 0 0 rg BT 420.20 419.60 Td (understand ) Tj ET Q q 0 0 0 rg BT 471.66 419.60 Td (our ) Tj ET Q q 0 0 0 rg BT 489.52 419.60 Td (business ) Tj ET Q q 0 0 0 rg BT 529.99 419.60 Td (and ) Tj ET Q q 0 0 0 rg BT 549.07 419.60 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 406.40 Td (variables ) Tj ET Q q 0 0 0 rg BT 91.95 406.40 Td (that ) Tj ET Q q 0 0 0 rg BT 111.20 406.40 Td (we ) Tj ET Q q 0 0 0 rg BT 126.77 406.40 Td (consider ) Tj ET Q q 0 0 0 rg BT 166.79 406.40 Td (when ) Tj ET Q q 0 0 0 rg BT 193.36 406.40 Td (planning ) Tj ET Q q 0 0 0 rg BT 234.61 406.40 Td (our ) Tj ET Q q 0 0 0 rg BT 252.02 406.40 Td (business ) Tj ET Q q 0 0 0 rg BT 292.05 406.40 Td (and ) Tj ET Q q 0 0 0 rg BT 310.69 406.40 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 359.25 406.40 Td (our ) Tj ET Q q 0 0 0 rg BT 376.66 406.40 Td (own ) Tj ET Q q 0 0 0 rg BT 398.36 406.40 Td (performance.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 381.20 Td (All ) Tj ET Q q 0 0 0 rg BT 65.35 381.20 Td (projections ) Tj ET Q q 0 0 0 rg BT 116.01 381.20 Td (related ) Tj ET Q q 0 0 0 rg BT 147.73 381.20 Td (to ) Tj ET Q q 0 0 0 rg BT 158.07 381.20 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 208.12 381.20 Td (future ) Tj ET Q q 0 0 0 rg BT 236.17 381.20 Td (results ) Tj ET Q q 0 0 0 rg BT 266.68 381.20 Td (are ) Tj ET Q q 0 0 0 rg BT 281.90 381.20 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 355.78 381.20 Td (in ) Tj ET Q q 0 0 0 rg BT 366.12 381.20 Td (nature ) Tj ET Q q 0 0 0 rg BT 395.40 381.20 Td (and ) Tj ET Q q 0 0 0 rg BT 413.07 381.20 Td (may ) Tj ET Q q 0 0 0 rg BT 433.80 381.20 Td (change, ) Tj ET Q q 0 0 0 rg BT 469.49 381.20 Td (perhaps ) Tj ET Q q 0 0 0 rg BT 505.48 381.20 Td (significantly) Tj ET Q q 0 0 0 rg BT 559.76 381.20 Td (. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 368.00 Td (Our ) Tj ET Q q 0 0 0 rg BT 70.04 368.00 Td (annual ) Tj ET Q q 0 0 0 rg BT 102.80 368.00 Td (net ) Tj ET Q q 0 0 0 rg BT 119.67 368.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 144.49 368.00 Td (are ) Tj ET Q q 0 0 0 rg BT 161.36 368.00 Td (weighted ) Tj ET Q q 0 0 0 rg BT 205.11 368.00 Td (more ) Tj ET Q q 0 0 0 rg BT 231.15 368.00 Td (heavily ) Tj ET Q q 0 0 0 rg BT 266.96 368.00 Td (toward ) Tj ET Q q 0 0 0 rg BT 300.95 368.00 Td (the ) Tj ET Q q 0 0 0 rg BT 317.82 368.00 Td (Fall/W) Tj ET Q q 0 0 0 rg BT 347.93 368.00 Td (inter ) Tj ET Q q 0 0 0 rg BT 371.52 368.00 Td (season, ) Tj ET Q q 0 0 0 rg BT 407.04 368.00 Td (while ) Tj ET Q q 0 0 0 rg BT 434.91 368.00 Td (operating ) Tj ET Q q 0 0 0 rg BT 479.89 368.00 Td (expenses ) Tj ET Q q 0 0 0 rg BT 523.03 368.00 Td (are ) Tj ET Q q 0 0 0 rg BT 539.90 368.00 Td (more ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 354.80 Td (equally ) Tj ET Q q 0 0 0 rg BT 83.67 354.80 Td (distributed ) Tj ET Q q 0 0 0 rg BT 132.51 354.80 Td (throughout ) Tj ET Q q 0 0 0 rg BT 182.58 354.80 Td (the ) Tj ET Q q 0 0 0 rg BT 197.81 354.80 Td (year) Tj ET Q q 0 0 0 rg BT 216.29 354.80 Td (, ) Tj ET Q q 0 0 0 rg BT 220.84 354.80 Td (resulting ) Tj ET Q q 0 0 0 rg BT 261.12 354.80 Td (in ) Tj ET Q q 0 0 0 rg BT 271.47 354.80 Td (a ) Tj ET Q q 0 0 0 rg BT 278.14 354.80 Td (highly ) Tj ET Q q 0 0 0 rg BT 308.05 354.80 Td (seasonal ) Tj ET Q q 0 0 0 rg BT 347.10 354.80 Td (net ) Tj ET Q q 0 0 0 rg BT 362.33 354.80 Td (sales ) Tj ET Q q 0 0 0 rg BT 385.51 354.80 Td (and ) Tj ET Q q 0 0 0 rg BT 403.18 354.80 Td (profitability ) Tj ET Q q 0 0 0 rg BT 457.52 354.80 Td (pattern ) Tj ET Q q 0 0 0 rg BT 489.85 354.80 Td (weighted ) Tj ET Q q 0 0 0 rg BT 531.96 354.80 Td (toward ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 341.60 Td (the ) Tj ET Q q 0 0 0 rg BT 65.69 341.60 Td (second ) Tj ET Q q 0 0 0 rg BT 98.98 341.60 Td (half ) Tj ET Q q 0 0 0 rg BT 118.84 341.60 Td (of ) Tj ET Q q 0 0 0 rg BT 130.75 341.60 Td (the ) Tj ET Q q 0 0 0 rg BT 146.94 341.60 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 173.51 341.60 Td (year) Tj ET Q q 0 0 0 rg BT 191.83 341.60 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 316.40 Td (Spring ) Tj ET Q q 0 0 0 rg BT 81.75 316.40 Td (and ) Tj ET Q q 0 0 0 rg BT 100.54 316.40 Td (Fall ) Tj ET Q q 0 0 0 rg BT 120.56 316.40 Td (season ) Tj ET Q q 0 0 0 rg BT 152.80 316.40 Td (advance ) Tj ET Q q 0 0 0 rg BT 191.74 316.40 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 238.63 316.40 Td (orders ) Tj ET Q q 0 0 0 rg BT 269.03 316.40 Td (typically ) Tj ET Q q 0 0 0 rg BT 310.43 316.40 Td (drive ) Tj ET Q q 0 0 0 rg BT 335.94 316.40 Td (a ) Tj ET Q q 0 0 0 rg BT 343.73 316.40 Td (significant ) Tj ET Q q 0 0 0 rg BT 393.07 316.40 Td (portion ) Tj ET Q q 0 0 0 rg BT 427.76 316.40 Td (of ) Tj ET Q q 0 0 0 rg BT 439.83 316.40 Td (our ) Tj ET Q q 0 0 0 rg BT 457.40 316.40 Td (annual ) Tj ET Q q 0 0 0 rg BT 489.63 316.40 Td (net ) Tj ET Q q 0 0 0 rg BT 505.98 316.40 Td (sales ) Tj ET Q q 0 0 0 rg BT 530.27 316.40 Td (and ) Tj ET Q q 0 0 0 rg BT 549.07 316.40 Td (are ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 303.20 Td (one ) Tj ET Q q 0 0 0 rg BT 68.11 303.20 Td (of ) Tj ET Q q 0 0 0 rg BT 80.01 303.20 Td (several ) Tj ET Q q 0 0 0 rg BT 113.89 303.20 Td (significant ) Tj ET Q q 0 0 0 rg BT 163.05 303.20 Td (factors ) Tj ET Q q 0 0 0 rg BT 195.71 303.20 Td (we ) Tj ET Q q 0 0 0 rg BT 211.27 303.20 Td (use ) Tj ET Q q 0 0 0 rg BT 228.66 303.20 Td (to ) Tj ET Q q 0 0 0 rg BT 239.95 303.20 Td (formulate ) Tj ET Q q 0 0 0 rg BT 285.44 303.20 Td (our ) Tj ET Q q 0 0 0 rg BT 302.84 303.20 Td (full ) Tj ET Q q 0 0 0 rg BT 320.84 303.20 Td (year ) Tj ET Q q 0 0 0 rg BT 342.50 303.20 Td (outlook. ) Tj ET Q q 0 0 0 rg BT 381.60 303.20 Td (However) Tj ET Q q 0 0 0 rg BT 421.47 303.20 Td (, ) Tj ET Q q 0 0 0 rg BT 426.95 303.20 Td (among ) Tj ET Q q 0 0 0 rg BT 459.62 303.20 Td (the ) Tj ET Q q 0 0 0 rg BT 475.79 303.20 Td (many ) Tj ET Q q 0 0 0 rg BT 502.96 303.20 Td (risks ) Tj ET Q q 0 0 0 rg BT 526.47 303.20 Td (inherent ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 290.00 Td (in ) Tj ET Q q 0 0 0 rg BT 61.38 290.00 Td (our ) Tj ET Q q 0 0 0 rg BT 79.37 290.00 Td (global ) Tj ET Q q 0 0 0 rg BT 110.20 290.00 Td (business, ) Tj ET Q q 0 0 0 rg BT 153.56 290.00 Td (our ) Tj ET Q q 0 0 0 rg BT 171.55 290.00 Td (projected ) Tj ET Q q 0 0 0 rg BT 215.80 290.00 Td (full ) Tj ET Q q 0 0 0 rg BT 234.40 290.00 Td (year ) Tj ET Q q 0 0 0 rg BT 256.65 290.00 Td (net ) Tj ET Q q 0 0 0 rg BT 273.42 290.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 298.13 290.00 Td (and ) Tj ET Q q 0 0 0 rg BT 317.34 290.00 Td (profitability ) Tj ET Q q 0 0 0 rg BT 373.21 290.00 Td (may ) Tj ET Q q 0 0 0 rg BT 395.48 290.00 Td (be ) Tj ET Q q 0 0 0 rg BT 409.19 290.00 Td (materially ) Tj ET Q q 0 0 0 rg BT 457.11 290.00 Td (af) Tj ET Q q 0 0 0 rg BT 465.45 290.00 Td (fected ) Tj ET Q q 0 0 0 rg BT 495.65 290.00 Td (by ) Tj ET Q q 0 0 0 rg BT 509.98 290.00 Td (unfavorable ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 276.80 Td (weather ) Tj ET Q q 0 0 0 rg BT 87.44 276.80 Td (patterns ) Tj ET Q q 0 0 0 rg BT 125.39 276.80 Td (and ) Tj ET Q q 0 0 0 rg BT 144.41 276.80 Td (other ) Tj ET Q q 0 0 0 rg BT 170.14 276.80 Td (factors ) Tj ET Q q 0 0 0 rg BT 203.20 276.80 Td (that ) Tj ET Q q 0 0 0 rg BT 222.83 276.80 Td (af) Tj ET Q q 0 0 0 rg BT 231.17 276.80 Td (fect ) Tj ET Q q 0 0 0 rg BT 250.79 276.80 Td (consumer ) Tj ET Q q 0 0 0 rg BT 296.68 276.80 Td (demand ) Tj ET Q q 0 0 0 rg BT 334.64 276.80 Td (and ) Tj ET Q q 0 0 0 rg BT 353.65 276.80 Td (store ) Tj ET Q q 0 0 0 rg BT 378.16 276.80 Td (traf) Tj ET Q q 0 0 0 rg BT 393.23 276.80 Td (fic ) Tj ET Q q 0 0 0 rg BT 407.96 276.80 Td (and ) Tj ET Q q 0 0 0 rg BT 426.98 276.80 Td (lead ) Tj ET Q q 0 0 0 rg BT 448.43 276.80 Td (to ) Tj ET Q q 0 0 0 rg BT 460.11 276.80 Td (higher) Tj ET Q q 0 0 0 rg BT 488.00 276.80 Td (-than-anticipated ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 263.60 Td (order ) Tj ET Q q 0 0 0 rg BT 74.99 263.60 Td (cancellations ) Tj ET Q q 0 0 0 rg BT 134.70 263.60 Td (and ) Tj ET Q q 0 0 0 rg BT 152.86 263.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 180.20 263.60 Td (reorders ) Tj ET Q q 0 0 0 rg BT 218.52 263.60 Td (by ) Tj ET Q q 0 0 0 rg BT 231.80 263.60 Td (our ) Tj ET Q q 0 0 0 rg BT 248.75 263.60 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 295.02 263.60 Td (customers ) Tj ET Q q 0 0 0 rg BT 341.91 263.60 Td (or ) Tj ET Q q 0 0 0 rg BT 353.36 263.60 Td (lower) Tj ET Q q 0 0 0 rg BT 378.18 263.60 Td (-than-projected ) Tj ET Q q 0 0 0 rg BT 447.65 263.60 Td (net ) Tj ET Q q 0 0 0 rg BT 463.38 263.60 Td (sales ) Tj ET Q q 0 0 0 rg BT 487.05 263.60 Td (through ) Tj ET Q q 0 0 0 rg BT 523.55 263.60 Td (our ) Tj ET Q q 0 0 0 rg BT 540.50 263.60 Td (DTC ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 250.40 Td (channels, ) Tj ET Q q 0 0 0 rg BT 93.48 250.40 Td (particularly ) Tj ET Q q 0 0 0 rg BT 146.93 250.40 Td (during ) Tj ET Q q 0 0 0 rg BT 178.40 250.40 Td (the ) Tj ET Q q 0 0 0 rg BT 194.59 250.40 Td (fourth ) Tj ET Q q 0 0 0 rg BT 224.22 250.40 Td (quarter) Tj ET Q q 0 0 0 rg BT 254.76 250.40 Td (. ) Tj ET Q q 0 0 0 rg BT 260.26 250.40 Td (Projections ) Tj ET Q q 0 0 0 rg BT 312.51 250.40 Td (are ) Tj ET Q q 0 0 0 rg BT 328.68 250.40 Td (predicated ) Tj ET Q q 0 0 0 rg BT 377.24 250.40 Td (on ) Tj ET Q q 0 0 0 rg BT 390.99 250.40 Td (normal ) Tj ET Q q 0 0 0 rg BT 424.90 250.40 Td (seasonal ) Tj ET Q q 0 0 0 rg BT 464.91 250.40 Td (weather ) Tj ET Q q 0 0 0 rg BT 502.47 250.40 Td (globally) Tj ET Q q 0 0 0 rg BT 537.81 250.40 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 225.20 Td (In ) Tj ET Q q 0 0 0 rg BT 63.20 225.20 Td (addition, ) Tj ET Q q 0 0 0 rg BT 106.54 225.20 Td (bankruptcies, ) Tj ET Q q 0 0 0 rg BT 170.04 225.20 Td (liquidations, ) Tj ET Q q 0 0 0 rg BT 229.27 225.20 Td (store ) Tj ET Q q 0 0 0 rg BT 255.19 225.20 Td (closures ) Tj ET Q q 0 0 0 rg BT 295.78 225.20 Td (and ) Tj ET Q q 0 0 0 rg BT 316.20 225.20 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 380.01 225.20 Td (among ) Tj ET Q q 0 0 0 rg BT 414.49 225.20 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 438.59 225.20 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 487.11 225.20 Td (customers ) Tj ET Q q 0 0 0 rg BT 536.25 225.20 Td (create ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 212.00 Td (increased ) Tj ET Q q 0 0 0 rg BT 93.40 212.00 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 145.25 212.00 Td (in ) Tj ET Q q 0 0 0 rg BT 156.17 212.00 Td (our ) Tj ET Q q 0 0 0 rg BT 173.21 212.00 Td (ability ) Tj ET Q q 0 0 0 rg BT 203.68 212.00 Td (to ) Tj ET Q q 0 0 0 rg BT 214.61 212.00 Td (predict ) Tj ET Q q 0 0 0 rg BT 247.52 212.00 Td (near) Tj ET Q q 0 0 0 rg BT 266.23 212.00 Td (-term ) Tj ET Q q 0 0 0 rg BT 292.42 212.00 Td (net ) Tj ET Q q 0 0 0 rg BT 308.23 212.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 331.98 212.00 Td (and ) Tj ET Q q 0 0 0 rg BT 350.23 212.00 Td (profitability) Tj ET Q q 0 0 0 rg BT 402.06 212.00 Td (. ) Tj ET Q q 0 0 0 rg BT 407.01 212.00 Td (W) Tj ET Q q 0 0 0 rg BT 416.51 212.00 Td (e ) Tj ET Q q 0 0 0 rg BT 423.77 212.00 Td (are ) Tj ET Q q 0 0 0 rg BT 439.56 212.00 Td (also ) Tj ET Q q 0 0 0 rg BT 459.65 212.00 Td (facing ) Tj ET Q q 0 0 0 rg BT 489.51 212.00 Td (macroeconomic) Tj ET Q BT /F1 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.12156862745098039 0.28627450980392155 0.49019607843137253 rg BT 559.75 212.00 Td (, ) Tj ET Q BT /F1 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 198.80 Td (competitive ) Tj ET Q q 0 0 0 rg BT 104.62 198.80 Td (and ) Tj ET Q q 0 0 0 rg BT 123.69 198.80 Td (geopolitical ) Tj ET Q q 0 0 0 rg BT 178.81 198.80 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 231.48 198.80 Td (in ) Tj ET Q q 0 0 0 rg BT 243.23 198.80 Td (several ) Tj ET Q q 0 0 0 rg BT 277.57 198.80 Td (major ) Tj ET Q q 0 0 0 rg BT 306.42 198.80 Td (markets, ) Tj ET Q q 0 0 0 rg BT 347.18 198.80 Td (making ) Tj ET Q q 0 0 0 rg BT 383.37 198.80 Td (it ) Tj ET Q q 0 0 0 rg BT 392.67 198.80 Td (more ) Tj ET Q q 0 0 0 rg BT 418.47 198.80 Td (dif) Tj ET Q q 0 0 0 rg BT 430.49 198.80 Td (ficult ) Tj ET Q q 0 0 0 rg BT 456.89 198.80 Td (to ) Tj ET Q q 0 0 0 rg BT 468.64 198.80 Td (forecast ) Tj ET Q q 0 0 0 rg BT 506.64 198.80 Td (our ) Tj ET Q q 0 0 0 rg BT 524.50 198.80 Td (net ) Tj ET Q q 0 0 0 rg BT 541.13 198.80 Td (sales ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 185.60 Td (and ) Tj ET Q q 0 0 0 rg BT 68.13 185.60 Td (profitability) Tj ET Q q 0 0 0 rg BT 119.96 185.60 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 160.40 Td (All ) Tj ET Q q 0 0 0 rg BT 66.12 160.40 Td (of ) Tj ET Q q 0 0 0 rg BT 77.84 160.40 Td (the ) Tj ET Q q 0 0 0 rg BT 93.84 160.40 Td (company's ) Tj ET Q q 0 0 0 rg BT 142.99 160.40 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 193.81 160.40 Td (growth ) Tj ET Q q 0 0 0 rg BT 227.53 160.40 Td (in ) Tj ET Q q 0 0 0 rg BT 238.65 160.40 Td (full ) Tj ET Q q 0 0 0 rg BT 256.49 160.40 Td (year ) Tj ET Q q 0 0 0 rg BT 277.98 160.40 Td (2017 ) Tj ET Q q 0 0 0 rg BT 302.54 160.40 Td (operating ) Tj ET Q q 0 0 0 rg BT 346.64 160.40 Td (income ) Tj ET Q q 0 0 0 rg BT 381.58 160.40 Td (and ) Tj ET Q q 0 0 0 rg BT 400.02 160.40 Td (earnings ) Tj ET Q q 0 0 0 rg BT 439.85 160.40 Td (is ) Tj ET Q q 0 0 0 rg BT 449.75 160.40 Td (concentrated ) Tj ET Q q 0 0 0 rg BT 508.50 160.40 Td (in ) Tj ET Q q 0 0 0 rg BT 519.62 160.40 Td (the ) Tj ET Q q 0 0 0 rg BT 535.62 160.40 Td (fourth ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 147.20 Td (quarter ) Tj ET Q q 0 0 0 rg BT 83.40 147.20 Td (and ) Tj ET Q q 0 0 0 rg BT 102.03 147.20 Td (is ) Tj ET Q q 0 0 0 rg BT 112.12 147.20 Td (heavily ) Tj ET Q q 0 0 0 rg BT 147.24 147.20 Td (dependent ) Tj ET Q q 0 0 0 rg BT 195.20 147.20 Td (upon ) Tj ET Q q 0 0 0 rg BT 219.95 147.20 Td (the ) Tj ET Q q 0 0 0 rg BT 236.13 147.20 Td (performance ) Tj ET Q q 0 0 0 rg BT 294.46 147.20 Td (of ) Tj ET Q q 0 0 0 rg BT 306.37 147.20 Td (our ) Tj ET Q q 0 0 0 rg BT 323.79 147.20 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 346.10 147.20 Td (DTC ) Tj ET Q q 0 0 0 rg BT 370.85 147.20 Td (business.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 120.80 Td (Our ) Tj ET Q q 0 0 0 rg BT 70.24 120.80 Td (2017 ) Tj ET Q q 0 0 0 rg BT 95.88 120.80 Td (outlook ) Tj ET Q q 0 0 0 rg BT 133.13 120.80 Td (assumes ) Tj ET Q q 0 0 0 rg BT 173.43 120.80 Td (that ) Tj ET Q q 0 0 0 rg BT 193.57 120.80 Td (current ) Tj ET Q q 0 0 0 rg BT 228.35 120.80 Td (macro ) Tj ET Q q 0 0 0 rg BT 259.47 120.80 Td (and ) Tj ET Q q 0 0 0 rg BT 278.99 120.80 Td (market ) Tj ET Q q 0 0 0 rg BT 313.17 120.80 Td (conditions ) Tj ET Q q 0 0 0 rg BT 362.64 120.80 Td (in ) Tj ET Q q 0 0 0 rg BT 374.83 120.80 Td (key ) Tj ET Q q 0 0 0 rg BT 394.35 120.80 Td (markets ) Tj ET Q q 0 0 0 rg BT 432.81 120.80 Td (do ) Tj ET Q q 0 0 0 rg BT 447.45 120.80 Td (not ) Tj ET Q q 0 0 0 rg BT 465.14 120.80 Td (worsen, ) Tj ET Q q 0 0 0 rg BT 503.30 120.80 Td (and ) Tj ET Q q 0 0 0 rg BT 522.82 120.80 Td (that ) Tj ET Q q 0 0 0 rg BT 542.95 120.80 Td (U.S. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 107.60 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 97.45 107.60 Td (and ) Tj ET Q q 0 0 0 rg BT 116.09 107.60 Td (tax ) Tj ET Q q 0 0 0 rg BT 132.27 107.60 Td (policies ) Tj ET Q q 0 0 0 rg BT 169.24 107.60 Td (remain ) Tj ET Q q 0 0 0 rg BT 202.53 107.60 Td (lar) Tj ET Q q 0 0 0 rg BT 213.93 107.60 Td (gely ) Tj ET Q q 0 0 0 rg BT 235.62 107.60 Td (unaltered ) Tj ET Q q 0 0 0 rg BT 279.29 107.60 Td (for ) Tj ET Q q 0 0 0 rg BT 294.87 107.60 Td (the ) Tj ET Q q 0 0 0 rg BT 311.06 107.60 Td (balance ) Tj ET Q q 0 0 0 rg BT 347.39 107.60 Td (of ) Tj ET Q q 0 0 0 rg BT 359.30 107.60 Td (the ) Tj ET Q q 0 0 0 rg BT 375.49 107.60 Td (year) Tj ET Q q 0 0 0 rg BT 393.81 107.60 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 81.20 Td (The ) Tj ET Q q 0 0 0 rg BT 70.48 81.20 Td (following ) Tj ET Q q 0 0 0 rg BT 117.14 81.20 Td (2017 ) Tj ET Q q 0 0 0 rg BT 143.02 81.20 Td (outlook ) Tj ET Q q 0 0 0 rg BT 180.51 81.20 Td (does ) Tj ET Q q 0 0 0 rg BT 204.56 81.20 Td (not ) Tj ET Q q 0 0 0 rg BT 222.49 81.20 Td (include ) Tj ET Q q 0 0 0 rg BT 258.75 81.20 Td (any ) Tj ET Q q 0 0 0 rg BT 278.51 81.20 Td (financial ) Tj ET Q q 0 0 0 rg BT 320.87 81.20 Td (impact ) Tj ET Q q 0 0 0 rg BT 354.69 81.20 Td (incurred ) Tj ET Q q 0 0 0 rg BT 395.22 81.20 Td (during ) Tj ET Q q 0 0 0 rg BT 427.82 81.20 Td (the ) Tj ET Q q 0 0 0 rg BT 445.14 81.20 Td (first ) Tj ET Q q 0 0 0 rg BT 466.74 81.20 Td (half ) Tj ET Q q 0 0 0 rg BT 487.72 81.20 Td (of ) Tj ET Q q 0 0 0 rg BT 500.76 81.20 Td (2017 ) Tj ET Q q 0 0 0 rg BT 526.64 81.20 Td (or ) Tj ET Q q 0 0 0 rg BT 539.69 81.20 Td (to ) Tj ET Q q 0 0 0 rg BT 552.12 81.20 Td (be ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 68.00 Td (recognized ) Tj ET Q q 0 0 0 rg BT 99.43 68.00 Td (during ) Tj ET Q q 0 0 0 rg BT 129.83 68.00 Td (the ) Tj ET Q q 0 0 0 rg BT 144.94 68.00 Td (second ) Tj ET Q q 0 0 0 rg BT 177.17 68.00 Td (half ) Tj ET Q q 0 0 0 rg BT 195.95 68.00 Td (of ) Tj ET Q q 0 0 0 rg BT 206.79 68.00 Td (2017 ) Tj ET Q q 0 0 0 rg BT 230.47 68.00 Td (from ) Tj ET Q q 0 0 0 rg BT 253.53 68.00 Td (activities ) Tj ET Q q 0 0 0 rg BT 294.92 68.00 Td (associated ) Tj ET Q q 0 0 0 rg BT 341.80 68.00 Td (with ) Tj ET Q q 0 0 0 rg BT 363.03 68.00 Td (the ) Tj ET Q q 0 0 0 rg BT 378.15 68.00 Td (operating ) Tj ET Q q 0 0 0 rg BT 421.37 68.00 Td (model ) Tj ET Q q 0 0 0 rg BT 450.54 68.00 Td (assessment ) Tj ET Q q 0 0 0 rg BT 501.10 68.00 Td ( ) Tj ET Q q 0 0 0 rg BT 502.78 68.00 Td (or ) Tj ET Q q 0 0 0 rg BT 513.62 68.00 Td (subsequent ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 54.80 Td (actions.) Tj ET Q endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 24.60 Td (5) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 722.00 Td (T) Tj ET Q q 0 0 0 rg BT 55.45 722.00 Td (aking ) Tj ET Q q 0 0 0 rg BT 82.64 722.00 Td (the ) Tj ET Q q 0 0 0 rg BT 98.83 722.00 Td (above ) Tj ET Q q 0 0 0 rg BT 127.84 722.00 Td (factors ) Tj ET Q q 0 0 0 rg BT 160.52 722.00 Td (into ) Tj ET Q q 0 0 0 rg BT 180.38 722.00 Td (consideration, ) Tj ET Q q 0 0 0 rg BT 245.14 722.00 Td (our ) Tj ET Q q 0 0 0 rg BT 262.56 722.00 Td (current ) Tj ET Q q 0 0 0 rg BT 296.45 722.00 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 323.02 722.00 Td (year ) Tj ET Q q 0 0 0 rg BT 344.70 722.00 Td (2017 ) Tj ET Q q 0 0 0 rg BT 369.45 722.00 Td (outlook ) Tj ET Q q 0 0 0 rg BT 405.81 722.00 Td (anticipates:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 696.80 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 696.80 Td (net ) Tj ET Q q 0 0 0 rg BT 101.36 696.80 Td (sales ) Tj ET Q q 0 0 0 rg BT 125.15 696.80 Td (growth ) Tj ET Q q 0 0 0 rg BT 158.73 696.80 Td (of ) Tj ET Q q 0 0 0 rg BT 170.31 696.80 Td (approximately ) Tj ET Q q 0 0 0 rg BT 236.27 696.80 Td (3 ) Tj ET Q q 0 0 0 rg BT 244.18 696.80 Td (percent ) Tj ET Q q 0 0 0 rg BT 278.97 696.80 Td (compared ) Tj ET Q q 0 0 0 rg BT 324.75 696.80 Td (to ) Tj ET Q q 0 0 0 rg BT 335.72 696.80 Td (2016, ) Tj ET Q q 0 0 0 rg BT 362.89 696.80 Td (including ) Tj ET Q q 0 0 0 rg BT 406.86 696.80 Td (contributions ) Tj ET Q q 0 0 0 rg BT 467.33 696.80 Td (from ) Tj ET Q q 0 0 0 rg BT 491.13 696.80 Td (three ) Tj ET Q q 0 0 0 rg BT 515.53 696.80 Td (of ) Tj ET Q q 0 0 0 rg BT 527.11 696.80 Td (our ) Tj ET Q q 0 0 0 rg BT 544.19 696.80 Td (four ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 683.60 Td (brands ) Tj ET Q q 0 0 0 rg BT 117.30 683.60 Td (and ) Tj ET Q q 0 0 0 rg BT 135.65 683.60 Td (all ) Tj ET Q q 0 0 0 rg BT 149.11 683.60 Td (four ) Tj ET Q q 0 0 0 rg BT 169.91 683.60 Td (of ) Tj ET Q q 0 0 0 rg BT 181.54 683.60 Td (our ) Tj ET Q q 0 0 0 rg BT 198.67 683.60 Td (geographic ) Tj ET Q q 0 0 0 rg BT 250.01 683.60 Td (regions, ) Tj ET Q q 0 0 0 rg BT 287.61 683.60 Td (and ) Tj ET Q q 0 0 0 rg BT 305.96 683.60 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 350.57 683.60 Td (less ) Tj ET Q q 0 0 0 rg BT 369.54 683.60 Td (than ) Tj ET Q q 0 0 0 rg BT 390.95 683.60 Td (1 ) Tj ET Q q 0 0 0 rg BT 398.92 683.60 Td (percentage ) Tj ET Q q 0 0 0 rg BT 449.02 683.60 Td (point ) Tj ET Q q 0 0 0 rg BT 474.10 683.60 Td (negative ) Tj ET Q q 0 0 0 rg BT 513.83 683.60 Td (ef) Tj ET Q q 0 0 0 rg BT 522.17 683.60 Td (fect ) Tj ET Q q 0 0 0 rg BT 541.13 683.60 Td (from ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 670.40 Td (changes ) Tj ET Q q 0 0 0 rg BT 123.68 670.40 Td (in ) Tj ET Q q 0 0 0 rg BT 134.98 670.40 Td (foreign ) Tj ET Q q 0 0 0 rg BT 169.50 670.40 Td (currency ) Tj ET Q q 0 0 0 rg BT 210.72 670.40 Td (exchange ) Tj ET Q q 0 0 0 rg BT 255.00 670.40 Td (rates;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 657.20 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 657.20 Td (a ) Tj ET Q q 0 0 0 rg BT 93.53 657.20 Td (majority ) Tj ET Q q 0 0 0 rg BT 133.94 657.20 Td (of ) Tj ET Q q 0 0 0 rg BT 146.25 657.20 Td (the ) Tj ET Q q 0 0 0 rg BT 162.83 657.20 Td (projected ) Tj ET Q q 0 0 0 rg BT 206.89 657.20 Td (full ) Tj ET Q q 0 0 0 rg BT 225.31 657.20 Td (year ) Tj ET Q q 0 0 0 rg BT 247.38 657.20 Td (2017 ) Tj ET Q q 0 0 0 rg BT 272.53 657.20 Td (global ) Tj ET Q q 0 0 0 rg BT 303.17 657.20 Td (net ) Tj ET Q q 0 0 0 rg BT 319.75 657.20 Td (sales ) Tj ET Q q 0 0 0 rg BT 344.27 657.20 Td (increase ) Tj ET Q q 0 0 0 rg BT 383.45 657.20 Td (is ) Tj ET Q q 0 0 0 rg BT 393.93 657.20 Td (expected ) Tj ET Q q 0 0 0 rg BT 436.16 657.20 Td (to ) Tj ET Q q 0 0 0 rg BT 447.86 657.20 Td (come ) Tj ET Q q 0 0 0 rg BT 474.82 657.20 Td (from ) Tj ET Q q 0 0 0 rg BT 499.35 657.20 Td (the ) Tj ET Q q 0 0 0 rg BT 515.93 657.20 Td (company's ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 644.00 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 107.84 644.00 Td (DTC ) Tj ET Q q 0 0 0 rg BT 132.62 644.00 Td (channel, ) Tj ET Q q 0 0 0 rg BT 172.36 644.00 Td (including ) Tj ET Q q 0 0 0 rg BT 216.69 644.00 Td (the ) Tj ET Q q 0 0 0 rg BT 232.91 644.00 Td (planned ) Tj ET Q q 0 0 0 rg BT 270.51 644.00 Td (addition ) Tj ET Q q 0 0 0 rg BT 309.34 644.00 Td (of ) Tj ET Q q 0 0 0 rg BT 321.28 644.00 Td (13 ) Tj ET Q q 0 0 0 rg BT 335.07 644.00 Td (stores ) Tj ET Q q 0 0 0 rg BT 363.51 644.00 Td (and ) Tj ET Q q 0 0 0 rg BT 382.17 644.00 Td (increased ) Tj ET Q q 0 0 0 rg BT 426.48 644.00 Td (productivity ) Tj ET Q q 0 0 0 rg BT 483.03 644.00 Td (in ) Tj ET Q q 0 0 0 rg BT 494.37 644.00 Td (our ) Tj ET Q q 0 0 0 rg BT 511.81 644.00 Td (ecommerce ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 630.80 Td (channel;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 617.60 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 617.60 Td (gross ) Tj ET Q q 0 0 0 rg BT 110.95 617.60 Td (mar) Tj ET Q q 0 0 0 rg BT 127.85 617.60 Td (gin ) Tj ET Q q 0 0 0 rg BT 144.13 617.60 Td (expansion ) Tj ET Q q 0 0 0 rg BT 190.95 617.60 Td (of ) Tj ET Q q 0 0 0 rg BT 202.34 617.60 Td (approximately ) Tj ET Q q 0 0 0 rg BT 268.09 617.60 Td (30 ) Tj ET Q q 0 0 0 rg BT 281.32 617.60 Td (basis ) Tj ET Q q 0 0 0 rg BT 305.54 617.60 Td (points, ) Tj ET Q q 0 0 0 rg BT 337.40 617.60 Td (including ) Tj ET Q q 0 0 0 rg BT 381.18 617.60 Td (a ) Tj ET Q q 0 0 0 rg BT 388.28 617.60 Td (nominal ) Tj ET Q q 0 0 0 rg BT 426.55 617.60 Td (impact ) Tj ET Q q 0 0 0 rg BT 458.71 617.60 Td (from ) Tj ET Q q 0 0 0 rg BT 482.31 617.60 Td (changes ) Tj ET Q q 0 0 0 rg BT 519.96 617.60 Td (in ) Tj ET Q q 0 0 0 rg BT 530.74 617.60 Td (foreign ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 604.40 Td (currency ) Tj ET Q q 0 0 0 rg BT 126.72 604.40 Td (hedge ) Tj ET Q q 0 0 0 rg BT 155.74 604.40 Td (rates;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 591.20 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 591.20 Td (SG&A) Tj ET Q q 0 0 0 rg BT 115.45 591.20 Td ( ) Tj ET Q q 0 0 0 rg BT 118.20 591.20 Td (expense ) Tj ET Q q 0 0 0 rg BT 156.36 591.20 Td (growth ) Tj ET Q q 0 0 0 rg BT 190.27 591.20 Td (at ) Tj ET Q q 0 0 0 rg BT 200.95 591.20 Td (a ) Tj ET Q q 0 0 0 rg BT 208.57 591.20 Td (rate ) Tj ET Q q 0 0 0 rg BT 227.79 591.20 Td (slightly ) Tj ET Q q 0 0 0 rg BT 263.54 591.20 Td (greater ) Tj ET Q q 0 0 0 rg BT 296.81 591.20 Td (than ) Tj ET Q q 0 0 0 rg BT 318.49 591.20 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 369.48 591.20 Td (net ) Tj ET Q q 0 0 0 rg BT 385.66 591.20 Td (sales ) Tj ET Q q 0 0 0 rg BT 409.79 591.20 Td (growth, ) Tj ET Q q 0 0 0 rg BT 446.44 591.20 Td (resulting ) Tj ET Q q 0 0 0 rg BT 487.68 591.20 Td (in ) Tj ET Q q 0 0 0 rg BT 498.97 591.20 Td (approximately ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 578.00 Td (30 ) Tj ET Q q 0 0 0 rg BT 99.25 578.00 Td (basis ) Tj ET Q q 0 0 0 rg BT 124.00 578.00 Td (points ) Tj ET Q q 0 0 0 rg BT 153.64 578.00 Td (of ) Tj ET Q q 0 0 0 rg BT 165.56 578.00 Td (deleverage, ) Tj ET Q q 0 0 0 rg BT 218.69 578.00 Td (with ) Tj ET Q q 0 0 0 rg BT 240.99 578.00 Td (second-half ) Tj ET Q q 0 0 0 rg BT 295.05 578.00 Td (deleverage ) Tj ET Q q 0 0 0 rg BT 345.43 578.00 Td (similar ) Tj ET Q q 0 0 0 rg BT 378.73 578.00 Td (to ) Tj ET Q q 0 0 0 rg BT 390.04 578.00 Td (that ) Tj ET Q q 0 0 0 rg BT 409.29 578.00 Td (experienced ) Tj ET Q q 0 0 0 rg BT 465.17 578.00 Td (in ) Tj ET Q q 0 0 0 rg BT 476.47 578.00 Td (the ) Tj ET Q q 0 0 0 rg BT 492.66 578.00 Td (first ) Tj ET Q q 0 0 0 rg BT 513.13 578.00 Td (half;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 564.80 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 564.80 Td (operating ) Tj ET Q q 0 0 0 rg BT 128.93 564.80 Td (income ) Tj ET Q q 0 0 0 rg BT 163.19 564.80 Td (growth ) Tj ET Q q 0 0 0 rg BT 196.24 564.80 Td (of ) Tj ET Q q 0 0 0 rg BT 207.30 564.80 Td (approximately ) Tj ET Q q 0 0 0 rg BT 272.72 564.80 Td (3 ) Tj ET Q q 0 0 0 rg BT 280.11 564.80 Td (percent ) Tj ET Q q 0 0 0 rg BT 314.36 564.80 Td (to ) Tj ET Q q 0 0 0 rg BT 324.81 564.80 Td (between ) Tj ET Q q 0 0 0 rg BT 363.34 564.80 Td (approximately ) Tj ET Q q 0 0 0 rg BT 428.76 564.80 Td ($256 ) Tj ET Q q 0 0 0 rg BT 452.65 564.80 Td (million ) Tj ET Q q 0 0 0 rg BT 486.32 564.80 Td (and ) Tj ET Q q 0 0 0 rg BT 504.09 564.80 Td ($265 ) Tj ET Q q 0 0 0 rg BT 527.98 564.80 Td (million, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 551.60 Td (representing ) Tj ET Q q 0 0 0 rg BT 142.62 551.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 186.91 551.60 Td (mar) Tj ET Q q 0 0 0 rg BT 203.81 551.60 Td (gin ) Tj ET Q q 0 0 0 rg BT 220.62 551.60 Td (of ) Tj ET Q q 0 0 0 rg BT 232.53 551.60 Td (approximately ) Tj ET Q q 0 0 0 rg BT 298.81 551.60 Td (10.8 ) Tj ET Q q 0 0 0 rg BT 320.81 551.60 Td (percent;) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 538.40 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 538.40 Td (non-operating ) Tj ET Q q 0 0 0 rg BT 150.52 538.40 Td (income ) Tj ET Q q 0 0 0 rg BT 186.21 538.40 Td (of ) Tj ET Q q 0 0 0 rg BT 198.68 538.40 Td (approximately ) Tj ET Q q 0 0 0 rg BT 265.53 538.40 Td ($3.5 ) Tj ET Q q 0 0 0 rg BT 288.09 538.40 Td (million ) Tj ET Q q 0 0 0 rg BT 323.18 538.40 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 368.64 538.40 Td (increased ) Tj ET Q q 0 0 0 rg BT 413.48 538.40 Td (interest ) Tj ET Q q 0 0 0 rg BT 449.17 538.40 Td (income ) Tj ET Q q 0 0 0 rg BT 484.86 538.40 Td (on ) Tj ET Q q 0 0 0 rg BT 499.17 538.40 Td (the ) Tj ET Q q 0 0 0 rg BT 515.92 538.40 Td (company's ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 525.20 Td (cash ) Tj ET Q q 0 0 0 rg BT 107.80 525.20 Td (balances ) Tj ET Q q 0 0 0 rg BT 148.41 525.20 Td (and ) Tj ET Q q 0 0 0 rg BT 167.04 525.20 Td (lower ) Tj ET Q q 0 0 0 rg BT 194.84 525.20 Td (interest ) Tj ET Q q 0 0 0 rg BT 229.97 525.20 Td (expense ) Tj ET Q q 0 0 0 rg BT 268.14 525.20 Td (due ) Tj ET Q q 0 0 0 rg BT 286.78 525.20 Td (to ) Tj ET Q q 0 0 0 rg BT 298.08 525.20 Td (the ) Tj ET Q q 0 0 0 rg BT 314.27 525.20 Td (repayment ) Tj ET Q q 0 0 0 rg BT 363.44 525.20 Td (of ) Tj ET Q q 0 0 0 rg BT 375.36 525.20 Td (the ) Tj ET Q q 0 0 0 rg BT 391.54 525.20 Td (China ) Tj ET Q q 0 0 0 rg BT 420.57 525.20 Td (joint ) Tj ET Q q 0 0 0 rg BT 443.49 525.20 Td (venture's ) Tj ET Q q 0 0 0 rg BT 485.49 525.20 Td (note ) Tj ET Q q 0 0 0 rg BT 507.17 525.20 Td (payable.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 512.00 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 512.00 Td (an ef) Tj ET Q q 0 0 0 rg BT 106.98 512.00 Td (fective income tax rate of approximately 23.0 percent; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 498.80 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 498.80 Td (up ) Tj ET Q q 0 0 0 rg BT 99.65 498.80 Td (to ) Tj ET Q q 0 0 0 rg BT 111.35 498.80 Td (4 ) Tj ET Q q 0 0 0 rg BT 120.00 498.80 Td (percent ) Tj ET Q q 0 0 0 rg BT 155.51 498.80 Td (growth ) Tj ET Q q 0 0 0 rg BT 189.82 498.80 Td (in ) Tj ET Q q 0 0 0 rg BT 201.53 498.80 Td (net ) Tj ET Q q 0 0 0 rg BT 218.11 498.80 Td (income ) Tj ET Q q 0 0 0 rg BT 253.64 498.80 Td (to ) Tj ET Q q 0 0 0 rg BT 265.34 498.80 Td (between ) Tj ET Q q 0 0 0 rg BT 305.13 498.80 Td (approximately ) Tj ET Q q 0 0 0 rg BT 371.82 498.80 Td ($193 ) Tj ET Q q 0 0 0 rg BT 396.96 498.80 Td (million ) Tj ET Q q 0 0 0 rg BT 431.89 498.80 Td (and ) Tj ET Q q 0 0 0 rg BT 450.92 498.80 Td ($200 ) Tj ET Q q 0 0 0 rg BT 476.07 498.80 Td (million, ) Tj ET Q q 0 0 0 rg BT 513.75 498.80 Td (or ) Tj ET Q q 0 0 0 rg BT 526.06 498.80 Td ($2.74 ) Tj ET Q q 0 0 0 rg BT 553.96 498.80 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 485.60 Td ($2.84 ) Tj ET Q q 0 0 0 rg BT 113.00 485.60 Td (per ) Tj ET Q q 0 0 0 rg BT 129.80 485.60 Td (diluted ) Tj ET Q q 0 0 0 rg BT 163.10 485.60 Td (share.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 460.40 Td (W) Tj ET Q q 0 0 0 rg BT 59.00 460.40 Td (e ) Tj ET Q q 0 0 0 rg BT 66.89 460.40 Td (expect ) Tj ET Q q 0 0 0 rg BT 98.61 460.40 Td (the ) Tj ET Q q 0 0 0 rg BT 115.06 460.40 Td (timing ) Tj ET Q q 0 0 0 rg BT 146.79 460.40 Td (of ) Tj ET Q q 0 0 0 rg BT 158.97 460.40 Td (sales ) Tj ET Q q 0 0 0 rg BT 183.36 460.40 Td (and ) Tj ET Q q 0 0 0 rg BT 202.25 460.40 Td (profitability ) Tj ET Q q 0 0 0 rg BT 257.81 460.40 Td (in ) Tj ET Q q 0 0 0 rg BT 269.38 460.40 Td (second-half ) Tj ET Q q 0 0 0 rg BT 323.70 460.40 Td (2017 ) Tj ET Q q 0 0 0 rg BT 348.71 460.40 Td (to ) Tj ET Q q 0 0 0 rg BT 360.27 460.40 Td (shift, ) Tj ET Q q 0 0 0 rg BT 385.59 460.40 Td (resulting ) Tj ET Q q 0 0 0 rg BT 427.10 460.40 Td (in ) Tj ET Q q 0 0 0 rg BT 438.66 460.40 Td (a ) Tj ET Q q 0 0 0 rg BT 446.56 460.40 Td (favorable ) Tj ET Q q 0 0 0 rg BT 491.10 460.40 Td (financial ) Tj ET Q q 0 0 0 rg BT 532.59 460.40 Td (impact ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 447.20 Td (on ) Tj ET Q q 0 0 0 rg BT 63.96 447.20 Td (the ) Tj ET Q q 0 0 0 rg BT 80.86 447.20 Td (fourth ) Tj ET Q q 0 0 0 rg BT 111.21 447.20 Td (quarter ) Tj ET Q q 0 0 0 rg BT 145.82 447.20 Td (and ) Tj ET Q q 0 0 0 rg BT 165.16 447.20 Td (unfavorable ) Tj ET Q q 0 0 0 rg BT 221.16 447.20 Td (impact ) Tj ET Q q 0 0 0 rg BT 254.55 447.20 Td (on ) Tj ET Q q 0 0 0 rg BT 269.02 447.20 Td (the ) Tj ET Q q 0 0 0 rg BT 285.92 447.20 Td (third ) Tj ET Q q 0 0 0 rg BT 310.16 447.20 Td (quarter) Tj ET Q q 0 0 0 rg BT 340.70 447.20 Td (. ) Tj ET Q q 0 0 0 rg BT 346.66 447.20 Td (Third ) Tj ET Q q 0 0 0 rg BT 374.56 447.20 Td (quarter ) Tj ET Q q 0 0 0 rg BT 409.17 447.20 Td (net ) Tj ET Q q 0 0 0 rg BT 426.07 447.20 Td (sales ) Tj ET Q q 0 0 0 rg BT 450.92 447.20 Td (are ) Tj ET Q q 0 0 0 rg BT 467.81 447.20 Td (projected ) Tj ET Q q 0 0 0 rg BT 512.19 447.20 Td (to ) Tj ET Q q 0 0 0 rg BT 524.21 447.20 Td (be ) Tj ET Q q 0 0 0 rg BT 538.06 447.20 Td (down ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 434.00 Td (slightly) Tj ET Q q 0 0 0 rg BT 81.79 434.00 Td (, ) Tj ET Q q 0 0 0 rg BT 87.57 434.00 Td (resulting ) Tj ET Q q 0 0 0 rg BT 129.10 434.00 Td (from ) Tj ET Q q 0 0 0 rg BT 153.51 434.00 Td (decreased ) Tj ET Q q 0 0 0 rg BT 199.90 434.00 Td (Fall ) Tj ET Q q 0 0 0 rg BT 220.05 434.00 Td (2017 ) Tj ET Q q 0 0 0 rg BT 245.08 434.00 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 292.10 434.00 Td (advance ) Tj ET Q q 0 0 0 rg BT 331.16 434.00 Td (orders ) Tj ET Q q 0 0 0 rg BT 361.68 434.00 Td (and ) Tj ET Q q 0 0 0 rg BT 380.59 434.00 Td (a ) Tj ET Q q 0 0 0 rg BT 388.51 434.00 Td (shift ) Tj ET Q q 0 0 0 rg BT 411.10 434.00 Td (in ) Tj ET Q q 0 0 0 rg BT 422.68 434.00 Td (the ) Tj ET Q q 0 0 0 rg BT 439.15 434.00 Td (timing ) Tj ET Q q 0 0 0 rg BT 470.91 434.00 Td (of ) Tj ET Q q 0 0 0 rg BT 483.11 434.00 Td (shipments ) Tj ET Q q 0 0 0 rg BT 530.75 434.00 Td (of ) Tj ET Q q 0 0 0 rg BT 542.95 434.00 Td (U.S. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 420.80 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 96.35 420.80 Td (orders ) Tj ET Q q 0 0 0 rg BT 126.70 420.80 Td (from ) Tj ET Q q 0 0 0 rg BT 150.95 420.80 Td (the ) Tj ET Q q 0 0 0 rg BT 167.26 420.80 Td (third ) Tj ET Q q 0 0 0 rg BT 190.90 420.80 Td (quarter ) Tj ET Q q 0 0 0 rg BT 224.91 420.80 Td (into ) Tj ET Q q 0 0 0 rg BT 244.89 420.80 Td (the ) Tj ET Q q 0 0 0 rg BT 261.19 420.80 Td (fourth ) Tj ET Q q 0 0 0 rg BT 290.94 420.80 Td (quarter) Tj ET Q q 0 0 0 rg BT 321.48 420.80 Td (. ) Tj ET Q q 0 0 0 rg BT 326.46 420.80 Td (As ) Tj ET Q q 0 0 0 rg BT 341.55 420.80 Td (a ) Tj ET Q q 0 0 0 rg BT 349.30 420.80 Td (result, ) Tj ET Q q 0 0 0 rg BT 379.36 420.80 Td (third ) Tj ET Q q 0 0 0 rg BT 403.00 420.80 Td (quarter ) Tj ET Q q 0 0 0 rg BT 437.01 420.80 Td (net ) Tj ET Q q 0 0 0 rg BT 453.31 420.80 Td (income ) Tj ET Q q 0 0 0 rg BT 488.56 420.80 Td (is ) Tj ET Q q 0 0 0 rg BT 498.76 420.80 Td (expected ) Tj ET Q q 0 0 0 rg BT 540.71 420.80 Td (to ) Tj ET Q q 0 0 0 rg BT 552.13 420.80 Td (be ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 407.60 Td (approximately ) Tj ET Q q 0 0 0 rg BT 114.88 407.60 Td (3 ) Tj ET Q q 0 0 0 rg BT 122.22 407.60 Td (percent ) Tj ET Q q 0 0 0 rg BT 156.43 407.60 Td (to ) Tj ET Q q 0 0 0 rg BT 166.83 407.60 Td (5 ) Tj ET Q q 0 0 0 rg BT 174.17 407.60 Td (percent ) Tj ET Q q 0 0 0 rg BT 208.38 407.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 235.26 407.60 Td (than ) Tj ET Q q 0 0 0 rg BT 256.05 407.60 Td (the ) Tj ET Q q 0 0 0 rg BT 271.33 407.60 Td (comparable ) Tj ET Q q 0 0 0 rg BT 324.47 407.60 Td (prior ) Tj ET Q q 0 0 0 rg BT 347.70 407.60 Td (year ) Tj ET Q q 0 0 0 rg BT 368.47 407.60 Td (period. ) Tj ET Q q 0 0 0 rg BT 401.16 407.60 Td (Consistent ) Tj ET Q q 0 0 0 rg BT 449.45 407.60 Td (with ) Tj ET Q q 0 0 0 rg BT 470.85 407.60 Td (the ) Tj ET Q q 0 0 0 rg BT 486.13 407.60 Td (full ) Tj ET Q q 0 0 0 rg BT 503.25 407.60 Td (year ) Tj ET Q q 0 0 0 rg BT 524.02 407.60 Td (financial ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 394.40 Td (outlook, ) Tj ET Q q 0 0 0 rg BT 88.82 394.40 Td (the ) Tj ET Q q 0 0 0 rg BT 105.22 394.40 Td (above ) Tj ET Q q 0 0 0 rg BT 134.45 394.40 Td (projections ) Tj ET Q q 0 0 0 rg BT 186.29 394.40 Td (for ) Tj ET Q q 0 0 0 rg BT 202.07 394.40 Td (the ) Tj ET Q q 0 0 0 rg BT 218.47 394.40 Td (third ) Tj ET Q q 0 0 0 rg BT 242.21 394.40 Td (quarter ) Tj ET Q q 0 0 0 rg BT 276.32 394.40 Td (and ) Tj ET Q q 0 0 0 rg BT 295.16 394.40 Td (full ) Tj ET Q q 0 0 0 rg BT 313.40 394.40 Td (year ) Tj ET Q q 0 0 0 rg BT 335.29 394.40 Td (do ) Tj ET Q q 0 0 0 rg BT 349.25 394.40 Td (not ) Tj ET Q q 0 0 0 rg BT 366.26 394.40 Td (include ) Tj ET Q q 0 0 0 rg BT 401.60 394.40 Td (any ) Tj ET Q q 0 0 0 rg BT 420.44 394.40 Td (financial ) Tj ET Q q 0 0 0 rg BT 461.88 394.40 Td (impact ) Tj ET Q q 0 0 0 rg BT 494.78 394.40 Td (associated ) Tj ET Q q 0 0 0 rg BT 542.94 394.40 Td (with ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 381.20 Td (the ) Tj ET Q q 0 0 0 rg BT 65.69 381.20 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 104.49 381.20 Td (operating ) Tj ET Q q 0 0 0 rg BT 148.78 381.20 Td (model ) Tj ET Q q 0 0 0 rg BT 179.03 381.20 Td (assessment ) Tj ET Q q 0 0 0 rg BT 230.66 381.20 Td (or ) Tj ET Q q 0 0 0 rg BT 242.57 381.20 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 294.21 381.20 Td (actions.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 354.80 Td (The ) Tj ET Q q 0 0 0 rg BT 69.35 354.80 Td (above ) Tj ET Q q 0 0 0 rg BT 98.37 354.80 Td (projections ) Tj ET Q q 0 0 0 rg BT 149.99 354.80 Td (are ) Tj ET Q q 0 0 0 rg BT 166.17 354.80 Td (further ) Tj ET Q q 0 0 0 rg BT 198.85 354.80 Td (based ) Tj ET Q q 0 0 0 rg BT 226.64 354.80 Td (on ) Tj ET Q q 0 0 0 rg BT 240.39 354.80 Td (the ) Tj ET Q q 0 0 0 rg BT 256.58 354.80 Td (following ) Tj ET Q q 0 0 0 rg BT 302.11 354.80 Td (expectations:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 341.60 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 341.60 Td (Low-single-digit ) Tj ET Q q 0 0 0 rg BT 161.94 341.60 Td (percentage ) Tj ET Q q 0 0 0 rg BT 212.08 341.60 Td (net ) Tj ET Q q 0 0 0 rg BT 228.03 341.60 Td (sales ) Tj ET Q q 0 0 0 rg BT 251.92 341.60 Td (growth ) Tj ET Q q 0 0 0 rg BT 285.60 341.60 Td (from ) Tj ET Q q 0 0 0 rg BT 309.49 341.60 Td (the ) Tj ET Q q 0 0 0 rg BT 325.44 341.60 Td (Columbia ) Tj ET Q q 0 0 0 rg BT 371.33 341.60 Td (brand, ) Tj ET Q q 0 0 0 rg BT 401.64 341.60 Td (mid-single-digit ) Tj ET Q q 0 0 0 rg BT 475.03 341.60 Td (percentage ) Tj ET Q q 0 0 0 rg BT 525.17 341.60 Td (net ) Tj ET Q q 0 0 0 rg BT 541.12 341.60 Td (sales ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 328.40 Td (growth ) Tj ET Q q 0 0 0 rg BT 118.15 328.40 Td (from ) Tj ET Q q 0 0 0 rg BT 141.02 328.40 Td (the ) Tj ET Q q 0 0 0 rg BT 155.94 328.40 Td (SOREL) Tj ET Q q 0 0 0 rg BT 190.37 328.40 Td ( ) Tj ET Q q 0 0 0 rg BT 191.85 328.40 Td (brand, ) Tj ET Q q 0 0 0 rg BT 221.13 328.40 Td (and ) Tj ET Q q 0 0 0 rg BT 238.50 328.40 Td (low-single-digit ) Tj ET Q q 0 0 0 rg BT 310.26 328.40 Td (percentage ) Tj ET Q q 0 0 0 rg BT 359.37 328.40 Td (net ) Tj ET Q q 0 0 0 rg BT 374.30 328.40 Td (sales ) Tj ET Q q 0 0 0 rg BT 397.17 328.40 Td (growth ) Tj ET Q q 0 0 0 rg BT 429.81 328.40 Td (from ) Tj ET Q q 0 0 0 rg BT 452.68 328.40 Td (the ) Tj ET Q q 0 0 0 rg BT 467.61 328.40 Td (prAna ) Tj ET Q q 0 0 0 rg BT 496.58 328.40 Td (brand, ) Tj ET Q q 0 0 0 rg BT 525.86 328.40 Td (partially ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 315.20 Td (of) Tj ET Q q 0 0 0 rg BT 94.46 315.20 Td (fset ) Tj ET Q q 0 0 0 rg BT 113.10 315.20 Td (by ) Tj ET Q q 0 0 0 rg BT 126.85 315.20 Td (a ) Tj ET Q q 0 0 0 rg BT 134.48 315.20 Td (high-single-digit ) Tj ET Q q 0 0 0 rg BT 210.56 315.20 Td (percentage ) Tj ET Q q 0 0 0 rg BT 260.94 315.20 Td (decline ) Tj ET Q q 0 0 0 rg BT 295.45 315.20 Td (in ) Tj ET Q q 0 0 0 rg BT 306.75 315.20 Td (Mountain ) Tj ET Q q 0 0 0 rg BT 352.28 315.20 Td (Hardwear ) Tj ET Q q 0 0 0 rg BT 398.39 315.20 Td (brand ) Tj ET Q q 0 0 0 rg BT 426.18 315.20 Td (net ) Tj ET Q q 0 0 0 rg BT 442.37 315.20 Td (sales.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 290.00 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 290.00 Td (Low-single-digit ) Tj ET Q q 0 0 0 rg BT 162.14 290.00 Td (percentage ) Tj ET Q q 0 0 0 rg BT 212.49 290.00 Td (net ) Tj ET Q q 0 0 0 rg BT 228.64 290.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 252.73 290.00 Td (growth ) Tj ET Q q 0 0 0 rg BT 286.60 290.00 Td (in ) Tj ET Q q 0 0 0 rg BT 297.87 290.00 Td (the ) Tj ET Q q 0 0 0 rg BT 314.02 290.00 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 336.29 290.00 Td (business, ) Tj ET Q q 0 0 0 rg BT 379.03 290.00 Td (consisting ) Tj ET Q q 0 0 0 rg BT 426.36 290.00 Td (of ) Tj ET Q q 0 0 0 rg BT 438.23 290.00 Td (low-double-digit ) Tj ET Q q 0 0 0 rg BT 514.87 290.00 Td (percentage ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 276.80 Td (growth ) Tj ET Q q 0 0 0 rg BT 119.41 276.80 Td (in ) Tj ET Q q 0 0 0 rg BT 130.72 276.80 Td (DTC ) Tj ET Q q 0 0 0 rg BT 155.47 276.80 Td (net ) Tj ET Q q 0 0 0 rg BT 171.66 276.80 Td (sales ) Tj ET Q q 0 0 0 rg BT 195.79 276.80 Td (and ) Tj ET Q q 0 0 0 rg BT 214.42 276.80 Td (a ) Tj ET Q q 0 0 0 rg BT 222.05 276.80 Td (mid-single-digit ) Tj ET Q q 0 0 0 rg BT 295.69 276.80 Td (percentage ) Tj ET Q q 0 0 0 rg BT 346.07 276.80 Td (decline ) Tj ET Q q 0 0 0 rg BT 380.58 276.80 Td (in ) Tj ET Q q 0 0 0 rg BT 391.88 276.80 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 438.62 276.80 Td (net ) Tj ET Q q 0 0 0 rg BT 454.81 276.80 Td (sales.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 251.60 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 251.60 Td (Mid-single-digit ) Tj ET Q q 0 0 0 rg BT 159.40 251.60 Td (percentage ) Tj ET Q q 0 0 0 rg BT 208.83 251.60 Td (net ) Tj ET Q q 0 0 0 rg BT 224.07 251.60 Td (sales ) Tj ET Q q 0 0 0 rg BT 247.25 251.60 Td (growth ) Tj ET Q q 0 0 0 rg BT 280.21 251.60 Td (in ) Tj ET Q q 0 0 0 rg BT 290.56 251.60 Td (the ) Tj ET Q q 0 0 0 rg BT 305.80 251.60 Td (EMEA) Tj ET Q q 0 0 0 rg BT 336.36 251.60 Td ( ) Tj ET Q q 0 0 0 rg BT 338.16 251.60 Td (region, ) Tj ET Q q 0 0 0 rg BT 370.80 251.60 Td (with ) Tj ET Q q 0 0 0 rg BT 392.16 251.60 Td (the ) Tj ET Q q 0 0 0 rg BT 407.40 251.60 Td (Europe-direct ) Tj ET Q q 0 0 0 rg BT 469.66 251.60 Td (business ) Tj ET Q q 0 0 0 rg BT 508.74 251.60 Td (contributing ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 238.40 Td (mid-single-digit ) Tj ET Q q 0 0 0 rg BT 157.93 238.40 Td (percentage ) Tj ET Q q 0 0 0 rg BT 207.11 238.40 Td (growth ) Tj ET Q q 0 0 0 rg BT 239.82 238.40 Td (\(low-double-digit ) Tj ET Q q 0 0 0 rg BT 318.97 238.40 Td (percentage ) Tj ET Q q 0 0 0 rg BT 368.15 238.40 Td (constant-currency\) ) Tj ET Q q 0 0 0 rg BT 452.15 238.40 Td (and ) Tj ET Q q 0 0 0 rg BT 469.58 238.40 Td (the ) Tj ET Q q 0 0 0 rg BT 484.57 238.40 Td (EMEA) Tj ET Q q 0 0 0 rg BT 515.12 238.40 Td ( ) Tj ET Q q 0 0 0 rg BT 516.67 238.40 Td (distributor ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 225.20 Td (business ) Tj ET Q q 0 0 0 rg BT 125.53 225.20 Td (contributing ) Tj ET Q q 0 0 0 rg BT 182.05 225.20 Td (mid-single-digit ) Tj ET Q q 0 0 0 rg BT 255.68 225.20 Td (percentage ) Tj ET Q q 0 0 0 rg BT 306.06 225.20 Td (growth.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 200.00 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 200.00 Td (Low-single-digit ) Tj ET Q q 0 0 0 rg BT 161.96 200.00 Td (percentage ) Tj ET Q q 0 0 0 rg BT 212.11 200.00 Td (net ) Tj ET Q q 0 0 0 rg BT 228.07 200.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 251.97 200.00 Td (growth ) Tj ET Q q 0 0 0 rg BT 285.66 200.00 Td (in ) Tj ET Q q 0 0 0 rg BT 296.74 200.00 Td (the ) Tj ET Q q 0 0 0 rg BT 312.70 200.00 Td (LAAP) Tj ET Q q 0 0 0 rg BT 341.01 200.00 Td ( ) Tj ET Q q 0 0 0 rg BT 343.53 200.00 Td (region, ) Tj ET Q q 0 0 0 rg BT 376.91 200.00 Td (consisting ) Tj ET Q q 0 0 0 rg BT 424.04 200.00 Td (of ) Tj ET Q q 0 0 0 rg BT 435.73 200.00 Td (low-20 ) Tj ET Q q 0 0 0 rg BT 469.41 200.00 Td (percent ) Tj ET Q q 0 0 0 rg BT 504.30 200.00 Td (growth ) Tj ET Q q 0 0 0 rg BT 537.99 200.00 Td (in ) Tj ET Q q 0 0 0 rg BT 549.06 200.00 Td (net ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 186.80 Td (sales ) Tj ET Q q 0 0 0 rg BT 110.21 186.80 Td (to ) Tj ET Q q 0 0 0 rg BT 122.08 186.80 Td (LAAP) Tj ET Q q 0 0 0 rg BT 150.40 186.80 Td ( ) Tj ET Q q 0 0 0 rg BT 153.72 186.80 Td (distributors, ) Tj ET Q q 0 0 0 rg BT 209.91 186.80 Td (lar) Tj ET Q q 0 0 0 rg BT 221.31 186.80 Td (gely ) Tj ET Q q 0 0 0 rg BT 243.57 186.80 Td (of) Tj ET Q q 0 0 0 rg BT 252.54 186.80 Td (fset ) Tj ET Q q 0 0 0 rg BT 271.74 186.80 Td (by ) Tj ET Q q 0 0 0 rg BT 286.07 186.80 Td (a ) Tj ET Q q 0 0 0 rg BT 294.27 186.80 Td (mid-single-digit ) Tj ET Q q 0 0 0 rg BT 368.48 186.80 Td (percentage ) Tj ET Q q 0 0 0 rg BT 419.43 186.80 Td (net ) Tj ET Q q 0 0 0 rg BT 436.19 186.80 Td (sales ) Tj ET Q q 0 0 0 rg BT 460.90 186.80 Td (decline ) Tj ET Q q 0 0 0 rg BT 495.98 186.80 Td (in ) Tj ET Q q 0 0 0 rg BT 507.86 186.80 Td (Korea ) Tj ET Q q 0 0 0 rg BT 538.06 186.80 Td (\(mid-) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 173.60 Td (single-digit ) Tj ET Q q 0 0 0 rg BT 138.40 173.60 Td (percentage ) Tj ET Q q 0 0 0 rg BT 188.82 173.60 Td (constant-currency\) ) Tj ET Q q 0 0 0 rg BT 274.07 173.60 Td (and ) Tj ET Q q 0 0 0 rg BT 292.75 173.60 Td (a ) Tj ET Q q 0 0 0 rg BT 300.42 173.60 Td (low-single-digit ) Tj ET Q q 0 0 0 rg BT 373.49 173.60 Td (percentage ) Tj ET Q q 0 0 0 rg BT 423.91 173.60 Td (net ) Tj ET Q q 0 0 0 rg BT 440.14 173.60 Td (sales ) Tj ET Q q 0 0 0 rg BT 464.32 173.60 Td (decline ) Tj ET Q q 0 0 0 rg BT 498.87 173.60 Td (in ) Tj ET Q q 0 0 0 rg BT 510.22 173.60 Td (Japan ) Tj ET Q q 0 0 0 rg BT 538.06 173.60 Td (\(mid-) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 160.40 Td (single-digit ) Tj ET Q q 0 0 0 rg BT 138.28 160.40 Td (percentage ) Tj ET Q q 0 0 0 rg BT 188.59 160.40 Td (growth ) Tj ET Q q 0 0 0 rg BT 222.43 160.40 Td (constant-currency\). ) Tj ET Q q 0 0 0 rg BT 310.32 160.40 Td (Net ) Tj ET Q q 0 0 0 rg BT 328.88 160.40 Td (sales ) Tj ET Q q 0 0 0 rg BT 352.94 160.40 Td (in ) Tj ET Q q 0 0 0 rg BT 364.17 160.40 Td (China ) Tj ET Q q 0 0 0 rg BT 393.13 160.40 Td (are ) Tj ET Q q 0 0 0 rg BT 409.23 160.40 Td (expected ) Tj ET Q q 0 0 0 rg BT 450.99 160.40 Td (to ) Tj ET Q q 0 0 0 rg BT 462.23 160.40 Td (be ) Tj ET Q q 0 0 0 rg BT 475.29 160.40 Td (comparable ) Tj ET Q q 0 0 0 rg BT 529.27 160.40 Td (to ) Tj ET Q q 0 0 0 rg BT 540.50 160.40 Td (2016 ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 147.20 Td (\(mid-single-digit ) Tj ET Q q 0 0 0 rg BT 162.80 147.20 Td (percentage ) Tj ET Q q 0 0 0 rg BT 213.18 147.20 Td (growth ) Tj ET Q q 0 0 0 rg BT 247.09 147.20 Td (constant-currency\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 122.00 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 122.00 Td (Low-single-digit percentage net sales growth in Canada \(mid-single-digit percentage constant-currency\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 96.80 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 96.80 Td (Gross mar) Tj ET Q q 0 0 0 rg BT 130.82 96.80 Td (gin expansion of approximately 30 basis points compared with 2016, reflecting:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 83.60 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 121.50 83.60 Td (a favorable sourcing cost environment;) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 70.40 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 121.50 70.40 Td (a favorable channel mix with a greater proportion of DTC net sales; and) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 57.20 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 121.50 57.20 Td (favorable product mix in various product categories and geographies.) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 24.60 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 748.40 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 748.40 Td (An ) Tj ET Q q 0 0 0 rg BT 102.40 748.40 Td (SG&A) Tj ET Q q 0 0 0 rg BT 132.36 748.40 Td ( ) Tj ET Q q 0 0 0 rg BT 135.82 748.40 Td (expense ) Tj ET Q q 0 0 0 rg BT 174.70 748.40 Td (growth ) Tj ET Q q 0 0 0 rg BT 209.33 748.40 Td (rate ) Tj ET Q q 0 0 0 rg BT 229.27 748.40 Td (slightly ) Tj ET Q q 0 0 0 rg BT 265.73 748.40 Td (greater ) Tj ET Q q 0 0 0 rg BT 299.72 748.40 Td (than ) Tj ET Q q 0 0 0 rg BT 322.12 748.40 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 373.83 748.40 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 432.89 748.40 Td (net ) Tj ET Q q 0 0 0 rg BT 449.78 748.40 Td (sales ) Tj ET Q q 0 0 0 rg BT 474.63 748.40 Td (growth, ) Tj ET Q q 0 0 0 rg BT 512.00 748.40 Td (resulting ) Tj ET Q q 0 0 0 rg BT 553.95 748.40 Td (in ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 735.20 Td (approximately ) Tj ET Q q 0 0 0 rg BT 150.45 735.20 Td (30 ) Tj ET Q q 0 0 0 rg BT 162.87 735.20 Td (basis ) Tj ET Q q 0 0 0 rg BT 186.28 735.20 Td (points ) Tj ET Q q 0 0 0 rg BT 214.59 735.20 Td (of ) Tj ET Q q 0 0 0 rg BT 225.17 735.20 Td (expense ) Tj ET Q q 0 0 0 rg BT 262.02 735.20 Td (deleverage. ) Tj ET Q q 0 0 0 rg BT 313.71 735.20 Td (The ) Tj ET Q q 0 0 0 rg BT 332.23 735.20 Td (nominal ) Tj ET Q q 0 0 0 rg BT 369.70 735.20 Td (increase ) Tj ET Q q 0 0 0 rg BT 407.14 735.20 Td (in ) Tj ET Q q 0 0 0 rg BT 417.12 735.20 Td (projected ) Tj ET Q q 0 0 0 rg BT 459.46 735.20 Td (SG&A) Tj ET Q q 0 0 0 rg BT 489.41 735.20 Td ( ) Tj ET Q q 0 0 0 rg BT 490.83 735.20 Td (expense ) Tj ET Q q 0 0 0 rg BT 527.67 735.20 Td (consists ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 722.00 Td (primarily ) Tj ET Q q 0 0 0 rg BT 129.18 722.00 Td (of:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 708.80 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 121.50 708.80 Td (increased expenses to support continued expansion of the company's global DTC businesses;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 695.60 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 121.50 695.60 Td (increased personnel expenses to support strategic initiatives; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 682.40 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 121.50 682.40 Td (increased demand creation expenses;) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 669.20 Td (partially ) Tj ET Q q 0 0 0 rg BT 124.90 669.20 Td (of) Tj ET Q q 0 0 0 rg BT 133.87 669.20 Td (fset ) Tj ET Q q 0 0 0 rg BT 152.50 669.20 Td (by:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 656.00 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 123.50 656.00 Td (continued cost containment measures; and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 105.50 642.80 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 123.50 642.80 Td (favorable foreign currency translation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 617.60 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 617.60 Td (Licensing income of approximately $12.0 million.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 591.20 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 591.20 Td (An ) Tj ET Q q 0 0 0 rg BT 102.12 591.20 Td (estimated ) Tj ET Q q 0 0 0 rg BT 147.45 591.20 Td (full-year ) Tj ET Q q 0 0 0 rg BT 188.49 591.20 Td (ef) Tj ET Q q 0 0 0 rg BT 196.84 591.20 Td (fective ) Tj ET Q q 0 0 0 rg BT 229.93 591.20 Td (income ) Tj ET Q q 0 0 0 rg BT 265.49 591.20 Td (tax ) Tj ET Q q 0 0 0 rg BT 282.10 591.20 Td (rate ) Tj ET Q q 0 0 0 rg BT 301.76 591.20 Td (of ) Tj ET Q q 0 0 0 rg BT 314.10 591.20 Td (approximately ) Tj ET Q q 0 0 0 rg BT 380.81 591.20 Td (23.0 ) Tj ET Q q 0 0 0 rg BT 403.24 591.20 Td (percent. ) Tj ET Q q 0 0 0 rg BT 441.30 591.20 Td (The ) Tj ET Q q 0 0 0 rg BT 461.58 591.20 Td (actual ) Tj ET Q q 0 0 0 rg BT 491.01 591.20 Td (rate ) Tj ET Q q 0 0 0 rg BT 510.67 591.20 Td (could ) Tj ET Q q 0 0 0 rg BT 538.29 591.20 Td (dif) Tj ET Q q 0 0 0 rg BT 550.31 591.20 Td (fer ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 578.00 Td (based ) Tj ET Q q 0 0 0 rg BT 113.66 578.00 Td (on ) Tj ET Q q 0 0 0 rg BT 127.78 578.00 Td (the ) Tj ET Q q 0 0 0 rg BT 144.34 578.00 Td (geographic ) Tj ET Q q 0 0 0 rg BT 196.32 578.00 Td (mix ) Tj ET Q q 0 0 0 rg BT 216.55 578.00 Td (of ) Tj ET Q q 0 0 0 rg BT 228.83 578.00 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 263.10 578.00 Td (income ) Tj ET Q q 0 0 0 rg BT 298.59 578.00 Td (and ) Tj ET Q q 0 0 0 rg BT 317.60 578.00 Td (the ) Tj ET Q q 0 0 0 rg BT 334.15 578.00 Td (impact ) Tj ET Q q 0 0 0 rg BT 367.20 578.00 Td (of ) Tj ET Q q 0 0 0 rg BT 379.48 578.00 Td (discrete ) Tj ET Q q 0 0 0 rg BT 416.81 578.00 Td (events ) Tj ET Q q 0 0 0 rg BT 448.03 578.00 Td (that ) Tj ET Q q 0 0 0 rg BT 467.64 578.00 Td (may ) Tj ET Q q 0 0 0 rg BT 489.69 578.00 Td (occur ) Tj ET Q q 0 0 0 rg BT 517.24 578.00 Td (during ) Tj ET Q q 0 0 0 rg BT 549.08 578.00 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 564.80 Td (year) Tj ET Q q 0 0 0 rg BT 103.82 564.80 Td (. ) Tj ET Q q 0 0 0 rg BT 108.17 564.80 Td (In ) Tj ET Q q 0 0 0 rg BT 118.93 564.80 Td (addition, ) Tj ET Q q 0 0 0 rg BT 159.33 564.80 Td (this ) Tj ET Q q 0 0 0 rg BT 176.82 564.80 Td (tax ) Tj ET Q q 0 0 0 rg BT 191.86 564.80 Td (rate ) Tj ET Q q 0 0 0 rg BT 209.94 564.80 Td (projection ) Tj ET Q q 0 0 0 rg BT 256.13 564.80 Td (does ) Tj ET Q q 0 0 0 rg BT 277.89 564.80 Td (not ) Tj ET Q q 0 0 0 rg BT 293.55 564.80 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 337.90 564.80 Td (any ) Tj ET Q q 0 0 0 rg BT 355.38 564.80 Td (potential ) Tj ET Q q 0 0 0 rg BT 395.47 564.80 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 442.27 564.80 Td (changes ) Tj ET Q q 0 0 0 rg BT 479.30 564.80 Td (related ) Tj ET Q q 0 0 0 rg BT 510.82 564.80 Td (to ) Tj ET Q q 0 0 0 rg BT 520.97 564.80 Td (corporate ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 551.60 Td (tax ) Tj ET Q q 0 0 0 rg BT 102.05 551.60 Td (rates, ) Tj ET Q q 0 0 0 rg BT 128.67 551.60 Td (repatriation ) Tj ET Q q 0 0 0 rg BT 182.48 551.60 Td (of ) Tj ET Q q 0 0 0 rg BT 194.75 551.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 217.40 551.60 Td (and ) Tj ET Q q 0 0 0 rg BT 236.39 551.60 Td (short-term ) Tj ET Q q 0 0 0 rg BT 285.32 551.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 340.98 551.60 Td (held ) Tj ET Q q 0 0 0 rg BT 363.03 551.60 Td (in ) Tj ET Q q 0 0 0 rg BT 374.69 551.60 Td (foreign ) Tj ET Q q 0 0 0 rg BT 409.56 551.60 Td (jurisdictions, ) Tj ET Q q 0 0 0 rg BT 469.81 551.60 Td (or ) Tj ET Q q 0 0 0 rg BT 482.08 551.60 Td (border) Tj ET Q q 0 0 0 rg BT 510.57 551.60 Td (-adjustment ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 538.40 Td (tax.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 513.20 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 513.20 Td (An ) Tj ET Q q 0 0 0 rg BT 102.42 513.20 Td (insignificant ) Tj ET Q q 0 0 0 rg BT 160.89 513.20 Td (impact ) Tj ET Q q 0 0 0 rg BT 194.31 513.20 Td (on ) Tj ET Q q 0 0 0 rg BT 208.79 513.20 Td (gross ) Tj ET Q q 0 0 0 rg BT 235.49 513.20 Td (mar) Tj ET Q q 0 0 0 rg BT 252.40 513.20 Td (gins ) Tj ET Q q 0 0 0 rg BT 274.21 513.20 Td (due ) Tj ET Q q 0 0 0 rg BT 293.58 513.20 Td (to ) Tj ET Q q 0 0 0 rg BT 305.61 513.20 Td (changes ) Tj ET Q q 0 0 0 rg BT 344.52 513.20 Td (in ) Tj ET Q q 0 0 0 rg BT 356.56 513.20 Td (currency ) Tj ET Q q 0 0 0 rg BT 398.51 513.20 Td (exchange ) Tj ET Q q 0 0 0 rg BT 443.52 513.20 Td (rates ) Tj ET Q q 0 0 0 rg BT 467.77 513.20 Td (on ) Tj ET Q q 0 0 0 rg BT 482.25 513.20 Td (the ) Tj ET Q q 0 0 0 rg BT 499.17 513.20 Td (local ) Tj ET Q q 0 0 0 rg BT 524.02 513.20 Td (currency ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 500.00 Td (costs ) Tj ET Q q 0 0 0 rg BT 109.74 500.00 Td (of ) Tj ET Q q 0 0 0 rg BT 121.13 500.00 Td (inventory ) Tj ET Q q 0 0 0 rg BT 165.53 500.00 Td (purchased ) Tj ET Q q 0 0 0 rg BT 212.35 500.00 Td (in ) Tj ET Q q 0 0 0 rg BT 223.15 500.00 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 244.94 500.00 Td (dollars ) Tj ET Q q 0 0 0 rg BT 277.12 500.00 Td (by ) Tj ET Q q 0 0 0 rg BT 290.35 500.00 Td (our ) Tj ET Q q 0 0 0 rg BT 307.25 500.00 Td (foreign ) Tj ET Q q 0 0 0 rg BT 341.25 500.00 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 398.18 500.00 Td (in ) Tj ET Q q 0 0 0 rg BT 408.97 500.00 Td (contrast ) Tj ET Q q 0 0 0 rg BT 446.03 500.00 Td (to ) Tj ET Q q 0 0 0 rg BT 456.82 500.00 Td (2016 ) Tj ET Q q 0 0 0 rg BT 481.05 500.00 Td (when ) Tj ET Q q 0 0 0 rg BT 507.12 500.00 Td (those ) Tj ET Q q 0 0 0 rg BT 532.57 500.00 Td (factors ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 486.80 Td (had ) Tj ET Q q 0 0 0 rg BT 104.13 486.80 Td (an ) Tj ET Q q 0 0 0 rg BT 117.26 486.80 Td (estimated ) Tj ET Q q 0 0 0 rg BT 162.17 486.80 Td (unfavorable ) Tj ET Q q 0 0 0 rg BT 217.45 486.80 Td (impact ) Tj ET Q q 0 0 0 rg BT 250.13 486.80 Td (of ) Tj ET Q q 0 0 0 rg BT 262.04 486.80 Td ($\(0.24\) ) Tj ET Q q 0 0 0 rg BT 296.87 486.80 Td (per ) Tj ET Q q 0 0 0 rg BT 313.66 486.80 Td (share.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 461.60 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 461.60 Td (Capital ) Tj ET Q q 0 0 0 rg BT 121.64 461.60 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 182.21 461.60 Td (of ) Tj ET Q q 0 0 0 rg BT 195.75 461.60 Td (approximately ) Tj ET Q q 0 0 0 rg BT 263.65 461.60 Td ($60 ) Tj ET Q q 0 0 0 rg BT 284.52 461.60 Td (million, ) Tj ET Q q 0 0 0 rg BT 323.42 461.60 Td (comprising ) Tj ET Q q 0 0 0 rg BT 377.28 461.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 434.20 461.60 Td (in ) Tj ET Q q 0 0 0 rg BT 447.13 461.60 Td (DTC ) Tj ET Q q 0 0 0 rg BT 473.50 461.60 Td (business ) Tj ET Q q 0 0 0 rg BT 515.15 461.60 Td (expansion, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 448.40 Td (information ) Tj ET Q q 0 0 0 rg BT 140.18 448.40 Td (technology ) Tj ET Q q 0 0 0 rg BT 191.81 448.40 Td (and ) Tj ET Q q 0 0 0 rg BT 210.44 448.40 Td (project-based ) Tj ET Q q 0 0 0 rg BT 272.44 448.40 Td (and ) Tj ET Q q 0 0 0 rg BT 291.07 448.40 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 349.40 448.40 Td (capital.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 422.00 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 422.00 Td (Full ) Tj ET Q q 0 0 0 rg BT 105.98 422.00 Td (year ) Tj ET Q q 0 0 0 rg BT 127.66 422.00 Td (free ) Tj ET Q q 0 0 0 rg BT 147.50 422.00 Td (cash ) Tj ET Q q 0 0 0 rg BT 169.79 422.00 Td (flow ) Tj ET Q q 0 0 0 rg BT 192.71 422.00 Td (totaling ) Tj ET Q q 0 0 0 rg BT 229.06 422.00 Td (approximately ) Tj ET Q q 0 0 0 rg BT 295.35 422.00 Td ($175 ) Tj ET Q q 0 0 0 rg BT 320.10 422.00 Td (million ) Tj ET Q q 0 0 0 rg BT 354.63 422.00 Td (to ) Tj ET Q q 0 0 0 rg BT 365.94 422.00 Td ($200 ) Tj ET Q q 0 0 0 rg BT 390.69 422.00 Td (million.) Tj ET Q BT /F2 11.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 49.5 393.878564453125 m 545.1015625 393.878564453125 l s q 0 0 0 rg BT 49.50 395.60 Td (Commencement ) Tj ET Q q 0 0 0 rg BT 128.61 395.60 Td (of ) Tj ET Q q 0 0 0 rg BT 140.52 395.60 Td (Global ) Tj ET Q q 0 0 0 rg BT 175.06 395.60 Td (Retail ) Tj ET Q q 0 0 0 rg BT 205.91 395.60 Td (Platform ) Tj ET Q q 0 0 0 rg BT 250.81 395.60 Td (Initiative ) Tj ET Q q 0 0 0 rg BT 296.33 395.60 Td (and ) Tj ET Q q 0 0 0 rg BT 316.82 395.60 Td (Update ) Tj ET Q q 0 0 0 rg BT 353.79 395.60 Td (on ) Tj ET Q q 0 0 0 rg BT 368.16 395.60 Td (Ongoing ) Tj ET Q q 0 0 0 rg BT 411.26 395.60 Td (Global ) Tj ET Q q 0 0 0 rg BT 445.80 395.60 Td (ERP) Tj ET Q q 0 0 0 rg BT 467.19 395.60 Td ( ) Tj ET Q q 0 0 0 rg BT 469.94 395.60 Td (Implementation) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 382.40 Td (During ) Tj ET Q q 0 0 0 rg BT 83.65 382.40 Td (the ) Tj ET Q q 0 0 0 rg BT 100.08 382.40 Td (second ) Tj ET Q q 0 0 0 rg BT 133.61 382.40 Td (quarter ) Tj ET Q q 0 0 0 rg BT 167.75 382.40 Td (of ) Tj ET Q q 0 0 0 rg BT 179.90 382.40 Td (2017, ) Tj ET Q q 0 0 0 rg BT 207.63 382.40 Td (we ) Tj ET Q q 0 0 0 rg BT 223.45 382.40 Td (commenced ) Tj ET Q q 0 0 0 rg BT 279.58 382.40 Td (an ) Tj ET Q q 0 0 0 rg BT 292.95 382.40 Td (initiative ) Tj ET Q q 0 0 0 rg BT 335.04 382.40 Td (to ) Tj ET Q q 0 0 0 rg BT 346.58 382.40 Td (invest ) Tj ET Q q 0 0 0 rg BT 375.84 382.40 Td (in ) Tj ET Q q 0 0 0 rg BT 387.39 382.40 Td (a ) Tj ET Q q 0 0 0 rg BT 395.26 382.40 Td (global ) Tj ET Q q 0 0 0 rg BT 425.74 382.40 Td (retail ) Tj ET Q q 0 0 0 rg BT 451.32 382.40 Td (platform ) Tj ET Q q 0 0 0 rg BT 492.19 382.40 Td (\("GRP"\), ) Tj ET Q q 0 0 0 rg BT 535.63 382.40 Td (which ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 369.20 Td (encompasses ) Tj ET Q q 0 0 0 rg BT 109.39 369.20 Td (the ) Tj ET Q q 0 0 0 rg BT 125.30 369.20 Td (IT) Tj ET Q q 0 0 0 rg BT 135.48 369.20 Td ( ) Tj ET Q q 0 0 0 rg BT 137.95 369.20 Td (systems ) Tj ET Q q 0 0 0 rg BT 175.25 369.20 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 236.96 369.20 Td (to ) Tj ET Q q 0 0 0 rg BT 247.98 369.20 Td (support ) Tj ET Q q 0 0 0 rg BT 283.45 369.20 Td (the ) Tj ET Q q 0 0 0 rg BT 299.35 369.20 Td (growth ) Tj ET Q q 0 0 0 rg BT 332.98 369.20 Td (and ) Tj ET Q q 0 0 0 rg BT 351.33 369.20 Td (expansion ) Tj ET Q q 0 0 0 rg BT 398.40 369.20 Td (of ) Tj ET Q q 0 0 0 rg BT 410.02 369.20 Td (our ) Tj ET Q q 0 0 0 rg BT 427.15 369.20 Td (direct-to-consumer ) Tj ET Q q 0 0 0 rg BT 513.30 369.20 Td (businesses. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 356.00 Td (The ) Tj ET Q q 0 0 0 rg BT 69.41 356.00 Td (objective ) Tj ET Q q 0 0 0 rg BT 112.54 356.00 Td (of ) Tj ET Q q 0 0 0 rg BT 124.52 356.00 Td (this ) Tj ET Q q 0 0 0 rg BT 143.23 356.00 Td (initiative ) Tj ET Q q 0 0 0 rg BT 185.14 356.00 Td (is ) Tj ET Q q 0 0 0 rg BT 195.29 356.00 Td (to ) Tj ET Q q 0 0 0 rg BT 206.66 356.00 Td (deliver ) Tj ET Q q 0 0 0 rg BT 240.01 356.00 Td (an ) Tj ET Q q 0 0 0 rg BT 253.21 356.00 Td (improved ) Tj ET Q q 0 0 0 rg BT 298.18 356.00 Td (consumer ) Tj ET Q q 0 0 0 rg BT 343.76 356.00 Td (experience, ) Tj ET Q q 0 0 0 rg BT 396.95 356.00 Td (and ) Tj ET Q q 0 0 0 rg BT 415.64 356.00 Td (to ) Tj ET Q q 0 0 0 rg BT 427.01 356.00 Td (modernize ) Tj ET Q q 0 0 0 rg BT 476.25 356.00 Td (and ) Tj ET Q q 0 0 0 rg BT 494.94 356.00 Td (standardize ) Tj ET Q q 0 0 0 rg BT 547.84 356.00 Td (our ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 342.80 Td (processes ) Tj ET Q q 0 0 0 rg BT 95.36 342.80 Td (and ) Tj ET Q q 0 0 0 rg BT 114.95 342.80 Td (systems ) Tj ET Q q 0 0 0 rg BT 153.50 342.80 Td (to ) Tj ET Q q 0 0 0 rg BT 165.77 342.80 Td (enable ) Tj ET Q q 0 0 0 rg BT 198.18 342.80 Td (us ) Tj ET Q q 0 0 0 rg BT 211.67 342.80 Td (to ) Tj ET Q q 0 0 0 rg BT 223.94 342.80 Td (better ) Tj ET Q q 0 0 0 rg BT 252.69 342.80 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 299.15 342.80 Td (and ) Tj ET Q q 0 0 0 rg BT 318.74 342.80 Td (deliver ) Tj ET Q q 0 0 0 rg BT 352.99 342.80 Td (against ) Tj ET Q q 0 0 0 rg BT 387.86 342.80 Td (the ) Tj ET Q q 0 0 0 rg BT 405.01 342.80 Td (needs ) Tj ET Q q 0 0 0 rg BT 433.77 342.80 Td (of ) Tj ET Q q 0 0 0 rg BT 446.64 342.80 Td (our ) Tj ET Q q 0 0 0 rg BT 465.01 342.80 Td (consumers. ) Tj ET Q q 0 0 0 rg BT 518.25 342.80 Td (This ) Tj ET Q q 0 0 0 rg BT 541.51 342.80 Td (GRP) Tj ET Q q 0 0 0 rg BT 562.50 342.80 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 329.60 Td (initiative ) Tj ET Q q 0 0 0 rg BT 91.89 329.60 Td (is ) Tj ET Q q 0 0 0 rg BT 102.52 329.60 Td (currently ) Tj ET Q q 0 0 0 rg BT 145.51 329.60 Td (in ) Tj ET Q q 0 0 0 rg BT 157.36 329.60 Td (the ) Tj ET Q q 0 0 0 rg BT 174.09 329.60 Td (early ) Tj ET Q q 0 0 0 rg BT 199.37 329.60 Td (design ) Tj ET Q q 0 0 0 rg BT 231.38 329.60 Td (phase ) Tj ET Q q 0 0 0 rg BT 259.71 329.60 Td (and ) Tj ET Q q 0 0 0 rg BT 278.89 329.60 Td (we ) Tj ET Q q 0 0 0 rg BT 295.00 329.60 Td (expect ) Tj ET Q q 0 0 0 rg BT 327.00 329.60 Td (to ) Tj ET Q q 0 0 0 rg BT 338.84 329.60 Td (incur ) Tj ET Q q 0 0 0 rg BT 364.74 329.60 Td (related ) Tj ET Q q 0 0 0 rg BT 397.95 329.60 Td (costs ) Tj ET Q q 0 0 0 rg BT 423.24 329.60 Td (beginning ) Tj ET Q q 0 0 0 rg BT 470.53 329.60 Td (in ) Tj ET Q q 0 0 0 rg BT 482.37 329.60 Td (the ) Tj ET Q q 0 0 0 rg BT 499.10 329.60 Td (second ) Tj ET Q q 0 0 0 rg BT 532.94 329.60 Td (half ) Tj ET Q q 0 0 0 rg BT 553.33 329.60 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 316.40 Td (2017, ) Tj ET Q q 0 0 0 rg BT 77.00 316.40 Td (tar) Tj ET Q q 0 0 0 rg BT 88.40 316.40 Td (geting ) Tj ET Q q 0 0 0 rg BT 118.65 316.40 Td (regional ) Tj ET Q q 0 0 0 rg BT 157.44 316.40 Td (implementations ) Tj ET Q q 0 0 0 rg BT 233.51 316.40 Td (beginning ) Tj ET Q q 0 0 0 rg BT 280.25 316.40 Td (in ) Tj ET Q q 0 0 0 rg BT 291.56 316.40 Td (the ) Tj ET Q q 0 0 0 rg BT 307.75 316.40 Td (first ) Tj ET Q q 0 0 0 rg BT 328.22 316.40 Td (half ) Tj ET Q q 0 0 0 rg BT 348.07 316.40 Td (of ) Tj ET Q q 0 0 0 rg BT 359.98 316.40 Td (2019.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 290.00 Td (In ) Tj ET Q q 0 0 0 rg BT 60.86 290.00 Td (addition, ) Tj ET Q q 0 0 0 rg BT 101.86 290.00 Td (we ) Tj ET Q q 0 0 0 rg BT 116.89 290.00 Td (are ) Tj ET Q q 0 0 0 rg BT 132.52 290.00 Td (continuing ) Tj ET Q q 0 0 0 rg BT 181.77 290.00 Td (to ) Tj ET Q q 0 0 0 rg BT 192.52 290.00 Td (invest ) Tj ET Q q 0 0 0 rg BT 221.00 290.00 Td (in ) Tj ET Q q 0 0 0 rg BT 231.75 290.00 Td (our ) Tj ET Q q 0 0 0 rg BT 248.62 290.00 Td (multi-year ) Tj ET Q q 0 0 0 rg BT 296.63 290.00 Td (global ) Tj ET Q q 0 0 0 rg BT 326.33 290.00 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 371.89 290.00 Td (resource ) Tj ET Q q 0 0 0 rg BT 411.35 290.00 Td (planning ) Tj ET Q q 0 0 0 rg BT 452.04 290.00 Td (\("ERP"\) ) Tj ET Q q 0 0 0 rg BT 490.72 290.00 Td (implementation, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 276.80 Td (which ) Tj ET Q q 0 0 0 rg BT 78.63 276.80 Td (has ) Tj ET Q q 0 0 0 rg BT 95.53 276.80 Td (been ) Tj ET Q q 0 0 0 rg BT 118.54 276.80 Td (executed ) Tj ET Q q 0 0 0 rg BT 159.87 276.80 Td (in ) Tj ET Q q 0 0 0 rg BT 170.67 276.80 Td (the ) Tj ET Q q 0 0 0 rg BT 186.35 276.80 Td (majority ) Tj ET Q q 0 0 0 rg BT 225.86 276.80 Td (of ) Tj ET Q q 0 0 0 rg BT 237.26 276.80 Td (our ) Tj ET Q q 0 0 0 rg BT 254.17 276.80 Td (operations ) Tj ET Q q 0 0 0 rg BT 302.23 276.80 Td (to ) Tj ET Q q 0 0 0 rg BT 313.03 276.80 Td (date. ) Tj ET Q q 0 0 0 rg BT 336.35 276.80 Td (During ) Tj ET Q q 0 0 0 rg BT 369.75 276.80 Td (the ) Tj ET Q q 0 0 0 rg BT 385.43 276.80 Td (second ) Tj ET Q q 0 0 0 rg BT 418.22 276.80 Td (quarter ) Tj ET Q q 0 0 0 rg BT 451.61 276.80 Td (of ) Tj ET Q q 0 0 0 rg BT 463.02 276.80 Td (2017, ) Tj ET Q q 0 0 0 rg BT 490.01 276.80 Td (we ) Tj ET Q q 0 0 0 rg BT 505.08 276.80 Td (implemented ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 263.60 Td (the ) Tj ET Q q 0 0 0 rg BT 64.60 263.60 Td (ERP) Tj ET Q q 0 0 0 rg BT 84.37 263.60 Td ( ) Tj ET Q q 0 0 0 rg BT 86.03 263.60 Td (system ) Tj ET Q q 0 0 0 rg BT 118.26 263.60 Td (in ) Tj ET Q q 0 0 0 rg BT 128.48 263.60 Td (our ) Tj ET Q q 0 0 0 rg BT 144.80 263.60 Td (China ) Tj ET Q q 0 0 0 rg BT 172.75 263.60 Td (joint ) Tj ET Q q 0 0 0 rg BT 194.58 263.60 Td (venture ) Tj ET Q q 0 0 0 rg BT 229.23 263.60 Td (and ) Tj ET Q q 0 0 0 rg BT 246.77 263.60 Td (plan ) Tj ET Q q 0 0 0 rg BT 267.38 263.60 Td (to ) Tj ET Q q 0 0 0 rg BT 277.60 263.60 Td (transition ) Tj ET Q q 0 0 0 rg BT 320.82 263.60 Td (our ) Tj ET Q q 0 0 0 rg BT 337.14 263.60 Td (Europe-direct ) Tj ET Q q 0 0 0 rg BT 399.28 263.60 Td (business ) Tj ET Q q 0 0 0 rg BT 438.22 263.60 Td (onto ) Tj ET Q q 0 0 0 rg BT 459.44 263.60 Td (the ) Tj ET Q q 0 0 0 rg BT 474.55 263.60 Td (system ) Tj ET Q q 0 0 0 rg BT 506.77 263.60 Td (in ) Tj ET Q q 0 0 0 rg BT 516.99 263.60 Td (mid-2018.) Tj ET Q BT /F2 11.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 49.5 235.47856445312505 m 287.19482421875 235.47856445312505 l s q 0 0 0 rg BT 49.50 237.20 Td (Operating ) Tj ET Q q 0 0 0 rg BT 100.53 237.20 Td (Model ) Tj ET Q q 0 0 0 rg BT 132.61 237.20 Td (Assessment ) Tj ET Q q 0 0 0 rg BT 189.13 237.20 Td (- ) Tj ET Q q 0 0 0 rg BT 195.55 237.20 Td (Pr) Tj ET Q q 0 0 0 rg BT 206.95 237.20 Td (oject ) Tj ET Q q 0 0 0 rg BT 232.29 237.20 Td (CONNECT) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 224.00 Td (As ) Tj ET Q q 0 0 0 rg BT 64.41 224.00 Td (part ) Tj ET Q q 0 0 0 rg BT 84.20 224.00 Td (of ) Tj ET Q q 0 0 0 rg BT 96.05 224.00 Td (the ) Tj ET Q q 0 0 0 rg BT 112.18 224.00 Td (company's ) Tj ET Q q 0 0 0 rg BT 161.45 224.00 Td (commitment ) Tj ET Q q 0 0 0 rg BT 219.73 224.00 Td (to ) Tj ET Q q 0 0 0 rg BT 230.98 224.00 Td (relentless ) Tj ET Q q 0 0 0 rg BT 275.21 224.00 Td (improvement, ) Tj ET Q q 0 0 0 rg BT 339.29 224.00 Td (the ) Tj ET Q q 0 0 0 rg BT 355.42 224.00 Td (senior ) Tj ET Q q 0 0 0 rg BT 384.99 224.00 Td (management ) Tj ET Q q 0 0 0 rg BT 443.87 224.00 Td (team ) Tj ET Q q 0 0 0 rg BT 467.94 224.00 Td (undertook ) Tj ET Q q 0 0 0 rg BT 515.23 224.00 Td (a ) Tj ET Q q 0 0 0 rg BT 522.80 224.00 Td (thorough ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 210.80 Td (assessment ) Tj ET Q q 0 0 0 rg BT 102.15 210.80 Td (of ) Tj ET Q q 0 0 0 rg BT 115.09 210.80 Td (the ) Tj ET Q q 0 0 0 rg BT 132.30 210.80 Td (company's ) Tj ET Q q 0 0 0 rg BT 182.66 210.80 Td (operating ) Tj ET Q q 0 0 0 rg BT 227.97 210.80 Td (model ) Tj ET Q q 0 0 0 rg BT 259.23 210.80 Td (to ) Tj ET Q q 0 0 0 rg BT 271.56 210.80 Td (ensure ) Tj ET Q q 0 0 0 rg BT 304.04 210.80 Td (that ) Tj ET Q q 0 0 0 rg BT 324.31 210.80 Td (the ) Tj ET Q q 0 0 0 rg BT 341.52 210.80 Td (business ) Tj ET Q q 0 0 0 rg BT 382.57 210.80 Td (is ) Tj ET Q q 0 0 0 rg BT 393.68 210.80 Td (aligned ) Tj ET Q q 0 0 0 rg BT 429.83 210.80 Td (and ) Tj ET Q q 0 0 0 rg BT 449.48 210.80 Td (or) Tj ET Q q 0 0 0 rg BT 458.45 210.80 Td (ganized ) Tj ET Q q 0 0 0 rg BT 496.42 210.80 Td (to ) Tj ET Q q 0 0 0 rg BT 508.75 210.80 Td (successfully ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 197.60 Td (execute ) Tj ET Q q 0 0 0 rg BT 86.01 197.60 Td (the ) Tj ET Q q 0 0 0 rg BT 102.38 197.60 Td (company's ) Tj ET Q q 0 0 0 rg BT 151.88 197.60 Td (strategic ) Tj ET Q q 0 0 0 rg BT 192.07 197.60 Td (plan. ) Tj ET Q q 0 0 0 rg BT 216.47 197.60 Td (W) Tj ET Q q 0 0 0 rg BT 225.97 197.60 Td (e ) Tj ET Q q 0 0 0 rg BT 233.78 197.60 Td (completed ) Tj ET Q q 0 0 0 rg BT 282.52 197.60 Td (the ) Tj ET Q q 0 0 0 rg BT 298.89 197.60 Td (operational ) Tj ET Q q 0 0 0 rg BT 351.29 197.60 Td (assessment ) Tj ET Q q 0 0 0 rg BT 403.10 197.60 Td (phase ) Tj ET Q q 0 0 0 rg BT 431.07 197.60 Td (during ) Tj ET Q q 0 0 0 rg BT 462.72 197.60 Td (the ) Tj ET Q q 0 0 0 rg BT 479.08 197.60 Td (second ) Tj ET Q q 0 0 0 rg BT 512.55 197.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 546.62 197.60 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 184.40 Td (are ) Tj ET Q q 0 0 0 rg BT 65.46 184.40 Td (proceeding ) Tj ET Q q 0 0 0 rg BT 116.87 184.40 Td (to ) Tj ET Q q 0 0 0 rg BT 127.96 184.40 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 167.14 184.40 Td (strategic ) Tj ET Q q 0 0 0 rg BT 206.93 184.40 Td (growth ) Tj ET Q q 0 0 0 rg BT 240.63 184.40 Td (opportunities, ) Tj ET Q q 0 0 0 rg BT 303.97 184.40 Td (as ) Tj ET Q q 0 0 0 rg BT 315.67 184.40 Td (well ) Tj ET Q q 0 0 0 rg BT 337.15 184.40 Td (as ) Tj ET Q q 0 0 0 rg BT 348.85 184.40 Td (or) Tj ET Q q 0 0 0 rg BT 357.81 184.40 Td (ganizational ) Tj ET Q q 0 0 0 rg BT 414.10 184.40 Td (and ) Tj ET Q q 0 0 0 rg BT 432.52 184.40 Td (operational ) Tj ET Q q 0 0 0 rg BT 484.53 184.40 Td (enhancements, ) Tj ET Q q 0 0 0 rg BT 552.13 184.40 Td (an ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 171.20 Td (initiative ) Tj ET Q q 0 0 0 rg BT 91.00 171.20 Td (that ) Tj ET Q q 0 0 0 rg BT 109.89 171.20 Td (we ) Tj ET Q q 0 0 0 rg BT 125.11 171.20 Td (have ) Tj ET Q q 0 0 0 rg BT 148.27 171.20 Td (named ) Tj ET Q q 0 0 0 rg BT 179.99 171.20 Td ("Project ) Tj ET Q q 0 0 0 rg BT 218.03 171.20 Td (CONNECT". ) Tj ET Q q 0 0 0 rg BT 279.44 171.20 Td (The ) Tj ET Q q 0 0 0 rg BT 298.93 171.20 Td (company ) Tj ET Q q 0 0 0 rg BT 341.65 171.20 Td (anticipates ) Tj ET Q q 0 0 0 rg BT 391.08 171.20 Td (providing ) Tj ET Q q 0 0 0 rg BT 436.25 171.20 Td (further ) Tj ET Q q 0 0 0 rg BT 468.57 171.20 Td (updates ) Tj ET Q q 0 0 0 rg BT 504.57 171.20 Td (as ) Tj ET Q q 0 0 0 rg BT 516.13 171.20 Td (the ) Tj ET Q q 0 0 0 rg BT 531.96 171.20 Td (project ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 158.00 Td (progresses. ) Tj ET Q q 0 0 0 rg BT 101.54 158.00 Td (The ) Tj ET Q q 0 0 0 rg BT 121.71 158.00 Td (preceding ) Tj ET Q q 0 0 0 rg BT 168.16 158.00 Td (2017 ) Tj ET Q q 0 0 0 rg BT 193.23 158.00 Td (outlook ) Tj ET Q q 0 0 0 rg BT 229.92 158.00 Td (does ) Tj ET Q q 0 0 0 rg BT 253.16 158.00 Td (not ) Tj ET Q q 0 0 0 rg BT 270.29 158.00 Td (include ) Tj ET Q q 0 0 0 rg BT 305.75 158.00 Td (any ) Tj ET Q q 0 0 0 rg BT 324.71 158.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 366.26 158.00 Td (impact ) Tj ET Q q 0 0 0 rg BT 399.27 158.00 Td (incurred ) Tj ET Q q 0 0 0 rg BT 438.99 158.00 Td (during ) Tj ET Q q 0 0 0 rg BT 470.79 158.00 Td (the ) Tj ET Q q 0 0 0 rg BT 487.30 158.00 Td (first ) Tj ET Q q 0 0 0 rg BT 508.10 158.00 Td (half ) Tj ET Q q 0 0 0 rg BT 528.28 158.00 Td (of ) Tj ET Q q 0 0 0 rg BT 540.51 158.00 Td (2017 ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 144.80 Td (or ) Tj ET Q q 0 0 0 rg BT 61.40 144.80 Td (to ) Tj ET Q q 0 0 0 rg BT 72.70 144.80 Td (be ) Tj ET Q q 0 0 0 rg BT 85.82 144.80 Td (recognized ) Tj ET Q q 0 0 0 rg BT 136.81 144.80 Td (during ) Tj ET Q q 0 0 0 rg BT 168.27 144.80 Td (the ) Tj ET Q q 0 0 0 rg BT 184.45 144.80 Td (second ) Tj ET Q q 0 0 0 rg BT 217.74 144.80 Td (half ) Tj ET Q q 0 0 0 rg BT 237.58 144.80 Td (of ) Tj ET Q q 0 0 0 rg BT 249.48 144.80 Td (2017 ) Tj ET Q q 0 0 0 rg BT 274.23 144.80 Td (from ) Tj ET Q q 0 0 0 rg BT 298.35 144.80 Td (activities ) Tj ET Q q 0 0 0 rg BT 340.80 144.80 Td (associated ) Tj ET Q q 0 0 0 rg BT 388.74 144.80 Td (with ) Tj ET Q q 0 0 0 rg BT 411.04 144.80 Td (the ) Tj ET Q q 0 0 0 rg BT 427.22 144.80 Td (operating ) Tj ET Q q 0 0 0 rg BT 471.50 144.80 Td (model ) Tj ET Q q 0 0 0 rg BT 501.73 144.80 Td (assessment ) Tj ET Q q 0 0 0 rg BT 553.36 144.80 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 131.60 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 101.13 131.60 Td (actions ) Tj ET Q q 0 0 0 rg BT 135.04 131.60 Td (stemming ) Tj ET Q q 0 0 0 rg BT 181.18 131.60 Td (from ) Tj ET Q q 0 0 0 rg BT 205.31 131.60 Td (Project ) Tj ET Q q 0 0 0 rg BT 239.22 131.60 Td (CONNECT) Tj ET Q q 0 0 0 rg BT 290.35 131.60 Td (.) Tj ET Q BT /F2 11.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 49.5 103.47856445312505 m 315.44970703125 103.47856445312505 l s q 0 0 0 rg BT 49.50 105.20 Td (Supplemental ) Tj ET Q q 0 0 0 rg BT 117.04 105.20 Td (Constant-Curr) Tj ET Q q 0 0 0 rg BT 187.12 105.20 Td (ency ) Tj ET Q q 0 0 0 rg BT 211.25 105.20 Td (Financial ) Tj ET Q q 0 0 0 rg BT 258.01 105.20 Td (Information) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 92.00 Td (The ) Tj ET Q q 0 0 0 rg BT 70.43 92.00 Td (company ) Tj ET Q q 0 0 0 rg BT 114.58 92.00 Td (reports ) Tj ET Q q 0 0 0 rg BT 148.96 92.00 Td (its ) Tj ET Q q 0 0 0 rg BT 163.19 92.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 205.49 92.00 Td (information ) Tj ET Q q 0 0 0 rg BT 261.26 92.00 Td (in ) Tj ET Q q 0 0 0 rg BT 273.65 92.00 Td (accordance ) Tj ET Q q 0 0 0 rg BT 326.93 92.00 Td (with ) Tj ET Q q 0 0 0 rg BT 350.32 92.00 Td (accounting ) Tj ET Q q 0 0 0 rg BT 402.41 92.00 Td (principles ) Tj ET Q q 0 0 0 rg BT 449.62 92.00 Td (generally ) Tj 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(U.S. ) Tj ET Q q 0 0 0 rg BT 233.20 39.20 Td (dollars. ) Tj ET Q q 0 0 0 rg BT 268.79 39.20 Td (The ) Tj ET Q q 0 0 0 rg BT 289.02 39.20 Td (company ) Tj ET Q q 0 0 0 rg BT 332.47 39.20 Td (calculates ) Tj ET Q q 0 0 0 rg BT 378.96 39.20 Td (constant-currency ) Tj ET Q q 0 0 0 rg BT 460.88 39.20 Td (net ) Tj ET Q q 0 0 0 rg BT 477.44 39.20 Td (sales ) Tj ET Q q 0 0 0 rg BT 501.95 39.20 Td (by ) Tj ET Q q 0 0 0 rg BT 516.08 39.20 Td (translating ) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 24.60 Td (7) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 748.40 Td (net ) Tj ET Q q 0 0 0 rg BT 65.78 748.40 Td (sales ) Tj ET Q q 0 0 0 rg BT 90.01 748.40 Td (in ) Tj ET Q q 0 0 0 rg BT 101.41 748.40 Td (foreign ) Tj ET Q q 0 0 0 rg BT 136.02 748.40 Td (currencies ) Tj ET Q q 0 0 0 rg BT 184.06 748.40 Td (for ) Tj ET Q q 0 0 0 rg BT 199.73 748.40 Td (the ) Tj ET Q q 0 0 0 rg BT 216.02 748.40 Td (current ) Tj ET Q q 0 0 0 rg BT 250.01 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BT 161.10 642.80 Td (of ) Tj ET Q q 0 0 0 rg BT 173.05 642.80 Td (this ) Tj ET Q q 0 0 0 rg BT 191.73 642.80 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 241.44 642.80 Td ( ) Tj ET Q q 0 0 0 rg BT 244.22 642.80 Td (measure ) Tj ET Q q 0 0 0 rg BT 283.66 642.80 Td (to ) Tj ET Q q 0 0 0 rg BT 295.00 642.80 Td (the ) Tj ET Q q 0 0 0 rg BT 311.23 642.80 Td (most ) Tj ET Q q 0 0 0 rg BT 335.41 642.80 Td (directly ) Tj ET Q q 0 0 0 rg BT 371.79 642.80 Td (comparable ) Tj ET Q q 0 0 0 rg BT 425.88 642.80 Td (financial ) Tj ET Q q 0 0 0 rg BT 467.15 642.80 Td (measure ) Tj ET Q q 0 0 0 rg BT 506.59 642.80 Td (calculated ) Tj ET Q q 0 0 0 rg BT 553.95 642.80 Td (in ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 629.60 Td (accordance ) Tj ET Q q 0 0 0 rg BT 102.41 629.60 Td (with ) Tj ET Q q 0 0 0 rg BT 125.42 629.60 Td (GAAP) Tj ET Q q 0 0 0 rg BT 154.15 629.60 Td (. ) Tj ET Q q 0 0 0 rg BT 160.35 629.60 Td (\(See ) Tj ET Q q 0 0 0 rg BT 183.35 629.60 Td ("Supplemental ) Tj ET Q q 0 0 0 rg BT 251.79 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w 0 i [] 0 d 1 J 1 j 3 M 422.83349609375 491.33369140625 m 511.322265625 491.33369140625 l s q 0 0 1 rg BT 422.83 492.80 Td (www) Tj ET Q q 0 0 1 rg BT 445.95 492.80 Td (.columbia.com) Tj ET Q BT /F1 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 511.32 492.80 Td (. ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 515.99 492.80 Td (T) Tj ET Q q 0 0 0 rg BT 522.32 492.80 Td (o ) Tj ET Q q 0 0 0 rg BT 529.74 492.80 Td (r) Tj ET Q q 0 0 0 rg BT 534.43 492.80 Td (eceive ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 479.60 Td (email ) Tj ET Q q 0 0 0 rg BT 78.50 479.60 Td (notification ) Tj ET Q q 0 0 0 rg BT 135.61 479.60 Td (of ) Tj ET Q q 0 0 0 rg BT 148.11 479.60 Td (futur) Tj ET Q q 0 0 0 rg BT 172.36 479.60 Td (e ) Tj ET Q q 0 0 0 rg BT 180.58 479.60 Td (announcements, ) Tj ET Q q 0 0 0 rg BT 260.01 479.60 Td (please ) Tj ET Q q 0 0 0 rg BT 292.07 479.60 Td (visit ) Tj ET Q BT /F2 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 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BT 174.96 347.60 Td (sourcing ) Tj ET Q q 0 0 0 rg BT 216.01 347.60 Td (costs, ) Tj ET Q q 0 0 0 rg BT 243.92 347.60 Td (free ) Tj ET Q q 0 0 0 rg BT 264.18 347.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 286.89 347.60 Td (flow) Tj ET Q q 0 0 0 rg BT 306.33 347.60 Td (, ) Tj ET Q q 0 0 0 rg BT 312.25 347.60 Td (the ) Tj ET Q q 0 0 0 rg BT 328.85 347.60 Td (implementation ) Tj ET Q q 0 0 0 rg BT 401.05 347.60 Td (of ) Tj ET Q q 0 0 0 rg BT 413.38 347.60 Td (our ) Tj ET Q q 0 0 0 rg BT 431.21 347.60 Td (GRP) Tj ET Q q 0 0 0 rg BT 452.20 347.60 Td ( ) Tj ET Q q 0 0 0 rg BT 455.36 347.60 Td (and ) Tj ET Q q 0 0 0 rg BT 474.41 347.60 Td (ERP) Tj ET Q q 0 0 0 rg BT 494.17 347.60 Td ( ) Tj ET Q q 0 0 0 rg BT 497.34 347.60 Td (initiatives, ) Tj ET Q q 0 0 0 rg BT 546.63 347.60 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 334.40 Td (the ) Tj ET Q q 0 0 0 rg BT 65.11 334.40 Td (completion, ) Tj ET Q q 0 0 0 rg BT 119.51 334.40 Td (results ) Tj ET Q q 0 0 0 rg BT 150.40 334.40 Td (and ) Tj ET 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(expressed ) Tj ET Q q 0 0 0 rg BT 467.66 308.00 Td (in ) Tj ET Q q 0 0 0 rg BT 479.92 308.00 Td (good ) Tj ET Q q 0 0 0 rg BT 505.63 308.00 Td (faith ) Tj ET Q q 0 0 0 rg BT 529.49 308.00 Td (and ) Tj ET Q q 0 0 0 rg BT 549.08 308.00 Td (are ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 294.80 Td (believed ) Tj ET Q q 0 0 0 rg BT 91.65 294.80 Td (to ) Tj ET Q q 0 0 0 rg BT 105.09 294.80 Td (have ) Tj ET Q q 0 0 0 rg BT 130.74 294.80 Td (a ) Tj ET Q q 0 0 0 rg BT 140.51 294.80 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 192.42 294.80 Td (basis; ) Tj ET Q q 0 0 0 rg BT 222.37 294.80 Td (however) Tj ET Q q 0 0 0 rg BT 259.80 294.80 Td (, ) Tj ET Q q 0 0 0 rg BT 267.43 294.80 Td (each ) Tj ET Q q 0 0 0 rg BT 292.47 294.80 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 369.44 294.80 Td (statement ) Tj ET Q q 0 0 0 rg BT 416.48 294.80 Td (involves ) Tj ET Q q 0 0 0 rg BT 458.64 294.80 Td (a ) Tj ET Q q 0 0 0 rg BT 468.41 294.80 Td (number ) Tj ET Q q 0 0 0 rg BT 506.90 294.80 Td (of ) Tj ET Q q 0 0 0 rg BT 520.95 294.80 Td (risks ) Tj ET Q q 0 0 0 rg BT 546.62 294.80 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 281.60 Td (uncertainties, ) Tj ET Q q 0 0 0 rg BT 110.79 281.60 Td (including ) Tj ET Q q 0 0 0 rg BT 154.69 281.60 Td (those ) Tj ET Q q 0 0 0 rg BT 180.25 281.60 Td (set ) Tj ET Q q 0 0 0 rg BT 194.82 281.60 Td (forth ) Tj ET Q q 0 0 0 rg BT 218.54 281.60 Td (in ) Tj ET Q q 0 0 0 rg BT 229.44 281.60 Td (this ) Tj ET Q q 0 0 0 rg BT 247.68 281.60 Td (document, ) Tj ET Q q 0 0 0 rg BT 296.15 281.60 Td (those ) Tj ET Q q 0 0 0 rg BT 321.72 281.60 Td (described ) Tj ET Q q 0 0 0 rg BT 366.21 281.60 Td (in ) Tj ET Q q 0 0 0 rg BT 377.11 281.60 Td (the ) Tj ET Q q 0 0 0 rg BT 392.89 281.60 Td (company's ) Tj ET Q q 0 0 0 rg BT 441.30 281.60 Td (Annual ) Tj ET Q q 0 0 0 rg BT 476.03 281.60 Td (Report ) Tj ET Q q 0 0 0 rg BT 508.31 281.60 Td (on ) Tj ET Q q 0 0 0 rg BT 521.66 281.60 Td (Form ) Tj ET Q q 0 0 0 rg BT 547.84 281.60 Td (10-) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 268.40 Td (K ) Tj ET Q q 0 0 0 rg BT 59.44 268.40 Td (and ) Tj ET Q q 0 0 0 rg BT 77.33 268.40 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 121.48 268.40 Td (Reports ) Tj ET Q q 0 0 0 rg BT 157.70 268.40 Td (on ) Tj ET Q q 0 0 0 rg BT 170.70 268.40 Td (Form ) Tj ET Q q 0 0 0 rg BT 196.54 268.40 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 221.14 268.40 Td (under ) Tj ET Q q 0 0 0 rg BT 248.19 268.40 Td (the ) Tj ET Q q 0 0 0 rg BT 263.63 268.40 Td (heading ) Tj ET Q q 0 0 0 rg BT 300.45 268.40 Td ("Risk ) Tj ET Q q 0 0 0 rg BT 327.12 268.40 Td (Factors," ) Tj ET Q q 0 0 0 rg BT 368.74 268.40 Td (and ) Tj ET Q q 0 0 0 rg BT 386.62 268.40 Td (those ) Tj ET Q q 0 0 0 rg BT 411.84 268.40 Td (that ) Tj ET Q q 0 0 0 rg BT 430.34 268.40 Td (have ) Tj ET Q q 0 0 0 rg BT 453.10 268.40 Td (been ) Tj ET Q q 0 0 0 rg BT 475.87 268.40 Td (or ) Tj ET Q q 0 0 0 rg BT 487.03 268.40 Td (may ) Tj ET Q q 0 0 0 rg BT 507.97 268.40 Td (be ) Tj ET Q q 0 0 0 rg BT 520.36 268.40 Td (described ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 255.20 Td (in ) Tj ET Q q 0 0 0 rg BT 60.44 255.20 Td (other ) Tj ET Q q 0 0 0 rg BT 85.43 255.20 Td (reports ) Tj ET Q q 0 0 0 rg BT 118.36 255.20 Td (filed ) Tj ET Q q 0 0 0 rg BT 140.91 255.20 Td (by ) Tj ET Q q 0 0 0 rg BT 154.29 255.20 Td (the ) Tj ET Q q 0 0 0 rg BT 170.12 255.20 Td (company) Tj ET Q q 0 0 0 rg BT 209.72 255.20 Td (, ) Tj ET Q q 0 0 0 rg BT 214.86 255.20 Td (including ) Tj ET Q q 0 0 0 rg BT 258.80 255.20 Td (reports ) Tj ET Q q 0 0 0 rg BT 291.73 255.20 Td (on ) Tj ET Q q 0 0 0 rg BT 305.11 255.20 Td (Form ) Tj ET Q q 0 0 0 rg BT 331.34 255.20 Td (8-K. ) Tj ET Q q 0 0 0 rg BT 353.58 255.20 Td ( ) Tj ET Q q 0 0 0 rg BT 355.97 255.20 Td (Potential ) Tj ET Q q 0 0 0 rg BT 397.46 255.20 Td (risks ) Tj ET Q q 0 0 0 rg BT 420.63 255.20 Td (and ) Tj ET Q q 0 0 0 rg BT 438.90 255.20 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 497.48 255.20 Td (that ) Tj ET Q q 0 0 0 rg BT 516.36 255.20 Td (may ) Tj ET Q q 0 0 0 rg BT 537.69 255.20 Td (af) Tj ET Q q 0 0 0 rg BT 546.03 255.20 Td (fect ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 242.00 Td (our ) Tj ET Q q 0 0 0 rg BT 66.92 242.00 Td (future ) Tj ET Q q 0 0 0 rg BT 95.95 242.00 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 140.55 242.00 Td (earnings ) Tj ET Q q 0 0 0 rg BT 180.58 242.00 Td (and ) Tj ET Q q 0 0 0 rg BT 199.22 242.00 Td (performance ) Tj ET Q q 0 0 0 rg BT 257.55 242.00 Td (and ) Tj ET Q q 0 0 0 rg BT 276.20 242.00 Td (could ) Tj ET Q q 0 0 0 rg BT 303.40 242.00 Td (cause ) Tj ET Q q 0 0 0 rg BT 330.59 242.00 Td (the ) Tj ET Q q 0 0 0 rg BT 346.78 242.00 Td (actual ) Tj ET Q q 0 0 0 rg BT 375.80 242.00 Td (results ) Tj ET Q q 0 0 0 rg BT 407.28 242.00 Td (of ) Tj ET Q q 0 0 0 rg BT 419.21 242.00 Td (operations ) Tj ET Q q 0 0 0 rg BT 467.79 242.00 Td (or ) Tj ET Q q 0 0 0 rg BT 479.71 242.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 520.95 242.00 Td (condition ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 228.80 Td (of ) Tj ET Q q 0 0 0 rg BT 61.68 228.80 Td (the ) Tj ET Q q 0 0 0 rg BT 78.13 228.80 Td (company ) Tj ET Q q 0 0 0 rg BT 121.47 228.80 Td (to ) Tj ET Q q 0 0 0 rg BT 133.04 228.80 Td (dif) Tj ET Q q 0 0 0 rg BT 145.06 228.80 Td (fer ) Tj ET Q q 0 0 0 rg BT 160.29 228.80 Td (materially ) Tj ET Q q 0 0 0 rg BT 207.90 228.80 Td (from ) Tj ET Q q 0 0 0 rg BT 232.29 228.80 Td (the ) Tj ET Q q 0 0 0 rg BT 248.75 228.80 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 300.02 228.80 Td (results ) Tj ET Q q 0 0 0 rg BT 331.75 228.80 Td (expressed ) Tj ET Q q 0 0 0 rg BT 378.14 228.80 Td (or ) Tj ET Q q 0 0 0 rg BT 390.32 228.80 Td (implied ) Tj ET Q q 0 0 0 rg BT 426.94 228.80 Td (by ) Tj ET Q q 0 0 0 rg BT 440.96 228.80 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 516.07 228.80 Td (statements ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 215.60 Td (in ) Tj ET Q q 0 0 0 rg BT 61.51 215.60 Td (this ) Tj ET Q q 0 0 0 rg BT 80.85 215.60 Td (document ) Tj ET Q q 0 0 0 rg BT 127.68 215.60 Td (include: ) Tj ET Q q 0 0 0 rg BT 166.56 215.60 Td (loss ) Tj ET Q q 0 0 0 rg BT 187.13 215.60 Td (of ) Tj ET Q q 0 0 0 rg BT 199.75 215.60 Td (key ) Tj ET Q q 0 0 0 rg BT 219.08 215.60 Td (customer ) Tj ET Q q 0 0 0 rg BT 262.85 215.60 Td (accounts; ) Tj ET Q q 0 0 0 rg BT 307.84 215.60 Td (our ) Tj ET Q q 0 0 0 rg BT 325.96 215.60 Td (ability ) Tj ET Q q 0 0 0 rg BT 357.52 215.60 Td (to ) Tj ET Q q 0 0 0 rg BT 369.52 215.60 Td (ef) Tj ET Q q 0 0 0 rg BT 377.87 215.60 Td (fectively ) Tj ET Q q 0 0 0 rg BT 419.80 215.60 Td (implement ) Tj ET Q q 0 0 0 rg BT 470.30 215.60 Td (IT) Tj ET Q q 0 0 0 rg BT 480.48 215.60 Td ( ) Tj ET Q q 0 0 0 rg BT 483.93 215.60 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 546.63 215.60 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 202.40 Td (business ) Tj ET Q q 0 0 0 rg BT 89.99 202.40 Td (process ) Tj ET Q q 0 0 0 rg BT 126.19 202.40 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 172.78 202.40 Td (and ) Tj ET Q q 0 0 0 rg BT 191.88 202.40 Td (to ) Tj ET Q q 0 0 0 rg BT 203.64 202.40 Td (maintain ) Tj ET Q q 0 0 0 rg BT 245.34 202.40 Td (the ) Tj ET Q q 0 0 0 rg BT 261.99 202.40 Td (strength ) Tj ET Q q 0 0 0 rg BT 300.64 202.40 Td (and ) Tj ET Q q 0 0 0 rg BT 319.73 202.40 Td (security ) Tj ET Q q 0 0 0 rg BT 357.76 202.40 Td (of ) Tj ET Q q 0 0 0 rg BT 370.14 202.40 Td (our ) Tj ET Q q 0 0 0 rg BT 388.01 202.40 Td (IT) Tj ET Q q 0 0 0 rg BT 398.20 202.40 Td ( ) Tj ET Q q 0 0 0 rg BT 401.41 202.40 Td (systems; ) Tj ET Q q 0 0 0 rg BT 442.51 202.40 Td (the ) Tj ET Q q 0 0 0 rg BT 459.16 202.40 Td (ef) Tj ET Q q 0 0 0 rg BT 467.50 202.40 Td (fects ) Tj ET Q q 0 0 0 rg BT 491.48 202.40 Td (of ) Tj ET Q q 0 0 0 rg BT 503.85 202.40 Td (unseasonable ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 189.20 Td (weather) Tj ET Q q 0 0 0 rg BT 83.87 189.20 Td (, ) Tj ET Q q 0 0 0 rg BT 89.89 189.20 Td (including ) Tj ET Q q 0 0 0 rg BT 134.72 189.20 Td (global ) Tj ET Q q 0 0 0 rg BT 165.49 189.20 Td (climate ) Tj ET Q q 0 0 0 rg BT 201.13 189.20 Td (change; ) Tj ET Q q 0 0 0 rg BT 238.61 189.20 Td (trends ) Tj ET Q q 0 0 0 rg BT 268.77 189.20 Td (af) Tj ET Q q 0 0 0 rg BT 277.11 189.20 Td (fecting ) Tj ET Q q 0 0 0 rg BT 310.93 189.20 Td (consumer ) Tj ET Q q 0 0 0 rg BT 356.96 189.20 Td (traf) Tj ET Q q 0 0 0 rg BT 372.03 189.20 Td (fic ) Tj ET Q q 0 0 0 rg BT 386.91 189.20 Td (and ) Tj ET Q q 0 0 0 rg BT 406.06 189.20 Td (spending ) Tj ET Q q 0 0 0 rg BT 449.06 189.20 Td (in ) Tj ET Q q 0 0 0 rg BT 460.89 189.20 Td (our ) Tj ET Q q 0 0 0 rg BT 478.82 189.20 Td (direct-to-consumer ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 176.00 Td (channels; ) Tj ET Q q 0 0 0 rg BT 92.93 176.00 Td (our ) Tj ET Q q 0 0 0 rg BT 109.49 176.00 Td (ability ) Tj ET Q q 0 0 0 rg BT 139.49 176.00 Td (to ) Tj ET Q q 0 0 0 rg BT 149.94 176.00 Td (implement ) Tj ET Q q 0 0 0 rg BT 198.88 176.00 Td (our ) Tj ET Q q 0 0 0 rg BT 215.44 176.00 Td (growth ) Tj ET Q q 0 0 0 rg BT 248.50 176.00 Td (strategy; ) Tj ET Q q 0 0 0 rg BT 288.27 176.00 Td (unfavorable ) Tj ET Q q 0 0 0 rg BT 342.69 176.00 Td (economic ) Tj ET Q q 0 0 0 rg BT 387.35 176.00 Td (conditions ) Tj ET Q q 0 0 0 rg BT 435.07 176.00 Td (generally) Tj ET Q q 0 0 0 rg BT 475.28 176.00 Td (, ) Tj ET Q q 0 0 0 rg BT 479.93 176.00 Td (the ) Tj ET Q q 0 0 0 rg BT 495.26 176.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 535.63 176.00 Td (health ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 162.80 Td (of ) Tj ET Q q 0 0 0 rg BT 61.62 162.80 Td (our ) Tj ET Q q 0 0 0 rg BT 79.24 162.80 Td (customers ) Tj ET Q q 0 0 0 rg BT 126.80 162.80 Td (and ) Tj ET Q q 0 0 0 rg BT 145.64 162.80 Td (changes ) Tj ET Q q 0 0 0 rg BT 184.02 162.80 Td (in ) Tj ET Q q 0 0 0 rg BT 195.54 162.80 Td (the ) Tj ET Q q 0 0 0 rg BT 211.93 162.80 Td (level ) Tj ET Q q 0 0 0 rg BT 236.27 162.80 Td (of ) Tj ET Q q 0 0 0 rg BT 248.39 162.80 Td (consumer ) Tj ET Q q 0 0 0 rg BT 294.11 162.80 Td (spending, ) Tj ET Q q 0 0 0 rg BT 339.53 162.80 Td (apparel ) Tj ET Q q 0 0 0 rg BT 374.86 162.80 Td (preferences ) Tj ET Q q 0 0 0 rg BT 428.50 162.80 Td (and ) Tj ET Q q 0 0 0 rg BT 447.33 162.80 Td (fashion ) Tj ET Q q 0 0 0 rg BT 482.67 162.80 Td (trends; ) Tj ET Q q 0 0 0 rg BT 515.57 162.80 Td (changes ) Tj ET Q q 0 0 0 rg BT 553.95 162.80 Td (in ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 149.60 Td (international, ) Tj ET Q q 0 0 0 rg BT 110.84 149.60 Td (federal ) Tj ET Q q 0 0 0 rg BT 144.38 149.60 Td (or ) Tj ET Q q 0 0 0 rg BT 156.54 149.60 Td (state ) Tj ET Q q 0 0 0 rg BT 179.71 149.60 Td (tax, ) Tj ET Q q 0 0 0 rg BT 198.90 149.60 Td (labor ) Tj ET Q q 0 0 0 rg BT 224.50 149.60 Td (and ) Tj ET Q q 0 0 0 rg BT 243.39 149.60 Td (other ) Tj ET Q q 0 0 0 rg BT 269.00 149.60 Td (laws ) Tj ET Q q 0 0 0 rg BT 292.16 149.60 Td (and ) Tj ET Q q 0 0 0 rg BT 311.05 149.60 Td (regulations ) Tj ET Q q 0 0 0 rg BT 362.93 149.60 Td (that ) Tj ET Q q 0 0 0 rg BT 382.43 149.60 Td (af) Tj ET Q q 0 0 0 rg BT 390.78 149.60 Td (fect ) Tj ET Q q 0 0 0 rg BT 410.26 149.60 Td (our ) Tj ET Q q 0 0 0 rg BT 427.93 149.60 Td (business, ) Tj ET Q q 0 0 0 rg BT 470.96 149.60 Td (including ) Tj ET Q q 0 0 0 rg BT 515.52 149.60 Td (changes ) Tj ET Q q 0 0 0 rg BT 553.95 149.60 Td (in ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 136.40 Td (corporate ) Tj ET Q q 0 0 0 rg BT 93.35 136.40 Td (tax ) Tj ET Q q 0 0 0 rg BT 109.11 136.40 Td (rates ) Tj ET Q q 0 0 0 rg BT 132.19 136.40 Td (or ) Tj ET Q q 0 0 0 rg BT 143.67 136.40 Td (increasing ) Tj ET Q q 0 0 0 rg BT 191.19 136.40 Td (wage ) Tj ET Q q 0 0 0 rg BT 216.72 136.40 Td (rates; ) Tj ET Q q 0 0 0 rg BT 242.86 136.40 Td (volatility ) Tj ET Q q 0 0 0 rg BT 284.90 136.40 Td (in ) Tj ET Q q 0 0 0 rg BT 295.77 136.40 Td (global ) Tj ET Q q 0 0 0 rg BT 325.59 136.40 Td (production ) Tj ET Q q 0 0 0 rg BT 375.56 136.40 Td (and ) Tj ET Q q 0 0 0 rg BT 393.76 136.40 Td (transportation ) Tj ET Q q 0 0 0 rg BT 457.18 136.40 Td (costs ) Tj ET Q q 0 0 0 rg BT 481.50 136.40 Td (and ) Tj ET Q q 0 0 0 rg BT 499.70 136.40 Td (capacity; ) Tj ET Q q 0 0 0 rg BT 541.72 136.40 Td (risks ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 123.20 Td (inherent ) Tj ET Q q 0 0 0 rg BT 88.26 123.20 Td (in ) Tj ET Q q 0 0 0 rg BT 99.53 123.20 Td (doing ) Tj ET Q q 0 0 0 rg BT 127.31 123.20 Td (business ) Tj ET Q q 0 0 0 rg BT 167.31 123.20 Td (in ) Tj ET Q q 0 0 0 rg BT 178.59 123.20 Td (foreign ) Tj ET Q q 0 0 0 rg BT 213.07 123.20 Td (markets, ) Tj ET Q q 0 0 0 rg BT 253.36 123.20 Td (including ) Tj ET Q q 0 0 0 rg BT 297.63 123.20 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 352.28 123.20 Td (in ) Tj ET Q q 0 0 0 rg BT 363.56 123.20 Td (currency ) Tj ET Q q 0 0 0 rg BT 404.75 123.20 Td (exchange ) Tj ET Q q 0 0 0 rg BT 449.00 123.20 Td (rates; ) Tj ET Q q 0 0 0 rg BT 475.54 123.20 Td (our ) Tj ET Q q 0 0 0 rg BT 492.92 123.20 Td (ability ) Tj ET Q q 0 0 0 rg BT 523.75 123.20 Td (to ) Tj ET Q q 0 0 0 rg BT 535.02 123.20 Td (attract ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 110.00 Td (and ) Tj ET Q q 0 0 0 rg BT 68.77 110.00 Td (retain ) Tj ET Q q 0 0 0 rg BT 97.20 110.00 Td (key ) Tj ET Q q 0 0 0 rg BT 116.47 110.00 Td (personnel; ) Tj ET Q q 0 0 0 rg BT 165.68 110.00 Td (risks ) Tj ET Q q 0 0 0 rg BT 189.85 110.00 Td (associated ) Tj ET Q q 0 0 0 rg BT 238.44 110.00 Td (with ) Tj ET Q q 0 0 0 rg BT 261.39 110.00 Td (our ) Tj ET Q q 0 0 0 rg BT 279.44 110.00 Td (joint ) Tj ET Q q 0 0 0 rg BT 303.00 110.00 Td (venture; ) Tj ET Q q 0 0 0 rg BT 342.43 110.00 Td (higher ) Tj ET Q q 0 0 0 rg BT 373.92 110.00 Td (than ) Tj ET Q q 0 0 0 rg BT 396.25 110.00 Td (expected ) Tj ET Q q 0 0 0 rg BT 438.72 110.00 Td (rates ) Tj ET Q q 0 0 0 rg BT 462.88 110.00 Td (of ) Tj ET Q q 0 0 0 rg BT 475.43 110.00 Td (order ) Tj ET Q q 0 0 0 rg BT 502.03 110.00 Td (cancellations; ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 96.80 Td (increased ) Tj ET Q q 0 0 0 rg BT 95.19 96.80 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 158.61 96.80 Td (of ) Tj ET Q q 0 0 0 rg BT 171.93 96.80 Td (our ) Tj ET Q q 0 0 0 rg BT 190.75 96.80 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 238.89 96.80 Td (customers; ) Tj ET Q q 0 0 0 rg BT 290.71 96.80 Td (our ) Tj ET Q q 0 0 0 rg BT 309.53 96.80 Td (ability ) Tj ET Q q 0 0 0 rg BT 341.79 96.80 Td (to ) Tj ET Q q 0 0 0 rg BT 354.50 96.80 Td (ef) Tj ET Q q 0 0 0 rg BT 362.85 96.80 Td (fectively ) Tj ET Q q 0 0 0 rg BT 405.49 96.80 Td (source ) Tj ET Q q 0 0 0 rg BT 438.35 96.80 Td (and ) Tj ET Q q 0 0 0 rg BT 458.39 96.80 Td (deliver ) Tj ET Q q 0 0 0 rg BT 493.09 96.80 Td (our ) Tj ET Q q 0 0 0 rg BT 511.91 96.80 Td (products ) Tj ET Q q 0 0 0 rg BT 553.95 96.80 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 83.60 Td (customers ) Tj ET Q q 0 0 0 rg BT 96.92 83.60 Td (in ) Tj ET Q q 0 0 0 rg BT 108.29 83.60 Td (a ) Tj ET Q q 0 0 0 rg BT 115.99 83.60 Td (timely ) Tj ET Q q 0 0 0 rg BT 146.91 83.60 Td (manner; ) Tj ET Q q 0 0 0 rg BT 185.77 83.60 Td (our ) Tj ET Q q 0 0 0 rg BT 203.25 83.60 Td (dependence ) Tj ET Q q 0 0 0 rg BT 257.97 83.60 Td (on ) Tj ET Q q 0 0 0 rg BT 271.79 83.60 Td (independent ) Tj ET Q q 0 0 0 rg BT 328.36 83.60 Td (manufacturers ) Tj ET Q q 0 0 0 rg BT 394.09 83.60 Td (and ) Tj ET Q q 0 0 0 rg BT 412.79 83.60 Td (suppliers ) Tj ET Q q 0 0 0 rg BT 455.33 83.60 Td (and ) Tj ET Q q 0 0 0 rg BT 474.02 83.60 Td (our ) Tj ET Q q 0 0 0 rg BT 491.50 83.60 Td (ability ) Tj ET Q q 0 0 0 rg BT 522.43 83.60 Td (to ) Tj ET Q q 0 0 0 rg BT 533.80 83.60 Td (source ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 70.40 Td (finished ) Tj ET Q q 0 0 0 rg BT 86.83 70.40 Td (products ) Tj ET Q q 0 0 0 rg BT 126.59 70.40 Td (and ) Tj ET Q q 0 0 0 rg BT 144.36 70.40 Td (components ) Tj ET Q q 0 0 0 rg BT 199.41 70.40 Td (at ) Tj ET Q q 0 0 0 rg BT 209.23 70.40 Td (competitive ) Tj ET Q q 0 0 0 rg BT 263.05 70.40 Td (prices ) Tj ET Q q 0 0 0 rg BT 291.20 70.40 Td (from ) Tj ET Q q 0 0 0 rg BT 314.47 70.40 Td (them; ) Tj ET Q q 0 0 0 rg BT 341.41 70.40 Td (the ) Tj ET Q q 0 0 0 rg BT 356.73 70.40 Td (ef) Tj ET Q q 0 0 0 rg BT 365.08 70.40 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 415.83 70.40 Td (of ) Tj ET Q q 0 0 0 rg BT 426.88 70.40 Td (our ) Tj ET Q q 0 0 0 rg BT 443.43 70.40 Td (sales ) Tj ET Q q 0 0 0 rg BT 466.70 70.40 Td (and ) Tj ET Q q 0 0 0 rg BT 484.47 70.40 Td (marketing ) Tj ET Q q 0 0 0 rg BT 530.95 70.40 Td (ef) Tj ET Q q 0 0 0 rg BT 539.30 70.40 Td (forts; ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 57.20 Td (intense ) Tj ET Q q 0 0 0 rg BT 82.27 57.20 Td (competition ) Tj ET Q q 0 0 0 rg BT 136.42 57.20 Td (in ) Tj ET Q q 0 0 0 rg BT 146.59 57.20 Td (the ) Tj ET Q q 0 0 0 rg BT 161.64 57.20 Td (industry; ) Tj ET Q q 0 0 0 rg BT 202.36 57.20 Td (business ) Tj ET Q q 0 0 0 rg BT 241.25 57.20 Td (disruptions ) Tj ET Q q 0 0 0 rg BT 291.75 57.20 Td (and ) Tj ET Q q 0 0 0 rg BT 309.25 57.20 Td (acts ) Tj ET Q q 0 0 0 rg BT 327.96 57.20 Td (of ) Tj ET Q q 0 0 0 rg BT 338.73 57.20 Td (terrorism, ) Tj ET Q q 0 0 0 rg BT 383.41 57.20 Td (cyber) Tj ET Q q 0 0 0 rg BT 407.62 57.20 Td (-attacks ) Tj ET Q q 0 0 0 rg BT 443.43 57.20 Td (or ) Tj ET Q q 0 0 0 rg BT 454.20 57.20 Td (military ) 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