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0.9333333333333333 1 rg /GS0 gs 84.00 209.70 146.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.00 209.70 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.00 209.70 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.00 209.70 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.00 209.70 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.00 209.70 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 209.70 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 209.70 7.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.00 209.70 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 209.70 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 209.70 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.00 209.70 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 209.70 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 84.00 179.70 146.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.00 179.70 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.00 179.70 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.00 179.70 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.00 179.70 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.00 179.70 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 179.70 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 179.70 7.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.00 179.70 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 179.70 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 179.70 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.00 179.70 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 179.70 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 84.00 149.70 146.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.00 149.70 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.00 149.70 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.00 149.70 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.00 149.70 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.00 149.70 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 149.70 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 149.70 7.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.00 149.70 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 149.70 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 149.70 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.00 149.70 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 149.70 45.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234 264.70000000000005 m 279 264.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 264.70000000000005 m 283 264.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 264.70000000000005 m 328 264.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 264.70000000000005 m 332 264.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 264.70000000000005 m 377 264.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 264.70000000000005 m 429 264.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 264.70000000000005 m 433 264.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 264.70000000000005 m 478 264.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478 264.70000000000005 m 482 264.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 264.70000000000005 m 527 264.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234 240.70000000000005 m 279 240.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 264.70000000000005 m 328 264.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 240.70000000000005 m 328 240.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 240.70000000000005 m 377 240.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 264.70000000000005 m 429 264.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 240.70000000000005 m 429 240.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 264.70000000000005 m 433 264.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 264.70000000000005 m 478 264.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 240.70000000000005 m 478 240.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478 264.70000000000005 m 482 264.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 264.70000000000005 m 527 264.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 240.70000000000005 m 527 240.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234 240.70000000000005 m 279 240.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 240.70000000000005 m 328 240.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 240.70000000000005 m 429 240.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 240.70000000000005 m 478 240.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 240.70000000000005 m 527 240.70000000000005 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 292.45 269.10 Td (GAAP) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.95 269.10 Td (Non-GAAP) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 240.10 256.10 Td (Q4 2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 237.70 244.10 Td (\(millions\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 289.10 256.10 Td (Q4 2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 286.70 244.10 Td (\(millions\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 349.50 254.15 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 339.20 245.15 Td (Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 390.10 256.10 Td (Q4 2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 387.70 244.10 Td (\(millions\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 439.10 256.10 Td (Q4 2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 436.70 244.10 Td (\(millions\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 499.50 254.15 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 489.20 245.15 Td (Change) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 86.50 230.16 Td (Net sales) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 120.75 229.96 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 243.60 230.16 Td ($776.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 292.60 230.16 Td ($717.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 348.00 230.16 Td (8%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.60 230.16 Td ($776.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.60 230.16 Td ($717.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 498.00 230.16 Td (8%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 86.50 214.16 Td (Gross mar) Tj ET Q q 0 0 0 rg BT 123.66 214.16 Td (gin) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 138.75 213.96 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 244.35 214.16 Td (47.9%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.35 214.16 Td (47.1%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.10 214.16 Td (80 bps) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 394.35 214.16 Td (47.9%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.35 214.16 Td (47.1%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.10 214.16 Td (80 bps) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 86.50 199.16 Td (SG&A) Tj ET Q q 0 0 0 rg BT 111.26 199.16 Td ( rate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 129.75 198.96 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 244.35 199.16 Td (34.4%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.35 199.16 Td (33.6%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.10 199.16 Td (80 bps) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 394.35 199.16 Td (33.6%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.35 199.16 Td (33.6%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 494.35 199.16 Td (0 bps) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 86.50 184.16 Td (Operating income) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 152.25 183.96 Td (. . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 243.60 184.16 Td ($109.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 292.60 184.16 Td ($100.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 348.00 184.16 Td (9%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.60 184.16 Td ($1) Tj ET Q q 0 0 0 rg BT 402.60 184.16 Td (15.6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.60 184.16 Td ($100.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.75 184.16 Td (15%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 86.50 169.16 Td (Operating mar) Tj ET Q q 0 0 0 rg BT 138.65 169.16 Td (gin) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 152.25 168.96 Td (. . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 244.35 169.16 Td (14.1%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.35 169.16 Td (14.0%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.10 169.16 Td (10 bps) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 394.35 169.16 Td (14.9%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.35 169.16 Td (14.0%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.10 169.16 Td (90 bps) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 86.50 154.16 Td (Net income \(loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 152.25 153.96 Td (. . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 245.10 154.16 Td (\($7.1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.85 154.16 Td ($84.7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 340.50 154.16 Td (\(108\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.85 154.16 Td ($92.5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.85 154.16 Td ($84.7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 498.00 154.16 Td (9%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 86.50 139.16 Td (Earnings \(loss\) per share) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 179.25 138.96 Td (. . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 242.85 139.16 Td (\($0.10\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.85 139.16 Td ($1.20) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 340.50 139.16 Td (\(108\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.85 139.16 Td ($1.31) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.85 139.16 Td ($1.20) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 498.00 139.16 Td (9%) Tj ET Q BT /F1 10.00 Tf ET 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 49.5 107.07856445312495 m 95.33154296875 107.07856445312495 l s q 0 0 0 rg BT 49.50 108.80 Td (Full ) Tj ET Q q 0 0 0 rg BT 70.79 108.80 Td (Y) Tj ET Q q 0 0 0 rg BT 77.52 108.80 Td (ear) Tj ET Q q 0 0 0 rg BT 92.58 108.80 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 95.33154296875 107.07856445312495 m 117.33154296875 107.07856445312495 l s q 0 0 0 rg BT 95.33 108.80 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 117.33154296875 107.07856445312495 m 213.28076171875 107.07856445312495 l s q 0 0 0 rg BT 117.33 108.80 Td ( Financial Summary) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 82.40 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 82.40 Td (Record ) Tj ET Q q 0 0 0 rg BT 120.01 82.40 Td (net ) Tj ET Q q 0 0 0 rg BT 136.20 82.40 Td (sales ) Tj ET Q q 0 0 0 rg BT 160.34 82.40 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 172.25 82.40 Td ($2.47) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 197.00 82.40 Td ( ) Tj ET Q q 0 0 0 rg BT 199.75 82.40 Td (billion, ) Tj ET Q q 0 0 0 rg BT 233.97 82.40 Td (a ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 241.61 82.40 Td (4) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 247.11 82.40 Td ( ) Tj ET Q q 0 0 0 rg BT 249.86 82.40 Td (percent ) Tj ET Q q 0 0 0 rg BT 284.97 82.40 Td (increase ) Tj ET Q q 0 0 0 rg BT 323.75 82.40 Td (compared ) Tj ET Q q 0 0 0 rg BT 369.87 82.40 Td (to ) Tj ET Q q 0 0 0 rg BT 381.17 82.40 Td (full ) Tj ET Q q 0 0 0 rg BT 399.20 82.40 Td (year ) Tj ET Q q 0 0 0 rg BT 420.88 82.40 Td (2016.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 69.20 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 69.20 Td (Net ) Tj ET Q q 0 0 0 rg BT 103.91 69.20 Td (sales ) Tj ET Q q 0 0 0 rg BT 127.81 69.20 Td (through ) Tj ET Q q 0 0 0 rg BT 164.55 69.20 Td (the ) Tj ET Q q 0 0 0 rg BT 180.51 69.20 Td (company's ) Tj ET Q q 0 0 0 rg BT 229.62 69.20 Td (global ) Tj ET Q q 0 0 0 rg BT 259.64 69.20 Td (direct-to-consumer ) Tj ET Q q 0 0 0 rg BT 345.85 69.20 Td (\(DTC\) ) Tj ET Q q 0 0 0 rg BT 377.70 69.20 Td (businesses ) Tj ET Q q 0 0 0 rg BT 426.66 69.20 Td (increased ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 470.72 69.20 Td (10 ) Tj ET Q q 0 0 0 rg BT 484.24 69.20 Td (percent) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 516.61 69.20 Td ( ) Tj ET Q q 0 0 0 rg BT 519.13 69.20 Td (compared ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 56.00 Td (to ) Tj ET Q q 0 0 0 rg BT 96.31 56.00 Td (the ) Tj ET Q q 0 0 0 rg BT 112.00 56.00 Td (prior ) Tj ET Q q 0 0 0 rg BT 135.63 56.00 Td (year) Tj ET Q q 0 0 0 rg BT 154.12 56.00 Td (, ) Tj ET Q q 0 0 0 rg BT 159.12 56.00 Td (and ) Tj ET Q q 0 0 0 rg BT 177.25 56.00 Td (represented ) Tj ET Q q 0 0 0 rg BT 230.19 56.00 Td (approximately ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 295.98 56.00 Td (40 ) Tj ET Q q 0 0 0 rg BT 309.23 56.00 Td (percent) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 341.59 56.00 Td ( ) Tj ET Q q 0 0 0 rg BT 343.84 56.00 Td (of ) Tj ET Q q 0 0 0 rg BT 355.26 56.00 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 413.10 56.00 Td (net ) Tj ET Q q 0 0 0 rg BT 428.79 56.00 Td (sales, ) Tj ET Q q 0 0 0 rg BT 455.18 56.00 Td (including ) Tj ET Q q 0 0 0 rg BT 498.98 56.00 Td (approximately ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 42.80 Td (9 ) Tj ET Q q 0 0 0 rg BT 93.75 42.80 Td (percent ) Tj ET Q q 0 0 0 rg BT 128.87 42.80 Td (of ) Tj ET Q q 0 0 0 rg BT 140.78 42.80 Td (net ) Tj ET Q q 0 0 0 rg BT 156.97 42.80 Td (sales ) Tj ET Q q 0 0 0 rg BT 181.10 42.80 Td (from ) Tj ET Q q 0 0 0 rg BT 205.23 42.80 Td (our ) Tj ET Q q 0 0 0 rg BT 222.65 42.80 Td (global ) Tj ET Q q 0 0 0 rg BT 252.89 42.80 Td (e-commerce ) Tj ET Q q 0 0 0 rg BT 309.99 42.80 Td (businesses. ) 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 /F1 11.00 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 (Full ) Tj ET Q q 0 0 0 rg BT 105.01 748.40 Td (year ) Tj ET Q q 0 0 0 rg BT 125.71 748.40 Td (2017 ) Tj ET Q q 0 0 0 rg BT 149.48 748.40 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 199.19 748.40 Td ( ) Tj ET Q q 0 0 0 rg BT 200.96 748.40 Td (financial ) Tj ET Q q 0 0 0 rg BT 241.22 748.40 Td (measures ) Tj ET Q q 0 0 0 rg BT 283.92 748.40 Td (exclude ) Tj ET Q q 0 0 0 rg BT 319.90 748.40 Td (Project ) Tj ET Q q 0 0 0 rg BT 352.83 748.40 Td (CONNECT) Tj ET Q q 0 0 0 rg BT 404.58 748.40 Td ( ) Tj ET Q q 0 0 0 rg BT 406.35 748.40 Td (program ) Tj ET Q q 0 0 0 rg BT 445.39 748.40 Td (expenses ) Tj ET Q q 0 0 0 rg BT 486.88 748.40 Td (and ) Tj ET Q q 0 0 0 rg BT 504.53 748.40 Td (discrete ) Tj ET Q q 0 0 0 rg BT 540.51 748.40 Td (costs ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 735.20 Td (of ) Tj ET Q q 0 0 0 rg BT 97.32 735.20 Td (approximately) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 163.60 735.20 Td ($14.9 ) Tj ET Q q 0 0 0 rg BT 191.01 735.20 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 222.79 735.20 Td (, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 228.20 735.20 Td ($9.4 ) Tj ET Q q 0 0 0 rg BT 250.11 735.20 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 281.89 735.20 Td ( ) Tj ET Q q 0 0 0 rg BT 284.55 735.20 Td (net ) Tj ET Q q 0 0 0 rg BT 300.64 735.20 Td (of ) Tj ET Q q 0 0 0 rg BT 312.46 735.20 Td (tax, ) Tj ET Q q 0 0 0 rg BT 331.31 735.20 Td (or$) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 348.72 735.20 Td (0.13) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 367.97 735.20 Td (per ) Tj ET Q q 0 0 0 rg BT 387.42 735.20 Td (diluted ) Tj ET Q q 0 0 0 rg BT 420.63 735.20 Td (share, ) Tj ET Q q 0 0 0 rg BT 449.25 735.20 Td (and ) Tj ET Q q 0 0 0 rg BT 467.59 735.20 Td (TCJA-related ) Tj ET Q q 0 0 0 rg BT 530.12 735.20 Td (income ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 722.00 Td (tax ) Tj ET Q q 0 0 0 rg BT 101.69 722.00 Td (expense ) Tj ET Q q 0 0 0 rg BT 139.87 722.00 Td (of ) Tj ET Q q 0 0 0 rg BT 151.78 722.00 Td ($) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 157.28 722.00 Td (95.6 ) Tj ET Q q 0 0 0 rg BT 179.28 722.00 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 211.06 722.00 Td (, ) Tj ET Q q 0 0 0 rg BT 216.56 722.00 Td (or ) Tj ET Q q 0 0 0 rg BT 228.47 722.00 Td ($) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 233.97 722.00 Td (1.36) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 253.22 722.00 Td ( ) Tj ET Q q 0 0 0 rg BT 255.97 722.00 Td (per ) Tj ET Q q 0 0 0 rg BT 272.77 722.00 Td (diluted ) Tj ET Q q 0 0 0 rg BT 306.07 722.00 Td (share.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 708.80 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 708.80 Td (Operating ) Tj ET Q q 0 0 0 rg BT 131.74 708.80 Td (mar) Tj ET Q q 0 0 0 rg BT 148.64 708.80 Td (gin ) Tj ET Q q 0 0 0 rg BT 164.95 708.80 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 176.37 708.80 Td (10.7 ) Tj ET Q q 0 0 0 rg BT 197.87 708.80 Td (percent) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 230.24 708.80 Td (, ) Tj ET Q q 0 0 0 rg BT 235.24 708.80 Td (and ) Tj ET Q q 0 0 0 rg BT 253.38 708.80 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 303.08 708.80 Td ( ) Tj ET Q q 0 0 0 rg BT 305.33 708.80 Td (operating ) Tj ET Q q 0 0 0 rg BT 349.13 708.80 Td (mar) Tj ET Q q 0 0 0 rg BT 366.03 708.80 Td (gin ) Tj ET Q q 0 0 0 rg BT 382.34 708.80 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 393.75 708.80 Td (1) Tj ET Q q 0 0 0 rg BT 398.85 708.80 Td (1.3 ) Tj ET Q q 0 0 0 rg BT 414.85 708.80 Td (percent) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 447.22 708.80 Td (, ) Tj ET Q q 0 0 0 rg BT 452.22 708.80 Td (compared ) Tj ET Q q 0 0 0 rg BT 497.84 708.80 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 508.65 708.80 Td (10.8 ) Tj ET Q q 0 0 0 rg BT 530.15 708.80 Td (percent) Tj ET Q BT /F1 11.00 Tf ET BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 695.60 Td (in ) Tj ET Q q 0 0 0 rg BT 96.81 695.60 Td (the ) Tj ET Q q 0 0 0 rg BT 112.99 695.60 Td (prior ) Tj ET Q q 0 0 0 rg BT 137.13 695.60 Td (year) Tj ET Q q 0 0 0 rg BT 155.45 695.60 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 682.40 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 682.40 Td (Diluted ) Tj ET Q q 0 0 0 rg BT 121.18 682.40 Td (earnings ) Tj ET Q q 0 0 0 rg BT 161.14 682.40 Td (per ) Tj ET Q q 0 0 0 rg BT 177.87 682.40 Td (share ) Tj ET Q q 0 0 0 rg BT 203.77 682.40 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 215.62 682.40 Td ($1.49) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 240.37 682.40 Td (, ) Tj ET Q q 0 0 0 rg BT 245.81 682.40 Td (and ) Tj ET Q q 0 0 0 rg BT 264.38 682.40 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 314.09 682.40 Td ( ) Tj ET Q q 0 0 0 rg BT 316.78 682.40 Td (diluted ) Tj ET Q q 0 0 0 rg BT 350.02 682.40 Td (earnings ) Tj ET Q q 0 0 0 rg BT 389.97 682.40 Td (per ) Tj ET Q q 0 0 0 rg BT 406.71 682.40 Td (share ) Tj ET Q q 0 0 0 rg BT 432.61 682.40 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 444.46 682.40 Td ($2.98) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 469.21 682.40 Td (, ) Tj ET Q q 0 0 0 rg BT 474.65 682.40 Td (compared ) Tj ET Q q 0 0 0 rg BT 520.70 682.40 Td (to ) Tj ET Q q 0 0 0 rg BT 531.95 682.40 Td (diluted ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 669.20 Td (earnings ) Tj ET Q q 0 0 0 rg BT 125.51 669.20 Td (per ) Tj ET Q q 0 0 0 rg BT 142.31 669.20 Td (share ) Tj ET Q q 0 0 0 rg BT 168.27 669.20 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 180.18 669.20 Td ($2.72) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 204.93 669.20 Td ( ) Tj ET Q q 0 0 0 rg BT 207.68 669.20 Td (in ) Tj ET Q q 0 0 0 rg BT 218.99 669.20 Td (the ) Tj ET Q q 0 0 0 rg BT 235.18 669.20 Td (prior ) Tj ET Q q 0 0 0 rg BT 259.31 669.20 Td (year) Tj ET Q q 0 0 0 rg BT 277.63 669.20 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 656.00 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 656.00 Td (Record ) Tj ET Q q 0 0 0 rg BT 120.01 656.00 Td (cash ) Tj ET Q q 0 0 0 rg BT 142.31 656.00 Td (and ) Tj ET Q q 0 0 0 rg BT 160.94 656.00 Td (short-term ) Tj ET Q q 0 0 0 rg BT 209.51 656.00 Td (investment ) Tj ET Q q 0 0 0 rg BT 260.53 656.00 Td (balances ) Tj ET Q q 0 0 0 rg BT 301.15 656.00 Td (of ) Tj ET Q q 0 0 0 rg BT 313.06 656.00 Td ($) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 318.56 656.00 Td (768.1 ) Tj ET Q q 0 0 0 rg BT 346.06 656.00 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 377.84 656.00 Td ( ) Tj ET Q q 0 0 0 rg BT 380.59 656.00 Td (at ) Tj ET Q q 0 0 0 rg BT 391.28 656.00 Td (December ) Tj ET Q q 0 0 0 rg BT 439.22 656.00 Td (31, ) Tj ET Q q 0 0 0 rg BT 455.72 656.00 Td (2017.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 642.80 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 642.80 Td (Record ) Tj ET Q q 0 0 0 rg BT 120.01 642.80 Td (operating ) Tj ET Q q 0 0 0 rg BT 164.30 642.80 Td (cash ) Tj ET Q q 0 0 0 rg BT 186.60 642.80 Td (flow ) Tj ET Q q 0 0 0 rg BT 209.51 642.80 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 221.43 642.80 Td ($341.1 ) Tj ET Q q 0 0 0 rg BT 254.43 642.80 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 286.21 642.80 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 629.60 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 629.60 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 147.24 629.60 Td (inventory ) Tj ET Q q 0 0 0 rg BT 193.10 629.60 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 205.95 629.60 Td ($457.9) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 236.20 629.60 Td ( ) Tj ET Q q 0 0 0 rg BT 239.90 629.60 Td (million ) Tj ET Q q 0 0 0 rg BT 275.37 629.60 Td (at ) Tj ET Q q 0 0 0 rg BT 287.00 629.60 Td (December ) Tj ET Q q 0 0 0 rg BT 335.89 629.60 Td (31, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 353.33 629.60 Td (2017) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 375.33 629.60 Td (, ) Tj ET Q q 0 0 0 rg BT 381.78 629.60 Td (a ) Tj ET Q q 0 0 0 rg BT 390.35 629.60 Td (decline ) Tj ET Q q 0 0 0 rg BT 425.81 629.60 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 438.66 629.60 Td ($30.1) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 463.41 629.60 Td ( ) Tj ET Q q 0 0 0 rg BT 467.11 629.60 Td (million, ) Tj ET Q q 0 0 0 rg BT 505.33 629.60 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 518.19 629.60 Td (6) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 523.69 629.60 Td ( ) Tj ET Q q 0 0 0 rg BT 527.38 629.60 Td (percent, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 616.40 Td (compared ) Tj ET Q q 0 0 0 rg BT 131.62 616.40 Td (to ) Tj ET Q q 0 0 0 rg BT 142.92 616.40 Td (December ) Tj ET Q q 0 0 0 rg BT 190.86 616.40 Td (31, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 207.36 616.40 Td (2016) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 229.36 616.40 Td (. ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 62.50 568.90 147.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.50 568.90 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.50 568.90 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 568.90 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 568.90 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 568.90 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 568.90 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 568.90 7.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 568.90 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 568.90 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 568.90 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 568.90 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 568.90 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 62.50 538.90 147.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.50 538.90 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.50 538.90 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 538.90 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 538.90 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 538.90 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 538.90 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 538.90 7.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 538.90 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 538.90 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 538.90 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 538.90 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 538.90 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 62.50 509.90 147.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.50 509.90 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.50 509.90 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 509.90 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 509.90 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 509.90 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 509.90 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 509.90 7.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 509.90 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 509.90 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 509.90 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 509.90 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 509.90 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 62.50 480.90 147.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.50 480.90 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.50 480.90 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 480.90 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 480.90 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 480.90 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 480.90 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 480.90 7.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 480.90 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 480.90 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 480.90 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 480.90 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 480.90 52.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 592.9 m 265.5 592.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 592.9 m 269.5 592.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 592.9 m 321.5 592.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 592.9 m 325.5 592.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 592.9 m 377.5 592.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 592.9 m 436.5 592.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 592.9 m 440.5 592.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 592.9 m 492.5 592.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 592.9 m 496.5 592.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 592.9 m 548.5 592.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 568.9 m 265.5 568.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 592.9 m 321.5 592.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 568.9 m 321.5 568.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 568.9 m 377.5 568.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 592.9 m 436.5 592.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 568.9 m 436.5 568.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 592.9 m 440.5 592.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 592.9 m 492.5 592.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 568.9 m 492.5 568.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 592.9 m 496.5 592.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 592.9 m 548.5 592.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 568.9 m 548.5 568.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 568.9 m 265.5 568.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 568.9 m 321.5 568.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 568.9 m 377.5 568.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 568.9 m 436.5 568.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 568.9 m 492.5 568.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 568.9 m 548.5 568.9 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 282.45 597.30 Td (GAAP) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 443.95 597.30 Td (Non-GAAP) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 223.00 584.30 Td (FY) Tj ET Q q 0 0 0 rg BT 234.66 584.30 Td ( 2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 220.70 572.30 Td (\(millions\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 279.00 584.30 Td (FY) Tj ET Q q 0 0 0 rg BT 290.66 584.30 Td ( 2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 276.70 572.30 Td (\(millions\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.60 573.35 Td (% Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.00 584.30 Td (FY) Tj ET Q q 0 0 0 rg BT 405.66 584.30 Td ( 2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 391.70 572.30 Td (\(millions\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 450.00 584.30 Td (FY) Tj ET Q q 0 0 0 rg BT 461.66 584.30 Td ( 2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.70 572.30 Td (\(millions\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 501.60 573.35 Td (% Change) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 65.00 558.36 Td (Net sales) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 100.25 558.16 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 223.25 558.36 Td ($2,466.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.25 558.36 Td ($2,377.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.00 558.36 Td (4%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 394.25 558.36 Td ($2,466.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.25 558.36 Td ($2,377.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 516.00 558.36 Td (4%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 65.00 543.36 Td (Gross mar) Tj ET Q q 0 0 0 rg BT 102.08 543.36 Td (gin) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 113.75 543.16 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 227.35 543.36 Td (47.0%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 283.35 543.36 Td (46.7%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 339.10 543.36 Td (30 bps) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 398.35 543.36 Td (47.0%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.35 543.36 Td (46.7%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 510.10 543.36 Td (30 bps) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 65.00 528.36 Td (SG&A) Tj ET Q q 0 0 0 rg BT 89.51 528.36 Td ( rate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 109.25 528.16 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 227.35 528.36 Td (36.9%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 283.35 528.36 Td (36.4%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 339.10 528.36 Td (50 bps) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 398.35 528.36 Td (36.3%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.35 528.36 Td (36.4%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 507.10 528.36 Td (\(10\) bps) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 65.00 514.36 Td (Operating income) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 131.75 514.16 Td (. . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 226.60 514.36 Td ($263.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 282.60 514.36 Td ($256.5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.00 514.36 Td (3%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.60 514.36 Td ($277.8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.60 514.36 Td ($256.5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 516.00 514.36 Td (8%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 65.00 500.36 Td (Operating mar) Tj ET Q q 0 0 0 rg BT 117.07 500.36 Td (gin) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 131.75 500.16 Td (. . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 227.35 500.36 Td (10.7%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 283.35 500.36 Td (10.8%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 336.10 500.36 Td (\(10\) bps) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 398.35 500.36 Td (1) Tj ET Q q 0 0 0 rg BT 402.85 500.36 Td (1.3%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.35 500.36 Td (10.8%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 510.10 500.36 Td (50 bps) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 65.00 485.36 Td (Net income) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 109.25 485.16 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 226.60 485.36 Td ($105.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 282.60 485.36 Td ($191.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 339.75 485.36 Td (\(45\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.60 485.36 Td ($210.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.60 485.36 Td ($191.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 516.00 485.36 Td (9%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 65.00 470.36 Td (Earnings per share) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 136.25 470.16 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 228.85 470.36 Td ($1.49) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 284.85 470.36 Td ($2.72) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 339.75 470.36 Td (\(45\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 399.85 470.36 Td ($2.98) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.85 470.36 Td ($2.72) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 513.75 470.36 Td (10%) Tj ET Q BT /F1 10.00 Tf ET 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 49.5 438.278564453125 m 95.33154296875 438.278564453125 l s q 0 0 0 rg BT 49.50 440.00 Td (Full ) Tj ET Q q 0 0 0 rg BT 70.79 440.00 Td (Y) Tj ET Q q 0 0 0 rg BT 77.52 440.00 Td (ear) Tj ET Q q 0 0 0 rg BT 92.58 440.00 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 95.33154296875 438.278564453125 m 117.33154296875 438.278564453125 l s q 0 0 0 rg BT 95.33 440.00 Td (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 117.33154296875 438.278564453125 m 254.54150390625 438.278564453125 l s q 0 0 0 rg BT 117.33 440.00 Td ( ) Tj ET Q q 0 0 0 rg BT 120.08 440.00 Td (Financial ) Tj ET Q q 0 0 0 rg BT 166.84 440.00 Td (Outlook ) Tj ET Q q 0 0 0 rg BT 208.10 440.00 Td (Summary) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 254.54 440.00 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 134.00 403.50 135.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.00 403.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.00 403.50 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 403.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 403.50 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 134.00 373.50 135.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.00 373.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.00 373.50 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 373.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 373.50 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 134.00 343.50 135.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.00 343.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.00 343.50 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 343.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 343.50 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 134.00 313.50 135.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.00 313.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.00 313.50 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 313.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 313.50 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 134.00 283.50 135.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.00 283.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.00 283.50 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 283.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 283.50 100.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273 416.5 m 373 416.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 416.5 m 477 416.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273 403.5 m 373 403.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 403.5 m 477 403.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273 403.5 m 373 403.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 403.5 m 477 403.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.15 420.73 Td (Full ) Tj ET Q q 0 0 0 rg BT 342.63 420.73 Td (Y) Tj ET Q q 0 0 0 rg BT 347.52 420.73 Td (ear) Tj ET Q q 0 0 0 rg BT 358.48 420.73 Td ( 2018 \(U.S. Dollar\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 311.35 407.73 Td (GAAP) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 404.70 407.73 Td (Non-GAAP*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.50 393.17 Td (Net sales growth) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.00 393.07 Td (. . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.25 393.17 Td (5.5% to 7.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.25 393.17 Td (4.0% to 6.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.50 378.17 Td (Gross mar) Tj ET Q q 0 0 0 rg BT 177.79 378.17 Td (gin expansion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.00 378.07 Td (. . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.40 378.17 Td (up to 140 bps) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.90 378.17 Td (up to 60 bps) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.50 363.17 Td (SG&A) Tj ET Q q 0 0 0 rg BT 164.01 363.17 Td ( expense deleverage) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.00 363.07 Td (. . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.70 363.17 Td (170 bps to 190 bps) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.70 363.17 Td (40 bps to 50 bps) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.50 348.17 Td (Income from operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.00 348.07 Td (. . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.40 348.17 Td ($263 to $273 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.40 348.17 Td ($290 to $300 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.50 333.17 Td (Operating mar) Tj ET Q q 0 0 0 rg BT 194.44 333.17 Td (gin) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.00 333.07 Td (. . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.25 333.17 Td (10.1% to 10.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.65 333.17 Td (1) Tj ET Q q 0 0 0 rg BT 399.46 333.17 Td (1.3% to 1) Tj ET Q q 0 0 0 rg BT 437.70 333.17 Td (1.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.50 318.17 Td (Licensing Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.00 318.07 Td (. . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.15 318.17 Td (up to $13.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 318.17 Td (up to $13.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.50 303.17 Td (Ef) Tj ET Q q 0 0 0 rg BT 145.85 303.17 Td (fective income tax rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.00 303.07 Td (. . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.20 303.17 Td (approximately 22%**) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.20 303.17 Td (approximately 22%**) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.50 288.17 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.00 288.07 Td (. . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.60 288.17 Td ($203 to $21) Tj ET Q q 0 0 0 rg BT 328.19 288.17 Td (1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.40 288.17 Td ($224 to $231 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.50 273.17 Td (Diluted earnings per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.00 273.07 Td (. . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.60 273.17 Td ($2.88 to $2.98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.60 273.17 Td ($3.17 to $3.27) Tj ET Q BT /F1 10.00 Tf ET BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 243.80 Td (* ) Tj ET Q q 0 0 0 rg BT 58.44 243.80 Td (Full ) Tj ET Q q 0 0 0 rg BT 79.62 243.80 Td (year ) Tj ET Q q 0 0 0 rg BT 101.99 243.80 Td (2018 ) Tj ET Q q 0 0 0 rg BT 127.43 243.80 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 177.13 243.80 Td ( ) Tj ET Q q 0 0 0 rg BT 180.58 243.80 Td (financial ) Tj ET Q q 0 0 0 rg BT 222.50 243.80 Td (measures ) Tj ET Q q 0 0 0 rg BT 266.87 243.80 Td (exclude ) Tj ET Q q 0 0 0 rg BT 304.51 243.80 Td (net ) Tj ET Q q 0 0 0 rg BT 321.40 243.80 Td (sales ) Tj ET Q q 0 0 0 rg BT 346.22 243.80 Td (of ) Tj ET Q q 0 0 0 rg BT 358.83 243.80 Td (approximately ) Tj ET Q q 0 0 0 rg BT 425.80 243.80 Td ($40 ) Tj ET Q q 0 0 0 rg BT 445.75 243.80 Td (million, ) Tj ET Q q 0 0 0 rg BT 483.72 243.80 Td (with ) Tj ET Q q 0 0 0 rg BT 506.72 243.80 Td (an ) Tj ET Q q 0 0 0 rg BT 520.54 243.80 Td (of) Tj ET Q q 0 0 0 rg BT 529.51 243.80 Td (fsetting ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 230.60 Td (increase ) Tj ET Q q 0 0 0 rg BT 88.47 230.60 Td (in ) Tj ET Q q 0 0 0 rg BT 99.97 230.60 Td (selling, ) Tj ET Q q 0 0 0 rg BT 134.99 230.60 Td (general ) Tj ET Q q 0 0 0 rg BT 170.30 230.60 Td (and ) Tj ET Q q 0 0 0 rg BT 189.13 230.60 Td (administrative ) Tj ET Q q 0 0 0 rg BT 254.99 230.60 Td (\(SG&A\) ) Tj ET Q q 0 0 0 rg BT 295.82 230.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 338.47 230.60 Td (of ) Tj ET Q q 0 0 0 rg BT 350.58 230.60 Td (approximately ) Tj ET Q q 0 0 0 rg BT 417.06 230.60 Td ($40 ) Tj ET Q q 0 0 0 rg BT 436.50 230.60 Td (million ) Tj ET Q q 0 0 0 rg BT 471.22 230.60 Td (related ) Tj ET Q q 0 0 0 rg BT 504.08 230.60 Td (to ) Tj ET Q q 0 0 0 rg BT 515.58 230.60 Td (changes ) Tj ET Q q 0 0 0 rg BT 553.95 230.60 Td (in ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 217.40 Td (revenue ) Tj ET Q q 0 0 0 rg BT 86.06 217.40 Td (accounting ) Tj ET Q q 0 0 0 rg BT 136.06 217.40 Td (standards, ) Tj ET Q q 0 0 0 rg BT 182.11 217.40 Td (as ) Tj ET Q q 0 0 0 rg BT 193.02 217.40 Td (well ) Tj ET Q q 0 0 0 rg BT 213.70 217.40 Td (as ) Tj ET Q q 0 0 0 rg BT 224.61 217.40 Td (Project ) Tj ET Q q 0 0 0 rg BT 257.52 217.40 Td (CONNECT) Tj ET Q q 0 0 0 rg BT 309.26 217.40 Td ( ) Tj ET Q q 0 0 0 rg BT 311.01 217.40 Td (program ) Tj ET Q q 0 0 0 rg BT 350.02 217.40 Td (expenses ) Tj ET Q q 0 0 0 rg BT 391.48 217.40 Td (and ) Tj ET Q q 0 0 0 rg BT 409.11 217.40 Td (discrete ) Tj ET Q q 0 0 0 rg BT 445.06 217.40 Td (costs ) Tj ET Q q 0 0 0 rg BT 468.80 217.40 Td (of ) Tj ET Q q 0 0 0 rg BT 479.71 217.40 Td (approximately$27 ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 204.20 Td (million, ) Tj ET Q q 0 0 0 rg BT 86.78 204.20 Td ($21 ) Tj ET Q q 0 0 0 rg BT 106.03 204.20 Td (million ) Tj ET Q q 0 0 0 rg BT 140.56 204.20 Td (net ) Tj ET Q q 0 0 0 rg BT 156.75 204.20 Td (of ) Tj ET Q q 0 0 0 rg BT 168.66 204.20 Td (tax, ) Tj ET Q q 0 0 0 rg BT 187.60 204.20 Td (or$0.29per ) Tj ET Q q 0 0 0 rg BT 243.81 204.20 Td (diluted ) Tj ET Q q 0 0 0 rg BT 277.11 204.20 Td (share.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 177.80 Td (** ) Tj ET Q q 0 0 0 rg BT 63.37 177.80 Td (Our ) Tj ET Q q 0 0 0 rg BT 83.35 177.80 Td (full ) Tj ET Q q 0 0 0 rg BT 101.49 177.80 Td (year ) Tj ET Q q 0 0 0 rg BT 123.29 177.80 Td (2018 ) Tj ET Q q 0 0 0 rg BT 148.16 177.80 Td (financial ) Tj ET Q q 0 0 0 rg BT 189.51 177.80 Td (outlook ) Tj ET Q q 0 0 0 rg BT 225.99 177.80 Td (anticipates ) Tj ET Q q 0 0 0 rg BT 275.89 177.80 Td (an ) Tj ET Q q 0 0 0 rg BT 289.14 177.80 Td (estimated ) Tj ET Q q 0 0 0 rg BT 334.17 177.80 Td (full-year ) Tj ET Q q 0 0 0 rg BT 374.90 177.80 Td (ef) Tj ET Q q 0 0 0 rg BT 383.25 177.80 Td (fective ) Tj ET Q q 0 0 0 rg BT 416.04 177.80 Td (income ) Tj ET Q q 0 0 0 rg BT 451.29 177.80 Td (tax ) Tj ET Q q 0 0 0 rg BT 467.60 177.80 Td (rate ) Tj ET Q q 0 0 0 rg BT 486.95 177.80 Td (of ) Tj ET Q q 0 0 0 rg BT 498.98 177.80 Td (approximately ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 164.60 Td (22 ) Tj ET Q q 0 0 0 rg BT 63.26 164.60 Td (percent, ) Tj ET Q q 0 0 0 rg BT 101.14 164.60 Td (which ) Tj ET Q q 0 0 0 rg BT 130.79 164.60 Td (may ) Tj ET Q q 0 0 0 rg BT 152.49 164.60 Td (be ) Tj ET Q q 0 0 0 rg BT 165.64 164.60 Td (af) Tj ET Q q 0 0 0 rg BT 173.98 164.60 Td (fected ) Tj ET Q q 0 0 0 rg BT 203.61 164.60 Td (by ) Tj ET Q q 0 0 0 rg BT 217.38 164.60 Td (further ) Tj ET Q q 0 0 0 rg BT 250.07 164.60 Td (refinement ) Tj ET Q q 0 0 0 rg BT 300.47 164.60 Td (of ) Tj ET Q q 0 0 0 rg BT 312.40 164.60 Td (our ) Tj ET Q q 0 0 0 rg BT 329.83 164.60 Td (2017 ) Tj ET Q q 0 0 0 rg BT 354.59 164.60 Td (provisional ) Tj ET Q q 0 0 0 rg BT 406.65 164.60 Td (TCJA) Tj ET Q q 0 0 0 rg BT 432.32 164.60 Td ( ) Tj ET Q q 0 0 0 rg BT 435.09 164.60 Td (estimates, ) Tj ET Q q 0 0 0 rg BT 481.53 164.60 Td (as ) Tj ET Q q 0 0 0 rg BT 493.46 164.60 Td (well ) Tj ET Q q 0 0 0 rg BT 515.16 164.60 Td (as ) Tj ET Q q 0 0 0 rg BT 527.09 164.60 Td (changes ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 151.40 Td (in ) Tj ET Q q 0 0 0 rg BT 60.81 151.40 Td (our ) Tj ET Q q 0 0 0 rg BT 78.22 151.40 Td (geographic ) Tj ET Q q 0 0 0 rg BT 129.84 151.40 Td (mix ) Tj ET Q q 0 0 0 rg BT 149.70 151.40 Td (of ) Tj ET Q q 0 0 0 rg BT 161.61 151.40 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 195.51 151.40 Td (income ) Tj ET Q q 0 0 0 rg BT 230.63 151.40 Td (and ) Tj ET Q q 0 0 0 rg BT 249.27 151.40 Td (other ) Tj ET Q q 0 0 0 rg BT 274.62 151.40 Td (discrete ) Tj ET Q q 0 0 0 rg BT 311.57 151.40 Td (events ) Tj ET Q q 0 0 0 rg BT 342.42 151.40 Td (that ) Tj ET Q q 0 0 0 rg BT 361.67 151.40 Td (may ) Tj ET Q q 0 0 0 rg BT 383.36 151.40 Td (occur ) Tj ET Q q 0 0 0 rg BT 410.53 151.40 Td (during ) Tj ET Q q 0 0 0 rg BT 442.00 151.40 Td (the ) Tj ET Q q 0 0 0 rg BT 458.19 151.40 Td (year) Tj ET Q q 0 0 0 rg BT 476.51 151.40 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 125.00 Td (The ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 69.22 125.00 Td (Full ) Tj ET Q q 0 0 0 rg BT 90.40 125.00 Td (Y) Tj ET Q q 0 0 0 rg BT 97.12 125.00 Td (ear) Tj ET Q q 0 0 0 rg BT 112.19 125.00 Td ( ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 114.81 125.00 Td (2018) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 136.81 125.00 Td ( ) Tj ET Q q 0 0 0 rg BT 139.43 125.00 Td (Financial ) Tj ET Q q 0 0 0 rg BT 186.05 125.00 Td (Outlook) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 224.56 125.00 Td ( ) Tj ET Q q 0 0 0 rg BT 227.18 125.00 Td (section ) Tj ET Q q 0 0 0 rg BT 260.96 125.00 Td (below ) Tj ET Q q 0 0 0 rg BT 290.46 125.00 Td (contains ) Tj ET Q q 0 0 0 rg BT 329.73 125.00 Td (a ) Tj ET Q q 0 0 0 rg BT 337.24 125.00 Td (more ) Tj ET Q q 0 0 0 rg BT 362.46 125.00 Td (detailed ) Tj ET Q q 0 0 0 rg BT 399.89 125.00 Td (discussion ) Tj ET Q q 0 0 0 rg BT 448.35 125.00 Td (of ) Tj ET Q q 0 0 0 rg BT 460.13 125.00 Td (the ) Tj ET Q q 0 0 0 rg BT 476.18 125.00 Td (factors ) Tj ET Q q 0 0 0 rg BT 508.73 125.00 Td (contributing ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 111.80 Td (to ) Tj ET Q q 0 0 0 rg BT 60.81 111.80 Td (this ) Tj ET Q q 0 0 0 rg BT 79.45 111.80 Td (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 83.67856445312498 m 234.76513671875 83.67856445312498 l s q 0 0 0 rg BT 49.50 85.40 Td (Fourth ) Tj ET Q q 0 0 0 rg BT 85.25 85.40 Td (Quarter) Tj ET Q q 0 0 0 rg BT 123.54 85.40 Td ( ) Tj ET Q q 0 0 0 rg BT 126.29 85.40 Td (2017 ) Tj ET Q q 0 0 0 rg BT 151.04 85.40 Td (Financial ) Tj ET Q q 0 0 0 rg BT 197.79 85.40 Td (Results ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 59.00 Td (\(All ) Tj ET Q q 0 0 0 rg BT 69.97 59.00 Td (comparisons ) Tj ET Q q 0 0 0 rg BT 128.32 59.00 Td (are ) Tj ET Q q 0 0 0 rg BT 144.50 59.00 Td (between ) Tj ET Q q 0 0 0 rg BT 183.90 59.00 Td (fourth ) Tj ET Q q 0 0 0 rg BT 213.53 59.00 Td (quarter ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 247.42 59.00 Td (2017) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 269.42 59.00 Td ( ) Tj ET Q q 0 0 0 rg BT 272.17 59.00 Td (and ) Tj ET Q q 0 0 0 rg BT 290.81 59.00 Td (fourth ) Tj ET Q q 0 0 0 rg BT 320.44 59.00 Td (quarter ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 354.34 59.00 Td (2016) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 376.34 59.00 Td (, ) Tj ET Q q 0 0 0 rg BT 381.84 59.00 Td (unless ) Tj ET Q q 0 0 0 rg BT 412.09 59.00 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 457.60 59.00 Td (noted\).) 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 /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 748.60 Td (Net Sales ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 722.20 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 109.78 722.20 Td (fourth ) Tj ET Q q 0 0 0 rg BT 138.90 722.20 Td (quarter ) Tj ET Q q 0 0 0 rg BT 172.28 722.20 Td (net ) Tj ET Q q 0 0 0 rg BT 187.95 722.20 Td (sales ) Tj ET Q q 0 0 0 rg BT 211.56 722.20 Td (increased ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 255.32 722.20 Td (8) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 260.82 722.20 Td ( ) Tj ET Q q 0 0 0 rg BT 263.05 722.20 Td (percent ) Tj ET Q q 0 0 0 rg BT 297.65 722.20 Td (to ) Tj ET Q q 0 0 0 rg BT 308.44 722.20 Td (a ) Tj ET Q q 0 0 0 rg BT 315.55 722.20 Td (record ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 345.88 722.20 Td ($776.0) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 376.13 722.20 Td ( ) Tj ET Q q 0 0 0 rg BT 378.36 722.20 Td (million, ) Tj ET Q q 0 0 0 rg BT 415.12 722.20 Td (driven ) Tj ET Q q 0 0 0 rg BT 445.46 722.20 Td (by ) Tj ET Q q 0 0 0 rg BT 458.69 722.20 Td (performance ) Tj ET Q q 0 0 0 rg BT 516.49 722.20 Td (in ) Tj ET Q q 0 0 0 rg BT 527.28 722.20 Td (the ) Tj ET Q q 0 0 0 rg BT 542.95 722.20 Td (U.S. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 709.00 Td (and ) Tj ET Q q 0 0 0 rg BT 68.13 709.00 Td (Europe-direct.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 71.50 682.60 Td (Geographies) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 130.78 682.60 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 156.00 605.10 90.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 605.10 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.00 605.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.00 605.10 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.00 605.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 605.10 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 605.10 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 605.10 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 156.00 581.10 90.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 581.10 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.00 581.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.00 581.10 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.00 581.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 581.10 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 581.10 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 581.10 49.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 672.1 m 295 672.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295 672.1 m 299 672.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299 672.1 m 348 672.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348 672.1 m 352 672.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 672.1 m 401 672.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 672.1 m 406 672.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 672.1 m 455 672.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 617.1 m 295 617.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299 617.1 m 348 617.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 617.1 m 401 617.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 617.1 m 455 617.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 246 569.1 m 295 569.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 558.1 m 295 558.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 556.1 m 295 556.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 299 569.1 m 348 569.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299 558.1 m 348 558.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299 556.1 m 348 556.1 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 410.95 663.55 Td (Constant-) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 412.80 652.55 Td (curr) Tj ET Q q 0 0 0 rg BT 429.71 652.55 Td (ency) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 252.35 641.50 Td (Net Sales) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 251.70 632.55 Td (\(millions\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 305.35 641.50 Td (Net Sales) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.70 632.55 Td (\(millions\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 358.35 634.55 Td (Net Sales) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 412.35 634.55 Td (Net Sales) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 254.10 621.50 Td (Q4 2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 307.10 621.50 Td (Q4 2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 355.60 621.50 Td (%Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 409.60 621.50 Td (%Change) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 158.50 608.36 Td (United States) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 257.60 608.36 Td ($492.6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 310.60 608.36 Td ($455.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 370.00 608.36 Td (8%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.00 608.36 Td (8%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 158.50 596.36 Td (LAAP) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.85 596.36 Td (154.3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 312.85 596.36 Td (151.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 370.00 596.36 Td (2%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.00 596.36 Td (3%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 158.50 584.36 Td (EMEA) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 262.10 584.36 Td (83.5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 315.10 584.36 Td (70.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.75 584.36 Td (19%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.75 584.36 Td (14%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 158.50 572.36 Td (Canada) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 262.10 572.36 Td (45.6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 315.10 572.36 Td (40.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.75 572.36 Td (14%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.00 572.36 Td (9%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 158.50 560.36 Td ( ) Tj ET Q q 0 0 0 rg BT 160.59 560.36 Td (T) Tj ET Q q 0 0 0 rg BT 165.46 560.36 Td (otal) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 257.60 560.36 Td ($776.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 310.60 560.36 Td ($717.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 370.00 560.36 Td (8%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.00 560.36 Td (8%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 531.20 Td ( ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 103.50 531.20 Td (United ) Tj ET Q q 0 0 0 rg BT 138.03 531.20 Td (States) Tj ET Q BT /F1 11.00 Tf ET /GS0 gs q 5.00 0 0 11.00 121.50 515.63 cm /I2 Do Q q 0 0 0 rg BT 126.50 518.00 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 518.00 Td (DTC ) Tj ET Q q 0 0 0 rg BT 163.55 518.00 Td (net ) Tj ET Q q 0 0 0 rg BT 179.03 518.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 202.46 518.00 Td (increased ) Tj ET Q q 0 0 0 rg BT 246.04 518.00 Td (low-double-digit ) Tj ET Q q 0 0 0 rg BT 322.02 518.00 Td (percent, ) Tj ET Q q 0 0 0 rg BT 359.19 518.00 Td (driven ) Tj ET Q q 0 0 0 rg BT 389.34 518.00 Td (by ) Tj ET Q q 0 0 0 rg BT 402.38 518.00 Td (brick ) Tj ET Q q 0 0 0 rg BT 427.03 518.00 Td (& ) Tj ET Q q 0 0 0 rg BT 437.64 518.00 Td (mortar ) Tj ET Q q 0 0 0 rg BT 469.01 518.00 Td (store ) Tj ET Q q 0 0 0 rg BT 492.44 518.00 Td (net ) Tj ET Q q 0 0 0 rg BT 507.92 518.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 531.35 518.00 Td (growth ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 504.80 Td (and ) Tj ET Q q 0 0 0 rg BT 158.38 504.80 Td (modest ) Tj ET Q q 0 0 0 rg BT 193.15 504.80 Td (e-commerce ) Tj ET Q q 0 0 0 rg BT 250.49 504.80 Td (growth, ) Tj ET Q q 0 0 0 rg BT 287.40 504.80 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 332.54 504.80 Td (the ) Tj ET Q q 0 0 0 rg BT 348.97 504.80 Td (strategic ) Tj ET Q q 0 0 0 rg BT 389.23 504.80 Td (decision ) Tj ET Q q 0 0 0 rg BT 428.88 504.80 Td (to ) Tj ET Q q 0 0 0 rg BT 440.43 504.80 Td (reduce ) Tj ET Q q 0 0 0 rg BT 472.74 504.80 Td (promotional ) Tj ET Q q 0 0 0 rg BT 529.51 504.80 Td (activity ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 491.60 Td (relative ) Tj ET Q q 0 0 0 rg BT 175.23 491.60 Td (to ) Tj ET Q q 0 0 0 rg BT 186.53 491.60 Td (the ) Tj ET Q q 0 0 0 rg BT 202.72 491.60 Td (fourth ) Tj ET Q q 0 0 0 rg BT 232.36 491.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 266.25 491.60 Td (of ) Tj ET Q q 0 0 0 rg BT 278.17 491.60 Td (2016.) Tj ET Q BT /F1 11.00 Tf ET /GS0 gs q 5.00 0 0 11.00 121.50 476.03 cm /I3 Do Q q 0 0 0 rg BT 126.50 478.40 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 478.40 Td (Wholesale ) Tj ET Q q 0 0 0 rg BT 188.36 478.40 Td (net ) Tj ET Q q 0 0 0 rg BT 204.24 478.40 Td (sales ) Tj ET Q q 0 0 0 rg BT 228.06 478.40 Td (increased ) Tj ET Q q 0 0 0 rg BT 272.03 478.40 Td (mid-single-digit ) Tj ET Q q 0 0 0 rg BT 345.35 478.40 Td (percent, ) Tj ET Q q 0 0 0 rg BT 382.91 478.40 Td (with ) Tj ET Q q 0 0 0 rg BT 404.91 478.40 Td (benefits ) Tj ET Q q 0 0 0 rg BT 442.17 478.40 Td (from ) Tj ET Q q 0 0 0 rg BT 465.99 478.40 Td (a ) Tj ET Q q 0 0 0 rg BT 473.31 478.40 Td (shift ) Tj ET Q q 0 0 0 rg BT 495.31 478.40 Td (in ) Tj ET Q q 0 0 0 rg BT 506.30 478.40 Td (the ) Tj ET Q q 0 0 0 rg BT 522.18 478.40 Td (timing ) Tj ET Q q 0 0 0 rg BT 553.35 478.40 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 465.20 Td (shipments ) Tj ET Q q 0 0 0 rg BT 187.33 465.20 Td (of ) Tj ET Q q 0 0 0 rg BT 199.70 465.20 Td (Fall ) Tj ET Q q 0 0 0 rg BT 220.03 465.20 Td (2017 ) Tj ET Q q 0 0 0 rg BT 245.24 465.20 Td (advance ) Tj ET Q q 0 0 0 rg BT 284.48 465.20 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 331.68 465.20 Td (orders ) Tj ET Q q 0 0 0 rg BT 362.38 465.20 Td (from ) Tj ET Q q 0 0 0 rg BT 386.98 465.20 Td (the ) Tj ET Q q 0 0 0 rg BT 403.63 465.20 Td (third ) Tj ET Q q 0 0 0 rg BT 427.62 465.20 Td (quarter ) Tj ET Q q 0 0 0 rg BT 461.98 465.20 Td (into ) Tj ET Q q 0 0 0 rg BT 482.31 465.20 Td (the ) Tj ET Q q 0 0 0 rg BT 498.96 465.20 Td (fourth ) Tj ET Q q 0 0 0 rg BT 529.05 465.20 Td (quarter) Tj ET Q q 0 0 0 rg BT 559.76 465.20 Td (, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 452.00 Td (and ) Tj ET Q q 0 0 0 rg BT 158.42 452.00 Td (improved ) Tj ET Q q 0 0 0 rg BT 203.61 452.00 Td (order ) Tj ET Q q 0 0 0 rg BT 229.85 452.00 Td (conversion ) Tj ET Q q 0 0 0 rg BT 281.15 452.00 Td (of ) Tj ET Q q 0 0 0 rg BT 293.35 452.00 Td (Fall ) Tj ET Q q 0 0 0 rg BT 313.50 452.00 Td (2017 ) Tj ET Q q 0 0 0 rg BT 338.53 452.00 Td (product, ) Tj ET Q q 0 0 0 rg BT 377.92 452.00 Td (partially ) Tj ET Q q 0 0 0 rg BT 417.60 452.00 Td (of) Tj ET Q q 0 0 0 rg BT 426.57 452.00 Td (fset ) Tj ET Q q 0 0 0 rg BT 445.49 452.00 Td (by ) Tj ET Q q 0 0 0 rg BT 459.52 452.00 Td (the ) Tj ET Q q 0 0 0 rg BT 475.99 452.00 Td (comparative ) Tj ET Q q 0 0 0 rg BT 533.39 452.00 Td (ef) Tj ET Q q 0 0 0 rg BT 541.74 452.00 Td (fects ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 438.80 Td (of ) Tj ET Q q 0 0 0 rg BT 152.13 438.80 Td (sales ) Tj ET Q q 0 0 0 rg BT 176.99 438.80 Td (to ) Tj ET Q q 0 0 0 rg BT 189.02 438.80 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 212.05 438.80 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 259.50 438.80 Td (customers ) Tj ET Q q 0 0 0 rg BT 307.58 438.80 Td (who ) Tj ET Q q 0 0 0 rg BT 329.99 438.80 Td (have ) Tj ET Q q 0 0 0 rg BT 354.23 438.80 Td (under) Tj ET Q q 0 0 0 rg BT 379.07 438.80 Td (gone ) Tj ET Q q 0 0 0 rg BT 403.93 438.80 Td (bankruptcies, ) Tj ET Q q 0 0 0 rg BT 466.35 438.80 Td (liquidations ) Tj ET Q q 0 0 0 rg BT 521.77 438.80 Td (and ) Tj ET Q q 0 0 0 rg BT 541.12 438.80 Td (store ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 425.60 Td (closures, ) Tj ET Q q 0 0 0 rg BT 180.34 425.60 Td (as ) Tj ET Q q 0 0 0 rg BT 191.55 425.60 Td (well ) Tj ET Q q 0 0 0 rg BT 212.54 425.60 Td (as ) Tj ET Q q 0 0 0 rg BT 223.75 425.60 Td (more ) Tj ET Q q 0 0 0 rg BT 248.39 425.60 Td (limited ) Tj ET Q q 0 0 0 rg BT 281.60 425.60 Td (closeout ) Tj ET Q q 0 0 0 rg BT 320.31 425.60 Td (sales ) Tj ET Q q 0 0 0 rg BT 343.74 425.60 Td (as ) Tj ET Q q 0 0 0 rg BT 354.95 425.60 Td (a ) Tj ET Q q 0 0 0 rg BT 361.87 425.60 Td (function ) Tj ET Q q 0 0 0 rg BT 400.58 425.60 Td (of ) Tj ET Q q 0 0 0 rg BT 411.79 425.60 Td (reduced ) Tj ET Q q 0 0 0 rg BT 448.64 425.60 Td (levels ) Tj ET Q q 0 0 0 rg BT 476.35 425.60 Td (of ) Tj ET Q q 0 0 0 rg BT 487.56 425.60 Td (excess ) Tj ET Q q 0 0 0 rg BT 518.31 425.60 Td (inventory) Tj ET Q q 0 0 0 rg BT 559.76 425.60 Td (. ) Tj ET Q BT /F1 11.00 Tf ET /GS0 gs q 5.00 0 0 11.00 121.50 410.03 cm /I4 Do Q q 0 0 0 rg BT 126.50 412.40 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 412.40 Td (During ) Tj ET Q q 0 0 0 rg BT 174.08 412.40 Td (the ) Tj ET Q q 0 0 0 rg BT 190.93 412.40 Td (fourth ) Tj ET Q q 0 0 0 rg BT 221.23 412.40 Td (quarter ) Tj ET Q q 0 0 0 rg BT 255.79 412.40 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 268.37 412.40 Td (2017) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 290.37 412.40 Td (, ) Tj ET Q q 0 0 0 rg BT 296.54 412.40 Td (the ) Tj ET Q q 0 0 0 rg BT 313.39 412.40 Td (company ) Tj ET Q q 0 0 0 rg BT 357.13 412.40 Td (operated ) Tj ET Q q 0 0 0 rg BT 398.41 412.40 Td (129 ) Tj ET Q q 0 0 0 rg BT 418.33 412.40 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 441.31 412.40 Td (retail ) Tj ET Q q 0 0 0 rg BT 467.32 412.40 Td (stores ) Tj ET Q q 0 0 0 rg BT 496.40 412.40 Td (\(105 ) Tj ET Q q 0 0 0 rg BT 519.98 412.40 Td (outlet; ) Tj ET Q q 0 0 0 rg BT 551.50 412.40 Td (24 ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 399.20 Td (branded\) ) Tj ET Q q 0 0 0 rg BT 181.24 399.20 Td (and ) Tj ET Q q 0 0 0 rg BT 199.76 399.20 Td (4 ) Tj ET Q q 0 0 0 rg BT 207.91 399.20 Td (branded ) Tj ET Q q 0 0 0 rg BT 245.98 399.20 Td (e-commerce ) Tj ET Q q 0 0 0 rg BT 302.98 399.20 Td (sites, ) Tj ET Q q 0 0 0 rg BT 327.93 399.20 Td (compared ) Tj ET Q q 0 0 0 rg BT 373.94 399.20 Td (with ) Tj ET Q q 0 0 0 rg BT 396.14 399.20 Td (1) Tj ET Q q 0 0 0 rg BT 401.24 399.20 Td (18 ) Tj ET Q q 0 0 0 rg BT 414.88 399.20 Td (stores ) Tj ET Q q 0 0 0 rg BT 443.19 399.20 Td (\(93 ) Tj ET Q q 0 0 0 rg BT 460.50 399.20 Td (outlet; ) Tj ET Q q 0 0 0 rg BT 491.25 399.20 Td (25 ) Tj ET Q q 0 0 0 rg BT 504.90 399.20 Td (branded\) ) Tj ET Q q 0 0 0 rg BT 546.63 399.20 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 386.00 Td (5 ) Tj ET Q q 0 0 0 rg BT 147.75 386.00 Td (branded ) Tj ET Q q 0 0 0 rg BT 185.93 386.00 Td (e-commerce ) Tj ET Q q 0 0 0 rg BT 243.03 386.00 Td (sites ) Tj ET Q q 0 0 0 rg BT 265.33 386.00 Td (during ) Tj ET Q q 0 0 0 rg BT 296.80 386.00 Td (the ) Tj ET Q q 0 0 0 rg BT 312.99 386.00 Td (same ) Tj ET Q q 0 0 0 rg BT 338.34 386.00 Td (period ) Tj ET Q q 0 0 0 rg BT 369.19 386.00 Td (in ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 380.50 386.00 Td (2016) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 402.50 386.00 Td (. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 359.60 Td ( ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 103.50 359.60 Td (Latin ) Tj ET Q q 0 0 0 rg BT 131.32 359.60 Td (America/Asia ) Tj ET Q q 0 0 0 rg BT 198.21 359.60 Td (Pacific ) Tj ET Q q 0 0 0 rg BT 232.72 359.60 Td (\(LAAP\) ) Tj ET Q BT /F1 11.00 Tf ET /GS0 gs q 5.00 0 0 11.00 121.50 344.03 cm /I5 Do Q q 0 0 0 rg BT 126.50 346.40 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 346.40 Td (LAAP) Tj ET Q q 0 0 0 rg BT 167.82 346.40 Td ( ) Tj ET Q q 0 0 0 rg BT 170.72 346.40 Td (distributor ) Tj ET Q q 0 0 0 rg BT 219.45 346.40 Td (net ) Tj ET Q q 0 0 0 rg BT 235.80 346.40 Td (sales ) Tj ET Q q 0 0 0 rg BT 260.08 346.40 Td (increased ) Tj ET Q q 0 0 0 rg BT 304.51 346.40 Td (high-single-digit ) Tj ET Q q 0 0 0 rg BT 380.74 346.40 Td (percent, ) Tj ET Q q 0 0 0 rg BT 418.76 346.40 Td (driven ) Tj ET Q q 0 0 0 rg BT 449.77 346.40 Td (by ) Tj ET Q q 0 0 0 rg BT 463.67 346.40 Td (a ) Tj ET Q q 0 0 0 rg BT 471.46 346.40 Td (shift ) Tj ET Q q 0 0 0 rg BT 493.92 346.40 Td (in ) Tj ET Q q 0 0 0 rg BT 505.38 346.40 Td (the ) Tj ET Q q 0 0 0 rg BT 521.72 346.40 Td (timing ) Tj ET Q q 0 0 0 rg BT 553.35 346.40 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 333.20 Td (Spring ) Tj ET Q q 0 0 0 rg BT 171.37 333.20 Td (2018 ) Tj ET Q q 0 0 0 rg BT 195.91 333.20 Td (advance ) Tj ET Q q 0 0 0 rg BT 234.48 333.20 Td (orders ) Tj ET Q q 0 0 0 rg BT 264.50 333.20 Td (from ) Tj ET Q q 0 0 0 rg BT 288.42 333.20 Td (the ) Tj ET Q q 0 0 0 rg BT 304.40 333.20 Td (first ) Tj ET Q q 0 0 0 rg BT 324.65 333.20 Td (quarter ) Tj ET Q q 0 0 0 rg BT 358.34 333.20 Td (of ) Tj ET Q q 0 0 0 rg BT 370.04 333.20 Td (2018 ) Tj ET Q q 0 0 0 rg BT 394.57 333.20 Td (into ) Tj ET Q q 0 0 0 rg BT 414.22 333.20 Td (the ) Tj ET Q q 0 0 0 rg BT 430.20 333.20 Td (fourth ) Tj ET Q q 0 0 0 rg BT 459.61 333.20 Td (quarter ) Tj ET Q q 0 0 0 rg BT 493.30 333.20 Td (of ) Tj ET Q q 0 0 0 rg BT 505.00 333.20 Td (2017 ) Tj ET Q q 0 0 0 rg BT 529.53 333.20 Td (relative ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 320.00 Td (to ) Tj ET Q q 0 0 0 rg BT 150.81 320.00 Td (the ) Tj ET Q q 0 0 0 rg BT 166.99 320.00 Td (fourth ) Tj ET Q q 0 0 0 rg BT 196.63 320.00 Td (quarter ) Tj ET Q q 0 0 0 rg BT 230.52 320.00 Td (of ) Tj ET Q q 0 0 0 rg BT 242.44 320.00 Td (2016.) Tj ET Q BT /F1 11.00 Tf ET /GS0 gs q 5.00 0 0 11.00 121.50 304.43 cm /I6 Do Q q 0 0 0 rg BT 126.50 306.80 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 306.80 Td (China ) Tj ET Q q 0 0 0 rg BT 170.02 306.80 Td (net ) Tj ET Q q 0 0 0 rg BT 187.70 306.80 Td (sales ) Tj ET Q q 0 0 0 rg BT 213.32 306.80 Td (increased ) Tj ET Q q 0 0 0 rg BT 259.10 306.80 Td (low-single-digit ) Tj ET Q q 0 0 0 rg BT 333.61 306.80 Td (percent ) Tj ET Q q 0 0 0 rg BT 370.22 306.80 Td (\(essentially ) Tj ET Q q 0 0 0 rg BT 424.56 306.80 Td (flat ) Tj ET Q q 0 0 0 rg BT 443.46 306.80 Td (constant-currency\) ) Tj ET Q q 0 0 0 rg BT 530.16 306.80 Td (with ) Tj ET Q q 0 0 0 rg BT 553.96 306.80 Td (e-) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 293.60 Td (commerce ) Tj ET Q q 0 0 0 rg BT 186.68 293.60 Td (growth ) Tj ET Q q 0 0 0 rg BT 219.22 293.60 Td (partially ) Tj ET Q q 0 0 0 rg BT 257.25 293.60 Td (of) Tj ET Q q 0 0 0 rg BT 266.21 293.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 283.47 293.60 Td (by ) Tj ET Q q 0 0 0 rg BT 295.85 293.60 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 341.21 293.60 Td (declines ) Tj ET Q q 0 0 0 rg BT 378.63 293.60 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 422.14 293.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 465.05 293.60 Td (sales ) Tj ET Q q 0 0 0 rg BT 487.81 293.60 Td (returns ) Tj ET Q q 0 0 0 rg BT 519.73 293.60 Td (following ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 280.40 Td (the ) Tj ET Q q 0 0 0 rg BT 157.14 280.40 Td (strategic ) Tj ET Q q 0 0 0 rg BT 198.61 280.40 Td (decision ) Tj ET Q q 0 0 0 rg BT 239.47 280.40 Td (to ) Tj ET Q q 0 0 0 rg BT 252.23 280.40 Td (transition ) Tj ET Q q 0 0 0 rg BT 297.99 280.40 Td (our ) Tj ET Q q 0 0 0 rg BT 316.86 280.40 Td (Beijing ) Tj ET Q q 0 0 0 rg BT 353.45 280.40 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 401.64 280.40 Td (business ) Tj ET Q q 0 0 0 rg BT 443.12 280.40 Td (to ) Tj ET Q q 0 0 0 rg BT 455.88 280.40 Td (new ) Tj ET Q q 0 0 0 rg BT 478.42 280.40 Td (dealers ) Tj ET Q q 0 0 0 rg BT 513.77 280.40 Td (in ) Tj ET Q q 0 0 0 rg BT 526.53 280.40 Td (order ) Tj ET Q q 0 0 0 rg BT 553.94 280.40 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 267.20 Td (revitalize ) Tj ET Q q 0 0 0 rg BT 183.17 267.20 Td (growth ) Tj ET Q q 0 0 0 rg BT 217.08 267.20 Td (in ) Tj ET Q q 0 0 0 rg BT 228.39 267.20 Td (the ) Tj ET Q q 0 0 0 rg BT 244.57 267.20 Td (Beijing ) Tj ET Q q 0 0 0 rg BT 279.71 267.20 Td (market.) Tj ET Q BT /F1 11.00 Tf ET /GS0 gs q 5.00 0 0 11.00 121.50 251.63 cm /I7 Do Q q 0 0 0 rg BT 126.50 254.00 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 254.00 Td (Japan ) Tj ET Q q 0 0 0 rg BT 167.90 254.00 Td (net ) Tj ET Q q 0 0 0 rg BT 184.70 254.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 209.44 254.00 Td (increased ) Tj ET Q q 0 0 0 rg BT 254.32 254.00 Td (low-single-digit ) Tj ET Q q 0 0 0 rg BT 327.95 254.00 Td (percent ) Tj ET Q q 0 0 0 rg BT 363.67 254.00 Td (\(mid-single-digit ) Tj ET Q q 0 0 0 rg BT 441.58 254.00 Td (percent ) Tj ET Q q 0 0 0 rg BT 477.30 254.00 Td (constant-currency\), ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 240.80 Td (driven ) Tj ET Q q 0 0 0 rg BT 170.35 240.80 Td (by ) Tj ET Q q 0 0 0 rg BT 184.10 240.80 Td (DTC ) Tj ET Q q 0 0 0 rg BT 208.85 240.80 Td (growth, ) Tj ET Q q 0 0 0 rg BT 245.51 240.80 Td (of) Tj ET Q q 0 0 0 rg BT 254.48 240.80 Td (fsetting ) Tj ET Q q 0 0 0 rg BT 290.22 240.80 Td (a ) Tj ET Q q 0 0 0 rg BT 297.86 240.80 Td (slight ) Tj ET Q q 0 0 0 rg BT 325.06 240.80 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 371.79 240.80 Td (decline.) Tj ET Q BT /F1 11.00 Tf ET /GS0 gs q 5.00 0 0 11.00 121.50 225.23 cm /I8 Do Q q 0 0 0 rg BT 126.50 227.60 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 227.60 Td (Korea ) Tj ET Q q 0 0 0 rg BT 168.26 227.60 Td (net ) Tj ET Q q 0 0 0 rg BT 183.59 227.60 Td (sales ) Tj ET Q q 0 0 0 rg BT 206.86 227.60 Td (were ) Tj ET Q q 0 0 0 rg BT 230.12 227.60 Td (essentially ) Tj ET Q q 0 0 0 rg BT 278.44 227.60 Td (flat ) Tj ET Q q 0 0 0 rg BT 294.98 227.60 Td (\(low-single-digit ) Tj ET Q q 0 0 0 rg BT 370.81 227.60 Td (percent ) Tj ET Q q 0 0 0 rg BT 405.06 227.60 Td (net ) Tj ET Q q 0 0 0 rg BT 420.39 227.60 Td (sales ) Tj ET Q q 0 0 0 rg BT 443.66 227.60 Td (decline ) Tj ET Q q 0 0 0 rg BT 477.30 227.60 Td (constant-currency\).) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 85.50 201.20 Td ( ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 103.50 201.20 Td (Eur) Tj ET Q q 0 0 0 rg BT 121.64 201.20 Td (ope/Middle ) Tj ET Q q 0 0 0 rg BT 177.56 201.20 Td (East/Africa ) Tj ET Q q 0 0 0 rg BT 234.07 201.20 Td (\(EMEA\)) Tj ET Q BT /F1 11.00 Tf ET /GS0 gs q 5.00 0 0 11.00 121.50 185.63 cm /I9 Do Q q 0 0 0 rg BT 126.50 188.00 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 188.00 Td (Europe-direct ) Tj ET Q q 0 0 0 rg BT 202.68 188.00 Td (net ) Tj ET Q q 0 0 0 rg BT 218.84 188.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 242.93 188.00 Td (increased ) Tj ET Q q 0 0 0 rg BT 287.18 188.00 Td (high-20 ) Tj ET Q q 0 0 0 rg BT 324.11 188.00 Td (percent ) Tj ET Q q 0 0 0 rg BT 359.20 188.00 Td (\(high-teens ) Tj ET Q q 0 0 0 rg BT 411.39 188.00 Td (percent ) Tj ET Q q 0 0 0 rg BT 446.48 188.00 Td (constant-currency\), ) Tj ET Q q 0 0 0 rg BT 534.40 188.00 Td (driven ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 174.80 Td (by ) Tj ET Q q 0 0 0 rg BT 153.25 174.80 Td (increased ) Tj ET Q q 0 0 0 rg BT 197.53 174.80 Td (Fall ) Tj ET Q q 0 0 0 rg BT 217.39 174.80 Td (2017 ) Tj ET Q q 0 0 0 rg BT 242.14 174.80 Td (advance ) Tj ET Q q 0 0 0 rg BT 280.92 174.80 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 327.65 174.80 Td (orders ) Tj ET Q q 0 0 0 rg BT 357.89 174.80 Td (and ) Tj ET Q q 0 0 0 rg BT 376.53 174.80 Td (reorders ) Tj ET Q q 0 0 0 rg BT 415.31 174.80 Td (as ) Tj ET Q q 0 0 0 rg BT 427.22 174.80 Td (well ) Tj ET Q q 0 0 0 rg BT 448.91 174.80 Td (as ) Tj ET Q q 0 0 0 rg BT 460.83 174.80 Td (increased ) Tj ET Q q 0 0 0 rg BT 505.10 174.80 Td (DTC ) Tj ET Q q 0 0 0 rg BT 529.85 174.80 Td (sales.) Tj ET Q BT /F1 11.00 Tf ET /GS0 gs q 5.00 0 0 11.00 121.50 159.23 cm /I10 Do Q q 0 0 0 rg BT 126.50 161.60 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 161.60 Td (EMEA) Tj ET Q q 0 0 0 rg BT 170.06 161.60 Td ( ) Tj ET Q q 0 0 0 rg BT 175.12 161.60 Td (distributor ) Tj ET Q q 0 0 0 rg BT 226.02 161.60 Td (net ) Tj ET Q q 0 0 0 rg BT 244.52 161.60 Td (sales ) Tj ET Q q 0 0 0 rg BT 270.97 161.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 317.56 161.60 Td (mid-single-digit ) Tj ET Q q 0 0 0 rg BT 393.51 161.60 Td (percent, ) Tj ET Q q 0 0 0 rg BT 433.69 161.60 Td (lar) Tj ET Q q 0 0 0 rg BT 445.09 161.60 Td (gely ) Tj ET Q q 0 0 0 rg BT 469.09 161.60 Td (due ) Tj ET Q q 0 0 0 rg BT 490.04 161.60 Td (to ) Tj ET Q q 0 0 0 rg BT 503.66 161.60 Td (shipments ) Tj ET Q q 0 0 0 rg BT 553.34 161.60 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 148.40 Td (increased ) Tj ET Q q 0 0 0 rg BT 183.78 148.40 Td (Spring ) Tj ET Q q 0 0 0 rg BT 215.87 148.40 Td (2018 ) Tj ET Q q 0 0 0 rg BT 240.62 148.40 Td (advance ) Tj ET Q q 0 0 0 rg BT 279.40 148.40 Td (orders ) Tj ET Q q 0 0 0 rg BT 309.63 148.40 Td (to ) Tj ET Q q 0 0 0 rg BT 320.94 148.40 Td (our ) Tj ET Q q 0 0 0 rg BT 338.35 148.40 Td (Russian ) Tj ET Q q 0 0 0 rg BT 375.94 148.40 Td (distributor) Tj ET Q q 0 0 0 rg BT 421.17 148.40 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 122.00 Td ( ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 103.50 122.00 Td (Canada) Tj ET Q BT /F1 11.00 Tf ET /GS0 gs q 5.00 0 0 11.00 121.50 106.43 cm /I11 Do Q q 0 0 0 rg BT 126.50 108.80 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 108.80 Td (DTC ) Tj ET Q q 0 0 0 rg BT 163.89 108.80 Td (net ) Tj ET Q q 0 0 0 rg BT 179.71 108.80 Td (sales ) Tj ET Q q 0 0 0 rg BT 203.48 108.80 Td (increased ) Tj ET Q q 0 0 0 rg BT 247.40 108.80 Td (low-20 ) Tj ET Q q 0 0 0 rg BT 280.94 108.80 Td (percent ) Tj ET Q q 0 0 0 rg BT 315.70 108.80 Td (\(mid-teens ) Tj ET Q q 0 0 0 rg BT 365.12 108.80 Td (percent ) Tj ET Q q 0 0 0 rg BT 399.88 108.80 Td (constant-currency\), ) Tj ET Q q 0 0 0 rg BT 487.47 108.80 Td (driven ) Tj ET Q q 0 0 0 rg BT 517.96 108.80 Td (by ) Tj ET Q q 0 0 0 rg BT 531.34 108.80 Td (growth ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 95.60 Td (in ) Tj ET Q q 0 0 0 rg BT 150.81 95.60 Td (both ) Tj ET Q q 0 0 0 rg BT 173.11 95.60 Td (brick ) Tj ET Q q 0 0 0 rg BT 198.46 95.60 Td (& ) Tj ET Q q 0 0 0 rg BT 209.77 95.60 Td (mortar ) Tj ET Q q 0 0 0 rg BT 241.84 95.60 Td (stores ) Tj ET Q q 0 0 0 rg BT 270.25 95.60 Td (and ) Tj ET Q q 0 0 0 rg BT 288.89 95.60 Td (e-commerce. ) Tj ET Q BT /F1 11.00 Tf ET /GS0 gs q 5.00 0 0 11.00 121.50 80.03 cm /I12 Do Q q 0 0 0 rg BT 126.50 82.40 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 82.40 Td (Wholesale ) Tj ET Q q 0 0 0 rg BT 191.76 82.40 Td (net ) Tj ET Q q 0 0 0 rg BT 211.03 82.40 Td (sales ) Tj ET Q q 0 0 0 rg BT 238.25 82.40 Td (increased ) Tj ET Q q 0 0 0 rg BT 285.62 82.40 Td (low-double-digit ) Tj ET Q q 0 0 0 rg BT 365.39 82.40 Td (percent ) Tj ET Q q 0 0 0 rg BT 403.59 82.40 Td (\(mid-single-digit ) Tj ET Q q 0 0 0 rg BT 483.98 82.40 Td (percent ) Tj ET Q q 0 0 0 rg BT 522.18 82.40 Td (constant-) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 69.20 Td (currency\), ) Tj ET Q q 0 0 0 rg BT 187.14 69.20 Td (driven ) Tj ET Q q 0 0 0 rg BT 217.99 69.20 Td (by ) Tj ET Q q 0 0 0 rg BT 231.74 69.20 Td (increased ) Tj ET Q q 0 0 0 rg BT 276.02 69.20 Td (Fall ) Tj ET Q q 0 0 0 rg BT 295.88 69.20 Td (2017 ) Tj ET Q q 0 0 0 rg BT 320.63 69.20 Td (advance ) Tj ET Q q 0 0 0 rg BT 359.41 69.20 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 406.14 69.20 Td (orders.) 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 /F2 11.00 Tf ET q 0 0 0 rg BT 71.50 748.60 Td (Brands ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 144.00 670.10 90.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.00 670.10 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.00 670.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.00 670.10 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.00 670.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 670.10 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 670.10 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 670.10 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 144.00 646.10 90.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.00 646.10 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.00 646.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.00 646.10 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.00 646.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 646.10 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 646.10 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 646.10 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 144.00 622.10 90.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.00 622.10 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.00 622.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.00 622.10 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.00 622.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 622.10 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 622.10 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 622.10 55.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234 738.1 m 289 738.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289 738.1 m 293 738.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293 738.1 m 348 738.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348 738.1 m 352 738.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 738.1 m 407 738.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 738.1 m 412 738.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 738.1 m 467 738.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234 682.1 m 289 682.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293 682.1 m 348 682.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 682.1 m 407 682.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 682.1 m 467 682.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 234 622.1 m 289 622.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 293 622.1 m 348 622.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 234 622.1 m 289 622.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234 611.1 m 289 611.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234 609.1 m 289 609.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 293 622.1 m 348 622.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293 611.1 m 348 611.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293 609.1 m 348 609.1 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 419.95 729.55 Td (Constant-) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.80 718.55 Td (curr) Tj ET Q q 0 0 0 rg BT 438.71 718.55 Td (ency) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 243.35 707.50 Td (Net Sales) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 242.70 698.50 Td (\(millions\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 302.35 707.50 Td (Net Sales) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 301.70 698.50 Td (\(millions\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 361.35 699.55 Td (Net Sales) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.35 699.55 Td (Net Sales) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 245.10 686.50 Td (Q4 2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.10 686.50 Td (Q4 2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 358.60 686.50 Td (%Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.60 686.50 Td (%Change) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 146.50 673.36 Td (Columbia) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 248.60 673.36 Td ($602.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.60 673.36 Td ($552.3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 373.00 673.36 Td (9%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 433.00 673.36 Td (9%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 146.50 661.36 Td (SOREL) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 250.85 661.36 Td (1) Tj ET Q q 0 0 0 rg BT 255.35 661.36 Td (13.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.85 661.36 Td (103.8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 370.75 661.36 Td (10%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 433.00 661.36 Td (8%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 146.50 649.36 Td (prAna) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 253.10 649.36 Td (30.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 312.10 649.36 Td (28.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 373.00 649.36 Td (8%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 433.00 649.36 Td (8%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 146.50 637.36 Td (Mountain Hardwear) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 253.10 637.36 Td (28.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 312.10 637.36 Td (31.3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 370.00 637.36 Td (\(9\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.75 637.36 Td (\(10\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 146.50 625.36 Td (Other) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 255.35 625.36 Td (0.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 314.35 625.36 Td (1.8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.75 625.36 Td (\(50\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.75 625.36 Td (\(44\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 146.50 613.36 Td ( ) Tj ET Q q 0 0 0 rg BT 148.59 613.36 Td (T) Tj ET Q q 0 0 0 rg BT 153.46 613.36 Td (otal) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 248.60 613.36 Td ($776.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.60 613.36 Td ($717.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 373.00 613.36 Td (8%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 433.00 613.36 Td (8%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 571.00 Td ( ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 103.50 571.00 Td (Columbia) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 149.95 571.00 Td ( ) Tj ET Q q 0 0 0 rg BT 152.52 571.00 Td (brand ) Tj ET Q q 0 0 0 rg BT 180.12 571.00 Td (net ) Tj ET Q q 0 0 0 rg BT 196.12 571.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 220.07 571.00 Td (increased ) Tj ET Q q 0 0 0 rg BT 264.16 571.00 Td (in ) Tj ET Q q 0 0 0 rg BT 275.28 571.00 Td (all ) Tj ET Q q 0 0 0 rg BT 288.83 571.00 Td (regions, ) Tj ET Q q 0 0 0 rg BT 326.53 571.00 Td (led ) Tj ET Q q 0 0 0 rg BT 342.53 571.00 Td (by ) Tj ET Q q 0 0 0 rg BT 356.09 571.00 Td (the ) Tj ET Q q 0 0 0 rg BT 372.09 571.00 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 394.22 571.00 Td (and ) Tj ET Q q 0 0 0 rg BT 412.66 571.00 Td (Europe-direct. ) Tj ET Q q 0 0 0 rg BT 478.44 571.00 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 500.56 571.00 Td (DTC ) Tj ET Q q 0 0 0 rg BT 525.13 571.00 Td (net ) Tj ET Q q 0 0 0 rg BT 541.13 571.00 Td (sales ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 557.80 Td (were ) Tj ET Q q 0 0 0 rg BT 126.70 557.80 Td (up ) Tj ET Q q 0 0 0 rg BT 139.52 557.80 Td (low-double-digit ) Tj ET Q q 0 0 0 rg BT 215.28 557.80 Td (percent, ) Tj ET Q q 0 0 0 rg BT 252.22 557.80 Td (while ) Tj ET Q q 0 0 0 rg BT 278.48 557.80 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 299.87 557.80 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 345.68 557.80 Td (net ) Tj ET Q q 0 0 0 rg BT 360.94 557.80 Td (sales ) Tj ET Q q 0 0 0 rg BT 384.15 557.80 Td (increased ) Tj ET Q q 0 0 0 rg BT 427.50 557.80 Td (mid-single-digit ) Tj ET Q q 0 0 0 rg BT 500.21 557.80 Td (percent ) Tj ET Q q 0 0 0 rg BT 534.40 557.80 Td (driven ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 544.60 Td (by ) Tj ET Q q 0 0 0 rg BT 117.57 544.60 Td (a ) Tj ET Q q 0 0 0 rg BT 125.51 544.60 Td (shift ) Tj ET Q q 0 0 0 rg BT 148.13 544.60 Td (in ) Tj ET Q q 0 0 0 rg BT 159.76 544.60 Td (timing ) Tj ET Q q 0 0 0 rg BT 191.55 544.60 Td (of ) Tj ET Q q 0 0 0 rg BT 203.77 544.60 Td (Fall ) Tj ET Q q 0 0 0 rg BT 223.95 544.60 Td (2017 ) Tj ET Q q 0 0 0 rg BT 249.02 544.60 Td (advance ) Tj ET Q q 0 0 0 rg BT 288.11 544.60 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 335.16 544.60 Td (orders ) Tj ET Q q 0 0 0 rg BT 365.72 544.60 Td (from ) Tj ET Q q 0 0 0 rg BT 390.16 544.60 Td (the ) Tj ET Q q 0 0 0 rg BT 406.67 544.60 Td (third ) Tj ET Q q 0 0 0 rg BT 430.51 544.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 464.72 544.60 Td (into ) Tj ET Q q 0 0 0 rg BT 484.90 544.60 Td (the ) Tj ET Q q 0 0 0 rg BT 501.40 544.60 Td (fourth ) Tj ET Q q 0 0 0 rg BT 531.35 544.60 Td (quarter ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 531.40 Td (and ) Tj ET Q q 0 0 0 rg BT 121.43 531.40 Td (improved ) Tj ET Q q 0 0 0 rg BT 165.63 531.40 Td (order ) Tj ET Q q 0 0 0 rg BT 190.88 531.40 Td (conversion. ) Tj ET Q q 0 0 0 rg BT 243.94 531.40 Td (Europe-direct ) Tj ET Q q 0 0 0 rg BT 306.45 531.40 Td (sales ) Tj ET Q q 0 0 0 rg BT 329.88 531.40 Td (growth ) Tj ET Q q 0 0 0 rg BT 363.08 531.40 Td (was ) Tj ET Q q 0 0 0 rg BT 382.23 531.40 Td (driven ) Tj ET Q q 0 0 0 rg BT 412.38 531.40 Td (by ) Tj ET Q q 0 0 0 rg BT 425.42 531.40 Td (shipments ) Tj ET Q q 0 0 0 rg BT 472.08 531.40 Td (of ) Tj ET Q q 0 0 0 rg BT 483.29 531.40 Td (advance ) Tj ET Q q 0 0 0 rg BT 521.36 531.40 Td (Fall ) Tj ET Q q 0 0 0 rg BT 540.52 531.40 Td (2017 ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 518.20 Td (orders ) Tj ET Q q 0 0 0 rg BT 133.74 518.20 Td (and ) Tj ET Q q 0 0 0 rg BT 152.37 518.20 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 199.11 518.20 Td (reorders.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 505.00 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 491.80 Td ( ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 103.50 491.80 Td (SOREL) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 140.79 491.80 Td ( ) Tj ET Q q 0 0 0 rg BT 143.40 491.80 Td (brand ) Tj ET Q q 0 0 0 rg BT 171.05 491.80 Td (net ) Tj ET Q q 0 0 0 rg BT 187.09 491.80 Td (sales ) Tj ET Q q 0 0 0 rg BT 211.08 491.80 Td (increased ) Tj ET Q q 0 0 0 rg BT 255.22 491.80 Td (in ) Tj ET Q q 0 0 0 rg BT 266.38 491.80 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 288.55 491.80 Td (wholesale, ) Tj ET Q q 0 0 0 rg BT 337.89 491.80 Td (driven ) Tj ET Q q 0 0 0 rg BT 368.60 491.80 Td (by ) Tj ET Q q 0 0 0 rg BT 382.20 491.80 Td (a ) Tj ET Q q 0 0 0 rg BT 389.69 491.80 Td (shift ) Tj ET Q q 0 0 0 rg BT 411.86 491.80 Td (in ) Tj ET Q q 0 0 0 rg BT 423.02 491.80 Td (the ) Tj ET Q q 0 0 0 rg BT 439.06 491.80 Td (timing ) Tj ET Q q 0 0 0 rg BT 470.39 491.80 Td (of ) Tj ET Q q 0 0 0 rg BT 482.16 491.80 Td (Fall ) Tj ET Q q 0 0 0 rg BT 501.88 491.80 Td (2017 ) Tj ET Q q 0 0 0 rg BT 526.49 491.80 Td (advance ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 478.60 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 150.53 478.60 Td (orders ) Tj ET Q q 0 0 0 rg BT 181.06 478.60 Td (from ) Tj ET Q q 0 0 0 rg BT 205.49 478.60 Td (the ) Tj ET Q q 0 0 0 rg BT 221.97 478.60 Td (third ) Tj ET Q q 0 0 0 rg BT 245.79 478.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 279.98 478.60 Td (into ) Tj ET Q q 0 0 0 rg BT 300.14 478.60 Td (the ) Tj ET Q q 0 0 0 rg BT 316.62 478.60 Td (fourth ) Tj ET Q q 0 0 0 rg BT 346.54 478.60 Td (quarter) Tj ET Q q 0 0 0 rg BT 377.25 478.60 Td (, ) Tj ET Q q 0 0 0 rg BT 383.05 478.60 Td (and ) Tj ET Q q 0 0 0 rg BT 401.97 478.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 433.12 478.60 Td (closeout ) Tj ET Q q 0 0 0 rg BT 472.82 478.60 Td (sales. ) Tj ET Q q 0 0 0 rg BT 500.00 478.60 Td (SOREL) Tj ET Q q 0 0 0 rg BT 534.42 478.60 Td ( ) Tj ET Q q 0 0 0 rg BT 537.47 478.60 Td (brand ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 465.40 Td (net ) Tj ET Q q 0 0 0 rg BT 119.69 465.40 Td (sales ) Tj ET Q q 0 0 0 rg BT 143.82 465.40 Td (also ) Tj ET Q q 0 0 0 rg BT 164.29 465.40 Td (increased ) Tj ET Q q 0 0 0 rg BT 208.57 465.40 Td (in ) Tj ET Q q 0 0 0 rg BT 219.88 465.40 Td (Europe-direct, ) Tj ET Q q 0 0 0 rg BT 285.84 465.40 Td (supported ) Tj ET Q q 0 0 0 rg BT 331.98 465.40 Td (by ) Tj ET Q q 0 0 0 rg BT 345.73 465.40 Td (increased ) Tj ET Q q 0 0 0 rg BT 390.00 465.40 Td (demand ) Tj ET Q q 0 0 0 rg BT 427.58 465.40 Td (for ) Tj ET Q q 0 0 0 rg BT 443.15 465.40 Td (cold-weather ) Tj ET Q q 0 0 0 rg BT 503.31 465.40 Td (product.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 452.20 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 439.00 Td ( ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 103.50 439.00 Td (prAna) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 134.06 439.00 Td ( ) Tj ET Q q 0 0 0 rg BT 136.81 439.00 Td (brand ) Tj ET Q q 0 0 0 rg BT 164.61 439.00 Td (net ) Tj ET Q q 0 0 0 rg BT 180.80 439.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 204.93 439.00 Td (growth ) Tj ET Q q 0 0 0 rg BT 238.84 439.00 Td (was ) Tj ET Q q 0 0 0 rg BT 258.70 439.00 Td (driven ) Tj ET Q q 0 0 0 rg BT 289.55 439.00 Td (by ) Tj ET Q q 0 0 0 rg BT 303.30 439.00 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 325.61 439.00 Td (e-commerce.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 412.60 Td ( ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 103.50 412.60 Td (Mountain ) Tj ET Q q 0 0 0 rg BT 152.17 412.60 Td (Hardwear) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 200.44 412.60 Td ( ) Tj ET Q q 0 0 0 rg BT 202.65 412.60 Td (brand ) Tj ET Q q 0 0 0 rg BT 229.91 412.60 Td (net ) Tj ET Q q 0 0 0 rg BT 245.57 412.60 Td (sales ) Tj ET Q q 0 0 0 rg BT 269.16 412.60 Td (declined ) Tj ET Q q 0 0 0 rg BT 308.64 412.60 Td (primarily ) Tj ET Q q 0 0 0 rg BT 351.79 412.60 Td (as ) Tj ET Q q 0 0 0 rg BT 363.17 412.60 Td (a ) Tj ET Q q 0 0 0 rg BT 370.27 412.60 Td (result ) Tj ET Q q 0 0 0 rg BT 396.92 412.60 Td (of ) Tj ET Q q 0 0 0 rg BT 408.30 412.60 Td (a ) Tj ET Q q 0 0 0 rg BT 415.40 412.60 Td (net ) Tj ET Q q 0 0 0 rg BT 431.05 412.60 Td (sales ) Tj ET Q q 0 0 0 rg BT 454.65 412.60 Td (decline ) Tj ET Q q 0 0 0 rg BT 488.62 412.60 Td (in ) Tj ET Q q 0 0 0 rg BT 499.40 412.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 521.17 412.60 Td (Fall ) Tj ET Q q 0 0 0 rg BT 540.50 412.60 Td (2017 ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 399.40 Td (advance ) Tj ET Q q 0 0 0 rg BT 142.28 399.40 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 189.01 399.40 Td (orders, ) Tj ET Q q 0 0 0 rg BT 222.00 399.40 Td (partially ) Tj ET Q q 0 0 0 rg BT 261.40 399.40 Td (of) Tj ET Q q 0 0 0 rg BT 270.37 399.40 Td (fset ) Tj ET Q q 0 0 0 rg BT 289.00 399.40 Td (by ) Tj ET Q q 0 0 0 rg BT 302.75 399.40 Td (increased ) Tj ET Q q 0 0 0 rg BT 347.03 399.40 Td (closeout ) Tj ET Q q 0 0 0 rg BT 386.44 399.40 Td (sales, ) Tj ET Q q 0 0 0 rg BT 413.32 399.40 Td (and ) Tj ET Q q 0 0 0 rg BT 431.95 399.40 Td (a ) Tj ET Q q 0 0 0 rg BT 439.59 399.40 Td (net ) Tj ET Q q 0 0 0 rg BT 455.77 399.40 Td (sales ) Tj ET Q q 0 0 0 rg BT 479.91 399.40 Td (decline ) Tj ET Q q 0 0 0 rg BT 514.42 399.40 Td (in ) Tj ET Q q 0 0 0 rg BT 525.72 399.40 Td (Korea.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 71.50 373.00 Td (Pr) Tj ET Q q 0 0 0 rg BT 82.90 373.00 Td (oduct Categories) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 119.00 294.50 140.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.00 294.50 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.00 294.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.00 294.50 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 294.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 294.50 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 294.50 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 294.50 55.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259 362.5 m 314 362.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314 362.5 m 318 362.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318 362.5 m 373 362.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 362.5 m 377 362.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 362.5 m 432 362.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 362.5 m 437 362.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 362.5 m 492 362.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259 306.5 m 314 306.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318 306.5 m 373 306.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 306.5 m 432 306.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 306.5 m 492 306.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 259 282.5 m 314 282.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318 282.5 m 373 282.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 259 282.5 m 314 282.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259 271.5 m 314 271.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259 269.5 m 314 269.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318 282.5 m 373 282.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318 271.5 m 373 271.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318 269.5 m 373 269.5 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 444.95 353.95 Td (Constant-) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.80 342.95 Td (curr) Tj ET Q q 0 0 0 rg BT 463.71 342.95 Td (ency) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 268.35 331.90 Td (Net Sales) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 267.70 322.90 Td (\(millions\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 327.35 331.90 Td (Net Sales) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.70 322.90 Td (\(millions\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 386.35 323.95 Td (Net Sales) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.35 323.95 Td (Net Sales) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 270.10 310.90 Td (Q4 2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 329.10 310.90 Td (Q4 2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.60 310.90 Td (%Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 443.60 310.90 Td (%Change) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 121.50 297.76 Td (Apparel, ) Tj ET Q q 0 0 0 rg BT 154.74 297.76 Td (Accessories and Equipment) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 273.60 297.76 Td ($578.3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 332.60 297.76 Td ($535.8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 398.00 297.76 Td (8%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 458.00 297.76 Td (7%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 121.50 285.76 Td (Footwear) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 275.85 285.76 Td (197.7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 334.85 285.76 Td (181.6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 398.00 285.76 Td (9%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 458.00 285.76 Td (8%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 121.50 273.76 Td ( ) Tj ET Q q 0 0 0 rg BT 123.59 273.76 Td (T) Tj ET Q q 0 0 0 rg BT 128.46 273.76 Td (otal) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 273.60 273.76 Td ($776.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 332.60 273.76 Td ($717.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 398.00 273.76 Td (8%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 458.00 273.76 Td (8%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 244.60 Td ( ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 103.50 244.60 Td (Appar) Tj ET Q q 0 0 0 rg BT 133.86 244.60 Td (el, ) Tj ET Q q 0 0 0 rg BT 145.90 244.60 Td (Accessories ) Tj ET Q q 0 0 0 rg BT 201.38 244.60 Td (& ) Tj ET Q q 0 0 0 rg BT 212.27 244.60 Td (Equipment) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 264.84 244.60 Td ( ) Tj ET Q q 0 0 0 rg BT 266.57 244.60 Td (net ) Tj ET Q q 0 0 0 rg BT 281.73 244.60 Td (sales ) Tj ET Q q 0 0 0 rg BT 304.84 244.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 348.10 244.60 Td (in ) Tj ET Q q 0 0 0 rg BT 358.38 244.60 Td (the ) Tj ET Q q 0 0 0 rg BT 373.55 244.60 Td (Columbia ) Tj ET Q q 0 0 0 rg BT 418.66 244.60 Td (and ) Tj ET Q q 0 0 0 rg BT 436.27 244.60 Td (prAna ) Tj ET Q q 0 0 0 rg BT 465.49 244.60 Td (brands, ) Tj ET Q q 0 0 0 rg BT 499.29 244.60 Td (partially ) Tj ET Q q 0 0 0 rg BT 537.67 244.60 Td (of) Tj ET Q q 0 0 0 rg BT 546.63 244.60 Td (fset ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 231.40 Td (by ) Tj ET Q q 0 0 0 rg BT 117.25 231.40 Td (a ) Tj ET Q q 0 0 0 rg BT 124.88 231.40 Td (net ) Tj ET Q q 0 0 0 rg BT 141.07 231.40 Td (sales ) Tj ET Q q 0 0 0 rg BT 165.20 231.40 Td (decline ) Tj ET Q q 0 0 0 rg BT 199.71 231.40 Td (in ) Tj ET Q q 0 0 0 rg BT 211.02 231.40 Td (the ) Tj ET Q q 0 0 0 rg BT 227.21 231.40 Td (Mountain ) Tj ET Q q 0 0 0 rg BT 272.73 231.40 Td (Hardwear ) Tj ET Q q 0 0 0 rg BT 318.84 231.40 Td (brand.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 205.00 Td ( ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 103.50 205.00 Td (Footwear) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 148.09 205.00 Td ( ) Tj ET Q q 0 0 0 rg BT 150.72 205.00 Td (net ) Tj ET Q q 0 0 0 rg BT 166.79 205.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 190.81 205.00 Td (growth ) Tj ET Q q 0 0 0 rg BT 224.60 205.00 Td (was ) Tj ET Q q 0 0 0 rg BT 244.34 205.00 Td (driven ) Tj ET Q q 0 0 0 rg BT 275.07 205.00 Td (by ) Tj ET Q q 0 0 0 rg BT 288.71 205.00 Td (the ) Tj ET Q q 0 0 0 rg BT 304.78 205.00 Td (SOREL) Tj ET Q q 0 0 0 rg BT 339.21 205.00 Td ( ) Tj ET Q q 0 0 0 rg BT 341.84 205.00 Td (brand, ) Tj ET Q q 0 0 0 rg BT 372.26 205.00 Td (followed ) Tj ET Q q 0 0 0 rg BT 414.00 205.00 Td (by ) Tj ET Q q 0 0 0 rg BT 427.63 205.00 Td (growth ) Tj ET Q q 0 0 0 rg BT 461.42 205.00 Td (in ) Tj ET Q q 0 0 0 rg BT 472.61 205.00 Td (the ) Tj ET Q q 0 0 0 rg BT 488.68 205.00 Td (Columbia ) Tj ET Q q 0 0 0 rg BT 534.70 205.00 Td (brand.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 178.60 Td (Gr) Tj ET Q q 0 0 0 rg BT 62.74 178.60 Td (oss Margin) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 152.20 Td (Fourth ) Tj ET Q q 0 0 0 rg BT 81.67 152.20 Td (quarter ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 115.65 152.20 Td (2017) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 137.65 152.20 Td ( ) Tj ET Q q 0 0 0 rg BT 140.48 152.20 Td (gross ) Tj ET Q q 0 0 0 rg BT 166.53 152.20 Td (mar) Tj ET Q q 0 0 0 rg BT 183.43 152.20 Td (gin ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 200.32 152.20 Td (expanded) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 242.47 152.20 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 245.30 152.20 Td (80) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 256.30 152.20 Td ( ) Tj ET Q q 0 0 0 rg BT 259.13 152.20 Td (basis ) Tj ET Q q 0 0 0 rg BT 283.96 152.20 Td (points ) Tj ET Q q 0 0 0 rg BT 313.68 152.20 Td (to ) Tj ET Q q 0 0 0 rg BT 325.07 152.20 Td (a ) Tj ET Q q 0 0 0 rg BT 332.78 152.20 Td (record ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 363.70 152.20 Td (47.9) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 382.95 152.20 Td ( ) Tj ET Q q 0 0 0 rg BT 385.78 152.20 Td (percent ) Tj ET Q q 0 0 0 rg BT 420.98 152.20 Td (compared ) Tj ET Q q 0 0 0 rg BT 467.18 152.20 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 478.56 152.20 Td (47.1) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 497.81 152.20 Td ( ) Tj ET Q q 0 0 0 rg BT 500.65 152.20 Td (percent ) Tj ET Q q 0 0 0 rg BT 535.84 152.20 Td (in ) Tj ET Q q 0 0 0 rg BT 547.23 152.20 Td (last ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 139.00 Td (year's ) Tj ET Q q 0 0 0 rg BT 77.44 139.00 Td (fourth ) Tj ET Q q 0 0 0 rg BT 107.07 139.00 Td (quarter) Tj ET Q q 0 0 0 rg BT 137.78 139.00 Td (, ) Tj ET Q q 0 0 0 rg BT 143.28 139.00 Td (primarily ) Tj ET Q q 0 0 0 rg BT 186.96 139.00 Td (reflecting:) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 68.50 125.80 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.50 125.80 Td (a ) Tj ET Q q 0 0 0 rg BT 94.13 125.80 Td (favorable ) Tj ET Q q 0 0 0 rg BT 138.41 125.80 Td (sourcing ) Tj ET Q q 0 0 0 rg BT 179.04 125.80 Td (environment ) Tj ET Q q 0 0 0 rg BT 237.39 125.80 Td (resulting ) Tj ET Q q 0 0 0 rg BT 278.63 125.80 Td (in ) Tj ET Q q 0 0 0 rg BT 289.94 125.80 Td (lower ) Tj ET Q q 0 0 0 rg BT 317.74 125.80 Td (product ) Tj ET Q q 0 0 0 rg BT 354.09 125.80 Td (input ) Tj ET Q q 0 0 0 rg BT 379.45 125.80 Td (costs ) Tj ET Q q 0 0 0 rg BT 404.20 125.80 Td (for ) Tj ET Q q 0 0 0 rg BT 419.78 125.80 Td (Fall ) Tj ET Q q 0 0 0 rg BT 439.64 125.80 Td (2017; ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 68.50 112.60 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.50 112.60 Td (a ) Tj ET Q q 0 0 0 rg BT 94.13 112.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 124.98 112.60 Td (proportion ) Tj ET Q q 0 0 0 rg BT 174.17 112.60 Td (of ) Tj ET Q q 0 0 0 rg BT 186.09 112.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 216.94 112.60 Td (mar) Tj ET Q q 0 0 0 rg BT 233.84 112.60 Td (gin ) Tj ET Q q 0 0 0 rg BT 250.65 112.60 Td (full-price ) Tj ET Q q 0 0 0 rg BT 294.32 112.60 Td (versus ) Tj ET Q q 0 0 0 rg BT 325.18 112.60 Td (closeout ) Tj ET Q q 0 0 0 rg BT 364.58 112.60 Td (product ) Tj ET Q q 0 0 0 rg BT 400.93 112.60 Td (sales; ) Tj ET Q q 0 0 0 rg BT 428.12 112.60 Td (and) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 68.50 99.40 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.50 99.40 Td (a ) Tj ET Q q 0 0 0 rg BT 94.13 99.40 Td (higher ) Tj ET Q q 0 0 0 rg BT 124.98 99.40 Td (proportion ) Tj ET Q q 0 0 0 rg BT 174.17 99.40 Td (of ) Tj ET Q q 0 0 0 rg BT 186.09 99.40 Td (DTC ) Tj ET Q q 0 0 0 rg BT 210.84 99.40 Td (net ) Tj ET Q q 0 0 0 rg BT 227.02 99.40 Td (sales ) Tj ET Q q 0 0 0 rg BT 251.16 99.40 Td (which ) Tj ET Q q 0 0 0 rg BT 280.79 99.40 Td (generally ) Tj ET Q q 0 0 0 rg BT 324.46 99.40 Td (carry ) Tj ET Q q 0 0 0 rg BT 349.80 99.40 Td (higher ) Tj ET Q q 0 0 0 rg BT 380.65 99.40 Td (gross ) Tj ET Q q 0 0 0 rg BT 406.63 99.40 Td (mar) Tj ET Q q 0 0 0 rg BT 423.53 99.40 Td (gin.) 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 /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 748.60 Td (Selling, General and ) Tj ET Q q 0 0 0 rg BT 147.29 748.60 Td (Administrative \(SG&A\) expenses ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 722.20 Td (Fourth ) Tj ET Q q 0 0 0 rg BT 81.53 722.20 Td (quarter ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 115.37 722.20 Td (2017) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 137.37 722.20 Td ( ) Tj ET Q q 0 0 0 rg BT 140.06 722.20 Td (SG&A) Tj ET Q q 0 0 0 rg BT 170.02 722.20 Td ( ) Tj ET Q q 0 0 0 rg BT 172.71 722.20 Td (expenses ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 215.11 722.20 Td (increase) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 251.14 722.20 Td (d ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 259.33 722.20 Td ($25.8) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 284.08 722.20 Td ( ) Tj ET Q q 0 0 0 rg BT 286.77 722.20 Td (million, ) Tj ET Q q 0 0 0 rg BT 324.00 722.20 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 335.85 722.20 Td (1) Tj ET Q q 0 0 0 rg BT 340.94 722.20 Td (1) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 346.44 722.20 Td ( ) Tj ET Q q 0 0 0 rg BT 349.14 722.20 Td (percent, ) Tj ET Q q 0 0 0 rg BT 386.94 722.20 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 398.19 722.20 Td ($267.0) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 428.44 722.20 Td ( ) Tj ET Q q 0 0 0 rg BT 431.14 722.20 Td (million, ) Tj ET Q q 0 0 0 rg BT 468.36 722.20 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 480.21 722.20 Td (34.4) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 499.46 722.20 Td ( ) Tj ET Q q 0 0 0 rg BT 502.16 722.20 Td (percent ) Tj ET Q q 0 0 0 rg BT 537.21 722.20 Td (of ) Tj ET Q q 0 0 0 rg BT 549.07 722.20 Td (net ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 709.00 Td (sales, ) Tj ET Q q 0 0 0 rg BT 76.08 709.00 Td (compared ) Tj ET Q q 0 0 0 rg BT 121.90 709.00 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 132.91 709.00 Td (33.6) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 152.16 709.00 Td ( ) Tj ET Q q 0 0 0 rg BT 154.61 709.00 Td (percent ) Tj ET Q q 0 0 0 rg BT 189.42 709.00 Td (of ) Tj ET Q q 0 0 0 rg BT 201.04 709.00 Td (net ) Tj ET Q q 0 0 0 rg BT 216.93 709.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 240.76 709.00 Td (in ) Tj ET Q q 0 0 0 rg BT 251.77 709.00 Td (last ) Tj ET Q q 0 0 0 rg BT 269.49 709.00 Td (year) Tj ET Q q 0 0 0 rg BT 288.83 709.00 Td () Tj ET Q q 0 0 0 rg BT 291.89 709.00 Td (s ) Tj ET Q q 0 0 0 rg BT 298.62 709.00 Td (fourth ) Tj ET Q q 0 0 0 rg BT 327.95 709.00 Td (quarter) Tj ET Q q 0 0 0 rg BT 358.66 709.00 Td (, ) Tj ET Q q 0 0 0 rg BT 363.86 709.00 Td (resulting ) Tj ET Q q 0 0 0 rg BT 404.80 709.00 Td (in ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 415.81 709.00 Td (80) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 426.81 709.00 Td ( ) Tj ET Q q 0 0 0 rg BT 429.26 709.00 Td (basis ) Tj ET Q q 0 0 0 rg BT 453.71 709.00 Td (points ) Tj ET Q q 0 0 0 rg BT 483.05 709.00 Td (of ) Tj ET Q q 0 0 0 rg BT 494.67 709.00 Td (SG&A) Tj ET Q q 0 0 0 rg BT 524.62 709.00 Td ( ) Tj ET Q q 0 0 0 rg BT 527.07 709.00 Td (expense ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 695.80 Td (deleverage) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 97.13 695.80 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 669.40 Td (The ) Tj ET Q q 0 0 0 rg BT 69.35 669.40 Td (increased ) Tj ET Q q 0 0 0 rg BT 113.63 669.40 Td (SG&A) Tj ET Q q 0 0 0 rg BT 143.59 669.40 Td ( ) Tj ET Q q 0 0 0 rg BT 146.34 669.40 Td (expenses ) Tj ET Q q 0 0 0 rg BT 188.79 669.40 Td (included:) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 656.20 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 656.20 Td (increased ) Tj ET Q q 0 0 0 rg BT 129.78 656.20 Td (expenses ) Tj ET Q q 0 0 0 rg BT 172.24 656.20 Td (related ) Tj ET Q q 0 0 0 rg BT 204.91 656.20 Td (to ) Tj ET Q q 0 0 0 rg BT 216.22 656.20 Td (the ) Tj ET Q q 0 0 0 rg BT 232.40 656.20 Td (company) Tj ET Q q 0 0 0 rg BT 275.78 656.20 Td (s ) Tj ET Q q 0 0 0 rg BT 282.81 656.20 Td (expanding ) Tj ET Q q 0 0 0 rg BT 331.38 656.20 Td (global ) Tj ET Q q 0 0 0 rg BT 361.63 656.20 Td (DTC ) Tj ET Q q 0 0 0 rg BT 386.38 656.20 Td (businesses; ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 643.00 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 643.00 Td (Project ) Tj ET Q q 0 0 0 rg BT 119.41 643.00 Td (CONNECT) Tj ET Q q 0 0 0 rg BT 171.15 643.00 Td ( ) Tj ET Q q 0 0 0 rg BT 173.90 643.00 Td (program ) Tj ET Q q 0 0 0 rg BT 213.92 643.00 Td (and ) Tj ET Q q 0 0 0 rg BT 232.55 643.00 Td (discrete ) Tj ET Q q 0 0 0 rg BT 269.50 643.00 Td (expenses;) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 629.80 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 629.80 Td (increased ) Tj ET Q q 0 0 0 rg BT 129.78 629.80 Td (demand ) Tj ET Q q 0 0 0 rg BT 167.35 629.80 Td (creation ) Tj ET Q q 0 0 0 rg BT 205.52 629.80 Td (spending; ) Tj ET Q q 0 0 0 rg BT 251.05 629.80 Td (and) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 616.60 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 616.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 129.78 616.60 Td (incentive ) Tj ET Q q 0 0 0 rg BT 172.84 616.60 Td (compensation.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 590.20 Td (Excluding ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 97.84 590.20 Td ($6.3) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 117.09 590.20 Td ( ) Tj ET Q q 0 0 0 rg BT 120.22 590.20 Td (million ) Tj ET Q q 0 0 0 rg BT 155.12 590.20 Td (in ) Tj ET Q q 0 0 0 rg BT 166.80 590.20 Td (Project ) Tj ET Q q 0 0 0 rg BT 201.09 590.20 Td (CONNECT) Tj ET Q q 0 0 0 rg BT 252.83 590.20 Td ( ) Tj ET Q q 0 0 0 rg BT 255.96 590.20 Td (program ) Tj ET Q q 0 0 0 rg BT 296.35 590.20 Td (expenses ) Tj ET Q q 0 0 0 rg BT 339.18 590.20 Td (and ) Tj ET Q q 0 0 0 rg BT 358.19 590.20 Td (discrete ) Tj ET Q q 0 0 0 rg BT 395.52 590.20 Td (costs, ) Tj ET Q q 0 0 0 rg BT 423.40 590.20 Td (fourth ) Tj ET Q q 0 0 0 rg BT 453.41 590.20 Td (quarter ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 487.68 590.20 Td (2017) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 509.68 590.20 Td ( ) Tj ET Q q 0 0 0 rg BT 512.81 590.20 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 562.51 590.20 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 577.00 Td (SG&A) Tj ET Q q 0 0 0 rg BT 79.45 577.00 Td ( ) Tj ET Q q 0 0 0 rg BT 82.79 577.00 Td (expenses ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 125.83 577.00 Td (increase) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 161.86 577.00 Td (d ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 170.69 577.00 Td ($19.5) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 195.44 577.00 Td ( ) Tj ET Q q 0 0 0 rg BT 198.77 577.00 Td (million, ) Tj ET Q q 0 0 0 rg BT 236.64 577.00 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 249.13 577.00 Td (8 ) Tj ET Q q 0 0 0 rg BT 257.97 577.00 Td (percent) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 290.33 577.00 Td (, ) Tj ET Q q 0 0 0 rg BT 296.42 577.00 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 308.31 577.00 Td ($260.8 ) Tj ET Q q 0 0 0 rg BT 341.89 577.00 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 373.67 577.00 Td (, ) Tj ET Q q 0 0 0 rg BT 379.75 577.00 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 392.25 577.00 Td (33.6 ) Tj ET Q q 0 0 0 rg BT 414.83 577.00 Td (percent) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 447.20 577.00 Td ( ) Tj ET Q q 0 0 0 rg BT 450.53 577.00 Td (of ) Tj ET Q q 0 0 0 rg BT 463.03 577.00 Td (net ) Tj ET Q q 0 0 0 rg BT 479.80 577.00 Td (sales, ) Tj ET Q q 0 0 0 rg BT 507.26 577.00 Td (compared ) Tj ET Q q 0 0 0 rg BT 553.96 577.00 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 563.80 Td (33.6) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 68.75 563.80 Td ( ) Tj ET Q q 0 0 0 rg BT 71.50 563.80 Td (percent ) Tj ET Q q 0 0 0 rg BT 106.62 563.80 Td (of ) Tj ET Q q 0 0 0 rg BT 118.53 563.80 Td (net ) Tj ET Q q 0 0 0 rg BT 134.72 563.80 Td (sales ) Tj ET Q q 0 0 0 rg BT 158.85 563.80 Td (in ) Tj ET Q q 0 0 0 rg BT 170.16 563.80 Td (last ) Tj ET Q q 0 0 0 rg BT 188.18 563.80 Td (year) Tj ET Q q 0 0 0 rg BT 207.52 563.80 Td () Tj ET Q q 0 0 0 rg BT 210.57 563.80 Td (s ) Tj ET Q q 0 0 0 rg BT 217.60 563.80 Td (fourth ) Tj ET Q q 0 0 0 rg BT 247.24 563.80 Td (quarter) Tj ET Q q 0 0 0 rg BT 277.78 563.80 Td (.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 537.40 Td (Licensing) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 511.00 Td (Net ) Tj ET Q q 0 0 0 rg BT 68.13 511.00 Td (licensing ) Tj ET Q q 0 0 0 rg BT 110.60 511.00 Td (income ) Tj ET Q q 0 0 0 rg BT 145.72 511.00 Td (increased ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 190.00 511.00 Td (25) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 201.00 511.00 Td ( ) Tj ET Q q 0 0 0 rg BT 203.75 511.00 Td (percent ) Tj ET Q q 0 0 0 rg BT 238.87 511.00 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 250.17 511.00 Td ($5.0 ) Tj ET Q q 0 0 0 rg BT 272.17 511.00 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 303.96 511.00 Td (, ) Tj ET Q q 0 0 0 rg BT 309.46 511.00 Td (driven ) Tj ET Q q 0 0 0 rg BT 340.31 511.00 Td (by ) Tj ET Q q 0 0 0 rg BT 354.06 511.00 Td (net ) Tj ET Q q 0 0 0 rg BT 370.25 511.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 394.38 511.00 Td (growth ) Tj ET Q q 0 0 0 rg BT 428.29 511.00 Td (of ) Tj ET Q q 0 0 0 rg BT 440.20 511.00 Td (newer ) Tj ET Q q 0 0 0 rg BT 469.83 511.00 Td (licensing ) Tj ET Q q 0 0 0 rg BT 512.29 511.00 Td (partners.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 484.60 Td (Operating ) Tj ET Q q 0 0 0 rg BT 100.53 484.60 Td (Income) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 458.20 Td (Fourth ) Tj ET Q q 0 0 0 rg BT 81.17 458.20 Td (quarter ) Tj ET Q q 0 0 0 rg BT 114.65 458.20 Td (operating ) Tj ET Q q 0 0 0 rg BT 158.53 458.20 Td (income ) Tj ET Q q 0 0 0 rg BT 193.24 458.20 Td (increased ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 237.10 458.20 Td (9) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 242.60 458.20 Td ( ) Tj ET Q q 0 0 0 rg BT 244.94 458.20 Td (percent ) Tj ET Q q 0 0 0 rg BT 279.64 458.20 Td (to ) Tj ET Q q 0 0 0 rg BT 290.53 458.20 Td (a ) Tj ET Q q 0 0 0 rg BT 297.75 458.20 Td (record ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 328.18 458.20 Td ($109.4) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 358.43 458.20 Td ( ) Tj ET Q q 0 0 0 rg BT 360.76 458.20 Td (million, ) Tj ET Q q 0 0 0 rg BT 397.63 458.20 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 409.12 458.20 Td (14.1) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 428.37 458.20 Td ( ) Tj ET Q q 0 0 0 rg BT 430.71 458.20 Td (percent ) Tj ET Q q 0 0 0 rg BT 465.41 458.20 Td (of ) Tj ET Q q 0 0 0 rg BT 476.91 458.20 Td (net ) Tj ET Q q 0 0 0 rg BT 492.68 458.20 Td (sales, ) Tj ET Q q 0 0 0 rg BT 519.15 458.20 Td (compared ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 445.00 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 60.81 445.00 Td ($100.4) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 91.06 445.00 Td ( ) Tj ET Q q 0 0 0 rg BT 93.81 445.00 Td (million, ) Tj ET Q q 0 0 0 rg BT 131.09 445.00 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 143.00 445.00 Td (14.0) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 162.25 445.00 Td ( ) Tj ET Q q 0 0 0 rg BT 165.00 445.00 Td (percent ) Tj ET Q q 0 0 0 rg BT 200.12 445.00 Td (of ) Tj ET Q q 0 0 0 rg BT 212.03 445.00 Td (net ) Tj ET Q q 0 0 0 rg BT 228.22 445.00 Td (sales, ) Tj ET Q q 0 0 0 rg BT 255.10 445.00 Td (for ) Tj ET Q q 0 0 0 rg BT 270.68 445.00 Td (the ) Tj ET Q q 0 0 0 rg BT 286.86 445.00 Td (same ) Tj ET Q q 0 0 0 rg BT 312.22 445.00 Td (period ) Tj ET Q q 0 0 0 rg BT 343.07 445.00 Td (in ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 354.37 445.00 Td (2016) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 376.37 445.00 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 418.60 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 97.84 418.60 Td ($) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.34 418.60 Td (6.3) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 117.09 418.60 Td ( ) Tj ET Q q 0 0 0 rg BT 120.22 418.60 Td (million ) Tj ET Q q 0 0 0 rg BT 155.12 418.60 Td (in ) Tj ET Q q 0 0 0 rg BT 166.80 418.60 Td (Project ) Tj ET Q q 0 0 0 rg BT 201.09 418.60 Td (CONNECT) Tj ET Q q 0 0 0 rg BT 252.83 418.60 Td ( ) Tj ET Q q 0 0 0 rg BT 255.96 418.60 Td (program ) Tj ET Q q 0 0 0 rg BT 296.35 418.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 339.18 418.60 Td (and ) Tj ET Q q 0 0 0 rg BT 358.19 418.60 Td (discrete ) Tj ET Q q 0 0 0 rg BT 395.52 418.60 Td (costs, ) Tj ET Q q 0 0 0 rg BT 423.40 418.60 Td (fourth ) Tj ET Q q 0 0 0 rg BT 453.41 418.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 487.68 418.60 Td (2017 ) Tj ET Q q 0 0 0 rg BT 512.81 418.60 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 562.51 418.60 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 405.40 Td (operating ) Tj ET Q q 0 0 0 rg BT 93.70 405.40 Td (income ) Tj ET Q q 0 0 0 rg BT 128.74 405.40 Td (increased ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 172.93 405.40 Td (15) Tj ET Q BT /F1 11.00 Tf ET 1 1 1 rg /GS0 gs 183.93 413.03 37.69 -10.00 re f /GS0 gs q 0 0 0 rg BT 183.93 405.40 Td ( ) Tj ET Q q 0 0 0 rg BT 186.59 405.40 Td (percent ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 221.61 405.40 Td (to ) Tj ET Q q 0 0 0 rg BT 232.83 405.40 Td ($) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 238.33 405.40 Td (1) Tj ET Q q 0 0 0 rg BT 243.42 405.40 Td (15.6 ) Tj ET Q q 0 0 0 rg BT 265.33 405.40 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 297.11 405.40 Td (, ) Tj ET Q q 0 0 0 rg BT 302.52 405.40 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 314.35 405.40 Td (14.9) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 333.60 405.40 Td ( ) Tj ET Q q 0 0 0 rg BT 336.26 405.40 Td (pe) Tj ET Q BT /F1 11.00 Tf ET 1 1 1 rg /GS0 gs 346.64 413.03 136.60 -10.00 re f /GS0 gs q 0 0 0 rg BT 346.64 405.40 Td (rcent ) Tj ET Q q 0 0 0 rg BT 371.28 405.40 Td (of ) Tj ET Q q 0 0 0 rg BT 383.11 405.40 Td (net ) Tj ET Q q 0 0 0 rg BT 399.20 405.40 Td (sales, ) Tj ET Q q 0 0 0 rg BT 426.00 405.40 Td (compared ) Tj ET Q q 0 0 0 rg BT 472.02 405.40 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 483.24 405.40 Td ($100.4) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 513.49 405.40 Td ( ) Tj ET Q q 0 0 0 rg BT 516.15 405.40 Td (million, ) Tj ET Q q 0 0 0 rg BT 553.34 405.40 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 392.20 Td (14.0) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 68.75 392.20 Td ( ) Tj ET Q q 0 0 0 rg BT 71.50 392.20 Td (percent ) Tj ET Q q 0 0 0 rg BT 106.62 392.20 Td (of ) Tj ET Q q 0 0 0 rg BT 118.53 392.20 Td (net ) Tj ET Q q 0 0 0 rg BT 134.72 392.20 Td (sales, ) Tj ET Q q 0 0 0 rg BT 161.60 392.20 Td (in ) Tj ET Q q 0 0 0 rg BT 172.91 392.20 Td (last ) Tj ET Q q 0 0 0 rg BT 190.93 392.20 Td (year's ) Tj ET Q q 0 0 0 rg BT 218.87 392.20 Td (fourth ) Tj ET Q q 0 0 0 rg BT 248.50 392.20 Td (quarter) Tj ET Q q 0 0 0 rg BT 279.04 392.20 Td (.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 365.80 Td (Income ) Tj ET Q q 0 0 0 rg BT 86.88 365.80 Td (T) Tj ET Q q 0 0 0 rg BT 93.20 365.80 Td (ax ) Tj ET Q q 0 0 0 rg BT 106.95 365.80 Td (Expense) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 339.40 Td (Income ) Tj ET Q q 0 0 0 rg BT 84.54 339.40 Td (tax ) Tj ET Q q 0 0 0 rg BT 100.03 339.40 Td (expense ) Tj ET Q q 0 0 0 rg BT 137.51 339.40 Td (for ) Tj ET Q q 0 0 0 rg BT 152.38 339.40 Td (the ) Tj ET Q q 0 0 0 rg BT 167.87 339.40 Td (fourth ) Tj ET Q q 0 0 0 rg BT 196.81 339.40 Td (quarter ) Tj ET Q q 0 0 0 rg BT 230.01 339.40 Td (of ) Tj ET Q q 0 0 0 rg BT 241.22 339.40 Td (2017 ) Tj ET Q q 0 0 0 rg BT 265.27 339.40 Td (was ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 284.43 339.40 Td ($1) Tj ET Q q 0 0 0 rg BT 295.02 339.40 Td (16.5 ) Tj ET Q q 0 0 0 rg BT 316.33 339.40 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 348.11 339.40 Td (, ) Tj ET Q q 0 0 0 rg BT 352.91 339.40 Td (including ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 396.51 339.40 Td ($95.6 ) Tj ET Q q 0 0 0 rg BT 423.31 339.40 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 455.09 339.40 Td ( ) Tj ET Q q 0 0 0 rg BT 457.14 339.40 Td (of ) Tj ET Q q 0 0 0 rg BT 468.21 339.40 Td (TCJA-related ) Tj ET Q q 0 0 0 rg BT 530.13 339.40 Td (income ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 326.20 Td (tax ) Tj ET Q q 0 0 0 rg BT 65.69 326.20 Td (expense. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 299.80 Td (The ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 68.85 299.80 Td (T) Tj ET Q q 0 0 0 rg BT 75.18 299.80 Td (ax ) Tj ET Q q 0 0 0 rg BT 88.43 299.80 Td (Reform) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 124.46 299.80 Td ( ) Tj ET Q q 0 0 0 rg BT 126.71 299.80 Td (section ) Tj ET Q q 0 0 0 rg BT 160.12 299.80 Td (below ) Tj ET Q q 0 0 0 rg BT 189.26 299.80 Td (contains ) Tj ET Q q 0 0 0 rg BT 228.16 299.80 Td (a ) Tj ET Q q 0 0 0 rg BT 235.30 299.80 Td (more ) Tj ET Q q 0 0 0 rg BT 260.15 299.80 Td (detailed ) Tj ET Q q 0 0 0 rg BT 297.21 299.80 Td (discussion ) Tj ET Q q 0 0 0 rg BT 345.30 299.80 Td (of ) Tj ET Q q 0 0 0 rg BT 356.72 299.80 Td (the ) Tj ET Q q 0 0 0 rg BT 372.40 299.80 Td (ef) Tj ET Q q 0 0 0 rg BT 380.75 299.80 Td (fect ) Tj ET Q q 0 0 0 rg BT 399.49 299.80 Td (of ) Tj ET Q q 0 0 0 rg BT 410.90 299.80 Td (the ) Tj ET Q q 0 0 0 rg BT 426.43 299.80 Td (TCJA) Tj ET Q q 0 0 0 rg BT 452.10 299.80 Td ( ) Tj ET Q q 0 0 0 rg BT 454.35 299.80 Td (on ) Tj ET Q q 0 0 0 rg BT 467.60 299.80 Td (fourth ) Tj ET Q q 0 0 0 rg BT 496.73 299.80 Td (quarter ) Tj ET Q q 0 0 0 rg BT 530.13 299.80 Td (income ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 286.60 Td (tax ) Tj ET Q q 0 0 0 rg BT 65.69 286.60 Td (expense.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 260.20 Td (Fourth ) Tj ET Q q 0 0 0 rg BT 82.24 260.20 Td (quarter ) Tj ET Q q 0 0 0 rg BT 116.79 260.20 Td (2017 ) Tj ET Q q 0 0 0 rg BT 142.19 260.20 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 191.89 260.20 Td ( ) Tj ET Q q 0 0 0 rg BT 195.29 260.20 Td (income ) Tj ET Q q 0 0 0 rg BT 231.07 260.20 Td (tax ) Tj ET Q q 0 0 0 rg BT 247.91 260.20 Td (expense, ) Tj ET Q q 0 0 0 rg BT 289.49 260.20 Td (excluding ) Tj ET Q q 0 0 0 rg BT 336.27 260.20 Td (the ) Tj ET Q q 0 0 0 rg BT 353.11 260.20 Td (ef) Tj ET Q q 0 0 0 rg BT 361.46 260.20 Td (fect ) Tj ET Q q 0 0 0 rg BT 381.34 260.20 Td (of ) Tj ET Q q 0 0 0 rg BT 393.91 260.20 Td (Project ) Tj ET Q q 0 0 0 rg BT 428.46 260.20 Td (CONNECT) Tj ET Q q 0 0 0 rg BT 480.21 260.20 Td ( ) Tj ET Q q 0 0 0 rg BT 483.61 260.20 Td (and ) Tj ET Q q 0 0 0 rg BT 502.65 260.20 Td (TCJA-related ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 247.00 Td (income ) Tj ET Q q 0 0 0 rg BT 85.05 247.00 Td (tax ) Tj ET Q q 0 0 0 rg BT 101.67 247.00 Td (expense, ) Tj ET Q q 0 0 0 rg BT 143.02 247.00 Td (was ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 163.30 247.00 Td ($23.2 ) Tj ET Q q 0 0 0 rg BT 191.23 247.00 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 223.01 247.00 Td ( ) Tj ET Q q 0 0 0 rg BT 226.19 247.00 Td (resulting ) Tj ET Q q 0 0 0 rg BT 267.86 247.00 Td (in ) Tj ET Q q 0 0 0 rg BT 279.59 247.00 Td (an ) Tj ET Q q 0 0 0 rg BT 293.15 247.00 Td (ef) Tj ET Q q 0 0 0 rg BT 301.49 247.00 Td (fective ) Tj ET Q q 0 0 0 rg BT 334.59 247.00 Td (income ) Tj ET Q q 0 0 0 rg BT 370.14 247.00 Td (tax ) Tj ET Q q 0 0 0 rg BT 386.76 247.00 Td (rate ) Tj ET Q q 0 0 0 rg BT 406.42 247.00 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 418.76 247.00 Td (19.9 ) Tj ET Q q 0 0 0 rg BT 441.18 247.00 Td (percent) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 473.55 247.00 Td (, ) Tj ET Q q 0 0 0 rg BT 479.47 247.00 Td (compared ) Tj ET Q q 0 0 0 rg BT 526.02 247.00 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 537.75 247.00 Td ($15.2 ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 233.80 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 81.28 233.80 Td (, ) Tj ET Q q 0 0 0 rg BT 87.08 233.80 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 99.29 233.80 Td (15.1 ) Tj ET Q q 0 0 0 rg BT 121.58 233.80 Td (percent) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 153.95 233.80 Td (, ) Tj ET Q q 0 0 0 rg BT 159.75 233.80 Td (for ) Tj ET Q q 0 0 0 rg BT 175.62 233.80 Td (the ) Tj ET Q q 0 0 0 rg BT 192.11 233.80 Td (same ) Tj ET Q q 0 0 0 rg BT 217.75 233.80 Td (period ) Tj ET Q q 0 0 0 rg BT 248.90 233.80 Td (last ) Tj ET Q q 0 0 0 rg BT 267.23 233.80 Td (year) Tj ET Q q 0 0 0 rg BT 285.55 233.80 Td (. ) Tj ET Q q 0 0 0 rg BT 291.34 233.80 Td (Our ) Tj ET Q q 0 0 0 rg BT 311.50 233.80 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 361.20 233.80 Td ( ) Tj ET Q q 0 0 0 rg BT 364.25 233.80 Td (ef) Tj ET Q q 0 0 0 rg BT 372.59 233.80 Td (fective ) Tj ET Q q 0 0 0 rg BT 405.56 233.80 Td (income ) Tj ET Q q 0 0 0 rg BT 440.99 233.80 Td (tax ) Tj ET Q q 0 0 0 rg BT 457.47 233.80 Td (rate ) Tj ET Q q 0 0 0 rg BT 477.00 233.80 Td (increased ) Tj ET Q q 0 0 0 rg BT 521.58 233.80 Td (primarily ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 220.60 Td (due ) Tj ET Q q 0 0 0 rg BT 68.13 220.60 Td (to ) Tj ET Q q 0 0 0 rg BT 79.44 220.60 Td (a ) Tj ET Q q 0 0 0 rg BT 87.07 220.60 Td (discrete ) Tj ET Q q 0 0 0 rg BT 124.02 220.60 Td (benefit ) Tj ET Q q 0 0 0 rg BT 157.31 220.60 Td (from ) Tj ET Q q 0 0 0 rg BT 181.45 220.60 Td (the ) Tj ET Q q 0 0 0 rg BT 197.63 220.60 Td (utilization ) Tj ET Q q 0 0 0 rg BT 244.99 220.60 Td (of ) Tj ET Q q 0 0 0 rg BT 256.90 220.60 Td (foreign ) Tj ET Q q 0 0 0 rg BT 291.41 220.60 Td (tax ) Tj ET Q q 0 0 0 rg BT 307.60 220.60 Td (credits ) Tj ET Q q 0 0 0 rg BT 339.67 220.60 Td (in ) Tj ET Q q 0 0 0 rg BT 350.98 220.60 Td (the ) Tj ET Q q 0 0 0 rg BT 367.17 220.60 Td (fourth ) Tj ET Q q 0 0 0 rg BT 396.80 220.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 430.70 220.60 Td (of ) Tj ET Q q 0 0 0 rg BT 442.61 220.60 Td (2016.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 194.20 Td (Net ) Tj ET Q q 0 0 0 rg BT 68.74 194.20 Td (Income) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 167.80 Td (Fourth ) Tj ET Q q 0 0 0 rg BT 81.39 167.80 Td (quarter ) Tj ET Q q 0 0 0 rg BT 115.09 167.80 Td (net ) Tj ET Q q 0 0 0 rg BT 131.08 167.80 Td (income ) Tj ET Q q 0 0 0 rg BT 166.00 167.80 Td (declined ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 205.81 167.80 Td (108) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 222.31 167.80 Td ( ) Tj ET Q q 0 0 0 rg BT 224.87 167.80 Td (percent ) Tj ET Q q 0 0 0 rg BT 259.78 167.80 Td (to ) Tj ET Q q 0 0 0 rg BT 270.89 167.80 Td (a ) Tj ET Q q 0 0 0 rg BT 278.32 167.80 Td (fourth ) Tj ET Q q 0 0 0 rg BT 307.76 167.80 Td (quarter ) Tj ET Q q 0 0 0 rg BT 341.46 167.80 Td (loss ) Tj ET Q q 0 0 0 rg BT 361.13 167.80 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 372.84 167.80 Td ($7.1) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 392.09 167.80 Td ( ) Tj ET Q q 0 0 0 rg BT 394.64 167.80 Td (million, ) Tj ET Q q 0 0 0 rg BT 431.72 167.80 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 443.44 167.80 Td ($0.10) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 468.19 167.80 Td ( ) Tj ET Q q 0 0 0 rg BT 470.74 167.80 Td (loss ) Tj ET Q q 0 0 0 rg BT 490.41 167.80 Td (per ) Tj ET Q q 0 0 0 rg BT 507.00 167.80 Td (share, ) Tj ET Q q 0 0 0 rg BT 535.51 167.80 Td (due ) Tj ET Q q 0 0 0 rg BT 553.95 167.80 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 154.60 Td (incremental ) Tj ET Q q 0 0 0 rg BT 104.07 154.60 Td (income ) Tj ET Q q 0 0 0 rg BT 139.09 154.60 Td (tax ) Tj ET Q q 0 0 0 rg BT 155.18 154.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 193.26 154.60 Td (related ) Tj ET Q q 0 0 0 rg BT 225.83 154.60 Td (to ) Tj ET Q q 0 0 0 rg BT 237.04 154.60 Td (the ) Tj ET Q q 0 0 0 rg BT 252.93 154.60 Td (TCJA, ) Tj ET Q q 0 0 0 rg BT 284.61 154.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 330.63 154.60 Td (to ) Tj ET Q q 0 0 0 rg BT 341.83 154.60 Td (net ) Tj ET Q q 0 0 0 rg BT 357.92 154.60 Td (income ) Tj ET Q q 0 0 0 rg BT 392.95 154.60 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 404.76 154.60 Td ($84.7) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 429.51 154.60 Td ( ) Tj ET Q q 0 0 0 rg BT 432.16 154.60 Td (million, ) Tj ET Q q 0 0 0 rg BT 469.34 154.60 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 481.15 154.60 Td ($1.20) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 505.90 154.60 Td ( ) Tj ET Q q 0 0 0 rg BT 508.55 154.60 Td (earnings ) Tj ET Q q 0 0 0 rg BT 548.47 154.60 Td (per ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 141.40 Td (diluted ) Tj ET Q q 0 0 0 rg BT 82.80 141.40 Td (share, ) Tj ET Q q 0 0 0 rg BT 111.51 141.40 Td (in ) Tj ET Q q 0 0 0 rg BT 122.82 141.40 Td (last ) Tj ET Q q 0 0 0 rg BT 140.84 141.40 Td (year's ) Tj ET Q q 0 0 0 rg BT 168.78 141.40 Td (fourth ) Tj ET Q q 0 0 0 rg BT 198.41 141.40 Td (quarter) Tj ET Q q 0 0 0 rg BT 228.95 141.40 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 128.20 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 115.00 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 97.07 115.00 Td (Project ) Tj ET Q q 0 0 0 rg BT 130.58 115.00 Td (CONNECT) Tj ET Q q 0 0 0 rg BT 182.33 115.00 Td ( ) Tj ET Q q 0 0 0 rg BT 184.68 115.00 Td (program ) Tj ET Q q 0 0 0 rg BT 224.30 115.00 Td (expenses ) Tj ET Q q 0 0 0 rg BT 266.37 115.00 Td (and ) Tj ET Q q 0 0 0 rg BT 284.60 115.00 Td (discrete ) Tj ET Q q 0 0 0 rg BT 321.16 115.00 Td (costs ) Tj ET Q q 0 0 0 rg BT 345.52 115.00 Td (of ) Tj ET Q q 0 0 0 rg BT 357.04 115.00 Td (approximately$) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 428.82 115.00 Td (6.3) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 442.57 115.00 Td ( ) Tj ET Q q 0 0 0 rg BT 444.93 115.00 Td (million, ) Tj ET Q q 0 0 0 rg BT 481.81 115.00 Td ($) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 487.31 115.00 Td (3.9) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 501.06 115.00 Td ( ) Tj ET Q q 0 0 0 rg BT 503.42 115.00 Td (million ) Tj ET Q q 0 0 0 rg BT 537.56 115.00 Td (net ) Tj ET Q q 0 0 0 rg BT 553.35 115.00 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 101.80 Td (tax, ) Tj ET Q q 0 0 0 rg BT 69.26 101.80 Td (or$) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.68 101.80 Td (0.05) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 105.93 101.80 Td (per ) Tj ET Q q 0 0 0 rg BT 126.30 101.80 Td (diluted ) Tj ET Q q 0 0 0 rg BT 160.42 101.80 Td (share, ) Tj ET Q q 0 0 0 rg BT 189.96 101.80 Td (and ) Tj ET Q q 0 0 0 rg BT 209.16 101.80 Td (TCJA-related ) Tj ET Q q 0 0 0 rg BT 272.60 101.80 Td (income ) Tj ET Q q 0 0 0 rg BT 308.55 101.80 Td (tax ) Tj ET Q q 0 0 0 rg BT 325.57 101.80 Td (expense ) Tj ET Q q 0 0 0 rg BT 364.57 101.80 Td (of ) Tj ET Q q 0 0 0 rg BT 377.31 101.80 Td ($) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 382.81 101.80 Td (95.6) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 402.06 101.80 Td ( ) Tj ET Q q 0 0 0 rg BT 405.64 101.80 Td (million, ) Tj ET Q q 0 0 0 rg BT 443.74 101.80 Td (or ) Tj ET Q q 0 0 0 rg BT 456.48 101.80 Td ($) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 461.98 101.80 Td (1.36) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 481.23 101.80 Td ( ) Tj ET Q q 0 0 0 rg BT 484.81 101.80 Td (per ) Tj ET Q q 0 0 0 rg BT 502.43 101.80 Td (diluted ) Tj ET Q q 0 0 0 rg BT 536.55 101.80 Td (share, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 88.60 Td (fourth ) Tj ET Q q 0 0 0 rg BT 78.88 88.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 112.52 88.60 Td (2017 ) Tj ET Q q 0 0 0 rg BT 137.01 88.60 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 186.71 88.60 Td ( ) Tj ET Q q 0 0 0 rg BT 189.21 88.60 Td (net ) Tj ET Q q 0 0 0 rg BT 205.14 88.60 Td (income ) Tj ET Q q 0 0 0 rg BT 240.01 88.60 Td (increased ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 284.03 88.60 Td (9) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 289.53 88.60 Td ( ) Tj ET Q q 0 0 0 rg BT 292.03 88.60 Td (percent ) Tj ET Q q 0 0 0 rg BT 326.89 88.60 Td (to ) Tj ET Q q 0 0 0 rg BT 337.94 88.60 Td ($) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 343.44 88.60 Td (92.5 ) Tj ET Q q 0 0 0 rg BT 365.18 88.60 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 396.96 88.60 Td (, ) Tj ET Q q 0 0 0 rg BT 402.21 88.60 Td (or ) Tj ET Q q 0 0 0 rg BT 413.86 88.60 Td ($) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 419.36 88.60 Td (1.31) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 438.61 88.60 Td ( ) Tj ET Q q 0 0 0 rg BT 441.11 88.60 Td (per ) Tj ET Q q 0 0 0 rg BT 457.64 88.60 Td (diluted ) Tj ET Q q 0 0 0 rg BT 490.69 88.60 Td (share,) Tj ET Q BT /F1 11.00 Tf ET 1 1 1 rg /GS0 gs 516.65 96.23 2.49 -10.00 re f /GS0 gs q 0 0 0 rg BT 516.65 88.60 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 519.14 88.60 Td (compared ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 75.40 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 60.81 75.40 Td ($84.7) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.56 75.40 Td ( ) Tj ET Q q 0 0 0 rg BT 88.31 75.40 Td (million, ) Tj ET Q q 0 0 0 rg BT 125.59 75.40 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 137.50 75.40 Td ($1.20) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 162.25 75.40 Td ( ) Tj ET Q q 0 0 0 rg BT 165.00 75.40 Td (per ) Tj ET Q q 0 0 0 rg BT 181.80 75.40 Td (diluted ) Tj ET Q q 0 0 0 rg BT 215.10 75.40 Td (share, ) Tj ET Q q 0 0 0 rg BT 243.80 75.40 Td (in ) Tj ET Q q 0 0 0 rg BT 255.11 75.40 Td (last ) Tj ET Q q 0 0 0 rg BT 273.14 75.40 Td (year's ) Tj ET Q q 0 0 0 rg BT 301.08 75.40 Td (fourth ) Tj ET Q q 0 0 0 rg BT 330.71 75.40 Td (quarter) Tj ET Q q 0 0 0 rg BT 361.25 75.40 Td (.) 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 /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 748.60 Td (Regular) Tj ET Q q 0 0 0 rg BT 87.18 748.60 Td ( Quarterly Cash Dividend ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 722.20 Td (The ) Tj ET Q q 0 0 0 rg BT 68.80 722.20 Td (board ) Tj ET Q q 0 0 0 rg BT 96.04 722.20 Td (of ) Tj ET Q q 0 0 0 rg BT 107.40 722.20 Td (directors ) Tj ET Q q 0 0 0 rg BT 148.08 722.20 Td (authorized ) Tj ET Q q 0 0 0 rg BT 196.70 722.20 Td (a ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 203.78 722.20 Td (16) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 214.78 722.20 Td ( ) Tj ET Q q 0 0 0 rg BT 216.98 722.20 Td (percent ) Tj ET Q q 0 0 0 rg BT 251.54 722.20 Td (increase ) Tj ET Q q 0 0 0 rg BT 289.77 722.20 Td (in ) Tj ET Q q 0 0 0 rg BT 300.52 722.20 Td (the ) Tj ET Q q 0 0 0 rg BT 316.15 722.20 Td (regular ) Tj ET Q q 0 0 0 rg BT 349.50 722.20 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 391.40 722.20 Td (dividend ) Tj ET Q q 0 0 0 rg BT 432.09 722.20 Td (from ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 455.67 722.20 Td ($0.19) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 480.42 722.20 Td ( ) Tj ET Q q 0 0 0 rg BT 482.61 722.20 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 493.37 722.20 Td ($0.22) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 518.12 722.20 Td ( ) Tj ET Q q 0 0 0 rg BT 520.31 722.20 Td (per ) Tj ET Q q 0 0 0 rg BT 536.56 722.20 Td (share, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 709.00 Td (payable ) Tj ET Q q 0 0 0 rg BT 86.45 709.00 Td (on ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 100.20 709.00 Td (March22, ) Tj ET Q q 0 0 0 rg BT 148.16 709.00 Td (2018) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 170.16 709.00 Td ( ) Tj ET Q q 0 0 0 rg BT 172.91 709.00 Td (to ) Tj ET Q q 0 0 0 rg BT 184.22 709.00 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 242.56 709.00 Td (of ) Tj ET Q q 0 0 0 rg BT 254.47 709.00 Td (record ) Tj ET Q q 0 0 0 rg BT 285.31 709.00 Td (on ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 299.06 709.00 Td (March9, ) Tj ET Q q 0 0 0 rg BT 341.52 709.00 Td (2018) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 363.52 709.00 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 49.5 680.878564453125 m 95.33154296875 680.878564453125 l s q 0 0 0 rg BT 49.50 682.60 Td (Full ) Tj ET Q q 0 0 0 rg BT 70.79 682.60 Td (Y) Tj ET Q q 0 0 0 rg BT 77.52 682.60 Td (ear) Tj ET Q q 0 0 0 rg BT 92.58 682.60 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 95.33154296875 680.878564453125 m 117.33154296875 680.878564453125 l s q 0 0 0 rg BT 95.33 682.60 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 117.33154296875 680.878564453125 m 207.474609375 680.878564453125 l s q 0 0 0 rg BT 117.33 682.60 Td ( Financial Results: ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 656.20 Td (\(All comparisons are between full year ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 223.60 656.20 Td (2017) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 245.60 656.20 Td ( and full year ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 306.68 656.20 Td (2016) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 328.68 656.20 Td (, unless otherwise noted\).) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 629.80 Td (Net ) Tj ET Q q 0 0 0 rg BT 68.74 629.80 Td (Sales) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 603.40 Td (Consolidated ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 109.44 603.40 Td (2017) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 131.44 603.40 Td ( ) Tj ET Q q 0 0 0 rg BT 133.32 603.40 Td (net ) Tj ET Q q 0 0 0 rg BT 148.65 603.40 Td (sales ) Tj ET Q q 0 0 0 rg BT 171.92 603.40 Td (increased ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 215.33 603.40 Td (4) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 220.83 603.40 Td ( ) Tj ET Q q 0 0 0 rg BT 222.72 603.40 Td (percent ) Tj ET Q q 0 0 0 rg BT 256.97 603.40 Td (to ) Tj ET Q q 0 0 0 rg BT 267.42 603.40 Td (a ) Tj ET Q q 0 0 0 rg BT 274.19 603.40 Td (record ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 304.16 603.40 Td ($2.47) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 328.91 603.40 Td ( ) Tj ET Q q 0 0 0 rg BT 330.80 603.40 Td (billion, ) Tj ET Q q 0 0 0 rg BT 364.16 603.40 Td (compared ) Tj ET Q q 0 0 0 rg BT 409.41 603.40 Td (with ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 430.86 603.40 Td (2016) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 452.86 603.40 Td ( ) Tj ET Q q 0 0 0 rg BT 454.74 603.40 Td (net ) Tj ET Q q 0 0 0 rg BT 470.07 603.40 Td (sales ) Tj ET Q q 0 0 0 rg BT 493.34 603.40 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 504.39 603.40 Td ($2.38) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 529.14 603.40 Td ( ) Tj ET Q q 0 0 0 rg BT 531.02 603.40 Td (billion. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 577.00 Td (Global ) Tj ET Q q 0 0 0 rg BT 83.62 577.00 Td (DTC ) Tj ET Q q 0 0 0 rg BT 109.81 577.00 Td (net ) Tj ET Q q 0 0 0 rg BT 127.44 577.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 153.00 577.00 Td (increased ) Tj ET Q q 0 0 0 rg BT 198.72 577.00 Td (10 ) Tj ET Q q 0 0 0 rg BT 213.90 577.00 Td (percent, ) Tj ET Q q 0 0 0 rg BT 253.21 577.00 Td (and ) Tj ET Q q 0 0 0 rg BT 273.28 577.00 Td (represented ) Tj ET Q q 0 0 0 rg BT 328.15 577.00 Td (approximately ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 395.87 577.00 Td (40 ) Tj ET Q q 0 0 0 rg BT 411.06 577.00 Td (percent) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 443.43 577.00 Td ( ) Tj ET Q q 0 0 0 rg BT 447.61 577.00 Td (of ) Tj ET Q q 0 0 0 rg BT 460.96 577.00 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 520.74 577.00 Td (net ) Tj ET Q q 0 0 0 rg BT 538.37 577.00 Td (sales, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 563.80 Td (including ) Tj ET Q q 0 0 0 rg BT 93.80 563.80 Td (approximately ) Tj ET Q q 0 0 0 rg BT 160.09 563.80 Td (9 ) Tj ET Q q 0 0 0 rg BT 168.34 563.80 Td (percent ) Tj ET Q q 0 0 0 rg BT 203.45 563.80 Td (of ) Tj ET Q q 0 0 0 rg BT 215.36 563.80 Td (net ) Tj ET Q q 0 0 0 rg BT 231.55 563.80 Td (sales ) Tj ET Q q 0 0 0 rg BT 255.69 563.80 Td (from ) Tj ET Q q 0 0 0 rg BT 279.82 563.80 Td (our ) Tj ET Q q 0 0 0 rg BT 297.23 563.80 Td (global ) Tj ET Q q 0 0 0 rg BT 327.48 563.80 Td (e-commerce ) Tj ET Q q 0 0 0 rg BT 384.58 563.80 Td (businesses. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 537.40 Td (Global ) Tj ET Q q 0 0 0 rg BT 82.85 537.40 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 130.25 537.40 Td (and ) Tj ET Q q 0 0 0 rg BT 149.54 537.40 Td (distributor ) Tj ET Q q 0 0 0 rg BT 198.78 537.40 Td (net ) Tj ET Q q 0 0 0 rg BT 215.64 537.40 Td (sales ) Tj ET Q q 0 0 0 rg BT 240.43 537.40 Td (were ) Tj ET Q q 0 0 0 rg BT 265.21 537.40 Td (flat, ) Tj ET Q q 0 0 0 rg BT 286.03 537.40 Td (af) Tj ET Q q 0 0 0 rg BT 294.38 537.40 Td (fected ) Tj ET Q q 0 0 0 rg BT 324.66 537.40 Td (by ) Tj ET Q q 0 0 0 rg BT 339.07 537.40 Td (the ) Tj ET Q q 0 0 0 rg BT 355.92 537.40 Td (comparative ) Tj ET Q q 0 0 0 rg BT 413.69 537.40 Td (ef) Tj ET Q q 0 0 0 rg BT 422.04 537.40 Td (fects ) Tj ET Q q 0 0 0 rg BT 446.22 537.40 Td (of ) Tj ET Q q 0 0 0 rg BT 458.79 537.40 Td (sales ) Tj ET Q q 0 0 0 rg BT 483.59 537.40 Td (to ) Tj ET Q q 0 0 0 rg BT 495.56 537.40 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 518.53 537.40 Td (wholesale ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 524.20 Td (customers ) Tj ET Q q 0 0 0 rg BT 96.85 524.20 Td (who ) Tj ET Q q 0 0 0 rg BT 118.55 524.20 Td (have ) Tj ET Q q 0 0 0 rg BT 142.06 524.20 Td (under) Tj ET Q q 0 0 0 rg BT 166.91 524.20 Td (gone ) Tj ET Q q 0 0 0 rg BT 191.04 524.20 Td (bankruptcies, ) Tj ET Q q 0 0 0 rg BT 252.74 524.20 Td (liquidations ) Tj ET Q q 0 0 0 rg BT 307.44 524.20 Td (and ) Tj ET Q q 0 0 0 rg BT 326.07 524.20 Td (store ) Tj ET Q q 0 0 0 rg BT 350.20 524.20 Td (closures ) Tj ET Q q 0 0 0 rg BT 389.00 524.20 Td (over ) Tj ET Q q 0 0 0 rg BT 411.29 524.20 Td (the ) Tj ET Q q 0 0 0 rg BT 427.48 524.20 Td (past ) Tj ET Q q 0 0 0 rg BT 447.95 524.20 Td (24 ) Tj ET Q q 0 0 0 rg BT 461.70 524.20 Td (months.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 71.50 497.80 Td (Geographies) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 156.00 421.30 90.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 421.30 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.00 421.30 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.00 421.30 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.00 421.30 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 421.30 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 421.30 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 421.30 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 156.00 397.30 90.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 397.30 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.00 397.30 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.00 397.30 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.00 397.30 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 397.30 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 397.30 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 397.30 49.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 487.3 m 295 487.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295 487.3 m 299 487.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299 487.3 m 348 487.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348 487.3 m 352 487.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 487.3 m 401 487.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 487.3 m 406 487.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 487.3 m 455 487.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 433.3 m 295 433.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299 433.3 m 348 433.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 433.3 m 401 433.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 433.3 m 455 433.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 246 385.3 m 295 385.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 246 385.3 m 295 385.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 374.3 m 295 374.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 372.3 m 295 372.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 299 385.3 m 348 385.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299 374.3 m 348 374.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299 372.3 m 348 372.3 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 410.95 478.75 Td (Constant-) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 412.80 467.75 Td (curr) Tj ET Q q 0 0 0 rg BT 429.71 467.75 Td (ency) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 252.35 456.70 Td (Net Sales) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 251.70 447.70 Td (\(millions\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 305.35 456.70 Td (Net Sales) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.70 447.70 Td (\(millions\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 358.35 448.75 Td (Net Sales) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 412.35 448.75 Td (Net Sales) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 254.00 435.75 Td (FY) Tj ET Q q 0 0 0 rg BT 265.83 435.75 Td ( 2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 307.00 435.75 Td (FY) Tj ET Q q 0 0 0 rg BT 318.83 435.75 Td ( 2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 355.60 435.75 Td (%Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 409.60 435.75 Td (%Change) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 158.50 424.56 Td (United States) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 254.25 424.56 Td ($1,520.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 424.56 Td ($1,505.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 370.00 424.56 Td (1%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.00 424.56 Td (1%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 158.50 412.56 Td (LAAP) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.85 412.56 Td (475.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 312.85 412.56 Td (453.7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 370.00 412.56 Td (5%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.00 412.56 Td (6%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 158.50 400.56 Td (EMEA) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.85 400.56 Td (293.7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 312.85 400.56 Td (253.5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.75 400.56 Td (16%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.75 400.56 Td (14%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 158.50 388.56 Td (Canada) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.85 388.56 Td (177.3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 312.85 388.56 Td (164.6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 370.00 388.56 Td (8%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.00 388.56 Td (4%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 158.50 376.56 Td ( ) Tj ET Q q 0 0 0 rg BT 160.59 376.56 Td (T) Tj ET Q q 0 0 0 rg BT 165.46 376.56 Td (otal) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 254.25 376.56 Td ($2,466.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 376.56 Td ($2,377.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 370.00 376.56 Td (4%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.00 376.56 Td (4%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 347.40 Td ( ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 103.50 347.40 Td (United ) Tj ET Q q 0 0 0 rg BT 138.03 347.40 Td (States) Tj ET Q BT /F1 11.00 Tf ET /GS0 gs q 5.00 0 0 11.00 121.50 331.83 cm /I13 Do Q q 0 0 0 rg BT 126.50 334.20 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 334.20 Td (DTC ) Tj ET Q q 0 0 0 rg BT 164.24 334.20 Td (net ) Tj ET Q q 0 0 0 rg BT 180.43 334.20 Td (sales ) Tj ET Q q 0 0 0 rg BT 204.55 334.20 Td (increased ) Tj ET Q q 0 0 0 rg BT 248.83 334.20 Td (high-single-digit ) Tj ET Q q 0 0 0 rg BT 324.90 334.20 Td (percent, ) Tj ET Q q 0 0 0 rg BT 362.76 334.20 Td (primarily ) Tj ET Q q 0 0 0 rg BT 406.44 334.20 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 451.32 334.20 Td (growth ) Tj ET Q q 0 0 0 rg BT 485.23 334.20 Td (in ) Tj ET Q q 0 0 0 rg BT 496.53 334.20 Td (brick ) Tj ET Q q 0 0 0 rg BT 521.88 334.20 Td (& ) Tj ET Q q 0 0 0 rg BT 533.18 334.20 Td (mortar ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 321.00 Td (stores, ) Tj ET Q q 0 0 0 rg BT 170.66 321.00 Td (followed ) Tj ET Q q 0 0 0 rg BT 212.51 321.00 Td (by ) Tj ET Q q 0 0 0 rg BT 226.26 321.00 Td (e-commerce.) Tj ET Q BT /F1 11.00 Tf ET /GS0 gs q 5.00 0 0 11.00 121.50 305.43 cm /I14 Do Q q 0 0 0 rg BT 126.50 307.80 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 307.80 Td (Wholesale ) Tj ET Q q 0 0 0 rg BT 191.08 307.80 Td (net ) Tj ET Q q 0 0 0 rg BT 209.67 307.80 Td (sales ) Tj ET Q q 0 0 0 rg BT 236.21 307.80 Td (declined ) Tj ET Q q 0 0 0 rg BT 278.62 307.80 Td (mid-single-digit ) Tj ET Q q 0 0 0 rg BT 354.66 307.80 Td (percent, ) Tj ET Q q 0 0 0 rg BT 394.93 307.80 Td (primarily ) Tj ET Q q 0 0 0 rg BT 441.01 307.80 Td (due ) Tj ET Q q 0 0 0 rg BT 462.05 307.80 Td (to ) Tj ET Q q 0 0 0 rg BT 475.76 307.80 Td (the ) Tj ET Q q 0 0 0 rg BT 494.35 307.80 Td (ef) Tj ET Q q 0 0 0 rg BT 502.70 307.80 Td (fects ) Tj ET Q q 0 0 0 rg BT 528.62 307.80 Td (of ) Tj ET Q q 0 0 0 rg BT 542.94 307.80 Td (U.S. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 294.60 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 186.23 294.60 Td (customers ) Tj ET Q q 0 0 0 rg BT 233.59 294.60 Td (that ) Tj ET Q q 0 0 0 rg BT 252.83 294.60 Td (have ) Tj ET Q q 0 0 0 rg BT 276.34 294.60 Td (under) Tj ET Q q 0 0 0 rg BT 301.19 294.60 Td (gone ) Tj ET Q q 0 0 0 rg BT 325.32 294.60 Td (bankruptcies, ) Tj ET Q q 0 0 0 rg BT 387.03 294.60 Td (liquidations ) Tj ET Q q 0 0 0 rg BT 441.72 294.60 Td (and ) Tj ET Q q 0 0 0 rg BT 460.35 294.60 Td (store ) Tj ET Q q 0 0 0 rg BT 484.49 294.60 Td (closures.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 268.20 Td ( ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 103.50 268.20 Td (LAAP) Tj ET Q BT /F1 11.00 Tf ET /GS0 gs q 5.00 0 0 11.00 121.50 252.63 cm /I15 Do Q q 0 0 0 rg BT 126.50 255.00 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 255.00 Td (LAAP) Tj ET Q q 0 0 0 rg BT 167.82 255.00 Td ( ) Tj ET Q q 0 0 0 rg BT 170.75 255.00 Td (distributor ) Tj ET Q q 0 0 0 rg BT 219.51 255.00 Td (net ) Tj ET Q q 0 0 0 rg BT 235.88 255.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 260.19 255.00 Td (increased ) Tj ET Q q 0 0 0 rg BT 304.65 255.00 Td (mid-20 ) Tj ET Q q 0 0 0 rg BT 339.36 255.00 Td (percent, ) Tj ET Q q 0 0 0 rg BT 377.41 255.00 Td (driven ) Tj ET Q q 0 0 0 rg BT 408.44 255.00 Td (by ) Tj ET Q q 0 0 0 rg BT 422.37 255.00 Td (shipments ) Tj ET Q q 0 0 0 rg BT 469.92 255.00 Td (of ) Tj ET Q q 0 0 0 rg BT 482.01 255.00 Td (increased ) Tj ET Q q 0 0 0 rg BT 526.47 255.00 Td (advance ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 241.80 Td (orders ) Tj ET Q q 0 0 0 rg BT 170.07 241.80 Td (for ) Tj ET Q q 0 0 0 rg BT 185.98 241.80 Td (both ) Tj ET Q q 0 0 0 rg BT 208.62 241.80 Td (Spring ) Tj ET Q q 0 0 0 rg BT 241.04 241.80 Td (2017 ) Tj ET Q q 0 0 0 rg BT 266.12 241.80 Td (and ) Tj ET Q q 0 0 0 rg BT 285.09 241.80 Td (Fall ) Tj ET Q q 0 0 0 rg BT 305.28 241.80 Td (2017, ) Tj ET Q q 0 0 0 rg BT 333.12 241.80 Td (as ) Tj ET Q q 0 0 0 rg BT 345.36 241.80 Td (well ) Tj ET Q q 0 0 0 rg BT 367.38 241.80 Td (as ) Tj ET Q q 0 0 0 rg BT 379.63 241.80 Td (a ) Tj ET Q q 0 0 0 rg BT 387.60 241.80 Td (favorable ) Tj ET Q q 0 0 0 rg BT 432.21 241.80 Td (shift ) Tj ET Q q 0 0 0 rg BT 454.85 241.80 Td (in ) Tj ET Q q 0 0 0 rg BT 466.49 241.80 Td (timing ) Tj ET Q q 0 0 0 rg BT 498.29 241.80 Td (of ) Tj ET Q q 0 0 0 rg BT 510.54 241.80 Td (both ) Tj ET Q q 0 0 0 rg BT 533.18 241.80 Td (Spring ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 228.60 Td (2017 ) Tj ET Q q 0 0 0 rg BT 164.25 228.60 Td (and ) Tj ET Q q 0 0 0 rg BT 182.88 228.60 Td (Spring ) Tj ET Q q 0 0 0 rg BT 214.97 228.60 Td (2018 ) Tj ET Q q 0 0 0 rg BT 239.72 228.60 Td (advance ) Tj ET Q q 0 0 0 rg BT 278.50 228.60 Td (orders ) Tj ET Q q 0 0 0 rg BT 308.74 228.60 Td (relative ) Tj ET Q q 0 0 0 rg BT 344.47 228.60 Td (to ) Tj ET Q q 0 0 0 rg BT 355.77 228.60 Td (the ) Tj ET Q q 0 0 0 rg BT 371.96 228.60 Td (prior ) Tj ET Q q 0 0 0 rg BT 396.09 228.60 Td (year) Tj ET Q q 0 0 0 rg BT 414.41 228.60 Td (.) Tj ET Q BT /F1 11.00 Tf ET /GS0 gs q 5.00 0 0 11.00 121.50 213.03 cm /I16 Do Q q 0 0 0 rg BT 126.50 215.40 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 215.40 Td (China ) Tj ET Q q 0 0 0 rg BT 169.32 215.40 Td (net ) Tj ET Q q 0 0 0 rg BT 186.31 215.40 Td (sales ) Tj ET Q q 0 0 0 rg BT 211.24 215.40 Td (increased ) Tj ET Q q 0 0 0 rg BT 256.31 215.40 Td (low-single-digit ) Tj ET Q q 0 0 0 rg BT 330.13 215.40 Td (percent ) Tj ET Q q 0 0 0 rg BT 366.04 215.40 Td (\(mid-single-digit ) Tj ET Q q 0 0 0 rg BT 444.13 215.40 Td (percent ) Tj ET Q q 0 0 0 rg BT 480.04 215.40 Td (constant-currency\) ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 202.20 Td (driven ) Tj ET Q q 0 0 0 rg BT 170.75 202.20 Td (by ) Tj ET Q q 0 0 0 rg BT 184.91 202.20 Td (continued ) Tj ET Q q 0 0 0 rg BT 231.44 202.20 Td (net ) Tj ET Q q 0 0 0 rg BT 248.03 202.20 Td (sales ) Tj ET Q q 0 0 0 rg BT 272.56 202.20 Td (growth ) Tj ET Q q 0 0 0 rg BT 306.88 202.20 Td (in ) Tj ET Q q 0 0 0 rg BT 318.59 202.20 Td (e-commerce, ) Tj ET Q q 0 0 0 rg BT 378.84 202.20 Td (partially ) Tj ET Q q 0 0 0 rg BT 418.65 202.20 Td (of) Tj ET Q q 0 0 0 rg BT 427.61 202.20 Td (fset ) Tj ET Q q 0 0 0 rg BT 446.65 202.20 Td (by ) Tj ET Q q 0 0 0 rg BT 460.80 202.20 Td (net ) Tj ET Q q 0 0 0 rg BT 477.39 202.20 Td (sales ) Tj ET Q q 0 0 0 rg BT 501.93 202.20 Td (declines ) Tj ET Q q 0 0 0 rg BT 541.12 202.20 Td (from ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 189.00 Td (brick ) Tj ET Q q 0 0 0 rg BT 164.83 189.00 Td (& ) Tj ET Q q 0 0 0 rg BT 176.12 189.00 Td (mortar ) Tj ET Q q 0 0 0 rg BT 208.18 189.00 Td (stores ) Tj ET Q q 0 0 0 rg BT 236.57 189.00 Td (and ) Tj ET Q q 0 0 0 rg BT 255.19 189.00 Td (wholesale. ) Tj ET Q q 0 0 0 rg BT 304.46 189.00 Td (Wholesale ) Tj ET Q q 0 0 0 rg BT 353.61 189.00 Td (net ) Tj ET Q q 0 0 0 rg BT 369.78 189.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 393.90 189.00 Td (were ) Tj ET Q q 0 0 0 rg BT 418.00 189.00 Td (af) Tj ET Q q 0 0 0 rg BT 426.35 189.00 Td (fected ) Tj ET Q q 0 0 0 rg BT 455.94 189.00 Td (by ) Tj ET Q q 0 0 0 rg BT 469.68 189.00 Td (the ) Tj ET Q q 0 0 0 rg BT 485.85 189.00 Td (strategic ) Tj ET Q q 0 0 0 rg BT 525.84 189.00 Td (decision ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 175.80 Td (to ) Tj ET Q q 0 0 0 rg BT 151.53 175.80 Td (transition ) Tj ET Q q 0 0 0 rg BT 196.56 175.80 Td (our ) Tj ET Q q 0 0 0 rg BT 214.70 175.80 Td (Beijing ) Tj ET Q q 0 0 0 rg BT 250.57 175.80 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 298.03 175.80 Td (business ) Tj ET Q q 0 0 0 rg BT 338.79 175.80 Td (to ) Tj ET Q q 0 0 0 rg BT 350.82 175.80 Td (new ) Tj ET Q q 0 0 0 rg BT 372.63 175.80 Td (dealers ) Tj ET Q q 0 0 0 rg BT 407.25 175.80 Td (in ) Tj ET Q q 0 0 0 rg BT 419.29 175.80 Td (order ) Tj ET Q q 0 0 0 rg BT 445.97 175.80 Td (to ) Tj ET Q q 0 0 0 rg BT 458.01 175.80 Td (revitalize ) Tj ET Q q 0 0 0 rg BT 502.40 175.80 Td (growth ) Tj ET Q q 0 0 0 rg BT 537.04 175.80 Td (in ) Tj ET Q q 0 0 0 rg BT 549.08 175.80 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 162.60 Td (Beijing ) Tj ET Q q 0 0 0 rg BT 174.64 162.60 Td (market.) Tj ET Q BT /F1 11.00 Tf ET /GS0 gs q 5.00 0 0 11.00 121.50 147.03 cm /I17 Do Q q 0 0 0 rg BT 126.50 149.40 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 149.40 Td (Japan ) Tj ET Q q 0 0 0 rg BT 168.25 149.40 Td (net ) Tj ET Q q 0 0 0 rg BT 185.39 149.40 Td (sales ) Tj ET Q q 0 0 0 rg BT 210.47 149.40 Td (increased ) Tj ET Q q 0 0 0 rg BT 255.70 149.40 Td (low-single-digit ) Tj ET Q q 0 0 0 rg BT 329.67 149.40 Td (percent ) Tj ET Q q 0 0 0 rg BT 365.74 149.40 Td (\(mid-single-digit ) Tj ET Q q 0 0 0 rg BT 443.98 149.40 Td (percent ) Tj ET Q q 0 0 0 rg BT 480.05 149.40 Td (constant-currency\) ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 136.20 Td (driven ) Tj ET Q q 0 0 0 rg BT 170.35 136.20 Td (by ) Tj ET Q q 0 0 0 rg BT 184.10 136.20 Td (growth ) Tj ET Q q 0 0 0 rg BT 218.01 136.20 Td (in ) Tj ET Q q 0 0 0 rg BT 229.32 136.20 Td (DTC, ) Tj ET Q q 0 0 0 rg BT 256.82 136.20 Td (partially ) Tj ET Q q 0 0 0 rg BT 296.22 136.20 Td (of) Tj ET Q q 0 0 0 rg BT 305.19 136.20 Td (fset ) Tj ET Q q 0 0 0 rg BT 323.82 136.20 Td (by ) Tj ET Q q 0 0 0 rg BT 337.57 136.20 Td (net ) Tj ET Q q 0 0 0 rg BT 353.76 136.20 Td (sales ) Tj ET Q q 0 0 0 rg BT 377.89 136.20 Td (declines ) Tj ET Q q 0 0 0 rg BT 416.68 136.20 Td (in ) Tj ET Q q 0 0 0 rg BT 427.99 136.20 Td (wholesale.) Tj ET Q BT /F1 11.00 Tf ET /GS0 gs q 5.00 0 0 11.00 121.50 120.63 cm /I18 Do Q q 0 0 0 rg BT 126.50 123.00 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 123.00 Td (Korea ) Tj ET Q q 0 0 0 rg BT 168.26 123.00 Td (net ) Tj ET Q q 0 0 0 rg BT 183.59 123.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 206.86 123.00 Td (were ) Tj ET Q q 0 0 0 rg BT 230.12 123.00 Td (essentially ) Tj ET Q q 0 0 0 rg BT 278.44 123.00 Td (flat ) Tj ET Q q 0 0 0 rg BT 294.98 123.00 Td (\(low-single-digit ) Tj ET Q q 0 0 0 rg BT 370.81 123.00 Td (percent ) Tj ET Q q 0 0 0 rg BT 405.06 123.00 Td (net ) Tj ET Q q 0 0 0 rg BT 420.39 123.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 443.66 123.00 Td (decline ) Tj ET Q q 0 0 0 rg BT 477.30 123.00 Td (constant-currency\).) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 96.60 Td ( ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 103.50 96.60 Td (EMEA) Tj ET Q BT /F1 11.00 Tf ET /GS0 gs q 5.00 0 0 11.00 121.50 81.03 cm /I19 Do Q q 0 0 0 rg BT 126.50 83.40 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 83.40 Td (Europe-direct ) Tj ET Q q 0 0 0 rg BT 203.02 83.40 Td (net ) Tj ET Q q 0 0 0 rg BT 219.52 83.40 Td (sales ) Tj ET Q q 0 0 0 rg BT 243.95 83.40 Td (increased ) Tj ET Q q 0 0 0 rg BT 288.54 83.40 Td (low-20 ) Tj ET Q q 0 0 0 rg BT 322.75 83.40 Td (percent ) Tj ET Q q 0 0 0 rg BT 358.18 83.40 Td (\(high-teens ) Tj ET Q q 0 0 0 rg BT 410.71 83.40 Td (percent ) Tj ET Q q 0 0 0 rg BT 446.13 83.40 Td (constant-currency\), ) Tj ET Q q 0 0 0 rg BT 534.40 83.40 Td (driven ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 70.20 Td (by ) Tj ET Q q 0 0 0 rg BT 153.70 70.20 Td (increased ) Tj ET Q q 0 0 0 rg BT 198.44 70.20 Td (advance ) Tj ET Q q 0 0 0 rg BT 237.67 70.20 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 284.86 70.20 Td (orders ) Tj ET Q q 0 0 0 rg BT 315.55 70.20 Td (for ) Tj ET Q q 0 0 0 rg BT 331.58 70.20 Td (both ) Tj ET Q q 0 0 0 rg BT 354.34 70.20 Td (Spring ) Tj ET Q q 0 0 0 rg BT 386.88 70.20 Td (2017 ) Tj ET Q q 0 0 0 rg BT 412.09 70.20 Td (and ) Tj ET Q q 0 0 0 rg BT 431.17 70.20 Td (Fall ) Tj ET Q q 0 0 0 rg BT 451.49 70.20 Td (2017 ) Tj ET Q q 0 0 0 rg BT 476.69 70.20 Td (and ) Tj ET Q q 0 0 0 rg BT 495.78 70.20 Td (increased ) Tj ET Q q 0 0 0 rg BT 540.51 70.20 Td (DTC ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 57.00 Td (net ) Tj ET Q q 0 0 0 rg BT 155.34 57.00 Td (sales. ) Tj ET Q q 0 0 0 rg BT 181.71 57.00 Td (This ) Tj ET Q q 0 0 0 rg BT 203.67 57.00 Td (represents ) Tj ET Q q 0 0 0 rg BT 250.66 57.00 Td (the ) Tj ET Q q 0 0 0 rg BT 266.51 57.00 Td (third ) Tj ET Q q 0 0 0 rg BT 289.69 57.00 Td (consecutive ) Tj ET Q q 0 0 0 rg BT 344.01 57.00 Td (year ) Tj ET Q q 0 0 0 rg BT 365.35 57.00 Td (of ) Tj ET Q q 0 0 0 rg BT 376.91 57.00 Td (double-digit ) Tj ET Q q 0 0 0 rg BT 433.09 57.00 Td (percent ) Tj ET Q q 0 0 0 rg BT 467.86 57.00 Td (constant-currency ) Tj ET Q q 0 0 0 rg BT 549.06 57.00 Td (net ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 43.80 Td (sales ) Tj ET Q q 0 0 0 rg BT 163.63 43.80 Td (growth ) Tj ET Q q 0 0 0 rg BT 197.55 43.80 Td (in ) Tj ET Q q 0 0 0 rg BT 208.85 43.80 Td (the ) Tj ET Q q 0 0 0 rg BT 225.04 43.80 Td (region.) 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 /GS0 gs q 5.00 0 0 11.00 121.50 746.03 cm /I20 Do Q q 0 0 0 rg BT 126.50 748.40 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 748.40 Td (EMEA) Tj ET Q q 0 0 0 rg BT 170.06 748.40 Td ( ) Tj ET Q q 0 0 0 rg BT 176.13 748.40 Td (distributor ) Tj ET Q q 0 0 0 rg BT 228.03 748.40 Td (net ) Tj ET Q q 0 0 0 rg BT 247.54 748.40 Td (sales ) Tj ET Q q 0 0 0 rg BT 274.99 748.40 Td (increased ) Tj ET Q q 0 0 0 rg BT 322.59 748.40 Td (mid-single-digit ) Tj ET Q q 0 0 0 rg BT 399.54 748.40 Td (percent ) Tj ET Q q 0 0 0 rg BT 437.98 748.40 Td (driven ) Tj ET Q q 0 0 0 rg BT 472.15 748.40 Td (by ) Tj ET Q q 0 0 0 rg BT 489.22 748.40 Td (improving ) Tj ET Q q 0 0 0 rg BT 541.12 748.40 Td (sales ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 735.20 Td (conditions ) Tj ET Q q 0 0 0 rg BT 188.08 735.20 Td (in ) Tj ET Q q 0 0 0 rg BT 199.39 735.20 Td (Russia.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 708.80 Td ( ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 103.50 708.80 Td (Canada) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 4.00 0 0 11.00 121.50 693.23 cm /I21 Do Q q 0 0 0 rg BT 125.50 695.60 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 695.60 Td (Wholesale ) Tj ET Q q 0 0 0 rg BT 187.38 695.60 Td (net ) Tj ET Q q 0 0 0 rg BT 202.27 695.60 Td (sales ) Tj ET Q q 0 0 0 rg BT 225.11 695.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 268.09 695.60 Td (mid-single-digit ) Tj ET Q q 0 0 0 rg BT 340.43 695.60 Td (percent ) Tj ET Q q 0 0 0 rg BT 374.25 695.60 Td (\(declined ) Tj ET Q q 0 0 0 rg BT 416.63 695.60 Td (low-single-digit ) Tj ET Q q 0 0 0 rg BT 488.36 695.60 Td (percent ) Tj ET Q q 0 0 0 rg BT 522.18 695.60 Td (constant-) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 682.40 Td (currency\). ) Tj ET Q BT /F1 11.00 Tf ET /GS0 gs q 5.00 0 0 11.00 121.50 666.83 cm /I22 Do Q q 0 0 0 rg BT 126.50 669.20 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 669.20 Td (DTC ) Tj ET Q q 0 0 0 rg BT 164.25 669.20 Td (net ) Tj ET Q q 0 0 0 rg BT 180.43 669.20 Td (sales ) Tj ET Q q 0 0 0 rg BT 204.56 669.20 Td (increased ) Tj ET Q q 0 0 0 rg BT 248.83 669.20 Td (high-teens ) Tj ET Q q 0 0 0 rg BT 297.40 669.20 Td (percent ) Tj ET Q q 0 0 0 rg BT 332.51 669.20 Td (\(high-single-digit ) Tj ET Q q 0 0 0 rg BT 412.25 669.20 Td (percent ) Tj ET Q q 0 0 0 rg BT 447.36 669.20 Td (constant ) Tj ET Q q 0 0 0 rg BT 486.77 669.20 Td (currency\), ) Tj ET Q q 0 0 0 rg BT 534.40 669.20 Td (driven ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.50 656.00 Td (by ) Tj ET Q q 0 0 0 rg BT 153.25 656.00 Td (both ) Tj ET Q q 0 0 0 rg BT 175.56 656.00 Td (brick ) Tj ET Q q 0 0 0 rg BT 200.91 656.00 Td (& ) Tj ET Q q 0 0 0 rg BT 212.21 656.00 Td (mortar ) Tj ET Q q 0 0 0 rg BT 244.28 656.00 Td (stores ) Tj ET Q q 0 0 0 rg BT 272.70 656.00 Td (and ) Tj ET Q q 0 0 0 rg BT 291.33 656.00 Td (e-commerce.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 71.50 629.60 Td (Brands) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 156.00 553.10 90.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 553.10 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.00 553.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.00 553.10 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.00 553.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 553.10 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 553.10 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 553.10 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 156.00 529.10 90.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 529.10 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.00 529.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.00 529.10 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.00 529.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 529.10 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 529.10 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 529.10 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 156.00 505.10 90.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 505.10 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.00 505.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.00 505.10 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.00 505.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 505.10 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 505.10 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 505.10 49.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 619.1 m 295 619.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295 619.1 m 299 619.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299 619.1 m 348 619.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348 619.1 m 352 619.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 619.1 m 401 619.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 619.1 m 406 619.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 619.1 m 455 619.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 565.1 m 295 565.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299 565.1 m 348 565.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 565.1 m 401 565.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 565.1 m 455 565.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 246 505.1 m 295 505.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 494.1 m 295 494.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 492.1 m 295 492.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 299 505.1 m 348 505.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299 494.1 m 348 494.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299 492.1 m 348 492.1 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 410.95 610.55 Td (Constant-) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 412.80 599.55 Td (curr) Tj ET Q q 0 0 0 rg BT 429.71 599.55 Td (ency) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 252.35 588.50 Td (Net Sales) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 251.70 579.50 Td (\(millions\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 305.35 588.50 Td (Net Sales) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.70 579.50 Td (\(millions\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 358.35 580.55 Td (Net Sales) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 412.35 580.55 Td (Net Sales) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 254.00 567.55 Td (FY) Tj ET Q q 0 0 0 rg BT 265.83 567.55 Td ( 2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 307.00 567.55 Td (FY) Tj ET Q q 0 0 0 rg BT 318.83 567.55 Td ( 2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 355.60 567.55 Td (%Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 409.60 567.55 Td (%Change) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 158.50 556.36 Td (Columbia) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 254.25 556.36 Td ($1,990.3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 556.36 Td ($1,910.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 370.00 556.36 Td (4%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.00 556.36 Td (4%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 158.50 544.36 Td (SOREL) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.85 544.36 Td (228.8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 312.85 544.36 Td (213.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 370.00 544.36 Td (7%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.00 544.36 Td (6%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 158.50 532.36 Td (prAna) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.85 532.36 Td (140.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 312.85 532.36 Td (139.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 370.00 532.36 Td (1%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.00 532.36 Td (1%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 158.50 520.36 Td (Mountain Hardwear) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.85 520.36 Td (101.6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 312.85 520.36 Td (104.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.00 520.36 Td (\(2\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.00 520.36 Td (\(3\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 158.50 508.36 Td (Other) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 264.35 508.36 Td (4.5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 315.10 508.36 Td (10.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 364.75 508.36 Td (\(55\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.75 508.36 Td (\(54\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 158.50 496.36 Td ( ) Tj ET Q q 0 0 0 rg BT 160.59 496.36 Td (T) Tj ET Q q 0 0 0 rg BT 165.46 496.36 Td (otal) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 254.25 496.36 Td ($2,466.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 496.36 Td ($2,377.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 370.00 496.36 Td (4%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.00 496.36 Td (4%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 467.20 Td ( ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 103.50 467.20 Td (Columbia) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 149.95 467.20 Td ( ) Tj ET Q q 0 0 0 rg BT 152.98 467.20 Td (brand ) Tj ET Q q 0 0 0 rg BT 181.06 467.20 Td (net ) Tj ET Q q 0 0 0 rg BT 197.52 467.20 Td (sales ) Tj ET Q q 0 0 0 rg BT 221.93 467.20 Td (growth ) Tj ET Q q 0 0 0 rg BT 256.12 467.20 Td (was ) Tj ET Q q 0 0 0 rg BT 276.26 467.20 Td (driven ) Tj ET Q q 0 0 0 rg BT 307.39 467.20 Td (by ) Tj ET Q q 0 0 0 rg BT 321.42 467.20 Td (increased ) Tj ET Q q 0 0 0 rg BT 365.97 467.20 Td (net ) Tj ET Q q 0 0 0 rg BT 382.44 467.20 Td (sales ) Tj ET Q q 0 0 0 rg BT 406.85 467.20 Td (in ) Tj ET Q q 0 0 0 rg BT 418.43 467.20 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 441.02 467.20 Td (DTC, ) Tj ET Q q 0 0 0 rg BT 468.80 467.20 Td (in ) Tj ET Q q 0 0 0 rg BT 480.38 467.20 Td (Europe-direct, ) Tj ET Q q 0 0 0 rg BT 546.63 467.20 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 454.00 Td (to ) Tj ET Q q 0 0 0 rg BT 114.85 454.00 Td (a ) Tj ET Q q 0 0 0 rg BT 122.53 454.00 Td (lesser ) Tj ET Q q 0 0 0 rg BT 150.37 454.00 Td (degree ) Tj ET Q q 0 0 0 rg BT 182.48 454.00 Td (with ) Tj ET Q q 0 0 0 rg BT 204.83 454.00 Td (LAAP) Tj ET Q q 0 0 0 rg BT 233.15 454.00 Td ( ) Tj ET Q q 0 0 0 rg BT 235.95 454.00 Td (distributors, ) Tj ET Q q 0 0 0 rg BT 291.61 454.00 Td (in ) Tj ET Q q 0 0 0 rg BT 302.96 454.00 Td (Canada ) Tj ET Q q 0 0 0 rg BT 338.74 454.00 Td (and ) Tj ET Q q 0 0 0 rg BT 357.42 454.00 Td (with ) Tj ET Q q 0 0 0 rg BT 379.77 454.00 Td (EMEA) Tj ET Q q 0 0 0 rg BT 410.33 454.00 Td ( ) Tj ET Q q 0 0 0 rg BT 413.13 454.00 Td (distributors. ) Tj ET Q q 0 0 0 rg BT 468.58 454.00 Td (This ) Tj ET Q q 0 0 0 rg BT 490.94 454.00 Td (net ) Tj ET Q q 0 0 0 rg BT 507.17 454.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 531.35 454.00 Td (growth ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 440.80 Td (was ) Tj ET Q q 0 0 0 rg BT 123.36 440.80 Td (partially ) Tj ET Q q 0 0 0 rg BT 162.76 440.80 Td (of) Tj ET Q q 0 0 0 rg BT 171.72 440.80 Td (fset ) Tj ET Q q 0 0 0 rg BT 190.36 440.80 Td (by ) Tj ET Q q 0 0 0 rg BT 204.11 440.80 Td (a ) Tj ET Q q 0 0 0 rg BT 211.74 440.80 Td (decline ) Tj ET Q q 0 0 0 rg BT 246.25 440.80 Td (in ) Tj ET Q q 0 0 0 rg BT 257.55 440.80 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 279.87 440.80 Td (wholesale.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 85.50 414.40 Td ( ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 103.50 414.40 Td (SOREL) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 140.79 414.40 Td ( ) Tj ET Q q 0 0 0 rg BT 143.92 414.40 Td (brand ) Tj ET Q q 0 0 0 rg BT 172.09 414.40 Td (net ) Tj ET Q q 0 0 0 rg BT 188.66 414.40 Td (sales ) Tj ET Q q 0 0 0 rg BT 213.17 414.40 Td (growth ) Tj ET Q q 0 0 0 rg BT 247.47 414.40 Td (was ) Tj ET Q q 0 0 0 rg BT 267.70 414.40 Td (driven ) Tj ET Q q 0 0 0 rg BT 298.93 414.40 Td (by ) Tj ET Q q 0 0 0 rg BT 313.06 414.40 Td (increased ) Tj ET Q q 0 0 0 rg BT 357.72 414.40 Td (net ) Tj ET Q q 0 0 0 rg BT 374.29 414.40 Td (sales ) Tj ET Q q 0 0 0 rg BT 398.80 414.40 Td (in ) Tj ET Q q 0 0 0 rg BT 410.48 414.40 Td (Europe-direct, ) Tj ET Q q 0 0 0 rg BT 476.83 414.40 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 499.52 414.40 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 546.63 414.40 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 401.20 Td (Canada. ) Tj ET Q q 0 0 0 rg BT 142.22 401.20 Td (Net ) Tj ET Q q 0 0 0 rg BT 161.10 401.20 Td (sales ) Tj ET Q q 0 0 0 rg BT 185.47 401.20 Td (growth ) Tj ET Q q 0 0 0 rg BT 219.62 401.20 Td (in ) Tj ET Q q 0 0 0 rg BT 231.17 401.20 Td (the ) Tj ET Q q 0 0 0 rg BT 247.60 401.20 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 270.15 401.20 Td (was ) Tj ET Q q 0 0 0 rg BT 290.25 401.20 Td (driven ) Tj ET Q q 0 0 0 rg BT 321.34 401.20 Td (by ) Tj ET Q q 0 0 0 rg BT 335.33 401.20 Td (increased ) Tj ET Q q 0 0 0 rg BT 379.85 401.20 Td (net ) Tj ET Q q 0 0 0 rg BT 396.28 401.20 Td (sales ) Tj ET Q q 0 0 0 rg BT 420.65 401.20 Td (of ) Tj ET Q q 0 0 0 rg BT 432.80 401.20 Td (lighter) Tj ET Q q 0 0 0 rg BT 461.30 401.20 Td (-weight ) Tj ET Q q 0 0 0 rg BT 497.89 401.20 Td (fall ) Tj ET Q q 0 0 0 rg BT 515.54 401.20 Td (and ) Tj ET Q q 0 0 0 rg BT 534.41 401.20 Td (winter ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 388.00 Td (product, ) Tj ET Q q 0 0 0 rg BT 141.73 388.00 Td (expansion ) Tj ET Q q 0 0 0 rg BT 188.21 388.00 Td (of ) Tj ET Q q 0 0 0 rg BT 199.25 388.00 Td (SOREL) Tj ET Q q 0 0 0 rg BT 233.08 388.00 Td () Tj ET Q q 0 0 0 rg BT 236.13 388.00 Td (s ) Tj ET Q q 0 0 0 rg BT 242.29 388.00 Td (Spring ) Tj ET Q q 0 0 0 rg BT 273.51 388.00 Td (2017 ) Tj ET Q q 0 0 0 rg BT 297.39 388.00 Td (product ) Tj ET Q q 0 0 0 rg BT 332.87 388.00 Td (line, ) Tj ET Q q 0 0 0 rg BT 353.99 388.00 Td (and ) Tj ET Q q 0 0 0 rg BT 371.75 388.00 Td (higher ) Tj ET Q q 0 0 0 rg BT 401.73 388.00 Td (closeout ) Tj ET Q q 0 0 0 rg BT 440.27 388.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 463.53 388.00 Td (volume. ) Tj ET Q q 0 0 0 rg BT 501.15 388.00 Td (SOREL) Tj ET Q q 0 0 0 rg BT 535.58 388.00 Td ( ) Tj ET Q q 0 0 0 rg BT 537.46 388.00 Td (brand ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 374.80 Td (net ) Tj ET Q q 0 0 0 rg BT 119.69 374.80 Td (sales ) Tj ET Q q 0 0 0 rg BT 143.82 374.80 Td (also ) Tj ET Q q 0 0 0 rg BT 164.29 374.80 Td (increased ) Tj ET Q q 0 0 0 rg BT 208.57 374.80 Td (in ) Tj ET Q q 0 0 0 rg BT 219.88 374.80 Td (Europe-direct, ) Tj ET Q q 0 0 0 rg BT 285.84 374.80 Td (supported ) Tj ET Q q 0 0 0 rg BT 331.98 374.80 Td (by ) Tj ET Q q 0 0 0 rg BT 345.73 374.80 Td (increased ) Tj ET Q q 0 0 0 rg BT 390.00 374.80 Td (demand ) Tj ET Q q 0 0 0 rg BT 427.58 374.80 Td (for ) Tj ET Q q 0 0 0 rg BT 443.15 374.80 Td (cold-weather ) Tj ET Q q 0 0 0 rg BT 503.31 374.80 Td (product.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 85.50 348.40 Td ( ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 103.50 348.40 Td (prAna) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 134.06 348.40 Td ( ) Tj ET Q q 0 0 0 rg BT 137.08 348.40 Td (brand ) Tj ET Q q 0 0 0 rg BT 165.14 348.40 Td (net ) Tj ET Q q 0 0 0 rg BT 181.59 348.40 Td (sales ) Tj ET Q q 0 0 0 rg BT 205.99 348.40 Td (growth ) Tj ET Q q 0 0 0 rg BT 240.16 348.40 Td (was ) Tj ET Q q 0 0 0 rg BT 260.29 348.40 Td (driven ) Tj ET Q q 0 0 0 rg BT 291.40 348.40 Td (by ) Tj ET Q q 0 0 0 rg BT 305.42 348.40 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 327.99 348.40 Td (DTC, ) Tj ET Q q 0 0 0 rg BT 355.76 348.40 Td (primarily ) Tj ET Q q 0 0 0 rg BT 399.71 348.40 Td (due ) Tj ET Q q 0 0 0 rg BT 418.60 348.40 Td (to ) Tj ET Q q 0 0 0 rg BT 430.17 348.40 Td (e-commerce, ) Tj ET Q q 0 0 0 rg BT 490.29 348.40 Td (lar) Tj ET Q q 0 0 0 rg BT 501.69 348.40 Td (gely ) Tj ET Q q 0 0 0 rg BT 523.64 348.40 Td (of) Tj ET Q q 0 0 0 rg BT 532.61 348.40 Td (fset ) Tj ET Q q 0 0 0 rg BT 551.50 348.40 Td (by ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 335.20 Td (lower ) Tj ET Q q 0 0 0 rg BT 131.30 335.20 Td (Fall ) Tj ET Q q 0 0 0 rg BT 151.16 335.20 Td (2017 ) Tj ET Q q 0 0 0 rg BT 175.91 335.20 Td (advance ) Tj ET Q q 0 0 0 rg BT 214.69 335.20 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 261.42 335.20 Td (orders ) Tj ET Q q 0 0 0 rg BT 291.66 335.20 Td (in ) Tj ET Q q 0 0 0 rg BT 302.97 335.20 Td (the ) Tj ET Q q 0 0 0 rg BT 319.15 335.20 Td (U.S.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 85.50 308.80 Td ( ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 103.50 308.80 Td (Mountain ) Tj ET Q q 0 0 0 rg BT 152.90 308.80 Td (Hardwear) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 201.17 308.80 Td ( ) Tj ET Q q 0 0 0 rg BT 204.12 308.80 Td (brand ) Tj ET Q q 0 0 0 rg BT 232.12 308.80 Td (net ) Tj ET Q q 0 0 0 rg BT 248.50 308.80 Td (sales ) Tj ET Q q 0 0 0 rg BT 272.84 308.80 Td (decline ) Tj ET Q q 0 0 0 rg BT 307.55 308.80 Td (was ) Tj ET Q q 0 0 0 rg BT 327.60 308.80 Td (led ) Tj ET Q q 0 0 0 rg BT 343.99 308.80 Td (by ) Tj ET Q q 0 0 0 rg BT 357.94 308.80 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 380.45 308.80 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 427.39 308.80 Td (due ) Tj ET Q q 0 0 0 rg BT 446.22 308.80 Td (to ) Tj ET Q q 0 0 0 rg BT 457.73 308.80 Td (lower ) Tj ET Q q 0 0 0 rg BT 485.72 308.80 Td (shipments ) Tj ET Q q 0 0 0 rg BT 533.28 308.80 Td (of ) Tj ET Q q 0 0 0 rg BT 545.40 308.80 Td (Fall ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 295.60 Td (2017 ) Tj ET Q q 0 0 0 rg BT 129.88 295.60 Td (advance ) Tj ET Q q 0 0 0 rg BT 170.29 295.60 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 218.65 295.60 Td (orders, ) Tj ET Q q 0 0 0 rg BT 253.27 295.60 Td (partially ) Tj ET Q q 0 0 0 rg BT 294.30 295.60 Td (of) Tj ET Q q 0 0 0 rg BT 303.26 295.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 323.52 295.60 Td (by ) Tj ET Q q 0 0 0 rg BT 338.90 295.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 384.81 295.60 Td (closeout ) Tj ET Q q 0 0 0 rg BT 425.85 295.60 Td (sales ) Tj ET Q q 0 0 0 rg BT 451.61 295.60 Td (to ) Tj ET Q q 0 0 0 rg BT 464.54 295.60 Td (liquidate ) Tj ET Q q 0 0 0 rg BT 507.41 295.60 Td (prior ) Tj ET Q q 0 0 0 rg BT 533.17 295.60 Td (season ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.50 282.40 Td (inventory) Tj ET Q q 0 0 0 rg BT 144.94 282.40 Td (, ) Tj ET Q q 0 0 0 rg BT 150.44 282.40 Td (as ) Tj ET Q q 0 0 0 rg BT 162.36 282.40 Td (well ) Tj ET Q q 0 0 0 rg BT 184.04 282.40 Td (as ) Tj ET Q q 0 0 0 rg BT 195.96 282.40 Td (a ) Tj ET Q q 0 0 0 rg BT 203.59 282.40 Td (net ) Tj ET Q q 0 0 0 rg BT 219.78 282.40 Td (sales ) Tj ET Q q 0 0 0 rg BT 243.91 282.40 Td (increase ) Tj ET Q q 0 0 0 rg BT 282.69 282.40 Td (in ) Tj ET Q q 0 0 0 rg BT 294.00 282.40 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 316.31 282.40 Td (DTC.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 71.50 256.00 Td (Pr) Tj ET Q q 0 0 0 rg BT 82.90 256.00 Td (oduct ) Tj ET Q q 0 0 0 rg BT 111.93 256.00 Td (Categories) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 131.00 179.50 140.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 179.50 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.00 179.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.00 179.50 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 179.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 179.50 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 179.50 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 179.50 49.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 245.5 m 320 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320 245.5 m 324 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 245.5 m 373 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 245.5 m 377 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 245.5 m 426 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 245.5 m 431 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431 245.5 m 480 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 191.5 m 320 191.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 191.5 m 373 191.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 191.5 m 426 191.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431 191.5 m 480 191.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 271 167.5 m 320 167.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 271 167.5 m 320 167.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 156.5 m 320 156.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 154.5 m 320 154.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 324 167.5 m 373 167.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 156.5 m 373 156.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 154.5 m 373 154.5 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.95 236.95 Td (Constant-) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.80 225.95 Td (curr) Tj ET Q q 0 0 0 rg BT 454.71 225.95 Td (ency) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 277.35 214.90 Td (Net Sales) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 276.70 205.90 Td (\(millions\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.35 214.90 Td (Net Sales) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 329.70 205.90 Td (\(millions\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.35 206.95 Td (Net Sales) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.35 206.95 Td (Net Sales) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 279.00 193.95 Td (FY) Tj ET Q q 0 0 0 rg BT 290.83 193.95 Td ( 2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 332.00 193.95 Td (FY) Tj ET Q q 0 0 0 rg BT 343.83 193.95 Td ( 2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.60 193.95 Td (%Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.60 193.95 Td (%Change) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 133.50 182.76 Td (Apparel, ) Tj ET Q q 0 0 0 rg BT 166.74 182.76 Td (Accessories and Equipment) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.25 182.76 Td ($1,928.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 332.25 182.76 Td ($1,865.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.00 182.76 Td (3%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.00 182.76 Td (3%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 133.50 170.76 Td (Footwear) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 284.85 170.76 Td (538.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 337.85 170.76 Td (51) Tj ET Q q 0 0 0 rg BT 346.85 170.76 Td (1.6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.00 170.76 Td (5%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.00 170.76 Td (5%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 133.50 158.76 Td ( ) Tj ET Q q 0 0 0 rg BT 135.59 158.76 Td (T) Tj ET Q q 0 0 0 rg BT 140.46 158.76 Td (otal) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.25 158.76 Td ($2,466.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 332.25 158.76 Td ($2,377.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.00 158.76 Td (4%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.00 158.76 Td (4%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 129.60 Td ( ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 103.50 129.60 Td (Global ) Tj ET Q q 0 0 0 rg BT 136.60 129.60 Td (Appar) Tj ET Q q 0 0 0 rg BT 166.97 129.60 Td (el, ) Tj ET Q q 0 0 0 rg BT 178.97 129.60 Td (Accessories ) Tj ET Q q 0 0 0 rg BT 234.42 129.60 Td (& ) Tj ET Q q 0 0 0 rg BT 245.27 129.60 Td (Equipment) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 297.85 129.60 Td ( ) Tj ET Q q 0 0 0 rg BT 299.54 129.60 Td (net ) Tj ET Q q 0 0 0 rg BT 314.67 129.60 Td (sales ) Tj ET Q q 0 0 0 rg BT 337.74 129.60 Td (growth ) Tj ET Q q 0 0 0 rg BT 370.60 129.60 Td (was ) Tj ET Q q 0 0 0 rg BT 389.40 129.60 Td (driven ) Tj ET Q q 0 0 0 rg BT 419.19 129.60 Td (primarily ) Tj ET Q q 0 0 0 rg BT 461.82 129.60 Td (by ) Tj ET Q q 0 0 0 rg BT 474.51 129.60 Td (the ) Tj ET Q q 0 0 0 rg BT 489.64 129.60 Td (Columbia ) Tj ET Q q 0 0 0 rg BT 534.72 129.60 Td (brand.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 103.20 Td ( ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 103.50 103.20 Td (Global ) Tj ET Q q 0 0 0 rg BT 138.04 103.20 Td (Footwear) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 182.63 103.20 Td ( ) Tj ET Q q 0 0 0 rg BT 185.38 103.20 Td (net ) Tj ET Q q 0 0 0 rg BT 201.57 103.20 Td (sales ) Tj ET Q q 0 0 0 rg BT 225.70 103.20 Td (growth ) Tj ET Q q 0 0 0 rg BT 259.61 103.20 Td (was ) Tj ET Q q 0 0 0 rg BT 279.47 103.20 Td (led ) Tj ET Q q 0 0 0 rg BT 295.66 103.20 Td (by ) Tj ET Q q 0 0 0 rg BT 309.41 103.20 Td (the ) Tj ET Q q 0 0 0 rg BT 325.59 103.20 Td (SOREL) Tj ET Q q 0 0 0 rg BT 360.02 103.20 Td ( ) Tj ET Q q 0 0 0 rg BT 362.77 103.20 Td (brand, ) Tj ET Q q 0 0 0 rg BT 393.32 103.20 Td (followed ) Tj ET Q q 0 0 0 rg BT 435.17 103.20 Td (by ) Tj ET Q q 0 0 0 rg BT 448.92 103.20 Td (the ) Tj ET Q q 0 0 0 rg BT 465.11 103.20 Td (Columbia ) Tj ET Q q 0 0 0 rg BT 511.25 103.20 Td (brand.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 76.80 Td (Gr) Tj ET Q q 0 0 0 rg BT 62.74 76.80 Td (oss Margin) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 50.40 Td (Full ) Tj ET Q q 0 0 0 rg BT 69.98 50.40 Td (year ) Tj ET Q q 0 0 0 rg BT 91.66 50.40 Td (2017 ) Tj ET Q q 0 0 0 rg BT 116.41 50.40 Td (gross ) Tj ET Q q 0 0 0 rg BT 142.38 50.40 Td (mar) Tj ET Q q 0 0 0 rg BT 159.29 50.40 Td (gin ) Tj ET Q q 0 0 0 rg BT 176.09 50.40 Td (expanded ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 220.99 50.40 Td (30) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 231.99 50.40 Td ( ) Tj ET Q q 0 0 0 rg BT 234.74 50.40 Td (basis ) Tj ET Q q 0 0 0 rg BT 259.49 50.40 Td (points ) Tj ET Q q 0 0 0 rg BT 289.13 50.40 Td (to ) Tj ET Q q 0 0 0 rg BT 300.44 50.40 Td (a ) Tj ET Q q 0 0 0 rg BT 308.07 50.40 Td (record ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 338.91 50.40 Td (47.0) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 358.16 50.40 Td ( ) Tj ET Q q 0 0 0 rg BT 360.91 50.40 Td (percent ) Tj ET Q q 0 0 0 rg BT 396.03 50.40 Td (from ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 420.16 50.40 Td (46.7 ) Tj ET Q q 0 0 0 rg BT 442.16 50.40 Td (percent) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 474.53 50.40 Td ( ) Tj ET Q q 0 0 0 rg BT 477.28 50.40 Td (in ) Tj ET Q q 0 0 0 rg BT 488.58 50.40 Td (2016, ) Tj ET Q q 0 0 0 rg BT 516.08 50.40 Td (reflecting:) Tj ET Q endstream endobj 17 0 obj <> endobj 18 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 24.60 Td (8) Tj ET Q BT /F1 11.00 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 (a favorable sourcing environment resulting in lower product input costs for Spring 2017 and Fall 2017;) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 735.20 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 735.20 Td (lower inventory provisions for obsolete inventory;) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 722.00 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 722.00 Td (a higher proportion of DTC net sales which generally carry higher gross mar) Tj ET Q q 0 0 0 rg BT 422.53 722.00 Td (gin; and) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 708.80 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 708.80 Td (slightly favorable foreign currency hedge rates; partially of) Tj ET Q q 0 0 0 rg BT 345.22 708.80 Td (fset by) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 695.60 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 695.60 Td (a higher volume of closeout product sales which generally carry lower gross mar) Tj ET Q q 0 0 0 rg BT 440.85 695.60 Td (gin.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 669.20 Td (SG&A) Tj ET Q q 0 0 0 rg BT 80.67 669.20 Td ( ) Tj ET Q q 0 0 0 rg BT 83.42 669.20 Td (Expenses) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 642.80 Td (SG&A) Tj ET Q q 0 0 0 rg BT 79.45 642.80 Td ( ) Tj ET Q q 0 0 0 rg BT 83.62 642.80 Td (expenses ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 127.50 642.80 Td (increase) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 163.53 642.80 Td (d ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 173.20 642.80 Td ($46.8) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 197.95 642.80 Td ( ) Tj ET Q q 0 0 0 rg BT 202.12 642.80 Td (million, ) Tj ET Q q 0 0 0 rg BT 240.82 642.80 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 254.15 642.80 Td (5) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 259.65 642.80 Td ( ) Tj ET Q q 0 0 0 rg BT 263.82 642.80 Td (percent, ) Tj ET Q q 0 0 0 rg BT 303.10 642.80 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 315.82 642.80 Td ($910.9) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 346.07 642.80 Td ( ) Tj ET Q q 0 0 0 rg BT 350.24 642.80 Td (million, ) Tj ET Q q 0 0 0 rg BT 388.94 642.80 Td (representing ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 447.48 642.80 Td (36.9) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 466.73 642.80 Td ( ) Tj ET Q q 0 0 0 rg BT 470.90 642.80 Td (percent ) Tj ET Q q 0 0 0 rg BT 507.43 642.80 Td (of ) Tj ET Q q 0 0 0 rg BT 520.76 642.80 Td (net ) Tj ET Q q 0 0 0 rg BT 538.37 642.80 Td (sales, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 629.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 96.72 629.60 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 109.14 629.60 Td ($864.1) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 139.39 629.60 Td ( ) Tj ET Q q 0 0 0 rg BT 143.25 629.60 Td (million, ) Tj ET Q q 0 0 0 rg BT 181.63 629.60 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 194.66 629.60 Td (36.4) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 213.91 629.60 Td ( ) Tj ET Q q 0 0 0 rg BT 217.76 629.60 Td (percent ) Tj ET Q q 0 0 0 rg BT 253.99 629.60 Td (of ) Tj ET Q q 0 0 0 rg BT 267.01 629.60 Td (net ) Tj ET Q q 0 0 0 rg BT 284.31 629.60 Td (sales ) Tj ET Q q 0 0 0 rg BT 309.55 629.60 Td (in ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 321.96 629.60 Td (2016) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 343.96 629.60 Td (, ) Tj ET Q q 0 0 0 rg BT 350.57 629.60 Td (representing ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 408.79 629.60 Td (50) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 419.79 629.60 Td ( ) Tj ET Q q 0 0 0 rg BT 423.65 629.60 Td (basis ) Tj ET Q q 0 0 0 rg BT 449.51 629.60 Td (points ) Tj ET Q q 0 0 0 rg BT 480.26 629.60 Td (of ) Tj ET Q q 0 0 0 rg BT 493.28 629.60 Td (SG&A) Tj ET Q q 0 0 0 rg BT 523.23 629.60 Td ( ) Tj ET Q q 0 0 0 rg BT 527.09 629.60 Td (expense ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 616.40 Td (deleverage) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 97.13 616.40 Td (. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 590.00 Td (The ) Tj ET Q q 0 0 0 rg BT 69.35 590.00 Td (increased ) Tj ET Q q 0 0 0 rg BT 113.63 590.00 Td (SG&A) Tj ET Q q 0 0 0 rg BT 143.59 590.00 Td ( ) Tj ET Q q 0 0 0 rg BT 146.34 590.00 Td (expenses ) Tj ET Q q 0 0 0 rg BT 188.79 590.00 Td (included:) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 576.80 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 576.80 Td (increased costs to support the company) Tj ET Q q 0 0 0 rg BT 261.15 576.80 Td (s expanding DTC businesses; ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 563.60 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 563.60 Td (Project CONNECT) Tj ET Q q 0 0 0 rg BT 171.15 563.60 Td ( program expenses and discrete costs;) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 550.40 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 550.40 Td (increased personnel costs and incentive compensation to support strategic initiatives and business growth; ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 537.20 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 524.00 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 524.00 Td (increased demand creation spending.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 497.60 Td (Marketing ) Tj ET Q q 0 0 0 rg BT 97.84 497.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 140.06 497.60 Td (were ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 163.95 497.60 Td ($121.8 ) Tj ET Q q 0 0 0 rg BT 196.71 497.60 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 228.49 497.60 Td ( ) Tj ET Q q 0 0 0 rg BT 231.01 497.60 Td (in ) Tj ET Q q 0 0 0 rg BT 242.08 497.60 Td (2017, ) Tj ET Q q 0 0 0 rg BT 269.34 497.60 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 281.02 497.60 Td (4.9 ) Tj ET Q q 0 0 0 rg BT 297.29 497.60 Td (percent) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 329.65 497.60 Td ( ) Tj ET Q q 0 0 0 rg BT 332.17 497.60 Td (of ) Tj ET Q q 0 0 0 rg BT 343.85 497.60 Td (net ) Tj ET Q q 0 0 0 rg BT 359.80 497.60 Td (sales, ) Tj ET Q q 0 0 0 rg BT 386.45 497.60 Td (up ) Tj ET Q q 0 0 0 rg BT 399.96 497.60 Td (from ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 423.86 497.60 Td ($1) Tj ET Q q 0 0 0 rg BT 434.45 497.60 Td (18.7 ) Tj ET Q q 0 0 0 rg BT 456.22 497.60 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 488.00 497.60 Td ( ) Tj ET Q q 0 0 0 rg BT 490.51 497.60 Td (in ) Tj ET Q q 0 0 0 rg BT 501.58 497.60 Td (the ) Tj ET Q q 0 0 0 rg BT 517.54 497.60 Td (prior ) Tj ET Q q 0 0 0 rg BT 541.44 497.60 Td (year) Tj ET Q q 0 0 0 rg BT 559.76 497.60 Td (. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 484.40 Td (W) Tj ET Q q 0 0 0 rg BT 59.00 484.40 Td (e ) Tj ET Q q 0 0 0 rg BT 66.81 484.40 Td (remain ) Tj ET Q q 0 0 0 rg BT 100.27 484.40 Td (committed ) Tj ET Q q 0 0 0 rg BT 150.24 484.40 Td (to ) Tj ET Q q 0 0 0 rg BT 161.72 484.40 Td (our ) Tj ET Q q 0 0 0 rg BT 179.31 484.40 Td (strategic ) Tj ET Q q 0 0 0 rg BT 219.50 484.40 Td (priority ) Tj ET Q q 0 0 0 rg BT 255.42 484.40 Td (to ) Tj ET Q q 0 0 0 rg BT 266.90 484.40 Td (drive ) Tj ET Q q 0 0 0 rg BT 292.42 484.40 Td (brand ) Tj ET Q q 0 0 0 rg BT 320.39 484.40 Td (awareness ) Tj ET Q q 0 0 0 rg BT 368.52 484.40 Td (and ) Tj ET Q q 0 0 0 rg BT 387.32 484.40 Td (sales ) Tj ET Q q 0 0 0 rg BT 411.63 484.40 Td (growth ) Tj ET Q q 0 0 0 rg BT 445.72 484.40 Td (in ) Tj ET Q q 0 0 0 rg BT 457.20 484.40 Td (our ) Tj ET Q q 0 0 0 rg BT 474.79 484.40 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 521.70 484.40 Td (and ) Tj ET Q q 0 0 0 rg BT 540.50 484.40 Td (DTC ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 471.20 Td (businesses ) Tj ET Q q 0 0 0 rg BT 98.69 471.20 Td (through ) Tj ET Q q 0 0 0 rg BT 135.66 471.20 Td (increased, ) Tj ET Q q 0 0 0 rg BT 182.69 471.20 Td (focused ) Tj ET Q q 0 0 0 rg BT 219.65 471.20 Td (demand ) Tj ET Q q 0 0 0 rg BT 257.22 471.20 Td (creation ) Tj ET Q q 0 0 0 rg BT 295.39 471.20 Td (investments. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 458.00 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 444.80 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 96.86 444.80 Td ($) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 102.36 444.80 Td (14.9) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 121.61 444.80 Td ( ) Tj ET Q q 0 0 0 rg BT 123.75 444.80 Td (million ) Tj ET Q q 0 0 0 rg BT 157.67 444.80 Td (in ) Tj ET Q q 0 0 0 rg BT 168.37 444.80 Td (Project ) Tj ET Q q 0 0 0 rg BT 201.67 444.80 Td (CONNECT) Tj ET Q q 0 0 0 rg BT 253.41 444.80 Td ( ) Tj ET Q q 0 0 0 rg BT 255.55 444.80 Td (program ) Tj ET Q q 0 0 0 rg BT 294.96 444.80 Td (expenses ) Tj ET Q q 0 0 0 rg BT 336.81 444.80 Td (and ) Tj ET Q q 0 0 0 rg BT 354.83 444.80 Td (discrete ) Tj ET Q q 0 0 0 rg BT 391.18 444.80 Td (costs, ) Tj ET Q q 0 0 0 rg BT 418.07 444.80 Td (full ) Tj ET Q q 0 0 0 rg BT 435.49 444.80 Td (year ) Tj ET Q q 0 0 0 rg BT 456.56 444.80 Td (2017 ) Tj ET Q q 0 0 0 rg BT 480.70 444.80 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 530.40 444.80 Td ( ) Tj ET Q q 0 0 0 rg BT 532.54 444.80 Td (SG&A) Tj ET Q q 0 0 0 rg BT 562.50 444.80 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 431.60 Td (expenses ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 91.84 431.60 Td (increase) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 127.87 431.60 Td (d ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 136.00 431.60 Td ($31.9 ) Tj ET Q q 0 0 0 rg BT 163.38 431.60 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 195.16 431.60 Td (, ) Tj ET Q q 0 0 0 rg BT 200.55 431.60 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 212.34 431.60 Td (4 ) Tj ET Q q 0 0 0 rg BT 220.47 431.60 Td (percent) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 252.84 431.60 Td (, ) Tj ET Q q 0 0 0 rg BT 258.22 431.60 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 269.41 431.60 Td ($896.0 ) Tj ET Q q 0 0 0 rg BT 302.29 431.60 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 334.07 431.60 Td (, ) Tj ET Q q 0 0 0 rg BT 339.45 431.60 Td (representing ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 396.45 431.60 Td (36.3 ) Tj ET Q q 0 0 0 rg BT 418.33 431.60 Td (percent) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 450.70 431.60 Td ( ) Tj ET Q q 0 0 0 rg BT 453.33 431.60 Td (of ) Tj ET Q q 0 0 0 rg BT 465.13 431.60 Td (net ) Tj ET Q q 0 0 0 rg BT 481.20 431.60 Td (sales, ) Tj ET Q q 0 0 0 rg BT 507.96 431.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 553.96 431.60 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 418.40 Td ($864.1) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 79.75 418.40 Td ( ) Tj ET Q q 0 0 0 rg BT 82.50 418.40 Td (million, ) Tj ET Q q 0 0 0 rg BT 119.78 418.40 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 131.69 418.40 Td (36.4) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 150.94 418.40 Td ( ) Tj ET Q q 0 0 0 rg BT 153.69 418.40 Td (percent ) Tj ET Q q 0 0 0 rg BT 188.81 418.40 Td (of ) Tj ET Q q 0 0 0 rg BT 200.72 418.40 Td (net ) Tj ET Q q 0 0 0 rg BT 216.91 418.40 Td (sales ) Tj ET Q q 0 0 0 rg BT 241.04 418.40 Td (in ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 252.35 418.40 Td (2016) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 274.35 418.40 Td (, ) Tj ET Q q 0 0 0 rg BT 279.85 418.40 Td (representing ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 336.97 418.40 Td (10) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 347.97 418.40 Td ( ) Tj ET Q q 0 0 0 rg BT 350.72 418.40 Td (basis ) Tj ET Q q 0 0 0 rg BT 375.47 418.40 Td (points ) Tj ET Q q 0 0 0 rg BT 405.11 418.40 Td (of ) Tj ET Q q 0 0 0 rg BT 417.02 418.40 Td (SG&A) Tj ET Q q 0 0 0 rg BT 446.98 418.40 Td ( ) Tj ET Q q 0 0 0 rg BT 449.73 418.40 Td (expense ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 487.90 418.40 Td (leverage) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 525.15 418.40 Td (. ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 392.00 Td (Licensing) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 365.60 Td (Net ) Tj ET Q q 0 0 0 rg BT 67.75 365.60 Td (licensing ) Tj ET Q q 0 0 0 rg BT 109.82 365.60 Td (income ) Tj ET Q q 0 0 0 rg BT 144.56 365.60 Td (totaled ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 176.86 365.60 Td ($13.9) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 201.61 365.60 Td ( ) Tj ET Q q 0 0 0 rg BT 203.97 365.60 Td (million, ) Tj ET Q q 0 0 0 rg BT 240.87 365.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 286.60 365.60 Td (with ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 308.52 365.60 Td ($10.2) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 333.27 365.60 Td ( ) Tj ET Q q 0 0 0 rg BT 335.63 365.60 Td (million ) Tj ET Q q 0 0 0 rg BT 369.77 365.60 Td (in ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 380.69 365.60 Td (2016) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 402.69 365.60 Td (, ) Tj ET Q q 0 0 0 rg BT 407.81 365.60 Td (driven ) Tj ET Q q 0 0 0 rg BT 438.27 365.60 Td (by ) Tj ET Q q 0 0 0 rg BT 451.63 365.60 Td (net ) Tj ET Q q 0 0 0 rg BT 467.44 365.60 Td (sales ) Tj ET Q q 0 0 0 rg BT 491.18 365.60 Td (growth ) Tj ET Q q 0 0 0 rg BT 524.71 365.60 Td (in ) Tj ET Q q 0 0 0 rg BT 535.63 365.60 Td (newer ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 352.40 Td (licensing ) Tj ET Q q 0 0 0 rg BT 91.96 352.40 Td (partners.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 326.00 Td (Operating ) Tj ET Q q 0 0 0 rg BT 100.53 326.00 Td (Income) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 299.60 Td (Full ) Tj ET Q q 0 0 0 rg BT 70.41 299.60 Td (year ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 92.52 299.60 Td (2017) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 114.52 299.60 Td ( ) Tj ET Q q 0 0 0 rg BT 117.70 299.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 162.42 299.60 Td (income ) Tj ET Q q 0 0 0 rg BT 197.98 299.60 Td (increased ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 242.69 299.60 Td (3) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 248.19 299.60 Td ( ) Tj ET Q q 0 0 0 rg BT 251.37 299.60 Td (percent ) Tj ET Q q 0 0 0 rg BT 286.92 299.60 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 298.66 299.60 Td ($263.0) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 328.91 299.60 Td ( ) Tj ET Q q 0 0 0 rg BT 332.09 299.60 Td (million, ) Tj ET Q q 0 0 0 rg BT 369.80 299.60 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 382.14 299.60 Td (10.7) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 401.39 299.60 Td ( ) Tj ET Q q 0 0 0 rg BT 404.58 299.60 Td (percent ) Tj ET Q q 0 0 0 rg BT 440.12 299.60 Td (of ) Tj ET Q q 0 0 0 rg BT 452.47 299.60 Td (net ) Tj ET Q q 0 0 0 rg BT 469.09 299.60 Td (sales, ) Tj ET Q q 0 0 0 rg BT 496.40 299.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 542.95 299.60 Td (with ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 286.40 Td (full ) Tj ET Q q 0 0 0 rg BT 67.53 286.40 Td (year ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 89.20 286.40 Td (2016) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 111.20 286.40 Td ( ) Tj ET Q q 0 0 0 rg BT 113.95 286.40 Td (operating ) Tj ET Q q 0 0 0 rg BT 158.24 286.40 Td (income ) Tj ET Q q 0 0 0 rg BT 193.37 286.40 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 205.28 286.40 Td ($256.5) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 235.53 286.40 Td ( ) Tj ET Q q 0 0 0 rg BT 238.28 286.40 Td (million, ) Tj ET Q q 0 0 0 rg BT 275.56 286.40 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 287.48 286.40 Td (10.8) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 306.73 286.40 Td ( ) Tj ET Q q 0 0 0 rg BT 309.48 286.40 Td (percent ) Tj ET Q q 0 0 0 rg BT 344.59 286.40 Td (of ) Tj ET Q q 0 0 0 rg BT 356.51 286.40 Td (net ) Tj ET Q q 0 0 0 rg BT 372.69 286.40 Td (sales.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 260.00 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 99.15 260.00 Td ($) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 104.65 260.00 Td (14.9) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 123.90 260.00 Td ( ) Tj ET Q q 0 0 0 rg BT 128.33 260.00 Td (million ) Tj ET Q q 0 0 0 rg BT 164.55 260.00 Td (in ) Tj ET Q q 0 0 0 rg BT 177.54 260.00 Td (Project ) Tj ET Q q 0 0 0 rg BT 213.13 260.00 Td (CONNECT) Tj ET Q q 0 0 0 rg BT 264.88 260.00 Td ( ) Tj ET Q q 0 0 0 rg BT 269.31 260.00 Td (program ) Tj ET Q q 0 0 0 rg BT 311.01 260.00 Td (expenses ) Tj ET Q q 0 0 0 rg BT 355.15 260.00 Td (and ) Tj ET Q q 0 0 0 rg BT 375.47 260.00 Td (discrete ) Tj ET Q q 0 0 0 rg BT 414.11 260.00 Td (costs, ) Tj ET Q q 0 0 0 rg BT 443.29 260.00 Td (full ) Tj ET Q q 0 0 0 rg BT 463.00 260.00 Td (year ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 486.36 260.00 Td (2017) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 508.36 260.00 Td ( ) Tj ET Q q 0 0 0 rg BT 512.80 260.00 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 562.50 260.00 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 246.80 Td (operating ) Tj ET Q q 0 0 0 rg BT 94.38 246.80 Td (income ) Tj ET Q q 0 0 0 rg BT 130.10 246.80 Td (increased ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 174.97 246.80 Td (8) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 180.47 246.80 Td ( ) Tj ET Q q 0 0 0 rg BT 183.81 246.80 Td (percent ) Tj ET Q q 0 0 0 rg BT 219.52 246.80 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 231.41 246.80 Td ($277.8) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 261.66 246.80 Td ( ) Tj ET Q q 0 0 0 rg BT 265.00 246.80 Td (million, ) Tj ET Q q 0 0 0 rg BT 302.88 246.80 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 315.38 246.80 Td (1) Tj ET Q q 0 0 0 rg BT 320.47 246.80 Td (1.3) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 334.22 246.80 Td ( ) Tj ET Q q 0 0 0 rg BT 337.56 246.80 Td (percent ) Tj ET Q q 0 0 0 rg BT 373.27 246.80 Td (of ) Tj ET Q q 0 0 0 rg BT 385.77 246.80 Td (net ) Tj ET Q q 0 0 0 rg BT 402.55 246.80 Td (sales, ) Tj ET Q q 0 0 0 rg BT 430.03 246.80 Td (compared ) Tj ET Q q 0 0 0 rg BT 476.73 246.80 Td (with ) Tj ET Q q 0 0 0 rg BT 499.63 246.80 Td (full ) Tj ET Q q 0 0 0 rg BT 518.25 246.80 Td (year ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 540.51 246.80 Td (2016) Tj ET Q BT /F1 11.00 Tf ET BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 233.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 93.79 233.60 Td (income ) Tj ET Q q 0 0 0 rg BT 128.92 233.60 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 140.83 233.60 Td ($256.5) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 171.08 233.60 Td ( ) Tj ET Q q 0 0 0 rg BT 173.83 233.60 Td (million, ) Tj ET Q q 0 0 0 rg BT 211.11 233.60 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 223.02 233.60 Td (10.8) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 242.27 233.60 Td ( ) Tj ET Q q 0 0 0 rg BT 245.02 233.60 Td (percent ) Tj ET Q q 0 0 0 rg BT 280.14 233.60 Td (of ) Tj ET Q q 0 0 0 rg BT 292.05 233.60 Td (net ) Tj ET Q q 0 0 0 rg BT 308.24 233.60 Td (sales.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 207.20 Td (Income ) Tj ET Q q 0 0 0 rg BT 86.88 207.20 Td (T) Tj ET Q q 0 0 0 rg BT 93.20 207.20 Td (ax ) Tj ET Q q 0 0 0 rg BT 106.95 207.20 Td (Expense) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 180.80 Td (Income ) Tj ET Q q 0 0 0 rg BT 85.23 180.80 Td (tax ) Tj ET Q q 0 0 0 rg BT 101.42 180.80 Td (expense ) Tj ET Q q 0 0 0 rg BT 139.60 180.80 Td (for ) Tj ET Q q 0 0 0 rg BT 155.18 180.80 Td (2017 ) Tj ET Q q 0 0 0 rg BT 179.93 180.80 Td (was ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 199.78 180.80 Td ($154.4 ) Tj ET Q q 0 0 0 rg BT 232.78 180.80 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 264.56 180.80 Td (, ) Tj ET Q q 0 0 0 rg BT 270.06 180.80 Td (which ) Tj ET Q q 0 0 0 rg BT 299.70 180.80 Td (included ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 340.32 180.80 Td ($95.6 ) Tj ET Q q 0 0 0 rg BT 367.82 180.80 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 399.60 180.80 Td ( ) Tj ET Q q 0 0 0 rg BT 402.35 180.80 Td (of ) Tj ET Q q 0 0 0 rg BT 414.07 180.80 Td (TCJA-related ) Tj ET Q q 0 0 0 rg BT 476.68 180.80 Td (tax ) Tj ET Q q 0 0 0 rg BT 492.87 180.80 Td (expense. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 154.40 Td (The ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 69.82 154.40 Td (T) Tj ET Q q 0 0 0 rg BT 76.15 154.40 Td (ax ) Tj ET Q q 0 0 0 rg BT 90.36 154.40 Td (Reform) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 126.40 154.40 Td ( ) Tj ET Q q 0 0 0 rg BT 129.62 154.40 Td (section ) Tj ET Q q 0 0 0 rg BT 163.99 154.40 Td (below ) Tj ET Q q 0 0 0 rg BT 194.09 154.40 Td (contains ) Tj ET Q q 0 0 0 rg BT 233.96 154.40 Td (a ) Tj ET Q q 0 0 0 rg BT 242.06 154.40 Td (more ) Tj ET Q q 0 0 0 rg BT 267.88 154.40 Td (detailed ) Tj ET Q q 0 0 0 rg BT 305.92 154.40 Td (discussion ) Tj ET Q q 0 0 0 rg BT 354.97 154.40 Td (of ) Tj ET Q q 0 0 0 rg BT 367.35 154.40 Td (the ) Tj ET Q q 0 0 0 rg BT 384.01 154.40 Td (ef) Tj ET Q q 0 0 0 rg BT 392.35 154.40 Td (fects ) Tj ET Q q 0 0 0 rg BT 416.33 154.40 Td (of ) Tj ET Q q 0 0 0 rg BT 428.72 154.40 Td (the ) Tj ET Q q 0 0 0 rg BT 445.14 154.40 Td (TCJA) Tj ET Q q 0 0 0 rg BT 470.81 154.40 Td ( ) Tj ET Q q 0 0 0 rg BT 474.03 154.40 Td (on ) Tj ET Q q 0 0 0 rg BT 488.25 154.40 Td (2017 ) Tj ET Q q 0 0 0 rg BT 513.46 154.40 Td (income ) Tj ET Q q 0 0 0 rg BT 549.06 154.40 Td (tax ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 141.20 Td (expense.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 114.80 Td (Full ) Tj ET Q q 0 0 0 rg BT 70.81 114.80 Td (year ) Tj ET Q q 0 0 0 rg BT 93.32 114.80 Td (2017 ) Tj ET Q q 0 0 0 rg BT 118.91 114.80 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 168.61 114.80 Td ( ) Tj ET Q q 0 0 0 rg BT 172.19 114.80 Td (income ) Tj ET Q q 0 0 0 rg BT 208.15 114.80 Td (tax ) Tj ET Q q 0 0 0 rg BT 225.17 114.80 Td (expense, ) Tj ET Q q 0 0 0 rg BT 266.93 114.80 Td (excluding ) Tj ET Q q 0 0 0 rg BT 313.89 114.80 Td (the ) Tj ET Q q 0 0 0 rg BT 330.91 114.80 Td (ef) Tj ET Q q 0 0 0 rg BT 339.26 114.80 Td (fects ) Tj ET Q q 0 0 0 rg BT 363.61 114.80 Td (of ) Tj ET Q q 0 0 0 rg BT 376.35 114.80 Td (Project ) Tj ET Q q 0 0 0 rg BT 411.09 114.80 Td (CONNECT) Tj ET Q q 0 0 0 rg BT 462.84 114.80 Td ( ) Tj ET Q q 0 0 0 rg BT 466.42 114.80 Td (and ) Tj ET Q q 0 0 0 rg BT 485.63 114.80 Td (TCJA-related ) Tj ET Q q 0 0 0 rg BT 549.08 114.80 Td (tax ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 101.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 88.22 101.60 Td (was ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.62 101.60 Td ($64.3 ) Tj ET Q q 0 0 0 rg BT 136.67 101.60 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 168.45 101.60 Td (, ) Tj ET Q q 0 0 0 rg BT 174.49 101.60 Td (resulting ) Tj ET Q q 0 0 0 rg BT 216.28 101.60 Td (in ) Tj ET Q q 0 0 0 rg BT 228.13 101.60 Td (an ) Tj ET Q q 0 0 0 rg BT 241.81 101.60 Td (ef) Tj ET Q q 0 0 0 rg BT 250.15 101.60 Td (fective ) Tj ET Q q 0 0 0 rg BT 283.37 101.60 Td (income ) Tj ET Q q 0 0 0 rg BT 319.04 101.60 Td (tax ) Tj ET Q q 0 0 0 rg BT 335.77 101.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 355.55 101.60 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 368.01 101.60 Td (22.8 ) Tj ET Q q 0 0 0 rg BT 390.55 101.60 Td (percent) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 422.92 101.60 Td (, ) Tj ET Q q 0 0 0 rg BT 428.96 101.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 475.62 101.60 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 487.47 101.60 Td ($58.5 ) Tj ET Q q 0 0 0 rg BT 515.52 101.60 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 547.30 101.60 Td (, ) Tj ET Q q 0 0 0 rg BT 553.34 101.60 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 88.40 Td (22.8) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 68.75 88.40 Td ( ) Tj ET Q q 0 0 0 rg BT 71.50 88.40 Td (percent, ) Tj ET Q q 0 0 0 rg BT 109.37 88.40 Td (for ) Tj ET Q q 0 0 0 rg BT 124.94 88.40 Td (the ) Tj ET Q q 0 0 0 rg BT 141.13 88.40 Td (same ) Tj ET Q q 0 0 0 rg BT 166.48 88.40 Td (period ) Tj ET Q q 0 0 0 rg BT 197.33 88.40 Td (last ) Tj ET Q q 0 0 0 rg BT 215.36 88.40 Td (year) Tj ET Q q 0 0 0 rg BT 233.68 88.40 Td (. ) Tj ET Q endstream endobj 19 0 obj <> endobj 20 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 24.60 Td (9) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 748.60 Td (Net ) Tj ET Q q 0 0 0 rg BT 68.74 748.60 Td (Income) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 722.20 Td (2017) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 71.50 722.20 Td ( ) Tj ET Q q 0 0 0 rg BT 74.26 722.20 Td (net ) Tj ET Q q 0 0 0 rg BT 90.45 722.20 Td (income ) Tj ET Q q 0 0 0 rg BT 125.58 722.20 Td (declined ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 165.60 722.20 Td (45) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 176.60 722.20 Td ( ) Tj ET Q q 0 0 0 rg BT 179.35 722.20 Td (percent ) Tj ET Q q 0 0 0 rg BT 214.47 722.20 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 225.78 722.20 Td ($105.1) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 256.03 722.20 Td ( ) Tj ET Q q 0 0 0 rg BT 258.79 722.20 Td (million, ) Tj ET Q q 0 0 0 rg BT 296.08 722.20 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 307.99 722.20 Td ($1.49) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 332.74 722.20 Td ( ) Tj ET Q q 0 0 0 rg BT 335.50 722.20 Td (per ) Tj ET Q q 0 0 0 rg BT 352.30 722.20 Td (diluted ) Tj ET Q q 0 0 0 rg BT 385.61 722.20 Td (share. ) Tj ET Q q 0 0 0 rg BT 414.32 722.20 Td (Full ) Tj ET Q q 0 0 0 rg BT 434.81 722.20 Td (year ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 456.49 722.20 Td (2016) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 478.49 722.20 Td ( ) Tj ET Q q 0 0 0 rg BT 481.24 722.20 Td (net ) Tj ET Q q 0 0 0 rg BT 497.44 722.20 Td (income ) Tj ET Q q 0 0 0 rg BT 532.57 722.20 Td (totaled ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 709.00 Td ($191.9) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 79.75 709.00 Td ( ) Tj ET Q q 0 0 0 rg BT 82.50 709.00 Td (million, ) Tj ET Q q 0 0 0 rg BT 119.78 709.00 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 131.69 709.00 Td ($2.72) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 156.44 709.00 Td ( ) Tj ET Q q 0 0 0 rg BT 159.19 709.00 Td (per ) Tj ET Q q 0 0 0 rg BT 175.99 709.00 Td (diluted ) Tj ET Q q 0 0 0 rg BT 209.29 709.00 Td (share.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 682.60 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 97.53 682.60 Td (Project ) Tj ET Q q 0 0 0 rg BT 131.51 682.60 Td (CONNECT) Tj ET Q q 0 0 0 rg BT 183.25 682.60 Td ( ) Tj ET Q q 0 0 0 rg BT 186.07 682.60 Td (program ) Tj ET Q q 0 0 0 rg BT 226.15 682.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 268.68 682.60 Td (and ) Tj ET Q q 0 0 0 rg BT 287.38 682.60 Td (discrete ) Tj ET Q q 0 0 0 rg BT 324.40 682.60 Td (costs ) Tj ET Q q 0 0 0 rg BT 349.21 682.60 Td (of ) Tj ET Q q 0 0 0 rg BT 361.19 682.60 Td (approximately$) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 432.98 682.60 Td (14.9) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 452.23 682.60 Td ( ) Tj ET Q q 0 0 0 rg BT 455.05 682.60 Td (million, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 492.40 682.60 Td ($9.4 ) Tj ET Q q 0 0 0 rg BT 514.46 682.60 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 546.24 682.60 Td ( ) Tj ET Q q 0 0 0 rg BT 549.06 682.60 Td (net ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 669.40 Td (of ) Tj ET Q q 0 0 0 rg BT 61.49 669.40 Td (tax, ) Tj ET Q q 0 0 0 rg BT 80.50 669.40 Td (or$) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 97.91 669.40 Td (0.13) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 117.16 669.40 Td (per ) Tj ET Q q 0 0 0 rg BT 136.78 669.40 Td (diluted ) Tj ET Q q 0 0 0 rg BT 170.15 669.40 Td (share, ) Tj ET Q q 0 0 0 rg BT 198.93 669.40 Td (and ) Tj ET Q q 0 0 0 rg BT 217.43 669.40 Td (TCJA-related ) Tj ET Q q 0 0 0 rg BT 280.12 669.40 Td (income ) Tj ET Q q 0 0 0 rg BT 315.32 669.40 Td (tax ) Tj ET Q q 0 0 0 rg BT 331.58 669.40 Td (expense ) Tj ET Q q 0 0 0 rg BT 369.83 669.40 Td (of ) Tj ET Q q 0 0 0 rg BT 381.82 669.40 Td ($) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 387.32 669.40 Td (95.6 ) Tj ET Q q 0 0 0 rg BT 409.39 669.40 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 441.17 669.40 Td (, ) Tj ET Q q 0 0 0 rg BT 446.75 669.40 Td (or ) Tj ET Q q 0 0 0 rg BT 458.73 669.40 Td ($) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 464.23 669.40 Td (1.36) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 483.48 669.40 Td ( ) Tj ET Q q 0 0 0 rg BT 486.31 669.40 Td (per ) Tj ET Q q 0 0 0 rg BT 503.17 669.40 Td (diluted ) Tj ET Q q 0 0 0 rg BT 536.55 669.40 Td (share, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 656.20 Td (full ) Tj ET Q q 0 0 0 rg BT 67.17 656.20 Td (year ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 88.49 656.20 Td (2017) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 110.49 656.20 Td ( ) Tj ET Q q 0 0 0 rg BT 112.88 656.20 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 162.58 656.20 Td ( ) Tj ET Q q 0 0 0 rg BT 164.97 656.20 Td (net ) Tj ET Q q 0 0 0 rg BT 180.80 656.20 Td (income ) Tj ET Q q 0 0 0 rg BT 215.57 656.20 Td (increased ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 259.49 656.20 Td (9) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 264.99 656.20 Td ( ) Tj ET Q q 0 0 0 rg BT 267.38 656.20 Td (percent ) Tj ET Q q 0 0 0 rg BT 302.14 656.20 Td (to ) Tj ET Q q 0 0 0 rg BT 313.09 656.20 Td ($) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 318.59 656.20 Td (210.1 ) Tj ET Q q 0 0 0 rg BT 345.73 656.20 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 377.51 656.20 Td (, ) Tj ET Q q 0 0 0 rg BT 382.65 656.20 Td (or ) Tj ET Q q 0 0 0 rg BT 394.21 656.20 Td ($) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 399.71 656.20 Td (2.98) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 418.96 656.20 Td ( ) Tj ET Q q 0 0 0 rg BT 421.35 656.20 Td (per ) Tj ET Q q 0 0 0 rg BT 437.79 656.20 Td (diluted ) Tj ET Q q 0 0 0 rg BT 470.73 656.20 Td (share. ) Tj ET Q q 0 0 0 rg BT 499.08 656.20 Td (Full ) Tj ET Q q 0 0 0 rg BT 519.20 656.20 Td (year ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 540.52 656.20 Td (2016) Tj ET Q BT /F1 11.00 Tf ET BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 643.00 Td (net ) Tj ET Q q 0 0 0 rg BT 65.69 643.00 Td (income ) Tj ET Q q 0 0 0 rg BT 100.82 643.00 Td (totaled ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 133.50 643.00 Td ($191.9) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 163.75 643.00 Td ( ) Tj ET Q q 0 0 0 rg BT 166.50 643.00 Td (million, ) Tj ET Q q 0 0 0 rg BT 203.78 643.00 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 215.69 643.00 Td ($2.72) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 240.44 643.00 Td ( ) Tj ET Q q 0 0 0 rg BT 243.19 643.00 Td (per ) Tj ET Q q 0 0 0 rg BT 259.99 643.00 Td (diluted ) Tj ET Q q 0 0 0 rg BT 293.29 643.00 Td (share.) 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 49.5 614.878564453125 m 115.1884765625 614.878564453125 l s q 0 0 0 rg BT 49.50 616.60 Td (Balance Sheet) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 590.20 Td (At ) Tj ET Q q 0 0 0 rg BT 61.92 590.20 Td (December ) Tj ET Q q 0 0 0 rg BT 108.53 590.20 Td (31, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 123.70 590.20 Td (2017) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 145.70 590.20 Td (, ) Tj ET Q q 0 0 0 rg BT 149.87 590.20 Td (cash ) Tj ET Q q 0 0 0 rg BT 170.83 590.20 Td (and ) Tj ET Q q 0 0 0 rg BT 188.14 590.20 Td (short-term ) Tj ET Q q 0 0 0 rg BT 235.38 590.20 Td (investments ) Tj ET Q q 0 0 0 rg BT 289.35 590.20 Td (totaled ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 320.70 590.20 Td ($768.1) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 350.95 590.20 Td ( ) Tj ET Q q 0 0 0 rg BT 352.37 590.20 Td (million, ) Tj ET Q q 0 0 0 rg BT 388.32 590.20 Td (compared ) Tj ET Q q 0 0 0 rg BT 433.10 590.20 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 443.08 590.20 Td ($551.9) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 473.33 590.20 Td ( ) Tj ET Q q 0 0 0 rg BT 474.75 590.20 Td (million ) Tj ET Q q 0 0 0 rg BT 507.95 590.20 Td (at ) Tj ET Q q 0 0 0 rg BT 517.31 590.20 Td (December ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 577.00 Td (31, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 66.00 577.00 Td (2016) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 88.00 577.00 Td (. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 550.60 Td (At ) Tj ET Q q 0 0 0 rg BT 62.66 550.60 Td (December ) Tj ET Q q 0 0 0 rg BT 110.02 550.60 Td (31, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 125.93 550.60 Td (2017) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 147.93 550.60 Td (, ) Tj ET Q q 0 0 0 rg BT 152.84 550.60 Td ($378.4 ) Tj ET Q q 0 0 0 rg BT 185.26 550.60 Td (million ) Tj ET Q q 0 0 0 rg BT 219.20 550.60 Td (of ) Tj ET Q q 0 0 0 rg BT 230.53 550.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 252.24 550.60 Td (and ) Tj ET Q q 0 0 0 rg BT 270.28 550.60 Td (short-term ) Tj ET Q q 0 0 0 rg BT 318.27 550.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 372.98 550.60 Td (were ) Tj ET Q q 0 0 0 rg BT 396.51 550.60 Td (held ) Tj ET Q q 0 0 0 rg BT 417.62 550.60 Td (by ) Tj ET Q q 0 0 0 rg BT 430.78 550.60 Td (our ) Tj ET Q q 0 0 0 rg BT 447.60 550.60 Td (foreign ) Tj ET Q q 0 0 0 rg BT 481.53 550.60 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 535.63 550.60 Td (where ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 537.40 Td (a ) Tj ET Q q 0 0 0 rg BT 57.09 537.40 Td (repatriation ) Tj ET Q q 0 0 0 rg BT 110.49 537.40 Td (of ) Tj ET Q q 0 0 0 rg BT 122.36 537.40 Td (those ) Tj ET Q q 0 0 0 rg BT 148.29 537.40 Td (funds ) Tj ET Q q 0 0 0 rg BT 175.44 537.40 Td (to ) Tj ET Q q 0 0 0 rg BT 186.70 537.40 Td (the ) Tj ET Q q 0 0 0 rg BT 202.85 537.40 Td (United ) Tj ET Q q 0 0 0 rg BT 235.50 537.40 Td (States ) Tj ET Q q 0 0 0 rg BT 264.48 537.40 Td (would ) Tj ET Q q 0 0 0 rg BT 294.69 537.40 Td (have ) Tj ET Q q 0 0 0 rg BT 318.16 537.40 Td (resulted ) Tj ET Q q 0 0 0 rg BT 355.68 537.40 Td (in ) Tj ET Q q 0 0 0 rg BT 366.95 537.40 Td (significant ) Tj ET Q q 0 0 0 rg BT 416.09 537.40 Td (tax ) Tj ET Q q 0 0 0 rg BT 432.23 537.40 Td (expense ) Tj ET Q q 0 0 0 rg BT 470.37 537.40 Td (before ) Tj ET Q q 0 0 0 rg BT 501.17 537.40 Td (the ) Tj ET Q q 0 0 0 rg BT 517.31 537.40 Td (enactment ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 524.20 Td (of ) Tj ET Q q 0 0 0 rg BT 61.41 524.20 Td (the ) Tj ET Q q 0 0 0 rg BT 77.40 524.20 Td (TCJA.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 497.80 Td (In ) Tj ET Q q 0 0 0 rg BT 61.71 497.80 Td (light ) Tj ET Q q 0 0 0 rg BT 84.93 497.80 Td (of ) Tj ET Q q 0 0 0 rg BT 97.14 497.80 Td (increased ) Tj ET Q q 0 0 0 rg BT 141.71 497.80 Td (cash ) Tj ET Q q 0 0 0 rg BT 164.30 497.80 Td (balances, ) Tj ET Q q 0 0 0 rg BT 207.97 497.80 Td (strong ) Tj ET Q q 0 0 0 rg BT 238.51 497.80 Td (cash ) Tj ET Q q 0 0 0 rg BT 261.11 497.80 Td (flow ) Tj ET Q q 0 0 0 rg BT 284.32 497.80 Td (generation ) Tj ET Q q 0 0 0 rg BT 333.79 497.80 Td (in ) Tj ET Q q 0 0 0 rg BT 345.39 497.80 Td (2017, ) Tj ET Q q 0 0 0 rg BT 373.19 497.80 Td (and ) Tj ET Q q 0 0 0 rg BT 392.11 497.80 Td (our ) Tj ET Q q 0 0 0 rg BT 409.82 497.80 Td (expectation ) Tj ET Q q 0 0 0 rg BT 463.57 497.80 Td (under ) Tj ET Q q 0 0 0 rg BT 491.66 497.80 Td (revised ) Tj ET Q q 0 0 0 rg BT 526.47 497.80 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 549.08 497.80 Td (tax ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 484.60 Td (laws ) Tj ET Q q 0 0 0 rg BT 72.27 484.60 Td (to ) Tj ET Q q 0 0 0 rg BT 83.43 484.60 Td (repatriate ) Tj ET Q q 0 0 0 rg BT 127.56 484.60 Td (approximately ) Tj ET Q q 0 0 0 rg BT 193.70 484.60 Td ($200 ) Tj ET Q q 0 0 0 rg BT 218.30 484.60 Td (million ) Tj ET Q q 0 0 0 rg BT 252.69 484.60 Td (of ) Tj ET Q q 0 0 0 rg BT 264.46 484.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 286.61 484.60 Td (currently ) Tj ET Q q 0 0 0 rg BT 328.92 484.60 Td (held ) Tj ET Q q 0 0 0 rg BT 350.46 484.60 Td (in ) Tj ET Q q 0 0 0 rg BT 361.62 484.60 Td (foreign ) Tj ET Q q 0 0 0 rg BT 395.99 484.60 Td (jurisdictions, ) Tj ET Q q 0 0 0 rg BT 455.73 484.60 Td (the ) Tj ET Q q 0 0 0 rg BT 471.78 484.60 Td (company ) Tj ET Q q 0 0 0 rg BT 514.70 484.60 Td (has ) Tj ET Q q 0 0 0 rg BT 531.97 484.60 Td (chosen ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 471.40 Td (to ) Tj ET Q q 0 0 0 rg BT 60.81 471.40 Td (provide ) Tj ET Q q 0 0 0 rg BT 97.16 471.40 Td (additional ) Tj ET Q q 0 0 0 rg BT 143.90 471.40 Td (insight ) Tj ET Q q 0 0 0 rg BT 176.60 471.40 Td (into ) Tj ET Q q 0 0 0 rg BT 196.46 471.40 Td (priorities ) Tj ET Q q 0 0 0 rg BT 238.92 471.40 Td (for ) Tj ET Q q 0 0 0 rg BT 254.50 471.40 Td (its ) Tj ET Q q 0 0 0 rg BT 267.64 471.40 Td (use ) Tj ET Q q 0 0 0 rg BT 285.05 471.40 Td (of ) Tj ET Q q 0 0 0 rg BT 296.97 471.40 Td (cash ) Tj ET Q q 0 0 0 rg BT 319.26 471.40 Td (in ) Tj ET Q q 0 0 0 rg BT 330.57 471.40 Td (the ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 346.76 471.40 Td (Capital ) Tj ET Q q 0 0 0 rg BT 383.74 471.40 Td (Allocation) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 432.01 471.40 Td ( ) Tj ET Q q 0 0 0 rg BT 434.76 471.40 Td (section ) Tj ET Q q 0 0 0 rg BT 468.67 471.40 Td (below) Tj ET Q q 0 0 0 rg BT 494.84 471.40 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 458.20 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 445.00 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 110.62 445.00 Td (accounts ) Tj ET Q q 0 0 0 rg BT 152.17 445.00 Td (receivable ) Tj ET Q q 0 0 0 rg BT 200.42 445.00 Td (at ) Tj ET Q q 0 0 0 rg BT 211.42 445.00 Td (December ) Tj ET Q q 0 0 0 rg BT 259.68 445.00 Td (31, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 276.50 445.00 Td (2017) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 298.50 445.00 Td ( ) Tj ET Q q 0 0 0 rg BT 301.56 445.00 Td (totaled ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 334.56 445.00 Td ($364.9) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 364.81 445.00 Td ( ) Tj ET Q q 0 0 0 rg BT 367.87 445.00 Td (million, ) Tj ET Q q 0 0 0 rg BT 405.47 445.00 Td (a ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 413.42 445.00 Td (9 ) Tj ET Q q 0 0 0 rg BT 421.98 445.00 Td (percent) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 454.35 445.00 Td ( ) Tj ET Q q 0 0 0 rg BT 457.42 445.00 Td (increase ) Tj ET Q q 0 0 0 rg BT 496.51 445.00 Td (compared ) Tj ET Q q 0 0 0 rg BT 542.94 445.00 Td (with ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 431.80 Td (December ) Tj ET Q q 0 0 0 rg BT 97.43 431.80 Td (31, ) Tj ET Q q 0 0 0 rg BT 113.91 431.80 Td (2016. ) Tj ET Q q 0 0 0 rg BT 141.40 431.80 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 202.18 431.80 Td (Days ) Tj ET Q q 0 0 0 rg BT 227.53 431.80 Td (Sales ) Tj ET Q q 0 0 0 rg BT 253.48 431.80 Td (Outstanding ) Tj ET Q q 0 0 0 rg BT 309.99 431.80 Td (\(DSO\) ) Tj ET Q q 0 0 0 rg BT 342.06 431.80 Td (at ) Tj ET Q q 0 0 0 rg BT 352.73 431.80 Td (December ) Tj ET Q q 0 0 0 rg BT 400.66 431.80 Td (31, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 417.15 431.80 Td (2017) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 439.15 431.80 Td ( ) Tj ET Q q 0 0 0 rg BT 441.88 431.80 Td (stood ) Tj ET Q q 0 0 0 rg BT 468.45 431.80 Td (at ) Tj ET Q q 0 0 0 rg BT 479.13 431.80 Td (42 ) Tj ET Q q 0 0 0 rg BT 492.86 431.80 Td (days, ) Tj ET Q q 0 0 0 rg BT 518.51 431.80 Td (consistent ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 418.60 Td (with ) Tj ET Q q 0 0 0 rg BT 71.81 418.60 Td (December ) Tj ET Q q 0 0 0 rg BT 119.75 418.60 Td (31, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 136.25 418.60 Td (2016) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 158.25 418.60 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 405.40 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 392.20 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 110.96 392.20 Td (inventory ) Tj ET Q q 0 0 0 rg BT 156.52 392.20 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 169.09 392.20 Td ($457.9) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 199.34 392.20 Td ( ) Tj ET Q q 0 0 0 rg BT 202.74 392.20 Td (million ) Tj ET Q q 0 0 0 rg BT 237.93 392.20 Td (at ) Tj ET Q q 0 0 0 rg BT 249.27 392.20 Td (December ) Tj ET Q q 0 0 0 rg BT 297.87 392.20 Td (31, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 315.03 392.20 Td (2017) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 337.03 392.20 Td ( ) Tj ET Q q 0 0 0 rg BT 340.43 392.20 Td (declined ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 381.10 392.20 Td ($30.1) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 405.85 392.20 Td ( ) Tj ET Q q 0 0 0 rg BT 409.25 392.20 Td (million, ) Tj ET Q q 0 0 0 rg BT 447.19 392.20 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 459.75 392.20 Td (6) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 465.25 392.20 Td ( ) Tj ET Q q 0 0 0 rg BT 468.66 392.20 Td (percent, ) Tj ET Q q 0 0 0 rg BT 507.18 392.20 Td (compared ) Tj ET Q q 0 0 0 rg BT 553.95 392.20 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 379.00 Td (December ) Tj ET Q q 0 0 0 rg BT 97.44 379.00 Td (31, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 113.94 379.00 Td (2016) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 135.94 379.00 Td (, ) Tj ET Q q 0 0 0 rg BT 141.44 379.00 Td (as ) Tj ET Q q 0 0 0 rg BT 153.36 379.00 Td (a ) Tj ET Q q 0 0 0 rg BT 160.99 379.00 Td (result ) Tj ET Q q 0 0 0 rg BT 188.18 379.00 Td (of ) Tj ET Q q 0 0 0 rg BT 200.09 379.00 Td (disciplined ) Tj ET Q q 0 0 0 rg BT 251.11 379.00 Td (inventory ) Tj ET Q q 0 0 0 rg BT 296.02 379.00 Td (management ) Tj ET Q q 0 0 0 rg BT 354.96 379.00 Td (across ) Tj ET Q q 0 0 0 rg BT 385.20 379.00 Td (geographies ) Tj ET Q q 0 0 0 rg BT 441.10 379.00 Td (and ) Tj ET Q q 0 0 0 rg BT 459.73 379.00 Td (brands.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 352.60 Td (W) Tj ET Q q 0 0 0 rg BT 59.00 352.60 Td (e ) Tj ET Q q 0 0 0 rg BT 66.00 352.60 Td (are ) Tj ET Q q 0 0 0 rg BT 81.55 352.60 Td (pleased ) Tj ET Q q 0 0 0 rg BT 116.65 352.60 Td (with ) Tj ET Q q 0 0 0 rg BT 138.32 352.60 Td (the ) Tj ET Q q 0 0 0 rg BT 153.88 352.60 Td (composition ) Tj ET Q q 0 0 0 rg BT 210.38 352.60 Td (of ) Tj ET Q q 0 0 0 rg BT 221.66 352.60 Td (inventory ) Tj ET Q q 0 0 0 rg BT 265.94 352.60 Td (exiting ) Tj ET Q q 0 0 0 rg BT 298.61 352.60 Td (the ) Tj ET Q q 0 0 0 rg BT 314.16 352.60 Td (year) Tj ET Q q 0 0 0 rg BT 332.65 352.60 Td (, ) Tj ET Q q 0 0 0 rg BT 337.52 352.60 Td (including ) Tj ET Q q 0 0 0 rg BT 381.19 352.60 Td (a ) Tj ET Q q 0 0 0 rg BT 388.19 352.60 Td (decline ) Tj ET Q q 0 0 0 rg BT 422.06 352.60 Td (in ) Tj ET Q q 0 0 0 rg BT 432.74 352.60 Td (excess ) Tj ET Q q 0 0 0 rg BT 463.56 352.60 Td (and ) Tj ET Q q 0 0 0 rg BT 481.56 352.60 Td (closeout ) Tj ET Q q 0 0 0 rg BT 520.34 352.60 Td (inventory ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 339.40 Td (compared ) Tj ET Q q 0 0 0 rg BT 95.62 339.40 Td (with ) Tj ET Q q 0 0 0 rg BT 117.92 339.40 Td (the ) Tj ET Q q 0 0 0 rg BT 134.11 339.40 Td (prior ) Tj ET Q q 0 0 0 rg BT 158.24 339.40 Td (year) Tj ET Q q 0 0 0 rg BT 176.56 339.40 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 313.00 Td (Our ) Tj ET Q q 0 0 0 rg BT 69.36 313.00 Td (2017 ) Tj ET Q q 0 0 0 rg BT 94.11 313.00 Td (return ) Tj ET Q q 0 0 0 rg BT 123.12 313.00 Td (on ) Tj ET Q q 0 0 0 rg BT 136.87 313.00 Td (invested ) Tj ET Q q 0 0 0 rg BT 176.28 313.00 Td (capital ) Tj ET Q q 0 0 0 rg BT 208.34 313.00 Td (of ) Tj ET Q q 0 0 0 rg BT 220.26 313.00 Td (18.6% ) Tj ET Q q 0 0 0 rg BT 251.42 313.00 Td (increased ) Tj ET Q q 0 0 0 rg BT 295.70 313.00 Td (by ) Tj ET Q q 0 0 0 rg BT 309.45 313.00 Td (170 ) Tj ET Q q 0 0 0 rg BT 328.70 313.00 Td (basis ) Tj ET Q q 0 0 0 rg BT 353.45 313.00 Td (points ) Tj ET Q q 0 0 0 rg BT 383.09 313.00 Td (compared ) Tj ET Q q 0 0 0 rg BT 429.21 313.00 Td (to ) Tj ET Q q 0 0 0 rg BT 440.52 313.00 Td (the ) Tj ET Q q 0 0 0 rg BT 456.70 313.00 Td (prior ) Tj ET Q q 0 0 0 rg BT 480.84 313.00 Td (year) Tj ET Q q 0 0 0 rg BT 499.16 313.00 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 49.5 284.878564453125 m 95.33154296875 284.878564453125 l s q 0 0 0 rg BT 49.50 286.60 Td (Full ) Tj ET Q q 0 0 0 rg BT 70.79 286.60 Td (Y) Tj ET Q q 0 0 0 rg BT 77.52 286.60 Td (ear) Tj ET Q q 0 0 0 rg BT 92.58 286.60 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 95.33154296875 284.878564453125 m 117.33154296875 284.878564453125 l s q 0 0 0 rg BT 95.33 286.60 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 117.33154296875 284.878564453125 m 169.89306640625 284.878564453125 l s q 0 0 0 rg BT 117.33 286.60 Td ( ) Tj ET Q q 0 0 0 rg BT 120.08 286.60 Td (Cash ) Tj ET Q q 0 0 0 rg BT 146.67 286.60 Td (Flow) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 260.20 Td (Operating ) Tj ET Q q 0 0 0 rg BT 96.16 260.20 Td (cash ) Tj ET Q q 0 0 0 rg BT 118.37 260.20 Td (flow ) Tj ET Q q 0 0 0 rg BT 141.21 260.20 Td (for ) Tj ET Q q 0 0 0 rg BT 156.71 260.20 Td (the ) Tj ET Q q 0 0 0 rg BT 172.82 260.20 Td (year ) Tj ET Q q 0 0 0 rg BT 194.42 260.20 Td (ended ) Tj ET Q q 0 0 0 rg BT 223.36 260.20 Td (December ) Tj ET Q q 0 0 0 rg BT 271.22 260.20 Td (31, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 287.64 260.20 Td (2017) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 309.64 260.20 Td ( ) Tj ET Q q 0 0 0 rg BT 312.32 260.20 Td (was ) Tj ET Q q 0 0 0 rg BT 332.09 260.20 Td (a ) Tj ET Q q 0 0 0 rg BT 339.65 260.20 Td (record ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 370.41 260.20 Td ($341.1) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 400.66 260.20 Td ( ) Tj ET Q q 0 0 0 rg BT 403.33 260.20 Td (million, ) Tj ET Q q 0 0 0 rg BT 440.54 260.20 Td (compared ) Tj ET Q q 0 0 0 rg BT 486.58 260.20 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 497.81 260.20 Td ($275.2) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 528.06 260.20 Td ( ) Tj ET Q q 0 0 0 rg BT 530.73 260.20 Td (million ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 247.00 Td (in ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 60.81 247.00 Td (2016) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 82.81 247.00 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 220.60 Td (Capital expenditures totaled ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 175.66 220.60 Td ($53.4) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 200.41 220.60 Td ( million in ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 248.99 220.60 Td (2017) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 270.99 220.60 Td (, compared to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 333.92 220.60 Td ($50.0) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 358.67 220.60 Td ( million in ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 407.25 220.60 Td (2016) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 429.25 220.60 Td (. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 194.20 Td (During ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 83.33 194.20 Td (2017) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 105.33 194.20 Td (, ) Tj ET Q q 0 0 0 rg BT 110.74 194.20 Td (the ) Tj ET Q q 0 0 0 rg BT 126.85 194.20 Td (company ) Tj ET Q q 0 0 0 rg BT 169.83 194.20 Td (paid ) Tj ET Q q 0 0 0 rg BT 191.44 194.20 Td (dividends ) Tj ET Q q 0 0 0 rg BT 236.88 194.20 Td (totaling ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 273.15 194.20 Td ($50.9) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 297.90 194.20 Td ( ) Tj ET Q q 0 0 0 rg BT 300.57 194.20 Td (million, ) Tj ET Q q 0 0 0 rg BT 337.76 194.20 Td (and ) Tj ET Q q 0 0 0 rg BT 356.31 194.20 Td (repurchased ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 412.11 194.20 Td (665,095) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 447.86 194.20 Td ( ) Tj ET Q q 0 0 0 rg BT 450.53 194.20 Td (shares ) Tj ET Q q 0 0 0 rg BT 480.68 194.20 Td (for ) Tj ET Q q 0 0 0 rg BT 496.18 194.20 Td (a ) Tj ET Q q 0 0 0 rg BT 503.72 194.20 Td (total ) Tj ET Q q 0 0 0 rg BT 525.94 194.20 Td (of ) Tj ET Q q 0 0 0 rg BT 537.77 194.20 Td ($) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 543.27 194.20 Td (35.5 ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 181.00 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 81.28 181.00 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 154.60 Td (At December 31, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 127.69 154.60 Td (2017) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 149.69 154.60 Td (, approximately ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 221.48 154.60 Td ($137.9) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 251.73 154.60 Td ( million remained available under the current share repurchase ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 141.40 Td (authorization. ) Tj ET Q q 0 0 0 rg BT 112.84 141.40 Td (The share repurchase authorization does not obligate the company to acquire any specific number of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 128.20 Td (shares or to acquire shares over any specified period of time.) 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 49.5 100.07856445312495 m 95.33154296875 100.07856445312495 l s q 0 0 0 rg BT 49.50 101.80 Td (Full ) Tj ET Q q 0 0 0 rg BT 70.79 101.80 Td (Y) Tj ET Q q 0 0 0 rg BT 77.52 101.80 Td (ear) Tj ET Q q 0 0 0 rg BT 92.58 101.80 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 95.33154296875 100.07856445312495 m 117.33154296875 100.07856445312495 l s q 0 0 0 rg BT 95.33 101.80 Td (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 117.33154296875 100.07856445312495 m 208.09765625 100.07856445312495 l s q 0 0 0 rg BT 117.33 101.80 Td ( Financial Outlook ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 75.40 Td (Our ) Tj ET Q q 0 0 0 rg BT 69.80 75.40 Td (objective ) Tj ET Q q 0 0 0 rg BT 113.31 75.40 Td (in ) Tj ET Q q 0 0 0 rg BT 125.06 75.40 Td (providing ) Tj ET Q q 0 0 0 rg BT 171.03 75.40 Td (a ) Tj ET Q q 0 0 0 rg BT 179.11 75.40 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 254.39 75.40 Td (financial ) Tj ET Q q 0 0 0 rg BT 296.07 75.40 Td (outlook ) Tj ET Q q 0 0 0 rg BT 332.87 75.40 Td (is ) Tj ET Q q 0 0 0 rg BT 343.40 75.40 Td (to ) Tj ET Q q 0 0 0 rg BT 355.15 75.40 Td (help ) Tj ET Q q 0 0 0 rg BT 377.29 75.40 Td (investors ) Tj ET Q q 0 0 0 rg BT 420.20 75.40 Td (understand ) Tj ET Q q 0 0 0 rg BT 471.66 75.40 Td (our ) Tj ET Q q 0 0 0 rg BT 489.52 75.40 Td (business ) Tj ET Q q 0 0 0 rg BT 529.99 75.40 Td (and ) Tj ET Q q 0 0 0 rg BT 549.07 75.40 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 62.20 Td (variables ) Tj ET Q q 0 0 0 rg BT 91.95 62.20 Td (that ) Tj ET Q q 0 0 0 rg BT 111.20 62.20 Td (we ) Tj ET Q q 0 0 0 rg BT 126.77 62.20 Td (consider ) Tj ET Q q 0 0 0 rg BT 166.79 62.20 Td (when ) Tj ET Q q 0 0 0 rg BT 193.36 62.20 Td (planning ) Tj ET Q q 0 0 0 rg BT 234.61 62.20 Td (our ) Tj ET Q q 0 0 0 rg BT 252.02 62.20 Td (business ) Tj ET Q q 0 0 0 rg BT 292.05 62.20 Td (and ) Tj ET Q q 0 0 0 rg BT 310.69 62.20 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 359.25 62.20 Td (our ) Tj ET Q q 0 0 0 rg BT 376.66 62.20 Td (own ) Tj ET Q q 0 0 0 rg BT 398.36 62.20 Td (performance. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 49.00 Td ( ) Tj ET Q endstream endobj 21 0 obj <> endobj 22 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (10) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 748.40 Td (All ) Tj ET Q q 0 0 0 rg BT 65.35 748.40 Td (projections ) Tj ET Q q 0 0 0 rg BT 116.01 748.40 Td (related ) Tj ET Q q 0 0 0 rg BT 147.73 748.40 Td (to ) Tj ET Q q 0 0 0 rg BT 158.07 748.40 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 208.12 748.40 Td (future ) Tj ET Q q 0 0 0 rg BT 236.17 748.40 Td (results ) Tj ET Q q 0 0 0 rg BT 266.68 748.40 Td (are ) Tj ET Q q 0 0 0 rg BT 281.90 748.40 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 355.78 748.40 Td (in ) Tj ET Q q 0 0 0 rg BT 366.12 748.40 Td (nature ) Tj ET Q q 0 0 0 rg BT 395.40 748.40 Td (and ) Tj ET Q q 0 0 0 rg BT 413.07 748.40 Td (may ) Tj ET Q q 0 0 0 rg BT 433.80 748.40 Td (change, ) Tj ET Q q 0 0 0 rg BT 469.49 748.40 Td (perhaps ) Tj ET Q q 0 0 0 rg BT 505.48 748.40 Td (significantly) Tj ET Q q 0 0 0 rg BT 559.76 748.40 Td (. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 735.20 Td (Our ) Tj ET Q q 0 0 0 rg BT 70.04 735.20 Td (annual ) Tj ET Q q 0 0 0 rg BT 102.80 735.20 Td (net ) Tj ET Q q 0 0 0 rg BT 119.67 735.20 Td (sales ) Tj ET Q q 0 0 0 rg BT 144.49 735.20 Td (are ) Tj ET Q q 0 0 0 rg BT 161.36 735.20 Td (weighted ) Tj ET Q q 0 0 0 rg BT 205.11 735.20 Td (more ) Tj ET Q q 0 0 0 rg BT 231.15 735.20 Td (heavily ) Tj ET Q q 0 0 0 rg BT 266.96 735.20 Td (toward ) Tj ET Q q 0 0 0 rg BT 300.95 735.20 Td (the ) Tj ET Q q 0 0 0 rg BT 317.82 735.20 Td (Fall/W) Tj ET Q q 0 0 0 rg BT 347.93 735.20 Td (inter ) Tj ET Q q 0 0 0 rg BT 371.52 735.20 Td (season, ) Tj ET Q q 0 0 0 rg BT 407.04 735.20 Td (while ) Tj ET Q q 0 0 0 rg BT 434.91 735.20 Td (operating ) Tj ET Q q 0 0 0 rg BT 479.89 735.20 Td (expenses ) Tj ET Q q 0 0 0 rg BT 523.03 735.20 Td (are ) Tj ET Q q 0 0 0 rg BT 539.90 735.20 Td (more ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 722.00 Td (equally ) Tj ET Q q 0 0 0 rg BT 83.67 722.00 Td (distributed ) Tj ET Q q 0 0 0 rg BT 132.51 722.00 Td (throughout ) Tj ET Q q 0 0 0 rg BT 182.58 722.00 Td (the ) Tj ET Q q 0 0 0 rg BT 197.81 722.00 Td (year) Tj ET Q q 0 0 0 rg BT 216.29 722.00 Td (, ) Tj ET Q q 0 0 0 rg BT 220.84 722.00 Td (resulting ) Tj ET Q q 0 0 0 rg BT 261.12 722.00 Td (in ) Tj ET Q q 0 0 0 rg BT 271.47 722.00 Td (a ) Tj ET Q q 0 0 0 rg BT 278.14 722.00 Td (highly ) Tj ET Q q 0 0 0 rg BT 308.05 722.00 Td (seasonal ) Tj ET Q q 0 0 0 rg BT 347.10 722.00 Td (net ) Tj ET Q q 0 0 0 rg BT 362.33 722.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 385.51 722.00 Td (and ) Tj ET Q q 0 0 0 rg BT 403.18 722.00 Td (profitability ) Tj ET Q q 0 0 0 rg BT 457.52 722.00 Td (pattern ) Tj ET Q q 0 0 0 rg BT 489.85 722.00 Td (weighted ) Tj ET Q q 0 0 0 rg BT 531.96 722.00 Td (toward ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 708.80 Td (the ) Tj ET Q q 0 0 0 rg BT 65.69 708.80 Td (second ) Tj ET Q q 0 0 0 rg BT 98.98 708.80 Td (half ) Tj ET Q q 0 0 0 rg BT 118.84 708.80 Td (of ) Tj ET Q q 0 0 0 rg BT 130.75 708.80 Td (the ) Tj ET Q q 0 0 0 rg BT 146.94 708.80 Td (year) Tj ET Q q 0 0 0 rg BT 165.26 708.80 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 682.40 Td (Spring ) Tj ET Q q 0 0 0 rg BT 81.75 682.40 Td (and ) Tj ET Q q 0 0 0 rg BT 100.54 682.40 Td (Fall ) Tj ET Q q 0 0 0 rg BT 120.56 682.40 Td (season ) Tj ET Q q 0 0 0 rg BT 152.80 682.40 Td (advance ) Tj ET Q q 0 0 0 rg BT 191.74 682.40 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 238.63 682.40 Td (orders ) Tj ET Q q 0 0 0 rg BT 269.03 682.40 Td (typically ) Tj ET Q q 0 0 0 rg BT 310.43 682.40 Td (drive ) Tj ET Q q 0 0 0 rg BT 335.94 682.40 Td (a ) Tj ET Q q 0 0 0 rg BT 343.73 682.40 Td (significant ) Tj ET Q q 0 0 0 rg BT 393.07 682.40 Td (portion ) Tj ET Q q 0 0 0 rg BT 427.76 682.40 Td (of ) Tj ET Q q 0 0 0 rg BT 439.83 682.40 Td (our ) Tj ET Q q 0 0 0 rg BT 457.40 682.40 Td (annual ) Tj ET Q q 0 0 0 rg BT 489.63 682.40 Td (net ) Tj ET Q q 0 0 0 rg BT 505.98 682.40 Td (sales ) Tj ET Q q 0 0 0 rg BT 530.27 682.40 Td (and ) Tj ET Q q 0 0 0 rg BT 549.07 682.40 Td (are ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 669.20 Td (two ) Tj ET Q q 0 0 0 rg BT 68.70 669.20 Td (of ) Tj ET Q q 0 0 0 rg BT 80.56 669.20 Td (several ) Tj ET Q q 0 0 0 rg BT 114.40 669.20 Td (significant ) Tj ET Q q 0 0 0 rg BT 163.53 669.20 Td (factors ) Tj ET Q q 0 0 0 rg BT 196.15 669.20 Td (we ) Tj ET Q q 0 0 0 rg BT 211.67 669.20 Td (use ) Tj ET Q q 0 0 0 rg BT 229.03 669.20 Td (to ) Tj ET Q q 0 0 0 rg BT 240.29 669.20 Td (formulate ) Tj ET Q q 0 0 0 rg BT 285.74 669.20 Td (our ) Tj ET Q q 0 0 0 rg BT 303.10 669.20 Td (full ) Tj ET Q q 0 0 0 rg BT 321.07 669.20 Td (year ) Tj ET Q q 0 0 0 rg BT 342.70 669.20 Td (outlook. ) Tj ET Q q 0 0 0 rg BT 381.76 669.20 Td (However) Tj ET Q q 0 0 0 rg BT 421.63 669.20 Td (, ) Tj ET Q q 0 0 0 rg BT 427.08 669.20 Td (among ) Tj ET Q q 0 0 0 rg BT 459.71 669.20 Td (the ) Tj ET Q q 0 0 0 rg BT 475.85 669.20 Td (many ) Tj ET Q q 0 0 0 rg BT 502.98 669.20 Td (risks ) Tj ET Q q 0 0 0 rg BT 526.46 669.20 Td (inherent ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 656.00 Td (in ) Tj ET Q q 0 0 0 rg BT 61.38 656.00 Td (our ) Tj ET Q q 0 0 0 rg BT 79.37 656.00 Td (global ) Tj ET Q q 0 0 0 rg BT 110.20 656.00 Td (business, ) Tj ET Q q 0 0 0 rg BT 153.56 656.00 Td (our ) Tj ET Q q 0 0 0 rg BT 171.55 656.00 Td (projected ) Tj ET Q q 0 0 0 rg BT 215.80 656.00 Td (full ) Tj ET Q q 0 0 0 rg BT 234.40 656.00 Td (year ) Tj ET Q q 0 0 0 rg BT 256.65 656.00 Td (net ) Tj ET Q q 0 0 0 rg BT 273.42 656.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 298.13 656.00 Td (and ) Tj ET Q q 0 0 0 rg BT 317.34 656.00 Td (profitability ) Tj ET Q q 0 0 0 rg BT 373.21 656.00 Td (may ) Tj ET Q q 0 0 0 rg BT 395.48 656.00 Td (be ) Tj ET Q q 0 0 0 rg BT 409.19 656.00 Td (materially ) Tj ET Q q 0 0 0 rg BT 457.11 656.00 Td (af) Tj ET Q q 0 0 0 rg BT 465.45 656.00 Td (fected ) Tj ET Q q 0 0 0 rg BT 495.65 656.00 Td (by ) Tj ET Q q 0 0 0 rg BT 509.98 656.00 Td (unfavorable ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 642.80 Td (weather ) Tj ET Q q 0 0 0 rg BT 87.44 642.80 Td (patterns ) Tj ET Q q 0 0 0 rg BT 125.39 642.80 Td (and ) Tj ET Q q 0 0 0 rg BT 144.41 642.80 Td (other ) Tj ET Q q 0 0 0 rg BT 170.14 642.80 Td (factors ) Tj ET Q q 0 0 0 rg BT 203.20 642.80 Td (that ) Tj ET Q q 0 0 0 rg BT 222.83 642.80 Td (af) Tj ET Q q 0 0 0 rg BT 231.17 642.80 Td (fect ) Tj ET Q q 0 0 0 rg BT 250.79 642.80 Td (consumer ) Tj ET Q q 0 0 0 rg BT 296.68 642.80 Td (demand ) Tj ET Q q 0 0 0 rg BT 334.64 642.80 Td (and ) Tj ET Q q 0 0 0 rg BT 353.65 642.80 Td (store ) Tj ET Q q 0 0 0 rg BT 378.16 642.80 Td (traf) Tj ET Q q 0 0 0 rg BT 393.23 642.80 Td (fic ) Tj ET Q q 0 0 0 rg BT 407.96 642.80 Td (and ) Tj ET Q q 0 0 0 rg BT 426.98 642.80 Td (lead ) Tj ET Q q 0 0 0 rg BT 448.43 642.80 Td (to ) Tj ET Q q 0 0 0 rg BT 460.11 642.80 Td (higher) Tj ET Q q 0 0 0 rg BT 488.00 642.80 Td (-than-anticipated ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 629.60 Td (order ) Tj ET Q q 0 0 0 rg BT 74.99 629.60 Td (cancellations ) Tj ET Q q 0 0 0 rg BT 134.70 629.60 Td (and ) Tj ET Q q 0 0 0 rg BT 152.86 629.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 180.20 629.60 Td (reorders ) Tj ET Q q 0 0 0 rg BT 218.52 629.60 Td (by ) Tj ET Q q 0 0 0 rg BT 231.80 629.60 Td (our ) Tj ET Q q 0 0 0 rg BT 248.75 629.60 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 295.02 629.60 Td (customers ) Tj ET Q q 0 0 0 rg BT 341.91 629.60 Td (or ) Tj ET Q q 0 0 0 rg BT 353.36 629.60 Td (lower) Tj ET Q q 0 0 0 rg BT 378.18 629.60 Td (-than-projected ) Tj ET Q q 0 0 0 rg BT 447.65 629.60 Td (net ) Tj ET Q q 0 0 0 rg BT 463.38 629.60 Td (sales ) Tj ET Q q 0 0 0 rg BT 487.05 629.60 Td (through ) Tj ET Q q 0 0 0 rg BT 523.55 629.60 Td (our ) Tj ET Q q 0 0 0 rg BT 540.50 629.60 Td (DTC ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 616.40 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 101.44 616.40 Td (particularly ) Tj ET Q q 0 0 0 rg BT 154.89 616.40 Td (during ) Tj ET Q q 0 0 0 rg BT 186.36 616.40 Td (the ) Tj ET Q q 0 0 0 rg BT 202.55 616.40 Td (fourth ) Tj ET Q q 0 0 0 rg BT 232.18 616.40 Td (quarter) Tj ET Q q 0 0 0 rg BT 262.72 616.40 Td (. ) Tj ET Q q 0 0 0 rg BT 268.22 616.40 Td (Projections ) Tj ET Q q 0 0 0 rg BT 320.47 616.40 Td (are ) Tj ET Q q 0 0 0 rg BT 336.64 616.40 Td (predicated ) Tj ET Q q 0 0 0 rg BT 385.20 616.40 Td (on ) Tj ET Q q 0 0 0 rg BT 398.95 616.40 Td (normal ) Tj ET Q q 0 0 0 rg BT 432.86 616.40 Td (seasonal ) Tj ET Q q 0 0 0 rg BT 472.87 616.40 Td (weather ) Tj ET Q q 0 0 0 rg BT 510.43 616.40 Td (globally) Tj ET Q q 0 0 0 rg BT 545.77 616.40 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 590.00 Td (In ) Tj ET Q q 0 0 0 rg BT 61.84 590.00 Td (addition, ) Tj ET Q q 0 0 0 rg BT 103.81 590.00 Td (bankruptcies ) Tj ET Q q 0 0 0 rg BT 163.19 590.00 Td (and ) Tj ET Q q 0 0 0 rg BT 182.24 590.00 Td (further ) Tj ET Q q 0 0 0 rg BT 215.34 590.00 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 277.78 590.00 Td (among ) Tj ET Q q 0 0 0 rg BT 310.90 590.00 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 333.63 590.00 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 380.79 590.00 Td (customers, ) Tj ET Q q 0 0 0 rg BT 431.31 590.00 Td (such ) Tj ET Q q 0 0 0 rg BT 454.65 590.00 Td (as ) Tj ET Q q 0 0 0 rg BT 466.98 590.00 Td (those ) Tj ET Q q 0 0 0 rg BT 493.38 590.00 Td (we ) Tj ET Q q 0 0 0 rg BT 509.37 590.00 Td (experienced ) 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 81.28 576.80 Td (2016 ) Tj ET Q q 0 0 0 rg BT 106.34 576.80 Td (and ) Tj ET Q q 0 0 0 rg BT 125.28 576.80 Td (2017, ) Tj ET Q q 0 0 0 rg BT 153.09 576.80 Td (create ) Tj ET Q q 0 0 0 rg BT 182.40 576.80 Td (increased ) Tj ET Q q 0 0 0 rg BT 226.98 576.80 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 279.52 576.80 Td (in ) Tj ET Q q 0 0 0 rg BT 291.14 576.80 Td (our ) Tj ET Q q 0 0 0 rg BT 308.86 576.80 Td (ability ) Tj ET Q q 0 0 0 rg BT 340.02 576.80 Td (to ) Tj ET Q q 0 0 0 rg BT 351.64 576.80 Td (predict ) Tj ET Q q 0 0 0 rg BT 385.24 576.80 Td (near) Tj ET Q q 0 0 0 rg BT 403.95 576.80 Td (-term ) Tj ET Q q 0 0 0 rg BT 430.83 576.80 Td (net ) Tj ET Q q 0 0 0 rg BT 447.32 576.80 Td (sales ) Tj ET Q q 0 0 0 rg BT 471.77 576.80 Td (and ) Tj ET Q q 0 0 0 rg BT 490.71 576.80 Td (profitability) Tj ET Q q 0 0 0 rg BT 542.54 576.80 Td (. ) Tj ET Q q 0 0 0 rg BT 548.13 576.80 Td (W) Tj ET Q q 0 0 0 rg BT 557.63 576.80 Td (e ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 563.60 Td (are ) Tj ET Q q 0 0 0 rg BT 65.78 563.60 Td (also ) Tj ET Q q 0 0 0 rg BT 86.35 563.60 Td (facing ) Tj ET Q q 0 0 0 rg BT 116.69 563.60 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 186.93 563.60 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 192.53 563.60 Td (competitive ) Tj ET Q q 0 0 0 rg BT 247.31 563.60 Td (and ) Tj ET Q q 0 0 0 rg BT 266.05 563.60 Td (geopolitical ) Tj ET Q q 0 0 0 rg BT 320.83 563.60 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 379.88 563.60 Td (as ) Tj ET Q q 0 0 0 rg BT 391.89 563.60 Td (well ) Tj ET Q q 0 0 0 rg BT 413.68 563.60 Td (as ) Tj ET Q q 0 0 0 rg BT 425.70 563.60 Td (foreign ) Tj ET Q q 0 0 0 rg BT 460.31 563.60 Td (currency ) Tj ET Q q 0 0 0 rg BT 501.64 563.60 Td (exchange ) Tj ET Q q 0 0 0 rg BT 546.02 563.60 Td (rate ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 550.40 Td (volatility ) Tj ET Q q 0 0 0 rg BT 91.97 550.40 Td (in ) Tj ET Q q 0 0 0 rg BT 103.28 550.40 Td (several ) Tj ET Q q 0 0 0 rg BT 137.17 550.40 Td (major ) Tj ET Q q 0 0 0 rg BT 165.58 550.40 Td (markets, ) Tj ET Q q 0 0 0 rg BT 205.90 550.40 Td (making ) Tj ET Q q 0 0 0 rg BT 241.65 550.40 Td (it ) Tj ET Q q 0 0 0 rg BT 250.51 550.40 Td (more ) Tj ET Q q 0 0 0 rg BT 275.86 550.40 Td (dif) Tj ET Q q 0 0 0 rg BT 287.88 550.40 Td (ficult ) Tj ET Q q 0 0 0 rg BT 313.84 550.40 Td (to ) Tj ET Q q 0 0 0 rg BT 325.15 550.40 Td (forecast ) Tj ET Q q 0 0 0 rg BT 362.71 550.40 Td (our ) Tj ET Q q 0 0 0 rg BT 380.12 550.40 Td (net ) Tj ET Q q 0 0 0 rg BT 396.31 550.40 Td (sales ) Tj ET Q q 0 0 0 rg BT 420.44 550.40 Td (and ) Tj ET Q q 0 0 0 rg BT 439.08 550.40 Td (profitability) Tj ET Q q 0 0 0 rg BT 490.91 550.40 Td (. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 524.00 Td (Our ) Tj ET Q q 0 0 0 rg BT 69.09 524.00 Td (2018 ) Tj ET Q q 0 0 0 rg BT 93.58 524.00 Td (outlook ) Tj ET Q q 0 0 0 rg BT 129.68 524.00 Td (assumes ) Tj ET Q q 0 0 0 rg BT 168.83 524.00 Td (that ) Tj ET Q q 0 0 0 rg BT 187.81 524.00 Td (current ) Tj ET Q q 0 0 0 rg BT 221.44 524.00 Td (macroeconomic ) Tj ET Q q 0 0 0 rg BT 294.17 524.00 Td (and ) Tj ET Q q 0 0 0 rg BT 312.54 524.00 Td (market ) Tj ET Q q 0 0 0 rg BT 345.57 524.00 Td (conditions ) Tj ET Q q 0 0 0 rg BT 393.89 524.00 Td (in ) Tj ET Q q 0 0 0 rg BT 404.93 524.00 Td (key ) Tj ET Q q 0 0 0 rg BT 423.30 524.00 Td (markets ) Tj ET Q q 0 0 0 rg BT 460.61 524.00 Td (do ) Tj ET Q q 0 0 0 rg BT 474.10 524.00 Td (not ) Tj ET Q q 0 0 0 rg BT 490.64 524.00 Td (worsen, ) Tj ET Q q 0 0 0 rg BT 527.65 524.00 Td (and ) Tj ET Q q 0 0 0 rg BT 546.01 524.00 Td (that ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 510.80 Td (global ) Tj ET Q q 0 0 0 rg BT 79.39 510.80 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 126.99 510.80 Td (and ) Tj ET Q q 0 0 0 rg BT 145.27 510.80 Td (tax ) Tj ET Q q 0 0 0 rg BT 161.10 510.80 Td (policies ) Tj ET Q q 0 0 0 rg BT 197.71 510.80 Td (remain ) Tj ET Q q 0 0 0 rg BT 230.65 510.80 Td (lar) Tj ET Q q 0 0 0 rg BT 242.05 510.80 Td (gely ) Tj ET Q q 0 0 0 rg BT 263.38 510.80 Td (unaltered ) Tj ET Q q 0 0 0 rg BT 306.70 510.80 Td (for ) Tj ET Q q 0 0 0 rg BT 321.92 510.80 Td (the ) Tj ET Q q 0 0 0 rg BT 337.76 510.80 Td (balance ) Tj ET Q q 0 0 0 rg BT 373.74 510.80 Td (of ) Tj ET Q q 0 0 0 rg BT 385.30 510.80 Td (the ) Tj ET Q q 0 0 0 rg BT 401.13 510.80 Td (year) Tj ET Q q 0 0 0 rg BT 419.45 510.80 Td (. ) Tj ET Q q 0 0 0 rg BT 424.42 510.80 Td (The ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 443.92 510.80 Td (T) Tj ET Q q 0 0 0 rg BT 450.25 510.80 Td (ax ) Tj ET Q q 0 0 0 rg BT 463.64 510.80 Td (Reform) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 499.68 510.80 Td ( ) Tj ET Q q 0 0 0 rg BT 502.07 510.80 Td (section ) Tj ET Q q 0 0 0 rg BT 535.63 510.80 Td (below ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 497.60 Td (contains ) Tj ET Q q 0 0 0 rg BT 88.91 497.60 Td (a ) Tj ET Q q 0 0 0 rg BT 96.54 497.60 Td (more ) Tj ET Q q 0 0 0 rg BT 121.89 497.60 Td (detailed ) Tj ET Q q 0 0 0 rg BT 159.46 497.60 Td (discussion ) Tj ET Q q 0 0 0 rg BT 208.04 497.60 Td (of ) Tj ET Q q 0 0 0 rg BT 219.96 497.60 Td (the ) Tj ET Q q 0 0 0 rg BT 236.15 497.60 Td (ef) Tj ET Q q 0 0 0 rg BT 244.49 497.60 Td (fects ) Tj ET Q q 0 0 0 rg BT 268.01 497.60 Td (of ) Tj ET Q q 0 0 0 rg BT 279.72 497.60 Td (TCJA) Tj ET Q q 0 0 0 rg BT 305.40 497.60 Td ( ) Tj ET Q q 0 0 0 rg BT 308.15 497.60 Td (on ) Tj ET Q q 0 0 0 rg BT 321.90 497.60 Td (income ) Tj ET Q q 0 0 0 rg BT 357.02 497.60 Td (tax ) Tj ET Q q 0 0 0 rg BT 373.21 497.60 Td (expense.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 471.20 Td (In ) Tj ET Q q 0 0 0 rg BT 60.39 471.20 Td (addition, ) Tj ET Q q 0 0 0 rg BT 100.93 471.20 Td (the ) Tj ET Q q 0 0 0 rg BT 116.10 471.20 Td (outlook ) Tj ET Q q 0 0 0 rg BT 151.44 471.20 Td (is ) Tj ET Q q 0 0 0 rg BT 160.51 471.20 Td (based ) Tj ET Q q 0 0 0 rg BT 187.28 471.20 Td (on ) Tj ET Q q 0 0 0 rg BT 200.01 471.20 Td (the ) Tj ET Q q 0 0 0 rg BT 215.18 471.20 Td (company) Tj ET Q q 0 0 0 rg BT 258.56 471.20 Td (s ) Tj ET Q q 0 0 0 rg BT 264.57 471.20 Td (adoption ) Tj ET Q q 0 0 0 rg BT 304.80 471.20 Td (of ) Tj ET Q q 0 0 0 rg BT 315.69 471.20 Td (new ) Tj ET Q q 0 0 0 rg BT 335.75 471.20 Td (revenue ) Tj ET Q q 0 0 0 rg BT 372.29 471.20 Td (accounting ) Tj ET Q q 0 0 0 rg BT 422.28 471.20 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 466.08 471.20 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 519.13 471.20 Td (Standards ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 458.00 Td (Codification ) Tj ET Q q 0 0 0 rg BT 106.66 458.00 Td (\(ASC\) ) Tj ET Q q 0 0 0 rg BT 137.39 458.00 Td (T) Tj ET Q q 0 0 0 rg BT 143.34 458.00 Td (opic ) Tj ET Q q 0 0 0 rg BT 164.44 458.00 Td (606, ) Tj ET Q q 0 0 0 rg BT 185.86 458.00 Td (which ) Tj ET Q q 0 0 0 rg BT 214.91 458.00 Td (is ) Tj ET Q q 0 0 0 rg BT 224.41 458.00 Td (ef) Tj ET Q q 0 0 0 rg BT 232.76 458.00 Td (fective ) Tj ET Q q 0 0 0 rg BT 264.85 458.00 Td (in ) Tj ET Q q 0 0 0 rg BT 275.57 458.00 Td (2018. ) Tj ET Q q 0 0 0 rg BT 302.01 458.00 Td (As ) Tj ET Q q 0 0 0 rg BT 316.40 458.00 Td (required ) Tj ET Q q 0 0 0 rg BT 355.21 458.00 Td (by ) Tj ET Q q 0 0 0 rg BT 368.38 458.00 Td (the ) Tj ET Q q 0 0 0 rg BT 383.98 458.00 Td (new ) Tj ET Q q 0 0 0 rg BT 404.47 458.00 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 449.09 458.00 Td (the ) Tj ET Q q 0 0 0 rg BT 464.70 458.00 Td (company ) Tj ET Q q 0 0 0 rg BT 507.18 458.00 Td (wil1 ) Tj ET Q q 0 0 0 rg BT 528.91 458.00 Td (provide ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 444.80 Td (a ) Tj ET Q q 0 0 0 rg BT 57.13 444.80 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 120.36 444.80 Td (to ) Tj ET Q q 0 0 0 rg BT 131.66 444.80 Td (the ) Tj ET Q q 0 0 0 rg BT 147.85 444.80 Td (old ) Tj ET Q q 0 0 0 rg BT 164.66 444.80 Td (revenue ) Tj ET Q q 0 0 0 rg BT 202.22 444.80 Td (accounting ) Tj ET Q q 0 0 0 rg BT 253.23 444.80 Td (guidance ) Tj ET Q q 0 0 0 rg BT 295.68 444.80 Td (for ) Tj ET Q q 0 0 0 rg BT 311.25 444.80 Td (the ) Tj ET Q q 0 0 0 rg BT 327.44 444.80 Td (2018 ) Tj ET Q q 0 0 0 rg BT 352.19 444.80 Td (transition ) Tj ET Q q 0 0 0 rg BT 396.49 444.80 Td (year) Tj ET Q q 0 0 0 rg BT 414.81 444.80 Td (. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 418.40 Td (T) Tj ET Q q 0 0 0 rg BT 55.45 418.40 Td (aking ) Tj ET Q q 0 0 0 rg BT 82.64 418.40 Td (the ) Tj ET Q q 0 0 0 rg BT 98.83 418.40 Td (above ) Tj ET Q q 0 0 0 rg BT 127.84 418.40 Td (factors ) Tj ET Q q 0 0 0 rg BT 160.52 418.40 Td (into ) Tj ET Q q 0 0 0 rg BT 180.38 418.40 Td (consideration, ) Tj ET Q q 0 0 0 rg BT 245.14 418.40 Td (our ) Tj ET Q q 0 0 0 rg BT 262.56 418.40 Td (current ) Tj ET Q q 0 0 0 rg BT 296.45 418.40 Td (full ) Tj ET Q q 0 0 0 rg BT 314.48 418.40 Td (year ) Tj ET Q q 0 0 0 rg BT 336.16 418.40 Td (2018 ) Tj ET Q q 0 0 0 rg BT 360.91 418.40 Td (outlook ) Tj ET Q q 0 0 0 rg BT 397.27 418.40 Td (anticipates:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 152.00 381.90 135.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.00 381.90 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 381.90 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 381.90 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 381.90 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.00 351.90 135.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.00 351.90 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 351.90 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 351.90 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 351.90 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.00 321.90 135.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.00 321.90 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 321.90 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 321.90 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 321.90 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.00 291.90 135.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.00 291.90 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 291.90 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 291.90 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 291.90 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.00 261.90 135.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.00 261.90 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 261.90 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 261.90 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 261.90 100.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 394.9 m 391 394.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 394.9 m 495 394.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 381.9 m 391 381.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 381.9 m 495 381.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 381.9 m 391 381.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 381.9 m 495 381.9 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.15 399.13 Td (Full ) Tj ET Q q 0 0 0 rg BT 360.63 399.13 Td (Y) Tj ET Q q 0 0 0 rg BT 365.52 399.13 Td (ear) Tj ET Q q 0 0 0 rg BT 376.48 399.13 Td ( 2018 \(U.S. Dollar\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 329.35 386.13 Td (GAAP) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 422.70 386.13 Td (Non-GAAP*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.50 371.57 Td (Net sales growth) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.00 371.47 Td (. . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.25 371.57 Td (5.5% to 7.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.25 371.57 Td (4.0% to 6.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.50 356.57 Td (Gross mar) Tj ET Q q 0 0 0 rg BT 195.79 356.57 Td (gin expansion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.00 356.47 Td (. . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.40 356.57 Td (up to 140 bps) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.90 356.57 Td (up to 60 bps) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.50 341.57 Td (SG&A) Tj ET Q q 0 0 0 rg BT 182.01 341.57 Td ( expense deleverage) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 341.47 Td (. . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.70 341.57 Td (170 bps to 190 bps) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.70 341.57 Td (40 bps to 50 bps) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.50 326.57 Td (Income from operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.00 326.47 Td (. . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.40 326.57 Td ($263 to $273 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.40 326.57 Td ($290 to $300 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.50 311.57 Td (Operating mar) Tj ET Q q 0 0 0 rg BT 212.44 311.57 Td (gin) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.00 311.47 Td (. . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.25 311.57 Td (10.1% to 10.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.65 311.57 Td (1) Tj ET Q q 0 0 0 rg BT 417.46 311.57 Td (1.3% to 1) Tj ET Q q 0 0 0 rg BT 455.70 311.57 Td (1.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.50 296.57 Td (Licensing Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.00 296.47 Td (. . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.15 296.57 Td (up to $13.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 296.57 Td (up to $13.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.50 281.57 Td (Ef) Tj ET Q q 0 0 0 rg BT 163.85 281.57 Td (fective income tax rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.00 281.47 Td (. . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.20 281.57 Td (approximately 22%**) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.20 281.57 Td (approximately 22%**) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.50 266.57 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.00 266.47 Td (. . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.60 266.57 Td ($203 to $21) Tj ET Q q 0 0 0 rg BT 346.19 266.57 Td (1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.40 266.57 Td ($224 to $231 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.50 251.57 Td (Diluted earnings per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.00 251.47 Td (. . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.60 251.57 Td ($2.88 to $2.98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.60 251.57 Td ($3.17 to $3.27) Tj ET Q BT /F1 10.00 Tf ET BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 222.20 Td (*Full ) Tj ET Q q 0 0 0 rg BT 76.40 222.20 Td (year ) Tj ET Q q 0 0 0 rg BT 99.00 222.20 Td (2018 ) Tj ET Q q 0 0 0 rg BT 124.67 222.20 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 174.38 222.20 Td ( ) Tj ET Q q 0 0 0 rg BT 178.05 222.20 Td (financial ) Tj ET Q q 0 0 0 rg BT 220.20 222.20 Td (measures ) Tj ET Q q 0 0 0 rg BT 264.80 222.20 Td (exclude ) Tj ET Q q 0 0 0 rg BT 302.68 222.20 Td (net ) Tj ET Q q 0 0 0 rg BT 319.79 222.20 Td (sales ) Tj ET Q q 0 0 0 rg BT 344.84 222.20 Td (of ) Tj ET Q q 0 0 0 rg BT 357.68 222.20 Td (approximately ) Tj ET Q q 0 0 0 rg BT 424.89 222.20 Td ($40 ) Tj ET Q q 0 0 0 rg BT 445.06 222.20 Td (million, ) Tj ET Q q 0 0 0 rg BT 483.26 222.20 Td (with ) Tj ET Q q 0 0 0 rg BT 506.49 222.20 Td (an ) Tj ET Q q 0 0 0 rg BT 520.54 222.20 Td (of) Tj ET Q q 0 0 0 rg BT 529.51 222.20 Td (fsetting ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 209.00 Td (increase ) Tj ET Q q 0 0 0 rg BT 88.02 209.00 Td (in ) Tj ET Q q 0 0 0 rg BT 99.07 209.00 Td (SG&A) Tj ET Q q 0 0 0 rg BT 129.02 209.00 Td ( ) Tj ET Q q 0 0 0 rg BT 131.51 209.00 Td (expenses ) Tj ET Q q 0 0 0 rg BT 173.71 209.00 Td (of ) Tj ET Q q 0 0 0 rg BT 185.37 209.00 Td (approximately ) Tj ET Q q 0 0 0 rg BT 251.39 209.00 Td ($40 ) Tj ET Q q 0 0 0 rg BT 270.38 209.00 Td (million ) Tj ET Q q 0 0 0 rg BT 304.65 209.00 Td (related ) Tj ET Q q 0 0 0 rg BT 337.07 209.00 Td (to ) Tj ET Q q 0 0 0 rg BT 348.11 209.00 Td (changes ) Tj ET Q q 0 0 0 rg BT 386.03 209.00 Td (in ) Tj ET Q q 0 0 0 rg BT 397.08 209.00 Td (revenue ) Tj ET Q q 0 0 0 rg BT 434.38 209.00 Td (accounting ) Tj ET Q q 0 0 0 rg BT 485.13 209.00 Td (standards, ) Tj ET Q q 0 0 0 rg BT 531.92 209.00 Td (as ) Tj ET Q q 0 0 0 rg BT 543.57 209.00 Td (well ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 195.80 Td (as ) Tj ET Q q 0 0 0 rg BT 62.55 195.80 Td (Project ) Tj ET Q q 0 0 0 rg BT 97.60 195.80 Td (CONNECT) Tj ET Q q 0 0 0 rg BT 149.34 195.80 Td ( ) Tj ET Q q 0 0 0 rg BT 153.23 195.80 Td (program ) Tj ET Q q 0 0 0 rg BT 194.39 195.80 Td (expenses ) Tj ET Q q 0 0 0 rg BT 237.98 195.80 Td (and ) Tj ET Q q 0 0 0 rg BT 257.75 195.80 Td (discrete ) Tj ET Q q 0 0 0 rg BT 295.85 195.80 Td (costs ) Tj ET Q q 0 0 0 rg BT 321.73 195.80 Td (of ) Tj ET Q q 0 0 0 rg BT 334.79 195.80 Td (approximately$27 ) Tj ET Q q 0 0 0 rg BT 421.46 195.80 Td (million, ) Tj ET Q q 0 0 0 rg BT 459.88 195.80 Td ($21 ) Tj ET Q q 0 0 0 rg BT 480.27 195.80 Td (million ) Tj ET Q q 0 0 0 rg BT 515.94 195.80 Td (net ) Tj ET Q q 0 0 0 rg BT 533.26 195.80 Td (of ) Tj ET Q q 0 0 0 rg BT 546.32 195.80 Td (tax, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 182.60 Td (or$0.29per ) Tj ET Q q 0 0 0 rg BT 105.71 182.60 Td (diluted ) Tj ET Q q 0 0 0 rg BT 139.01 182.60 Td (share.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 156.20 Td (** ) Tj ET Q q 0 0 0 rg BT 63.17 156.20 Td (The ) Tj ET Q q 0 0 0 rg BT 83.16 156.20 Td (full ) Tj ET Q q 0 0 0 rg BT 101.32 156.20 Td (year ) Tj ET Q q 0 0 0 rg BT 123.13 156.20 Td (2018 ) Tj ET Q q 0 0 0 rg BT 148.01 156.20 Td (financial ) Tj ET Q q 0 0 0 rg BT 189.37 156.20 Td (outlook ) Tj ET Q q 0 0 0 rg BT 225.87 156.20 Td (anticipates ) Tj ET Q q 0 0 0 rg BT 275.78 156.20 Td (an ) Tj ET Q q 0 0 0 rg BT 289.05 156.20 Td (estimated ) Tj ET Q q 0 0 0 rg BT 334.08 156.20 Td (full-year ) Tj ET Q q 0 0 0 rg BT 374.83 156.20 Td (ef) Tj ET Q q 0 0 0 rg BT 383.18 156.20 Td (fective ) Tj ET Q q 0 0 0 rg BT 415.99 156.20 Td (income ) Tj ET Q q 0 0 0 rg BT 451.25 156.20 Td (tax ) Tj ET Q q 0 0 0 rg BT 467.57 156.20 Td (rate ) Tj ET Q q 0 0 0 rg BT 486.93 156.20 Td (of ) Tj ET Q q 0 0 0 rg BT 498.98 156.20 Td (approximately ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 143.00 Td (22 ) Tj ET Q q 0 0 0 rg BT 63.26 143.00 Td (percent, ) Tj ET Q q 0 0 0 rg BT 101.14 143.00 Td (which ) Tj ET Q q 0 0 0 rg BT 130.79 143.00 Td (may ) Tj ET Q q 0 0 0 rg BT 152.49 143.00 Td (be ) Tj ET Q q 0 0 0 rg BT 165.64 143.00 Td (af) Tj ET Q q 0 0 0 rg BT 173.98 143.00 Td (fected ) Tj ET Q q 0 0 0 rg BT 203.61 143.00 Td (by ) Tj ET Q q 0 0 0 rg BT 217.38 143.00 Td (further ) Tj ET Q q 0 0 0 rg BT 250.07 143.00 Td (refinement ) Tj ET Q q 0 0 0 rg BT 300.47 143.00 Td (of ) Tj ET Q q 0 0 0 rg BT 312.40 143.00 Td (our ) Tj ET Q q 0 0 0 rg BT 329.83 143.00 Td (2017 ) Tj ET Q q 0 0 0 rg BT 354.59 143.00 Td (provisional ) Tj ET Q q 0 0 0 rg BT 406.65 143.00 Td (TCJA) Tj ET Q q 0 0 0 rg BT 432.32 143.00 Td ( ) Tj ET Q q 0 0 0 rg BT 435.09 143.00 Td (estimates, ) Tj ET Q q 0 0 0 rg BT 481.53 143.00 Td (as ) Tj ET Q q 0 0 0 rg BT 493.46 143.00 Td (well ) Tj ET Q q 0 0 0 rg BT 515.16 143.00 Td (as ) Tj ET Q q 0 0 0 rg BT 527.09 143.00 Td (changes ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 129.80 Td (in ) Tj ET Q q 0 0 0 rg BT 60.81 129.80 Td (our ) Tj ET Q q 0 0 0 rg BT 78.22 129.80 Td (geographic ) Tj ET Q q 0 0 0 rg BT 129.84 129.80 Td (mix ) Tj ET Q q 0 0 0 rg BT 149.70 129.80 Td (of ) Tj ET Q q 0 0 0 rg BT 161.61 129.80 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 195.51 129.80 Td (income ) Tj ET Q q 0 0 0 rg BT 230.63 129.80 Td (and ) Tj ET Q q 0 0 0 rg BT 249.27 129.80 Td (other ) Tj ET Q q 0 0 0 rg BT 274.62 129.80 Td (discrete ) Tj ET Q q 0 0 0 rg BT 311.57 129.80 Td (events ) Tj ET Q q 0 0 0 rg BT 342.42 129.80 Td (that ) Tj ET Q q 0 0 0 rg BT 361.67 129.80 Td (may ) Tj ET Q q 0 0 0 rg BT 383.36 129.80 Td (occur ) Tj ET Q q 0 0 0 rg BT 410.53 129.80 Td (during ) Tj ET Q q 0 0 0 rg BT 442.00 129.80 Td (the ) Tj ET Q q 0 0 0 rg BT 458.19 129.80 Td (year) Tj ET Q q 0 0 0 rg BT 476.51 129.80 Td (.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 103.40 Td (Net Sales) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 77.00 Td (The ) Tj ET Q q 0 0 0 rg BT 69.95 77.00 Td (company ) Tj ET Q q 0 0 0 rg BT 113.63 77.00 Td (currently ) Tj ET Q q 0 0 0 rg BT 156.68 77.00 Td (expects ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 193.02 77.00 Td (2018) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 215.02 77.00 Td ( ) Tj ET Q q 0 0 0 rg BT 218.37 77.00 Td (net ) Tj ET Q q 0 0 0 rg BT 235.16 77.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 259.89 77.00 Td (growth ) Tj ET Q q 0 0 0 rg BT 294.41 77.00 Td (of ) Tj ET Q q 0 0 0 rg BT 306.92 77.00 Td (5.5 ) Tj ET Q q 0 0 0 rg BT 324.02 77.00 Td (to ) Tj ET Q q 0 0 0 rg BT 335.93 77.00 Td (7.5 ) Tj ET Q q 0 0 0 rg BT 353.03 77.00 Td (percent ) Tj ET Q q 0 0 0 rg BT 388.75 77.00 Td (compared ) Tj ET Q q 0 0 0 rg BT 435.47 77.00 Td (with ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 458.37 77.00 Td (2017) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 480.37 77.00 Td ( ) Tj ET Q q 0 0 0 rg BT 483.73 77.00 Td (net ) Tj ET Q q 0 0 0 rg BT 500.52 77.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 525.25 77.00 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 537.76 77.00 Td ($2.47) Tj ET Q BT /F1 11.00 Tf ET BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 63.80 Td (billion. ) Tj ET Q q 0 0 0 rg BT 83.04 63.80 Td (The ) Tj ET Q q 0 0 0 rg BT 102.38 63.80 Td (company ) Tj ET Q q 0 0 0 rg BT 144.93 63.80 Td (expects ) Tj ET Q q 0 0 0 rg BT 180.15 63.80 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 229.85 63.80 Td ( ) Tj ET Q q 0 0 0 rg BT 232.08 63.80 Td (net ) Tj ET Q q 0 0 0 rg BT 247.75 63.80 Td (sales ) Tj ET Q q 0 0 0 rg BT 271.37 63.80 Td (growth ) Tj ET Q q 0 0 0 rg BT 304.76 63.80 Td (of ) Tj ET Q q 0 0 0 rg BT 316.16 63.80 Td (approximately ) Tj ET Q q 0 0 0 rg BT 381.92 63.80 Td (4.0 ) Tj ET Q q 0 0 0 rg BT 397.91 63.80 Td (to ) Tj ET Q q 0 0 0 rg BT 408.69 63.80 Td (6.0 ) Tj ET Q q 0 0 0 rg BT 424.68 63.80 Td (percent ) Tj ET Q q 0 0 0 rg BT 459.27 63.80 Td (\(including ) Tj ET Q q 0 0 0 rg BT 506.72 63.80 Td (less ) Tj ET Q q 0 0 0 rg BT 525.45 63.80 Td (than ) Tj ET Q q 0 0 0 rg BT 546.62 63.80 Td (one ) Tj ET Q endstream endobj 23 0 obj <> endobj 24 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 24.60 Td (1) Tj ET Q q 0 0 0 rg BT 305.78 24.60 Td (1) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 748.40 Td (percent ) Tj ET Q q 0 0 0 rg BT 84.36 748.40 Td (contribution ) Tj ET Q q 0 0 0 rg BT 140.62 748.40 Td (from ) Tj ET Q q 0 0 0 rg BT 164.49 748.40 Td (foreign ) Tj ET Q q 0 0 0 rg BT 198.75 748.40 Td (currency\), ) Tj ET Q q 0 0 0 rg BT 246.12 748.40 Td (which ) Tj ET Q q 0 0 0 rg BT 275.50 748.40 Td (excludes ) Tj ET Q q 0 0 0 rg BT 316.47 748.40 Td (approximately ) Tj ET Q q 0 0 0 rg BT 382.50 748.40 Td ($40 ) Tj ET Q q 0 0 0 rg BT 401.49 748.40 Td (million ) Tj ET Q q 0 0 0 rg BT 435.76 748.40 Td (in ) Tj ET Q q 0 0 0 rg BT 446.81 748.40 Td (net ) Tj ET Q q 0 0 0 rg BT 462.73 748.40 Td (sales ) Tj ET Q q 0 0 0 rg BT 486.61 748.40 Td (due ) Tj ET Q q 0 0 0 rg BT 504.98 748.40 Td (to ) Tj ET Q q 0 0 0 rg BT 516.03 748.40 Td (changes ) 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 49.50 735.20 Td (revenue ) Tj ET Q q 0 0 0 rg BT 87.06 735.20 Td (accounting ) Tj ET Q q 0 0 0 rg BT 138.07 735.20 Td (standards. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 708.80 Td (Our 2018 outlook is further based on the expectation of non-GAAP) Tj ET Q q 0 0 0 rg BT 346.03 708.80 Td ( net sales growth in the Columbia, SOREL, and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 695.60 Td (prAna brands and a modest decline in Mountain Hardwear net sales as brand repositioning continues. Other ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 682.40 Td (assumptions considered in our non-GAAP) Tj ET Q q 0 0 0 rg BT 235.46 682.40 Td ( net sales outlook include:) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 656.00 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 656.00 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 108.04 656.00 Td (net ) Tj ET Q q 0 0 0 rg BT 124.45 656.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 148.81 656.00 Td (growth ) Tj ET Q q 0 0 0 rg BT 182.95 656.00 Td (of ) Tj ET Q q 0 0 0 rg BT 195.09 656.00 Td (mid-single-digit ) Tj ET Q q 0 0 0 rg BT 268.95 656.00 Td (percent, ) Tj ET Q q 0 0 0 rg BT 307.05 656.00 Td (consisting ) Tj ET Q q 0 0 0 rg BT 354.64 656.00 Td (of ) Tj ET Q q 0 0 0 rg BT 366.78 656.00 Td (high-single-digit ) Tj ET Q q 0 0 0 rg BT 443.08 656.00 Td (percent ) Tj ET Q q 0 0 0 rg BT 478.42 656.00 Td (growth ) Tj ET Q q 0 0 0 rg BT 512.56 656.00 Td (in ) Tj ET Q q 0 0 0 rg BT 524.10 656.00 Td (DTC ) Tj ET Q q 0 0 0 rg BT 549.07 656.00 Td (net ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 642.80 Td (sales ) Tj ET Q q 0 0 0 rg BT 109.63 642.80 Td (and ) Tj ET Q q 0 0 0 rg BT 128.26 642.80 Td (low-single-digit ) Tj ET Q q 0 0 0 rg BT 201.28 642.80 Td (percent ) Tj ET Q q 0 0 0 rg BT 236.40 642.80 Td (growth ) Tj ET Q q 0 0 0 rg BT 270.31 642.80 Td (in ) Tj ET Q q 0 0 0 rg BT 281.62 642.80 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 328.35 642.80 Td (net ) Tj ET Q q 0 0 0 rg BT 344.54 642.80 Td (sales.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 616.40 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 616.40 Td (EMEA) Tj ET Q q 0 0 0 rg BT 116.06 616.40 Td ( ) Tj ET Q q 0 0 0 rg BT 119.23 616.40 Td (net ) Tj ET Q q 0 0 0 rg BT 135.84 616.40 Td (sales ) Tj ET Q q 0 0 0 rg BT 160.40 616.40 Td (increase ) Tj ET Q q 0 0 0 rg BT 199.60 616.40 Td (of ) Tj ET Q q 0 0 0 rg BT 211.93 616.40 Td (low-teens ) Tj ET Q q 0 0 0 rg BT 257.87 616.40 Td (percent ) Tj ET Q q 0 0 0 rg BT 293.41 616.40 Td (\(high-single-digit ) Tj ET Q q 0 0 0 rg BT 373.57 616.40 Td (percent ) Tj ET Q q 0 0 0 rg BT 409.11 616.40 Td (constant-currency\), ) Tj ET Q q 0 0 0 rg BT 497.49 616.40 Td (consisting ) Tj ET Q q 0 0 0 rg BT 545.28 616.40 Td (of ) Tj ET Q q 0 0 0 rg BT 557.61 616.40 Td (a ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 603.20 Td (mid-teens ) Tj ET Q q 0 0 0 rg BT 131.83 603.20 Td (percent ) Tj ET Q q 0 0 0 rg BT 167.15 603.20 Td (increase ) Tj ET Q q 0 0 0 rg BT 206.14 603.20 Td (\(low-double-digit ) Tj ET Q q 0 0 0 rg BT 286.69 603.20 Td (percent ) Tj ET Q q 0 0 0 rg BT 322.01 603.20 Td (constant-currency\) ) Tj ET Q q 0 0 0 rg BT 407.43 603.20 Td (in ) Tj ET Q q 0 0 0 rg BT 418.94 603.20 Td (Europe-direct, ) Tj ET Q q 0 0 0 rg BT 485.11 603.20 Td (and ) Tj ET Q q 0 0 0 rg BT 503.95 603.20 Td (a ) Tj ET Q q 0 0 0 rg BT 511.79 603.20 Td (mid-single-) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 590.00 Td (digit ) Tj ET Q q 0 0 0 rg BT 108.42 590.00 Td (percent ) Tj ET Q q 0 0 0 rg BT 143.53 590.00 Td (increase ) Tj ET Q q 0 0 0 rg BT 182.31 590.00 Td (with ) Tj ET Q q 0 0 0 rg BT 204.62 590.00 Td (EMEA) Tj ET Q q 0 0 0 rg BT 235.18 590.00 Td ( ) Tj ET Q q 0 0 0 rg BT 237.93 590.00 Td (distributors.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 563.60 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 563.60 Td (LAAP) Tj ET Q q 0 0 0 rg BT 113.82 563.60 Td ( ) Tj ET Q q 0 0 0 rg BT 116.57 563.60 Td (net ) Tj ET Q q 0 0 0 rg BT 132.75 563.60 Td (sales ) Tj ET Q q 0 0 0 rg BT 156.89 563.60 Td (increase ) Tj ET Q q 0 0 0 rg BT 195.67 563.60 Td (of ) Tj ET Q q 0 0 0 rg BT 207.58 563.60 Td (low-single-digit ) Tj ET Q q 0 0 0 rg BT 280.60 563.60 Td (percent, ) Tj ET Q q 0 0 0 rg BT 318.47 563.60 Td (including:) Tj ET Q BT /F1 11.00 Tf ET /GS0 gs q 5.00 0 0 11.00 103.50 548.03 cm /I23 Do Q q 0 0 0 rg BT 108.50 550.40 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 121.50 550.40 Td (China ) Tj ET Q q 0 0 0 rg BT 150.53 550.40 Td (net ) Tj ET Q q 0 0 0 rg BT 166.71 550.40 Td (sales ) Tj ET Q q 0 0 0 rg BT 190.85 550.40 Td (increase ) Tj ET Q q 0 0 0 rg BT 229.63 550.40 Td (of ) Tj ET Q q 0 0 0 rg BT 241.54 550.40 Td (mid-single-digit ) Tj ET Q q 0 0 0 rg BT 315.17 550.40 Td (percent;) Tj ET Q BT /F1 11.00 Tf ET /GS0 gs q 5.00 0 0 11.00 103.50 534.83 cm /I24 Do Q q 0 0 0 rg BT 108.50 537.20 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 121.50 537.20 Td (Japan ) Tj ET Q q 0 0 0 rg BT 149.30 537.20 Td (net ) Tj ET Q q 0 0 0 rg BT 165.48 537.20 Td (sales ) Tj ET Q q 0 0 0 rg BT 189.62 537.20 Td (increase ) Tj ET Q q 0 0 0 rg BT 228.40 537.20 Td (of ) Tj ET Q q 0 0 0 rg BT 240.31 537.20 Td (low-single-digit ) Tj ET Q q 0 0 0 rg BT 313.33 537.20 Td (percent;) Tj ET Q BT /F1 11.00 Tf ET /GS0 gs q 5.00 0 0 11.00 103.50 521.63 cm /I25 Do Q q 0 0 0 rg BT 108.50 524.00 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 121.50 524.00 Td (Korea ) Tj ET Q q 0 0 0 rg BT 154.05 524.00 Td (net ) Tj ET Q q 0 0 0 rg BT 173.16 524.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 200.22 524.00 Td (decline ) Tj ET Q q 0 0 0 rg BT 237.65 524.00 Td (of ) Tj ET Q q 0 0 0 rg BT 252.49 524.00 Td (low-single-digit ) Tj ET Q q 0 0 0 rg BT 328.44 524.00 Td (percent ) Tj ET Q q 0 0 0 rg BT 366.48 524.00 Td (\(mid-single-digit ) Tj ET Q q 0 0 0 rg BT 446.70 524.00 Td (percent ) Tj ET Q q 0 0 0 rg BT 484.74 524.00 Td (decline ) Tj ET Q q 0 0 0 rg BT 522.18 524.00 Td (constant-) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 121.50 510.80 Td (currency\); ) Tj ET Q q 0 0 0 rg BT 169.44 510.80 Td (and) Tj ET Q BT /F1 11.00 Tf ET /GS0 gs q 5.00 0 0 11.00 103.50 495.23 cm /I26 Do Q q 0 0 0 rg BT 108.50 497.60 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 121.50 497.60 Td (LAAP) Tj ET Q q 0 0 0 rg BT 149.82 497.60 Td ( ) Tj ET Q q 0 0 0 rg BT 152.57 497.60 Td (distributor ) Tj ET Q q 0 0 0 rg BT 201.15 497.60 Td (net ) Tj ET Q q 0 0 0 rg BT 217.34 497.60 Td (sales ) Tj ET Q q 0 0 0 rg BT 241.47 497.60 Td (decline ) Tj ET Q q 0 0 0 rg BT 275.98 497.60 Td (of ) Tj ET Q q 0 0 0 rg BT 287.89 497.60 Td (low-single-digit ) Tj ET Q q 0 0 0 rg BT 360.91 497.60 Td (percent.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 121.50 484.40 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 471.20 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 471.20 Td (Mid-single-digit percent net sales growth in Canada.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 444.80 Td (Gr) Tj ET Q q 0 0 0 rg BT 62.74 444.80 Td (oss ) Tj ET Q q 0 0 0 rg BT 79.55 444.80 Td (Margin) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 418.40 Td (The ) Tj ET Q q 0 0 0 rg BT 68.72 418.40 Td (company ) Tj ET Q q 0 0 0 rg BT 111.16 418.40 Td (expects ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 146.26 418.40 Td (2018) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 168.26 418.40 Td ( ) Tj ET Q q 0 0 0 rg BT 170.38 418.40 Td (gross ) Tj ET Q q 0 0 0 rg BT 195.73 418.40 Td (mar) Tj ET Q q 0 0 0 rg BT 212.63 418.40 Td (gin ) Tj ET Q q 0 0 0 rg BT 228.80 418.40 Td (to ) Tj ET Q q 0 0 0 rg BT 239.48 418.40 Td (improve ) Tj ET Q q 0 0 0 rg BT 278.26 418.40 Td (by ) Tj ET Q q 0 0 0 rg BT 291.38 418.40 Td (up ) Tj ET Q q 0 0 0 rg BT 304.50 418.40 Td (to ) Tj ET Q q 0 0 0 rg BT 315.17 418.40 Td (140 ) Tj ET Q q 0 0 0 rg BT 333.79 418.40 Td (basis ) Tj ET Q q 0 0 0 rg BT 357.91 418.40 Td (points ) Tj ET Q q 0 0 0 rg BT 386.92 418.40 Td (and ) Tj ET Q q 0 0 0 rg BT 404.92 418.40 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 454.63 418.40 Td ( ) Tj ET Q q 0 0 0 rg BT 456.75 418.40 Td (gross ) Tj ET Q q 0 0 0 rg BT 482.09 418.40 Td (mar) Tj ET Q q 0 0 0 rg BT 498.99 418.40 Td (gin ) Tj ET Q q 0 0 0 rg BT 515.17 418.40 Td (to ) Tj ET Q q 0 0 0 rg BT 525.84 418.40 Td (improve ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 405.20 Td (by ) Tj ET Q q 0 0 0 rg BT 63.88 405.20 Td (up ) Tj ET Q q 0 0 0 rg BT 78.26 405.20 Td (to ) Tj ET Q q 0 0 0 rg BT 90.20 405.20 Td (60 ) Tj ET Q q 0 0 0 rg BT 104.58 405.20 Td (basis ) Tj ET Q q 0 0 0 rg BT 129.96 405.20 Td (points, ) Tj ET Q q 0 0 0 rg BT 162.99 405.20 Td (excluding ) Tj ET Q q 0 0 0 rg BT 209.75 405.20 Td (an ) Tj ET Q q 0 0 0 rg BT 223.51 405.20 Td (approximately ) Tj ET Q q 0 0 0 rg BT 290.43 405.20 Td ($40 ) Tj ET Q q 0 0 0 rg BT 310.31 405.20 Td (million ) Tj ET Q q 0 0 0 rg BT 345.47 405.20 Td (benefit ) Tj ET Q q 0 0 0 rg BT 379.39 405.20 Td (to ) Tj ET Q q 0 0 0 rg BT 391.33 405.20 Td (gross ) Tj ET Q q 0 0 0 rg BT 417.93 405.20 Td (profit ) Tj ET Q q 0 0 0 rg BT 445.75 405.20 Td (due ) Tj ET Q q 0 0 0 rg BT 465.02 405.20 Td (to ) Tj ET Q q 0 0 0 rg BT 476.95 405.20 Td (changes ) Tj ET Q q 0 0 0 rg BT 515.76 405.20 Td (in ) Tj ET Q q 0 0 0 rg BT 527.70 405.20 Td (revenue ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 392.00 Td (accounting ) Tj ET Q q 0 0 0 rg BT 100.51 392.00 Td (standards.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 365.60 Td (Gross mar) Tj ET Q q 0 0 0 rg BT 94.82 365.60 Td (gin expansion reflects:) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 346.45 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 346.45 Td (a benefit from changes in revenue accounting standards;) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 327.30 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 327.30 Td (a higher proportion of higher mar) Tj ET Q q 0 0 0 rg BT 232.84 327.30 Td (gin full-price versus closeout product sales;) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 308.20 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 308.20 Td (favorable ef) Tj ET Q q 0 0 0 rg BT 138.13 308.20 Td (fects from foreign currency hedging rates; and) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 289.05 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 289.05 Td (a favorable channel mix with a greater proportion of higher gross mar) Tj ET Q q 0 0 0 rg BT 392.28 289.05 Td (gin DTC net sales.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 262.65 Td (SG&A) Tj ET Q q 0 0 0 rg BT 80.67 262.65 Td ( Expenses) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 236.25 Td (The ) Tj ET Q q 0 0 0 rg BT 69.32 236.25 Td (company ) Tj ET Q q 0 0 0 rg BT 112.37 236.25 Td (expects ) Tj ET Q q 0 0 0 rg BT 148.08 236.25 Td (2018 ) Tj ET Q q 0 0 0 rg BT 172.80 236.25 Td (SG&A) Tj ET Q q 0 0 0 rg BT 202.75 236.25 Td ( ) Tj ET Q q 0 0 0 rg BT 205.48 236.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 247.91 236.25 Td (to ) Tj ET Q q 0 0 0 rg BT 259.19 236.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 297.94 236.25 Td (at ) Tj ET Q q 0 0 0 rg BT 308.60 236.25 Td (a ) Tj ET Q q 0 0 0 rg BT 316.21 236.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 335.41 236.25 Td (faster ) Tj ET Q q 0 0 0 rg BT 362.56 236.25 Td (than ) Tj ET Q q 0 0 0 rg BT 384.23 236.25 Td (net ) Tj ET Q q 0 0 0 rg BT 400.39 236.25 Td (sales, ) Tj ET Q q 0 0 0 rg BT 427.24 236.25 Td (resulting ) Tj ET Q q 0 0 0 rg BT 468.46 236.25 Td (in ) Tj ET Q q 0 0 0 rg BT 479.74 236.25 Td (approximately ) Tj ET Q q 0 0 0 rg BT 546.00 236.25 Td (170 ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 223.05 Td (to ) Tj ET Q q 0 0 0 rg BT 60.76 223.05 Td (190 ) Tj ET Q q 0 0 0 rg BT 79.97 223.05 Td (basis ) Tj ET Q q 0 0 0 rg BT 104.67 223.05 Td (points ) Tj ET Q q 0 0 0 rg BT 134.27 223.05 Td (of ) Tj ET Q q 0 0 0 rg BT 146.14 223.05 Td (SG&A) Tj ET Q q 0 0 0 rg BT 176.09 223.05 Td ( ) Tj ET Q q 0 0 0 rg BT 178.79 223.05 Td (expense ) Tj ET Q q 0 0 0 rg BT 216.93 223.05 Td (deleverage, ) Tj ET Q q 0 0 0 rg BT 270.01 223.05 Td (and ) Tj ET Q q 0 0 0 rg BT 288.60 223.05 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 338.30 223.05 Td ( ) Tj ET Q q 0 0 0 rg BT 341.01 223.05 Td (SG&A) Tj ET Q q 0 0 0 rg BT 370.96 223.05 Td ( ) Tj ET Q q 0 0 0 rg BT 373.67 223.05 Td (expense ) Tj ET Q q 0 0 0 rg BT 411.80 223.05 Td (deleverage ) Tj ET Q q 0 0 0 rg BT 462.13 223.05 Td (of ) Tj ET Q q 0 0 0 rg BT 474.00 223.05 Td (approximately ) Tj ET Q q 0 0 0 rg BT 540.24 223.05 Td (40 ) Tj ET Q q 0 0 0 rg BT 553.95 223.05 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 209.85 Td (50 ) Tj ET Q q 0 0 0 rg BT 64.86 209.85 Td (basis ) Tj ET Q q 0 0 0 rg BT 91.23 209.85 Td (points, ) Tj ET Q q 0 0 0 rg BT 125.23 209.85 Td (excluding ) Tj ET Q q 0 0 0 rg BT 172.98 209.85 Td (approximately ) Tj ET Q q 0 0 0 rg BT 240.87 209.85 Td ($40 ) Tj ET Q q 0 0 0 rg BT 261.74 209.85 Td (million ) Tj ET Q q 0 0 0 rg BT 297.88 209.85 Td (in ) Tj ET Q q 0 0 0 rg BT 310.80 209.85 Td (SG&A) Tj ET Q q 0 0 0 rg BT 340.76 209.85 Td ( ) Tj ET Q q 0 0 0 rg BT 345.12 209.85 Td (expenses ) Tj ET Q q 0 0 0 rg BT 389.19 209.85 Td (due ) Tj ET Q q 0 0 0 rg BT 409.44 209.85 Td (to ) Tj ET Q q 0 0 0 rg BT 422.36 209.85 Td (changes ) Tj ET Q q 0 0 0 rg BT 462.15 209.85 Td (in ) Tj ET Q q 0 0 0 rg BT 475.07 209.85 Td (revenue ) Tj ET Q q 0 0 0 rg BT 514.24 209.85 Td (accounting ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 196.65 Td (standards, ) Tj ET Q q 0 0 0 rg BT 96.55 196.65 Td (and ) Tj ET Q q 0 0 0 rg BT 115.18 196.65 Td (approximately ) Tj ET Q q 0 0 0 rg BT 181.46 196.65 Td ($27 ) Tj ET Q q 0 0 0 rg BT 200.71 196.65 Td (million ) Tj ET Q q 0 0 0 rg BT 235.24 196.65 Td (in ) Tj ET Q q 0 0 0 rg BT 246.55 196.65 Td (Project ) Tj ET Q q 0 0 0 rg BT 280.46 196.65 Td (CONNECT) Tj ET Q q 0 0 0 rg BT 332.20 196.65 Td ( ) Tj ET Q q 0 0 0 rg BT 334.95 196.65 Td (program ) Tj ET Q q 0 0 0 rg BT 374.97 196.65 Td (expenses ) Tj ET Q q 0 0 0 rg BT 417.43 196.65 Td (and ) Tj ET Q q 0 0 0 rg BT 436.06 196.65 Td (discrete ) Tj ET Q q 0 0 0 rg BT 473.01 196.65 Td (costs.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 177.50 Td (The ) Tj ET Q q 0 0 0 rg BT 69.35 177.50 Td (increase ) Tj ET Q q 0 0 0 rg BT 108.13 177.50 Td (in ) Tj ET Q q 0 0 0 rg BT 119.44 177.50 Td (projected ) Tj ET Q q 0 0 0 rg BT 163.11 177.50 Td (SG&A) Tj ET Q q 0 0 0 rg BT 193.06 177.50 Td ( ) Tj ET Q q 0 0 0 rg BT 195.81 177.50 Td (expenses ) Tj ET Q q 0 0 0 rg BT 238.27 177.50 Td (is ) Tj ET Q q 0 0 0 rg BT 248.36 177.50 Td (aligned ) Tj ET Q q 0 0 0 rg BT 283.49 177.50 Td (with ) Tj ET Q q 0 0 0 rg BT 305.79 177.50 Td (our ) Tj ET Q q 0 0 0 rg BT 323.21 177.50 Td (strategic ) Tj ET Q q 0 0 0 rg BT 363.21 177.50 Td (priorities, ) Tj ET Q q 0 0 0 rg BT 408.43 177.50 Td (and ) Tj ET Q q 0 0 0 rg BT 427.06 177.50 Td (consists ) Tj ET Q q 0 0 0 rg BT 464.65 177.50 Td (primarily ) Tj ET Q q 0 0 0 rg BT 508.33 177.50 Td (of:) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 158.35 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 158.35 Td (increased expenses to support continued expansion in the company's global DTC businesses;) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 139.20 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 139.20 Td (incremental expenses from changes in revenue accounting standards;) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 120.10 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 120.10 Td (Project CONNECT) Tj ET Q q 0 0 0 rg BT 171.15 120.10 Td ( program expenses and discrete costs;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 100.95 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 100.95 Td (increased information technology related expenses to support strategic initiatives including our multi-year ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 81.80 Td (consumer) Tj ET Q q 0 0 0 rg BT 128.04 81.80 Td (-first omnichannel investments;) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 62.65 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 62.65 Td (increased personnel expenses to support strategic initiatives and business growth; and) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 43.50 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 43.50 Td (increased demand creation spending.) Tj ET Q endstream endobj 25 0 obj <> endobj 26 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (12) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 748.40 Td ( ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 735.20 Td (Licensing) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 708.80 Td (The ) Tj ET Q q 0 0 0 rg BT 69.30 708.80 Td (company ) Tj ET Q q 0 0 0 rg BT 112.33 708.80 Td (expects ) Tj ET Q q 0 0 0 rg BT 148.02 708.80 Td (2018 ) Tj ET Q q 0 0 0 rg BT 172.72 708.80 Td (licensing ) Tj ET Q q 0 0 0 rg BT 215.14 708.80 Td (income ) Tj ET Q q 0 0 0 rg BT 250.22 708.80 Td (of ) Tj ET Q q 0 0 0 rg BT 262.08 708.80 Td (up ) Tj ET Q q 0 0 0 rg BT 275.79 708.80 Td (to ) Tj ET Q q 0 0 0 rg BT 287.04 708.80 Td ($13.5 ) Tj ET Q q 0 0 0 rg BT 314.50 708.80 Td (million ) Tj ET Q q 0 0 0 rg BT 348.98 708.80 Td (with ) Tj ET Q q 0 0 0 rg BT 371.24 708.80 Td (the ) Tj ET Q q 0 0 0 rg BT 387.38 708.80 Td (outlook ) Tj ET Q q 0 0 0 rg BT 423.70 708.80 Td (based ) Tj ET Q q 0 0 0 rg BT 451.45 708.80 Td (on ) Tj ET Q q 0 0 0 rg BT 465.15 708.80 Td (expected ) Tj ET Q q 0 0 0 rg BT 506.94 708.80 Td (performance ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 695.60 Td (of ) Tj ET Q q 0 0 0 rg BT 61.41 695.60 Td (existing ) Tj ET Q q 0 0 0 rg BT 98.99 695.60 Td (licensing ) Tj ET Q q 0 0 0 rg BT 141.46 695.60 Td (partners.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 669.20 Td (Operating ) Tj ET Q q 0 0 0 rg BT 100.53 669.20 Td (Income) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 642.80 Td (Based ) Tj ET Q q 0 0 0 rg BT 79.36 642.80 Td (on ) Tj ET Q q 0 0 0 rg BT 93.33 642.80 Td (the ) Tj ET Q q 0 0 0 rg BT 109.75 642.80 Td (above ) Tj ET Q q 0 0 0 rg BT 138.99 642.80 Td (assumptions, ) Tj ET Q q 0 0 0 rg BT 199.11 642.80 Td (the ) Tj ET Q q 0 0 0 rg BT 215.52 642.80 Td (company ) Tj ET Q q 0 0 0 rg BT 258.82 642.80 Td (expects ) Tj ET Q q 0 0 0 rg BT 294.78 642.80 Td (2018 ) Tj ET Q q 0 0 0 rg BT 319.75 642.80 Td (operating ) Tj ET Q q 0 0 0 rg BT 364.27 642.80 Td (income ) Tj ET Q q 0 0 0 rg BT 399.62 642.80 Td (between ) Tj ET Q q 0 0 0 rg BT 439.24 642.80 Td (approximately ) Tj ET Q q 0 0 0 rg BT 505.75 642.80 Td ($263 ) Tj ET Q q 0 0 0 rg BT 530.73 642.80 Td (million ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 629.60 Td (and ) Tj ET Q q 0 0 0 rg BT 67.97 629.60 Td ($273 ) Tj ET Q q 0 0 0 rg BT 92.56 629.60 Td (million, ) Tj ET Q q 0 0 0 rg BT 129.68 629.60 Td (and ) Tj ET Q q 0 0 0 rg BT 148.15 629.60 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 197.85 629.60 Td ( ) Tj ET Q q 0 0 0 rg BT 200.44 629.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 244.56 629.60 Td (income ) Tj ET Q q 0 0 0 rg BT 279.53 629.60 Td (between ) Tj ET Q q 0 0 0 rg BT 318.76 629.60 Td (approximately ) Tj ET Q q 0 0 0 rg BT 384.88 629.60 Td ($290 ) Tj ET Q q 0 0 0 rg BT 409.47 629.60 Td (million ) Tj ET Q q 0 0 0 rg BT 443.84 629.60 Td (and ) Tj ET Q q 0 0 0 rg BT 462.31 629.60 Td ($300 ) Tj ET Q q 0 0 0 rg BT 486.90 629.60 Td (million, ) Tj ET Q q 0 0 0 rg BT 524.02 629.60 Td (resulting ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 616.40 Td (in ) Tj ET Q q 0 0 0 rg BT 60.57 616.40 Td (operating ) Tj ET Q q 0 0 0 rg BT 104.62 616.40 Td (mar) Tj ET Q q 0 0 0 rg BT 121.52 616.40 Td (gin ) Tj ET Q q 0 0 0 rg BT 138.09 616.40 Td (between ) Tj ET Q q 0 0 0 rg BT 177.25 616.40 Td (approximately ) Tj ET Q q 0 0 0 rg BT 243.30 616.40 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 265.06 616.40 Td (percent ) Tj ET Q q 0 0 0 rg BT 299.94 616.40 Td (and ) Tj ET Q q 0 0 0 rg BT 318.33 616.40 Td (10.3 ) Tj ET Q q 0 0 0 rg BT 340.10 616.40 Td (percent, ) Tj ET Q q 0 0 0 rg BT 377.72 616.40 Td (and ) Tj ET Q q 0 0 0 rg BT 396.12 616.40 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 445.82 616.40 Td ( ) Tj ET Q q 0 0 0 rg BT 448.33 616.40 Td (operating ) Tj ET Q q 0 0 0 rg BT 492.39 616.40 Td (mar) Tj ET Q q 0 0 0 rg BT 509.29 616.40 Td (gin ) Tj ET Q q 0 0 0 rg BT 525.86 616.40 Td (between ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 603.20 Td (approximately ) Tj ET Q q 0 0 0 rg BT 115.78 603.20 Td (1) Tj ET Q q 0 0 0 rg BT 120.88 603.20 Td (1.3 ) Tj ET Q q 0 0 0 rg BT 137.38 603.20 Td (percent ) Tj ET Q q 0 0 0 rg BT 172.49 603.20 Td (and ) Tj ET Q q 0 0 0 rg BT 191.13 603.20 Td (1) Tj ET Q q 0 0 0 rg BT 196.22 603.20 Td (1.5 ) Tj ET Q q 0 0 0 rg BT 212.72 603.20 Td (percent.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 576.80 Td (The ) Tj ET Q q 0 0 0 rg BT 70.08 576.80 Td (change ) Tj ET Q q 0 0 0 rg BT 104.70 576.80 Td (in ) Tj ET Q q 0 0 0 rg BT 116.73 576.80 Td (revenue ) Tj ET Q q 0 0 0 rg BT 155.02 576.80 Td (accounting ) Tj ET Q q 0 0 0 rg BT 206.76 576.80 Td (standards ) Tj ET Q q 0 0 0 rg BT 251.78 576.80 Td (is ) Tj ET Q q 0 0 0 rg BT 262.59 576.80 Td (expected ) Tj ET Q q 0 0 0 rg BT 305.15 576.80 Td (to ) Tj ET Q q 0 0 0 rg BT 317.19 576.80 Td (have ) Tj ET Q q 0 0 0 rg BT 341.43 576.80 Td (a ) Tj ET Q q 0 0 0 rg BT 349.79 576.80 Td (15 ) Tj ET Q q 0 0 0 rg BT 364.26 576.80 Td (to ) Tj ET Q q 0 0 0 rg BT 376.30 576.80 Td (20 ) Tj ET Q q 0 0 0 rg BT 390.77 576.80 Td (basis ) Tj ET Q q 0 0 0 rg BT 416.25 576.80 Td (point ) Tj ET Q q 0 0 0 rg BT 442.34 576.80 Td (negative ) Tj ET Q q 0 0 0 rg BT 483.07 576.80 Td (ef) Tj ET Q q 0 0 0 rg BT 491.42 576.80 Td (fect ) Tj ET Q q 0 0 0 rg BT 511.38 576.80 Td (on ) Tj ET Q q 0 0 0 rg BT 525.86 576.80 Td (reported ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 563.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 93.79 563.60 Td (mar) Tj ET Q q 0 0 0 rg BT 110.69 563.60 Td (gin ) Tj ET Q q 0 0 0 rg BT 127.50 563.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 146.73 563.60 Td (for ) Tj ET Q q 0 0 0 rg BT 162.31 563.60 Td (2018, ) Tj ET Q q 0 0 0 rg BT 189.81 563.60 Td (but ) Tj ET Q q 0 0 0 rg BT 206.62 563.60 Td (no ) Tj ET Q q 0 0 0 rg BT 220.37 563.60 Td (ef) Tj ET Q q 0 0 0 rg BT 228.71 563.60 Td (fect ) Tj ET Q q 0 0 0 rg BT 247.95 563.60 Td (on ) Tj ET Q q 0 0 0 rg BT 261.70 563.60 Td (reported ) Tj ET Q q 0 0 0 rg BT 301.09 563.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 345.38 563.60 Td (income.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 537.20 Td (Income ) Tj ET Q q 0 0 0 rg BT 86.88 537.20 Td (T) Tj ET Q q 0 0 0 rg BT 93.20 537.20 Td (ax Expense) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 510.80 Td (The ) Tj ET Q q 0 0 0 rg BT 68.67 510.80 Td (company ) Tj ET Q q 0 0 0 rg BT 111.07 510.80 Td (expects ) Tj ET Q q 0 0 0 rg BT 146.12 510.80 Td (an ) Tj ET Q q 0 0 0 rg BT 158.58 510.80 Td (estimated ) Tj ET Q q 0 0 0 rg BT 202.80 510.80 Td (full ) Tj ET Q q 0 0 0 rg BT 220.15 510.80 Td (year ) Tj ET Q q 0 0 0 rg BT 241.15 510.80 Td (2018 ) Tj ET Q q 0 0 0 rg BT 265.22 510.80 Td (ef) Tj ET Q q 0 0 0 rg BT 273.56 510.80 Td (fective ) Tj ET Q q 0 0 0 rg BT 305.56 510.80 Td (income ) Tj ET Q q 0 0 0 rg BT 340.01 510.80 Td (tax ) Tj ET Q q 0 0 0 rg BT 355.52 510.80 Td (rate ) Tj ET Q q 0 0 0 rg BT 374.07 510.80 Td (of ) Tj ET Q q 0 0 0 rg BT 385.31 510.80 Td (approximately ) Tj ET Q q 0 0 0 rg BT 450.92 510.80 Td (22 ) Tj ET Q q 0 0 0 rg BT 463.99 510.80 Td (percent, ) Tj ET Q q 0 0 0 rg BT 501.17 510.80 Td (which ) Tj ET Q q 0 0 0 rg BT 530.13 510.80 Td (reflects ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 497.60 Td (a ) Tj ET Q q 0 0 0 rg BT 55.91 497.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 82.47 497.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 103.56 497.60 Td (federal ) Tj ET Q q 0 0 0 rg BT 135.61 497.60 Td (statutory ) Tj ET Q q 0 0 0 rg BT 175.63 497.60 Td (income ) Tj ET Q q 0 0 0 rg BT 209.53 497.60 Td (tax ) Tj ET Q q 0 0 0 rg BT 224.49 497.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 242.50 497.60 Td (as ) Tj ET Q q 0 0 0 rg BT 253.18 497.60 Td (a ) Tj ET Q q 0 0 0 rg BT 259.59 497.60 Td (result ) Tj ET Q q 0 0 0 rg BT 285.55 497.60 Td (of ) Tj ET Q q 0 0 0 rg BT 296.23 497.60 Td (the ) Tj ET Q q 0 0 0 rg BT 311.09 497.60 Td (TCJA) Tj ET Q q 0 0 0 rg BT 336.76 497.60 Td ( ) Tj ET Q q 0 0 0 rg BT 338.28 497.60 Td (and ) Tj ET Q q 0 0 0 rg BT 355.69 497.60 Td (may ) Tj ET Q q 0 0 0 rg BT 376.15 497.60 Td (be ) Tj ET Q q 0 0 0 rg BT 388.05 497.60 Td (materially ) Tj ET Q q 0 0 0 rg BT 434.17 497.60 Td (af) Tj ET Q q 0 0 0 rg BT 442.52 497.60 Td (fected ) Tj ET Q q 0 0 0 rg BT 470.90 497.60 Td (by ) Tj ET Q q 0 0 0 rg BT 483.43 497.60 Td (further ) Tj ET Q q 0 0 0 rg BT 514.88 497.60 Td (refinement ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 484.40 Td (of ) Tj ET Q q 0 0 0 rg BT 61.20 484.40 Td (our ) Tj ET Q q 0 0 0 rg BT 78.41 484.40 Td (2017 ) Tj ET Q q 0 0 0 rg BT 102.76 484.40 Td (TCJA) Tj ET Q q 0 0 0 rg BT 128.44 484.40 Td ( ) Tj ET Q q 0 0 0 rg BT 130.98 484.40 Td (provisional ) Tj ET Q q 0 0 0 rg BT 183.01 484.40 Td (estimates ) Tj ET Q q 0 0 0 rg BT 226.49 484.40 Td (as ) Tj ET Q q 0 0 0 rg BT 238.19 484.40 Td (well ) Tj ET Q q 0 0 0 rg BT 259.67 484.40 Td (as ) Tj ET Q q 0 0 0 rg BT 271.37 484.40 Td (change ) Tj ET Q q 0 0 0 rg BT 305.06 484.40 Td (in ) Tj ET Q q 0 0 0 rg BT 316.16 484.40 Td (our ) Tj ET Q q 0 0 0 rg BT 333.36 484.40 Td (geographic ) Tj ET Q q 0 0 0 rg BT 384.77 484.40 Td (mix ) Tj ET Q q 0 0 0 rg BT 404.42 484.40 Td (of ) Tj ET Q q 0 0 0 rg BT 416.12 484.40 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 449.81 484.40 Td (income ) Tj ET Q q 0 0 0 rg BT 484.73 484.40 Td (and ) Tj ET Q q 0 0 0 rg BT 503.15 484.40 Td (other ) Tj ET Q q 0 0 0 rg BT 528.29 484.40 Td (discrete ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 471.20 Td (events ) Tj ET Q q 0 0 0 rg BT 80.35 471.20 Td (that ) Tj ET Q q 0 0 0 rg BT 99.60 471.20 Td (may ) Tj ET Q q 0 0 0 rg BT 121.28 471.20 Td (occur ) Tj ET Q q 0 0 0 rg BT 148.46 471.20 Td (during ) Tj ET Q q 0 0 0 rg BT 179.93 471.20 Td (the ) Tj ET Q q 0 0 0 rg BT 196.12 471.20 Td (year) Tj ET Q q 0 0 0 rg BT 214.44 471.20 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 444.80 Td (The ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 69.88 444.80 Td (T) Tj ET Q q 0 0 0 rg BT 76.21 444.80 Td (ax ) Tj ET Q q 0 0 0 rg BT 90.50 444.80 Td (Reform) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 126.53 444.80 Td ( ) Tj ET Q q 0 0 0 rg BT 129.81 444.80 Td (section ) Tj ET Q q 0 0 0 rg BT 164.25 444.80 Td (below ) Tj ET Q q 0 0 0 rg BT 194.42 444.80 Td (contains ) Tj ET Q q 0 0 0 rg BT 234.36 444.80 Td (a ) Tj ET Q q 0 0 0 rg BT 242.53 444.80 Td (more ) Tj ET Q q 0 0 0 rg BT 268.41 444.80 Td (detailed ) Tj ET Q q 0 0 0 rg BT 306.51 444.80 Td (discussion ) Tj ET Q q 0 0 0 rg BT 355.63 444.80 Td (of ) Tj ET Q q 0 0 0 rg BT 368.08 444.80 Td (the ) Tj ET Q q 0 0 0 rg BT 384.80 444.80 Td (factors ) Tj ET Q q 0 0 0 rg BT 418.01 444.80 Td (that ) Tj ET Q q 0 0 0 rg BT 437.79 444.80 Td (may ) Tj ET Q q 0 0 0 rg BT 460.01 444.80 Td (af) Tj ET Q q 0 0 0 rg BT 468.35 444.80 Td (fect ) Tj ET Q q 0 0 0 rg BT 488.12 444.80 Td (2018 ) Tj ET Q q 0 0 0 rg BT 513.40 444.80 Td (income ) Tj ET Q q 0 0 0 rg BT 549.06 444.80 Td (tax ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 431.60 Td (expense.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 405.20 Td (Net ) Tj ET Q q 0 0 0 rg BT 68.74 405.20 Td (Income) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 378.80 Td (The ) Tj ET Q q 0 0 0 rg BT 69.92 378.80 Td (company ) Tj ET Q q 0 0 0 rg BT 113.56 378.80 Td (expects ) Tj ET Q q 0 0 0 rg BT 149.86 378.80 Td (2018 ) Tj ET Q q 0 0 0 rg BT 175.18 378.80 Td (net ) Tj ET Q q 0 0 0 rg BT 191.94 378.80 Td (income ) Tj ET Q q 0 0 0 rg BT 227.64 378.80 Td (between ) Tj ET Q q 0 0 0 rg BT 267.60 378.80 Td (approximately ) Tj ET Q q 0 0 0 rg BT 334.46 378.80 Td ($203 ) Tj ET Q q 0 0 0 rg BT 359.78 378.80 Td (million ) Tj ET Q q 0 0 0 rg BT 394.88 378.80 Td (and ) Tj ET Q q 0 0 0 rg BT 414.08 378.80 Td ($21) Tj ET Q q 0 0 0 rg BT 430.17 378.80 Td (1 ) Tj ET Q q 0 0 0 rg BT 438.99 378.80 Td (million, ) Tj ET Q q 0 0 0 rg BT 476.84 378.80 Td (and ) Tj ET Q q 0 0 0 rg BT 496.04 378.80 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 545.75 378.80 Td ( ) Tj ET Q q 0 0 0 rg BT 549.07 378.80 Td (net ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 365.60 Td (income ) Tj ET Q q 0 0 0 rg BT 84.72 365.60 Td (between ) Tj ET Q q 0 0 0 rg BT 124.21 365.60 Td (approximately ) Tj ET Q q 0 0 0 rg BT 190.59 365.60 Td ($224 ) Tj ET Q q 0 0 0 rg BT 215.44 365.60 Td (million ) Tj ET Q q 0 0 0 rg BT 250.07 365.60 Td (and ) Tj ET Q q 0 0 0 rg BT 268.79 365.60 Td ($231 ) Tj ET Q q 0 0 0 rg BT 293.64 365.60 Td (million, ) Tj ET Q q 0 0 0 rg BT 331.01 365.60 Td (or ) Tj ET Q q 0 0 0 rg BT 343.02 365.60 Td (diluted ) Tj ET Q q 0 0 0 rg BT 376.42 365.60 Td (earnings ) Tj ET Q q 0 0 0 rg BT 416.53 365.60 Td (per ) Tj ET Q q 0 0 0 rg BT 433.42 365.60 Td (share ) Tj ET Q q 0 0 0 rg BT 459.47 365.60 Td (between ) Tj ET Q q 0 0 0 rg BT 498.96 365.60 Td (approximately ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 352.40 Td ($2.88 ) Tj ET Q q 0 0 0 rg BT 77.00 352.40 Td (and ) Tj ET Q q 0 0 0 rg BT 95.63 352.40 Td ($2.98, ) Tj ET Q q 0 0 0 rg BT 125.88 352.40 Td (and ) Tj ET Q q 0 0 0 rg BT 144.51 352.40 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 194.22 352.40 Td ( ) Tj ET Q q 0 0 0 rg BT 196.97 352.40 Td (diluted ) Tj ET Q q 0 0 0 rg BT 230.27 352.40 Td (earnings ) Tj ET Q q 0 0 0 rg BT 270.28 352.40 Td (per ) Tj ET Q q 0 0 0 rg BT 287.08 352.40 Td (share ) Tj ET Q q 0 0 0 rg BT 313.04 352.40 Td (between ) Tj ET Q q 0 0 0 rg BT 352.44 352.40 Td ($3.17 ) Tj ET Q q 0 0 0 rg BT 379.94 352.40 Td (and ) Tj ET Q q 0 0 0 rg BT 398.57 352.40 Td ($3.27 ) Tj ET Q q 0 0 0 rg BT 426.07 352.40 Td (per ) Tj ET Q q 0 0 0 rg BT 442.86 352.40 Td (diluted ) Tj ET Q q 0 0 0 rg BT 476.16 352.40 Td (share.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 326.00 Td (Cash ) Tj ET Q q 0 0 0 rg BT 76.09 326.00 Td (Flows) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 299.60 Td (The ) Tj ET Q q 0 0 0 rg BT 71.12 299.60 Td (company ) Tj ET Q q 0 0 0 rg BT 115.96 299.60 Td (expects ) Tj ET Q q 0 0 0 rg BT 153.46 299.60 Td (2018 ) Tj ET Q q 0 0 0 rg BT 179.98 299.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 213.82 299.60 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 274.54 299.60 Td (of ) Tj ET Q q 0 0 0 rg BT 288.22 299.60 Td (approximately ) Tj ET Q q 0 0 0 rg BT 356.27 299.60 Td ($70 ) Tj ET Q q 0 0 0 rg BT 377.29 299.60 Td (million, ) Tj ET Q q 0 0 0 rg BT 416.34 299.60 Td (comprising ) Tj ET Q q 0 0 0 rg BT 470.36 299.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 527.43 299.60 Td (in ) Tj ET Q q 0 0 0 rg BT 540.50 299.60 Td (DTC ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 286.40 Td (expansion, ) Tj ET Q q 0 0 0 rg BT 99.60 286.40 Td (information ) Tj ET Q q 0 0 0 rg BT 154.28 286.40 Td (technology) Tj ET Q q 0 0 0 rg BT 202.45 286.40 Td (, ) Tj ET Q q 0 0 0 rg BT 207.95 286.40 Td (project-based, ) Tj ET Q q 0 0 0 rg BT 272.70 286.40 Td (and ) Tj ET Q q 0 0 0 rg BT 291.33 286.40 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 349.66 286.40 Td (capital.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 260.00 Td (The ) Tj ET Q q 0 0 0 rg BT 69.35 260.00 Td (company ) Tj ET Q q 0 0 0 rg BT 112.42 260.00 Td (expects ) Tj ET Q q 0 0 0 rg BT 148.16 260.00 Td (2018 ) Tj ET Q q 0 0 0 rg BT 172.91 260.00 Td (operating ) Tj ET Q q 0 0 0 rg BT 217.20 260.00 Td (cash ) Tj ET Q q 0 0 0 rg BT 239.49 260.00 Td (flow ) Tj ET Q q 0 0 0 rg BT 262.40 260.00 Td (of ) Tj ET Q q 0 0 0 rg BT 274.32 260.00 Td (up ) Tj ET Q q 0 0 0 rg BT 288.07 260.00 Td (to ) Tj ET Q q 0 0 0 rg BT 299.37 260.00 Td ($230 ) Tj ET Q q 0 0 0 rg BT 324.12 260.00 Td (million.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 233.60 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 103.28 233.60 Td ( ) Tj ET Q q 0 0 0 rg BT 106.03 233.60 Td (Financial ) Tj ET Q q 0 0 0 rg BT 152.79 233.60 Td (Measur) Tj ET Q q 0 0 0 rg BT 188.63 233.60 Td (es) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 207.20 Td (W) Tj ET Q q 0 0 0 rg BT 59.44 207.20 Td (ith ) Tj ET Q q 0 0 0 rg BT 74.58 207.20 Td (respect ) Tj ET Q q 0 0 0 rg BT 109.26 207.20 Td (to ) Tj ET Q q 0 0 0 rg BT 121.34 207.20 Td (our ) Tj ET Q q 0 0 0 rg BT 139.53 207.20 Td (2018 ) Tj ET Q q 0 0 0 rg BT 165.06 207.20 Td (financial ) Tj ET Q q 0 0 0 rg BT 207.06 207.20 Td (outlook, ) Tj ET Q q 0 0 0 rg BT 246.95 207.20 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 296.66 207.20 Td ( ) Tj ET Q q 0 0 0 rg BT 300.18 207.20 Td (financial ) Tj ET Q q 0 0 0 rg BT 342.19 207.20 Td (measures ) Tj ET Q q 0 0 0 rg BT 386.65 207.20 Td (exclude ) Tj ET Q q 0 0 0 rg BT 424.38 207.20 Td (net ) Tj ET Q q 0 0 0 rg BT 441.34 207.20 Td (sales ) Tj ET Q q 0 0 0 rg BT 466.25 207.20 Td (of ) Tj ET Q q 0 0 0 rg BT 478.94 207.20 Td (approximately ) Tj ET Q q 0 0 0 rg BT 546.00 207.20 Td ($40 ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 194.00 Td (million, ) Tj ET Q q 0 0 0 rg BT 87.41 194.00 Td (with ) Tj ET Q q 0 0 0 rg BT 110.35 194.00 Td (an ) Tj ET Q q 0 0 0 rg BT 124.11 194.00 Td (of) Tj ET Q q 0 0 0 rg BT 133.07 194.00 Td (fsetting ) Tj ET Q q 0 0 0 rg BT 169.45 194.00 Td (increase ) Tj ET Q q 0 0 0 rg BT 208.86 194.00 Td (in ) Tj ET Q q 0 0 0 rg BT 220.79 194.00 Td (SG&A) Tj ET Q q 0 0 0 rg BT 250.75 194.00 Td ( ) Tj ET Q q 0 0 0 rg BT 254.13 194.00 Td (expenses ) Tj ET Q q 0 0 0 rg BT 297.22 194.00 Td (of ) Tj ET Q q 0 0 0 rg BT 309.76 194.00 Td (approximately ) Tj ET Q q 0 0 0 rg BT 376.67 194.00 Td ($40 ) Tj ET Q q 0 0 0 rg BT 396.55 194.00 Td (million ) Tj ET Q q 0 0 0 rg BT 431.71 194.00 Td (related ) Tj ET Q q 0 0 0 rg BT 465.02 194.00 Td (to ) Tj ET Q q 0 0 0 rg BT 476.95 194.00 Td (changes ) Tj ET Q q 0 0 0 rg BT 515.76 194.00 Td (in ) Tj ET Q q 0 0 0 rg BT 527.70 194.00 Td (revenue ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 180.80 Td (accounting ) Tj ET Q q 0 0 0 rg BT 99.53 180.80 Td (standards, ) Tj ET Q q 0 0 0 rg BT 145.59 180.80 Td (as ) Tj ET Q q 0 0 0 rg BT 156.52 180.80 Td (well ) Tj ET Q q 0 0 0 rg BT 177.22 180.80 Td (as ) Tj ET Q q 0 0 0 rg BT 188.15 180.80 Td (Project ) Tj ET Q q 0 0 0 rg BT 221.08 180.80 Td (CONNECT) Tj ET Q q 0 0 0 rg BT 272.82 180.80 Td ( ) Tj ET Q q 0 0 0 rg BT 274.59 180.80 Td (program ) Tj ET Q q 0 0 0 rg BT 313.62 180.80 Td (expenses ) Tj ET Q q 0 0 0 rg BT 355.10 180.80 Td (and ) Tj ET Q q 0 0 0 rg BT 372.75 180.80 Td (discrete ) Tj ET Q q 0 0 0 rg BT 408.72 180.80 Td (costs ) Tj ET Q q 0 0 0 rg BT 432.49 180.80 Td (of ) Tj ET Q q 0 0 0 rg BT 443.42 180.80 Td (approximately$27 ) Tj ET Q q 0 0 0 rg BT 527.97 180.80 Td (million, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 167.60 Td ($21 ) Tj ET Q q 0 0 0 rg BT 68.75 167.60 Td (million ) Tj ET Q q 0 0 0 rg BT 103.28 167.60 Td (net ) Tj ET Q q 0 0 0 rg BT 119.47 167.60 Td (of ) Tj ET Q q 0 0 0 rg BT 131.38 167.60 Td (tax, ) Tj ET Q q 0 0 0 rg BT 150.32 167.60 Td (or$0.29per ) Tj ET Q q 0 0 0 rg BT 206.53 167.60 Td (diluted ) Tj ET Q q 0 0 0 rg BT 239.83 167.60 Td (share. ) 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 49.5 139.47856445312505 m 179.1474609375 139.47856445312505 l s q 0 0 0 rg BT 49.50 141.20 Td (First ) Tj ET Q q 0 0 0 rg BT 74.85 141.20 Td (Quarter) Tj ET Q q 0 0 0 rg BT 113.14 141.20 Td ( ) Tj ET Q q 0 0 0 rg BT 115.89 141.20 Td (2018 ) Tj ET Q q 0 0 0 rg BT 140.64 141.20 Td (Outlook) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 114.80 Td (Based upon current visibility) Tj ET Q q 0 0 0 rg BT 176.18 114.80 Td (, we anticipate first quarter 2018 non-GAAP) Tj ET Q q 0 0 0 rg BT 371.58 114.80 Td ( net sales growth and first quarter 2018 ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 101.60 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 99.20 101.60 Td ( net income growth modestly above the rate anticipated for the full year) Tj ET Q q 0 0 0 rg BT 413.82 101.60 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 73.47856445312505 m 138.37548828125 73.47856445312505 l s q 0 0 0 rg BT 49.50 75.20 Td (Strategic ) Tj ET Q q 0 0 0 rg BT 94.40 75.20 Td (Priorities) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 48.80 Td (As ) Tj ET Q q 0 0 0 rg BT 64.00 48.80 Td (part ) Tj ET Q q 0 0 0 rg BT 83.38 48.80 Td (of ) Tj ET Q q 0 0 0 rg BT 94.83 48.80 Td (the ) Tj ET Q q 0 0 0 rg BT 110.54 48.80 Td (company's ) Tj ET Q q 0 0 0 rg BT 159.41 48.80 Td (commitment ) Tj ET Q q 0 0 0 rg BT 217.29 48.80 Td (to ) Tj ET Q q 0 0 0 rg BT 228.12 48.80 Td (driving ) Tj ET Q q 0 0 0 rg BT 262.17 48.80 Td (sustainable ) Tj ET Q q 0 0 0 rg BT 313.33 48.80 Td (and ) Tj ET Q q 0 0 0 rg BT 331.49 48.80 Td (profitable ) Tj ET Q q 0 0 0 rg BT 376.53 48.80 Td (growth ) Tj ET Q q 0 0 0 rg BT 409.97 48.80 Td (and ) Tj ET Q q 0 0 0 rg BT 428.13 48.80 Td (relentless ) Tj ET Q q 0 0 0 rg BT 471.95 48.80 Td (improvement, ) Tj ET Q q 0 0 0 rg BT 535.63 48.80 Td (senior ) Tj ET Q endstream endobj 27 0 obj <> endobj 28 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (13) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 748.40 Td (management ) Tj ET Q q 0 0 0 rg BT 108.45 748.40 Td (is ) Tj ET Q q 0 0 0 rg BT 118.53 748.40 Td (focused ) Tj ET Q q 0 0 0 rg BT 155.49 748.40 Td (on ) Tj ET Q q 0 0 0 rg BT 169.24 748.40 Td (investment ) Tj ET Q q 0 0 0 rg BT 220.26 748.40 Td (in ) Tj ET Q q 0 0 0 rg BT 231.57 748.40 Td (our ) Tj ET Q q 0 0 0 rg BT 248.98 748.40 Td (strategic ) Tj ET Q q 0 0 0 rg BT 288.99 748.40 Td (priorities ) Tj ET Q q 0 0 0 rg BT 331.46 748.40 Td (including:) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 722.00 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 722.00 Td (driving ) Tj ET Q q 0 0 0 rg BT 120.03 722.00 Td (brand ) Tj ET Q q 0 0 0 rg BT 147.82 722.00 Td (awareness ) Tj ET Q q 0 0 0 rg BT 195.77 722.00 Td (and ) Tj ET Q q 0 0 0 rg BT 214.40 722.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 238.53 722.00 Td (growth ) Tj ET Q q 0 0 0 rg BT 272.45 722.00 Td (through ) Tj ET Q q 0 0 0 rg BT 309.42 722.00 Td (increased, ) Tj ET Q q 0 0 0 rg BT 356.44 722.00 Td (focused ) Tj ET Q q 0 0 0 rg BT 393.40 722.00 Td (demand ) Tj ET Q q 0 0 0 rg BT 430.97 722.00 Td (creation ) Tj ET Q q 0 0 0 rg BT 469.15 722.00 Td (investments; ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 702.85 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 702.85 Td (enhancing ) Tj ET Q q 0 0 0 rg BT 133.45 702.85 Td (consumer ) Tj ET Q q 0 0 0 rg BT 178.97 702.85 Td (experience ) Tj ET Q q 0 0 0 rg BT 229.35 702.85 Td (and ) Tj ET Q q 0 0 0 rg BT 247.98 702.85 Td (digital ) Tj ET Q q 0 0 0 rg BT 278.84 702.85 Td (capabilities ) Tj ET Q q 0 0 0 rg BT 331.68 702.85 Td (in ) Tj ET Q q 0 0 0 rg BT 342.98 702.85 Td (all ) Tj ET Q q 0 0 0 rg BT 356.73 702.85 Td (our ) Tj ET Q q 0 0 0 rg BT 374.14 702.85 Td (channels ) Tj ET Q q 0 0 0 rg BT 415.38 702.85 Td (and ) Tj ET Q q 0 0 0 rg BT 434.01 702.85 Td (geographies; ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 683.70 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 683.70 Td (expanding ) Tj ET Q q 0 0 0 rg BT 134.07 683.70 Td (and ) Tj ET Q q 0 0 0 rg BT 152.70 683.70 Td (improving ) Tj ET Q q 0 0 0 rg BT 201.28 683.70 Td (global ) Tj ET Q q 0 0 0 rg BT 231.53 683.70 Td (DTC ) Tj ET Q q 0 0 0 rg BT 256.28 683.70 Td (operations ) Tj ET Q q 0 0 0 rg BT 304.85 683.70 Td (with ) Tj ET Q q 0 0 0 rg BT 327.16 683.70 Td (supporting ) Tj ET Q q 0 0 0 rg BT 376.96 683.70 Td (processes ) Tj ET Q q 0 0 0 rg BT 421.86 683.70 Td (and ) Tj ET Q q 0 0 0 rg BT 440.50 683.70 Td (systems; ) Tj ET Q q 0 0 0 rg BT 481.14 683.70 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 67.50 664.60 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 664.60 Td (investing ) Tj ET Q q 0 0 0 rg BT 128.58 664.60 Td (in ) Tj ET Q q 0 0 0 rg BT 139.89 664.60 Td (our ) Tj ET Q q 0 0 0 rg BT 157.30 664.60 Td (people ) Tj ET Q q 0 0 0 rg BT 189.37 664.60 Td (and ) Tj ET Q q 0 0 0 rg BT 208.00 664.60 Td (optimizing ) Tj ET Q q 0 0 0 rg BT 258.42 664.60 Td (our ) Tj ET Q q 0 0 0 rg BT 275.83 664.60 Td (or) Tj ET Q q 0 0 0 rg BT 284.79 664.60 Td (ganization ) Tj ET Q q 0 0 0 rg BT 333.36 664.60 Td (across ) Tj ET Q q 0 0 0 rg BT 363.60 664.60 Td (our ) Tj ET Q q 0 0 0 rg BT 381.01 664.60 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 422.26 664.60 Td (of ) Tj ET Q q 0 0 0 rg BT 434.17 664.60 Td (brands.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 638.20 Td (Ultimately) Tj ET Q q 0 0 0 rg BT 95.83 638.20 Td (, ) Tj ET Q q 0 0 0 rg BT 102.40 638.20 Td (we ) Tj ET Q q 0 0 0 rg BT 119.05 638.20 Td (expect ) Tj ET Q q 0 0 0 rg BT 151.57 638.20 Td (our ) Tj ET Q q 0 0 0 rg BT 170.05 638.20 Td (investments ) Tj ET Q q 0 0 0 rg BT 226.43 638.20 Td (to ) Tj ET Q q 0 0 0 rg BT 238.80 638.20 Td (accelerate ) Tj ET Q q 0 0 0 rg BT 286.57 638.20 Td (market ) Tj ET Q q 0 0 0 rg BT 320.93 638.20 Td (share ) Tj ET Q q 0 0 0 rg BT 347.96 638.20 Td (capture ) Tj ET Q q 0 0 0 rg BT 384.15 638.20 Td (across ) Tj ET Q q 0 0 0 rg BT 415.46 638.20 Td (all ) Tj ET Q q 0 0 0 rg BT 430.27 638.20 Td (brands, ) Tj ET Q q 0 0 0 rg BT 466.17 638.20 Td (expand ) Tj ET Q q 0 0 0 rg BT 501.76 638.20 Td (gross ) Tj ET Q q 0 0 0 rg BT 528.80 638.20 Td (mar) Tj ET Q q 0 0 0 rg BT 545.70 638.20 Td (gin, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 625.00 Td (improve ) Tj ET Q q 0 0 0 rg BT 88.91 625.00 Td (SG&A) Tj ET Q q 0 0 0 rg BT 118.86 625.00 Td ( ) Tj ET Q q 0 0 0 rg BT 121.61 625.00 Td (expense ) Tj ET Q q 0 0 0 rg BT 159.79 625.00 Td (ef) Tj ET Q q 0 0 0 rg BT 168.14 625.00 Td (ficiency) Tj ET Q q 0 0 0 rg BT 202.84 625.00 Td (, ) Tj ET Q q 0 0 0 rg BT 208.34 625.00 Td (and ) Tj ET Q q 0 0 0 rg BT 226.98 625.00 Td (drive ) Tj ET Q q 0 0 0 rg BT 252.33 625.00 Td (improved ) Tj ET Q q 0 0 0 rg BT 297.24 625.00 Td (operating ) Tj ET Q q 0 0 0 rg BT 341.53 625.00 Td (mar) Tj ET Q q 0 0 0 rg BT 358.43 625.00 Td (gin.) 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 49.5 596.878564453125 m 172.51953125 596.878564453125 l s q 0 0 0 rg BT 49.50 598.60 Td (Consumer) Tj ET Q q 0 0 0 rg BT 97.98 598.60 Td (-First Initiative ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 572.20 Td (During ) Tj ET Q q 0 0 0 rg BT 82.34 572.20 Td (the ) Tj ET Q q 0 0 0 rg BT 97.45 572.20 Td (second ) Tj ET Q q 0 0 0 rg BT 129.67 572.20 Td (quarter ) Tj ET Q q 0 0 0 rg BT 162.49 572.20 Td (of ) Tj ET Q q 0 0 0 rg BT 173.32 572.20 Td (2017, ) Tj ET Q q 0 0 0 rg BT 199.75 572.20 Td (we ) Tj ET Q q 0 0 0 rg BT 214.25 572.20 Td (commenced ) Tj ET Q q 0 0 0 rg BT 269.06 572.20 Td (investment ) Tj ET Q q 0 0 0 rg BT 319.00 572.20 Td (in ) Tj ET Q q 0 0 0 rg BT 329.23 572.20 Td (our ) Tj ET Q q 0 0 0 rg BT 345.57 572.20 Td (consumer) Tj ET Q q 0 0 0 rg BT 388.12 572.20 Td (-first ) Tj ET Q q 0 0 0 rg BT 411.17 572.20 Td (initiative ) Tj ET Q q 0 0 0 rg BT 451.95 572.20 Td (\(C1\), ) Tj ET Q q 0 0 0 rg BT 476.53 572.20 Td (which ) Tj ET Q q 0 0 0 rg BT 505.09 572.20 Td (encompasses ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 559.00 Td (the ) Tj ET Q q 0 0 0 rg BT 66.60 559.00 Td (Global ) Tj ET Q q 0 0 0 rg BT 100.21 559.00 Td (Retail ) Tj ET Q q 0 0 0 rg BT 130.15 559.00 Td (Platform ) Tj ET Q q 0 0 0 rg BT 172.31 559.00 Td (and ) Tj ET Q q 0 0 0 rg BT 191.85 559.00 Td (IT) Tj ET Q q 0 0 0 rg BT 202.04 559.00 Td ( ) Tj ET Q q 0 0 0 rg BT 205.70 559.00 Td (systems ) Tj ET Q q 0 0 0 rg BT 244.21 559.00 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 307.12 559.00 Td (to ) Tj ET Q q 0 0 0 rg BT 319.34 559.00 Td (support ) Tj ET Q q 0 0 0 rg BT 356.01 559.00 Td (the ) Tj ET Q q 0 0 0 rg BT 373.11 559.00 Td (growth ) Tj ET Q q 0 0 0 rg BT 407.94 559.00 Td (and ) Tj ET Q q 0 0 0 rg BT 427.49 559.00 Td (continued ) Tj ET Q q 0 0 0 rg BT 474.53 559.00 Td (development ) Tj ET Q q 0 0 0 rg BT 535.02 559.00 Td (of ) Tj ET Q q 0 0 0 rg BT 547.84 559.00 Td (our ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 545.80 Td (omnichannel ) Tj ET Q q 0 0 0 rg BT 108.09 545.80 Td (capabilities. ) Tj ET Q q 0 0 0 rg BT 162.58 545.80 Td (The ) Tj ET Q q 0 0 0 rg BT 181.45 545.80 Td (objective ) Tj ET Q q 0 0 0 rg BT 223.54 545.80 Td (of ) Tj ET Q q 0 0 0 rg BT 234.48 545.80 Td (this ) Tj ET Q q 0 0 0 rg BT 252.14 545.80 Td (initiative ) Tj ET Q q 0 0 0 rg BT 293.02 545.80 Td (is ) Tj ET Q q 0 0 0 rg BT 302.13 545.80 Td (consistent ) Tj ET Q q 0 0 0 rg BT 347.90 545.80 Td (with ) Tj ET Q q 0 0 0 rg BT 369.23 545.80 Td (our ) Tj ET Q q 0 0 0 rg BT 385.67 545.80 Td (strategic ) Tj ET Q q 0 0 0 rg BT 424.70 545.80 Td (priorities ) Tj ET Q q 0 0 0 rg BT 466.19 545.80 Td (to ) Tj ET Q q 0 0 0 rg BT 476.52 545.80 Td (deliver ) Tj ET Q q 0 0 0 rg BT 508.83 545.80 Td (an ) Tj ET Q q 0 0 0 rg BT 520.99 545.80 Td (enhanced ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 532.60 Td (consumer ) Tj ET Q q 0 0 0 rg BT 95.52 532.60 Td (experience, ) Tj ET Q q 0 0 0 rg BT 149.16 532.60 Td (and ) Tj ET Q q 0 0 0 rg BT 168.30 532.60 Td (to ) Tj ET Q q 0 0 0 rg BT 180.11 532.60 Td (modernize ) Tj ET Q q 0 0 0 rg BT 229.79 532.60 Td (and ) Tj ET Q q 0 0 0 rg BT 248.93 532.60 Td (standardize ) Tj ET Q q 0 0 0 rg BT 302.27 532.60 Td (our ) Tj ET Q q 0 0 0 rg BT 320.19 532.60 Td (processes ) Tj ET Q q 0 0 0 rg BT 365.60 532.60 Td (and ) Tj ET Q q 0 0 0 rg BT 384.74 532.60 Td (systems ) Tj ET Q q 0 0 0 rg BT 422.83 532.60 Td (to ) Tj ET Q q 0 0 0 rg BT 434.64 532.60 Td (enable ) Tj ET Q q 0 0 0 rg BT 466.60 532.60 Td (us ) Tj ET Q q 0 0 0 rg BT 479.64 532.60 Td (to ) Tj ET Q q 0 0 0 rg BT 491.45 532.60 Td (better ) Tj ET Q q 0 0 0 rg BT 519.75 532.60 Td (anticipate ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 519.40 Td (and ) Tj ET Q q 0 0 0 rg BT 69.27 519.40 Td (deliver ) Tj ET Q q 0 0 0 rg BT 103.70 519.40 Td (against ) Tj ET Q q 0 0 0 rg BT 138.74 519.40 Td (the ) Tj ET Q q 0 0 0 rg BT 156.07 519.40 Td (needs ) Tj ET Q q 0 0 0 rg BT 185.00 519.40 Td (of ) Tj ET Q q 0 0 0 rg BT 198.05 519.40 Td (our ) Tj ET Q q 0 0 0 rg BT 216.60 519.40 Td (consumers. ) Tj ET Q q 0 0 0 rg BT 270.00 519.40 Td (This ) Tj ET Q q 0 0 0 rg BT 293.45 519.40 Td (multi-year ) Tj ET Q q 0 0 0 rg BT 343.15 519.40 Td (global ) Tj ET Q q 0 0 0 rg BT 374.53 519.40 Td (initiative ) Tj ET Q q 0 0 0 rg BT 417.52 519.40 Td (is ) Tj ET Q q 0 0 0 rg BT 428.74 519.40 Td (currently ) Tj ET Q q 0 0 0 rg BT 472.33 519.40 Td (in ) Tj ET Q q 0 0 0 rg BT 484.78 519.40 Td (the ) Tj ET Q q 0 0 0 rg BT 502.10 519.40 Td (design ) Tj ET Q q 0 0 0 rg BT 534.71 519.40 Td (phase, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 506.20 Td (tar) Tj ET Q q 0 0 0 rg BT 60.90 506.20 Td (geting ) Tj ET Q q 0 0 0 rg BT 91.89 506.20 Td (regional ) Tj ET Q q 0 0 0 rg BT 131.43 506.20 Td (implementations ) Tj ET Q q 0 0 0 rg BT 208.24 506.20 Td (beginning ) Tj ET Q q 0 0 0 rg BT 255.73 506.20 Td (in ) Tj ET Q q 0 0 0 rg BT 267.78 506.20 Td (the ) Tj ET Q q 0 0 0 rg BT 284.71 506.20 Td (first ) Tj ET Q q 0 0 0 rg BT 305.93 506.20 Td (half ) Tj ET Q q 0 0 0 rg BT 326.52 506.20 Td (of ) Tj ET Q q 0 0 0 rg BT 339.18 506.20 Td (2019. ) Tj ET Q q 0 0 0 rg BT 367.42 506.20 Td (Our ) Tj ET Q q 0 0 0 rg BT 388.02 506.20 Td (financial ) Tj ET Q q 0 0 0 rg BT 430.00 506.20 Td (outlook ) Tj ET Q q 0 0 0 rg BT 467.10 506.20 Td (for ) Tj ET Q q 0 0 0 rg BT 483.42 506.20 Td (2018 ) Tj ET Q q 0 0 0 rg BT 508.92 506.20 Td (includes ) Tj ET Q q 0 0 0 rg BT 549.07 506.20 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 493.00 Td (SG&A) Tj ET Q q 0 0 0 rg BT 79.45 493.00 Td ( ) Tj ET Q q 0 0 0 rg BT 82.20 493.00 Td (expenses ) Tj ET Q q 0 0 0 rg BT 124.66 493.00 Td (and ) Tj ET Q q 0 0 0 rg BT 143.30 493.00 Td (capital ) Tj ET Q q 0 0 0 rg BT 175.36 493.00 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 234.31 493.00 Td (that ) Tj ET Q q 0 0 0 rg BT 253.56 493.00 Td (we ) Tj ET Q q 0 0 0 rg BT 269.13 493.00 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 314.64 493.00 Td (incurring ) Tj ET Q q 0 0 0 rg BT 357.71 493.00 Td (for ) Tj ET Q q 0 0 0 rg BT 373.29 493.00 Td (the ) Tj ET Q q 0 0 0 rg BT 389.47 493.00 Td (year ) Tj ET Q q 0 0 0 rg BT 411.15 493.00 Td (for ) Tj ET Q q 0 0 0 rg BT 426.73 493.00 Td (this ) Tj ET Q q 0 0 0 rg BT 445.37 493.00 Td (initiative.) 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 49.5 464.878564453125 m 191.90380859375 464.878564453125 l s q 0 0 0 rg BT 49.50 466.60 Td (Ongoing ERP) Tj ET Q q 0 0 0 rg BT 113.99 466.60 Td ( Implementation) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 440.20 Td (W) Tj ET Q q 0 0 0 rg BT 59.00 440.20 Td (e ) Tj ET Q q 0 0 0 rg BT 66.00 440.20 Td (are ) Tj ET Q q 0 0 0 rg BT 81.54 440.20 Td (continuing ) Tj ET Q q 0 0 0 rg BT 130.70 440.20 Td (to ) Tj ET Q q 0 0 0 rg BT 141.37 440.20 Td (invest ) Tj ET Q q 0 0 0 rg BT 169.76 440.20 Td (in ) Tj ET Q q 0 0 0 rg BT 180.42 440.20 Td (our ) Tj ET Q q 0 0 0 rg BT 197.20 440.20 Td (multi-year ) Tj ET Q q 0 0 0 rg BT 245.13 440.20 Td (global ) Tj ET Q q 0 0 0 rg BT 274.73 440.20 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 320.21 440.20 Td (resource ) Tj ET Q q 0 0 0 rg BT 359.58 440.20 Td (planning ) Tj ET Q q 0 0 0 rg BT 400.19 440.20 Td (ERP) Tj ET Q q 0 0 0 rg BT 419.95 440.20 Td ( ) Tj ET Q q 0 0 0 rg BT 422.06 440.20 Td (implementation, ) Tj ET Q q 0 0 0 rg BT 495.97 440.20 Td (which ) Tj ET Q q 0 0 0 rg BT 524.96 440.20 Td (has ) Tj ET Q q 0 0 0 rg BT 541.74 440.20 Td (been ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 427.00 Td (executed ) Tj ET Q q 0 0 0 rg BT 91.21 427.00 Td (across ) Tj ET Q q 0 0 0 rg BT 121.32 427.00 Td (the ) Tj ET Q q 0 0 0 rg BT 137.39 427.00 Td (majority ) Tj ET Q q 0 0 0 rg BT 177.28 427.00 Td (of ) Tj ET Q q 0 0 0 rg BT 189.07 427.00 Td (our ) Tj ET Q q 0 0 0 rg BT 206.35 427.00 Td (operations ) Tj ET Q q 0 0 0 rg BT 254.80 427.00 Td (to ) Tj ET Q q 0 0 0 rg BT 265.98 427.00 Td (date. ) Tj ET Q q 0 0 0 rg BT 289.48 427.00 Td (W) Tj ET Q q 0 0 0 rg BT 298.98 427.00 Td (e ) Tj ET Q q 0 0 0 rg BT 306.49 427.00 Td (implemented ) Tj ET Q q 0 0 0 rg BT 366.54 427.00 Td (the ) Tj ET Q q 0 0 0 rg BT 382.61 427.00 Td (ERP) Tj ET Q q 0 0 0 rg BT 402.37 427.00 Td ( ) Tj ET Q q 0 0 0 rg BT 405.00 427.00 Td (system ) Tj ET Q q 0 0 0 rg BT 438.18 427.00 Td (in ) Tj ET Q q 0 0 0 rg BT 449.36 427.00 Td (our ) Tj ET Q q 0 0 0 rg BT 466.64 427.00 Td (China ) Tj ET Q q 0 0 0 rg BT 495.54 427.00 Td (joint ) Tj ET Q q 0 0 0 rg BT 518.33 427.00 Td (venture ) Tj ET Q q 0 0 0 rg BT 553.94 427.00 Td (in ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 413.80 Td (the ) Tj ET Q q 0 0 0 rg BT 65.85 413.80 Td (second ) Tj ET Q q 0 0 0 rg BT 99.30 413.80 Td (quarter ) Tj ET Q q 0 0 0 rg BT 133.36 413.80 Td (of ) Tj ET Q q 0 0 0 rg BT 145.43 413.80 Td (2017. ) Tj ET Q q 0 0 0 rg BT 172.88 413.80 Td (W) Tj ET Q q 0 0 0 rg BT 182.38 413.80 Td (e ) Tj ET Q q 0 0 0 rg BT 190.17 413.80 Td (plan ) Tj ET Q q 0 0 0 rg BT 212.02 413.80 Td (to ) Tj ET Q q 0 0 0 rg BT 223.48 413.80 Td (transition ) Tj ET Q q 0 0 0 rg BT 267.94 413.80 Td (Europe-direct ) Tj ET Q q 0 0 0 rg BT 331.32 413.80 Td (onto ) Tj ET Q q 0 0 0 rg BT 353.78 413.80 Td (the ) Tj ET Q q 0 0 0 rg BT 370.13 413.80 Td (system ) Tj ET Q q 0 0 0 rg BT 403.59 413.80 Td (in ) Tj ET Q q 0 0 0 rg BT 415.06 413.80 Td (mid-2018, ) Tj ET Q q 0 0 0 rg BT 463.49 413.80 Td (at ) Tj ET Q q 0 0 0 rg BT 474.34 413.80 Td (which ) Tj ET Q q 0 0 0 rg BT 504.13 413.80 Td (point ) Tj ET Q q 0 0 0 rg BT 529.65 413.80 Td (we ) Tj ET Q q 0 0 0 rg BT 545.39 413.80 Td (will ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 400.60 Td (have ) Tj ET Q q 0 0 0 rg BT 73.01 400.60 Td (completed ) Tj ET Q q 0 0 0 rg BT 121.58 400.60 Td (the ) Tj ET Q q 0 0 0 rg BT 137.77 400.60 Td (major ) Tj ET Q q 0 0 0 rg BT 166.18 400.60 Td (components ) Tj ET Q q 0 0 0 rg BT 222.08 400.60 Td (of ) Tj ET Q q 0 0 0 rg BT 234.00 400.60 Td (our ) Tj ET Q q 0 0 0 rg BT 251.41 400.60 Td (global ) Tj ET Q q 0 0 0 rg BT 281.65 400.60 Td (rollout.) 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 49.5 372.478564453125 m 143.80029296875 372.478564453125 l s q 0 0 0 rg BT 49.50 374.20 Td (Pr) Tj ET Q q 0 0 0 rg BT 60.90 374.20 Td (oject CONNECT) Tj ET Q q 0 0 0 rg BT 141.05 374.20 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 347.80 Td (Project ) Tj ET Q q 0 0 0 rg BT 83.13 347.80 Td (CONNECT) Tj ET Q q 0 0 0 rg BT 134.88 347.80 Td ( ) Tj ET Q q 0 0 0 rg BT 137.35 347.80 Td (is ) Tj ET Q q 0 0 0 rg BT 147.17 347.80 Td (a ) Tj ET Q q 0 0 0 rg BT 154.53 347.80 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 223.59 347.80 Td (assessment ) Tj ET Q q 0 0 0 rg BT 274.95 347.80 Td (of ) Tj ET Q q 0 0 0 rg BT 286.59 347.80 Td (the ) Tj ET Q q 0 0 0 rg BT 302.50 347.80 Td (company's ) Tj ET Q q 0 0 0 rg BT 351.56 347.80 Td (operating ) Tj ET Q q 0 0 0 rg BT 395.58 347.80 Td (model ) Tj ET Q q 0 0 0 rg BT 425.55 347.80 Td (aimed ) Tj ET Q q 0 0 0 rg BT 454.90 347.80 Td (at ) Tj ET Q q 0 0 0 rg BT 465.31 347.80 Td (aligning ) Tj ET Q q 0 0 0 rg BT 503.84 347.80 Td (our ) Tj ET Q q 0 0 0 rg BT 520.98 347.80 Td (resources ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 334.60 Td (to ) Tj ET Q q 0 0 0 rg BT 60.72 334.60 Td (accelerate ) Tj ET Q q 0 0 0 rg BT 107.34 334.60 Td (execution ) Tj ET Q q 0 0 0 rg BT 152.76 334.60 Td (on ) Tj ET Q q 0 0 0 rg BT 166.42 334.60 Td (our ) Tj ET Q q 0 0 0 rg BT 183.75 334.60 Td (strategic ) Tj ET Q q 0 0 0 rg BT 223.67 334.60 Td (priorities. ) Tj ET Q q 0 0 0 rg BT 268.80 334.60 Td (In ) Tj ET Q q 0 0 0 rg BT 280.63 334.60 Td (2017, ) Tj ET Q q 0 0 0 rg BT 308.04 334.60 Td (we ) Tj ET Q q 0 0 0 rg BT 323.53 334.60 Td (completed ) Tj ET Q q 0 0 0 rg BT 372.01 334.60 Td (the ) Tj ET Q q 0 0 0 rg BT 388.12 334.60 Td (operational ) Tj ET Q q 0 0 0 rg BT 440.26 334.60 Td (assessment ) Tj ET Q q 0 0 0 rg BT 491.80 334.60 Td (phase ) Tj ET Q q 0 0 0 rg BT 519.51 334.60 Td (of ) Tj ET Q q 0 0 0 rg BT 531.34 334.60 Td (Project ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 321.40 Td (CONNECT) Tj ET Q q 0 0 0 rg BT 100.63 321.40 Td (, ) Tj ET Q q 0 0 0 rg BT 106.35 321.40 Td (which ) Tj ET Q q 0 0 0 rg BT 136.21 321.40 Td (included ) Tj ET Q q 0 0 0 rg BT 177.06 321.40 Td (a ) Tj ET Q q 0 0 0 rg BT 184.91 321.40 Td (shift ) Tj ET Q q 0 0 0 rg BT 207.44 321.40 Td (in ) Tj ET Q q 0 0 0 rg BT 218.97 321.40 Td (the ) Tj ET Q q 0 0 0 rg BT 235.38 321.40 Td (company's ) Tj ET Q q 0 0 0 rg BT 284.94 321.40 Td (operating ) Tj ET Q q 0 0 0 rg BT 329.45 321.40 Td (model, ) Tj ET Q q 0 0 0 rg BT 362.67 321.40 Td (executive ) Tj ET Q q 0 0 0 rg BT 407.78 321.40 Td (or) Tj ET Q q 0 0 0 rg BT 416.75 321.40 Td (ganization ) Tj ET Q q 0 0 0 rg BT 465.54 321.40 Td (structure ) Tj ET Q q 0 0 0 rg BT 506.99 321.40 Td (and ) Tj ET Q q 0 0 0 rg BT 525.85 321.40 Td (decision ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 308.20 Td (rights ) Tj ET Q q 0 0 0 rg BT 78.26 308.20 Td (to ) Tj ET Q q 0 0 0 rg BT 90.51 308.20 Td (enable ) Tj ET Q q 0 0 0 rg BT 122.91 308.20 Td (a ) Tj ET Q q 0 0 0 rg BT 131.49 308.20 Td (brand-led ) Tj ET Q q 0 0 0 rg BT 177.34 308.20 Td (and ) Tj ET Q q 0 0 0 rg BT 196.92 308.20 Td (consumer) Tj ET Q q 0 0 0 rg BT 239.47 308.20 Td (-focused ) Tj ET Q q 0 0 0 rg BT 281.04 308.20 Td (or) Tj ET Q q 0 0 0 rg BT 290.00 308.20 Td (ganization. ) Tj ET Q q 0 0 0 rg BT 342.00 308.20 Td (W) Tj ET Q q 0 0 0 rg BT 351.50 308.20 Td (e ) Tj ET Q q 0 0 0 rg BT 360.08 308.20 Td (have ) Tj ET Q q 0 0 0 rg BT 384.55 308.20 Td (also ) Tj ET Q q 0 0 0 rg BT 405.96 308.20 Td (identified ) Tj ET Q q 0 0 0 rg BT 451.82 308.20 Td (and ) Tj ET Q q 0 0 0 rg BT 471.40 308.20 Td (scoped ) Tj ET Q q 0 0 0 rg BT 505.64 308.20 Td (key ) Tj ET Q q 0 0 0 rg BT 525.22 308.20 Td (business ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 295.00 Td (processes ) Tj ET Q q 0 0 0 rg BT 94.88 295.00 Td (requiring ) Tj ET Q q 0 0 0 rg BT 138.43 295.00 Td (modification, ) Tj ET Q q 0 0 0 rg BT 200.62 295.00 Td (operational ) Tj ET Q q 0 0 0 rg BT 253.32 295.00 Td (improvements, ) Tj ET Q q 0 0 0 rg BT 322.23 295.00 Td (and ) Tj ET Q q 0 0 0 rg BT 341.34 295.00 Td (investment ) Tj ET Q q 0 0 0 rg BT 392.84 295.00 Td (in ) Tj ET Q q 0 0 0 rg BT 404.63 295.00 Td (new ) Tj ET Q q 0 0 0 rg BT 426.18 295.00 Td (capabilities ) Tj ET Q q 0 0 0 rg BT 479.50 295.00 Td (in ) Tj ET Q q 0 0 0 rg BT 491.28 295.00 Td (order ) Tj ET Q q 0 0 0 rg BT 517.72 295.00 Td (to ) Tj ET Q q 0 0 0 rg BT 529.50 295.00 Td (support ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 281.80 Td (the ) Tj ET Q q 0 0 0 rg BT 65.69 281.80 Td (realigned ) Tj ET Q q 0 0 0 rg BT 109.36 281.80 Td (or) Tj ET Q q 0 0 0 rg BT 118.33 281.80 Td (ganization ) Tj ET Q q 0 0 0 rg BT 166.89 281.80 Td (and ) Tj ET Q q 0 0 0 rg BT 185.52 281.80 Td (drive ) Tj ET Q q 0 0 0 rg BT 210.87 281.80 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 263.72 281.80 Td (financial ) Tj ET Q q 0 0 0 rg BT 304.95 281.80 Td (value. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 255.40 Td (During ) Tj ET Q q 0 0 0 rg BT 84.56 255.40 Td (the ) Tj ET Q q 0 0 0 rg BT 101.89 255.40 Td (second ) Tj ET Q q 0 0 0 rg BT 136.32 255.40 Td (half ) Tj ET Q q 0 0 0 rg BT 157.32 255.40 Td (of ) Tj ET Q q 0 0 0 rg BT 170.37 255.40 Td (2017, ) Tj ET Q q 0 0 0 rg BT 199.02 255.40 Td (the ) Tj ET Q q 0 0 0 rg BT 216.35 255.40 Td (company ) Tj ET Q q 0 0 0 rg BT 260.56 255.40 Td (began ) Tj ET Q q 0 0 0 rg BT 290.72 255.40 Td (implementation ) Tj ET Q q 0 0 0 rg BT 363.65 255.40 Td (of ) Tj ET Q q 0 0 0 rg BT 376.71 255.40 Td (operational ) Tj ET Q q 0 0 0 rg BT 430.08 255.40 Td (improvements ) Tj ET Q q 0 0 0 rg BT 496.90 255.40 Td (throughout ) Tj ET Q q 0 0 0 rg BT 549.07 255.40 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 242.20 Td (business. ) Tj ET Q q 0 0 0 rg BT 92.41 242.20 Td (Project ) Tj ET Q q 0 0 0 rg BT 126.44 242.20 Td (CONNECT) Tj ET Q q 0 0 0 rg BT 178.18 242.20 Td ( ) Tj ET Q q 0 0 0 rg BT 181.06 242.20 Td (includes ) Tj ET Q q 0 0 0 rg BT 220.59 242.20 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 266.85 242.20 Td (to ) Tj ET Q q 0 0 0 rg BT 278.28 242.20 Td (drive ) Tj ET Q q 0 0 0 rg BT 303.76 242.20 Td (revenue, ) Tj ET Q q 0 0 0 rg BT 344.19 242.20 Td (capture ) Tj ET Q q 0 0 0 rg BT 379.43 242.20 Td (cost ) Tj ET Q q 0 0 0 rg BT 400.03 242.20 Td (of ) Tj ET Q q 0 0 0 rg BT 412.06 242.20 Td (sales ) Tj ET Q q 0 0 0 rg BT 436.32 242.20 Td (ef) Tj ET Q q 0 0 0 rg BT 444.67 242.20 Td (ficiencies, ) Tj ET Q q 0 0 0 rg BT 492.44 242.20 Td (generate ) Tj ET Q q 0 0 0 rg BT 532.56 242.20 Td (SG&A) Tj ET Q q 0 0 0 rg BT 562.51 242.20 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 229.00 Td (savings, ) Tj ET Q q 0 0 0 rg BT 88.00 229.00 Td (and ) Tj ET Q q 0 0 0 rg BT 106.63 229.00 Td (improve ) Tj ET Q q 0 0 0 rg BT 146.04 229.00 Td (our ) Tj ET Q q 0 0 0 rg BT 163.45 229.00 Td (marketing ) Tj ET Q q 0 0 0 rg BT 210.80 229.00 Td (ef) Tj ET Q q 0 0 0 rg BT 219.15 229.00 Td (fectiveness. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 202.60 Td (A) Tj ET Q q 0 0 0 rg BT 56.84 202.60 Td ( ) Tj ET Q q 0 0 0 rg BT 60.30 202.60 Td (few ) Tj ET Q q 0 0 0 rg BT 80.24 202.60 Td (of ) Tj ET Q q 0 0 0 rg BT 92.87 202.60 Td (these ) Tj ET Q q 0 0 0 rg BT 118.93 202.60 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 165.77 202.60 Td (will ) Tj ET Q q 0 0 0 rg BT 186.34 202.60 Td (be ) Tj ET Q q 0 0 0 rg BT 200.18 202.60 Td (among ) Tj ET Q q 0 0 0 rg BT 233.58 202.60 Td (the ) Tj ET Q q 0 0 0 rg BT 250.48 202.60 Td (first ) Tj ET Q q 0 0 0 rg BT 271.65 202.60 Td (to ) Tj ET Q q 0 0 0 rg BT 283.67 202.60 Td (be ) Tj ET Q q 0 0 0 rg BT 297.51 202.60 Td (implemented. ) Tj ET Q q 0 0 0 rg BT 361.15 202.60 Td (Examples ) Tj ET Q q 0 0 0 rg BT 407.98 202.60 Td (include ) Tj ET Q q 0 0 0 rg BT 443.82 202.60 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 490.66 202.60 Td (in ) Tj ET Q q 0 0 0 rg BT 502.68 202.60 Td (the ) Tj ET Q q 0 0 0 rg BT 519.57 202.60 Td (area ) Tj ET Q q 0 0 0 rg BT 541.34 202.60 Td (of ) Tj ET Q q 0 0 0 rg BT 553.96 202.60 Td (e-) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 189.40 Td (commerce ) Tj ET Q q 0 0 0 rg BT 97.45 189.40 Td (optimization, ) Tj ET Q q 0 0 0 rg BT 157.95 189.40 Td (indirect ) Tj ET Q q 0 0 0 rg BT 193.69 189.40 Td (procurement, ) Tj ET Q q 0 0 0 rg BT 254.17 189.40 Td (marketing ) Tj ET Q q 0 0 0 rg BT 300.91 189.40 Td (ef) Tj ET Q q 0 0 0 rg BT 309.25 189.40 Td (fectiveness, ) Tj ET Q q 0 0 0 rg BT 363.01 189.40 Td (and ) Tj ET Q q 0 0 0 rg BT 381.04 189.40 Td (refining ) Tj ET Q q 0 0 0 rg BT 418.01 189.40 Td (the ) Tj ET Q q 0 0 0 rg BT 433.59 189.40 Td (promotional ) Tj ET Q q 0 0 0 rg BT 489.50 189.40 Td (cadence ) Tj ET Q q 0 0 0 rg BT 527.06 189.40 Td (in ) Tj ET Q q 0 0 0 rg BT 537.76 189.40 Td (DTC. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 176.20 Td (Other ) Tj ET Q q 0 0 0 rg BT 76.53 176.20 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 121.90 176.20 Td (generally ) Tj ET Q q 0 0 0 rg BT 164.80 176.20 Td (will ) Tj ET Q q 0 0 0 rg BT 183.90 176.20 Td (be ) Tj ET Q q 0 0 0 rg BT 196.27 176.20 Td (implemented ) Tj ET Q q 0 0 0 rg BT 255.68 176.20 Td (following ) Tj ET Q q 0 0 0 rg BT 300.44 176.20 Td (further ) Tj ET Q q 0 0 0 rg BT 332.35 176.20 Td (development, ) Tj ET Q q 0 0 0 rg BT 393.90 176.20 Td (particularly ) Tj ET Q q 0 0 0 rg BT 446.59 176.20 Td (those ) Tj ET Q q 0 0 0 rg BT 471.79 176.20 Td (pertaining ) Tj ET Q q 0 0 0 rg BT 518.37 176.20 Td (to ) Tj ET Q q 0 0 0 rg BT 528.91 176.20 Td (product ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 163.00 Td (creation ) Tj ET Q q 0 0 0 rg BT 87.96 163.00 Td (such ) Tj ET Q q 0 0 0 rg BT 111.17 163.00 Td (as ) Tj ET Q q 0 0 0 rg BT 123.37 163.00 Td (assortment ) Tj ET Q q 0 0 0 rg BT 174.07 163.00 Td (optimization ) Tj ET Q q 0 0 0 rg BT 232.72 163.00 Td (and ) Tj ET Q q 0 0 0 rg BT 251.64 163.00 Td (intensifying ) Tj ET Q q 0 0 0 rg BT 307.23 163.00 Td (our ) Tj ET Q q 0 0 0 rg BT 324.94 163.00 Td (emphasis ) Tj ET Q q 0 0 0 rg BT 368.92 163.00 Td (on ) Tj ET Q q 0 0 0 rg BT 382.96 163.00 Td (designing ) Tj ET Q q 0 0 0 rg BT 428.77 163.00 Td (products ) Tj ET Q q 0 0 0 rg BT 469.70 163.00 Td (with ) Tj ET Q q 0 0 0 rg BT 492.30 163.00 Td (the ) Tj ET Q q 0 0 0 rg BT 508.78 163.00 Td (features ) Tj ET Q q 0 0 0 rg BT 546.63 163.00 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 149.80 Td (functions ) Tj ET Q q 0 0 0 rg BT 93.19 149.80 Td (that ) Tj ET Q q 0 0 0 rg BT 112.43 149.80 Td (consumers ) Tj ET Q q 0 0 0 rg BT 162.23 149.80 Td (value ) Tj ET Q q 0 0 0 rg BT 188.80 149.80 Td (most. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 123.40 Td (As ) Tj ET Q q 0 0 0 rg BT 65.27 123.40 Td (these ) Tj ET Q q 0 0 0 rg BT 91.41 123.40 Td (improvements ) Tj ET Q q 0 0 0 rg BT 157.89 123.40 Td (begin ) Tj ET Q q 0 0 0 rg BT 185.87 123.40 Td (to ) Tj ET Q q 0 0 0 rg BT 197.97 123.40 Td (be ) Tj ET Q q 0 0 0 rg BT 211.89 123.40 Td (realized, ) Tj ET Q q 0 0 0 rg BT 252.99 123.40 Td (we ) Tj ET Q q 0 0 0 rg BT 269.36 123.40 Td (intend ) Tj ET Q q 0 0 0 rg BT 300.39 123.40 Td (to ) Tj ET Q q 0 0 0 rg BT 312.49 123.40 Td (reallocate ) Tj ET Q q 0 0 0 rg BT 358.78 123.40 Td (resources ) Tj ET Q q 0 0 0 rg BT 403.86 123.40 Td (to ) Tj ET Q q 0 0 0 rg BT 415.95 123.40 Td (our ) Tj ET Q q 0 0 0 rg BT 434.16 123.40 Td (strategic ) Tj ET Q q 0 0 0 rg BT 474.96 123.40 Td (priorities, ) Tj ET Q q 0 0 0 rg BT 520.97 123.40 Td (including ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 110.20 Td (incremental ) Tj ET Q q 0 0 0 rg BT 105.68 110.20 Td (demand ) Tj ET Q q 0 0 0 rg BT 144.76 110.20 Td (creation ) Tj ET Q q 0 0 0 rg BT 184.45 110.20 Td (spending ) Tj ET Q q 0 0 0 rg BT 228.43 110.20 Td (and ) Tj ET Q q 0 0 0 rg BT 248.58 110.20 Td (other ) Tj ET Q q 0 0 0 rg BT 275.44 110.20 Td (investments ) Tj ET Q q 0 0 0 rg BT 332.25 110.20 Td (to ) Tj ET Q q 0 0 0 rg BT 345.07 110.20 Td (drive ) Tj ET Q q 0 0 0 rg BT 371.94 110.20 Td (growth ) Tj ET Q q 0 0 0 rg BT 407.36 110.20 Td (across ) Tj ET Q q 0 0 0 rg BT 439.11 110.20 Td (our ) Tj ET Q q 0 0 0 rg BT 458.04 110.20 Td (brands ) Tj ET Q q 0 0 0 rg BT 491.63 110.20 Td (and ) Tj ET Q q 0 0 0 rg BT 511.77 110.20 Td (distribution ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 97.00 Td (channels. ) Tj ET Q q 0 0 0 rg BT 94.37 97.00 Td (Our ) Tj ET Q q 0 0 0 rg BT 115.11 97.00 Td (2018 ) Tj ET Q q 0 0 0 rg BT 140.74 97.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 182.85 97.00 Td (outlook ) Tj ET Q q 0 0 0 rg BT 220.09 97.00 Td (contemplates ) Tj ET Q q 0 0 0 rg BT 281.76 97.00 Td (modest ) Tj ET Q q 0 0 0 rg BT 317.17 97.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 359.28 97.00 Td (benefits ) Tj ET Q q 0 0 0 rg BT 397.73 97.00 Td (attributable ) Tj ET Q q 0 0 0 rg BT 451.46 97.00 Td (to ) Tj ET Q q 0 0 0 rg BT 463.64 97.00 Td (the ) Tj ET Q q 0 0 0 rg BT 480.71 97.00 Td (execution ) Tj ET Q q 0 0 0 rg BT 527.11 97.00 Td (of ) Tj ET Q q 0 0 0 rg BT 539.90 97.00 Td (these ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 83.80 Td (initiatives, ) Tj ET Q q 0 0 0 rg BT 98.38 83.80 Td (and ) Tj ET Q q 0 0 0 rg BT 117.01 83.80 Td (we ) Tj ET Q q 0 0 0 rg BT 132.59 83.80 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 178.09 83.80 Td (more ) Tj ET Q q 0 0 0 rg BT 203.45 83.80 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 256.29 83.80 Td (financial ) Tj ET Q q 0 0 0 rg BT 297.52 83.80 Td (value ) Tj ET Q q 0 0 0 rg BT 324.09 83.80 Td (capture ) Tj ET Q q 0 0 0 rg BT 359.21 83.80 Td (beginning ) Tj ET Q q 0 0 0 rg BT 405.95 83.80 Td (in ) Tj ET Q q 0 0 0 rg BT 417.26 83.80 Td (2019.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 57.40 Td (In ) Tj ET Q q 0 0 0 rg BT 60.23 57.40 Td (2017, ) Tj ET Q q 0 0 0 rg BT 86.56 57.40 Td (the ) Tj ET Q q 0 0 0 rg BT 101.57 57.40 Td (company ) Tj ET Q q 0 0 0 rg BT 143.46 57.40 Td (incurred ) Tj ET Q q 0 0 0 rg BT 181.68 57.40 Td (Project ) Tj ET Q q 0 0 0 rg BT 214.40 57.40 Td (CONNECT) Tj ET Q q 0 0 0 rg BT 266.15 57.40 Td ( ) Tj ET Q q 0 0 0 rg BT 267.72 57.40 Td (program ) Tj ET Q q 0 0 0 rg BT 306.56 57.40 Td (expenses ) Tj ET Q q 0 0 0 rg BT 347.84 57.40 Td (and ) Tj ET Q q 0 0 0 rg BT 365.29 57.40 Td (discrete ) Tj ET Q q 0 0 0 rg BT 401.06 57.40 Td (costs ) Tj ET Q q 0 0 0 rg BT 424.64 57.40 Td (of ) Tj ET Q q 0 0 0 rg BT 435.37 57.40 Td (approximately$) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 507.16 57.40 Td (14.9) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 526.41 57.40 Td ( ) Tj ET Q q 0 0 0 rg BT 527.98 57.40 Td (million, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 44.20 Td ($9.4 ) Tj ET Q q 0 0 0 rg BT 71.22 44.20 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 103.00 44.20 Td ( ) Tj ET Q q 0 0 0 rg BT 105.48 44.20 Td (net ) Tj ET Q q 0 0 0 rg BT 121.39 44.20 Td (of ) Tj ET Q q 0 0 0 rg BT 133.03 44.20 Td (tax, ) Tj ET Q q 0 0 0 rg BT 151.69 44.20 Td (or$) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 169.10 44.20 Td (0.13) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 188.35 44.20 Td (per ) Tj ET Q q 0 0 0 rg BT 207.62 44.20 Td (diluted ) Tj ET Q q 0 0 0 rg BT 240.65 44.20 Td (share. ) Tj ET Q q 0 0 0 rg BT 268.90 44.20 Td (W) Tj ET Q q 0 0 0 rg BT 278.40 44.20 Td (e ) Tj ET Q q 0 0 0 rg BT 285.76 44.20 Td (currently ) Tj ET Q q 0 0 0 rg BT 327.93 44.20 Td (expect ) Tj ET Q q 0 0 0 rg BT 359.11 44.20 Td (to ) Tj ET Q q 0 0 0 rg BT 370.14 44.20 Td (incur ) Tj ET Q q 0 0 0 rg BT 395.21 44.20 Td (Project ) Tj ET Q q 0 0 0 rg BT 428.85 44.20 Td (CONNECT) Tj ET Q q 0 0 0 rg BT 480.59 44.20 Td ( ) Tj ET Q q 0 0 0 rg BT 483.06 44.20 Td (program ) Tj ET Q q 0 0 0 rg BT 522.80 44.20 Td (expenses ) Tj ET Q endstream endobj 29 0 obj <> endobj 30 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (14) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 748.40 Td (and ) Tj ET Q q 0 0 0 rg BT 68.13 748.40 Td (discrete ) Tj ET Q q 0 0 0 rg BT 105.09 748.40 Td (costs ) Tj ET Q q 0 0 0 rg BT 129.84 748.40 Td (of ) Tj ET Q q 0 0 0 rg BT 141.75 748.40 Td (approximately ) Tj ET Q q 0 0 0 rg BT 208.03 748.40 Td ($27 ) Tj ET Q q 0 0 0 rg BT 227.28 748.40 Td (million ) Tj ET Q q 0 0 0 rg BT 261.81 748.40 Td (in ) Tj ET Q q 0 0 0 rg BT 273.12 748.40 Td (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 49.5 720.278564453125 m 105.61181640625 720.278564453125 l s q 0 0 0 rg BT 49.50 722.00 Td (T) Tj ET Q q 0 0 0 rg BT 55.83 722.00 Td (ax ) Tj ET Q q 0 0 0 rg BT 69.58 722.00 Td (Reform) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 695.60 Td (On ) Tj ET Q q 0 0 0 rg BT 65.38 695.60 Td (December ) Tj ET Q q 0 0 0 rg BT 113.01 695.60 Td (22, ) Tj ET Q q 0 0 0 rg BT 129.19 695.60 Td (2017, ) Tj ET Q q 0 0 0 rg BT 156.38 695.60 Td (the ) Tj ET Q q 0 0 0 rg BT 172.25 695.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 194.25 695.60 Td (government ) Tj ET Q q 0 0 0 rg BT 249.23 695.60 Td (enacted ) Tj ET Q q 0 0 0 rg BT 285.25 695.60 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 354.27 695.60 Td (tax ) Tj ET Q q 0 0 0 rg BT 370.15 695.60 Td (legislation, ) Tj ET Q q 0 0 0 rg BT 421.16 695.60 Td (commonly ) Tj ET Q q 0 0 0 rg BT 470.65 695.60 Td (referred ) Tj ET Q q 0 0 0 rg BT 507.88 695.60 Td (to ) Tj ET Q q 0 0 0 rg BT 518.87 695.60 Td (as ) Tj ET Q q 0 0 0 rg BT 530.47 695.60 Td (the ) Tj ET Q q 0 0 0 rg BT 546.17 695.60 Td (T) Tj ET Q q 0 0 0 rg BT 552.12 695.60 Td (ax ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 682.40 Td (Cuts ) Tj ET Q q 0 0 0 rg BT 71.61 682.40 Td (and ) Tj ET Q q 0 0 0 rg BT 89.42 682.40 Td (Jobs ) Tj ET Q q 0 0 0 rg BT 110.49 682.40 Td (Act ) Tj ET Q q 0 0 0 rg BT 128.31 682.40 Td (\(TCJA\). ) Tj ET Q q 0 0 0 rg BT 166.46 682.40 Td (The ) Tj ET Q q 0 0 0 rg BT 185.35 682.40 Td (TCJA) Tj ET Q q 0 0 0 rg BT 211.03 682.40 Td ( ) Tj ET Q q 0 0 0 rg BT 212.96 682.40 Td (makes ) Tj ET Q q 0 0 0 rg BT 243.00 682.40 Td (broad ) Tj ET Q q 0 0 0 rg BT 269.98 682.40 Td (and ) Tj ET Q q 0 0 0 rg BT 287.79 682.40 Td (complex ) Tj ET Q q 0 0 0 rg BT 327.60 682.40 Td (changes ) Tj ET Q q 0 0 0 rg BT 364.96 682.40 Td (to ) Tj ET Q q 0 0 0 rg BT 375.45 682.40 Td (the ) Tj ET Q q 0 0 0 rg BT 390.83 682.40 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 412.32 682.40 Td (tax ) Tj ET Q q 0 0 0 rg BT 427.69 682.40 Td (code, ) Tj ET Q q 0 0 0 rg BT 453.14 682.40 Td (including, ) Tj ET Q q 0 0 0 rg BT 499.38 682.40 Td (but ) Tj ET Q q 0 0 0 rg BT 515.36 682.40 Td (not ) Tj ET Q q 0 0 0 rg BT 531.35 682.40 Td (limited ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 669.20 Td (to ) Tj ET Q q 0 0 0 rg BT 60.41 669.20 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 75.58 669.20 Td (reducing ) Tj ET Q q 0 0 0 rg BT 116.42 669.20 Td (the ) Tj ET Q q 0 0 0 rg BT 132.21 669.20 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 154.12 669.20 Td (federal ) Tj ET Q q 0 0 0 rg BT 187.00 669.20 Td (corporate ) Tj ET Q q 0 0 0 rg BT 230.88 669.20 Td (tax ) Tj ET Q q 0 0 0 rg BT 246.67 669.20 Td (rate ) Tj ET Q q 0 0 0 rg BT 265.51 669.20 Td (from ) Tj ET Q q 0 0 0 rg BT 289.24 669.20 Td (35 ) Tj ET Q q 0 0 0 rg BT 302.59 669.20 Td (percent ) Tj ET Q q 0 0 0 rg BT 337.31 669.20 Td (to ) Tj ET Q q 0 0 0 rg BT 348.22 669.20 Td (21 ) Tj ET Q q 0 0 0 rg BT 361.57 669.20 Td (percent; ) Tj ET Q q 0 0 0 rg BT 399.34 669.20 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 414.52 669.20 Td (requiring ) Tj ET Q q 0 0 0 rg BT 457.19 669.20 Td (companies ) Tj ET Q q 0 0 0 rg BT 506.58 669.20 Td (to ) Tj ET Q q 0 0 0 rg BT 517.49 669.20 Td (pay ) Tj ET Q q 0 0 0 rg BT 535.72 669.20 Td (a ) Tj ET Q q 0 0 0 rg BT 542.95 669.20 Td (one-) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 656.00 Td (time ) Tj ET Q q 0 0 0 rg BT 72.09 656.00 Td (transition ) Tj ET Q q 0 0 0 rg BT 116.69 656.00 Td (tax ) Tj ET Q q 0 0 0 rg BT 133.17 656.00 Td (on ) Tj ET Q q 0 0 0 rg BT 147.22 656.00 Td (certain ) Tj ET Q q 0 0 0 rg BT 180.18 656.00 Td (unrepatriated ) Tj ET Q q 0 0 0 rg BT 241.25 656.00 Td (earnings ) Tj ET Q q 0 0 0 rg BT 281.56 656.00 Td (of ) Tj ET Q q 0 0 0 rg BT 293.77 656.00 Td (foreign ) Tj ET Q q 0 0 0 rg BT 328.57 656.00 Td (subsidiaries; ) Tj ET Q q 0 0 0 rg BT 386.61 656.00 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 402.48 656.00 Td (requiring ) Tj ET Q q 0 0 0 rg BT 445.85 656.00 Td (a ) Tj ET Q q 0 0 0 rg BT 453.77 656.00 Td (current ) Tj ET Q q 0 0 0 rg BT 487.96 656.00 Td (inclusion ) Tj ET Q q 0 0 0 rg BT 531.34 656.00 Td (in ) Tj ET Q q 0 0 0 rg BT 542.94 656.00 Td (U.S. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 642.80 Td (federal ) Tj ET Q q 0 0 0 rg BT 82.69 642.80 Td (taxable ) Tj ET Q q 0 0 0 rg BT 117.12 642.80 Td (income ) Tj ET Q q 0 0 0 rg BT 152.16 642.80 Td (of ) Tj ET Q q 0 0 0 rg BT 163.98 642.80 Td (certain ) Tj ET Q q 0 0 0 rg BT 196.57 642.80 Td (earnings ) Tj ET Q q 0 0 0 rg BT 236.50 642.80 Td (of ) Tj ET Q q 0 0 0 rg BT 248.33 642.80 Td (controlled ) Tj ET Q q 0 0 0 rg BT 295.59 642.80 Td (foreign ) Tj ET Q q 0 0 0 rg BT 330.02 642.80 Td (corporations; ) Tj ET Q q 0 0 0 rg BT 390.72 642.80 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 406.21 642.80 Td (modifying ) Tj ET Q q 0 0 0 rg BT 454.71 642.80 Td (the ) Tj ET Q q 0 0 0 rg BT 470.81 642.80 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 493.03 642.80 Td (tax ) Tj ET Q q 0 0 0 rg BT 509.14 642.80 Td (treatment ) Tj ET Q q 0 0 0 rg BT 553.34 642.80 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 629.60 Td (foreign ) Tj ET Q q 0 0 0 rg BT 84.01 629.60 Td (withholding ) Tj ET Q q 0 0 0 rg BT 139.93 629.60 Td (taxes; ) Tj ET Q q 0 0 0 rg BT 168.34 629.60 Td (and ) Tj ET Q q 0 0 0 rg BT 186.97 629.60 Td (\(5\) ) Tj ET Q q 0 0 0 rg BT 202.55 629.60 Td (a ) Tj ET Q q 0 0 0 rg BT 210.18 629.60 Td (new ) Tj ET Q q 0 0 0 rg BT 231.26 629.60 Td (provision ) Tj ET Q q 0 0 0 rg BT 275.56 629.60 Td (designed ) Tj ET Q q 0 0 0 rg BT 317.42 629.60 Td (to ) Tj ET Q q 0 0 0 rg BT 328.72 629.60 Td (tax ) Tj ET Q q 0 0 0 rg BT 344.91 629.60 Td (global ) Tj ET Q q 0 0 0 rg BT 375.15 629.60 Td (intangible ) Tj ET Q q 0 0 0 rg BT 421.89 629.60 Td (low-taxed ) Tj ET Q q 0 0 0 rg BT 468.63 629.60 Td (income ) Tj ET Q q 0 0 0 rg BT 503.75 629.60 Td (\(GIL) Tj ET Q q 0 0 0 rg BT 524.73 629.60 Td (TI\).) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 603.20 Td (In ) Tj ET Q q 0 0 0 rg BT 61.84 603.20 Td (connection ) Tj ET Q q 0 0 0 rg BT 113.28 603.20 Td (with ) Tj ET Q q 0 0 0 rg BT 136.02 603.20 Td (the ) Tj ET Q q 0 0 0 rg BT 152.64 603.20 Td (company's ) Tj ET Q q 0 0 0 rg BT 202.40 603.20 Td (initial ) Tj ET Q q 0 0 0 rg BT 231.24 603.20 Td (analysis ) Tj ET Q q 0 0 0 rg BT 269.86 603.20 Td (of ) Tj ET Q q 0 0 0 rg BT 282.20 603.20 Td (the ) Tj ET Q q 0 0 0 rg BT 298.82 603.20 Td (ef) Tj ET Q q 0 0 0 rg BT 307.17 603.20 Td (fect ) Tj ET Q q 0 0 0 rg BT 326.83 603.20 Td (of ) Tj ET Q q 0 0 0 rg BT 339.17 603.20 Td (the ) Tj ET Q q 0 0 0 rg BT 355.56 603.20 Td (TCJA, ) Tj ET Q q 0 0 0 rg BT 387.77 603.20 Td (we ) Tj ET Q q 0 0 0 rg BT 403.78 603.20 Td (recorded ) Tj ET Q q 0 0 0 rg BT 445.43 603.20 Td (provisional ) Tj ET Q q 0 0 0 rg BT 498.11 603.20 Td (tax ) Tj ET Q q 0 0 0 rg BT 514.72 603.20 Td (expense ) Tj ET Q q 0 0 0 rg BT 553.33 603.20 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 590.00 Td ($95.6 ) Tj ET Q q 0 0 0 rg BT 77.31 590.00 Td (million ) Tj ET Q q 0 0 0 rg BT 112.16 590.00 Td (during ) Tj ET Q q 0 0 0 rg BT 143.94 590.00 Td (the ) Tj ET Q q 0 0 0 rg BT 160.44 590.00 Td (fourth ) Tj ET Q q 0 0 0 rg BT 190.39 590.00 Td (quarter ) Tj ET Q q 0 0 0 rg BT 224.60 590.00 Td (of ) Tj ET Q q 0 0 0 rg BT 236.82 590.00 Td (2017, ) Tj ET Q q 0 0 0 rg BT 264.63 590.00 Td (which ) Tj ET Q q 0 0 0 rg BT 294.58 590.00 Td (increased ) Tj ET Q q 0 0 0 rg BT 339.17 590.00 Td (our ) Tj ET Q q 0 0 0 rg BT 356.90 590.00 Td (full-year ) Tj ET Q q 0 0 0 rg BT 397.83 590.00 Td (2017 ) Tj ET Q q 0 0 0 rg BT 422.89 590.00 Td (income ) Tj ET Q q 0 0 0 rg BT 458.33 590.00 Td (tax ) Tj ET Q q 0 0 0 rg BT 474.83 590.00 Td (expense ) Tj ET Q q 0 0 0 rg BT 513.32 590.00 Td (from ) Tj ET Q q 0 0 0 rg BT 537.77 590.00 Td ($58.8 ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 576.80 Td (million ) Tj ET Q q 0 0 0 rg BT 84.03 576.80 Td (to ) Tj ET Q q 0 0 0 rg BT 95.34 576.80 Td ($154.4 ) Tj ET Q q 0 0 0 rg BT 128.34 576.80 Td (million, ) Tj ET Q q 0 0 0 rg BT 165.62 576.80 Td (and ) Tj ET Q q 0 0 0 rg BT 184.25 576.80 Td (increased ) Tj ET Q q 0 0 0 rg BT 228.53 576.80 Td (our ) Tj ET Q q 0 0 0 rg BT 245.94 576.80 Td (ef) Tj ET Q q 0 0 0 rg BT 254.29 576.80 Td (fective ) Tj ET Q q 0 0 0 rg BT 286.96 576.80 Td (tax ) Tj ET Q q 0 0 0 rg BT 303.15 576.80 Td (rate ) Tj ET Q q 0 0 0 rg BT 322.38 576.80 Td (from ) Tj ET Q q 0 0 0 rg BT 346.52 576.80 Td (22.0 ) Tj ET Q q 0 0 0 rg BT 368.52 576.80 Td (percent ) Tj ET Q q 0 0 0 rg BT 403.63 576.80 Td (to ) Tj ET Q q 0 0 0 rg BT 414.94 576.80 Td (57.9 ) Tj ET Q q 0 0 0 rg BT 436.94 576.80 Td (percent. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 550.40 Td (This ) Tj ET Q q 0 0 0 rg BT 72.26 550.40 Td (provisional ) Tj ET Q q 0 0 0 rg BT 124.96 550.40 Td (amount ) Tj ET Q q 0 0 0 rg BT 161.16 550.40 Td (primarily ) Tj ET Q q 0 0 0 rg BT 205.30 550.40 Td (consists ) Tj ET Q q 0 0 0 rg BT 243.34 550.40 Td (of ) Tj ET Q q 0 0 0 rg BT 255.71 550.40 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 271.74 550.40 Td ($15.0 ) Tj ET Q q 0 0 0 rg BT 299.70 550.40 Td (million ) Tj ET Q q 0 0 0 rg BT 334.68 550.40 Td (related ) Tj ET Q q 0 0 0 rg BT 367.81 550.40 Td (to ) Tj ET Q q 0 0 0 rg BT 379.57 550.40 Td (the ) Tj ET Q q 0 0 0 rg BT 396.21 550.40 Td (re-measurement ) Tj ET Q q 0 0 0 rg BT 470.27 550.40 Td (of ) Tj ET Q q 0 0 0 rg BT 482.64 550.40 Td (the ) Tj ET Q q 0 0 0 rg BT 499.28 550.40 Td (company's ) Tj ET Q q 0 0 0 rg BT 549.07 550.40 Td (net ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 537.20 Td (deferred ) Tj ET Q q 0 0 0 rg BT 87.95 537.20 Td (tax ) Tj ET Q q 0 0 0 rg BT 103.20 537.20 Td (assets ) Tj ET Q q 0 0 0 rg BT 130.67 537.20 Td (at ) Tj ET Q q 0 0 0 rg BT 140.42 537.20 Td (the ) Tj ET Q q 0 0 0 rg BT 155.67 537.20 Td (new ) Tj ET Q q 0 0 0 rg BT 175.81 537.20 Td (corporate ) Tj ET Q q 0 0 0 rg BT 219.15 537.20 Td (income ) Tj ET Q q 0 0 0 rg BT 253.34 537.20 Td (tax ) Tj ET Q q 0 0 0 rg BT 268.59 537.20 Td (rate ) Tj ET Q q 0 0 0 rg BT 286.88 537.20 Td (of ) Tj ET Q q 0 0 0 rg BT 297.86 537.20 Td (21 ) Tj ET Q q 0 0 0 rg BT 310.67 537.20 Td (percent; ) Tj ET Q q 0 0 0 rg BT 347.90 537.20 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 362.54 537.20 Td ($49.9 ) Tj ET Q q 0 0 0 rg BT 389.10 537.20 Td (million ) Tj ET Q q 0 0 0 rg BT 422.70 537.20 Td (related ) Tj ET Q q 0 0 0 rg BT 454.43 537.20 Td (to ) Tj ET Q q 0 0 0 rg BT 464.80 537.20 Td (the ) Tj ET Q q 0 0 0 rg BT 480.05 537.20 Td (one-time ) Tj ET Q q 0 0 0 rg BT 520.96 537.20 Td (transition ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 524.00 Td (tax; ) Tj ET Q q 0 0 0 rg BT 70.44 524.00 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 87.72 524.00 Td ($23.7 ) Tj ET Q q 0 0 0 rg BT 116.91 524.00 Td (million ) Tj ET Q q 0 0 0 rg BT 153.14 524.00 Td (of ) Tj ET Q q 0 0 0 rg BT 166.75 524.00 Td (additional ) Tj ET Q q 0 0 0 rg BT 215.19 524.00 Td (deferred ) Tj ET Q q 0 0 0 rg BT 256.27 524.00 Td (tax ) Tj ET Q q 0 0 0 rg BT 274.16 524.00 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 319.55 524.00 Td (for ) Tj ET Q q 0 0 0 rg BT 336.82 524.00 Td (estimated ) Tj ET Q q 0 0 0 rg BT 383.42 524.00 Td (withholding ) Tj ET Q q 0 0 0 rg BT 441.04 524.00 Td (taxes ) Tj ET Q q 0 0 0 rg BT 468.09 524.00 Td (on ) Tj ET Q q 0 0 0 rg BT 483.53 524.00 Td (future ) Tj ET Q q 0 0 0 rg BT 514.25 524.00 Td (anticipated ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 510.80 Td (repatriations ) Tj ET Q q 0 0 0 rg BT 107.53 510.80 Td (of ) Tj ET Q q 0 0 0 rg BT 119.74 510.80 Td (foreign ) Tj ET Q q 0 0 0 rg BT 154.55 510.80 Td (earnings; ) Tj ET Q q 0 0 0 rg BT 197.92 510.80 Td (and ) Tj ET Q q 0 0 0 rg BT 216.86 510.80 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 232.73 510.80 Td ($7.0 ) Tj ET Q q 0 0 0 rg BT 255.03 510.80 Td (million ) Tj ET Q q 0 0 0 rg BT 289.86 510.80 Td (related ) Tj ET Q q 0 0 0 rg BT 322.83 510.80 Td (to ) Tj ET Q q 0 0 0 rg BT 334.44 510.80 Td (the ) Tj ET Q q 0 0 0 rg BT 350.93 510.80 Td (disallowance ) Tj ET Q q 0 0 0 rg BT 411.40 510.80 Td (of ) Tj ET Q q 0 0 0 rg BT 423.61 510.80 Td (foreign ) Tj ET Q q 0 0 0 rg BT 458.42 510.80 Td (tax ) Tj ET Q q 0 0 0 rg BT 474.91 510.80 Td (credits. ) Tj ET Q q 0 0 0 rg BT 509.36 510.80 Td (An ) Tj ET Q q 0 0 0 rg BT 525.85 510.80 Td (estimate ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 497.60 Td (has ) Tj ET Q q 0 0 0 rg BT 66.49 497.60 Td (not ) Tj ET Q q 0 0 0 rg BT 82.87 497.60 Td (been ) Tj ET Q q 0 0 0 rg BT 105.96 497.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 146.75 497.60 Td (related ) Tj ET Q q 0 0 0 rg BT 179.00 497.60 Td (to ) Tj ET Q q 0 0 0 rg BT 189.88 497.60 Td (the ) Tj ET Q q 0 0 0 rg BT 205.64 497.60 Td (new ) Tj ET Q q 0 0 0 rg BT 226.29 497.60 Td (GIL) Tj ET Q q 0 0 0 rg BT 243.61 497.60 Td (TI ) Tj ET Q q 0 0 0 rg BT 256.32 497.60 Td (tax ) Tj ET Q q 0 0 0 rg BT 272.08 497.60 Td (under ) Tj ET Q q 0 0 0 rg BT 299.45 497.60 Td (the ) Tj ET Q q 0 0 0 rg BT 315.04 497.60 Td (TCJA) Tj ET Q q 0 0 0 rg BT 340.72 497.60 Td ( ) Tj ET Q q 0 0 0 rg BT 343.04 497.60 Td (because ) Tj ET Q q 0 0 0 rg BT 380.18 497.60 Td (of ) Tj ET Q q 0 0 0 rg BT 391.66 497.60 Td (the ) Tj ET Q q 0 0 0 rg BT 407.43 497.60 Td (complexity ) Tj ET Q q 0 0 0 rg BT 459.24 497.60 Td (of ) Tj ET Q q 0 0 0 rg BT 470.73 497.60 Td (the ) Tj ET Q q 0 0 0 rg BT 486.49 497.60 Td (new ) Tj ET Q q 0 0 0 rg BT 507.14 497.60 Td (tax ) Tj ET Q q 0 0 0 rg BT 522.90 497.60 Td (rules ) Tj ET Q q 0 0 0 rg BT 546.61 497.60 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 484.40 Td (the ) Tj ET Q q 0 0 0 rg BT 65.69 484.40 Td (lack ) Tj ET Q q 0 0 0 rg BT 86.76 484.40 Td (of ) Tj ET Q q 0 0 0 rg BT 98.67 484.40 Td (clarity ) Tj ET Q q 0 0 0 rg BT 129.52 484.40 Td (surrounding ) Tj ET Q q 0 0 0 rg BT 185.43 484.40 Td (the ) Tj ET Q q 0 0 0 rg BT 201.62 484.40 Td (application ) Tj ET Q q 0 0 0 rg BT 253.24 484.40 Td (of ) Tj ET Q q 0 0 0 rg BT 265.15 484.40 Td (the ) Tj ET Q q 0 0 0 rg BT 281.34 484.40 Td (relevant ) Tj ET Q q 0 0 0 rg BT 319.52 484.40 Td (accounting ) Tj ET Q q 0 0 0 rg BT 370.52 484.40 Td (guidance.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 458.00 Td (The ) Tj ET Q q 0 0 0 rg BT 68.15 458.00 Td (company's ) Tj ET Q q 0 0 0 rg BT 116.28 458.00 Td (accounting ) Tj ET Q q 0 0 0 rg BT 166.09 458.00 Td (for ) Tj ET Q q 0 0 0 rg BT 180.46 458.00 Td (these ) Tj ET Q q 0 0 0 rg BT 204.61 458.00 Td (elements ) Tj ET Q q 0 0 0 rg BT 245.26 458.00 Td (is ) Tj ET Q q 0 0 0 rg BT 254.14 458.00 Td (provisional ) Tj ET Q q 0 0 0 rg BT 305.19 458.00 Td (and ) Tj ET Q q 0 0 0 rg BT 322.62 458.00 Td (based ) Tj ET Q q 0 0 0 rg BT 349.21 458.00 Td (upon ) Tj ET Q q 0 0 0 rg BT 372.76 458.00 Td (our ) Tj ET Q q 0 0 0 rg BT 388.97 458.00 Td (present ) Tj ET Q q 0 0 0 rg BT 422.28 458.00 Td (interpretations, ) Tj ET Q q 0 0 0 rg BT 490.12 458.00 Td (current ) Tj ET Q q 0 0 0 rg BT 522.81 458.00 Td (available ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 444.80 Td (information ) Tj ET Q q 0 0 0 rg BT 103.86 444.80 Td (and ) Tj ET Q q 0 0 0 rg BT 122.16 444.80 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 171.61 444.80 Td (estimates ) Tj ET Q q 0 0 0 rg BT 214.97 444.80 Td (of ) Tj ET Q q 0 0 0 rg BT 226.55 444.80 Td (the ) Tj ET Q q 0 0 0 rg BT 242.41 444.80 Td (ef) Tj ET Q q 0 0 0 rg BT 250.76 444.80 Td (fects ) Tj ET Q q 0 0 0 rg BT 273.95 444.80 Td (of ) Tj ET Q q 0 0 0 rg BT 285.53 444.80 Td (the ) Tj ET Q q 0 0 0 rg BT 301.22 444.80 Td (TCJA, ) Tj ET Q q 0 0 0 rg BT 332.67 444.80 Td (and ) Tj ET Q q 0 0 0 rg BT 350.98 444.80 Td (these ) Tj ET Q q 0 0 0 rg BT 376.00 444.80 Td (estimates ) Tj ET Q q 0 0 0 rg BT 419.36 444.80 Td (are ) Tj ET Q q 0 0 0 rg BT 435.21 444.80 Td (subject ) Tj ET Q q 0 0 0 rg BT 468.79 444.80 Td (to ) Tj ET Q q 0 0 0 rg BT 479.76 444.80 Td (further ) Tj ET Q q 0 0 0 rg BT 512.11 444.80 Td (refinement, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 431.60 Td (possibly ) Tj ET Q q 0 0 0 rg BT 89.28 431.60 Td (materially) Tj ET Q q 0 0 0 rg BT 133.15 431.60 Td (, ) Tj ET Q q 0 0 0 rg BT 139.01 431.60 Td (as ) Tj ET Q q 0 0 0 rg BT 151.27 431.60 Td (additional ) Tj ET Q q 0 0 0 rg BT 198.36 431.60 Td (information ) Tj ET Q q 0 0 0 rg BT 253.40 431.60 Td (becomes ) Tj ET Q q 0 0 0 rg BT 294.99 431.60 Td (available. ) Tj ET Q q 0 0 0 rg BT 340.54 431.60 Td (Our ) Tj ET Q q 0 0 0 rg BT 360.75 431.60 Td (2018 ) Tj ET Q q 0 0 0 rg BT 385.85 431.60 Td (ef) Tj ET Q q 0 0 0 rg BT 394.20 431.60 Td (fective ) Tj ET Q q 0 0 0 rg BT 427.22 431.60 Td (tax ) Tj ET Q q 0 0 0 rg BT 443.77 431.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 463.35 431.60 Td (of ) Tj ET Q q 0 0 0 rg BT 475.62 431.60 Td (22 ) Tj ET Q q 0 0 0 rg BT 489.72 431.60 Td (percent ) Tj ET Q q 0 0 0 rg BT 525.19 431.60 Td (does ) Tj ET Q q 0 0 0 rg BT 548.46 431.60 Td (not ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 418.40 Td (incorporate ) Tj ET Q q 0 0 0 rg BT 102.34 418.40 Td (any ) Tj ET Q q 0 0 0 rg BT 120.97 418.40 Td (of ) Tj ET Q q 0 0 0 rg BT 132.88 418.40 Td (these ) Tj ET Q q 0 0 0 rg BT 158.23 418.40 Td (potential ) Tj ET Q q 0 0 0 rg BT 199.47 418.40 Td (ef) Tj ET Q q 0 0 0 rg BT 207.82 418.40 Td (fects.) 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 49.5 390.278564453125 m 134.75537109375 390.278564453125 l s q 0 0 0 rg BT 49.50 392.00 Td (Capital ) Tj ET Q q 0 0 0 rg BT 86.48 392.00 Td (Allocation) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 365.60 Td (In ) Tj ET Q q 0 0 0 rg BT 61.71 365.60 Td (light ) Tj ET Q q 0 0 0 rg BT 84.93 365.60 Td (of ) Tj ET Q q 0 0 0 rg BT 97.14 365.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 141.71 365.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 164.30 365.60 Td (balances, ) Tj ET Q q 0 0 0 rg BT 207.97 365.60 Td (strong ) Tj ET Q q 0 0 0 rg BT 238.51 365.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 261.11 365.60 Td (flow ) Tj ET Q q 0 0 0 rg BT 284.32 365.60 Td (generation ) Tj ET Q q 0 0 0 rg BT 333.79 365.60 Td (in ) Tj ET Q q 0 0 0 rg BT 345.39 365.60 Td (2017, ) Tj ET Q q 0 0 0 rg BT 373.19 365.60 Td (and ) Tj ET Q q 0 0 0 rg BT 392.11 365.60 Td (our ) Tj ET Q q 0 0 0 rg BT 409.82 365.60 Td (expectation ) Tj ET Q q 0 0 0 rg BT 463.57 365.60 Td (under ) Tj ET Q q 0 0 0 rg BT 491.66 365.60 Td (revised ) Tj ET Q q 0 0 0 rg BT 526.47 365.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 549.08 365.60 Td (tax ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 352.40 Td (laws ) Tj ET Q q 0 0 0 rg BT 72.88 352.40 Td (to ) Tj ET Q q 0 0 0 rg BT 84.65 352.40 Td (repatriate ) Tj ET Q q 0 0 0 rg BT 129.40 352.40 Td (certain ) Tj ET Q q 0 0 0 rg BT 162.53 352.40 Td (cash ) Tj ET Q q 0 0 0 rg BT 185.30 352.40 Td (balances ) Tj ET Q q 0 0 0 rg BT 226.38 352.40 Td (currently ) Tj ET Q q 0 0 0 rg BT 269.30 352.40 Td (held ) Tj ET Q q 0 0 0 rg BT 291.46 352.40 Td (in ) Tj ET Q q 0 0 0 rg BT 303.23 352.40 Td (foreign ) Tj ET Q q 0 0 0 rg BT 338.21 352.40 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 395.82 352.40 Td (, ) Tj ET Q q 0 0 0 rg BT 401.78 352.40 Td (the ) Tj ET Q q 0 0 0 rg BT 418.44 352.40 Td (company ) Tj ET Q q 0 0 0 rg BT 461.98 352.40 Td (is ) Tj ET Q q 0 0 0 rg BT 472.53 352.40 Td (providing ) Tj ET Q q 0 0 0 rg BT 518.53 352.40 Td (additional ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 339.20 Td (insight ) Tj ET Q q 0 0 0 rg BT 82.20 339.20 Td (into ) Tj ET Q q 0 0 0 rg BT 102.06 339.20 Td (its ) Tj ET Q q 0 0 0 rg BT 115.20 339.20 Td (priorities ) Tj ET Q q 0 0 0 rg BT 157.67 339.20 Td (for ) Tj ET Q q 0 0 0 rg BT 173.24 339.20 Td (use ) Tj ET Q q 0 0 0 rg BT 190.66 339.20 Td (of ) Tj ET Q q 0 0 0 rg BT 202.57 339.20 Td (cash. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 312.80 Td (First ) Tj ET Q q 0 0 0 rg BT 71.69 312.80 Td (and ) Tj ET Q q 0 0 0 rg BT 89.60 312.80 Td (foremost, ) Tj ET Q q 0 0 0 rg BT 133.47 312.80 Td (the ) Tj ET Q q 0 0 0 rg BT 148.92 312.80 Td (company ) Tj ET Q q 0 0 0 rg BT 191.26 312.80 Td (remains ) Tj ET Q q 0 0 0 rg BT 228.10 312.80 Td (committed ) Tj ET Q q 0 0 0 rg BT 277.17 312.80 Td (to ) Tj ET Q q 0 0 0 rg BT 287.75 312.80 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 342.31 312.80 Td (a ) Tj ET Q q 0 0 0 rg BT 349.21 312.80 Td (strong ) Tj ET Q q 0 0 0 rg BT 378.73 312.80 Td (balance ) Tj ET Q q 0 0 0 rg BT 414.34 312.80 Td (sheet ) Tj ET Q q 0 0 0 rg BT 438.96 312.80 Td (while ) Tj ET Q q 0 0 0 rg BT 465.42 312.80 Td (utilizing ) Tj ET Q q 0 0 0 rg BT 504.10 312.80 Td (cash ) Tj ET Q q 0 0 0 rg BT 525.66 312.80 Td (to ) Tj ET Q q 0 0 0 rg BT 536.24 312.80 Td (invest ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 299.60 Td (in ) Tj ET Q q 0 0 0 rg BT 60.21 299.60 Td (growth ) Tj ET Q q 0 0 0 rg BT 93.52 299.60 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 153.72 299.60 Td (for ) Tj ET Q q 0 0 0 rg BT 168.70 299.60 Td (the ) Tj ET Q q 0 0 0 rg BT 184.29 299.60 Td (business. ) Tj ET Q q 0 0 0 rg BT 226.32 299.60 Td (W) Tj ET Q q 0 0 0 rg BT 235.82 299.60 Td (e ) Tj ET Q q 0 0 0 rg BT 242.85 299.60 Td (continue ) Tj ET Q q 0 0 0 rg BT 282.88 299.60 Td (to ) Tj ET Q q 0 0 0 rg BT 293.59 299.60 Td (believe ) Tj ET Q q 0 0 0 rg BT 327.50 299.60 Td (that ) Tj ET Q q 0 0 0 rg BT 346.15 299.60 Td (the ) Tj ET Q q 0 0 0 rg BT 361.74 299.60 Td (lowest ) Tj ET Q q 0 0 0 rg BT 392.61 299.60 Td (risk ) Tj ET Q q 0 0 0 rg BT 411.26 299.60 Td (and ) Tj ET Q q 0 0 0 rg BT 429.29 299.60 Td (highest ) Tj ET Q q 0 0 0 rg BT 463.22 299.60 Td (return ) Tj ET Q q 0 0 0 rg BT 491.63 299.60 Td (for ) Tj ET Q q 0 0 0 rg BT 506.61 299.60 Td (the ) Tj ET Q q 0 0 0 rg BT 522.20 299.60 Td (company ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 286.40 Td (is ) Tj ET Q q 0 0 0 rg BT 58.99 286.40 Td (to ) Tj ET Q q 0 0 0 rg BT 69.69 286.40 Td (remain ) Tj ET Q q 0 0 0 rg BT 102.38 286.40 Td (focused ) Tj ET Q q 0 0 0 rg BT 138.74 286.40 Td (on ) Tj ET Q q 0 0 0 rg BT 151.88 286.40 Td (improving ) Tj ET Q q 0 0 0 rg BT 199.86 286.40 Td (results ) Tj ET Q q 0 0 0 rg BT 230.73 286.40 Td (in ) Tj ET Q q 0 0 0 rg BT 241.44 286.40 Td (the ) Tj ET Q q 0 0 0 rg BT 257.02 286.40 Td (assets ) Tj ET Q q 0 0 0 rg BT 284.83 286.40 Td (that ) Tj ET Q q 0 0 0 rg BT 303.48 286.40 Td (we ) Tj ET Q q 0 0 0 rg BT 318.45 286.40 Td (already ) Tj ET Q q 0 0 0 rg BT 352.97 286.40 Td (own. ) Tj ET Q q 0 0 0 rg BT 376.65 286.40 Td (W) Tj ET Q q 0 0 0 rg BT 386.16 286.40 Td (e ) Tj ET Q q 0 0 0 rg BT 393.19 286.40 Td (will ) Tj ET Q q 0 0 0 rg BT 412.45 286.40 Td (also ) Tj ET Q q 0 0 0 rg BT 432.31 286.40 Td (look ) Tj ET Q q 0 0 0 rg BT 454.02 286.40 Td (to ) Tj ET Q q 0 0 0 rg BT 464.72 286.40 Td (return ) Tj ET Q q 0 0 0 rg BT 493.14 286.40 Td (40 ) Tj ET Q q 0 0 0 rg BT 506.29 286.40 Td (to ) Tj ET Q q 0 0 0 rg BT 516.99 286.40 Td (60 ) Tj ET Q q 0 0 0 rg BT 530.14 286.40 Td (percent ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 273.20 Td (of ) Tj ET Q q 0 0 0 rg BT 61.21 273.20 Td (free ) Tj ET Q q 0 0 0 rg BT 80.85 273.20 Td (cash ) Tj ET Q q 0 0 0 rg BT 102.95 273.20 Td (flow) Tj ET Q q 0 0 0 rg BT 122.39 273.20 Td (, ) Tj ET Q q 0 0 0 rg BT 127.69 273.20 Td (defined ) Tj ET Q q 0 0 0 rg BT 163.23 273.20 Td (as ) Tj ET Q q 0 0 0 rg BT 174.94 273.20 Td (operating ) Tj ET Q q 0 0 0 rg BT 219.03 273.20 Td (cash ) Tj ET Q q 0 0 0 rg BT 241.12 273.20 Td (flow ) Tj ET Q q 0 0 0 rg BT 263.83 273.20 Td (less ) Tj ET Q q 0 0 0 rg BT 282.88 273.20 Td (capital ) Tj ET Q q 0 0 0 rg BT 314.75 273.20 Td (expenditures, ) Tj ET Q q 0 0 0 rg BT 376.25 273.20 Td (to ) Tj ET Q q 0 0 0 rg BT 387.35 273.20 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 445.49 273.20 Td (by ) Tj ET Q q 0 0 0 rg BT 459.04 273.20 Td (increasing ) Tj ET Q q 0 0 0 rg BT 506.79 273.20 Td (our ) Tj ET Q q 0 0 0 rg BT 524.01 273.20 Td (dividend ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 260.00 Td (when ) Tj ET Q q 0 0 0 rg BT 75.58 260.00 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 127.92 260.00 Td (and ) Tj ET Q q 0 0 0 rg BT 146.05 260.00 Td (repurchasing ) Tj ET Q q 0 0 0 rg BT 205.11 260.00 Td (shares ) Tj ET Q q 0 0 0 rg BT 234.85 260.00 Td (in ) Tj ET Q q 0 0 0 rg BT 245.66 260.00 Td (the ) Tj ET Q q 0 0 0 rg BT 261.35 260.00 Td (marketplace. ) Tj ET Q q 0 0 0 rg BT 320.10 260.00 Td (Finally) Tj ET Q q 0 0 0 rg BT 350.55 260.00 Td (, ) Tj ET Q q 0 0 0 rg BT 355.55 260.00 Td (we ) Tj ET Q q 0 0 0 rg BT 370.63 260.00 Td (have ) Tj ET Q q 0 0 0 rg BT 393.65 260.00 Td (demonstrated ) Tj ET Q q 0 0 0 rg BT 455.16 260.00 Td (the ) Tj ET Q q 0 0 0 rg BT 470.85 260.00 Td (capacity ) Tj ET Q q 0 0 0 rg BT 509.74 260.00 Td (to ) Tj ET Q q 0 0 0 rg BT 520.55 260.00 Td (make ) Tj ET Q q 0 0 0 rg BT 546.62 260.00 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 246.80 Td (integrate ) Tj ET Q q 0 0 0 rg BT 90.73 246.80 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 146.03 246.80 Td (as ) Tj ET Q q 0 0 0 rg BT 157.94 246.80 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 218.74 246.80 Td (arise.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 220.40 Td (W) Tj ET Q q 0 0 0 rg BT 59.44 220.40 Td (ith ) Tj ET Q q 0 0 0 rg BT 74.13 220.40 Td (the ) Tj ET Q q 0 0 0 rg BT 90.63 220.40 Td (combination ) Tj ET Q q 0 0 0 rg BT 148.69 220.40 Td (of ) Tj ET Q q 0 0 0 rg BT 160.93 220.40 Td (dividend ) Tj ET Q q 0 0 0 rg BT 202.49 220.40 Td (payouts ) Tj ET Q q 0 0 0 rg BT 239.78 220.40 Td (and ) Tj ET Q q 0 0 0 rg BT 258.74 220.40 Td (share ) Tj ET Q q 0 0 0 rg BT 285.02 220.40 Td (repurchases, ) Tj ET Q q 0 0 0 rg BT 342.75 220.40 Td (we ) Tj ET Q q 0 0 0 rg BT 358.65 220.40 Td (returned ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 398.37 220.40 Td ($86.5 ) Tj ET Q q 0 0 0 rg BT 426.19 220.40 Td (million) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 457.97 220.40 Td ( ) Tj ET Q q 0 0 0 rg BT 461.04 220.40 Td (in ) Tj ET Q q 0 0 0 rg BT 472.67 220.40 Td (cash ) Tj ET Q q 0 0 0 rg BT 495.28 220.40 Td (to ) Tj ET Q q 0 0 0 rg BT 506.91 220.40 Td (shareholders ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 207.20 Td (in ) Tj ET Q q 0 0 0 rg BT 60.81 207.20 Td (2017, ) Tj ET Q q 0 0 0 rg BT 88.31 207.20 Td (representing ) Tj ET Q q 0 0 0 rg BT 145.42 207.20 Td (30 ) Tj ET Q q 0 0 0 rg BT 159.17 207.20 Td (percent ) Tj ET Q q 0 0 0 rg BT 194.29 207.20 Td (of ) Tj ET Q q 0 0 0 rg BT 206.20 207.20 Td (free ) Tj ET Q q 0 0 0 rg BT 226.04 207.20 Td (cash ) Tj ET Q q 0 0 0 rg BT 248.34 207.20 Td (flow) Tj ET Q q 0 0 0 rg BT 267.79 207.20 Td (. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 180.80 Td (The ) Tj ET Q q 0 0 0 rg BT 69.89 180.80 Td (board ) Tj ET Q q 0 0 0 rg BT 98.22 180.80 Td (has ) Tj ET Q q 0 0 0 rg BT 116.16 180.80 Td (approved ) Tj ET Q q 0 0 0 rg BT 160.38 180.80 Td (an ) Tj ET Q q 0 0 0 rg BT 174.04 180.80 Td (increase ) Tj ET Q q 0 0 0 rg BT 213.36 180.80 Td (in ) Tj ET Q q 0 0 0 rg BT 225.20 180.80 Td (the ) Tj ET Q q 0 0 0 rg BT 241.92 180.80 Td (company) Tj ET Q q 0 0 0 rg BT 285.30 180.80 Td (s ) Tj ET Q q 0 0 0 rg BT 292.86 180.80 Td (regular ) Tj ET Q q 0 0 0 rg BT 327.30 180.80 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 370.28 180.80 Td (dividend ) Tj ET Q q 0 0 0 rg BT 412.06 180.80 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 423.90 180.80 Td ($0.22) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 448.65 180.80 Td ( ) Tj ET Q q 0 0 0 rg BT 451.94 180.80 Td (per ) Tj ET Q q 0 0 0 rg BT 469.27 180.80 Td (share ) Tj ET Q q 0 0 0 rg BT 495.76 180.80 Td (from ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 520.43 180.80 Td ($0.19) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 545.18 180.80 Td ( ) Tj ET Q q 0 0 0 rg BT 548.46 180.80 Td (per ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 167.60 Td (share, ) Tj ET Q q 0 0 0 rg BT 78.21 167.60 Td (representing ) Tj ET Q q 0 0 0 rg BT 135.32 167.60 Td (a ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 142.96 167.60 Td (16 ) Tj ET Q q 0 0 0 rg BT 156.71 167.60 Td (percent) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 189.07 167.60 Td ( ) Tj ET Q q 0 0 0 rg BT 191.82 167.60 Td (increase ) Tj ET Q q 0 0 0 rg BT 230.60 167.60 Td (in ) Tj ET Q q 0 0 0 rg BT 241.91 167.60 Td (the ) Tj ET Q q 0 0 0 rg BT 258.10 167.60 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 300.55 167.60 Td (dividend.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 141.20 Td (As ) Tj ET Q q 0 0 0 rg BT 66.10 141.20 Td (of ) Tj ET Q q 0 0 0 rg BT 79.64 141.20 Td (December ) Tj ET Q q 0 0 0 rg BT 129.21 141.20 Td (31, ) Tj ET Q q 0 0 0 rg BT 147.33 141.20 Td (2017, ) Tj ET Q q 0 0 0 rg BT 176.46 141.20 Td (approximately ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 244.37 141.20 Td ($137.9) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 274.62 141.20 Td ( ) Tj ET Q q 0 0 0 rg BT 278.99 141.20 Td (million ) Tj ET Q q 0 0 0 rg BT 315.15 141.20 Td (remained ) Tj ET Q q 0 0 0 rg BT 360.45 141.20 Td (available ) Tj ET Q q 0 0 0 rg BT 404.52 141.20 Td (under ) Tj ET Q q 0 0 0 rg BT 433.94 141.20 Td (the ) Tj ET Q q 0 0 0 rg BT 451.76 141.20 Td (current ) Tj ET Q q 0 0 0 rg BT 487.28 141.20 Td (share ) Tj ET Q q 0 0 0 rg BT 514.86 141.20 Td (repurchase ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 128.00 Td (authorization, ) Tj ET Q q 0 0 0 rg BT 112.70 128.00 Td (which ) Tj ET Q q 0 0 0 rg BT 142.01 128.00 Td (does ) Tj ET Q q 0 0 0 rg BT 164.59 128.00 Td (not ) Tj ET Q q 0 0 0 rg BT 181.07 128.00 Td (obligate ) Tj ET Q q 0 0 0 rg BT 218.92 128.00 Td (the ) Tj ET Q q 0 0 0 rg BT 234.78 128.00 Td (company ) Tj ET Q q 0 0 0 rg BT 277.52 128.00 Td (to ) Tj ET Q q 0 0 0 rg BT 288.49 128.00 Td (acquire ) Tj ET Q q 0 0 0 rg BT 323.28 128.00 Td (any ) Tj ET Q q 0 0 0 rg BT 341.58 128.00 Td (specific ) Tj ET Q q 0 0 0 rg BT 378.21 128.00 Td (number ) Tj ET Q q 0 0 0 rg BT 414.23 128.00 Td (of ) Tj ET Q q 0 0 0 rg BT 425.81 128.00 Td (shares ) Tj ET Q q 0 0 0 rg BT 455.72 128.00 Td (or ) Tj ET Q q 0 0 0 rg BT 467.30 128.00 Td (to ) Tj ET Q q 0 0 0 rg BT 478.28 128.00 Td (acquire ) Tj ET Q q 0 0 0 rg BT 513.06 128.00 Td (shares ) Tj ET Q q 0 0 0 rg BT 542.97 128.00 Td (over ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 114.80 Td (any ) Tj ET Q q 0 0 0 rg BT 68.13 114.80 Td (specified ) Tj ET Q q 0 0 0 rg BT 110.59 114.80 Td (period ) Tj ET Q q 0 0 0 rg BT 141.44 114.80 Td (of ) Tj ET Q q 0 0 0 rg BT 153.35 114.80 Td (time.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 88.40 Td (As ) Tj ET Q q 0 0 0 rg BT 64.34 88.40 Td (a ) Tj ET Q q 0 0 0 rg BT 71.84 88.40 Td (result ) Tj ET Q q 0 0 0 rg BT 98.90 88.40 Td (of ) Tj ET Q q 0 0 0 rg BT 110.68 88.40 Td (the ) Tj ET Q q 0 0 0 rg BT 126.55 88.40 Td (TCJA, ) Tj ET Q q 0 0 0 rg BT 158.20 88.40 Td (we ) Tj ET Q q 0 0 0 rg BT 173.65 88.40 Td (also ) Tj ET Q q 0 0 0 rg BT 193.98 88.40 Td (intend ) Tj ET Q q 0 0 0 rg BT 224.10 88.40 Td (to ) Tj ET Q q 0 0 0 rg BT 235.27 88.40 Td (repatriate ) Tj ET Q q 0 0 0 rg BT 279.41 88.40 Td (approximately ) Tj ET Q q 0 0 0 rg BT 345.57 88.40 Td ($200 ) Tj ET Q q 0 0 0 rg BT 370.19 88.40 Td (million ) Tj ET Q q 0 0 0 rg BT 404.58 88.40 Td (of ) Tj ET Q q 0 0 0 rg BT 416.37 88.40 Td (foreign ) Tj ET Q q 0 0 0 rg BT 450.75 88.40 Td (cash ) Tj ET Q q 0 0 0 rg BT 472.91 88.40 Td (in ) Tj ET Q q 0 0 0 rg BT 484.09 88.40 Td (2018, ) Tj ET Q q 0 0 0 rg BT 511.46 88.40 Td (a ) Tj ET Q q 0 0 0 rg BT 518.96 88.40 Td (portion ) Tj ET Q q 0 0 0 rg BT 553.35 88.40 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 75.20 Td (which ) Tj ET Q q 0 0 0 rg BT 79.13 75.20 Td (may ) Tj ET Q q 0 0 0 rg BT 100.82 75.20 Td (be ) Tj ET Q q 0 0 0 rg BT 113.95 75.20 Td (utilized ) Tj ET Q q 0 0 0 rg BT 149.69 75.20 Td (in ) Tj ET Q q 0 0 0 rg BT 161.00 75.20 Td (returning ) Tj ET Q q 0 0 0 rg BT 204.07 75.20 Td (cash ) Tj ET Q q 0 0 0 rg BT 226.36 75.20 Td (to ) Tj ET Q q 0 0 0 rg BT 237.67 75.20 Td (shareholders.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 62.00 Td ( ) Tj ET Q endstream endobj 31 0 obj <> endobj 32 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (15) 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 49.5 746.878564453125 m 221.24072265625 746.878564453125 l s q 0 0 0 rg BT 49.50 748.60 Td (Supplemental ) Tj ET Q q 0 0 0 rg BT 117.04 748.60 Td (Financial ) Tj ET Q q 0 0 0 rg BT 163.80 748.60 Td (Information) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 722.20 Td (Since ) Tj ET Q q 0 0 0 rg BT 76.55 722.20 Td (Columbia ) Tj ET Q q 0 0 0 rg BT 122.54 722.20 Td (Sportswear ) Tj ET Q q 0 0 0 rg BT 174.64 722.20 Td (Company ) Tj ET Q q 0 0 0 rg BT 220.03 722.20 Td (is ) Tj ET Q q 0 0 0 rg BT 229.97 722.20 Td (a ) Tj ET Q q 0 0 0 rg BT 237.46 722.20 Td (global ) Tj ET Q q 0 0 0 rg BT 267.57 722.20 Td (company) Tj ET Q q 0 0 0 rg BT 307.17 722.20 Td (, ) Tj ET Q q 0 0 0 rg BT 312.53 722.20 Td (the ) Tj ET Q q 0 0 0 rg BT 328.58 722.20 Td (comparability ) Tj ET Q q 0 0 0 rg BT 392.28 722.20 Td (of ) Tj ET Q q 0 0 0 rg BT 404.05 722.20 Td (its ) Tj ET Q q 0 0 0 rg BT 417.05 722.20 Td (operating ) Tj ET Q q 0 0 0 rg BT 461.20 722.20 Td (results ) Tj ET Q q 0 0 0 rg BT 492.53 722.20 Td (reported ) Tj ET Q q 0 0 0 rg BT 531.79 722.20 Td (in ) Tj ET Q q 0 0 0 rg BT 542.95 722.20 Td (U.S. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 709.00 Td (Dollars ) Tj ET Q q 0 0 0 rg BT 83.49 709.00 Td (is ) Tj ET Q q 0 0 0 rg BT 92.44 709.00 Td (af) Tj ET Q q 0 0 0 rg BT 100.79 709.00 Td (fected ) Tj ET Q q 0 0 0 rg BT 129.26 709.00 Td (by ) Tj ET Q q 0 0 0 rg BT 141.87 709.00 Td (foreign ) Tj ET Q q 0 0 0 rg BT 175.25 709.00 Td (currency ) Tj ET Q q 0 0 0 rg BT 215.33 709.00 Td (exchange ) Tj ET Q q 0 0 0 rg BT 258.47 709.00 Td (rate ) Tj ET Q q 0 0 0 rg BT 276.56 709.00 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 330.10 709.00 Td (because ) Tj ET Q q 0 0 0 rg BT 366.52 709.00 Td (the ) Tj ET Q q 0 0 0 rg BT 381.57 709.00 Td (underlying ) Tj ET Q q 0 0 0 rg BT 430.84 709.00 Td (currencies ) Tj ET Q q 0 0 0 rg BT 477.64 709.00 Td (in ) Tj ET Q q 0 0 0 rg BT 487.81 709.00 Td (which ) Tj ET Q q 0 0 0 rg BT 516.30 709.00 Td (it ) Tj ET Q q 0 0 0 rg BT 524.02 709.00 Td (transacts ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 695.80 Td (change ) Tj ET Q q 0 0 0 rg BT 83.66 695.80 Td (in ) Tj ET Q q 0 0 0 rg BT 95.23 695.80 Td (value ) Tj ET Q q 0 0 0 rg BT 122.06 695.80 Td (over ) Tj ET Q q 0 0 0 rg BT 144.62 695.80 Td (time ) Tj ET Q q 0 0 0 rg BT 167.18 695.80 Td (compared ) Tj ET Q q 0 0 0 rg BT 213.56 695.80 Td (to ) Tj ET Q q 0 0 0 rg BT 225.12 695.80 Td (the ) Tj ET Q q 0 0 0 rg BT 241.57 695.80 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 264.15 695.80 Td (Dollar) Tj ET Q q 0 0 0 rg BT 291.64 695.80 Td (. ) Tj ET Q q 0 0 0 rg BT 297.19 695.80 Td (T) Tj ET Q q 0 0 0 rg BT 303.14 695.80 Td (o ) Tj ET Q q 0 0 0 rg BT 311.65 695.80 Td (supplement ) Tj ET Q q 0 0 0 rg BT 365.38 695.80 Td (financial ) Tj ET Q q 0 0 0 rg BT 406.87 695.80 Td (information ) Tj ET Q q 0 0 0 rg BT 461.81 695.80 Td (reported ) Tj ET Q q 0 0 0 rg BT 501.47 695.80 Td (in ) Tj ET Q q 0 0 0 rg BT 513.04 695.80 Td (accordance ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 682.60 Td (with ) Tj ET Q q 0 0 0 rg BT 71.45 682.60 Td (GAAP) Tj ET Q q 0 0 0 rg BT 100.18 682.60 Td (, ) Tj ET Q q 0 0 0 rg BT 105.32 682.60 Td (the ) Tj ET Q q 0 0 0 rg BT 121.16 682.60 Td (company ) Tj ET Q q 0 0 0 rg BT 163.87 682.60 Td (discloses ) Tj ET Q q 0 0 0 rg BT 205.98 682.60 Td (constant-currency ) Tj ET Q q 0 0 0 rg BT 287.17 682.60 Td (net ) Tj ET Q q 0 0 0 rg BT 303.01 682.60 Td (sales ) Tj ET Q q 0 0 0 rg BT 326.78 682.60 Td (information, ) Tj ET Q q 0 0 0 rg BT 383.86 682.60 Td (which ) Tj ET Q q 0 0 0 rg BT 413.14 682.60 Td (is ) Tj ET Q q 0 0 0 rg BT 422.87 682.60 Td (a ) Tj ET Q q 0 0 0 rg BT 430.14 682.60 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 479.85 682.60 Td ( ) Tj ET Q q 0 0 0 rg BT 482.24 682.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 523.11 682.60 Td (measure, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 669.40 Td (to ) Tj ET Q q 0 0 0 rg BT 60.94 669.40 Td (provide ) Tj ET Q q 0 0 0 rg BT 97.43 669.40 Td (a ) Tj ET Q q 0 0 0 rg BT 105.20 669.40 Td (framework ) Tj ET Q q 0 0 0 rg BT 156.35 669.40 Td (to ) Tj ET Q q 0 0 0 rg BT 167.79 669.40 Td (assess ) Tj ET Q q 0 0 0 rg BT 197.57 669.40 Td (how ) Tj ET Q q 0 0 0 rg BT 219.40 669.40 Td (the ) Tj ET Q q 0 0 0 rg BT 235.73 669.40 Td (business ) Tj ET Q q 0 0 0 rg BT 275.89 669.40 Td (performed ) Tj ET Q q 0 0 0 rg BT 324.59 669.40 Td (excluding ) Tj ET Q q 0 0 0 rg BT 370.86 669.40 Td (the ) Tj ET Q q 0 0 0 rg BT 387.18 669.40 Td (ef) Tj ET Q q 0 0 0 rg BT 395.53 669.40 Td (fects ) Tj ET Q q 0 0 0 rg BT 419.18 669.40 Td (of ) Tj ET Q q 0 0 0 rg BT 431.24 669.40 Td (changes ) Tj ET Q q 0 0 0 rg BT 469.55 669.40 Td (in ) Tj ET Q q 0 0 0 rg BT 481.00 669.40 Td (the ) Tj ET Q q 0 0 0 rg BT 497.32 669.40 Td (exchange ) Tj ET Q q 0 0 0 rg BT 541.74 669.40 Td (rates ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 656.20 Td (used ) Tj ET Q q 0 0 0 rg BT 72.01 656.20 Td (to ) Tj ET Q q 0 0 0 rg BT 82.91 656.20 Td (translate ) Tj ET Q q 0 0 0 rg BT 122.51 656.20 Td (net ) Tj ET Q q 0 0 0 rg BT 138.30 656.20 Td (sales ) Tj ET Q q 0 0 0 rg BT 162.02 656.20 Td (generated ) Tj ET Q q 0 0 0 rg BT 207.12 656.20 Td (in ) Tj ET Q q 0 0 0 rg BT 218.02 656.20 Td (foreign ) Tj ET Q q 0 0 0 rg BT 252.13 656.20 Td (currencies ) Tj ET Q q 0 0 0 rg BT 299.66 656.20 Td (into ) Tj ET Q q 0 0 0 rg BT 319.12 656.20 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 341.03 656.20 Td (dollars. ) Tj ET Q q 0 0 0 rg BT 375.89 656.20 Td (The ) Tj ET Q q 0 0 0 rg BT 395.34 656.20 Td (company ) Tj ET Q q 0 0 0 rg BT 438.00 656.20 Td (calculates ) Tj ET Q q 0 0 0 rg BT 483.71 656.20 Td (constant-currency ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 643.00 Td (net ) Tj ET Q q 0 0 0 rg BT 65.34 643.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 89.13 643.00 Td (by ) Tj ET Q q 0 0 0 rg BT 102.54 643.00 Td (translating ) Tj ET Q q 0 0 0 rg BT 151.38 643.00 Td (net ) Tj ET Q q 0 0 0 rg BT 167.22 643.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 191.01 643.00 Td (in ) Tj ET Q q 0 0 0 rg BT 201.97 643.00 Td (foreign ) Tj ET Q q 0 0 0 rg BT 236.15 643.00 Td (currencies ) Tj ET Q q 0 0 0 rg BT 283.74 643.00 Td (for ) Tj ET Q q 0 0 0 rg BT 298.98 643.00 Td (the ) Tj ET Q q 0 0 0 rg BT 314.82 643.00 Td (current ) Tj ET Q q 0 0 0 rg BT 348.37 643.00 Td (period ) Tj ET Q q 0 0 0 rg BT 378.88 643.00 Td (into ) Tj ET Q q 0 0 0 rg BT 398.40 643.00 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 420.37 643.00 Td (dollars ) Tj ET Q q 0 0 0 rg BT 452.71 643.00 Td (at ) Tj ET Q q 0 0 0 rg BT 463.06 643.00 Td (the ) Tj ET Q q 0 0 0 rg BT 478.90 643.00 Td (exchange ) Tj ET Q q 0 0 0 rg BT 522.84 643.00 Td (rates ) Tj ET Q q 0 0 0 rg BT 546.01 643.00 Td (that ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 629.80 Td (were ) Tj ET Q q 0 0 0 rg BT 74.47 629.80 Td (in ) Tj ET Q q 0 0 0 rg BT 86.63 629.80 Td (ef) Tj ET Q q 0 0 0 rg BT 94.97 629.80 Td (fect ) Tj ET Q q 0 0 0 rg BT 115.06 629.80 Td (during ) Tj ET Q q 0 0 0 rg BT 147.38 629.80 Td (the ) Tj ET Q q 0 0 0 rg BT 164.42 629.80 Td (comparable ) Tj ET Q q 0 0 0 rg BT 219.32 629.80 Td (period ) Tj ET Q q 0 0 0 rg BT 251.02 629.80 Td (of ) Tj ET Q q 0 0 0 rg BT 263.79 629.80 Td (the ) Tj ET Q q 0 0 0 rg BT 280.82 629.80 Td (prior ) Tj ET Q q 0 0 0 rg BT 305.81 629.80 Td (year) Tj ET Q q 0 0 0 rg BT 324.13 629.80 Td (. ) Tj ET Q q 0 0 0 rg BT 330.48 629.80 Td (Management ) Tj ET Q q 0 0 0 rg BT 391.50 629.80 Td (believes ) Tj ET Q q 0 0 0 rg BT 431.14 629.80 Td (that ) Tj ET Q q 0 0 0 rg BT 451.24 629.80 Td (this ) Tj ET Q q 0 0 0 rg BT 470.73 629.80 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 520.43 629.80 Td ( ) Tj ET Q q 0 0 0 rg BT 524.03 629.80 Td (financial ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 616.60 Td (measure ) Tj ET Q q 0 0 0 rg BT 88.43 616.60 Td (reflects ) Tj ET Q q 0 0 0 rg BT 123.08 616.60 Td (an ) Tj ET Q q 0 0 0 rg BT 135.74 616.60 Td (additional ) Tj ET Q q 0 0 0 rg BT 182.02 616.60 Td (and ) Tj ET Q q 0 0 0 rg BT 200.18 616.60 Td (useful ) Tj ET Q q 0 0 0 rg BT 229.35 616.60 Td (way ) Tj ET Q q 0 0 0 rg BT 249.95 616.60 Td (of ) Tj ET Q q 0 0 0 rg BT 261.40 616.60 Td (viewing ) Tj ET Q q 0 0 0 rg BT 299.12 616.60 Td (an ) Tj ET Q q 0 0 0 rg BT 311.79 616.60 Td (aspect ) Tj ET Q q 0 0 0 rg BT 341.55 616.60 Td (of ) Tj ET Q q 0 0 0 rg BT 353.00 616.60 Td (our ) Tj ET Q q 0 0 0 rg BT 369.94 616.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 418.05 616.60 Td (that, ) Tj ET Q q 0 0 0 rg BT 439.58 616.60 Td (when ) Tj ET Q q 0 0 0 rg BT 465.68 616.60 Td (viewed ) Tj ET Q q 0 0 0 rg BT 499.73 616.60 Td (in ) Tj ET Q q 0 0 0 rg BT 510.57 616.60 Td (conjunction ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 603.40 Td (with ) Tj ET Q q 0 0 0 rg BT 72.01 603.40 Td (our ) Tj ET Q q 0 0 0 rg BT 89.63 603.40 Td (GAAP) Tj ET Q q 0 0 0 rg BT 119.17 603.40 Td ( ) Tj ET Q q 0 0 0 rg BT 122.13 603.40 Td (results, ) Tj ET Q q 0 0 0 rg BT 156.55 603.40 Td (provides ) Tj ET Q q 0 0 0 rg BT 197.39 603.40 Td (a ) Tj ET Q q 0 0 0 rg BT 205.23 603.40 Td (more ) Tj ET Q q 0 0 0 rg BT 230.78 603.40 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 300.33 603.40 Td (understanding ) Tj ET Q q 0 0 0 rg BT 365.60 603.40 Td (of ) Tj ET Q q 0 0 0 rg BT 377.72 603.40 Td (our ) Tj ET Q q 0 0 0 rg BT 395.34 603.40 Td (business ) Tj ET Q q 0 0 0 rg BT 435.58 603.40 Td (and ) Tj ET Q q 0 0 0 rg BT 454.41 603.40 Td (operations. ) Tj ET Q q 0 0 0 rg BT 505.94 603.40 Td (In ) Tj ET Q q 0 0 0 rg BT 518.06 603.40 Td (particular) Tj ET Q q 0 0 0 rg BT 559.76 603.40 Td (, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 590.20 Td (investors ) Tj ET Q q 0 0 0 rg BT 91.89 590.20 Td (may ) Tj ET Q q 0 0 0 rg BT 113.50 590.20 Td (find ) Tj ET Q q 0 0 0 rg BT 133.89 590.20 Td (the ) Tj ET Q q 0 0 0 rg BT 150.00 590.20 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 199.70 590.20 Td ( ) Tj ET Q q 0 0 0 rg BT 202.37 590.20 Td (measures ) Tj ET Q q 0 0 0 rg BT 245.97 590.20 Td (useful ) Tj ET Q q 0 0 0 rg BT 275.53 590.20 Td (by ) Tj ET Q q 0 0 0 rg BT 289.20 590.20 Td (reviewing ) Tj ET Q q 0 0 0 rg BT 335.85 590.20 Td (our ) Tj ET Q q 0 0 0 rg BT 353.19 590.20 Td (net ) Tj ET Q q 0 0 0 rg BT 369.29 590.20 Td (sales ) Tj ET Q q 0 0 0 rg BT 393.35 590.20 Td (results ) Tj ET Q q 0 0 0 rg BT 424.74 590.20 Td (without ) Tj ET Q q 0 0 0 rg BT 461.02 590.20 Td (the ) Tj ET Q q 0 0 0 rg BT 477.13 590.20 Td (volatility ) Tj ET Q q 0 0 0 rg BT 519.52 590.20 Td (in ) Tj ET Q q 0 0 0 rg BT 530.75 590.20 Td (foreign ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 577.00 Td (currency ) Tj ET Q q 0 0 0 rg BT 91.38 577.00 Td (exchange ) Tj ET Q q 0 0 0 rg BT 136.31 577.00 Td (rates. ) Tj ET Q q 0 0 0 rg BT 165.73 577.00 Td (This ) Tj ET Q q 0 0 0 rg BT 188.69 577.00 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 238.39 577.00 Td ( ) Tj ET Q q 0 0 0 rg BT 241.80 577.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 283.68 577.00 Td (measure ) Tj ET Q q 0 0 0 rg BT 323.73 577.00 Td (also ) Tj ET Q q 0 0 0 rg BT 344.85 577.00 Td (facilitates ) Tj ET Q q 0 0 0 rg BT 391.01 577.00 Td (management) Tj ET Q q 0 0 0 rg BT 450.26 577.00 Td (s ) Tj ET Q q 0 0 0 rg BT 457.94 577.00 Td (internal ) Tj ET Q q 0 0 0 rg BT 494.94 577.00 Td (comparisons ) Tj ET Q q 0 0 0 rg BT 553.95 577.00 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 563.80 Td (our ) Tj ET Q q 0 0 0 rg BT 66.91 563.80 Td (historical ) Tj ET Q q 0 0 0 rg BT 110.60 563.80 Td (net ) Tj ET Q q 0 0 0 rg BT 126.78 563.80 Td (sales ) Tj ET Q q 0 0 0 rg BT 150.92 563.80 Td (results ) Tj ET Q q 0 0 0 rg BT 182.39 563.80 Td (and ) Tj ET Q q 0 0 0 rg BT 201.02 563.80 Td (comparisons ) Tj ET Q q 0 0 0 rg BT 259.37 563.80 Td (to ) Tj ET Q q 0 0 0 rg BT 270.68 563.80 Td (competitors) Tj ET Q q 0 0 0 rg BT 325.46 563.80 Td ( ) Tj ET Q q 0 0 0 rg BT 328.21 563.80 Td (net ) Tj ET Q q 0 0 0 rg BT 344.39 563.80 Td (sales ) Tj ET Q q 0 0 0 rg BT 368.53 563.80 Td (results. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 537.40 Td (Additionally) Tj ET Q q 0 0 0 rg BT 104.39 537.40 Td (, ) Tj ET Q q 0 0 0 rg BT 108.96 537.40 Td (this ) Tj ET Q q 0 0 0 rg BT 126.66 537.40 Td (document ) Tj ET Q q 0 0 0 rg BT 171.85 537.40 Td (includes ) Tj ET Q q 0 0 0 rg BT 210.32 537.40 Td (references ) Tj ET Q q 0 0 0 rg BT 257.32 537.40 Td (to ) Tj ET Q q 0 0 0 rg BT 267.69 537.40 Td (other ) Tj ET Q q 0 0 0 rg BT 292.10 537.40 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 341.80 537.40 Td ( ) Tj ET Q q 0 0 0 rg BT 343.62 537.40 Td (financial ) Tj ET Q q 0 0 0 rg BT 383.91 537.40 Td (measures ) Tj ET Q q 0 0 0 rg BT 426.65 537.40 Td (that ) Tj ET Q q 0 0 0 rg BT 444.96 537.40 Td (exclude ) Tj ET Q q 0 0 0 rg BT 480.97 537.40 Td (program ) Tj ET Q q 0 0 0 rg BT 520.05 537.40 Td (expenses, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 524.20 Td (discrete ) Tj ET Q q 0 0 0 rg BT 87.40 524.20 Td (costs ) Tj ET Q q 0 0 0 rg BT 113.10 524.20 Td (and ) Tj ET Q q 0 0 0 rg BT 132.68 524.20 Td (associated ) Tj ET Q q 0 0 0 rg BT 181.58 524.20 Td (tax ) Tj ET Q q 0 0 0 rg BT 198.72 524.20 Td (ef) Tj ET Q q 0 0 0 rg BT 207.06 524.20 Td (fects ) Tj ET Q q 0 0 0 rg BT 231.53 524.20 Td (related ) Tj ET Q q 0 0 0 rg BT 265.15 524.20 Td (to ) Tj ET Q q 0 0 0 rg BT 277.40 524.20 Td (Project ) Tj ET Q q 0 0 0 rg BT 312.26 524.20 Td (CONNECT) Tj ET Q q 0 0 0 rg BT 364.00 524.20 Td ( ) Tj ET Q q 0 0 0 rg BT 367.70 524.20 Td (and ) Tj ET Q q 0 0 0 rg BT 387.02 524.20 Td (TCJA-related ) Tj ET Q q 0 0 0 rg BT 450.58 524.20 Td (income ) Tj ET Q q 0 0 0 rg BT 486.65 524.20 Td (tax ) Tj ET Q q 0 0 0 rg BT 503.79 524.20 Td (expense. ) Tj ET Q q 0 0 0 rg BT 545.40 524.20 Td (The ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 511.00 Td (related ) Tj ET Q q 0 0 0 rg BT 83.03 511.00 Td (tax ) Tj ET Q q 0 0 0 rg BT 100.07 511.00 Td (ef) Tj ET Q q 0 0 0 rg BT 108.42 511.00 Td (fects ) Tj ET Q q 0 0 0 rg BT 132.79 511.00 Td (of ) Tj ET Q q 0 0 0 rg BT 145.56 511.00 Td (program ) Tj ET Q q 0 0 0 rg BT 186.43 511.00 Td (expenses ) Tj ET Q q 0 0 0 rg BT 229.75 511.00 Td (and ) Tj ET Q q 0 0 0 rg BT 249.24 511.00 Td (discrete ) Tj ET Q q 0 0 0 rg BT 287.05 511.00 Td (costs ) Tj ET Q q 0 0 0 rg BT 312.66 511.00 Td (related ) Tj ET Q q 0 0 0 rg BT 346.19 511.00 Td (to ) Tj ET Q q 0 0 0 rg BT 358.35 511.00 Td (Project ) Tj ET Q q 0 0 0 rg BT 393.11 511.00 Td (CONNECT) Tj ET Q q 0 0 0 rg BT 444.86 511.00 Td ( ) Tj ET Q q 0 0 0 rg BT 448.47 511.00 Td (were ) Tj ET Q q 0 0 0 rg BT 473.44 511.00 Td (calculated ) Tj ET Q q 0 0 0 rg BT 521.63 511.00 Td (using ) Tj ET Q q 0 0 0 rg BT 549.07 511.00 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 497.80 Td (respective ) Tj ET Q q 0 0 0 rg BT 98.25 497.80 Td (statutory ) Tj ET Q q 0 0 0 rg BT 140.90 497.80 Td (tax ) Tj ET Q q 0 0 0 rg BT 158.50 497.80 Td (rates ) Tj ET Q q 0 0 0 rg BT 183.43 497.80 Td (for ) Tj ET Q q 0 0 0 rg BT 200.42 497.80 Td (applicable ) Tj ET Q q 0 0 0 rg BT 249.78 497.80 Td (jurisdictions. ) Tj ET Q q 0 0 0 rg BT 311.08 497.80 Td (In ) Tj ET Q q 0 0 0 rg BT 324.40 497.80 Td (addition, ) Tj ET Q q 0 0 0 rg BT 367.36 497.80 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 417.07 497.80 Td ( ) Tj ET Q q 0 0 0 rg BT 421.23 497.80 Td (financial ) Tj ET Q q 0 0 0 rg BT 463.87 497.80 Td (measures ) Tj ET Q q 0 0 0 rg BT 508.96 497.80 Td (in ) Tj ET Q q 0 0 0 rg BT 521.68 497.80 Td (our ) Tj ET Q q 0 0 0 rg BT 540.50 497.80 Td (2018 ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 484.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 90.92 484.60 Td (outlook ) Tj ET Q q 0 0 0 rg BT 127.46 484.60 Td (exclude ) Tj ET Q q 0 0 0 rg BT 164.60 484.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 209.07 484.60 Td (net ) Tj ET Q q 0 0 0 rg BT 225.44 484.60 Td (sales ) Tj ET Q q 0 0 0 rg BT 249.76 484.60 Td (and ) Tj ET Q q 0 0 0 rg BT 268.58 484.60 Td (of) Tj ET Q q 0 0 0 rg BT 277.55 484.60 Td (fsetting ) Tj ET Q q 0 0 0 rg BT 313.48 484.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 357.94 484.60 Td (SG&A) Tj ET Q q 0 0 0 rg BT 387.90 484.60 Td ( ) Tj ET Q q 0 0 0 rg BT 390.83 484.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 433.48 484.60 Td (related ) Tj ET Q q 0 0 0 rg BT 466.34 484.60 Td (to ) Tj ET Q q 0 0 0 rg BT 477.83 484.60 Td (changes ) Tj ET Q q 0 0 0 rg BT 516.20 484.60 Td (in ) Tj ET Q q 0 0 0 rg BT 527.69 484.60 Td (revenue ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 471.40 Td (accounting ) Tj ET Q q 0 0 0 rg BT 99.93 471.40 Td (standards ) Tj ET Q q 0 0 0 rg BT 143.64 471.40 Td (that ) Tj ET Q q 0 0 0 rg BT 162.31 471.40 Td (took ) Tj ET Q q 0 0 0 rg BT 184.04 471.40 Td (ef) Tj ET Q q 0 0 0 rg BT 192.38 471.40 Td (fect ) Tj ET Q q 0 0 0 rg BT 211.04 471.40 Td (beginning ) Tj ET Q q 0 0 0 rg BT 257.20 471.40 Td (January ) Tj ET Q q 0 0 0 rg BT 293.58 471.40 Td (1, ) Tj ET Q q 0 0 0 rg BT 304.00 471.40 Td (2018. ) Tj ET Q q 0 0 0 rg BT 330.92 471.40 Td (Management ) Tj ET Q q 0 0 0 rg BT 390.51 471.40 Td (believes ) Tj ET Q q 0 0 0 rg BT 428.72 471.40 Td (that ) Tj ET Q q 0 0 0 rg BT 447.39 471.40 Td (these ) Tj ET Q q 0 0 0 rg BT 472.16 471.40 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 521.86 471.40 Td ( ) Tj ET Q q 0 0 0 rg BT 524.03 471.40 Td (financial ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 458.20 Td (measures ) Tj ET Q q 0 0 0 rg BT 92.70 458.20 Td (enable ) Tj ET Q q 0 0 0 rg BT 123.67 458.20 Td (useful ) Tj ET Q q 0 0 0 rg BT 152.83 458.20 Td (and ) Tj ET Q q 0 0 0 rg BT 170.98 458.20 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 223.35 458.20 Td (comparisons ) Tj ET Q q 0 0 0 rg BT 281.23 458.20 Td (of ) Tj ET Q q 0 0 0 rg BT 292.66 458.20 Td (our ) Tj ET Q q 0 0 0 rg BT 309.60 458.20 Td (operating ) Tj ET Q q 0 0 0 rg BT 353.41 458.20 Td (performance ) Tj ET Q q 0 0 0 rg BT 411.25 458.20 Td (from ) Tj ET Q q 0 0 0 rg BT 434.91 458.20 Td (period ) Tj ET Q q 0 0 0 rg BT 465.28 458.20 Td (to ) Tj ET Q q 0 0 0 rg BT 476.11 458.20 Td (period ) Tj ET Q q 0 0 0 rg BT 506.48 458.20 Td (because ) Tj ET Q q 0 0 0 rg BT 543.57 458.20 Td (they ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 445.00 Td (exclude ) Tj ET Q q 0 0 0 rg BT 86.45 445.00 Td (the ) Tj ET Q q 0 0 0 rg BT 102.64 445.00 Td (ef) Tj ET Q q 0 0 0 rg BT 110.99 445.00 Td (fects ) Tj ET Q q 0 0 0 rg BT 134.50 445.00 Td (of ) Tj ET Q q 0 0 0 rg BT 146.42 445.00 Td (the ) Tj ET Q q 0 0 0 rg BT 162.60 445.00 Td (aforementioned ) Tj ET Q q 0 0 0 rg BT 234.38 445.00 Td (items ) Tj ET Q q 0 0 0 rg BT 260.96 445.00 Td (above ) Tj ET Q q 0 0 0 rg BT 289.97 445.00 Td (that ) Tj ET Q q 0 0 0 rg BT 309.22 445.00 Td (may ) Tj ET Q q 0 0 0 rg BT 330.91 445.00 Td (not ) Tj ET Q q 0 0 0 rg BT 347.71 445.00 Td (be ) Tj ET Q q 0 0 0 rg BT 360.85 445.00 Td (indicative ) Tj ET Q q 0 0 0 rg BT 406.97 445.00 Td (of ) Tj ET Q q 0 0 0 rg BT 418.88 445.00 Td (our ) Tj ET Q q 0 0 0 rg BT 436.29 445.00 Td (core ) Tj ET Q q 0 0 0 rg BT 457.97 445.00 Td (operating ) Tj ET Q q 0 0 0 rg BT 502.26 445.00 Td (results. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 418.60 Td (These ) Tj ET Q q 0 0 0 rg BT 78.41 418.60 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 128.11 418.60 Td ( ) Tj ET Q q 0 0 0 rg BT 130.75 418.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 171.88 418.60 Td (measures, ) Tj ET Q q 0 0 0 rg BT 218.20 418.60 Td (including ) Tj ET Q q 0 0 0 rg BT 262.39 418.60 Td (constant-currency ) Tj ET Q q 0 0 0 rg BT 343.83 418.60 Td (net ) Tj ET Q q 0 0 0 rg BT 359.91 418.60 Td (sales, ) Tj ET Q q 0 0 0 rg BT 386.68 418.60 Td (should ) Tj ET Q q 0 0 0 rg BT 418.66 418.60 Td (be ) Tj ET Q q 0 0 0 rg BT 431.69 418.60 Td (viewed ) Tj ET Q q 0 0 0 rg BT 466.09 418.60 Td (in ) Tj ET Q q 0 0 0 rg BT 477.29 418.60 Td (addition ) Tj ET Q q 0 0 0 rg BT 515.98 418.60 Td (to, ) Tj ET Q q 0 0 0 rg BT 529.93 418.60 Td (and ) Tj ET Q q 0 0 0 rg BT 548.46 418.60 Td (not ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 405.40 Td (in ) Tj ET Q q 0 0 0 rg BT 62.45 405.40 Td (lieu ) Tj ET Q q 0 0 0 rg BT 83.34 405.40 Td (of ) Tj ET Q q 0 0 0 rg BT 96.90 405.40 Td (or ) Tj ET Q q 0 0 0 rg BT 110.46 405.40 Td (superior ) Tj ET Q q 0 0 0 rg BT 150.90 405.40 Td (to, ) Tj ET Q q 0 0 0 rg BT 166.60 405.40 Td (our ) Tj ET Q q 0 0 0 rg BT 185.65 405.40 Td (financial ) Tj ET Q q 0 0 0 rg BT 228.53 405.40 Td (measures ) Tj ET Q q 0 0 0 rg BT 273.85 405.40 Td (calculated ) Tj ET Q q 0 0 0 rg BT 322.82 405.40 Td (in ) Tj ET Q q 0 0 0 rg BT 335.77 405.40 Td (accordance ) Tj ET Q q 0 0 0 rg BT 389.63 405.40 Td (with ) Tj ET Q q 0 0 0 rg BT 413.58 405.40 Td (GAAP) Tj ET Q q 0 0 0 rg BT 442.31 405.40 Td (. ) Tj ET Q q 0 0 0 rg BT 449.13 405.40 Td (The ) Tj ET Q q 0 0 0 rg BT 470.63 405.40 Td (company ) Tj ET Q q 0 0 0 rg BT 515.34 405.40 Td (provides ) Tj ET Q q 0 0 0 rg BT 557.62 405.40 Td (a ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 392.20 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 111.91 392.20 Td (of ) Tj ET Q q 0 0 0 rg BT 123.02 392.20 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 172.72 392.20 Td ( ) Tj ET Q q 0 0 0 rg BT 174.66 392.20 Td (measures ) Tj ET Q q 0 0 0 rg BT 217.53 392.20 Td (to ) Tj ET Q q 0 0 0 rg BT 228.03 392.20 Td (the ) Tj ET Q q 0 0 0 rg BT 243.41 392.20 Td (most ) Tj ET Q q 0 0 0 rg BT 266.74 392.20 Td (directly ) Tj ET Q q 0 0 0 rg BT 302.28 392.20 Td (comparable ) Tj ET Q q 0 0 0 rg BT 355.52 392.20 Td (financial ) Tj ET Q q 0 0 0 rg BT 395.94 392.20 Td (measure ) Tj ET Q q 0 0 0 rg BT 434.53 392.20 Td (calculated ) Tj ET Q q 0 0 0 rg BT 481.05 392.20 Td (in ) Tj ET Q q 0 0 0 rg BT 491.54 392.20 Td (accordance ) Tj ET Q q 0 0 0 rg BT 542.94 392.20 Td (with ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 379.00 Td (GAAP) Tj ET Q q 0 0 0 rg BT 78.23 379.00 Td (. ) Tj ET Q q 0 0 0 rg BT 83.88 379.00 Td (See ) Tj ET Q q 0 0 0 rg BT 102.67 379.00 Td ("Supplemental ) Tj ET Q q 0 0 0 rg BT 170.55 379.00 Td (Financial ) Tj ET Q q 0 0 0 rg BT 214.38 379.00 Td (Information" ) Tj ET Q q 0 0 0 rg BT 274.31 379.00 Td (tables ) Tj ET Q q 0 0 0 rg BT 302.87 379.00 Td (included ) Tj ET Q q 0 0 0 rg BT 343.65 379.00 Td (in ) Tj ET Q q 0 0 0 rg BT 355.11 379.00 Td (the ) Tj ET Q q 0 0 0 rg BT 371.45 379.00 Td (earnings ) Tj ET Q q 0 0 0 rg BT 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Td (the ) Tj ET Q q 0 0 0 rg BT 468.23 365.80 Td (company) Tj ET Q q 0 0 0 rg BT 511.61 365.80 Td (s ) Tj ET Q q 0 0 0 rg BT 518.42 365.80 Td (website ) Tj ET Q q 0 0 0 rg BT 554.56 365.80 Td (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 49.5 351.13369140625 m 227.61083984375 351.13369140625 l s q 0 0 1 rg BT 49.50 352.60 Td (http://investor) Tj ET Q q 0 0 1 rg BT 110.61 352.60 Td (.columbia.com/results.cfm) 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 227.61 352.60 Td (\). ) Tj ET Q q 0 0 0 rg BT 238.80 352.60 Td (The ) Tj ET Q q 0 0 0 rg BT 261.05 352.60 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 310.75 352.60 Td ( ) Tj ET Q q 0 0 0 rg BT 315.90 352.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 359.52 352.60 Td (measures ) Tj ET Q q 0 0 0 rg BT 405.60 352.60 Td (and ) Tj ET Q q 0 0 0 rg BT 426.63 352.60 Td (constant-currency ) Tj ET Q q 0 0 0 rg BT 510.57 352.60 Td (information ) Tj ET Q BT /F1 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q 0 0 0 rg BT 544.27 82.60 Td ( ) Tj ET Q q 0 0 0 rg BT 546.63 82.60 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 69.40 Td (LAAP) Tj ET Q q 0 0 0 rg BT 77.82 69.40 Td ( ) Tj ET Q q 0 0 0 rg BT 82.46 69.40 Td (distributor ) Tj ET Q q 0 0 0 rg BT 132.94 69.40 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 186.78 69.40 Td (projected ) Tj ET Q q 0 0 0 rg BT 232.35 69.40 Td (growth ) Tj ET Q q 0 0 0 rg BT 268.16 69.40 Td (or ) Tj ET Q q 0 0 0 rg BT 281.97 69.40 Td (decline ) Tj ET Q q 0 0 0 rg BT 318.37 69.40 Td (in ) Tj ET Q q 0 0 0 rg BT 331.57 69.40 Td (specific ) Tj ET Q q 0 0 0 rg BT 370.42 69.40 Td (geographies, ) Tj ET Q q 0 0 0 rg BT 430.97 69.40 Td (countries ) Tj ET Q q 0 0 0 rg BT 475.93 69.40 Td (and ) Tj ET Q q 0 0 0 rg BT 496.46 69.40 Td (brands, ) Tj ET Q q 0 0 0 rg BT 533.18 69.40 Td (capital ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 56.20 Td (expenditures, ) Tj ET Q q 0 0 0 rg BT 111.64 56.20 Td (changes ) Tj ET Q q 0 0 0 rg BT 150.25 56.20 Td (in ) Tj ET Q q 0 0 0 rg BT 161.99 56.20 Td (foreign ) Tj ET Q q 0 0 0 rg BT 196.94 56.20 Td (currency ) Tj ET Q q 0 0 0 rg BT 238.59 56.20 Td (exchange ) Tj ET Q q 0 0 0 rg BT 283.31 56.20 Td (rates, ) Tj ET Q q 0 0 0 rg BT 310.00 56.20 Td (the ) Tj ET Q q 0 0 0 rg BT 326.63 56.20 Td (ef) Tj ET Q q 0 0 0 rg BT 334.97 56.20 Td (fect ) Tj ET Q q 0 0 0 rg BT 354.64 56.20 Td (of ) Tj ET Q q 0 0 0 rg BT 366.99 56.20 Td (changes ) Tj ET Q q 0 0 0 rg BT 405.60 56.20 Td (in ) Tj ET Q q 0 0 0 rg BT 417.34 56.20 Td (revenue ) Tj ET Q q 0 0 0 rg BT 455.33 56.20 Td (accounting ) Tj ET Q q 0 0 0 rg BT 506.77 56.20 Td (standards ) Tj ET Q q 0 0 0 rg BT 551.50 56.20 Td (on ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 43.00 Td (our ) Tj ET Q q 0 0 0 rg BT 67.53 43.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 109.38 43.00 Td (results, ) Tj ET Q q 0 0 0 rg BT 144.22 43.00 Td (our ) Tj ET Q q 0 0 0 rg BT 162.25 43.00 Td (ability ) Tj ET Q q 0 0 0 rg BT 193.73 43.00 Td (to ) Tj ET Q q 0 0 0 rg BT 205.65 43.00 Td (realize ) Tj ET Q q 0 0 0 rg BT 238.33 43.00 Td (the ) Tj ET Q q 0 0 0 rg BT 255.13 43.00 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 306.76 43.00 Td (benefits ) Tj ET Q q 0 0 0 rg BT 344.95 43.00 Td (of ) Tj ET Q q 0 0 0 rg BT 357.48 43.00 Td (our ) Tj ET Q q 0 0 0 rg BT 375.51 43.00 Td (investments ) Tj ET Q q 0 0 0 rg BT 431.43 43.00 Td (in ) Tj ET Q q 0 0 0 rg BT 443.36 43.00 Td (our ) Tj ET Q q 0 0 0 rg BT 461.39 43.00 Td (strategic ) Tj ET Q q 0 0 0 rg BT 502.02 43.00 Td (priorities, ) Tj ET Q q 0 0 0 rg BT 547.85 43.00 Td (our ) Tj ET Q endstream endobj 33 0 obj <> endobj 34 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (16) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 748.40 Td (expectation ) Tj ET Q q 0 0 0 rg BT 103.34 748.40 Td (regarding ) Tj ET Q q 0 0 0 rg BT 148.63 748.40 Td (progress ) Tj ET Q q 0 0 0 rg BT 189.05 748.40 Td (on ) Tj ET Q q 0 0 0 rg BT 203.19 748.40 Td (our ) Tj ET Q q 0 0 0 rg BT 221.00 748.40 Td (ERP) Tj ET Q q 0 0 0 rg BT 240.76 748.40 Td ( ) Tj ET Q q 0 0 0 rg BT 243.90 748.40 Td (implementation, ) Tj ET Q q 0 0 0 rg BT 318.84 748.40 Td (the ) Tj ET Q q 0 0 0 rg BT 335.42 748.40 Td (implementation ) Tj ET Q q 0 0 0 rg BT 407.60 748.40 Td (and ) Tj ET Q q 0 0 0 rg BT 426.63 748.40 Td (expected ) Tj ET Q q 0 0 0 rg BT 468.86 748.40 Td (benefits ) Tj ET Q q 0 0 0 rg BT 506.82 748.40 Td (of ) Tj ET Q q 0 0 0 rg BT 519.13 748.40 Td (initiatives ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 735.20 Td (related ) Tj ET Q q 0 0 0 rg BT 82.76 735.20 Td (to ) Tj ET Q q 0 0 0 rg BT 94.66 735.20 Td (Project ) Tj ET Q q 0 0 0 rg BT 129.16 735.20 Td (CONNECT) Tj ET Q q 0 0 0 rg BT 180.29 735.20 Td (, ) Tj ET Q q 0 0 0 rg BT 186.38 735.20 Td (our ) Tj ET Q q 0 0 0 rg BT 204.39 735.20 Td (expectations ) Tj ET Q q 0 0 0 rg BT 262.71 735.20 Td (regarding ) Tj ET Q q 0 0 0 rg BT 308.20 735.20 Td (repatriation ) Tj ET Q q 0 0 0 rg BT 362.24 735.20 Td (of ) Tj ET Q q 0 0 0 rg BT 374.74 735.20 Td (cash ) Tj ET Q q 0 0 0 rg BT 397.63 735.20 Td (balances ) Tj ET Q q 0 0 0 rg BT 438.84 735.20 Td (held ) Tj ET Q q 0 0 0 rg BT 461.12 735.20 Td (in ) Tj ET Q q 0 0 0 rg BT 473.02 735.20 Td (foreign ) Tj ET Q q 0 0 0 rg BT 508.13 735.20 Td (jurisdictions ) 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 68.12 722.00 Td (our ) Tj ET Q q 0 0 0 rg BT 85.52 722.00 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 136.51 722.00 Td (use ) Tj ET Q q 0 0 0 rg BT 153.91 722.00 Td (of ) Tj ET Q q 0 0 0 rg BT 165.81 722.00 Td (cash ) Tj ET Q q 0 0 0 rg BT 188.10 722.00 Td (balances, ) Tj ET Q q 0 0 0 rg BT 231.45 722.00 Td (including ) Tj ET Q q 0 0 0 rg BT 275.74 722.00 Td (returning ) Tj ET Q q 0 0 0 rg BT 318.80 722.00 Td (cash ) Tj ET Q q 0 0 0 rg BT 341.08 722.00 Td (to ) Tj ET Q q 0 0 0 rg BT 352.38 722.00 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 413.45 722.00 Td (Forward-looking ) Tj ET Q q 0 0 0 rg BT 490.74 722.00 Td (statements ) Tj ET Q q 0 0 0 rg BT 539.91 722.00 Td (often ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 708.80 Td (use ) Tj ET Q q 0 0 0 rg BT 66.66 708.80 Td (words ) Tj ET Q q 0 0 0 rg BT 96.05 708.80 Td (such ) Tj ET Q q 0 0 0 rg BT 118.71 708.80 Td (as ) Tj ET Q q 0 0 0 rg BT 130.37 708.80 Td ("will," ) Tj ET Q q 0 0 0 rg BT 161.71 708.80 Td ("anticipate," ) Tj ET Q q 0 0 0 rg BT 218.69 708.80 Td ("estimate," ) Tj ET Q q 0 0 0 rg BT 269.57 708.80 Td ("expect," ) Tj ET Q q 0 0 0 rg BT 312.50 708.80 Td ("should" ) Tj ET Q q 0 0 0 rg BT 353.32 708.80 Td (and ) Tj ET Q q 0 0 0 rg BT 371.70 708.80 Td ("may" ) Tj ET Q q 0 0 0 rg BT 402.11 708.80 Td (and ) Tj ET Q q 0 0 0 rg BT 420.49 708.80 Td (other ) Tj ET Q q 0 0 0 rg BT 445.59 708.80 Td (words ) Tj ET Q q 0 0 0 rg BT 474.98 708.80 Td (and ) Tj ET Q q 0 0 0 rg BT 493.36 708.80 Td (terms ) Tj ET Q q 0 0 0 rg BT 520.29 708.80 Td (of ) Tj ET Q q 0 0 0 rg BT 531.95 708.80 Td (similar ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 695.60 Td (meaning ) Tj ET Q q 0 0 0 rg BT 90.68 695.60 Td (or ) Tj ET Q q 0 0 0 rg BT 103.15 695.60 Td (reference ) Tj ET Q q 0 0 0 rg BT 147.36 695.60 Td (future ) Tj ET Q q 0 0 0 rg BT 176.93 695.60 Td (dates. ) Tj ET Q q 0 0 0 rg BT 205.35 695.60 Td (The ) Tj ET Q q 0 0 0 rg BT 225.76 695.60 Td (company) Tj ET Q q 0 0 0 rg BT 269.14 695.60 Td (s ) Tj ET Q q 0 0 0 rg BT 276.73 695.60 Td (expectations, ) Tj ET Q q 0 0 0 rg BT 337.76 695.60 Td (beliefs ) Tj ET Q q 0 0 0 rg BT 370.39 695.60 Td (and ) Tj ET Q q 0 0 0 rg BT 389.58 695.60 Td (projections ) Tj ET Q q 0 0 0 rg BT 441.76 695.60 Td (are ) Tj ET Q q 0 0 0 rg BT 458.50 695.60 Td (expressed ) Tj ET Q q 0 0 0 rg BT 505.18 695.60 Td (in ) Tj ET Q q 0 0 0 rg BT 517.04 695.60 Td (good ) Tj ET Q q 0 0 0 rg BT 542.35 695.60 Td (faith ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 682.40 Td (and ) Tj ET Q q 0 0 0 rg BT 67.97 682.40 Td (are ) Tj ET Q q 0 0 0 rg BT 83.98 682.40 Td (believed ) Tj ET Q q 0 0 0 rg BT 123.83 682.40 Td (to ) Tj ET Q q 0 0 0 rg BT 134.98 682.40 Td (have ) Tj ET Q q 0 0 0 rg BT 158.33 682.40 Td (a ) Tj ET Q q 0 0 0 rg BT 165.80 682.40 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 215.41 682.40 Td (basis; ) Tj ET Q q 0 0 0 rg BT 243.06 682.40 Td (however) Tj ET Q q 0 0 0 rg BT 280.49 682.40 Td (, ) Tj ET Q q 0 0 0 rg BT 285.83 682.40 Td (each ) Tj ET Q q 0 0 0 rg BT 308.56 682.40 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 383.24 682.40 Td (statement ) Tj ET Q q 0 0 0 rg BT 427.98 682.40 Td (involves ) Tj ET Q q 0 0 0 rg BT 467.84 682.40 Td (a ) Tj ET Q q 0 0 0 rg BT 475.31 682.40 Td (number ) Tj ET Q q 0 0 0 rg BT 511.50 682.40 Td (of ) Tj ET Q q 0 0 0 rg BT 523.25 682.40 Td (risks ) Tj ET Q q 0 0 0 rg BT 546.62 682.40 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 669.20 Td (uncertainties, ) Tj ET Q q 0 0 0 rg BT 110.73 669.20 Td (including ) Tj ET Q q 0 0 0 rg BT 154.56 669.20 Td (those ) Tj ET Q q 0 0 0 rg BT 180.06 669.20 Td (set ) Tj ET Q q 0 0 0 rg BT 194.56 669.20 Td (forth ) Tj ET Q q 0 0 0 rg BT 218.23 669.20 Td (in ) Tj ET Q q 0 0 0 rg BT 229.06 669.20 Td (this ) Tj ET Q q 0 0 0 rg BT 247.24 669.20 Td (document, ) Tj ET Q q 0 0 0 rg BT 295.65 669.20 Td (those ) Tj ET Q q 0 0 0 rg BT 321.15 669.20 Td (described ) Tj ET Q q 0 0 0 rg BT 365.57 669.20 Td (in ) Tj ET Q q 0 0 0 rg BT 376.41 669.20 Td (the ) Tj ET Q q 0 0 0 rg BT 392.13 669.20 Td (company) Tj ET Q q 0 0 0 rg BT 435.51 669.20 Td (s ) Tj ET Q q 0 0 0 rg BT 441.57 669.20 Td (Annual ) Tj ET Q q 0 0 0 rg BT 476.23 669.20 Td (Report ) Tj ET Q q 0 0 0 rg BT 508.45 669.20 Td (on ) Tj ET Q q 0 0 0 rg BT 521.73 669.20 Td (Form ) Tj ET Q q 0 0 0 rg BT 547.85 669.20 Td (10-) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 656.00 Td (K ) Tj ET Q q 0 0 0 rg BT 59.44 656.00 Td (and ) Tj ET Q q 0 0 0 rg BT 77.33 656.00 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 121.48 656.00 Td (Reports ) Tj ET Q q 0 0 0 rg BT 157.70 656.00 Td (on ) Tj ET Q q 0 0 0 rg BT 170.70 656.00 Td (Form ) Tj ET Q q 0 0 0 rg BT 196.54 656.00 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 221.14 656.00 Td (under ) Tj ET Q q 0 0 0 rg BT 248.19 656.00 Td (the ) Tj ET Q q 0 0 0 rg BT 263.63 656.00 Td (heading ) Tj ET Q q 0 0 0 rg BT 300.45 656.00 Td ("Risk ) Tj ET Q q 0 0 0 rg BT 327.12 656.00 Td (Factors," ) Tj ET Q q 0 0 0 rg BT 368.74 656.00 Td (and ) Tj ET Q q 0 0 0 rg BT 386.62 656.00 Td (those ) Tj ET Q q 0 0 0 rg BT 411.84 656.00 Td (that ) Tj ET Q q 0 0 0 rg BT 430.34 656.00 Td (have ) Tj ET Q q 0 0 0 rg BT 453.10 656.00 Td (been ) Tj ET Q q 0 0 0 rg BT 475.87 656.00 Td (or ) Tj ET Q q 0 0 0 rg BT 487.03 656.00 Td (may ) Tj ET Q q 0 0 0 rg BT 507.97 656.00 Td (be ) Tj ET Q q 0 0 0 rg BT 520.36 656.00 Td (described ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 642.80 Td (in ) Tj ET Q q 0 0 0 rg BT 60.57 642.80 Td (other ) Tj ET Q q 0 0 0 rg BT 85.69 642.80 Td (reports ) Tj ET Q q 0 0 0 rg BT 118.76 642.80 Td (filed ) Tj ET Q q 0 0 0 rg BT 141.43 642.80 Td (by ) Tj ET Q q 0 0 0 rg BT 154.95 642.80 Td (the ) Tj ET Q q 0 0 0 rg BT 170.90 642.80 Td (company) Tj ET Q q 0 0 0 rg BT 210.51 642.80 Td (, ) Tj ET Q q 0 0 0 rg BT 215.78 642.80 Td (including ) Tj ET Q q 0 0 0 rg BT 259.85 642.80 Td (reports ) Tj ET Q q 0 0 0 rg BT 292.91 642.80 Td (on ) Tj ET Q q 0 0 0 rg BT 306.43 642.80 Td (Form ) Tj ET Q q 0 0 0 rg BT 332.78 642.80 Td (8-K. ) Tj ET Q q 0 0 0 rg BT 355.16 642.80 Td (Potential ) Tj ET Q q 0 0 0 rg BT 396.78 642.80 Td (risks ) Tj ET Q q 0 0 0 rg BT 420.08 642.80 Td (and ) Tj ET Q q 0 0 0 rg BT 438.48 642.80 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 497.19 642.80 Td (that ) Tj ET Q q 0 0 0 rg BT 516.21 642.80 Td (may ) Tj ET Q q 0 0 0 rg BT 537.66 642.80 Td (af) Tj ET Q q 0 0 0 rg BT 546.01 642.80 Td (fect ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 629.60 Td (our ) Tj ET Q q 0 0 0 rg BT 66.92 629.60 Td (future ) Tj ET Q q 0 0 0 rg BT 95.95 629.60 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 140.55 629.60 Td (earnings ) Tj ET Q q 0 0 0 rg BT 180.58 629.60 Td (and ) Tj ET Q q 0 0 0 rg BT 199.22 629.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 257.55 629.60 Td (and ) Tj ET Q q 0 0 0 rg BT 276.20 629.60 Td (could ) Tj ET Q q 0 0 0 rg BT 303.40 629.60 Td (cause ) Tj ET Q q 0 0 0 rg BT 330.59 629.60 Td (the ) Tj ET Q q 0 0 0 rg BT 346.78 629.60 Td (actual ) Tj ET Q q 0 0 0 rg BT 375.80 629.60 Td (results ) Tj ET Q q 0 0 0 rg BT 407.28 629.60 Td (of ) Tj ET Q q 0 0 0 rg BT 419.21 629.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 467.79 629.60 Td (or ) Tj ET Q q 0 0 0 rg BT 479.71 629.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 520.95 629.60 Td (condition ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 616.40 Td (of ) Tj ET Q q 0 0 0 rg BT 61.68 616.40 Td (the ) Tj ET Q q 0 0 0 rg BT 78.13 616.40 Td (company ) Tj ET Q q 0 0 0 rg BT 121.47 616.40 Td (to ) Tj ET Q q 0 0 0 rg BT 133.04 616.40 Td (dif) Tj ET Q q 0 0 0 rg BT 145.06 616.40 Td (fer ) Tj ET Q q 0 0 0 rg BT 160.29 616.40 Td (materially ) Tj ET Q q 0 0 0 rg BT 207.90 616.40 Td (from ) Tj ET Q q 0 0 0 rg BT 232.29 616.40 Td (the ) Tj ET Q q 0 0 0 rg BT 248.75 616.40 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 300.02 616.40 Td (results ) Tj ET Q q 0 0 0 rg BT 331.75 616.40 Td (expressed ) Tj ET Q q 0 0 0 rg BT 378.14 616.40 Td (or ) Tj ET Q q 0 0 0 rg BT 390.32 616.40 Td (implied ) Tj ET Q q 0 0 0 rg BT 426.94 616.40 Td (by ) Tj ET Q q 0 0 0 rg BT 440.96 616.40 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 516.07 616.40 Td (statements ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 603.20 Td (in ) Tj ET Q q 0 0 0 rg BT 61.51 603.20 Td (this ) Tj ET Q q 0 0 0 rg BT 80.85 603.20 Td (document ) Tj ET Q q 0 0 0 rg BT 127.68 603.20 Td (include: ) Tj ET Q q 0 0 0 rg BT 166.56 603.20 Td (loss ) Tj ET Q q 0 0 0 rg BT 187.13 603.20 Td (of ) Tj ET Q q 0 0 0 rg BT 199.75 603.20 Td (key ) Tj ET Q q 0 0 0 rg BT 219.08 603.20 Td (customer ) Tj ET Q q 0 0 0 rg BT 262.85 603.20 Td (accounts; ) Tj ET Q q 0 0 0 rg BT 307.84 603.20 Td (our ) Tj ET Q q 0 0 0 rg BT 325.96 603.20 Td (ability ) Tj ET Q q 0 0 0 rg BT 357.52 603.20 Td (to ) Tj ET Q q 0 0 0 rg BT 369.52 603.20 Td (ef) Tj ET Q q 0 0 0 rg BT 377.87 603.20 Td (fectively ) Tj ET Q q 0 0 0 rg BT 419.80 603.20 Td (implement ) Tj ET Q q 0 0 0 rg BT 470.30 603.20 Td (IT) Tj ET Q q 0 0 0 rg BT 480.48 603.20 Td ( ) Tj ET Q q 0 0 0 rg BT 483.93 603.20 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 546.63 603.20 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 590.00 Td (business ) Tj ET Q q 0 0 0 rg BT 89.99 590.00 Td (process ) Tj ET Q q 0 0 0 rg BT 126.19 590.00 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 172.78 590.00 Td (and ) Tj ET Q q 0 0 0 rg BT 191.88 590.00 Td (to ) Tj ET Q q 0 0 0 rg BT 203.64 590.00 Td (maintain ) Tj ET Q q 0 0 0 rg BT 245.34 590.00 Td (the ) Tj ET Q q 0 0 0 rg BT 261.99 590.00 Td (strength ) Tj ET Q q 0 0 0 rg BT 300.64 590.00 Td (and ) Tj ET Q q 0 0 0 rg BT 319.73 590.00 Td (security ) Tj ET Q q 0 0 0 rg BT 357.76 590.00 Td (of ) Tj ET Q q 0 0 0 rg BT 370.14 590.00 Td (our ) Tj ET Q q 0 0 0 rg BT 388.01 590.00 Td (IT) Tj ET Q q 0 0 0 rg BT 398.20 590.00 Td ( ) Tj ET Q q 0 0 0 rg BT 401.41 590.00 Td (systems; ) Tj ET Q q 0 0 0 rg BT 442.51 590.00 Td (the ) Tj ET Q q 0 0 0 rg BT 459.16 590.00 Td (ef) Tj ET Q q 0 0 0 rg BT 467.50 590.00 Td (fects ) Tj ET Q q 0 0 0 rg BT 491.48 590.00 Td (of ) Tj ET Q q 0 0 0 rg BT 503.85 590.00 Td (unseasonable ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 576.80 Td (weather) Tj ET Q q 0 0 0 rg BT 83.87 576.80 Td (, ) Tj ET Q q 0 0 0 rg BT 90.92 576.80 Td (including ) Tj ET Q q 0 0 0 rg BT 136.77 576.80 Td (global ) Tj ET Q q 0 0 0 rg BT 168.57 576.80 Td (climate ) Tj ET Q q 0 0 0 rg BT 205.24 576.80 Td (change; ) Tj ET Q q 0 0 0 rg BT 243.75 576.80 Td (trends ) Tj ET Q q 0 0 0 rg BT 274.93 576.80 Td (af) Tj ET Q q 0 0 0 rg BT 283.28 576.80 Td (fecting ) Tj ET Q q 0 0 0 rg BT 318.12 576.80 Td (consumer ) Tj ET Q q 0 0 0 rg BT 365.18 576.80 Td (traf) Tj ET Q q 0 0 0 rg BT 380.25 576.80 Td (fic ) Tj ET Q q 0 0 0 rg BT 396.15 576.80 Td (and ) Tj ET Q q 0 0 0 rg BT 416.34 576.80 Td (spending ) Tj ET Q q 0 0 0 rg BT 460.36 576.80 Td (in ) Tj ET Q q 0 0 0 rg BT 473.21 576.80 Td (DTC; ) Tj ET Q q 0 0 0 rg BT 502.57 576.80 Td (our ) Tj ET Q q 0 0 0 rg BT 521.54 576.80 Td (ability ) Tj ET Q q 0 0 0 rg BT 553.94 576.80 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 563.60 Td (implement ) Tj ET Q q 0 0 0 rg BT 99.05 563.60 Td (our ) Tj ET Q q 0 0 0 rg BT 116.22 563.60 Td (growth ) Tj ET Q q 0 0 0 rg BT 149.89 563.60 Td (strategy; ) Tj ET Q q 0 0 0 rg BT 190.27 563.60 Td (unfavorable ) Tj ET Q q 0 0 0 rg BT 245.31 563.60 Td (economic ) Tj ET Q q 0 0 0 rg BT 290.57 563.60 Td (conditions ) Tj ET Q q 0 0 0 rg BT 338.91 563.60 Td (generally) Tj ET Q q 0 0 0 rg BT 379.12 563.60 Td (, ) Tj ET Q q 0 0 0 rg BT 384.37 563.60 Td (the ) Tj ET Q q 0 0 0 rg BT 400.32 563.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 441.30 563.60 Td (health ) Tj ET Q q 0 0 0 rg BT 470.69 563.60 Td (of ) Tj ET Q q 0 0 0 rg BT 482.35 563.60 Td (our ) Tj ET Q q 0 0 0 rg BT 499.52 563.60 Td (customers ) Tj ET Q q 0 0 0 rg BT 546.63 563.60 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 550.40 Td (changes ) Tj ET Q q 0 0 0 rg BT 87.97 550.40 Td (in ) Tj ET Q q 0 0 0 rg BT 99.58 550.40 Td (the ) Tj ET Q q 0 0 0 rg BT 116.06 550.40 Td (level ) Tj ET Q q 0 0 0 rg BT 140.49 550.40 Td (of ) Tj ET Q q 0 0 0 rg BT 152.70 550.40 Td (consumer ) Tj ET Q q 0 0 0 rg BT 198.51 550.40 Td (spending, ) Tj ET Q q 0 0 0 rg BT 244.02 550.40 Td (apparel ) Tj ET Q q 0 0 0 rg BT 279.44 550.40 Td (preferences ) Tj ET Q q 0 0 0 rg BT 333.17 550.40 Td (and ) Tj ET Q q 0 0 0 rg BT 352.10 550.40 Td (fashion ) Tj ET Q q 0 0 0 rg BT 387.52 550.40 Td (trends; ) Tj ET Q q 0 0 0 rg BT 420.51 550.40 Td (changes ) Tj ET Q q 0 0 0 rg BT 458.98 550.40 Td (in ) Tj ET Q q 0 0 0 rg BT 470.59 550.40 Td (international, ) Tj ET Q q 0 0 0 rg BT 531.98 550.40 Td (federal ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 537.20 Td (or ) Tj ET Q q 0 0 0 rg BT 61.56 537.20 Td (state ) Tj ET Q q 0 0 0 rg BT 84.61 537.20 Td (tax, ) Tj ET Q q 0 0 0 rg BT 103.70 537.20 Td (labor ) Tj ET Q q 0 0 0 rg BT 129.20 537.20 Td (and ) Tj ET Q q 0 0 0 rg BT 147.98 537.20 Td (other ) Tj ET Q q 0 0 0 rg BT 173.47 537.20 Td (laws ) Tj ET Q q 0 0 0 rg BT 196.53 537.20 Td (and ) Tj ET Q q 0 0 0 rg BT 215.31 537.20 Td (regulations ) Tj ET Q q 0 0 0 rg BT 267.09 537.20 Td (that ) Tj ET Q q 0 0 0 rg BT 286.48 537.20 Td (af) Tj ET Q q 0 0 0 rg BT 294.82 537.20 Td (fect ) Tj ET Q q 0 0 0 rg BT 314.20 537.20 Td (our ) Tj ET Q q 0 0 0 rg BT 331.76 537.20 Td (business, ) Tj ET Q q 0 0 0 rg BT 374.69 537.20 Td (including ) Tj ET Q q 0 0 0 rg BT 419.14 537.20 Td (changes ) Tj ET Q q 0 0 0 rg BT 457.46 537.20 Td (in ) Tj ET Q q 0 0 0 rg BT 468.91 537.20 Td (corporate ) Tj ET Q q 0 0 0 rg BT 513.34 537.20 Td (tax ) Tj ET Q q 0 0 0 rg BT 529.68 537.20 Td (rates ) Tj ET Q q 0 0 0 rg BT 553.34 537.20 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 524.00 Td (increasing ) Tj ET Q q 0 0 0 rg BT 97.50 524.00 Td (wage ) Tj ET Q q 0 0 0 rg BT 123.50 524.00 Td (rates; ) Tj ET Q q 0 0 0 rg BT 150.11 524.00 Td (the ) Tj ET Q q 0 0 0 rg BT 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405.20 Td (our ) Tj ET Q q 0 0 0 rg BT 245.25 405.20 Td (business; ) Tj ET Q q 0 0 0 rg BT 288.99 405.20 Td (and ) Tj ET Q q 0 0 0 rg BT 308.28 405.20 Td (our ) Tj ET Q q 0 0 0 rg BT 326.35 405.20 Td (ability ) Tj ET Q q 0 0 0 rg BT 357.86 405.20 Td (to ) Tj ET Q q 0 0 0 rg BT 369.82 405.20 Td (develop ) Tj ET Q q 0 0 0 rg BT 408.04 405.20 Td (innovative ) Tj ET Q q 0 0 0 rg BT 457.88 405.20 Td (products. ) Tj ET Q q 0 0 0 rg BT 501.67 405.20 Td (The ) Tj ET Q q 0 0 0 rg BT 522.17 405.20 Td (company ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 392.00 Td (cautions ) Tj ET Q q 0 0 0 rg BT 89.38 392.00 Td (that ) Tj ET Q q 0 0 0 rg BT 109.10 392.00 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 184.42 392.00 Td (statements ) Tj ET Q q 0 0 0 rg BT 234.07 392.00 Td (are ) Tj ET Q q 0 0 0 rg BT 250.72 392.00 Td (inherently ) Tj ET Q q 0 0 0 rg BT 298.54 392.00 Td (less ) Tj ET Q q 0 0 0 rg BT 318.27 392.00 Td (reliable ) Tj ET Q q 0 0 0 rg BT 354.47 392.00 Td (than ) Tj ET Q q 0 0 0 rg BT 376.63 392.00 Td (historical ) Tj ET Q q 0 0 0 rg BT 420.79 392.00 Td (information. ) Tj ET Q q 0 0 0 rg BT 478.47 392.00 Td (The ) Tj ET Q q 0 0 0 rg BT 498.79 392.00 Td (company ) Tj ET Q q 0 0 0 rg BT 542.34 392.00 Td (does ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 378.80 Td (not ) Tj ET Q q 0 0 0 rg BT 66.84 378.80 Td (undertake ) Tj ET Q q 0 0 0 rg BT 113.49 378.80 Td (any ) Tj ET Q q 0 0 0 rg BT 132.65 378.80 Td (duty ) Tj ET Q q 0 0 0 rg BT 155.49 378.80 Td (to ) Tj ET Q q 0 0 0 rg BT 167.33 378.80 Td (update ) Tj ET Q q 0 0 0 rg BT 199.94 378.80 Td (any ) Tj ET Q q 0 0 0 rg BT 219.10 378.80 Td (of ) Tj ET Q q 0 0 0 rg BT 231.55 378.80 Td (the ) Tj ET Q q 0 0 0 rg BT 248.27 378.80 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 323.64 378.80 Td (statements ) Tj ET Q q 0 0 0 rg BT 373.36 378.80 Td (after ) Tj ET Q q 0 0 0 rg BT 396.79 378.80 Td (the ) Tj ET Q q 0 0 0 rg BT 413.51 378.80 Td (date ) Tj ET Q q 0 0 0 rg BT 435.12 378.80 Td (of ) Tj ET Q q 0 0 0 rg BT 447.56 378.80 Td (this ) Tj ET Q q 0 0 0 rg BT 466.74 378.80 Td (document ) Tj ET Q q 0 0 0 rg BT 513.40 378.80 Td (to ) Tj ET Q q 0 0 0 rg BT 525.24 378.80 Td (conform ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 365.60 Td (them ) Tj ET Q q 0 0 0 rg BT 73.91 365.60 Td (to ) Tj ET Q q 0 0 0 rg BT 84.88 365.60 Td (actual ) Tj ET Q q 0 0 0 rg BT 113.55 365.60 Td (results ) Tj ET Q q 0 0 0 rg BT 144.69 365.60 Td (or ) Tj ET Q q 0 0 0 rg BT 156.27 365.60 Td (to ) Tj ET Q q 0 0 0 rg BT 167.24 365.60 Td (reflect ) Tj ET Q q 0 0 0 rg BT 197.74 365.60 Td (changes ) Tj ET Q q 0 0 0 rg BT 235.58 365.60 Td (in ) Tj ET Q q 0 0 0 rg BT 246.55 365.60 Td (events, ) Tj ET Q q 0 0 0 rg BT 279.81 365.60 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 344.53 365.60 Td (or ) Tj ET Q q 0 0 0 rg BT 356.11 365.60 Td (its ) Tj ET Q q 0 0 0 rg BT 368.92 365.60 Td (expectations. ) Tj ET Q q 0 0 0 rg BT 429.06 365.60 Td (New ) Tj ET Q q 0 0 0 rg BT 452.25 365.60 Td (factors ) Tj ET Q q 0 0 0 rg BT 484.59 365.60 Td (emer) Tj ET 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