%PDF-1.5 1 0 obj <> endobj 3 0 obj <> endobj 4 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 303.50 24.60 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.60 748.75 Td (Exhibit 99.2) Tj ET Q /GS0 gs q 190.00 0 0 52.00 211.00 691.75 cm /I1 Do Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 679.75 Td (14375 NW Science Park Drive) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 667.75 Td (Portland, OR 97229) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 655.75 Td (April 26, 2018) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 59.60 631.75 Td (CFO Commentary on ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 162.39 631.75 Td (First) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 184.06 631.75 Td ( Quarter ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 225.74 631.75 Td (2018) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 247.98 631.75 Td ( Financial Results and Updated Full ) Tj ET Q q 0 0 0 rg BT 419.49 631.75 Td (Y) Tj ET Q q 0 0 0 rg BT 425.61 631.75 Td (ear ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 443.40 631.75 Td (2018) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 465.65 631.75 Td ( Financial Outlook) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 49.5 606.16552734375 m 150.6181640625 606.16552734375 l s q 0 0 0 rg BT 49.50 607.75 Td (Financial Information) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 595.75 Td (Please reference accompanying financial information in the corresponding earnings release at ) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 468.0791015625 594.32421875 m 493.09375 594.32421875 l s q 0 0 1 rg BT 468.08 595.75 Td (http://) Tj ET Q BT /F3 10.00 Tf ET 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 49.5 582.32421875 m 202.3271484375 582.32421875 l s q 0 0 1 rg BT 49.50 583.75 Td (investor) Tj ET Q q 0 0 1 rg BT 83.96 583.75 Td (.columbia.com/results.cfm.) Tj ET Q BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 49.5 558.16552734375 m 125.6328125 558.16552734375 l s q 0 0 0 rg BT 49.50 559.75 Td (Conference Call) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 547.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.49 547.75 Td (company ) Tj ET Q q 0 0 0 rg BT 110.83 547.75 Td (will ) Tj ET Q q 0 0 0 rg BT 126.48 547.75 Td (host ) Tj ET Q q 0 0 0 rg BT 147.14 547.75 Td (a ) Tj ET Q q 0 0 0 rg BT 154.47 547.75 Td (conference ) Tj ET Q q 0 0 0 rg BT 205.71 547.75 Td (call ) Tj ET Q q 0 0 0 rg BT 222.48 547.75 Td (on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 235.25 547.75 Td (Thursday) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 276.19 547.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 280.38 547.75 Td (April26, ) Tj ET Q q 0 0 0 rg BT 318.83 547.75 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 341.07 547.75 Td ( ) Tj ET Q q 0 0 0 rg BT 342.83 547.75 Td (at ) Tj ET Q q 0 0 0 rg BT 352.94 547.75 Td (5:00 ) Tj ET Q q 0 0 0 rg BT 374.16 547.75 Td (p.m. ) Tj ET Q q 0 0 0 rg BT 395.37 547.75 Td (ET) Tj ET Q q 0 0 0 rg BT 407.97 547.75 Td ( ) Tj ET Q q 0 0 0 rg BT 409.73 547.75 Td (to ) Tj ET Q q 0 0 0 rg BT 419.83 547.75 Td (review ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.49 547.75 Td (first) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 466.60 547.75 Td ( ) Tj ET Q q 0 0 0 rg BT 468.36 547.75 Td (quarter ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 501.81 547.75 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 524.06 547.75 Td ( ) Tj ET Q q 0 0 0 rg BT 525.82 547.75 Td (financial ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 535.75 Td (results, ) Tj ET Q q 0 0 0 rg BT 84.84 535.75 Td (as ) Tj ET Q q 0 0 0 rg BT 98.51 535.75 Td (well ) Tj ET Q q 0 0 0 rg BT 118.84 535.75 Td (as ) Tj ET Q q 0 0 0 rg BT 132.51 535.75 Td (its ) Tj ET Q q 0 0 0 rg BT 145.61 535.75 Td (updated ) Tj ET Q q 0 0 0 rg BT 184.87 535.75 Td (full ) Tj ET Q q 0 0 0 rg BT 200.76 535.75 Td (year ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 223.32 535.75 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 245.56 535.75 Td ( ) Tj ET Q q 0 0 0 rg BT 248.67 535.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 288.46 535.75 Td (outlook. ) Tj ET Q q 0 0 0 rg BT 326.39 535.75 Td (T) Tj ET Q q 0 0 0 rg BT 331.39 535.75 Td (o ) Tj ET Q q 0 0 0 rg BT 340.06 535.75 Td (participate, ) Tj ET Q q 0 0 0 rg BT 392.08 535.75 Td (please ) Tj ET Q q 0 0 0 rg BT 424.66 535.75 Td (dial ) Tj ET Q q 0 0 0 rg BT 443.33 535.75 Td (\(877\) ) Tj ET Q q 0 0 0 rg BT 469.78 535.75 Td (407-9205 ) Tj ET Q q 0 0 0 rg BT 515.15 535.75 Td (in ) Tj ET Q q 0 0 0 rg BT 526.04 535.75 Td (the ) Tj ET Q q 0 0 0 rg BT 543.05 535.75 Td (U.S. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 523.75 Td (The ) Tj ET Q q 0 0 0 rg BT 69.38 523.75 Td (call ) Tj ET Q q 0 0 0 rg BT 87.04 523.75 Td (will ) Tj ET Q q 0 0 0 rg BT 103.57 523.75 Td (be ) Tj ET Q q 0 0 0 rg BT 117.34 523.75 Td (webcast ) Tj ET Q q 0 0 0 rg BT 156.68 523.75 Td (live ) Tj ET Q q 0 0 0 rg BT 174.33 523.75 Td (on ) Tj ET Q q 0 0 0 rg BT 188.10 523.75 Td (the ) Tj ET Q q 0 0 0 rg BT 204.66 523.75 Td (Investor ) Tj ET Q q 0 0 0 rg BT 242.88 523.75 Td (Relations ) Tj ET Q q 0 0 0 rg BT 287.21 523.75 Td (section ) Tj ET Q q 0 0 0 rg BT 321.55 523.75 Td (of ) Tj ET Q q 0 0 0 rg BT 332.54 523.75 Td (the ) Tj ET Q q 0 0 0 rg BT 349.09 523.75 Td (company's ) Tj ET Q q 0 0 0 rg BT 399.22 523.75 Td (website ) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 435.779296875 522.32421875 m 559.724609375 522.32421875 l s q 0 0 1 rg BT 435.78 523.75 Td (http://investor) Tj ET Q q 0 0 1 rg BT 495.26 523.75 Td (.columbia.com) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 559.72 523.75 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 49.50 499.75 Td (Throughout ) Tj ET Q q 0 0 0 rg BT 104.09 499.75 Td (this ) Tj ET Q q 0 0 0 rg BT 123.09 499.75 Td (commentary) Tj ET Q q 0 0 0 rg BT 177.37 499.75 Td (, ) Tj ET Q q 0 0 0 rg BT 183.59 499.75 Td (references ) Tj ET Q q 0 0 0 rg BT 234.28 499.75 Td (to ) Tj ET Q q 0 0 0 rg BT 246.06 499.75 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 293.49 499.75 Td ( ) Tj ET Q q 0 0 0 rg BT 296.93 499.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 337.07 499.75 Td (measures ) Tj ET Q q 0 0 0 rg BT 384.42 499.75 Td (in ) Tj ET Q q 0 0 0 rg BT 395.64 499.75 Td (the ) Tj ET Q q 0 0 0 rg BT 412.99 499.75 Td (first ) Tj ET Q q 0 0 0 rg BT 432.54 499.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 467.67 499.75 Td (of ) Tj ET Q q 0 0 0 rg BT 479.45 499.75 Td (2018 ) Tj ET Q q 0 0 0 rg BT 505.14 499.75 Td (exclude ) Tj ET Q q 0 0 0 rg BT 543.05 499.75 Td ($8.3 ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 49.50 487.75 Td (million ) Tj ET Q q 0 0 0 rg BT 80.46 487.75 Td (in ) Tj ET Q q 0 0 0 rg BT 90.87 487.75 Td (net ) Tj ET Q q 0 0 0 rg BT 107.40 487.75 Td (sales, ) Tj ET Q q 0 0 0 rg BT 136.15 487.75 Td (gross ) Tj ET Q q 0 0 0 rg BT 163.23 487.75 Td (profit ) Tj ET Q q 0 0 0 rg BT 188.08 487.75 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 207.39 487.75 Td () Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 210.17 487.75 Td (selling, ) Tj ET Q q 0 0 0 rg BT 243.92 487.75 Td (general ) Tj ET Q q 0 0 0 rg BT 279.91 487.75 Td (and ) Tj ET Q q 0 0 0 rg BT 299.22 487.75 Td (administrative\("SG&A"\) ) Tj ET Q q 0 0 0 rg BT 407.86 487.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 453.29 487.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 503.72 487.75 Td (with ) Tj ET Q q 0 0 0 rg BT 524.13 487.75 Td (adoption ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 49.50 475.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.36 475.75 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 112.75 475.75 Td (Standards ) Tj ET Q q 0 0 0 rg BT 161.24 475.75 Td (Codification ) Tj ET Q q 0 0 0 rg BT 216.40 475.75 Td (- ) Tj ET Q q 0 0 0 rg BT 222.25 475.75 Td (ASC ) Tj ET Q q 0 0 0 rg BT 245.72 475.75 Td (606 ) Tj ET Q q 0 0 0 rg BT 265.31 475.75 Td (\(hereinafter ) Tj ET Q q 0 0 0 rg BT 319.36 475.75 Td (referred ) Tj ET Q q 0 0 0 rg BT 357.28 475.75 Td (to ) Tj ET Q q 0 0 0 rg BT 368.53 475.75 Td (as ) Tj ET Q q 0 0 0 rg BT 382.00 475.75 Td (the ) Tj ET Q q 0 0 0 rg BT 398.81 475.75 Td ("new ) Tj ET Q q 0 0 0 rg BT 423.62 475.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 462.66 475.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 513.94 475.75 Td (standard"\), ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 49.50 463.75 Td ($1) Tj ET Q q 0 0 0 rg BT 59.88 463.75 Td (1.0 ) Tj ET Q q 0 0 0 rg BT 76.66 463.75 Td (million ) Tj ET Q q 0 0 0 rg BT 107.88 463.75 Td (in ) Tj ET Q q 0 0 0 rg BT 118.55 463.75 Td (Project ) Tj ET Q q 0 0 0 rg BT 152.55 463.75 Td (CONNECT ) Tj ET Q q 0 0 0 rg BT 204.88 463.75 Td (program ) Tj ET Q q 0 0 0 rg BT 245.00 463.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 290.69 463.75 Td (and ) Tj ET Q q 0 0 0 rg BT 310.25 463.75 Td (discrete ) Tj ET Q q 0 0 0 rg BT 348.15 463.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 374.37 463.75 Td (\($8.4 ) Tj ET Q q 0 0 0 rg BT 400.04 463.75 Td (million ) Tj ET Q q 0 0 0 rg BT 431.26 463.75 Td (net ) Tj ET Q q 0 0 0 rg BT 448.05 463.75 Td (of ) Tj ET Q q 0 0 0 rg BT 459.27 463.75 Td (tax\), ) Tj ET Q q 0 0 0 rg BT 481.60 463.75 Td (and ) Tj ET Q q 0 0 0 rg BT 501.16 463.75 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 523.51 463.75 Td (million ) Tj ET Q q 0 0 0 rg BT 554.73 463.75 Td (in ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 49.50 451.75 Td (incremental ) Tj ET Q q 0 0 0 rg BT 104.38 451.75 Td (provisional ) Tj ET Q q 0 0 0 rg BT 155.37 451.75 Td (income ) Tj ET Q q 0 0 0 rg BT 190.80 451.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 207.33 451.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 248.33 451.75 Td (related ) Tj ET Q q 0 0 0 rg BT 282.10 451.75 Td (to ) Tj ET Q q 0 0 0 rg BT 293.63 451.75 Td (the ) Tj ET Q q 0 0 0 rg BT 310.72 451.75 Td (T) Tj ET Q q 0 0 0 rg BT 315.91 451.75 Td (ax ) Tj ET Q q 0 0 0 rg BT 329.66 451.75 Td (Cuts ) Tj ET Q q 0 0 0 rg BT 353.42 451.75 Td (and ) Tj ET Q q 0 0 0 rg BT 373.29 451.75 Td (Jobs ) Tj ET Q q 0 0 0 rg BT 397.18 451.75 Td (Act ) Tj ET Q q 0 0 0 rg BT 414.82 451.75 Td (\(the ) Tj ET Q q 0 0 0 rg BT 435.24 451.75 Td ("TCJA"\). ) Tj ET Q q 0 0 0 rg BT 476.64 451.75 Td (References ) Tj ET Q q 0 0 0 rg BT 530.97 451.75 Td (to ) Tj ET Q q 0 0 0 rg BT 542.50 451.75 Td (non-) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 49.50 439.75 Td (GAAP) Tj ET Q q 0 0 0 rg BT 76.92 439.75 Td ( ) Tj ET Q q 0 0 0 rg BT 79.13 439.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 118.03 439.75 Td (measures ) Tj ET Q q 0 0 0 rg BT 164.15 439.75 Td (in ) Tj ET Q q 0 0 0 rg BT 174.14 439.75 Td (the ) Tj ET Q q 0 0 0 rg BT 190.25 439.75 Td (first ) Tj ET Q q 0 0 0 rg BT 208.57 439.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 242.47 439.75 Td (of ) Tj ET Q q 0 0 0 rg BT 253.02 439.75 Td (2017 ) Tj ET Q q 0 0 0 rg BT 277.48 439.75 Td (exclude ) Tj ET Q q 0 0 0 rg BT 314.16 439.75 Td ($1.3 ) Tj ET Q q 0 0 0 rg BT 335.83 439.75 Td (million ) Tj ET Q q 0 0 0 rg BT 366.38 439.75 Td (in ) Tj ET Q q 0 0 0 rg BT 376.38 439.75 Td (Project ) Tj ET Q q 0 0 0 rg BT 409.71 439.75 Td (CONNECT ) Tj ET Q q 0 0 0 rg BT 461.37 439.75 Td (program ) Tj ET Q q 0 0 0 rg BT 500.82 439.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 545.83 439.75 Td (and ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 49.50 427.75 Td (discrete ) Tj ET Q q 0 0 0 rg BT 87.29 427.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 113.41 427.75 Td (\($0.9 ) Tj ET Q q 0 0 0 rg BT 138.98 427.75 Td (million ) Tj ET Q q 0 0 0 rg BT 170.10 427.75 Td (net ) Tj ET Q q 0 0 0 rg BT 186.78 427.75 Td (of ) Tj ET Q q 0 0 0 rg BT 197.90 427.75 Td (tax\).) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 49.5 402.16552734375 m 71.169921875 402.16552734375 l s q 0 0 0 rg BT 49.50 403.75 Td (First) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 71.169921875 402.16552734375 m 112.849609375 402.16552734375 l s q 0 0 0 rg BT 71.17 403.75 Td ( ) Tj ET Q q 0 0 0 rg BT 73.95 403.75 Td (Quarter ) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 112.849609375 402.16552734375 m 135.095703125 402.16552734375 l s q 0 0 0 rg BT 112.85 403.75 Td (2018) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 135.095703125 402.16552734375 m 261.0625 402.16552734375 l s q 0 0 0 rg BT 135.10 403.75 Td ( ) Tj ET Q q 0 0 0 rg BT 137.87 403.75 Td (GAAP) Tj ET Q q 0 0 0 rg BT 166.58 403.75 Td ( ) Tj ET Q q 0 0 0 rg BT 169.36 403.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 215.49 403.75 Td (Summary) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 379.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 379.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 103.59 379.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 129.46 379.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 175.34 379.75 Td (12 ) Tj ET Q q 0 0 0 rg BT 188.99 379.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 224.87 379.75 Td (\(8 ) Tj ET Q q 0 0 0 rg BT 236.28 379.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 272.16 379.75 Td (constant-currency\) ) Tj ET Q q 0 0 0 rg BT 357.49 379.75 Td (to ) Tj ET Q q 0 0 0 rg BT 368.36 379.75 Td (a ) Tj ET Q q 0 0 0 rg BT 376.44 379.75 Td (record ) Tj ET Q q 0 0 0 rg BT 407.31 379.75 Td ($607.3 ) Tj ET Q q 0 0 0 rg BT 440.42 379.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 474.06 379.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 521.06 379.75 Td (to ) Tj ET Q q 0 0 0 rg BT 531.92 379.75 Td ($543.8 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 367.75 Td (million ) Tj ET Q q 0 0 0 rg BT 116.62 367.75 Td (in ) Tj ET Q q 0 0 0 rg BT 127.18 367.75 Td (the ) Tj ET Q q 0 0 0 rg BT 143.86 367.75 Td (first ) Tj ET Q q 0 0 0 rg BT 162.75 367.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 197.21 367.75 Td (of ) Tj ET Q q 0 0 0 rg BT 208.33 367.75 Td (2017.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 355.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 355.75 Td (Gross ) Tj ET Q q 0 0 0 rg BT 114.21 355.75 Td (margin ) Tj ET Q q 0 0 0 rg BT 146.82 355.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 192.22 355.75 Td (180 ) Tj ET Q q 0 0 0 rg BT 210.95 355.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 236.33 355.75 Td (points ) Tj ET Q q 0 0 0 rg BT 265.06 355.75 Td (to ) Tj ET Q q 0 0 0 rg BT 275.44 355.75 Td (a ) Tj ET Q q 0 0 0 rg BT 283.04 355.75 Td (record ) Tj ET Q q 0 0 0 rg BT 313.43 355.75 Td (49.3 ) Tj ET Q q 0 0 0 rg BT 334.93 355.75 Td (percent, ) Tj ET Q q 0 0 0 rg BT 373.11 355.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 419.62 355.75 Td (to ) Tj ET Q q 0 0 0 rg BT 430.00 355.75 Td (47.5 ) Tj ET Q q 0 0 0 rg BT 451.50 355.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 486.90 355.75 Td (in ) Tj ET Q q 0 0 0 rg BT 496.72 355.75 Td (the ) Tj ET Q q 0 0 0 rg BT 512.67 355.75 Td (first ) Tj ET Q q 0 0 0 rg BT 530.82 355.75 Td (quarter ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 343.75 Td (of ) Tj ET Q q 0 0 0 rg BT 96.62 343.75 Td (2017.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 331.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 331.75 Td (Operating ) Tj ET Q q 0 0 0 rg BT 131.71 331.75 Td (income ) Tj ET Q q 0 0 0 rg BT 166.24 331.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 211.89 331.75 Td (24 ) Tj ET Q q 0 0 0 rg BT 225.30 331.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 260.95 331.75 Td (to ) Tj ET Q q 0 0 0 rg BT 271.58 331.75 Td (a ) Tj ET Q q 0 0 0 rg BT 279.44 331.75 Td (record ) Tj ET Q q 0 0 0 rg BT 310.08 331.75 Td ($59.3 ) Tj ET Q q 0 0 0 rg BT 337.39 331.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 370.80 331.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 417.56 331.75 Td (to ) Tj ET Q q 0 0 0 rg BT 428.20 331.75 Td ($48.0 ) Tj ET Q q 0 0 0 rg BT 455.51 331.75 Td (million ) Tj ET Q q 0 0 0 rg BT 486.14 331.75 Td (in ) Tj ET Q q 0 0 0 rg BT 496.22 331.75 Td (the ) Tj ET Q q 0 0 0 rg BT 512.41 331.75 Td (first ) Tj ET Q q 0 0 0 rg BT 530.81 331.75 Td (quarter ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 319.75 Td (of ) Tj ET Q q 0 0 0 rg BT 96.13 319.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 123.45 319.75 Td (representing ) Tj ET Q q 0 0 0 rg BT 181.34 319.75 Td (100 ) Tj ET Q q 0 0 0 rg BT 200.32 319.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 225.95 319.75 Td (points ) Tj ET Q q 0 0 0 rg BT 254.93 319.75 Td (of ) Tj ET Q q 0 0 0 rg BT 265.57 319.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 309.56 319.75 Td (margin ) Tj ET Q q 0 0 0 rg BT 342.42 319.75 Td (expansion ) Tj ET Q q 0 0 0 rg BT 390.30 319.75 Td (to ) Tj ET Q q 0 0 0 rg BT 400.94 319.75 Td (9.8 ) Tj ET Q q 0 0 0 rg BT 417.13 319.75 Td (percent, ) Tj ET Q q 0 0 0 rg BT 455.56 319.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 502.32 319.75 Td (to ) Tj ET Q q 0 0 0 rg BT 512.96 319.75 Td (8.8 ) Tj ET Q q 0 0 0 rg BT 529.15 319.75 Td (percent ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 307.75 Td (in ) Tj ET Q q 0 0 0 rg BT 96.06 307.75 Td (the ) Tj ET Q q 0 0 0 rg BT 112.74 307.75 Td (first ) Tj ET Q q 0 0 0 rg BT 131.63 307.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 166.09 307.75 Td (of ) Tj ET Q q 0 0 0 rg BT 177.21 307.75 Td (2017.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 295.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 295.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 104.56 295.75 Td (income ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 140.30 295.75 Td (increase) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 178.10 295.75 Td (d ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 187.16 295.75 Td (25) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 198.28 295.75 Td ( ) Tj ET Q q 0 0 0 rg BT 201.79 295.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 238.64 295.75 Td (to ) Tj ET Q q 0 0 0 rg BT 250.48 295.75 Td (a ) Tj ET Q q 0 0 0 rg BT 259.55 295.75 Td (record ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 291.39 295.75 Td ($45.1 ) Tj ET Q q 0 0 0 rg BT 319.92 295.75 Td (million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 348.26 295.75 Td (, ) Tj ET Q q 0 0 0 rg BT 354.54 295.75 Td (or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 366.93 295.75 Td ($0.64) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 391.96 295.75 Td ( ) Tj ET Q q 0 0 0 rg BT 395.46 295.75 Td (per ) Tj ET Q q 0 0 0 rg BT 413.41 295.75 Td (diluted ) Tj ET Q q 0 0 0 rg BT 446.38 295.75 Td (share, ) Tj ET Q q 0 0 0 rg BT 477.68 295.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 525.64 295.75 Td (to ) Tj ET Q q 0 0 0 rg BT 537.49 295.75 Td ($36.0 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 283.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 119.40 283.75 Td (or ) Tj ET Q q 0 0 0 rg BT 131.07 283.75 Td ($0.51 ) Tj ET Q q 0 0 0 rg BT 158.87 283.75 Td (per ) Tj ET Q q 0 0 0 rg BT 176.10 283.75 Td (diluted ) Tj ET Q q 0 0 0 rg BT 208.35 283.75 Td (share, ) Tj ET Q q 0 0 0 rg BT 238.92 283.75 Td (in ) Tj ET Q q 0 0 0 rg BT 249.48 283.75 Td (the ) Tj ET Q q 0 0 0 rg BT 266.16 283.75 Td (first ) Tj ET Q q 0 0 0 rg BT 285.05 283.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 319.51 283.75 Td (of ) Tj ET Q q 0 0 0 rg BT 330.63 283.75 Td (2017.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 271.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 271.75 Td (Inventories ) Tj ET Q q 0 0 0 rg BT 136.87 271.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 182.69 271.75 Td (2 ) Tj ET Q q 0 0 0 rg BT 190.70 271.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 226.51 271.75 Td (to ) Tj ET Q q 0 0 0 rg BT 237.31 271.75 Td ($406.0 ) Tj ET Q q 0 0 0 rg BT 270.35 271.75 Td (million ) Tj ET Q q 0 0 0 rg BT 301.15 271.75 Td (at ) Tj ET Q q 0 0 0 rg BT 311.94 271.75 Td (March ) Tj ET Q q 0 0 0 rg BT 342.18 271.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 358.54 271.75 Td (2018, ) Tj ET Q q 0 0 0 rg BT 386.02 271.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 432.94 271.75 Td (to ) Tj ET Q q 0 0 0 rg BT 443.74 271.75 Td ($398.8 ) Tj ET Q q 0 0 0 rg BT 476.78 271.75 Td (million ) Tj ET Q q 0 0 0 rg BT 507.57 271.75 Td (at ) Tj ET Q q 0 0 0 rg BT 518.37 271.75 Td (March ) Tj ET Q q 0 0 0 rg BT 548.61 271.75 Td (31, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 259.75 Td (2017.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 247.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 247.75 Td (Cash ) Tj ET Q q 0 0 0 rg BT 112.50 247.75 Td (and ) Tj ET Q q 0 0 0 rg BT 132.84 247.75 Td (short-term ) Tj ET Q q 0 0 0 rg BT 182.06 247.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 239.07 247.75 Td (totaled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 272.76 247.75 Td ($808.2 ) Tj ET Q q 0 0 0 rg BT 307.00 247.75 Td (million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 335.34 247.75 Td ( ) Tj ET Q q 0 0 0 rg BT 339.00 247.75 Td (at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 350.99 247.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 399.11 247.75 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 421.36 247.75 Td (, ) Tj ET Q q 0 0 0 rg BT 427.79 247.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 475.92 247.75 Td (to ) Tj ET Q q 0 0 0 rg BT 487.92 247.75 Td ($590.5 ) Tj ET Q q 0 0 0 rg BT 522.16 247.75 Td (million ) Tj ET Q q 0 0 0 rg BT 554.16 247.75 Td (at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 235.75 Td (March ) Tj ET Q q 0 0 0 rg BT 116.06 235.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 132.74 235.75 Td (2017.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 223.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 223.75 Td (The ) Tj ET Q q 0 0 0 rg BT 105.51 223.75 Td (company ) Tj ET Q q 0 0 0 rg BT 148.86 223.75 Td (repatriated ) Tj ET Q q 0 0 0 rg BT 199.45 223.75 Td ($219.6 ) Tj ET Q q 0 0 0 rg BT 232.81 223.75 Td (million ) Tj ET Q q 0 0 0 rg BT 263.93 223.75 Td (of ) Tj ET Q q 0 0 0 rg BT 275.05 223.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 308.41 223.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 332.31 223.75 Td (to ) Tj ET Q q 0 0 0 rg BT 343.42 223.75 Td (the ) Tj ET Q q 0 0 0 rg BT 360.10 223.75 Td (United ) Tj ET Q q 0 0 0 rg BT 391.79 223.75 Td (States ) Tj ET Q q 0 0 0 rg BT 422.92 223.75 Td (in ) Tj ET Q q 0 0 0 rg BT 433.48 223.75 Td (early ) Tj ET Q q 0 0 0 rg BT 457.38 223.75 Td (April ) Tj ET Q q 0 0 0 rg BT 480.16 223.75 Td (2018.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 211.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 211.75 Td (The ) Tj ET Q q 0 0 0 rg BT 105.87 211.75 Td (board ) Tj ET Q q 0 0 0 rg BT 134.59 211.75 Td (of ) Tj ET Q q 0 0 0 rg BT 146.06 211.75 Td (directors ) Tj ET Q q 0 0 0 rg BT 187.55 211.75 Td (authorized ) Tj ET Q q 0 0 0 rg BT 237.39 211.75 Td (a ) Tj ET Q q 0 0 0 rg BT 246.09 211.75 Td (regular ) Tj ET Q q 0 0 0 rg BT 280.35 211.75 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 322.40 211.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 346.66 211.75 Td (dividend ) Tj ET Q q 0 0 0 rg BT 387.05 211.75 Td (of$0.22per ) Tj ET Q q 0 0 0 rg BT 443.57 211.75 Td (share, ) Tj ET Q q 0 0 0 rg BT 474.50 211.75 Td (payable ) Tj ET Q q 0 0 0 rg BT 512.67 211.75 Td (onMay ) Tj ET Q q 0 0 0 rg BT 548.60 211.75 Td (31, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 199.75 Td (2018to ) Tj ET Q q 0 0 0 rg BT 121.64 199.75 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 182.23 199.75 Td (of ) Tj ET Q q 0 0 0 rg BT 193.35 199.75 Td (record ) Tj ET Q q 0 0 0 rg BT 224.47 199.75 Td (onMay ) Tj ET Q q 0 0 0 rg BT 260.05 199.75 Td (17, ) Tj ET Q q 0 0 0 rg BT 276.73 199.75 Td (2018.) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 49.5 174.16552734375 m 71.169921875 174.16552734375 l s q 0 0 0 rg BT 49.50 175.75 Td (First) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 71.169921875 174.16552734375 m 112.849609375 174.16552734375 l s q 0 0 0 rg BT 71.17 175.75 Td ( ) Tj ET Q q 0 0 0 rg BT 73.95 175.75 Td (Quarter ) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 112.849609375 174.16552734375 m 135.095703125 174.16552734375 l s q 0 0 0 rg BT 112.85 175.75 Td (2018) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 135.095703125 174.16552734375 m 282.7177734375 174.16552734375 l s q 0 0 0 rg BT 135.10 175.75 Td ( ) Tj ET Q q 0 0 0 rg BT 137.87 175.75 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 188.24 175.75 Td ( ) Tj ET Q q 0 0 0 rg BT 191.02 175.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 237.14 175.75 Td (Summary) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 151.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 151.75 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 134.78 151.75 Td ( ) Tj ET Q q 0 0 0 rg BT 136.51 151.75 Td (net ) Tj ET Q q 0 0 0 rg BT 152.13 151.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 177.20 151.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 222.28 151.75 Td (10 ) Tj ET Q q 0 0 0 rg BT 235.13 151.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 270.21 151.75 Td (\(7 ) Tj ET Q q 0 0 0 rg BT 280.83 151.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 315.90 151.75 Td (constant-currency\) ) Tj ET Q q 0 0 0 rg BT 400.44 151.75 Td (to ) Tj ET Q q 0 0 0 rg BT 410.50 151.75 Td ($599.0 ) Tj ET Q q 0 0 0 rg BT 442.81 151.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 475.65 151.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 521.84 151.75 Td (to ) Tj ET Q q 0 0 0 rg BT 531.91 151.75 Td ($543.8 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 139.75 Td (million ) Tj ET Q q 0 0 0 rg BT 116.62 139.75 Td (in ) Tj ET Q q 0 0 0 rg BT 127.18 139.75 Td (the ) Tj ET Q q 0 0 0 rg BT 143.86 139.75 Td (first ) Tj ET Q q 0 0 0 rg BT 162.75 139.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 197.21 139.75 Td (of ) Tj ET Q q 0 0 0 rg BT 208.33 139.75 Td (2017.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 127.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 127.75 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 134.78 127.75 Td ( ) Tj ET Q q 0 0 0 rg BT 138.28 127.75 Td (gross ) Tj ET Q q 0 0 0 rg BT 166.24 127.75 Td (margin ) Tj ET Q q 0 0 0 rg BT 200.31 127.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 247.17 127.75 Td (1) Tj ET Q q 0 0 0 rg BT 251.99 127.75 Td (10 ) Tj ET Q q 0 0 0 rg BT 266.61 127.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 293.46 127.75 Td (points ) Tj ET Q q 0 0 0 rg BT 323.64 127.75 Td (to ) Tj ET Q q 0 0 0 rg BT 335.48 127.75 Td (48.6 ) Tj ET Q q 0 0 0 rg BT 358.45 127.75 Td (percent, ) Tj ET Q q 0 0 0 rg BT 398.08 127.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 446.05 127.75 Td (to ) Tj ET Q q 0 0 0 rg BT 457.89 127.75 Td (47.5 ) Tj ET Q q 0 0 0 rg BT 480.86 127.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 517.71 127.75 Td (in ) Tj ET Q q 0 0 0 rg BT 529.00 127.75 Td (the ) Tj ET Q q 0 0 0 rg BT 546.40 127.75 Td (first ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 115.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 119.96 115.75 Td (of ) Tj ET Q q 0 0 0 rg BT 131.08 115.75 Td (2017.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 103.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 103.75 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 134.78 103.75 Td ( ) Tj ET Q q 0 0 0 rg BT 138.62 103.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 184.15 103.75 Td (income ) Tj ET Q q 0 0 0 rg BT 220.22 103.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 267.41 103.75 Td (43 ) Tj ET Q q 0 0 0 rg BT 282.37 103.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 319.56 103.75 Td (to ) Tj ET Q q 0 0 0 rg BT 331.73 103.75 Td ($70.3 ) Tj ET Q q 0 0 0 rg BT 360.59 103.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 395.54 103.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 443.84 103.75 Td (to ) Tj ET Q q 0 0 0 rg BT 456.02 103.75 Td ($49.3 ) Tj ET Q q 0 0 0 rg BT 484.88 103.75 Td (million ) Tj ET Q q 0 0 0 rg BT 517.05 103.75 Td (in ) Tj ET Q q 0 0 0 rg BT 528.67 103.75 Td (the ) Tj ET Q q 0 0 0 rg BT 546.40 103.75 Td (first ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 91.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 120.35 91.75 Td (of ) Tj ET Q q 0 0 0 rg BT 131.85 91.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 160.04 91.75 Td (representing ) Tj ET Q q 0 0 0 rg BT 218.79 91.75 Td (260 ) Tj ET Q q 0 0 0 rg BT 238.64 91.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 265.15 91.75 Td (points ) Tj ET Q q 0 0 0 rg BT 295.00 91.75 Td (of ) Tj ET Q q 0 0 0 rg BT 306.50 91.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 351.36 91.75 Td (margin ) Tj ET Q q 0 0 0 rg BT 385.09 91.75 Td (expansion ) Tj ET Q q 0 0 0 rg BT 433.85 91.75 Td (to ) Tj ET Q q 0 0 0 rg BT 445.35 91.75 Td (1) Tj ET Q q 0 0 0 rg BT 450.17 91.75 Td (1.7 ) Tj ET Q q 0 0 0 rg BT 467.24 91.75 Td (percent, ) Tj ET Q q 0 0 0 rg BT 506.53 91.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 554.16 91.75 Td (to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 79.75 Td (9.1 ) Tj ET Q q 0 0 0 rg BT 102.18 79.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 138.31 79.75 Td (in ) Tj ET Q q 0 0 0 rg BT 148.87 79.75 Td (the ) Tj ET Q q 0 0 0 rg BT 165.55 79.75 Td (first ) Tj ET Q q 0 0 0 rg BT 184.44 79.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 218.90 79.75 Td (of ) Tj ET Q q 0 0 0 rg BT 230.02 79.75 Td (2017.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 67.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 67.75 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 134.78 67.75 Td ( ) Tj ET Q q 0 0 0 rg BT 137.64 67.75 Td (net ) Tj ET Q q 0 0 0 rg BT 154.41 67.75 Td (income ) Tj ET Q q 0 0 0 rg BT 189.51 67.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 235.73 67.75 Td (48 ) Tj ET Q q 0 0 0 rg BT 249.71 67.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 285.93 67.75 Td (to ) Tj ET Q q 0 0 0 rg BT 297.13 67.75 Td ($54.5 ) Tj ET Q q 0 0 0 rg BT 325.02 67.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 359.00 67.75 Td (or ) Tj ET Q q 0 0 0 rg BT 370.75 67.75 Td ($0.77 ) Tj ET Q q 0 0 0 rg BT 398.64 67.75 Td (per ) Tj ET Q q 0 0 0 rg BT 415.96 67.75 Td (diluted ) Tj ET Q q 0 0 0 rg BT 448.29 67.75 Td (share, ) Tj ET Q q 0 0 0 rg BT 478.94 67.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 526.27 67.75 Td (to ) Tj ET Q q 0 0 0 rg BT 537.47 67.75 Td ($36.9 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 55.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 119.40 55.75 Td (or ) Tj ET Q q 0 0 0 rg BT 131.07 55.75 Td ($0.52 ) Tj ET Q q 0 0 0 rg BT 158.87 55.75 Td (per ) Tj ET Q q 0 0 0 rg BT 176.10 55.75 Td (diluted ) Tj ET Q q 0 0 0 rg BT 208.35 55.75 Td (share, ) Tj ET Q q 0 0 0 rg BT 238.92 55.75 Td (in ) Tj ET Q q 0 0 0 rg BT 249.48 55.75 Td (the ) Tj ET Q q 0 0 0 rg BT 266.16 55.75 Td (first ) Tj ET Q q 0 0 0 rg BT 285.05 55.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 319.51 55.75 Td (of ) Tj ET Q q 0 0 0 rg BT 330.63 55.75 Td (2017.) 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 0.8 0.9333333333333333 1 rg /GS0 gs 77.00 657.25 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.00 657.25 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 657.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 657.25 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.00 657.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.00 657.25 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 657.25 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 657.25 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 657.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 657.25 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 657.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 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368 435.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 435.25 m 487 435.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 435.25 m 368 435.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 435.25 m 487 435.25 l s BT /F6 10.00 Tf ET q 0 0 0 rg BT 322.60 451.47 Td (Full ) Tj ET Q q 0 0 0 rg BT 339.32 451.47 Td (Y) Tj ET Q q 0 0 0 rg BT 344.34 451.47 Td (ear 2018 \(U.S. Dollar\)) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 303.20 438.47 Td (GAAP) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 406.20 438.47 Td (Non-GAAP*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 414.87 Td (Net sales growth) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.30 425.17 Td (8.0% to 10.0%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.50 415.17 Td (\(prior 5.5% to 7.5%\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.60 425.17 Td (6.5% to 8.5% ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.50 415.17 Td (\(prior 4.0% to 6.0%\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 399.87 Td (Gross margin expansion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.10 400.17 Td (up to 140 bps) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.40 400.17 Td (up to 60 bps) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 374.87 Td (SG&A) Tj ET Q q 0 0 0 rg BT 149.06 374.87 Td ( expense deleverage) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.10 385.17 Td (150 bps to 170 bps) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.00 375.17 Td (\(prior 170 bps to 190 bps\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 385.17 Td (30 bps to 50 bps) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.60 375.17 Td (\(prior 40 bps to 50 bps\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 349.87 Td (Income from operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.25 360.17 Td ($275 to $285 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.20 350.17 Td (\(prior $263 to $273 million\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.25 360.17 Td ($299 to $308 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.20 350.17 Td (\(prior $290 to $300 million\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 324.87 Td (Operating margin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.00 335.17 Td (10.3% to 10.5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.95 325.17 Td (\(prior 10.1% to 10.3%\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.60 335.17 Td (1) Tj ET Q q 0 0 0 rg BT 404.56 335.17 Td (1.4% to 1) Tj ET Q q 0 0 0 rg BT 438.61 335.17 Td (1.5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.55 325.17 Td (\(prior 1) Tj ET Q q 0 0 0 rg BT 413.92 325.17 Td (1.3% to 1) Tj ET Q q 0 0 0 rg BT 447.97 325.17 Td (1.5%\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 299.87 Td (Licensing Income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.70 310.17 Td (up to $14.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.60 300.17 Td (\(prior up to $13.5 million\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.70 310.17 Td (up to $14.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.60 300.17 Td (\(prior up to $13.5 million\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 284.87 Td (Ef) Tj ET Q q 0 0 0 rg BT 134.18 284.87 Td (fective income tax rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.90 285.17 Td (approximately 22%**) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.90 285.17 Td (approximately 22%**) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 259.87 Td (Net income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.25 270.17 Td ($213 to $220 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.50 260.17 Td (\(prior $203 to $21) Tj ET Q q 0 0 0 rg BT 330.64 260.17 Td (1 million\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.25 270.17 Td ($231 to $238 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.20 260.17 Td (\(prior $224 to $231 million\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 234.87 Td (Diluted earnings per share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.05 245.17 Td ($3.01 to $3.1) Tj ET Q q 0 0 0 rg BT 336.34 245.17 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.70 235.17 Td (\(prior $2.88 to $2.98\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.75 245.17 Td ($3.27 to $3.37) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.70 235.17 Td (\(prior $3.17 to $3.27\)) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 194.75 Td (* ) Tj ET Q q 0 0 0 rg BT 55.11 194.75 Td (Updated ) Tj ET Q q 0 0 0 rg BT 94.63 194.75 Td (full ) Tj ET Q q 0 0 0 rg BT 109.13 194.75 Td (year ) Tj ET Q q 0 0 0 rg BT 130.30 194.75 Td (2018 ) Tj ET Q q 0 0 0 rg BT 154.27 194.75 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 201.89 194.75 Td ( ) Tj ET Q q 0 0 0 rg BT 203.61 194.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 242.01 194.75 Td (measures ) Tj ET Q q 0 0 0 rg BT 287.64 194.75 Td (exclude ) Tj ET Q q 0 0 0 rg BT 323.82 194.75 Td (net ) Tj ET Q q 0 0 0 rg BT 339.44 194.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 364.50 194.75 Td (of ) Tj ET Q q 0 0 0 rg BT 374.56 194.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 438.53 194.75 Td ($40 ) Tj ET Q q 0 0 0 rg BT 456.93 194.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 489.77 194.75 Td (with ) Tj ET Q q 0 0 0 rg BT 509.27 194.75 Td (an ) Tj ET Q q 0 0 0 rg BT 522.11 194.75 Td (of) Tj ET Q q 0 0 0 rg BT 530.27 194.75 Td (fsetting ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 182.75 Td (increase ) Tj ET Q q 0 0 0 rg BT 90.44 182.75 Td (in ) Tj ET Q q 0 0 0 rg BT 101.37 182.75 Td (SG&A) Tj ET Q q 0 0 0 rg BT 128.61 182.75 Td ( ) Tj ET Q q 0 0 0 rg BT 131.75 182.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 177.70 182.75 Td (of ) Tj ET Q q 0 0 0 rg BT 189.19 182.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 254.58 182.75 Td ($40 ) Tj ET Q q 0 0 0 rg BT 274.41 182.75 Td (million ) Tj ET Q q 0 0 0 rg BT 305.90 182.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 356.85 182.75 Td (with ) Tj ET Q q 0 0 0 rg BT 377.78 182.75 Td (the ) Tj ET Q q 0 0 0 rg BT 394.82 182.75 Td (new ) Tj ET Q q 0 0 0 rg BT 416.31 182.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 455.59 182.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 507.11 182.75 Td (standard, ) Tj ET Q q 0 0 0 rg BT 551.95 182.75 Td (as ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 170.75 Td (well ) Tj ET Q q 0 0 0 rg BT 69.74 170.75 Td (as ) Tj ET Q q 0 0 0 rg BT 83.31 170.75 Td (Project ) Tj ET Q q 0 0 0 rg BT 117.45 170.75 Td (CONNECT) Tj ET Q q 0 0 0 rg BT 166.71 170.75 Td ( ) Tj ET Q q 0 0 0 rg BT 169.73 170.75 Td (program ) Tj ET Q q 0 0 0 rg BT 209.98 170.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 255.80 170.75 Td (and ) Tj ET Q q 0 0 0 rg BT 275.49 170.75 Td (discrete ) Tj ET Q q 0 0 0 rg BT 313.52 170.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 339.88 170.75 Td (of ) Tj ET Q q 0 0 0 rg BT 351.23 170.75 Td (approximately$23 ) Tj ET Q q 0 0 0 rg BT 435.96 170.75 Td (million,$18 ) Tj ET Q q 0 0 0 rg BT 486.77 170.75 Td (million ) Tj ET Q q 0 0 0 rg BT 518.12 170.75 Td (net ) Tj ET Q q 0 0 0 rg BT 535.04 170.75 Td (of ) Tj ET Q q 0 0 0 rg BT 546.39 170.75 Td (tax, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 158.75 Td (or$0.25 ) Tj ET Q q 0 0 0 rg BT 88.97 158.75 Td (per ) Tj ET Q q 0 0 0 rg BT 106.20 158.75 Td (diluted ) Tj ET Q q 0 0 0 rg BT 138.45 158.75 Td (share ) Tj ET Q q 0 0 0 rg BT 166.24 158.75 Td (\(prior ) Tj ET Q q 0 0 0 rg BT 192.36 158.75 Td ($27 ) Tj ET Q q 0 0 0 rg BT 211.82 158.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 245.72 158.75 Td ($21 ) Tj ET Q q 0 0 0 rg BT 265.18 158.75 Td (million ) Tj ET Q q 0 0 0 rg BT 296.30 158.75 Td (net ) Tj ET Q q 0 0 0 rg BT 312.98 158.75 Td (of ) Tj ET Q q 0 0 0 rg BT 324.09 158.75 Td (tax, ) Tj ET Q q 0 0 0 rg BT 342.99 158.75 Td (or$0.29per ) Tj ET Q q 0 0 0 rg BT 399.70 158.75 Td (diluted ) Tj ET Q q 0 0 0 rg BT 431.94 158.75 Td (share\). ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 134.75 Td (** ) Tj ET Q q 0 0 0 rg BT 62.47 134.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 84.32 134.75 Td (updated ) Tj ET Q q 0 0 0 rg BT 125.65 134.75 Td (full ) Tj ET Q q 0 0 0 rg BT 143.61 134.75 Td (year ) Tj ET Q q 0 0 0 rg BT 168.25 134.75 Td (2018 ) Tj ET Q q 0 0 0 rg BT 195.68 134.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 237.55 134.75 Td (outlook ) Tj ET Q q 0 0 0 rg BT 274.98 134.75 Td (anticipates ) Tj ET Q q 0 0 0 rg BT 327.97 134.75 Td (an ) Tj ET Q q 0 0 0 rg BT 344.28 134.75 Td (estimated ) Tj ET Q q 0 0 0 rg BT 392.81 134.75 Td (full-year ) Tj ET Q q 0 0 0 rg BT 433.56 134.75 Td (ef) Tj ET Q q 0 0 0 rg BT 441.72 134.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 475.80 134.75 Td (income ) Tj ET Q q 0 0 0 rg BT 513.22 134.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 531.75 134.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 554.16 134.75 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 122.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 115.04 122.75 Td (22 ) Tj ET Q q 0 0 0 rg BT 129.45 122.75 Td (percent, ) Tj ET Q q 0 0 0 rg BT 168.87 122.75 Td (which ) Tj ET Q q 0 0 0 rg BT 197.72 122.75 Td (may ) Tj ET Q q 0 0 0 rg BT 219.90 122.75 Td (be ) Tj ET Q q 0 0 0 rg BT 234.31 122.75 Td (af) Tj ET Q q 0 0 0 rg BT 242.47 122.75 Td (fected ) Tj ET Q q 0 0 0 rg BT 273.00 122.75 Td (by ) Tj ET Q q 0 0 0 rg BT 286.85 122.75 Td (further ) Tj ET Q q 0 0 0 rg BT 319.04 122.75 Td (refinement ) Tj ET Q q 0 0 0 rg BT 369.57 122.75 Td (of ) Tj ET Q q 0 0 0 rg BT 381.20 122.75 Td (our ) Tj ET Q q 0 0 0 rg BT 398.94 122.75 Td (2017 ) Tj ET Q q 0 0 0 rg BT 424.47 122.75 Td (provisional ) Tj ET Q q 0 0 0 rg BT 475.34 122.75 Td (TCJA) Tj ET Q q 0 0 0 rg BT 499.79 122.75 Td ( ) Tj ET Q q 0 0 0 rg BT 503.08 122.75 Td (estimates, ) Tj ET Q q 0 0 0 rg BT 551.94 122.75 Td (as ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 110.75 Td (well ) Tj ET Q q 0 0 0 rg BT 69.36 110.75 Td (as ) Tj ET Q q 0 0 0 rg BT 82.56 110.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 123.01 110.75 Td (in ) Tj ET Q q 0 0 0 rg BT 133.43 110.75 Td (our ) Tj ET Q q 0 0 0 rg BT 150.52 110.75 Td (geographic ) Tj ET Q q 0 0 0 rg BT 202.64 110.75 Td (mix ) Tj ET Q q 0 0 0 rg BT 220.83 110.75 Td (of ) Tj ET Q q 0 0 0 rg BT 231.80 110.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 265.56 110.75 Td (income ) Tj ET Q q 0 0 0 rg BT 300.44 110.75 Td (and ) Tj ET Q q 0 0 0 rg BT 319.76 110.75 Td (other ) Tj ET Q q 0 0 0 rg BT 345.19 110.75 Td (discrete ) Tj ET Q q 0 0 0 rg BT 382.84 110.75 Td (events ) Tj ET Q q 0 0 0 rg BT 414.94 110.75 Td (that ) Tj ET Q q 0 0 0 rg BT 434.26 110.75 Td (may ) Tj ET Q q 0 0 0 rg BT 455.79 110.75 Td (occur ) Tj ET Q q 0 0 0 rg BT 482.88 110.75 Td (during ) Tj ET Q q 0 0 0 rg BT 513.31 110.75 Td (the ) Tj ET Q q 0 0 0 rg BT 529.85 110.75 Td (year) Tj ET Q q 0 0 0 rg BT 548.75 110.75 Td (. ) Tj ET Q q 0 0 0 rg BT 554.17 110.75 Td (In ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 98.75 Td (the ) Tj ET Q q 0 0 0 rg BT 66.73 98.75 Td (first ) Tj ET Q q 0 0 0 rg BT 86.17 98.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 121.19 98.75 Td (of ) Tj ET Q q 0 0 0 rg BT 132.86 98.75 Td (2018, ) Tj ET Q q 0 0 0 rg BT 161.22 98.75 Td (we ) Tj ET Q q 0 0 0 rg BT 177.33 98.75 Td (incurred ) Tj ET Q q 0 0 0 rg BT 216.79 98.75 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 239.59 98.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 274.04 98.75 Td (or ) Tj ET Q q 0 0 0 rg BT 286.26 98.75 Td ($0.01 ) Tj ET Q q 0 0 0 rg BT 314.62 98.75 Td (per ) Tj ET Q q 0 0 0 rg BT 332.40 98.75 Td (diluted ) Tj ET Q q 0 0 0 rg BT 365.20 98.75 Td (share, ) Tj ET Q q 0 0 0 rg BT 396.33 98.75 Td (in ) Tj ET Q q 0 0 0 rg BT 407.44 98.75 Td (incremental ) Tj ET Q q 0 0 0 rg BT 462.47 98.75 Td (provisional ) Tj ET Q q 0 0 0 rg BT 513.60 98.75 Td (income ) Tj ET Q q 0 0 0 rg BT 549.17 98.75 Td (tax ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 86.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 90.09 86.75 Td (related ) Tj ET Q q 0 0 0 rg BT 123.44 86.75 Td (to ) Tj ET Q q 0 0 0 rg BT 134.56 86.75 Td (the ) Tj ET Q q 0 0 0 rg BT 151.06 86.75 Td (TCJA.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 62.75 Td (The ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 70.25 62.75 Td (Updated ) Tj ET Q q 0 0 0 rg BT 113.78 62.75 Td (Full ) Tj ET Q q 0 0 0 rg BT 134.84 62.75 Td (Y) Tj ET Q q 0 0 0 rg BT 140.96 62.75 Td (ear ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 159.50 62.75 Td (2018) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 181.75 62.75 Td ( ) Tj ET Q q 0 0 0 rg BT 185.27 62.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 232.14 62.75 Td (Outlook) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 269.91 62.75 Td ( ) Tj ET Q q 0 0 0 rg BT 273.43 62.75 Td (section ) Tj ET Q q 0 0 0 rg BT 308.64 62.75 Td (below ) Tj ET Q q 0 0 0 rg BT 338.29 62.75 Td (contains ) Tj ET Q q 0 0 0 rg BT 379.06 62.75 Td (a ) Tj ET Q q 0 0 0 rg BT 388.15 62.75 Td (more ) Tj ET Q q 0 0 0 rg BT 414.45 62.75 Td (detailed ) Tj ET Q q 0 0 0 rg BT 453.00 62.75 Td (discussion ) Tj ET Q q 0 0 0 rg BT 503.22 62.75 Td (of ) Tj ET Q q 0 0 0 rg BT 515.08 62.75 Td (the ) Tj ET Q q 0 0 0 rg BT 532.50 62.75 Td (factors ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 50.75 Td (contributing ) Tj ET Q q 0 0 0 rg BT 103.98 50.75 Td (to ) Tj ET Q q 0 0 0 rg BT 115.10 50.75 Td (this ) Tj ET Q q 0 0 0 rg BT 133.44 50.75 Td (outlook.) 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 /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 49.5 747.16552734375 m 71.169921875 747.16552734375 l s q 0 0 0 rg BT 49.50 748.75 Td (First) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 71.169921875 747.16552734375 m 197.8740234375 747.16552734375 l s q 0 0 0 rg BT 71.17 748.75 Td ( ) Tj ET Q q 0 0 0 rg BT 73.95 748.75 Td (Quarter ) Tj ET Q q 0 0 0 rg BT 112.85 748.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 158.97 748.75 Td (Results ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 736.75 Td (\(All ) Tj ET Q q 0 0 0 rg BT 66.72 736.75 Td (comparisons ) Tj ET Q q 0 0 0 rg BT 126.19 736.75 Td (are ) Tj ET Q q 0 0 0 rg BT 143.42 736.75 Td (between ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 184.01 736.75 Td (first) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 200.12 736.75 Td ( ) Tj ET Q q 0 0 0 rg BT 202.89 736.75 Td (quarter ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 237.36 736.75 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 259.60 736.75 Td ( ) Tj ET Q q 0 0 0 rg BT 262.38 736.75 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 281.84 736.75 Td (first) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 297.95 736.75 Td ( ) Tj ET Q q 0 0 0 rg BT 300.73 736.75 Td (quarter ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 335.19 736.75 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 357.44 736.75 Td (, ) Tj ET Q q 0 0 0 rg BT 363.00 736.75 Td (unless ) Tj ET Q q 0 0 0 rg BT 394.68 736.75 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 440.26 736.75 Td (noted\).) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 712.75 Td (Net Sales ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 700.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 110.09 700.75 Td (net ) Tj ET Q q 0 0 0 rg BT 126.21 700.75 Td (sales ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 151.78 700.75 Td (increase) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 189.58 700.75 Td (d ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 197.36 700.75 Td ($63.5) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 222.38 700.75 Td ( ) Tj ET Q q 0 0 0 rg BT 224.60 700.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 257.94 700.75 Td (or ) Tj ET Q q 0 0 0 rg BT 269.05 700.75 Td (12 ) Tj ET Q q 0 0 0 rg BT 282.39 700.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 317.96 700.75 Td (\(8 ) Tj ET Q q 0 0 0 rg BT 329.08 700.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 364.65 700.75 Td (constant-currency\) ) Tj ET Q q 0 0 0 rg BT 449.68 700.75 Td (to ) Tj ET Q q 0 0 0 rg BT 460.23 700.75 Td (a ) Tj ET Q q 0 0 0 rg BT 468.02 700.75 Td (record ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 498.58 700.75 Td ($607.3 ) Tj ET Q q 0 0 0 rg BT 531.38 700.75 Td (million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 559.72 700.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 688.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 96.40 688.75 Td (with ) Tj ET Q q 0 0 0 rg BT 116.62 688.75 Td (net ) Tj ET Q q 0 0 0 rg BT 132.95 688.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 158.73 688.75 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 169.50 688.75 Td ($543.8) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 200.09 688.75 Td ( ) Tj ET Q q 0 0 0 rg BT 202.52 688.75 Td (million ) Tj ET Q q 0 0 0 rg BT 233.30 688.75 Td (in ) Tj ET Q q 0 0 0 rg BT 243.51 688.75 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 259.85 688.75 Td (first) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 275.96 688.75 Td ( ) Tj ET Q q 0 0 0 rg BT 278.39 688.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 312.51 688.75 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 323.28 688.75 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 345.53 688.75 Td (. ) Tj ET Q q 0 0 0 rg BT 350.74 688.75 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 400.02 688.75 Td ( ) Tj ET Q q 0 0 0 rg BT 402.46 688.75 Td (net ) Tj ET Q q 0 0 0 rg BT 418.79 688.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 444.57 688.75 Td (of ) Tj ET Q q 0 0 0 rg BT 455.34 688.75 Td ($599.0 ) Tj ET Q q 0 0 0 rg BT 488.36 688.75 Td (million ) Tj ET Q q 0 0 0 rg BT 519.14 688.75 Td (increased ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 676.75 Td (10 ) Tj ET Q q 0 0 0 rg BT 63.40 676.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 99.53 676.75 Td (\(7 ) Tj ET Q q 0 0 0 rg BT 111.20 676.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 147.34 676.75 Td (constant-currency\).) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 71.50 652.75 Td (Geographies ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 167.00 575.25 90.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.00 575.25 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.00 575.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.00 575.25 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 575.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 575.25 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 575.25 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 575.25 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 167.00 551.25 90.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.00 551.25 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.00 551.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.00 551.25 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 551.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 551.25 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 551.25 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 551.25 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 257 642.25 m 306 642.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 642.25 m 310 642.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 642.25 m 359 642.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 642.25 m 363 642.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363 642.25 m 412 642.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 642.25 m 417 642.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 642.25 m 466 642.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257 587.25 m 306 587.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 587.25 m 359 587.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363 587.25 m 412 587.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 587.25 m 466 587.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257 587.25 m 306 587.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 257 539.25 m 306 539.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257 528.25 m 306 528.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257 526.25 m 306 526.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 310 539.25 m 359 539.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 528.25 m 359 528.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 526.25 m 359 526.25 l s BT /F6 10.00 Tf ET q 0 0 0 rg BT 421.85 632.52 Td (Constant-) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 423.65 621.52 Td (currency) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 262.50 610.47 Td (Net Sales) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 262.75 600.52 Td (\(millions\)) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 315.50 610.47 Td (Net Sales) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 315.75 600.52 Td (\(millions\)) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 368.50 604.87 Td (Net Sales) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 422.50 604.87 Td (Net Sales) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 265.25 590.47 Td (Q1 2018) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 318.25 590.47 Td (Q1 2017) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 367.15 590.47 Td (%Change) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 421.15 590.47 Td (%Change) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.50 577.52 Td (United States) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.45 577.52 Td ($362.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.45 577.52 Td ($333.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.05 577.52 Td (9%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.05 577.52 Td (9%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.50 565.52 Td (LAAP) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.70 565.52 Td (131.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.70 565.52 Td (1) Tj ET Q q 0 0 0 rg BT 328.26 565.52 Td (18.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.75 565.52 Td (1) Tj ET Q q 0 0 0 rg BT 383.31 565.52 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.05 565.52 Td (5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.50 553.52 Td (EMEA) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.00 553.52 Td (71.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.00 553.52 Td (55.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.75 553.52 Td (30%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.75 553.52 Td (15%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.50 541.52 Td (Canada) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.00 541.52 Td (41.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.00 541.52 Td (36.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.75 541.52 Td (1) Tj ET Q q 0 0 0 rg BT 383.31 541.52 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.05 541.52 Td (6%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.50 529.52 Td ( ) Tj ET Q q 0 0 0 rg BT 171.64 529.52 Td (T) Tj ET Q q 0 0 0 rg BT 175.74 529.52 Td (otal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.45 529.52 Td ($607.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.45 529.52 Td ($543.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.75 529.52 Td (12%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.05 529.52 Td (8%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 503.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 121.50 503.75 Td (United ) Tj ET Q q 0 0 0 rg BT 155.39 503.75 Td (States) Tj ET Q BT /F3 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 121.50 489.59 cm /I2 Do Q q 0 0 0 rg BT 125.50 491.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.00 491.75 Td (Direct-T) Tj ET Q q 0 0 0 rg BT 169.44 491.75 Td (o-Consumer ) Tj ET Q q 0 0 0 rg BT 227.77 491.75 Td (\("DTC"\) ) Tj ET Q q 0 0 0 rg BT 265.39 491.75 Td (net ) Tj ET Q q 0 0 0 rg BT 282.59 491.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 309.25 491.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 355.91 491.75 Td (high-teens ) Tj ET Q q 0 0 0 rg BT 405.92 491.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 442.58 491.75 Td (driven ) Tj ET Q q 0 0 0 rg BT 473.12 491.75 Td (by ) Tj ET Q q 0 0 0 rg BT 486.99 491.75 Td (improved ) Tj ET Q q 0 0 0 rg BT 531.42 491.75 Td (brick ) Tj ET Q q 0 0 0 rg BT 555.84 491.75 Td (& ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.00 479.75 Td (mortar ) Tj ET Q q 0 0 0 rg BT 168.33 479.75 Td (store ) Tj ET Q q 0 0 0 rg BT 195.00 479.75 Td (productivity) Tj ET Q q 0 0 0 rg BT 244.83 479.75 Td (, ) Tj ET Q q 0 0 0 rg BT 252.05 479.75 Td (the ) Tj ET Q q 0 0 0 rg BT 270.38 479.75 Td (ef) Tj ET Q q 0 0 0 rg BT 278.54 479.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 299.10 479.75 Td (of ) Tj ET Q q 0 0 0 rg BT 311.88 479.75 Td (new ) Tj ET Q q 0 0 0 rg BT 334.66 479.75 Td (store ) Tj ET Q q 0 0 0 rg BT 361.33 479.75 Td (openings ) Tj ET Q q 0 0 0 rg BT 406.35 479.75 Td (over ) Tj ET Q q 0 0 0 rg BT 430.24 479.75 Td (the ) Tj ET Q q 0 0 0 rg BT 448.58 479.75 Td (prior ) Tj ET Q q 0 0 0 rg BT 473.02 479.75 Td (twelve ) Tj ET Q q 0 0 0 rg BT 505.81 479.75 Td (months, ) Tj ET Q q 0 0 0 rg BT 545.81 479.75 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.00 467.75 Td (acceleration ) Tj ET Q q 0 0 0 rg BT 191.70 467.75 Td (in ) Tj ET Q q 0 0 0 rg BT 202.26 467.75 Td (e-commerce ) Tj ET Q q 0 0 0 rg BT 260.61 467.75 Td (net ) Tj ET Q q 0 0 0 rg BT 277.29 467.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 303.41 467.75 Td (growth. ) Tj ET Q BT /F3 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 121.50 453.59 cm /I3 Do Q q 0 0 0 rg BT 125.50 455.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.00 455.75 Td (Wholesale ) Tj ET Q q 0 0 0 rg BT 184.43 455.75 Td (net ) Tj ET Q q 0 0 0 rg BT 201.06 455.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 227.14 455.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 273.24 455.75 Td (low-single-digit ) Tj ET Q q 0 0 0 rg BT 342.11 455.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 378.21 455.75 Td (driven ) Tj ET Q q 0 0 0 rg BT 408.18 455.75 Td (by ) Tj ET Q q 0 0 0 rg BT 421.48 455.75 Td (the ) Tj ET Q q 0 0 0 rg BT 438.11 455.75 Td (Columbia ) Tj ET Q q 0 0 0 rg BT 483.09 455.75 Td (and ) Tj ET Q q 0 0 0 rg BT 502.51 455.75 Td (prAna ) Tj ET Q q 0 0 0 rg BT 531.93 455.75 Td (brands ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.00 443.75 Td (and ) Tj ET Q q 0 0 0 rg BT 153.52 443.75 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 195.94 443.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 241.14 443.75 Td (shipments ) Tj ET Q q 0 0 0 rg BT 288.55 443.75 Td (of ) Tj ET Q q 0 0 0 rg BT 298.73 443.75 Td (Spring ) Tj ET Q q 0 0 0 rg BT 329.48 443.75 Td (2018 ) Tj ET Q q 0 0 0 rg BT 353.56 443.75 Td (product ) Tj ET Q q 0 0 0 rg BT 388.76 443.75 Td (in ) Tj ET Q q 0 0 0 rg BT 398.38 443.75 Td (comparison ) Tj ET Q q 0 0 0 rg BT 451.91 443.75 Td (to ) Tj ET Q q 0 0 0 rg BT 462.09 443.75 Td (Spring ) Tj ET Q q 0 0 0 rg BT 492.83 443.75 Td (2017 ) Tj ET Q q 0 0 0 rg BT 516.92 443.75 Td (shipments ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.00 431.75 Td (in ) Tj ET Q q 0 0 0 rg BT 145.56 431.75 Td (the ) Tj ET Q q 0 0 0 rg BT 162.24 431.75 Td (first ) Tj ET Q q 0 0 0 rg BT 181.13 431.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 215.59 431.75 Td (of ) Tj ET Q q 0 0 0 rg BT 226.71 431.75 Td (2017.) Tj ET Q BT /F3 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 121.50 417.59 cm /I4 Do Q q 0 0 0 rg BT 125.50 419.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.00 419.75 Td (The ) Tj ET Q q 0 0 0 rg BT 155.36 419.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 201.28 419.75 Td (operated ) Tj ET Q q 0 0 0 rg BT 243.89 419.75 Td (130 ) Tj ET Q q 0 0 0 rg BT 263.70 419.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 286.27 419.75 Td (retail ) Tj ET Q q 0 0 0 rg BT 311.08 419.75 Td (stores ) Tj ET Q q 0 0 0 rg BT 341.43 419.75 Td (at ) Tj ET Q q 0 0 0 rg BT 352.90 419.75 Td (March ) Tj ET Q q 0 0 0 rg BT 383.81 419.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 400.84 419.75 Td (2018 ) Tj ET Q q 0 0 0 rg BT 426.21 419.75 Td (\(107 ) Tj ET Q q 0 0 0 rg BT 449.35 419.75 Td (outlet; ) Tj ET Q q 0 0 0 rg BT 479.72 419.75 Td (23 ) Tj ET Q q 0 0 0 rg BT 493.97 419.75 Td (branded\) ) Tj ET Q q 0 0 0 rg BT 537.13 419.75 Td (and ) Tj ET Q q 0 0 0 rg BT 556.94 419.75 Td (4 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.00 407.75 Td (branded ) Tj ET Q q 0 0 0 rg BT 174.92 407.75 Td (e-commerce ) Tj ET Q q 0 0 0 rg BT 233.70 407.75 Td (sites, ) Tj ET Q q 0 0 0 rg BT 260.26 407.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 307.94 407.75 Td (with ) Tj ET Q q 0 0 0 rg BT 328.95 407.75 Td (120 ) Tj ET Q q 0 0 0 rg BT 348.85 407.75 Td (stores ) Tj ET Q q 0 0 0 rg BT 379.30 407.75 Td (\(95 ) Tj ET Q q 0 0 0 rg BT 396.97 407.75 Td (outlet, ) Tj ET Q q 0 0 0 rg BT 427.43 407.75 Td (25 ) Tj ET Q q 0 0 0 rg BT 441.77 407.75 Td (branded\) ) Tj ET Q q 0 0 0 rg BT 485.01 407.75 Td (and ) Tj ET Q q 0 0 0 rg BT 504.92 407.75 Td (4 ) Tj ET Q q 0 0 0 rg BT 513.70 407.75 Td (branded ) Tj ET Q q 0 0 0 rg BT 553.61 407.75 Td (e-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.00 395.75 Td (commerce ) Tj ET Q q 0 0 0 rg BT 184.45 395.75 Td (sites ) Tj ET Q q 0 0 0 rg BT 207.79 395.75 Td (at ) Tj ET Q q 0 0 0 rg BT 218.91 395.75 Td (the ) Tj ET Q q 0 0 0 rg BT 235.59 395.75 Td (same ) Tj ET Q q 0 0 0 rg BT 262.82 395.75 Td (time ) Tj ET Q q 0 0 0 rg BT 284.49 395.75 Td (last ) Tj ET Q q 0 0 0 rg BT 302.83 395.75 Td (year) Tj ET Q q 0 0 0 rg BT 321.73 395.75 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 103.50 371.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 121.50 371.75 Td (Latin ) Tj ET Q q 0 0 0 rg BT 147.79 371.75 Td (America ) Tj ET Q q 0 0 0 rg BT 189.67 371.75 Td (Asia ) Tj ET Q q 0 0 0 rg BT 213.57 371.75 Td (Pacific ) Tj ET Q q 0 0 0 rg BT 248.59 371.75 Td (\("LAAP"\)) Tj ET Q BT /F3 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 121.50 357.59 cm /I5 Do Q q 0 0 0 rg BT 125.50 359.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.00 359.75 Td (Japan ) Tj ET Q q 0 0 0 rg BT 165.71 359.75 Td (net ) Tj ET Q q 0 0 0 rg BT 183.07 359.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 209.88 359.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 256.71 359.75 Td (high-teens ) Tj ET Q q 0 0 0 rg BT 306.87 359.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 343.69 359.75 Td (\(low-teens ) Tj ET Q q 0 0 0 rg BT 393.28 359.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 430.09 359.75 Td (constant-currency\). ) Tj ET Q q 0 0 0 rg BT 519.14 359.75 Td (Excluding ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.00 347.75 Td ($1.5 ) Tj ET Q q 0 0 0 rg BT 157.17 347.75 Td (million ) Tj ET Q q 0 0 0 rg BT 188.22 347.75 Td (of ) Tj ET Q q 0 0 0 rg BT 199.27 347.75 Td (net ) Tj ET Q q 0 0 0 rg BT 215.88 347.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 241.93 347.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 292.44 347.75 Td (with ) Tj ET Q q 0 0 0 rg BT 312.94 347.75 Td (the ) Tj ET Q q 0 0 0 rg BT 329.54 347.75 Td (new ) Tj ET Q q 0 0 0 rg BT 350.60 347.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 389.44 347.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 440.52 347.75 Td (standard, ) Tj ET Q q 0 0 0 rg BT 484.92 347.75 Td (Japan ) Tj ET Q q 0 0 0 rg BT 514.88 347.75 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 562.50 347.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.00 335.75 Td (net ) Tj ET Q q 0 0 0 rg BT 151.74 335.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 177.92 335.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 224.12 335.75 Td (low-teens ) Tj ET Q q 0 0 0 rg BT 269.76 335.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 305.95 335.75 Td (\(low-double-digit ) Tj ET Q q 0 0 0 rg BT 382.16 335.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 418.36 335.75 Td (constant-currency\) ) Tj ET Q q 0 0 0 rg BT 504.00 335.75 Td (due ) Tj ET Q q 0 0 0 rg BT 523.53 335.75 Td (to ) Tj ET Q q 0 0 0 rg BT 534.71 335.75 Td (strong ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.00 323.75 Td (DTC ) Tj ET Q q 0 0 0 rg BT 158.33 323.75 Td (net ) Tj ET Q q 0 0 0 rg BT 175.01 323.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 201.13 323.75 Td (aided ) Tj ET Q q 0 0 0 rg BT 228.38 323.75 Td (by ) Tj ET Q q 0 0 0 rg BT 241.72 323.75 Td (cold ) Tj ET Q q 0 0 0 rg BT 262.84 323.75 Td (weather) Tj ET Q q 0 0 0 rg BT 297.87 323.75 Td (. ) Tj ET Q BT /F3 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 121.50 309.59 cm /I6 Do Q q 0 0 0 rg BT 125.50 311.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.00 311.75 Td (China ) Tj ET Q q 0 0 0 rg BT 164.75 311.75 Td (net ) Tj ET Q q 0 0 0 rg BT 182.27 311.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 209.24 311.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 256.22 311.75 Td (low-double-digit ) Tj ET Q q 0 0 0 rg BT 329.88 311.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 366.85 311.75 Td (\(low-single-digit ) Tj ET Q q 0 0 0 rg BT 439.94 311.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 476.91 311.75 Td (constant-currency\), ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.00 299.75 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 179.29 299.75 Td (e-commerce ) Tj ET Q q 0 0 0 rg BT 238.56 299.75 Td (net ) Tj ET Q q 0 0 0 rg BT 256.18 299.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 283.23 299.75 Td (growth, ) Tj ET Q q 0 0 0 rg BT 319.73 299.75 Td (partially ) Tj ET Q q 0 0 0 rg BT 357.90 299.75 Td (of) Tj ET Q q 0 0 0 rg BT 366.06 299.75 Td (fset ) Tj ET Q q 0 0 0 rg BT 385.89 299.75 Td (by ) Tj ET Q q 0 0 0 rg BT 400.16 299.75 Td (a ) Tj ET Q q 0 0 0 rg BT 409.43 299.75 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 457.62 299.75 Td (net ) Tj ET Q q 0 0 0 rg BT 475.23 299.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 502.28 299.75 Td (timing ) Tj ET Q q 0 0 0 rg BT 532.67 299.75 Td (shift ) Tj ET Q q 0 0 0 rg BT 554.72 299.75 Td (in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.00 287.75 Td (which ) Tj ET Q q 0 0 0 rg BT 162.46 287.75 Td (a ) Tj ET Q q 0 0 0 rg BT 169.92 287.75 Td (higher ) Tj ET Q q 0 0 0 rg BT 199.62 287.75 Td (proportion ) Tj ET Q q 0 0 0 rg BT 246.54 287.75 Td (of ) Tj ET Q q 0 0 0 rg BT 256.78 287.75 Td (Spring ) Tj ET Q q 0 0 0 rg BT 287.58 287.75 Td (2017 ) Tj ET Q q 0 0 0 rg BT 311.72 287.75 Td (product ) Tj ET Q q 0 0 0 rg BT 346.97 287.75 Td (was ) Tj ET Q q 0 0 0 rg BT 366.65 287.75 Td (shipped ) Tj ET Q q 0 0 0 rg BT 403.58 287.75 Td (in ) Tj ET Q q 0 0 0 rg BT 413.26 287.75 Td (the ) Tj ET Q q 0 0 0 rg BT 429.06 287.75 Td (first ) Tj ET Q q 0 0 0 rg BT 447.06 287.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 480.64 287.75 Td (of ) Tj ET Q q 0 0 0 rg BT 490.88 287.75 Td (2017 ) Tj ET Q q 0 0 0 rg BT 515.02 287.75 Td (in ) Tj ET Q q 0 0 0 rg BT 524.70 287.75 Td (advance ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.00 275.75 Td (of ) Tj ET Q q 0 0 0 rg BT 146.12 275.75 Td (our ) Tj ET Q q 0 0 0 rg BT 163.35 275.75 Td (SAP) Tj ET Q q 0 0 0 rg BT 183.18 275.75 Td ( ) Tj ET Q q 0 0 0 rg BT 185.96 275.75 Td (implementation ) Tj ET Q q 0 0 0 rg BT 256.55 275.75 Td (in ) Tj ET Q q 0 0 0 rg BT 267.11 275.75 Td (the ) Tj ET Q q 0 0 0 rg BT 283.79 275.75 Td (second ) Tj ET Q q 0 0 0 rg BT 318.81 275.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 353.28 275.75 Td (of ) Tj ET Q q 0 0 0 rg BT 364.39 275.75 Td (2017. ) Tj ET Q BT /F3 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 121.50 261.59 cm /I7 Do Q q 0 0 0 rg BT 125.50 263.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.00 263.75 Td (Korea ) Tj ET Q q 0 0 0 rg BT 165.97 263.75 Td (net ) Tj ET Q q 0 0 0 rg BT 184.16 263.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 211.78 263.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 259.43 263.75 Td (low-50 ) Tj ET Q q 0 0 0 rg BT 293.17 263.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 330.81 263.75 Td (\(low-40 ) Tj ET Q q 0 0 0 rg BT 367.88 263.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 405.52 263.75 Td (constant-currency\). ) Tj ET Q q 0 0 0 rg BT 495.39 263.75 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 543.04 263.75 Td ($6.8 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.00 251.75 Td (million ) Tj ET Q q 0 0 0 rg BT 166.52 251.75 Td (of ) Tj ET Q q 0 0 0 rg BT 178.04 251.75 Td (net ) Tj ET Q q 0 0 0 rg BT 195.12 251.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 221.64 251.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 272.63 251.75 Td (with ) Tj ET Q q 0 0 0 rg BT 293.59 251.75 Td (the ) Tj ET Q q 0 0 0 rg BT 310.68 251.75 Td (new ) Tj ET Q q 0 0 0 rg BT 332.20 251.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 371.52 251.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 423.07 251.75 Td (standard, ) Tj ET Q q 0 0 0 rg BT 467.94 251.75 Td (Korea ) Tj ET Q q 0 0 0 rg BT 497.80 251.75 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 545.43 251.75 Td ( ) Tj ET Q q 0 0 0 rg BT 548.61 251.75 Td (net ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.00 239.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 161.62 239.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 208.25 239.75 Td (mid-single-digit ) Tj ET Q q 0 0 0 rg BT 278.77 239.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 315.40 239.75 Td (\(low-single-digit ) Tj ET Q q 0 0 0 rg BT 388.15 239.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 424.78 239.75 Td (decline ) Tj ET Q q 0 0 0 rg BT 459.74 239.75 Td (constant-currency\) ) Tj ET Q q 0 0 0 rg BT 545.82 239.75 Td (due ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.00 227.75 Td (to ) Tj ET Q q 0 0 0 rg BT 146.54 227.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 180.32 227.75 Td (currency ) Tj ET Q q 0 0 0 rg BT 221.87 227.75 Td (translation ) Tj ET Q q 0 0 0 rg BT 271.21 227.75 Td (and ) Tj ET Q q 0 0 0 rg BT 291.09 227.75 Td (an ) Tj ET Q q 0 0 0 rg BT 305.42 227.75 Td (increase ) Tj ET Q q 0 0 0 rg BT 346.42 227.75 Td (in ) Tj ET Q q 0 0 0 rg BT 357.40 227.75 Td (Columbia ) Tj ET Q q 0 0 0 rg BT 402.84 227.75 Td (brand ) Tj ET Q q 0 0 0 rg BT 431.62 227.75 Td (net ) Tj ET Q q 0 0 0 rg BT 448.72 227.75 Td (sales, ) Tj ET Q q 0 0 0 rg BT 478.05 227.75 Td (partially ) Tj ET Q q 0 0 0 rg BT 515.71 227.75 Td (of) Tj ET Q q 0 0 0 rg BT 523.87 227.75 Td (fset ) Tj ET Q q 0 0 0 rg BT 543.19 227.75 Td (by ) Tj ET Q q 0 0 0 rg BT 556.95 227.75 Td (a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.00 215.75 Td (net ) Tj ET Q q 0 0 0 rg BT 152.17 215.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 178.78 215.75 Td (decline ) Tj ET Q q 0 0 0 rg BT 213.74 215.75 Td (due ) Tj ET Q q 0 0 0 rg BT 233.69 215.75 Td (to ) Tj ET Q q 0 0 0 rg BT 245.29 215.75 Td (the ) Tj ET Q q 0 0 0 rg BT 262.46 215.75 Td (2017 ) Tj ET Q q 0 0 0 rg BT 287.97 215.75 Td (decision ) Tj ET Q q 0 0 0 rg BT 327.93 215.75 Td (to ) Tj ET Q q 0 0 0 rg BT 339.54 215.75 Td (exit ) Tj ET Q q 0 0 0 rg BT 358.36 215.75 Td (the ) Tj ET Q q 0 0 0 rg BT 375.53 215.75 Td (Mountain ) Tj ET Q q 0 0 0 rg BT 419.94 215.75 Td (Hardwear ) Tj ET Q q 0 0 0 rg BT 466.55 215.75 Td (brand ) Tj ET Q q 0 0 0 rg BT 495.40 215.75 Td (from ) Tj ET Q q 0 0 0 rg BT 518.66 215.75 Td (the ) Tj ET Q q 0 0 0 rg BT 535.83 215.75 Td (Korea ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.00 203.75 Td (market.) Tj ET Q BT /F3 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 121.50 189.59 cm /I8 Do Q q 0 0 0 rg BT 125.50 191.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.00 191.75 Td (LAAP) Tj ET Q q 0 0 0 rg BT 160.39 191.75 Td ( ) Tj ET Q q 0 0 0 rg BT 162.63 191.75 Td (distributor ) Tj ET Q q 0 0 0 rg BT 208.77 191.75 Td (net ) Tj ET Q q 0 0 0 rg BT 224.91 191.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 250.49 191.75 Td (declined ) Tj ET Q q 0 0 0 rg BT 289.97 191.75 Td (high-20 ) Tj ET Q q 0 0 0 rg BT 325.57 191.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 361.16 191.75 Td (due ) Tj ET Q q 0 0 0 rg BT 380.08 191.75 Td (to ) Tj ET Q q 0 0 0 rg BT 390.65 191.75 Td (a ) Tj ET Q q 0 0 0 rg BT 398.45 191.75 Td (shift ) Tj ET Q q 0 0 0 rg BT 419.03 191.75 Td (in ) Tj ET Q q 0 0 0 rg BT 429.05 191.75 Td (the ) Tj ET Q q 0 0 0 rg BT 445.18 191.75 Td (timing ) Tj ET Q q 0 0 0 rg BT 474.09 191.75 Td (of ) Tj ET Q q 0 0 0 rg BT 484.67 191.75 Td (decreased ) Tj ET Q q 0 0 0 rg BT 533.61 191.75 Td (Spring ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.00 179.75 Td (2018 ) Tj ET Q q 0 0 0 rg BT 160.02 179.75 Td (advance ) Tj ET Q q 0 0 0 rg BT 200.61 179.75 Td (order ) Tj ET Q q 0 0 0 rg BT 226.73 179.75 Td (shipments ) Tj ET Q q 0 0 0 rg BT 275.09 179.75 Td (into ) Tj ET Q q 0 0 0 rg BT 293.99 179.75 Td (the ) Tj ET Q q 0 0 0 rg BT 310.67 179.75 Td (fourth ) Tj ET Q q 0 0 0 rg BT 339.02 179.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 373.48 179.75 Td (of ) Tj ET Q q 0 0 0 rg BT 384.60 179.75 Td (2017 ) Tj ET Q q 0 0 0 rg BT 409.62 179.75 Td (from ) Tj ET Q q 0 0 0 rg BT 432.40 179.75 Td (the ) Tj ET Q q 0 0 0 rg BT 449.08 179.75 Td (first ) Tj ET Q q 0 0 0 rg BT 467.97 179.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 502.43 179.75 Td (of ) Tj ET Q q 0 0 0 rg BT 513.55 179.75 Td (2018.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 103.50 155.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 121.50 155.75 Td (Europe ) Tj ET Q q 0 0 0 rg BT 158.73 155.75 Td (Middle ) Tj ET Q q 0 0 0 rg BT 193.17 155.75 Td (East ) Tj ET Q q 0 0 0 rg BT 217.07 155.75 Td (and ) Tj ET Q q 0 0 0 rg BT 237.26 155.75 Td (Africa ) Tj ET Q q 0 0 0 rg BT 268.38 155.75 Td (\("EMEA"\) ) Tj ET Q BT /F3 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 121.50 141.59 cm /I9 Do Q q 0 0 0 rg BT 125.50 143.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.00 143.75 Td (Europe-direct ) Tj ET Q q 0 0 0 rg BT 198.43 143.75 Td (net ) Tj ET Q q 0 0 0 rg BT 215.74 143.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 242.49 143.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 289.26 143.75 Td (low-30 ) Tj ET Q q 0 0 0 rg BT 322.12 143.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 358.88 143.75 Td (\(mid-teens ) Tj ET Q q 0 0 0 rg BT 409.52 143.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 446.28 143.75 Td (constant-currency\), ) Tj ET Q q 0 0 0 rg BT 535.27 143.75 Td (driven ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.00 131.75 Td (by ) Tj ET Q q 0 0 0 rg BT 148.34 131.75 Td (wholesale, ) Tj ET Q q 0 0 0 rg BT 198.37 131.75 Td (including ) Tj ET Q q 0 0 0 rg BT 240.62 131.75 Td (Spring ) Tj ET Q q 0 0 0 rg BT 272.30 131.75 Td (2018 ) Tj ET Q q 0 0 0 rg BT 297.33 131.75 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 344.58 131.75 Td (deliveries, ) Tj ET Q q 0 0 0 rg BT 392.38 131.75 Td (and ) Tj ET Q q 0 0 0 rg BT 411.84 131.75 Td (DTC. ) Tj ET Q BT /F3 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 121.50 117.59 cm /I10 Do Q q 0 0 0 rg BT 125.50 119.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.00 119.75 Td (EMEA) Tj ET Q q 0 0 0 rg BT 162.79 119.75 Td ( ) Tj ET Q q 0 0 0 rg BT 165.79 119.75 Td (Distributor ) Tj ET Q q 0 0 0 rg BT 214.37 119.75 Td (net ) Tj ET Q q 0 0 0 rg BT 231.27 119.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 257.63 119.75 Td (were ) Tj ET Q q 0 0 0 rg BT 282.31 119.75 Td (up ) Tj ET Q q 0 0 0 rg BT 296.44 119.75 Td (slightly ) Tj ET Q q 0 0 0 rg BT 330.01 119.75 Td (for ) Tj ET Q q 0 0 0 rg BT 344.69 119.75 Td (the ) Tj ET Q q 0 0 0 rg BT 361.59 119.75 Td (first ) Tj ET Q q 0 0 0 rg BT 380.71 119.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 415.40 119.75 Td (driven ) Tj ET Q q 0 0 0 rg BT 445.64 119.75 Td (by ) Tj ET Q q 0 0 0 rg BT 459.21 119.75 Td (shipments ) Tj ET Q q 0 0 0 rg BT 507.79 119.75 Td (of ) Tj ET Q q 0 0 0 rg BT 519.14 119.75 Td (increased ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.00 107.75 Td (Spring ) Tj ET Q q 0 0 0 rg BT 166.68 107.75 Td (2018 ) Tj ET Q q 0 0 0 rg BT 191.71 107.75 Td (advance ) Tj ET Q q 0 0 0 rg BT 232.29 107.75 Td (orders.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 83.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 121.50 83.75 Td (Canada) Tj ET Q BT /F3 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 121.50 69.59 cm /I11 Do Q q 0 0 0 rg BT 125.50 71.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.00 71.75 Td (DTC ) Tj ET Q q 0 0 0 rg BT 158.15 71.75 Td (net ) Tj ET Q q 0 0 0 rg BT 174.65 71.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 200.60 71.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 246.56 71.75 Td (mid-40 ) Tj ET Q q 0 0 0 rg BT 279.73 71.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 315.68 71.75 Td (\(high-30 ) Tj ET Q q 0 0 0 rg BT 354.97 71.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 390.93 71.75 Td (constant-currency\), ) Tj ET Q q 0 0 0 rg BT 479.11 71.75 Td (driven ) Tj ET Q q 0 0 0 rg BT 508.95 71.75 Td (by ) Tj ET Q q 0 0 0 rg BT 522.11 71.75 Td (growth ) Tj ET Q q 0 0 0 rg BT 554.73 71.75 Td (in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.00 59.75 Td (both ) Tj ET Q q 0 0 0 rg BT 157.24 59.75 Td (brick ) Tj ET Q q 0 0 0 rg BT 181.13 59.75 Td (& ) Tj ET Q q 0 0 0 rg BT 190.58 59.75 Td (mortar ) Tj ET Q q 0 0 0 rg BT 222.25 59.75 Td (stores ) Tj ET Q q 0 0 0 rg BT 252.26 59.75 Td (and ) Tj ET Q q 0 0 0 rg BT 271.72 59.75 Td (e-commerce.) Tj ET Q BT /F3 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 121.50 45.59 cm /I12 Do Q q 0 0 0 rg BT 125.50 47.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.00 47.75 Td (Wholesale ) Tj ET Q q 0 0 0 rg BT 184.35 47.75 Td (net ) Tj ET Q q 0 0 0 rg BT 200.92 47.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 226.92 47.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 272.95 47.75 Td (mid-single-digit ) Tj ET Q q 0 0 0 rg BT 342.86 47.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 378.87 47.75 Td (\(low-single-digit ) Tj ET Q q 0 0 0 rg BT 451.00 47.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 487.02 47.75 Td (decline ) Tj ET Q q 0 0 0 rg BT 521.38 47.75 Td (constant-) Tj ET Q endstream endobj 9 0 obj <> endobj 10 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 24.60 Td (4) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.00 748.75 Td (currency\).) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 71.50 724.75 Td (Brands ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 155.00 646.25 90.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 646.25 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 646.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.00 646.25 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 646.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 646.25 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 646.25 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.00 646.25 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 155.00 622.25 90.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 622.25 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 622.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.00 622.25 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 622.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 622.25 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 622.25 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.00 622.25 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 155.00 598.25 90.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 598.25 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 598.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.00 598.25 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 598.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 598.25 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 598.25 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.00 598.25 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 245 714.25 m 300 714.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 714.25 m 304 714.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 714.25 m 359 714.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 714.25 m 363 714.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363 714.25 m 418 714.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 714.25 m 423 714.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 714.25 m 478 714.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 658.25 m 300 658.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 658.25 m 359 658.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363 658.25 m 418 658.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 658.25 m 478 658.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 245 598.25 m 300 598.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 304 598.25 m 359 598.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 245 598.25 m 300 598.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 587.25 m 300 587.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 585.25 m 300 585.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 304 598.25 m 359 598.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 587.25 m 359 587.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 585.25 m 359 585.25 l s BT /F6 10.00 Tf ET q 0 0 0 rg BT 430.85 704.52 Td (Constant-) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 432.65 693.52 Td (currency) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 253.50 682.47 Td (Net Sales) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 253.75 672.52 Td (\(millions\)) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 312.50 682.47 Td (Net Sales) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 312.75 672.52 Td (\(millions\)) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 371.50 675.87 Td (Net Sales) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 431.50 675.87 Td (Net Sales) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 256.25 661.47 Td (Q1 2018) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 315.25 661.47 Td (Q1 2017) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 370.15 661.47 Td (%Change) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 430.15 661.47 Td (%Change) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.50 648.52 Td (Columbia) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.45 648.52 Td ($508.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.45 648.52 Td ($449.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.75 648.52 Td (13%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.75 648.52 Td (10%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.50 636.52 Td (SOREL) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.00 636.52 Td (30.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.00 636.52 Td (27.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.75 636.52 Td (13%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.75 636.52 Td (10%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.50 624.52 Td (prAna) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.00 624.52 Td (42.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.00 624.52 Td (38.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.05 624.52 Td (9%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.05 624.52 Td (9%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.50 612.52 Td (Mountain Hardwear) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.00 612.52 Td (24.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.00 612.52 Td (27.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.05 612.52 Td (\(12\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.05 612.52 Td (\(14\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.50 600.52 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.25 600.52 Td (1.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.25 600.52 Td (1.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.30 600.52 Td (\(9\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.30 600.52 Td (\(9\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.50 588.52 Td ( ) Tj ET Q q 0 0 0 rg BT 159.64 588.52 Td (T) Tj ET Q q 0 0 0 rg BT 163.74 588.52 Td (otal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.45 588.52 Td ($607.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.45 588.52 Td ($543.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.75 588.52 Td (12%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.05 588.52 Td (8%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 550.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 121.50 550.75 Td (Columbia) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 167.06 550.75 Td ( ) Tj ET Q q 0 0 0 rg BT 169.85 550.75 Td (brand ) Tj ET Q q 0 0 0 rg BT 198.22 550.75 Td (net ) Tj ET Q q 0 0 0 rg BT 214.92 550.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 241.06 550.75 Td (growth ) Tj ET Q q 0 0 0 rg BT 273.87 550.75 Td (was ) Tj ET Q q 0 0 0 rg BT 294.44 550.75 Td (driven ) Tj ET Q q 0 0 0 rg BT 324.47 550.75 Td (by ) Tj ET Q q 0 0 0 rg BT 337.83 550.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 383.98 550.75 Td (net ) Tj ET Q q 0 0 0 rg BT 400.68 550.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 426.82 550.75 Td (in ) Tj ET Q q 0 0 0 rg BT 437.40 550.75 Td (all ) Tj ET Q q 0 0 0 rg BT 450.20 550.75 Td (major ) Tj ET Q q 0 0 0 rg BT 478.00 550.75 Td (markets ) Tj ET Q q 0 0 0 rg BT 516.35 550.75 Td (except ) Tj ET Q q 0 0 0 rg BT 548.61 550.75 Td (net ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.50 538.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 146.50 538.75 Td (to ) Tj ET Q q 0 0 0 rg BT 156.50 538.75 Td (LAAP) Tj ET Q q 0 0 0 rg BT 181.89 538.75 Td ( ) Tj ET Q q 0 0 0 rg BT 183.54 538.75 Td (distributors, ) Tj ET Q q 0 0 0 rg BT 236.88 538.75 Td (which ) Tj ET Q q 0 0 0 rg BT 264.10 538.75 Td (declined ) Tj ET Q q 0 0 0 rg BT 303.01 538.75 Td (due ) Tj ET Q q 0 0 0 rg BT 321.35 538.75 Td (to ) Tj ET Q q 0 0 0 rg BT 331.34 538.75 Td (a ) Tj ET Q q 0 0 0 rg BT 338.56 538.75 Td (shift ) Tj ET Q q 0 0 0 rg BT 358.56 538.75 Td (in ) Tj ET Q q 0 0 0 rg BT 367.99 538.75 Td (the ) Tj ET Q q 0 0 0 rg BT 383.55 538.75 Td (timing ) Tj ET Q q 0 0 0 rg BT 411.88 538.75 Td (of ) Tj ET Q q 0 0 0 rg BT 421.88 538.75 Td (decreased ) Tj ET Q q 0 0 0 rg BT 470.23 538.75 Td (Spring ) Tj ET Q q 0 0 0 rg BT 500.79 538.75 Td (2018 ) Tj ET Q q 0 0 0 rg BT 524.69 538.75 Td (advance ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.50 526.75 Td (order ) Tj ET Q q 0 0 0 rg BT 147.96 526.75 Td (shipments ) Tj ET Q q 0 0 0 rg BT 196.66 526.75 Td (from ) Tj ET Q q 0 0 0 rg BT 219.77 526.75 Td (the ) Tj ET Q q 0 0 0 rg BT 236.79 526.75 Td (first ) Tj ET Q q 0 0 0 rg BT 256.02 526.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 290.82 526.75 Td (of ) Tj ET Q q 0 0 0 rg BT 302.28 526.75 Td (2018 ) Tj ET Q q 0 0 0 rg BT 327.64 526.75 Td (into ) Tj ET Q q 0 0 0 rg BT 346.88 526.75 Td (the ) Tj ET Q q 0 0 0 rg BT 363.90 526.75 Td (fourth ) Tj ET Q q 0 0 0 rg BT 392.59 526.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 427.39 526.75 Td (of ) Tj ET Q q 0 0 0 rg BT 438.85 526.75 Td (2017. ) Tj ET Q q 0 0 0 rg BT 466.99 526.75 Td (Sales ) Tj ET Q q 0 0 0 rg BT 495.13 526.75 Td (growth ) Tj ET Q q 0 0 0 rg BT 528.26 526.75 Td (was ) Tj ET Q q 0 0 0 rg BT 549.16 526.75 Td (led ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.50 514.75 Td (by ) Tj ET Q q 0 0 0 rg BT 136.70 514.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 160.78 514.75 Td (DTC ) Tj ET Q q 0 0 0 rg BT 185.97 514.75 Td (followed ) Tj ET Q q 0 0 0 rg BT 227.29 514.75 Td (by ) Tj ET Q q 0 0 0 rg BT 242.49 514.75 Td (Europe-direct, ) Tj ET Q q 0 0 0 rg BT 309.93 514.75 Td (Korea ) Tj ET Q q 0 0 0 rg BT 341.25 514.75 Td (and ) Tj ET Q q 0 0 0 rg BT 362.57 514.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 386.65 514.75 Td (wholesale. ) Tj ET Q q 0 0 0 rg BT 438.54 514.75 Td (Results ) Tj ET Q q 0 0 0 rg BT 476.52 514.75 Td (were ) Tj ET Q q 0 0 0 rg BT 502.83 514.75 Td (supported ) Tj ET Q q 0 0 0 rg BT 551.94 514.75 Td (by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.50 502.75 Td (favorable ) Tj ET Q q 0 0 0 rg BT 165.39 502.75 Td (weather ) Tj ET Q q 0 0 0 rg BT 203.72 502.75 Td (in ) Tj ET Q q 0 0 0 rg BT 214.25 502.75 Td (several ) Tj ET Q q 0 0 0 rg BT 249.24 502.75 Td (major ) Tj ET Q q 0 0 0 rg BT 276.99 502.75 Td (global ) Tj ET Q q 0 0 0 rg BT 306.43 502.75 Td (markets, ) Tj ET Q q 0 0 0 rg BT 347.52 502.75 Td (strength ) Tj ET Q q 0 0 0 rg BT 386.41 502.75 Td (in ) Tj ET Q q 0 0 0 rg BT 396.94 502.75 Td (outerwear ) Tj ET Q q 0 0 0 rg BT 444.16 502.75 Td (and ) Tj ET Q q 0 0 0 rg BT 463.60 502.75 Td (footwear) Tj ET Q q 0 0 0 rg BT 501.40 502.75 Td (, ) Tj ET Q q 0 0 0 rg BT 506.93 502.75 Td (and ) Tj ET Q q 0 0 0 rg BT 526.36 502.75 Td (demand ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.50 490.75 Td (for ) Tj ET Q q 0 0 0 rg BT 135.95 490.75 Td (Spring ) Tj ET Q q 0 0 0 rg BT 167.63 490.75 Td (2018 ) Tj ET Q q 0 0 0 rg BT 192.66 490.75 Td (product. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 478.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 121.50 478.75 Td (SOREL) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 155.95 478.75 Td ( ) Tj ET Q q 0 0 0 rg BT 159.78 478.75 Td (brand ) Tj ET Q q 0 0 0 rg BT 189.18 478.75 Td (net ) Tj ET Q q 0 0 0 rg BT 206.91 478.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 234.08 478.75 Td (growth ) Tj ET Q q 0 0 0 rg BT 267.92 478.75 Td (was ) Tj ET Q q 0 0 0 rg BT 289.53 478.75 Td (driven ) Tj ET Q q 0 0 0 rg BT 320.59 478.75 Td (by ) Tj ET Q q 0 0 0 rg BT 334.98 478.75 Td (Europe-direct, ) Tj ET Q q 0 0 0 rg BT 401.62 478.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 424.89 478.75 Td (DTC ) Tj ET Q q 0 0 0 rg BT 449.27 478.75 Td (and ) Tj ET Q q 0 0 0 rg BT 469.78 478.75 Td (Japan, ) Tj ET Q q 0 0 0 rg BT 503.64 478.75 Td (supported ) Tj ET Q q 0 0 0 rg BT 551.94 478.75 Td (by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.50 466.75 Td (favorable ) Tj ET Q q 0 0 0 rg BT 165.69 466.75 Td (demand ) Tj ET Q q 0 0 0 rg BT 204.88 466.75 Td (for ) Tj ET Q q 0 0 0 rg BT 219.60 466.75 Td (cold ) Tj ET Q q 0 0 0 rg BT 241.00 466.75 Td (weather ) Tj ET Q q 0 0 0 rg BT 279.63 466.75 Td (product ) Tj ET Q q 0 0 0 rg BT 316.03 466.75 Td (as ) Tj ET Q q 0 0 0 rg BT 329.65 466.75 Td (well ) Tj ET Q q 0 0 0 rg BT 349.93 466.75 Td (as ) Tj ET Q q 0 0 0 rg BT 363.54 466.75 Td (Spring ) Tj ET Q q 0 0 0 rg BT 395.50 466.75 Td (2018 ) Tj ET Q q 0 0 0 rg BT 420.80 466.75 Td (styles. ) Tj ET Q q 0 0 0 rg BT 452.19 466.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 474.69 466.75 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 522.21 466.75 Td (net ) Tj ET Q q 0 0 0 rg BT 539.17 466.75 Td (sales ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.50 454.75 Td (declined, ) Tj ET Q q 0 0 0 rg BT 164.31 454.75 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 207.66 454.75 Td (lower ) Tj ET Q q 0 0 0 rg BT 234.34 454.75 Td (closeout ) Tj ET Q q 0 0 0 rg BT 274.36 454.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 300.48 454.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 347.73 454.75 Td (to ) Tj ET Q q 0 0 0 rg BT 358.85 454.75 Td (the ) Tj ET Q q 0 0 0 rg BT 375.53 454.75 Td (first ) Tj ET Q q 0 0 0 rg BT 394.42 454.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 428.88 454.75 Td (of ) Tj ET Q q 0 0 0 rg BT 440.00 454.75 Td (2017. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 442.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 121.50 442.75 Td (prAna) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.39 442.75 Td ( ) Tj ET Q q 0 0 0 rg BT 153.17 442.75 Td (brand ) Tj ET Q q 0 0 0 rg BT 181.52 442.75 Td (net ) Tj ET Q q 0 0 0 rg BT 198.20 442.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 224.33 442.75 Td (growth ) Tj ET Q q 0 0 0 rg BT 257.12 442.75 Td (was ) Tj ET Q q 0 0 0 rg BT 277.68 442.75 Td (driven ) Tj ET Q q 0 0 0 rg BT 307.70 442.75 Td (by ) Tj ET Q q 0 0 0 rg BT 321.04 442.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 343.26 442.75 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 390.51 442.75 Td (and ) Tj ET Q q 0 0 0 rg BT 409.98 442.75 Td (DTC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 430.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 121.50 430.75 Td (Mountain ) Tj ET Q q 0 0 0 rg BT 168.45 430.75 Td (Hardwear) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 214.03 430.75 Td ( ) Tj ET Q q 0 0 0 rg BT 216.54 430.75 Td (brand ) Tj ET Q q 0 0 0 rg BT 244.64 430.75 Td (net ) Tj ET Q q 0 0 0 rg BT 261.05 430.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 286.92 430.75 Td (declined ) Tj ET Q q 0 0 0 rg BT 326.68 430.75 Td (due ) Tj ET Q q 0 0 0 rg BT 345.88 430.75 Td (to ) Tj ET Q q 0 0 0 rg BT 356.74 430.75 Td (lower ) Tj ET Q q 0 0 0 rg BT 383.15 430.75 Td (close-out ) Tj ET Q q 0 0 0 rg BT 426.25 430.75 Td (product ) Tj ET Q q 0 0 0 rg BT 462.12 430.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 487.98 430.75 Td (and ) Tj ET Q q 0 0 0 rg BT 507.18 430.75 Td (lower ) Tj ET Q q 0 0 0 rg BT 533.59 430.75 Td (Spring ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.50 418.75 Td (2018 ) Tj ET Q q 0 0 0 rg BT 146.24 418.75 Td (advance ) Tj ET Q q 0 0 0 rg BT 186.54 418.75 Td (orders ) Tj ET Q q 0 0 0 rg BT 217.38 418.75 Td (within ) Tj ET Q q 0 0 0 rg BT 245.44 418.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 267.39 418.75 Td (wholesale, ) Tj ET Q q 0 0 0 rg BT 317.13 418.75 Td (as ) Tj ET Q q 0 0 0 rg BT 330.19 418.75 Td (well ) Tj ET Q q 0 0 0 rg BT 349.91 418.75 Td (as ) Tj ET Q q 0 0 0 rg BT 362.97 418.75 Td (decreased ) Tj ET Q q 0 0 0 rg BT 412.16 418.75 Td (net ) Tj ET Q q 0 0 0 rg BT 428.56 418.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 454.39 418.75 Td (in ) Tj ET Q q 0 0 0 rg BT 464.67 418.75 Td (Korea ) Tj ET Q q 0 0 0 rg BT 493.85 418.75 Td (due ) Tj ET Q q 0 0 0 rg BT 513.03 418.75 Td (to ) Tj ET Q q 0 0 0 rg BT 523.87 418.75 Td (the ) Tj ET Q q 0 0 0 rg BT 540.26 418.75 Td (2017 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.50 406.75 Td (decision ) Tj ET Q q 0 0 0 rg BT 160.97 406.75 Td (to ) Tj ET Q q 0 0 0 rg BT 172.09 406.75 Td (exit ) Tj ET Q q 0 0 0 rg BT 190.43 406.75 Td (the ) Tj ET Q q 0 0 0 rg BT 207.11 406.75 Td (brand ) Tj ET Q q 0 0 0 rg BT 235.46 406.75 Td (from ) Tj ET Q q 0 0 0 rg BT 258.24 406.75 Td (the ) Tj ET Q q 0 0 0 rg BT 274.92 406.75 Td (Korean ) Tj ET Q q 0 0 0 rg BT 309.94 406.75 Td (market.) 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 /F4 10.00 Tf ET q 0 0 0 rg BT 71.50 748.75 Td (Product ) Tj ET Q q 0 0 0 rg BT 112.06 748.75 Td (Categories) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 130.00 670.25 140.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.00 670.25 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.00 670.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 670.25 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.00 670.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.00 670.25 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 670.25 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 670.25 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 270 738.25 m 325 738.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325 738.25 m 329 738.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 738.25 m 384 738.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 738.25 m 388 738.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388 738.25 m 443 738.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 738.25 m 448 738.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 738.25 m 503 738.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270 682.25 m 325 682.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 682.25 m 384 682.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388 682.25 m 443 682.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 682.25 m 503 682.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 270 658.25 m 325 658.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 329 658.25 m 384 658.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 270 658.25 m 325 658.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270 647.25 m 325 647.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270 645.25 m 325 645.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 329 658.25 m 384 658.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 647.25 m 384 647.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 645.25 m 384 645.25 l s BT /F6 10.00 Tf ET q 0 0 0 rg BT 455.85 728.52 Td (Constant-) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 457.65 717.52 Td (currency) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 278.50 706.47 Td (Net Sales) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 278.75 696.52 Td (\(millions\)) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 337.50 706.47 Td (Net Sales) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 337.75 696.52 Td (\(millions\)) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 396.50 699.87 Td (Net Sales) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 456.50 699.87 Td (Net Sales) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 281.25 685.47 Td (Q1 2018) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 340.25 685.47 Td (Q1 2017) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 395.15 685.47 Td (%Change) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 455.15 685.47 Td (%Change) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.50 672.52 Td (Apparel, ) Tj ET Q q 0 0 0 rg BT 165.10 672.52 Td (Accessories and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.45 672.52 Td ($490.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.45 672.52 Td ($440.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.75 672.52 Td (1) Tj ET Q q 0 0 0 rg BT 411.31 672.52 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.05 672.52 Td (9%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.50 660.52 Td (Footwear) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.70 660.52 Td (1) Tj ET Q q 0 0 0 rg BT 291.26 660.52 Td (17.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.70 660.52 Td (103.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.75 660.52 Td (13%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.05 660.52 Td (8%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.50 648.52 Td ( ) Tj ET Q q 0 0 0 rg BT 134.64 648.52 Td (T) Tj ET Q q 0 0 0 rg BT 138.74 648.52 Td (otal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.45 648.52 Td ($607.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.45 648.52 Td ($543.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.75 648.52 Td (12%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.05 648.52 Td (8%) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.50 622.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 121.50 622.75 Td (Apparel, ) Tj ET Q q 0 0 0 rg BT 165.26 622.75 Td (Accessories ) Tj ET Q q 0 0 0 rg BT 228.52 622.75 Td (and ) Tj ET Q q 0 0 0 rg BT 250.63 622.75 Td (Equipment) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 302.29 622.75 Td ( ) Tj ET Q q 0 0 0 rg BT 306.62 622.75 Td (net ) Tj ET Q q 0 0 0 rg BT 324.85 622.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 352.52 622.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 400.21 622.75 Td (in ) Tj ET Q q 0 0 0 rg BT 412.32 622.75 Td (the ) Tj ET Q q 0 0 0 rg BT 430.55 622.75 Td (Columbia ) Tj ET Q q 0 0 0 rg BT 477.12 622.75 Td (and ) Tj ET Q q 0 0 0 rg BT 498.13 622.75 Td (prAna ) Tj ET Q q 0 0 0 rg BT 529.14 622.75 Td (brands, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.50 610.75 Td (partially ) Tj ET Q q 0 0 0 rg BT 158.74 610.75 Td (of) Tj ET Q q 0 0 0 rg BT 166.90 610.75 Td (fset ) Tj ET Q q 0 0 0 rg BT 185.79 610.75 Td (by ) Tj ET Q q 0 0 0 rg BT 199.13 610.75 Td (a ) Tj ET Q q 0 0 0 rg BT 207.47 610.75 Td (net ) Tj ET Q q 0 0 0 rg BT 224.15 610.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 250.27 610.75 Td (decline ) Tj ET Q q 0 0 0 rg BT 284.74 610.75 Td (in ) Tj ET Q q 0 0 0 rg BT 295.30 610.75 Td (the ) Tj ET Q q 0 0 0 rg BT 311.98 610.75 Td (Mountain ) Tj ET Q q 0 0 0 rg BT 355.90 610.75 Td (Hardwear ) Tj ET Q q 0 0 0 rg BT 402.03 610.75 Td (brand. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 598.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 121.50 598.75 Td (Footwear) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 165.95 598.75 Td ( ) Tj ET Q q 0 0 0 rg BT 168.73 598.75 Td (net ) Tj ET Q q 0 0 0 rg BT 185.41 598.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 211.53 598.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 257.67 598.75 Td (in ) Tj ET Q q 0 0 0 rg BT 268.23 598.75 Td (both ) Tj ET Q q 0 0 0 rg BT 290.47 598.75 Td (the ) Tj ET Q q 0 0 0 rg BT 307.15 598.75 Td (Columbia ) Tj ET Q q 0 0 0 rg BT 352.17 598.75 Td (and ) Tj ET Q q 0 0 0 rg BT 371.63 598.75 Td (SOREL) Tj ET Q q 0 0 0 rg BT 405.16 598.75 Td ( ) Tj ET Q q 0 0 0 rg BT 407.94 598.75 Td (brands.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 71.50 574.75 Td (Channels) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 130.00 496.25 140.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.00 496.25 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.00 496.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 496.25 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.00 496.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.00 496.25 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 496.25 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 496.25 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 270 564.25 m 325 564.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325 564.25 m 329 564.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 564.25 m 384 564.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 564.25 m 388 564.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388 564.25 m 443 564.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 564.25 m 448 564.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 564.25 m 503 564.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270 508.25 m 325 508.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 508.25 m 384 508.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388 508.25 m 443 508.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 508.25 m 503 508.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 270 484.25 m 325 484.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 329 484.25 m 384 484.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 270 484.25 m 325 484.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270 473.25 m 325 473.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270 471.25 m 325 471.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 329 484.25 m 384 484.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 473.25 m 384 473.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 471.25 m 384 471.25 l s BT /F6 10.00 Tf ET q 0 0 0 rg BT 455.85 554.52 Td (Constant-) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 457.65 543.52 Td (currency) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 278.50 532.47 Td (Net Sales) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 278.75 522.52 Td (\(millions\)) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 337.50 532.47 Td (Net Sales) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 337.75 522.52 Td (\(millions\)) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 396.50 525.87 Td (Net Sales) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 456.50 525.87 Td (Net Sales) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 281.25 511.47 Td (Q1 2018) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 340.25 511.47 Td (Q1 2017) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 395.15 511.47 Td (%Change) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 455.15 511.47 Td (%Change) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.50 498.52 Td (Wholesale) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.45 498.52 Td ($343.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.45 498.52 Td ($328.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.05 498.52 Td (5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.05 498.52 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.50 486.52 Td (DTC) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.70 486.52 Td (263.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.70 486.52 Td (214.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.75 486.52 Td (23%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.75 486.52 Td (20%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.50 474.52 Td ( ) Tj ET Q q 0 0 0 rg BT 134.64 474.52 Td (T) Tj ET Q q 0 0 0 rg BT 138.74 474.52 Td (otal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.45 474.52 Td ($607.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.45 474.52 Td ($543.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.75 474.52 Td (12%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.05 474.52 Td (8%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 448.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 121.50 448.75 Td (Wholesale) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 170.96 448.75 Td ( ) Tj ET Q q 0 0 0 rg BT 173.74 448.75 Td (net ) Tj ET Q q 0 0 0 rg BT 190.42 448.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 216.54 448.75 Td (growth ) Tj ET Q q 0 0 0 rg BT 249.33 448.75 Td (was ) Tj ET Q q 0 0 0 rg BT 269.89 448.75 Td (driven ) Tj ET Q q 0 0 0 rg BT 299.91 448.75 Td (by ) Tj ET Q q 0 0 0 rg BT 313.25 448.75 Td (growth ) Tj ET Q q 0 0 0 rg BT 346.04 448.75 Td (in ) Tj ET Q q 0 0 0 rg BT 356.60 448.75 Td (Europe-direct ) Tj ET Q q 0 0 0 rg BT 419.41 448.75 Td (and ) Tj ET Q q 0 0 0 rg BT 438.87 448.75 Td (the ) Tj ET Q q 0 0 0 rg BT 455.55 448.75 Td (United ) Tj ET Q q 0 0 0 rg BT 487.24 448.75 Td (States. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 436.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 121.50 436.75 Td (DTC) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 142.05 436.75 Td ( ) Tj ET Q q 0 0 0 rg BT 144.83 436.75 Td (net ) Tj ET Q q 0 0 0 rg BT 161.51 436.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 187.63 436.75 Td (growth ) Tj ET Q q 0 0 0 rg BT 220.43 436.75 Td (was ) Tj ET Q q 0 0 0 rg BT 240.99 436.75 Td (led ) Tj ET Q q 0 0 0 rg BT 257.11 436.75 Td (by ) Tj ET Q q 0 0 0 rg BT 270.45 436.75 Td (the ) Tj ET Q q 0 0 0 rg BT 287.13 436.75 Td (United ) Tj ET Q q 0 0 0 rg BT 318.81 436.75 Td (States, ) Tj ET Q q 0 0 0 rg BT 352.72 436.75 Td (Korea, ) Tj ET Q q 0 0 0 rg BT 384.96 436.75 Td (Europe-direct, ) Tj ET Q q 0 0 0 rg BT 450.55 436.75 Td (and ) Tj ET Q q 0 0 0 rg BT 470.01 436.75 Td (Japan.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 424.75 Td (Gross Margin) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 400.75 Td (First ) Tj ET Q q 0 0 0 rg BT 72.01 400.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 106.76 400.75 Td (2018 ) Tj ET Q q 0 0 0 rg BT 132.07 400.75 Td (gross ) Tj ET Q q 0 0 0 rg BT 159.59 400.75 Td (margin ) Tj ET Q q 0 0 0 rg BT 193.23 400.75 Td (expanded ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 240.22 400.75 Td (180) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 256.91 400.75 Td ( ) Tj ET Q q 0 0 0 rg BT 259.98 400.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 286.39 400.75 Td (points ) Tj ET Q q 0 0 0 rg BT 316.14 400.75 Td (to ) Tj ET Q q 0 0 0 rg BT 327.55 400.75 Td (a ) Tj ET Q q 0 0 0 rg BT 336.18 400.75 Td (record ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 367.59 400.75 Td (49.3) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 387.05 400.75 Td ( ) Tj ET Q q 0 0 0 rg BT 390.12 400.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 426.54 400.75 Td (of ) Tj ET Q q 0 0 0 rg BT 437.95 400.75 Td (net ) Tj ET Q q 0 0 0 rg BT 454.92 400.75 Td (sales, ) Tj ET Q q 0 0 0 rg BT 484.11 400.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 531.64 400.75 Td (to ) Tj ET Q q 0 0 0 rg BT 543.05 400.75 Td (47.5 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 388.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 85.63 388.75 Td (in ) Tj ET Q q 0 0 0 rg BT 96.19 388.75 Td (the ) Tj ET Q q 0 0 0 rg BT 112.87 388.75 Td (first ) Tj ET Q q 0 0 0 rg BT 131.76 388.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 166.22 388.75 Td (of ) Tj ET Q q 0 0 0 rg BT 177.34 388.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 205.14 388.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 245.70 388.75 Td (reflecting:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.50 376.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.50 376.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 127.09 376.75 Td (in ) Tj ET Q q 0 0 0 rg BT 137.65 376.75 Td (classification ) Tj ET Q q 0 0 0 rg BT 197.12 376.75 Td (under ) Tj ET Q q 0 0 0 rg BT 225.47 376.75 Td (the ) Tj ET Q q 0 0 0 rg BT 242.15 376.75 Td (new ) Tj ET Q q 0 0 0 rg BT 263.27 376.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 302.19 376.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 353.34 376.75 Td (standard;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.50 364.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.50 364.75 Td (lower ) Tj ET Q q 0 0 0 rg BT 113.17 364.75 Td (levels ) Tj ET Q q 0 0 0 rg BT 141.52 364.75 Td (of ) Tj ET Q q 0 0 0 rg BT 152.64 364.75 Td (promotional ) Tj ET Q q 0 0 0 rg BT 207.67 364.75 Td (activity ) Tj ET Q q 0 0 0 rg BT 241.01 364.75 Td (in ) Tj ET Q q 0 0 0 rg BT 251.57 364.75 Td (DTC;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.50 352.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.50 352.75 Td (favorable ) Tj ET Q q 0 0 0 rg BT 130.42 352.75 Td (ef) Tj ET Q q 0 0 0 rg BT 138.58 352.75 Td (fects ) Tj ET Q q 0 0 0 rg BT 162.47 352.75 Td (from ) Tj ET Q q 0 0 0 rg BT 185.25 352.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 218.60 352.75 Td (currency ) Tj ET Q q 0 0 0 rg BT 259.73 352.75 Td (hedge ) Tj ET Q q 0 0 0 rg BT 290.31 352.75 Td (rates; ) Tj ET Q q 0 0 0 rg BT 318.10 352.75 Td (and) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.50 340.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.50 340.75 Td (a ) Tj ET Q q 0 0 0 rg BT 95.73 340.75 Td (higher ) Tj ET Q q 0 0 0 rg BT 127.20 340.75 Td (proportion ) Tj ET Q q 0 0 0 rg BT 175.90 340.75 Td (of ) Tj ET Q q 0 0 0 rg BT 187.91 340.75 Td (higher-margin ) Tj ET Q q 0 0 0 rg BT 253.28 340.75 Td (retail ) Tj ET Q q 0 0 0 rg BT 278.62 340.75 Td (and ) Tj ET Q q 0 0 0 rg BT 298.98 340.75 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 347.12 340.75 Td (net ) Tj ET Q q 0 0 0 rg BT 364.69 340.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 391.71 340.75 Td (and ) Tj ET Q q 0 0 0 rg BT 412.07 340.75 Td (a ) Tj ET Q q 0 0 0 rg BT 421.30 340.75 Td (lower ) Tj ET Q q 0 0 0 rg BT 448.87 340.75 Td (proportion ) Tj ET Q q 0 0 0 rg BT 497.57 340.75 Td (of ) Tj ET Q q 0 0 0 rg BT 509.58 340.75 Td (net ) Tj ET Q q 0 0 0 rg BT 527.15 340.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 554.16 340.75 Td (to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.50 328.75 Td (independent ) Tj ET Q q 0 0 0 rg BT 144.33 328.75 Td (international ) Tj ET Q q 0 0 0 rg BT 201.59 328.75 Td (distributors, ) Tj ET Q q 0 0 0 rg BT 256.06 328.75 Td (which ) Tj ET Q q 0 0 0 rg BT 284.40 328.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 327.76 328.75 Td (carry ) Tj ET Q q 0 0 0 rg BT 352.76 328.75 Td (lower ) Tj ET Q q 0 0 0 rg BT 379.43 328.75 Td (gross ) Tj ET Q q 0 0 0 rg BT 406.67 328.75 Td (margins.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 304.75 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 95.72 304.75 Td ($8.3 ) Tj ET Q q 0 0 0 rg BT 118.04 304.75 Td (million ) Tj ET Q q 0 0 0 rg BT 149.24 304.75 Td (in ) Tj ET Q q 0 0 0 rg BT 159.88 304.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 198.88 304.75 Td (and ) Tj ET Q q 0 0 0 rg BT 218.43 304.75 Td (gross ) Tj ET Q q 0 0 0 rg BT 245.74 304.75 Td (profit ) Tj ET Q q 0 0 0 rg BT 270.83 304.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 321.50 304.75 Td (with ) Tj ET Q q 0 0 0 rg BT 342.14 304.75 Td (the ) Tj ET Q q 0 0 0 rg BT 358.90 304.75 Td (new ) Tj ET Q q 0 0 0 rg BT 380.11 304.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 419.10 304.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 470.33 304.75 Td (standard, ) Tj ET Q q 0 0 0 rg BT 514.89 304.75 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 562.51 304.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 292.75 Td (gross ) Tj ET Q q 0 0 0 rg BT 76.73 292.75 Td (margin ) Tj ET Q q 0 0 0 rg BT 110.08 292.75 Td (expanded ) Tj ET Q q 0 0 0 rg BT 156.79 292.75 Td (1) Tj ET Q q 0 0 0 rg BT 161.60 292.75 Td (10 ) Tj ET Q q 0 0 0 rg BT 175.51 292.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 201.63 292.75 Td (points ) Tj ET Q q 0 0 0 rg BT 231.09 292.75 Td (to ) Tj ET Q q 0 0 0 rg BT 242.21 292.75 Td (48.6 ) Tj ET Q q 0 0 0 rg BT 264.45 292.75 Td (percent, ) Tj ET Q q 0 0 0 rg BT 303.36 292.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 350.61 292.75 Td (to ) Tj ET Q q 0 0 0 rg BT 361.73 292.75 Td (47.5 ) Tj ET Q q 0 0 0 rg BT 383.97 292.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 420.10 292.75 Td (in ) Tj ET Q q 0 0 0 rg BT 430.66 292.75 Td (the ) Tj ET Q q 0 0 0 rg BT 447.34 292.75 Td (first ) Tj ET Q q 0 0 0 rg BT 466.23 292.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 500.69 292.75 Td (of ) Tj ET Q q 0 0 0 rg BT 511.81 292.75 Td (2017.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 268.75 Td (Selling, General and ) Tj ET Q q 0 0 0 rg BT 148.04 268.75 Td (Administrative \("SG&A"\) Expenses ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 244.75 Td (First ) Tj ET Q q 0 0 0 rg BT 72.27 244.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 107.28 244.75 Td (2018 ) Tj ET Q q 0 0 0 rg BT 132.86 244.75 Td (SG&A) Tj ET Q q 0 0 0 rg BT 160.10 244.75 Td ( ) Tj ET Q q 0 0 0 rg BT 163.43 244.75 Td (expenses ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 209.57 244.75 Td (increase) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 247.36 244.75 Td (d ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 256.26 244.75 Td ($30.6 ) Tj ET Q q 0 0 0 rg BT 284.61 244.75 Td (million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 312.95 244.75 Td (, ) Tj ET Q q 0 0 0 rg BT 319.06 244.75 Td (or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 331.28 244.75 Td (14) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 342.40 244.75 Td ( ) Tj ET Q q 0 0 0 rg BT 345.74 244.75 Td (percent, ) Tj ET Q q 0 0 0 rg BT 385.20 244.75 Td (to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 396.87 244.75 Td ($243.4 ) Tj ET Q q 0 0 0 rg BT 430.79 244.75 Td (million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 459.13 244.75 Td (, ) Tj ET Q q 0 0 0 rg BT 465.23 244.75 Td (or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 477.46 244.75 Td (40.1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 496.92 244.75 Td ( ) Tj ET Q q 0 0 0 rg BT 500.25 244.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 536.94 244.75 Td (of ) Tj ET Q q 0 0 0 rg BT 548.61 244.75 Td (net ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 232.75 Td (sales, ) Tj ET Q q 0 0 0 rg BT 78.02 232.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 124.88 232.75 Td (to ) Tj ET Q q 0 0 0 rg BT 135.61 232.75 Td ($212.8 ) Tj ET Q q 0 0 0 rg BT 168.59 232.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 202.11 232.75 Td (or ) Tj ET Q q 0 0 0 rg BT 213.39 232.75 Td (39.1 ) Tj ET Q q 0 0 0 rg BT 235.25 232.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 271.00 232.75 Td (of ) Tj ET Q q 0 0 0 rg BT 281.73 232.75 Td (net ) Tj ET Q q 0 0 0 rg BT 298.03 232.75 Td (sales, ) Tj ET Q q 0 0 0 rg BT 326.55 232.75 Td (in ) Tj ET Q q 0 0 0 rg BT 336.73 232.75 Td (the ) Tj ET Q q 0 0 0 rg BT 353.02 232.75 Td (first ) Tj ET Q q 0 0 0 rg BT 371.52 232.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 405.60 232.75 Td (of ) Tj ET Q q 0 0 0 rg BT 416.34 232.75 Td (2017. ) Tj ET Q q 0 0 0 rg BT 443.76 232.75 Td (Increased ) Tj ET Q q 0 0 0 rg BT 490.07 232.75 Td (SG&A) Tj ET Q q 0 0 0 rg BT 517.30 232.75 Td ( ) Tj ET Q q 0 0 0 rg BT 519.70 232.75 Td (expenses ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 220.75 Td (included:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.50 208.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.50 208.75 Td (Project ) Tj ET Q q 0 0 0 rg BT 120.40 208.75 Td (CONNECT) Tj ET Q q 0 0 0 rg BT 169.66 208.75 Td ( ) Tj ET Q q 0 0 0 rg BT 172.44 208.75 Td (program ) Tj ET Q q 0 0 0 rg BT 212.46 208.75 Td (and ) Tj ET Q q 0 0 0 rg BT 231.92 208.75 Td (discrete ) Tj ET Q q 0 0 0 rg BT 269.71 208.75 Td (expenses;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.50 196.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.50 196.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 127.09 196.75 Td (in ) Tj ET Q q 0 0 0 rg BT 137.65 196.75 Td (classification ) Tj ET Q q 0 0 0 rg BT 197.12 196.75 Td (under ) Tj ET Q q 0 0 0 rg BT 225.47 196.75 Td (the ) Tj ET Q q 0 0 0 rg BT 242.15 196.75 Td (new ) Tj ET Q q 0 0 0 rg BT 263.27 196.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 302.19 196.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 353.34 196.75 Td (standard; ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.50 184.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.50 184.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 132.64 184.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 178.22 184.75 Td (to ) Tj ET Q q 0 0 0 rg BT 189.34 184.75 Td (support ) Tj ET Q q 0 0 0 rg BT 225.47 184.75 Td (our ) Tj ET Q q 0 0 0 rg BT 242.71 184.75 Td (expanding ) Tj ET Q q 0 0 0 rg BT 291.64 184.75 Td (global ) Tj ET Q q 0 0 0 rg BT 321.10 184.75 Td (DTC ) Tj ET Q q 0 0 0 rg BT 344.43 184.75 Td (operations; ) Tj ET Q q 0 0 0 rg BT 396.69 184.75 Td (and) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.50 172.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.50 172.75 Td (the ) Tj ET Q q 0 0 0 rg BT 103.18 172.75 Td (unfavorable ) Tj ET Q q 0 0 0 rg BT 158.22 172.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 190.45 172.75 Td (of ) Tj ET Q q 0 0 0 rg BT 201.57 172.75 Td (strengthening ) Tj ET Q q 0 0 0 rg BT 264.95 172.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 298.30 172.75 Td (currencies ) Tj ET Q q 0 0 0 rg BT 347.21 172.75 Td (relative ) Tj ET Q q 0 0 0 rg BT 382.22 172.75 Td (to ) Tj ET Q q 0 0 0 rg BT 393.34 172.75 Td (the ) Tj ET Q q 0 0 0 rg BT 410.02 172.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 432.25 172.75 Td (dollar) Tj ET Q q 0 0 0 rg BT 456.15 172.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 148.75 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 95.71 148.75 Td ($8.3 ) Tj ET Q q 0 0 0 rg BT 118.03 148.75 Td (million ) Tj ET Q q 0 0 0 rg BT 149.23 148.75 Td (in ) Tj ET Q q 0 0 0 rg BT 159.86 148.75 Td (SG&A) Tj ET Q q 0 0 0 rg BT 187.10 148.75 Td ( ) Tj ET Q q 0 0 0 rg BT 189.95 148.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 235.62 148.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 286.28 148.75 Td (with ) Tj ET Q q 0 0 0 rg BT 306.92 148.75 Td (the ) Tj ET Q q 0 0 0 rg BT 323.67 148.75 Td (new ) Tj ET Q q 0 0 0 rg BT 344.87 148.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 383.86 148.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 435.09 148.75 Td (standard ) Tj ET Q q 0 0 0 rg BT 476.86 148.75 Td (and ) Tj ET Q q 0 0 0 rg BT 496.40 148.75 Td ($1) Tj ET Q q 0 0 0 rg BT 506.78 148.75 Td (1.0 ) Tj ET Q q 0 0 0 rg BT 523.53 148.75 Td (million ) Tj ET Q q 0 0 0 rg BT 554.73 148.75 Td (in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 136.75 Td (Project ) Tj ET Q q 0 0 0 rg BT 83.98 136.75 Td (CONNECT) Tj ET Q q 0 0 0 rg BT 133.25 136.75 Td ( ) Tj ET Q q 0 0 0 rg BT 136.61 136.75 Td (program ) Tj ET Q q 0 0 0 rg BT 177.21 136.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 223.38 136.75 Td (and ) Tj ET Q q 0 0 0 rg BT 243.42 136.75 Td (discrete ) Tj ET Q q 0 0 0 rg BT 281.80 136.75 Td (costs, ) Tj ET Q q 0 0 0 rg BT 311.28 136.75 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 358.90 136.75 Td ( ) Tj ET Q q 0 0 0 rg BT 362.26 136.75 Td (first ) Tj ET Q q 0 0 0 rg BT 381.73 136.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 416.78 136.75 Td (2018 ) Tj ET Q q 0 0 0 rg BT 442.39 136.75 Td (SG&A) Tj ET Q q 0 0 0 rg BT 469.62 136.75 Td ( ) Tj ET Q q 0 0 0 rg BT 472.99 136.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 519.16 136.75 Td (increased ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 124.75 Td ($12.6 ) Tj ET Q q 0 0 0 rg BT 77.30 124.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 111.20 124.75 Td (or ) Tj ET Q q 0 0 0 rg BT 122.87 124.75 Td (6 ) Tj ET Q q 0 0 0 rg BT 131.21 124.75 Td (percent, ) Tj ET Q q 0 0 0 rg BT 170.12 124.75 Td (to ) Tj ET Q q 0 0 0 rg BT 181.24 124.75 Td ($224.1 ) Tj ET Q q 0 0 0 rg BT 214.60 124.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 248.50 124.75 Td (or ) Tj ET Q q 0 0 0 rg BT 260.17 124.75 Td (37.4 ) Tj ET Q q 0 0 0 rg BT 282.41 124.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 318.54 124.75 Td (of ) Tj ET Q q 0 0 0 rg BT 329.66 124.75 Td (net ) Tj ET Q q 0 0 0 rg BT 346.34 124.75 Td (sales.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 100.75 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 94.92 100.75 Td ($1.3 ) Tj ET Q q 0 0 0 rg BT 116.44 100.75 Td (million ) Tj ET Q q 0 0 0 rg BT 146.84 100.75 Td (in ) Tj ET Q q 0 0 0 rg BT 156.69 100.75 Td (Project ) Tj ET Q q 0 0 0 rg BT 189.87 100.75 Td (CONNECT) Tj ET Q q 0 0 0 rg BT 239.13 100.75 Td ( ) Tj ET Q q 0 0 0 rg BT 241.19 100.75 Td (program ) Tj ET Q q 0 0 0 rg BT 280.49 100.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 325.36 100.75 Td (and ) Tj ET Q q 0 0 0 rg BT 344.10 100.75 Td (discrete ) Tj ET Q q 0 0 0 rg BT 381.18 100.75 Td (costs, ) Tj ET Q q 0 0 0 rg BT 409.36 100.75 Td (first ) Tj ET Q q 0 0 0 rg BT 427.53 100.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 461.27 100.75 Td (2017 ) Tj ET Q q 0 0 0 rg BT 485.58 100.75 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 533.20 100.75 Td ( ) Tj ET Q q 0 0 0 rg BT 535.26 100.75 Td (SG&A) Tj ET Q q 0 0 0 rg BT 562.50 100.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 88.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 95.09 88.75 Td (were ) Tj ET Q q 0 0 0 rg BT 119.54 88.75 Td ($21) Tj ET Q q 0 0 0 rg BT 135.48 88.75 Td (1.5 ) Tj ET Q q 0 0 0 rg BT 152.16 88.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 186.06 88.75 Td (or ) Tj ET Q q 0 0 0 rg BT 197.73 88.75 Td (38.9 ) Tj ET Q q 0 0 0 rg BT 219.97 88.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 256.10 88.75 Td (of ) Tj ET Q q 0 0 0 rg BT 267.22 88.75 Td (net ) Tj ET Q q 0 0 0 rg BT 283.90 88.75 Td (sales. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 64.75 Td (Operating ) Tj ET Q q 0 0 0 rg BT 99.50 64.75 Td (Income) 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 /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 748.75 Td (Record ) Tj ET Q q 0 0 0 rg BT 83.71 748.75 Td (first ) Tj ET Q q 0 0 0 rg BT 101.79 748.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 135.45 748.75 Td (2018 ) Tj ET Q q 0 0 0 rg BT 159.67 748.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 203.34 748.75 Td (income ) Tj ET Q q 0 0 0 rg BT 237.55 748.75 Td (of ) Tj ET Q q 0 0 0 rg BT 247.86 748.75 Td ($59.3 ) Tj ET Q q 0 0 0 rg BT 274.86 748.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 307.95 748.75 Td (or ) Tj ET Q q 0 0 0 rg BT 318.81 748.75 Td (9.8 ) Tj ET Q q 0 0 0 rg BT 334.69 748.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 370.01 748.75 Td (of ) Tj ET Q q 0 0 0 rg BT 380.33 748.75 Td (net ) Tj ET Q q 0 0 0 rg BT 396.20 748.75 Td (sales, ) Tj ET Q q 0 0 0 rg BT 424.29 748.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 469.63 748.75 Td (24 ) Tj ET Q q 0 0 0 rg BT 482.72 748.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 518.05 748.75 Td (compared ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 736.75 Td (to ) Tj ET Q q 0 0 0 rg BT 60.62 736.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 105.10 736.75 Td (income ) Tj ET Q q 0 0 0 rg BT 140.11 736.75 Td (of ) Tj ET Q q 0 0 0 rg BT 151.23 736.75 Td ($48.0 ) Tj ET Q q 0 0 0 rg BT 179.03 736.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 212.93 736.75 Td (or ) Tj ET Q q 0 0 0 rg BT 224.60 736.75 Td (8.8 ) Tj ET Q q 0 0 0 rg BT 241.28 736.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 277.41 736.75 Td (of ) Tj ET Q q 0 0 0 rg BT 288.53 736.75 Td (net ) Tj ET Q q 0 0 0 rg BT 305.21 736.75 Td (sales, ) Tj ET Q q 0 0 0 rg BT 334.11 736.75 Td (in ) Tj ET Q q 0 0 0 rg BT 344.67 736.75 Td (the ) Tj ET Q q 0 0 0 rg BT 361.35 736.75 Td (first ) Tj ET Q q 0 0 0 rg BT 380.24 736.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 414.70 736.75 Td (of ) Tj ET Q q 0 0 0 rg BT 425.82 736.75 Td (2017. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 712.75 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 96.82 712.75 Td ($8.3 ) Tj ET Q q 0 0 0 rg BT 120.24 712.75 Td (million ) Tj ET Q q 0 0 0 rg BT 152.54 712.75 Td (in ) Tj ET Q q 0 0 0 rg BT 164.28 712.75 Td (revenue, ) Tj ET Q q 0 0 0 rg BT 207.15 712.75 Td (gross ) Tj ET Q q 0 0 0 rg BT 235.57 712.75 Td (profit ) Tj ET Q q 0 0 0 rg BT 261.76 712.75 Td (and ) Tj ET Q q 0 0 0 rg BT 282.40 712.75 Td (SG&A) Tj ET Q q 0 0 0 rg BT 309.63 712.75 Td ( ) Tj ET Q q 0 0 0 rg BT 313.59 712.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 360.36 712.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 412.13 712.75 Td (with ) Tj ET Q q 0 0 0 rg BT 433.87 712.75 Td (the ) Tj ET Q q 0 0 0 rg BT 451.73 712.75 Td (new ) Tj ET Q q 0 0 0 rg BT 474.03 712.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 514.13 712.75 Td (accounting ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 700.75 Td (standard, ) Tj ET Q q 0 0 0 rg BT 93.75 700.75 Td (and ) Tj ET Q q 0 0 0 rg BT 112.99 700.75 Td ($1) Tj ET Q q 0 0 0 rg BT 123.37 700.75 Td (1.0 ) Tj ET Q q 0 0 0 rg BT 139.83 700.75 Td (million ) Tj ET Q q 0 0 0 rg BT 170.72 700.75 Td (in ) Tj ET Q q 0 0 0 rg BT 181.06 700.75 Td (Project ) Tj ET Q q 0 0 0 rg BT 214.74 700.75 Td (CONNECT) Tj ET Q q 0 0 0 rg BT 264.00 700.75 Td ( ) Tj ET Q q 0 0 0 rg BT 266.55 700.75 Td (program ) Tj ET Q q 0 0 0 rg BT 306.34 700.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 351.71 700.75 Td (and ) Tj ET Q q 0 0 0 rg BT 370.95 700.75 Td (discrete ) Tj ET Q q 0 0 0 rg BT 408.51 700.75 Td (costs, ) Tj ET Q q 0 0 0 rg BT 437.19 700.75 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 484.81 700.75 Td ( ) Tj ET Q q 0 0 0 rg BT 487.36 700.75 Td (first ) Tj ET Q q 0 0 0 rg BT 506.03 700.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 540.27 700.75 Td (2018 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 688.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 93.98 688.75 Td (income ) Tj ET Q q 0 0 0 rg BT 128.99 688.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 175.13 688.75 Td (43 ) Tj ET Q q 0 0 0 rg BT 189.03 688.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 225.16 688.75 Td (to ) Tj ET Q q 0 0 0 rg BT 236.28 688.75 Td ($70.3 ) Tj ET Q q 0 0 0 rg BT 264.08 688.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 297.98 688.75 Td (or ) Tj ET Q q 0 0 0 rg BT 309.65 688.75 Td (1) Tj ET Q q 0 0 0 rg BT 314.47 688.75 Td (1.7 ) Tj ET Q q 0 0 0 rg BT 331.15 688.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 367.28 688.75 Td (of ) Tj ET Q q 0 0 0 rg BT 378.40 688.75 Td (net ) Tj ET Q q 0 0 0 rg BT 395.08 688.75 Td (sales.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 664.75 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 97.01 664.75 Td ($1.3 ) Tj ET Q q 0 0 0 rg BT 120.63 664.75 Td (million ) Tj ET Q q 0 0 0 rg BT 153.12 664.75 Td (in ) Tj ET Q q 0 0 0 rg BT 165.06 664.75 Td (Project ) Tj ET Q q 0 0 0 rg BT 200.34 664.75 Td (CONNECT) Tj ET Q q 0 0 0 rg BT 249.60 664.75 Td ( ) Tj ET Q q 0 0 0 rg BT 253.75 664.75 Td (program ) Tj ET Q q 0 0 0 rg BT 295.14 664.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 342.11 664.75 Td (and ) Tj ET Q q 0 0 0 rg BT 362.94 664.75 Td (discrete ) Tj ET Q q 0 0 0 rg BT 402.11 664.75 Td (costs, ) Tj ET Q q 0 0 0 rg BT 432.38 664.75 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 480.01 664.75 Td ( ) Tj ET Q q 0 0 0 rg BT 484.16 664.75 Td (first ) Tj ET Q q 0 0 0 rg BT 504.42 664.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 540.26 664.75 Td (2017 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 652.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 93.98 652.75 Td (income ) Tj ET Q q 0 0 0 rg BT 128.99 652.75 Td (was ) Tj ET Q q 0 0 0 rg BT 149.55 652.75 Td ($49.3 ) Tj ET Q q 0 0 0 rg BT 177.36 652.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 211.25 652.75 Td (or ) Tj ET Q q 0 0 0 rg BT 222.92 652.75 Td (9.1 ) Tj ET Q q 0 0 0 rg BT 239.60 652.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 275.74 652.75 Td (of ) Tj ET Q q 0 0 0 rg BT 286.85 652.75 Td (net ) Tj ET Q q 0 0 0 rg BT 303.53 652.75 Td (sales.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 628.75 Td (Licensing) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 604.75 Td (First quarter 2018 net licensing income increased 38 percent to $3.3 million, compared to $2.4 million in the first ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 592.75 Td (quarter of 2017, primarily driven by increased net sales from existing licensing partners.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 568.75 Td (Income ) Tj ET Q q 0 0 0 rg BT 87.29 568.75 Td (T) Tj ET Q q 0 0 0 rg BT 92.65 568.75 Td (ax ) Tj ET Q q 0 0 0 rg BT 106.56 568.75 Td (Expense) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 544.75 Td (First ) Tj ET Q q 0 0 0 rg BT 72.37 544.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 107.49 544.75 Td (2018 ) Tj ET Q q 0 0 0 rg BT 133.17 544.75 Td (income ) Tj ET Q q 0 0 0 rg BT 168.85 544.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 185.62 544.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 226.86 544.75 Td (was ) Tj ET Q q 0 0 0 rg BT 248.08 544.75 Td ($12.6 ) Tj ET Q q 0 0 0 rg BT 276.54 544.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 311.09 544.75 Td (resulting ) Tj ET Q q 0 0 0 rg BT 352.33 544.75 Td (in ) Tj ET Q q 0 0 0 rg BT 363.55 544.75 Td (an ) Tj ET Q q 0 0 0 rg BT 378.10 544.75 Td (ef) Tj ET Q q 0 0 0 rg BT 386.26 544.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 418.60 544.75 Td (income ) Tj ET Q q 0 0 0 rg BT 454.27 544.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 471.05 544.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 491.71 544.75 Td (of ) Tj ET Q q 0 0 0 rg BT 503.49 544.75 Td (20.6 ) Tj ET Q q 0 0 0 rg BT 526.38 544.75 Td (percent, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 532.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 96.75 532.75 Td (to ) Tj ET Q q 0 0 0 rg BT 107.86 532.75 Td ($9.8 ) Tj ET Q q 0 0 0 rg BT 130.11 532.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 164.00 532.75 Td (or ) Tj ET Q q 0 0 0 rg BT 175.67 532.75 Td (20.1 ) Tj ET Q q 0 0 0 rg BT 197.91 532.75 Td (percent, ) Tj ET Q q 0 0 0 rg BT 236.82 532.75 Td (in ) Tj ET Q q 0 0 0 rg BT 247.39 532.75 Td (the ) Tj ET Q q 0 0 0 rg BT 264.07 532.75 Td (first ) Tj ET Q q 0 0 0 rg BT 282.95 532.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 317.42 532.75 Td (of ) Tj ET Q q 0 0 0 rg BT 328.53 532.75 Td (2017.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 508.75 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 95.51 508.75 Td (a ) Tj ET Q q 0 0 0 rg BT 103.72 508.75 Td ($2.6 ) Tj ET Q q 0 0 0 rg BT 125.83 508.75 Td (million ) Tj ET Q q 0 0 0 rg BT 156.82 508.75 Td (income ) Tj ET Q q 0 0 0 rg BT 191.71 508.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 207.70 508.75 Td (benefit ) Tj ET Q q 0 0 0 rg BT 240.37 508.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 290.83 508.75 Td (with ) Tj ET Q q 0 0 0 rg BT 311.26 508.75 Td (Project ) Tj ET Q q 0 0 0 rg BT 345.03 508.75 Td (CONNECT) Tj ET Q q 0 0 0 rg BT 394.29 508.75 Td ( ) Tj ET Q q 0 0 0 rg BT 396.94 508.75 Td (and ) Tj ET Q q 0 0 0 rg BT 416.28 508.75 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 438.39 508.75 Td (million ) Tj ET Q q 0 0 0 rg BT 469.38 508.75 Td (in ) Tj ET Q q 0 0 0 rg BT 479.81 508.75 Td (provisional ) Tj ET Q q 0 0 0 rg BT 530.26 508.75 Td (income ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 496.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 65.46 496.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 105.89 496.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 156.33 496.75 Td (with ) Tj ET Q q 0 0 0 rg BT 176.73 496.75 Td (the ) Tj ET Q q 0 0 0 rg BT 193.09 496.75 Td (TCJA, ) Tj ET Q q 0 0 0 rg BT 223.49 496.75 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 271.11 496.75 Td ( ) Tj ET Q q 0 0 0 rg BT 273.73 496.75 Td (first ) Tj ET Q q 0 0 0 rg BT 292.47 496.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 326.77 496.75 Td (2018 ) Tj ET Q q 0 0 0 rg BT 351.64 496.75 Td (income ) Tj ET Q q 0 0 0 rg BT 386.50 496.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 402.47 496.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 442.90 496.75 Td (was ) Tj ET Q q 0 0 0 rg BT 463.31 496.75 Td ($14.2 ) Tj ET Q q 0 0 0 rg BT 490.95 496.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 524.69 496.75 Td (resulting ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 484.75 Td (in ) Tj ET Q q 0 0 0 rg BT 60.06 484.75 Td (an ) Tj ET Q q 0 0 0 rg BT 73.96 484.75 Td (ef) Tj ET Q q 0 0 0 rg BT 82.12 484.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 113.80 484.75 Td (income ) Tj ET Q q 0 0 0 rg BT 148.82 484.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 164.93 484.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 184.94 484.75 Td (of ) Tj ET Q q 0 0 0 rg BT 196.06 484.75 Td (19.6 ) Tj ET Q q 0 0 0 rg BT 218.30 484.75 Td (percent.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 460.75 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 95.72 460.75 Td (a ) Tj ET Q q 0 0 0 rg BT 104.15 460.75 Td ($0.4 ) Tj ET Q q 0 0 0 rg BT 126.48 460.75 Td (million ) Tj ET Q q 0 0 0 rg BT 157.68 460.75 Td (income ) Tj ET Q q 0 0 0 rg BT 192.78 460.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 208.98 460.75 Td (benefit ) Tj ET Q q 0 0 0 rg BT 241.87 460.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 292.54 460.75 Td (with ) Tj ET Q q 0 0 0 rg BT 313.19 460.75 Td (Project ) Tj ET Q q 0 0 0 rg BT 347.18 460.75 Td (CONNECT) Tj ET Q q 0 0 0 rg BT 395.51 460.75 Td (, ) Tj ET Q q 0 0 0 rg BT 401.15 460.75 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 448.77 460.75 Td ( ) Tj ET Q q 0 0 0 rg BT 451.64 460.75 Td (first ) Tj ET Q q 0 0 0 rg BT 470.61 460.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 505.16 460.75 Td (2017 ) Tj ET Q q 0 0 0 rg BT 530.27 460.75 Td (income ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 448.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 65.62 448.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 106.20 448.75 Td (was ) Tj ET Q q 0 0 0 rg BT 126.77 448.75 Td ($10.2 ) Tj ET Q q 0 0 0 rg BT 154.57 448.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 188.46 448.75 Td (resulting ) Tj ET Q q 0 0 0 rg BT 229.04 448.75 Td (in ) Tj ET Q q 0 0 0 rg BT 239.60 448.75 Td (an ) Tj ET Q q 0 0 0 rg BT 253.50 448.75 Td (ef) Tj ET Q q 0 0 0 rg BT 261.66 448.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 293.34 448.75 Td (income ) Tj ET Q q 0 0 0 rg BT 328.36 448.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 344.48 448.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 364.49 448.75 Td (of ) Tj ET Q q 0 0 0 rg BT 375.60 448.75 Td (20.4 ) Tj ET Q q 0 0 0 rg BT 397.84 448.75 Td (percent. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 424.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 68.39 424.75 Td (Income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 400.75 Td (First ) Tj ET Q q 0 0 0 rg BT 71.51 400.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 105.76 400.75 Td (2018 ) Tj ET Q q 0 0 0 rg BT 130.58 400.75 Td (net ) Tj ET Q q 0 0 0 rg BT 147.05 400.75 Td (income ) Tj ET Q q 0 0 0 rg BT 181.86 400.75 Td (increased ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 227.79 400.75 Td (25) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 238.91 400.75 Td ( ) Tj ET Q q 0 0 0 rg BT 241.48 400.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 277.41 400.75 Td (to ) Tj ET Q q 0 0 0 rg BT 288.32 400.75 Td (a ) Tj ET Q q 0 0 0 rg BT 296.45 400.75 Td (record ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 327.37 400.75 Td ($45.1 ) Tj ET Q q 0 0 0 rg BT 354.96 400.75 Td (million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 383.30 400.75 Td (, ) Tj ET Q q 0 0 0 rg BT 388.65 400.75 Td (or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 400.12 400.75 Td ($0.64) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 425.14 400.75 Td ( ) Tj ET Q q 0 0 0 rg BT 427.71 400.75 Td (per ) Tj ET Q q 0 0 0 rg BT 444.73 400.75 Td (diluted ) Tj ET Q q 0 0 0 rg BT 476.77 400.75 Td (share, ) Tj ET Q q 0 0 0 rg BT 507.14 400.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 554.18 400.75 Td (to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 388.75 Td (net ) Tj ET Q q 0 0 0 rg BT 66.18 388.75 Td (income ) Tj ET Q q 0 0 0 rg BT 101.19 388.75 Td (of ) Tj ET Q q 0 0 0 rg BT 112.31 388.75 Td ($36.0 ) Tj ET Q q 0 0 0 rg BT 140.12 388.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 174.01 388.75 Td (or ) Tj ET Q q 0 0 0 rg BT 185.68 388.75 Td ($0.51 ) Tj ET Q q 0 0 0 rg BT 213.48 388.75 Td (per ) Tj ET Q q 0 0 0 rg BT 230.72 388.75 Td (diluted ) Tj ET Q q 0 0 0 rg BT 262.96 388.75 Td (share, ) Tj ET Q q 0 0 0 rg BT 293.53 388.75 Td (in ) Tj ET Q q 0 0 0 rg BT 304.09 388.75 Td (the ) Tj ET Q q 0 0 0 rg BT 320.77 388.75 Td (first ) Tj ET Q q 0 0 0 rg BT 339.66 388.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 374.12 388.75 Td (of ) Tj ET Q q 0 0 0 rg BT 385.24 388.75 Td (2017. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 364.75 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 97.02 364.75 Td ($8.4 ) Tj ET Q q 0 0 0 rg BT 120.64 364.75 Td (million ) Tj ET Q q 0 0 0 rg BT 153.14 364.75 Td (net ) Tj ET Q q 0 0 0 rg BT 171.21 364.75 Td (of ) Tj ET Q q 0 0 0 rg BT 183.71 364.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 201.21 364.75 Td (in ) Tj ET Q q 0 0 0 rg BT 213.15 364.75 Td (Project ) Tj ET Q q 0 0 0 rg BT 248.43 364.75 Td (CONNECT) Tj ET Q q 0 0 0 rg BT 297.70 364.75 Td ( ) Tj ET Q q 0 0 0 rg BT 301.86 364.75 Td (program ) Tj ET Q q 0 0 0 rg BT 343.25 364.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 390.22 364.75 Td (and ) Tj ET Q q 0 0 0 rg BT 411.07 364.75 Td (discrete ) Tj ET Q q 0 0 0 rg BT 450.24 364.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 477.74 364.75 Td (and ) Tj ET Q q 0 0 0 rg BT 498.59 364.75 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 522.21 364.75 Td (million ) Tj ET Q q 0 0 0 rg BT 554.71 364.75 Td (in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 352.75 Td (incremental ) Tj ET Q q 0 0 0 rg BT 104.03 352.75 Td (provisional ) Tj ET Q q 0 0 0 rg BT 154.67 352.75 Td (income ) Tj ET Q q 0 0 0 rg BT 189.74 352.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 205.91 352.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 246.56 352.75 Td (related ) Tj ET Q q 0 0 0 rg BT 279.97 352.75 Td (to ) Tj ET Q q 0 0 0 rg BT 291.15 352.75 Td (the ) Tj ET Q q 0 0 0 rg BT 307.70 352.75 Td (TCJA, ) Tj ET Q q 0 0 0 rg BT 338.32 352.75 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 385.94 352.75 Td ( ) Tj ET Q q 0 0 0 rg BT 388.77 352.75 Td (first ) Tj ET Q q 0 0 0 rg BT 407.72 352.75 Td (quarter ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 442.24 352.75 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 464.49 352.75 Td ( ) Tj ET Q q 0 0 0 rg BT 467.32 352.75 Td (net ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 484.06 352.75 Td (income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 516.30 352.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 519.13 352.75 Td (increase) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 556.93 352.75 Td (d ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 340.75 Td (48 ) Tj ET Q q 0 0 0 rg BT 63.40 340.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 99.53 340.75 Td (to ) Tj ET Q q 0 0 0 rg BT 110.65 340.75 Td ($54.5 ) Tj ET Q q 0 0 0 rg BT 138.46 340.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 172.35 340.75 Td (or ) Tj ET Q q 0 0 0 rg BT 184.02 340.75 Td ($0.77 ) Tj ET Q q 0 0 0 rg BT 211.82 340.75 Td (per ) Tj ET Q q 0 0 0 rg BT 229.06 340.75 Td (diluted ) Tj ET Q q 0 0 0 rg BT 261.30 340.75 Td (share.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 316.75 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 95.76 316.75 Td ($0.9 ) Tj ET Q q 0 0 0 rg BT 118.13 316.75 Td (million ) Tj ET Q q 0 0 0 rg BT 149.38 316.75 Td (net ) Tj ET Q q 0 0 0 rg BT 166.18 316.75 Td (of ) Tj ET Q q 0 0 0 rg BT 177.42 316.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 193.67 316.75 Td (in ) Tj ET Q q 0 0 0 rg BT 204.36 316.75 Td (Project ) Tj ET Q q 0 0 0 rg BT 238.38 316.75 Td (CONNECT) Tj ET Q q 0 0 0 rg BT 287.65 316.75 Td ( ) Tj ET Q q 0 0 0 rg BT 290.55 316.75 Td (program ) Tj ET Q q 0 0 0 rg BT 330.69 316.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 376.40 316.75 Td (and ) Tj ET Q q 0 0 0 rg BT 395.99 316.75 Td (discrete ) Tj ET Q q 0 0 0 rg BT 433.91 316.75 Td (costs, ) Tj ET Q q 0 0 0 rg BT 462.93 316.75 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 510.56 316.75 Td ( ) Tj ET Q q 0 0 0 rg BT 513.46 316.75 Td (net ) Tj ET Q q 0 0 0 rg BT 530.27 316.75 Td (income ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 304.75 Td (was ) Tj ET Q q 0 0 0 rg BT 70.06 304.75 Td ($36.9 ) Tj ET Q q 0 0 0 rg BT 97.86 304.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 131.76 304.75 Td (or ) Tj ET Q q 0 0 0 rg BT 143.43 304.75 Td ($0.52 ) Tj ET Q q 0 0 0 rg BT 171.23 304.75 Td (per ) Tj ET Q q 0 0 0 rg BT 188.46 304.75 Td (diluted ) Tj ET Q q 0 0 0 rg BT 220.71 304.75 Td (share, ) Tj ET Q q 0 0 0 rg BT 251.28 304.75 Td (in ) Tj ET Q q 0 0 0 rg BT 261.84 304.75 Td (the ) Tj ET Q q 0 0 0 rg BT 278.52 304.75 Td (first ) Tj ET Q q 0 0 0 rg BT 297.41 304.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 331.87 304.75 Td (of ) Tj ET Q q 0 0 0 rg BT 342.99 304.75 Td (2017.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 280.75 Td (Balance Sheet) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 256.75 Td (At ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 61.69 256.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 108.89 256.75 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 131.13 256.75 Td (, ) Tj ET Q q 0 0 0 rg BT 136.65 256.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 160.51 256.75 Td (and ) Tj ET Q q 0 0 0 rg BT 179.94 256.75 Td (short-term ) Tj ET Q q 0 0 0 rg BT 228.24 256.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 284.33 256.75 Td (totaled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 317.09 256.75 Td ($808.2 ) Tj ET Q q 0 0 0 rg BT 350.42 256.75 Td (million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 378.76 256.75 Td (, ) Tj ET Q q 0 0 0 rg BT 384.28 256.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 431.48 256.75 Td (to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 442.56 256.75 Td ($590.5 ) Tj ET Q q 0 0 0 rg BT 475.89 256.75 Td (million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 504.23 256.75 Td ( ) Tj ET Q q 0 0 0 rg BT 506.96 256.75 Td (at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 518.04 256.75 Td (March31, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 244.75 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 71.75 244.75 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 220.75 Td (The ) Tj ET Q q 0 0 0 rg BT 69.02 220.75 Td (enactment ) Tj ET Q q 0 0 0 rg BT 118.01 220.75 Td (of ) Tj ET Q q 0 0 0 rg BT 128.64 220.75 Td (the ) Tj ET Q q 0 0 0 rg BT 144.68 220.75 Td (TCJA) Tj ET Q q 0 0 0 rg BT 169.13 220.75 Td ( ) Tj ET Q q 0 0 0 rg BT 171.42 220.75 Td (and ) Tj ET Q q 0 0 0 rg BT 190.40 220.75 Td (the ) Tj ET Q q 0 0 0 rg BT 206.59 220.75 Td (resulting ) Tj ET Q q 0 0 0 rg BT 246.68 220.75 Td (change ) Tj ET Q q 0 0 0 rg BT 281.78 220.75 Td (to ) Tj ET Q q 0 0 0 rg BT 292.41 220.75 Td (a ) Tj ET Q q 0 0 0 rg BT 300.27 220.75 Td (territorial ) Tj ET Q q 0 0 0 rg BT 341.45 220.75 Td (taxation ) Tj ET Q q 0 0 0 rg BT 378.77 220.75 Td (system ) Tj ET Q q 0 0 0 rg BT 412.73 220.75 Td (provides ) Tj ET Q q 0 0 0 rg BT 452.82 220.75 Td (us ) Tj ET Q q 0 0 0 rg BT 465.67 220.75 Td (with ) Tj ET Q q 0 0 0 rg BT 485.75 220.75 Td (significantly ) Tj ET Q q 0 0 0 rg BT 539.73 220.75 Td (more ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 208.75 Td (flexibility ) Tj ET Q q 0 0 0 rg BT 90.68 208.75 Td (to ) Tj ET Q q 0 0 0 rg BT 102.40 208.75 Td (repatriate ) Tj ET Q q 0 0 0 rg BT 148.04 208.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 182.00 208.75 Td (cash, ) Tj ET Q q 0 0 0 rg BT 209.29 208.75 Td (and ) Tj ET Q q 0 0 0 rg BT 229.36 208.75 Td (as ) Tj ET Q q 0 0 0 rg BT 243.31 208.75 Td (a ) Tj ET Q q 0 0 0 rg BT 252.26 208.75 Td (result ) Tj ET Q q 0 0 0 rg BT 280.10 208.75 Td (we ) Tj ET Q q 0 0 0 rg BT 296.27 208.75 Td (were ) Tj ET Q q 0 0 0 rg BT 321.33 208.75 Td (able ) Tj ET Q q 0 0 0 rg BT 343.62 208.75 Td (to ) Tj ET Q q 0 0 0 rg BT 355.35 208.75 Td (repatriate ) Tj ET Q q 0 0 0 rg BT 400.98 208.75 Td ($219.6 ) Tj ET Q q 0 0 0 rg BT 434.96 208.75 Td (million ) Tj ET Q q 0 0 0 rg BT 466.68 208.75 Td (of ) Tj ET Q q 0 0 0 rg BT 478.41 208.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 512.37 208.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 536.88 208.75 Td (to ) Tj ET Q q 0 0 0 rg BT 548.61 208.75 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 196.75 Td (United ) Tj ET Q q 0 0 0 rg BT 81.18 196.75 Td (States ) Tj ET Q q 0 0 0 rg BT 112.31 196.75 Td (in ) Tj ET Q q 0 0 0 rg BT 122.87 196.75 Td (early ) Tj ET Q q 0 0 0 rg BT 146.78 196.75 Td (April ) Tj ET Q q 0 0 0 rg BT 169.56 196.75 Td (2018.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 170.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 116.05 170.75 Td (inventories ) Tj ET Q q 0 0 0 rg BT 172.59 170.75 Td (increased ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 224.12 170.75 Td (2) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 229.69 170.75 Td ( ) Tj ET Q q 0 0 0 rg BT 237.86 170.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 279.40 170.75 Td (to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 295.91 170.75 Td ($406.0 ) Tj ET Q q 0 0 0 rg BT 334.68 170.75 Td (million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 363.02 170.75 Td (at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 382.31 170.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 434.95 170.75 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 457.20 170.75 Td (,compared ) Tj ET Q q 0 0 0 rg BT 515.40 170.75 Td (to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.92 170.75 Td ($398.8 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 158.75 Td (million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.84 158.75 Td (at) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 91.74 158.75 Td (March31, ) Tj ET Q q 0 0 0 rg BT 137.68 158.75 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 159.92 158.75 Td (, ) Tj ET Q q 0 0 0 rg BT 164.18 158.75 Td (including ) Tj ET Q q 0 0 0 rg BT 205.13 158.75 Td (an ) Tj ET Q q 0 0 0 rg BT 217.73 158.75 Td ($18.2 ) Tj ET Q q 0 0 0 rg BT 244.23 158.75 Td (million ) Tj ET Q q 0 0 0 rg BT 274.05 158.75 Td (decrease ) Tj ET Q q 0 0 0 rg BT 316.66 158.75 Td (driven ) Tj ET Q q 0 0 0 rg BT 345.38 158.75 Td (by ) Tj ET Q q 0 0 0 rg BT 357.42 158.75 Td (a ) Tj ET Q q 0 0 0 rg BT 364.46 158.75 Td (balance ) Tj ET Q q 0 0 0 rg BT 400.96 158.75 Td (sheet ) Tj ET Q q 0 0 0 rg BT 426.90 158.75 Td (reclassification ) Tj ET Q q 0 0 0 rg BT 493.96 158.75 Td (of ) Tj ET Q q 0 0 0 rg BT 503.78 158.75 Td (the ) Tj ET Q q 0 0 0 rg BT 519.16 158.75 Td (estimated ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 146.75 Td (cost ) Tj ET Q q 0 0 0 rg BT 70.19 146.75 Td (of ) Tj ET Q q 0 0 0 rg BT 80.88 146.75 Td (inventory ) Tj ET Q q 0 0 0 rg BT 123.80 146.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 173.96 146.75 Td (with ) Tj ET Q q 0 0 0 rg BT 194.09 146.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 219.79 146.75 Td (returns ) Tj ET Q q 0 0 0 rg BT 253.26 146.75 Td (into ) Tj ET Q q 0 0 0 rg BT 271.73 146.75 Td (prepaid ) Tj ET Q q 0 0 0 rg BT 307.44 146.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 352.60 146.75 Td (and ) Tj ET Q q 0 0 0 rg BT 371.63 146.75 Td (other ) Tj ET Q q 0 0 0 rg BT 396.78 146.75 Td (current ) Tj ET Q q 0 0 0 rg BT 430.25 146.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 461.50 146.75 Td (under ) Tj ET Q q 0 0 0 rg BT 489.43 146.75 Td (the ) Tj ET Q q 0 0 0 rg BT 505.68 146.75 Td (new ) Tj ET Q q 0 0 0 rg BT 526.37 146.75 Td (revenue ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 134.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 100.83 134.75 Td (standard. ) Tj ET Q q 0 0 0 rg BT 145.48 134.75 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 191.80 134.75 Td (the ) Tj ET Q q 0 0 0 rg BT 208.65 134.75 Td (ef) Tj ET Q q 0 0 0 rg BT 216.81 134.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 235.89 134.75 Td (of ) Tj ET Q q 0 0 0 rg BT 247.19 134.75 Td (this ) Tj ET Q q 0 0 0 rg BT 265.71 134.75 Td (classification ) Tj ET Q q 0 0 0 rg BT 325.35 134.75 Td (change, ) Tj ET Q q 0 0 0 rg BT 363.90 134.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 423.01 134.75 Td (inventories ) Tj ET Q q 0 0 0 rg BT 474.32 134.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 520.64 134.75 Td (6 ) Tj ET Q q 0 0 0 rg BT 529.16 134.75 Td (percent ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 122.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 96.75 122.75 Td (to ) Tj ET Q q 0 0 0 rg BT 107.86 122.75 Td (March ) Tj ET Q q 0 0 0 rg BT 138.43 122.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 155.11 122.75 Td (2017.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 110.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 98.75 Td (Cash Flow) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 74.75 Td (Operating cash flow for the three months ended March 31, 2018 was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 356.34 74.75 Td ($77.4 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 412.48 74.75 Td (, compared to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 476.40 74.75 Td ($88.2 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 532.55 74.75 Td ( in the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 62.75 Td (three months ended March 31, 2017.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 38.75 Td (Capital expenditures totaled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 176.25 38.75 Td ($12.3 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 232.39 38.75 Td ( in the quarter ended March 31, 2018, compared to $1) Tj ET Q q 0 0 0 rg BT 471.25 38.75 Td (1.3 million in the ) 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 /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 748.75 Td (quarter ended March 31, 2017.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 724.75 Td (During the first quarter of 2018, the company repurchased 235,497 shares of common stock for $18.1 million, or an ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 712.75 Td (average of $76.84 per share.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 688.75 Td (At ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 61.73 688.75 Td (March31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 131.21 688.75 Td (, approximately $1) Tj ET Q q 0 0 0 rg BT 212.18 688.75 Td (19.8 million remained available under the current stock repurchase ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 676.75 Td (authorization, which does not obligate the company to acquire any specific number of shares or to acquire shares ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 664.75 Td (over any specified period of time.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 640.75 Td (During the first quarter of 2018 the company paid cash dividends of $) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 355.24 640.75 Td (15.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 405.82 640.75 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 616.75 Td (Regular Quarterly Cash Dividend) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 592.75 Td (At ) Tj ET Q q 0 0 0 rg BT 62.56 592.75 Td (its ) Tj ET Q q 0 0 0 rg BT 76.18 592.75 Td (regular ) Tj ET Q q 0 0 0 rg BT 110.93 592.75 Td (board ) Tj ET Q q 0 0 0 rg BT 140.12 592.75 Td (meeting ) Tj ET Q q 0 0 0 rg BT 179.31 592.75 Td (on ) Tj ET Q q 0 0 0 rg BT 193.33 592.75 Td (April ) Tj ET Q q 0 0 0 rg BT 216.96 592.75 Td (20, ) Tj ET Q q 0 0 0 rg BT 234.47 592.75 Td (2018, ) Tj ET Q q 0 0 0 rg BT 263.11 592.75 Td (the ) Tj ET Q q 0 0 0 rg BT 280.63 592.75 Td (board ) Tj ET Q q 0 0 0 rg BT 309.83 592.75 Td (of ) Tj ET Q q 0 0 0 rg BT 321.78 592.75 Td (directors ) Tj ET Q q 0 0 0 rg BT 363.74 592.75 Td (authorized ) Tj ET Q q 0 0 0 rg BT 414.06 592.75 Td (a ) Tj ET Q q 0 0 0 rg BT 423.24 592.75 Td (regular ) Tj ET Q q 0 0 0 rg BT 457.98 592.75 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 500.50 592.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 525.24 592.75 Td (dividend ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 580.75 Td (of$0.22per ) Tj ET Q q 0 0 0 rg BT 105.65 580.75 Td (share, ) Tj ET Q q 0 0 0 rg BT 136.22 580.75 Td (payable ) Tj ET Q q 0 0 0 rg BT 174.03 580.75 Td (onMay ) Tj ET Q q 0 0 0 rg BT 209.60 580.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 226.28 580.75 Td (2018to ) Tj ET Q q 0 0 0 rg BT 262.42 580.75 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 323.02 580.75 Td (of ) Tj ET Q q 0 0 0 rg BT 334.13 580.75 Td (record ) Tj ET Q q 0 0 0 rg BT 365.26 580.75 Td (onMay ) Tj ET Q q 0 0 0 rg BT 400.83 580.75 Td (17, ) Tj ET Q q 0 0 0 rg BT 417.51 580.75 Td (2018.) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 49.5 555.16552734375 m 136.560546875 555.16552734375 l s q 0 0 0 rg BT 49.50 556.75 Td (Updated Full ) Tj ET Q q 0 0 0 rg BT 112.65 556.75 Td (Y) Tj ET Q q 0 0 0 rg BT 118.77 556.75 Td (ear ) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 136.560546875 555.16552734375 m 158.806640625 555.16552734375 l s q 0 0 0 rg BT 136.56 556.75 Td (2018) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 158.806640625 555.16552734375 m 248.259765625 555.16552734375 l s q 0 0 0 rg BT 158.81 556.75 Td ( Financial Outlook ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 532.75 Td (All ) Tj ET Q q 0 0 0 rg BT 62.70 532.75 Td (projections ) Tj ET Q q 0 0 0 rg BT 113.14 532.75 Td (related ) Tj ET Q q 0 0 0 rg BT 145.80 532.75 Td (to ) Tj ET Q q 0 0 0 rg BT 156.22 532.75 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 206.67 532.75 Td (future ) Tj ET Q q 0 0 0 rg BT 234.32 532.75 Td (results ) Tj ET Q q 0 0 0 rg BT 265.86 532.75 Td (are ) Tj ET Q q 0 0 0 rg BT 282.40 532.75 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 352.84 532.75 Td (in ) Tj ET Q q 0 0 0 rg BT 362.71 532.75 Td (nature ) Tj ET Q q 0 0 0 rg BT 393.15 532.75 Td (and ) Tj ET Q q 0 0 0 rg BT 411.91 532.75 Td (may ) Tj ET Q q 0 0 0 rg BT 432.89 532.75 Td (change, ) Tj ET Q q 0 0 0 rg BT 470.55 532.75 Td (perhaps ) Tj ET Q q 0 0 0 rg BT 508.77 532.75 Td (significantly) Tj ET Q q 0 0 0 rg BT 559.72 532.75 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 520.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 69.26 520.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 102.37 520.75 Td (net ) Tj ET Q q 0 0 0 rg BT 119.36 520.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 145.79 520.75 Td (are ) Tj ET Q q 0 0 0 rg BT 163.34 520.75 Td (weighted ) Tj ET Q q 0 0 0 rg BT 206.45 520.75 Td (more ) Tj ET Q q 0 0 0 rg BT 232.32 520.75 Td (heavily ) Tj ET Q q 0 0 0 rg BT 266.54 520.75 Td (toward ) Tj ET Q q 0 0 0 rg BT 299.64 520.75 Td (the ) Tj ET Q q 0 0 0 rg BT 316.63 520.75 Td (Fall/Winter ) Tj ET Q q 0 0 0 rg BT 367.50 520.75 Td (season, ) Tj ET Q q 0 0 0 rg BT 405.61 520.75 Td (while ) Tj ET Q q 0 0 0 rg BT 431.49 520.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 476.27 520.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 522.17 520.75 Td (are ) Tj ET Q q 0 0 0 rg BT 539.71 520.75 Td (more ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 508.75 Td (equally ) Tj ET Q q 0 0 0 rg BT 83.16 508.75 Td (distributed ) Tj ET Q q 0 0 0 rg BT 131.27 508.75 Td (throughout ) Tj ET Q q 0 0 0 rg BT 181.07 508.75 Td (the ) Tj ET Q q 0 0 0 rg BT 196.94 508.75 Td (year) Tj ET Q q 0 0 0 rg BT 215.84 508.75 Td (, ) Tj ET Q q 0 0 0 rg BT 220.59 508.75 Td (resulting ) Tj ET Q q 0 0 0 rg BT 260.37 508.75 Td (in ) Tj ET Q q 0 0 0 rg BT 270.12 508.75 Td (a ) Tj ET Q q 0 0 0 rg BT 277.66 508.75 Td (highly ) Tj ET Q q 0 0 0 rg BT 305.76 508.75 Td (seasonal ) Tj ET Q q 0 0 0 rg BT 347.76 508.75 Td (net ) Tj ET Q q 0 0 0 rg BT 363.64 508.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 388.96 508.75 Td (and ) Tj ET Q q 0 0 0 rg BT 407.61 508.75 Td (profitability ) Tj ET Q q 0 0 0 rg BT 457.38 508.75 Td (pattern ) Tj ET Q q 0 0 0 rg BT 490.49 508.75 Td (weighted ) Tj ET Q q 0 0 0 rg BT 532.49 508.75 Td (toward ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 496.75 Td (the ) Tj ET Q q 0 0 0 rg BT 66.18 496.75 Td (second ) Tj ET Q q 0 0 0 rg BT 101.20 496.75 Td (half ) Tj ET Q q 0 0 0 rg BT 120.11 496.75 Td (of ) Tj ET Q q 0 0 0 rg BT 131.22 496.75 Td (the ) Tj ET Q q 0 0 0 rg BT 147.90 496.75 Td (year) Tj ET Q q 0 0 0 rg BT 166.80 496.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 472.75 Td (Spring ) Tj ET Q q 0 0 0 rg BT 81.15 472.75 Td (and ) Tj ET Q q 0 0 0 rg BT 100.58 472.75 Td (Fall ) Tj ET Q q 0 0 0 rg BT 119.43 472.75 Td (season ) Tj ET Q q 0 0 0 rg BT 154.42 472.75 Td (advance ) Tj ET Q q 0 0 0 rg BT 194.97 472.75 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 242.19 472.75 Td (orders ) Tj ET Q q 0 0 0 rg BT 273.28 472.75 Td (typically ) Tj ET Q q 0 0 0 rg BT 311.59 472.75 Td (drive ) Tj ET Q q 0 0 0 rg BT 336.00 472.75 Td (a ) Tj ET Q q 0 0 0 rg BT 344.31 472.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 391.52 472.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 424.84 472.75 Td (of ) Tj ET Q q 0 0 0 rg BT 435.92 472.75 Td (our ) Tj ET Q q 0 0 0 rg BT 453.12 472.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 485.89 472.75 Td (net ) Tj ET Q q 0 0 0 rg BT 502.54 472.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 528.62 472.75 Td (and ) Tj ET Q q 0 0 0 rg BT 548.05 472.75 Td (are ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 460.75 Td (two ) Tj ET Q q 0 0 0 rg BT 68.09 460.75 Td (of ) Tj ET Q q 0 0 0 rg BT 79.45 460.75 Td (several ) Tj ET Q q 0 0 0 rg BT 114.71 460.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 162.20 460.75 Td (factors ) Tj ET Q q 0 0 0 rg BT 195.23 460.75 Td (we ) Tj ET Q q 0 0 0 rg BT 211.04 460.75 Td (use ) Tj ET Q q 0 0 0 rg BT 230.19 460.75 Td (to ) Tj ET Q q 0 0 0 rg BT 241.55 460.75 Td (formulate ) Tj ET Q q 0 0 0 rg BT 286.26 460.75 Td (our ) Tj ET Q q 0 0 0 rg BT 303.74 460.75 Td (full ) Tj ET Q q 0 0 0 rg BT 319.55 460.75 Td (year ) Tj ET Q q 0 0 0 rg BT 342.02 460.75 Td (outlook. ) Tj ET Q q 0 0 0 rg BT 380.07 460.75 Td (However) Tj ET Q q 0 0 0 rg BT 418.98 460.75 Td (, ) Tj ET Q q 0 0 0 rg BT 424.78 460.75 Td (among ) Tj ET Q q 0 0 0 rg BT 458.38 460.75 Td (the ) Tj ET Q q 0 0 0 rg BT 475.30 460.75 Td (many ) Tj ET Q q 0 0 0 rg BT 502.78 460.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 526.36 460.75 Td (inherent ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 448.75 Td (in ) Tj ET Q q 0 0 0 rg BT 60.89 448.75 Td (our ) Tj ET Q q 0 0 0 rg BT 78.94 448.75 Td (global ) Tj ET Q q 0 0 0 rg BT 109.23 448.75 Td (business, ) Tj ET Q q 0 0 0 rg BT 155.08 448.75 Td (our ) Tj ET Q q 0 0 0 rg BT 173.14 448.75 Td (projected ) Tj ET Q q 0 0 0 rg BT 217.88 448.75 Td (full ) Tj ET Q q 0 0 0 rg BT 234.27 448.75 Td (year ) Tj ET Q q 0 0 0 rg BT 257.32 448.75 Td (net ) Tj ET Q q 0 0 0 rg BT 274.83 448.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 301.78 448.75 Td (and ) Tj ET Q q 0 0 0 rg BT 322.06 448.75 Td (profitability ) Tj ET Q q 0 0 0 rg BT 373.46 448.75 Td (may ) Tj ET Q q 0 0 0 rg BT 395.96 448.75 Td (be ) Tj ET Q q 0 0 0 rg BT 410.68 448.75 Td (materially ) Tj ET Q q 0 0 0 rg BT 457.08 448.75 Td (af) Tj ET Q q 0 0 0 rg BT 465.23 448.75 Td (fected ) Tj ET Q q 0 0 0 rg BT 496.08 448.75 Td (by ) Tj ET Q q 0 0 0 rg BT 510.24 448.75 Td (unfavorable ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 436.75 Td (weather ) Tj ET Q q 0 0 0 rg BT 87.84 436.75 Td (patterns ) Tj ET Q q 0 0 0 rg BT 126.73 436.75 Td (and ) Tj ET Q q 0 0 0 rg BT 146.18 436.75 Td (other ) Tj ET Q q 0 0 0 rg BT 171.73 436.75 Td (factors ) Tj ET Q q 0 0 0 rg BT 204.50 436.75 Td (that ) Tj ET Q q 0 0 0 rg BT 223.94 436.75 Td (af) Tj ET Q q 0 0 0 rg BT 232.10 436.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 250.98 436.75 Td (consumer ) Tj ET Q q 0 0 0 rg BT 297.65 436.75 Td (demand ) Tj ET Q q 0 0 0 rg BT 336.54 436.75 Td (and ) Tj ET Q q 0 0 0 rg BT 355.99 436.75 Td (store ) Tj ET Q q 0 0 0 rg BT 380.98 436.75 Td (traf) Tj ET Q q 0 0 0 rg BT 395.25 436.75 Td (fic ) Tj ET Q q 0 0 0 rg BT 408.01 436.75 Td (and ) Tj ET Q q 0 0 0 rg BT 427.46 436.75 Td (lead ) Tj ET Q q 0 0 0 rg BT 449.12 436.75 Td (to ) Tj ET Q q 0 0 0 rg BT 460.22 436.75 Td (higher-than-anticipated ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 424.75 Td (order ) Tj ET Q q 0 0 0 rg BT 74.99 424.75 Td (cancellations ) Tj ET Q q 0 0 0 rg BT 134.95 424.75 Td (and ) Tj ET Q q 0 0 0 rg BT 153.78 424.75 Td (lower ) Tj ET Q q 0 0 0 rg BT 179.83 424.75 Td (reorders ) Tj ET Q q 0 0 0 rg BT 219.21 424.75 Td (by ) Tj ET Q q 0 0 0 rg BT 231.92 424.75 Td (our ) Tj ET Q q 0 0 0 rg BT 248.52 424.75 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 295.14 424.75 Td (customers ) Tj ET Q q 0 0 0 rg BT 343.41 424.75 Td (or ) Tj ET Q q 0 0 0 rg BT 354.45 424.75 Td (lower-than-projected ) Tj ET Q q 0 0 0 rg BT 447.76 424.75 Td (net ) Tj ET Q q 0 0 0 rg BT 463.80 424.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 489.30 424.75 Td (through ) Tj ET Q q 0 0 0 rg BT 525.36 424.75 Td (our ) Tj ET Q q 0 0 0 rg BT 541.96 424.75 Td (DTC ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 412.75 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 105.09 412.75 Td (particularly ) Tj ET Q q 0 0 0 rg BT 156.21 412.75 Td (during ) Tj ET Q q 0 0 0 rg BT 186.79 412.75 Td (the ) Tj ET Q q 0 0 0 rg BT 203.47 412.75 Td (fourth ) Tj ET Q q 0 0 0 rg BT 231.82 412.75 Td (quarter) Tj ET Q q 0 0 0 rg BT 262.95 412.75 Td (. ) Tj ET Q q 0 0 0 rg BT 268.51 412.75 Td (Projections ) Tj ET Q q 0 0 0 rg BT 320.75 412.75 Td (are ) Tj ET Q q 0 0 0 rg BT 337.99 412.75 Td (predicated ) Tj ET Q q 0 0 0 rg BT 387.46 412.75 Td (on ) Tj ET Q q 0 0 0 rg BT 401.37 412.75 Td (normal ) Tj ET Q q 0 0 0 rg BT 434.71 412.75 Td (seasonal ) Tj ET Q q 0 0 0 rg BT 477.52 412.75 Td (weather ) Tj ET Q q 0 0 0 rg BT 515.87 412.75 Td (globally) Tj ET Q q 0 0 0 rg BT 549.04 412.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 388.75 Td (In ) Tj ET Q q 0 0 0 rg BT 60.65 388.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 101.27 388.75 Td (bankruptcies ) Tj ET Q q 0 0 0 rg BT 160.79 388.75 Td (and ) Tj ET Q q 0 0 0 rg BT 180.29 388.75 Td (further ) Tj ET Q q 0 0 0 rg BT 212.00 388.75 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 273.19 388.75 Td (among ) Tj ET Q q 0 0 0 rg BT 306.58 388.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 328.84 388.75 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 376.13 388.75 Td (customers, ) Tj ET Q q 0 0 0 rg BT 427.84 388.75 Td (such ) Tj ET Q q 0 0 0 rg BT 451.78 388.75 Td (as ) Tj ET Q q 0 0 0 rg BT 465.15 388.75 Td (those ) Tj ET Q q 0 0 0 rg BT 492.43 388.75 Td (we ) Tj ET Q q 0 0 0 rg BT 508.02 388.75 Td (experienced ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 376.75 Td (during ) Tj ET Q q 0 0 0 rg BT 80.42 376.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 105.79 376.75 Td (and ) Tj ET Q q 0 0 0 rg BT 125.60 376.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 153.75 376.75 Td (create ) Tj ET Q q 0 0 0 rg BT 184.66 376.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 231.14 376.75 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 283.18 376.75 Td (in ) Tj ET Q q 0 0 0 rg BT 294.09 376.75 Td (our ) Tj ET Q q 0 0 0 rg BT 311.67 376.75 Td (ability ) Tj ET Q q 0 0 0 rg BT 340.35 376.75 Td (to ) Tj ET Q q 0 0 0 rg BT 351.82 376.75 Td (predict ) Tj ET Q q 0 0 0 rg BT 384.96 376.75 Td (near-term ) Tj ET Q q 0 0 0 rg BT 431.42 376.75 Td (net ) Tj ET Q q 0 0 0 rg BT 448.45 376.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 474.92 376.75 Td (and ) Tj ET Q q 0 0 0 rg BT 494.72 376.75 Td (profitability) Tj ET Q q 0 0 0 rg BT 541.78 376.75 Td (. ) Tj ET Q q 0 0 0 rg BT 547.68 376.75 Td (W) Tj ET Q q 0 0 0 rg BT 556.94 376.75 Td (e ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 364.75 Td (are ) Tj ET Q q 0 0 0 rg BT 66.69 364.75 Td (also ) Tj ET Q q 0 0 0 rg BT 87.77 364.75 Td (facing ) Tj ET Q q 0 0 0 rg BT 117.19 364.75 Td (macroeconomic) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.12156862745098039 0.28627450980392155 0.49019607843137253 rg BT 187.77 364.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 193.28 364.75 Td (competitive ) Tj ET Q q 0 0 0 rg BT 246.59 364.75 Td (and ) Tj ET Q q 0 0 0 rg BT 266.01 364.75 Td (geopolitical ) Tj ET Q q 0 0 0 rg BT 318.78 364.75 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 378.21 364.75 Td (as ) Tj ET Q q 0 0 0 rg BT 391.51 364.75 Td (well ) Tj ET Q q 0 0 0 rg BT 411.47 364.75 Td (as ) Tj ET Q q 0 0 0 rg BT 424.77 364.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 458.08 364.75 Td (currency ) Tj ET Q q 0 0 0 rg BT 499.16 364.75 Td (exchange ) Tj ET Q q 0 0 0 rg BT 545.26 364.75 Td (rate ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 352.75 Td (volatility ) Tj ET Q q 0 0 0 rg BT 87.84 352.75 Td (in ) Tj ET Q q 0 0 0 rg BT 98.41 352.75 Td (several ) Tj ET Q q 0 0 0 rg BT 133.42 352.75 Td (major ) Tj ET Q q 0 0 0 rg BT 161.20 352.75 Td (markets, ) Tj ET Q q 0 0 0 rg BT 202.32 352.75 Td (making ) Tj ET Q q 0 0 0 rg BT 237.34 352.75 Td (it ) Tj ET Q q 0 0 0 rg BT 245.12 352.75 Td (more ) Tj ET Q q 0 0 0 rg BT 270.68 352.75 Td (dif) Tj ET Q q 0 0 0 rg BT 281.06 352.75 Td (ficult ) Tj ET Q q 0 0 0 rg BT 304.40 352.75 Td (to ) Tj ET Q q 0 0 0 rg BT 315.52 352.75 Td (forecast ) Tj ET Q q 0 0 0 rg BT 353.87 352.75 Td (our ) Tj ET Q q 0 0 0 rg BT 371.10 352.75 Td (net ) Tj ET Q q 0 0 0 rg BT 387.78 352.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 413.90 352.75 Td (and ) Tj ET Q q 0 0 0 rg BT 433.36 352.75 Td (profitability) Tj ET Q q 0 0 0 rg BT 480.42 352.75 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 328.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.46 328.75 Td (2018 ) Tj ET Q q 0 0 0 rg BT 92.99 328.75 Td (outlook ) Tj ET Q q 0 0 0 rg BT 127.52 328.75 Td (assumes ) Tj ET Q q 0 0 0 rg BT 169.82 328.75 Td (that ) Tj ET Q q 0 0 0 rg BT 188.78 328.75 Td (current ) Tj ET Q q 0 0 0 rg BT 222.19 328.75 Td (macroeconomic ) Tj ET Q q 0 0 0 rg BT 295.06 328.75 Td (and ) Tj ET Q q 0 0 0 rg BT 314.03 328.75 Td (market ) Tj ET Q q 0 0 0 rg BT 346.88 328.75 Td (conditions ) Tj ET Q q 0 0 0 rg BT 394.19 328.75 Td (in ) Tj ET Q q 0 0 0 rg BT 404.26 328.75 Td (key ) Tj ET Q q 0 0 0 rg BT 422.11 328.75 Td (markets ) Tj ET Q q 0 0 0 rg BT 459.96 328.75 Td (do ) Tj ET Q q 0 0 0 rg BT 473.36 328.75 Td (not ) Tj ET Q q 0 0 0 rg BT 489.55 328.75 Td (worsen, ) Tj ET Q q 0 0 0 rg BT 526.85 328.75 Td (and ) Tj ET Q q 0 0 0 rg BT 545.82 328.75 Td (that ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 316.75 Td (global ) Tj ET Q q 0 0 0 rg BT 78.00 316.75 Td (regulatory) Tj ET Q q 0 0 0 rg BT 121.73 316.75 Td (, ) Tj ET Q q 0 0 0 rg BT 126.32 316.75 Td (customs ) Tj ET Q q 0 0 0 rg BT 165.37 316.75 Td (and ) Tj ET Q q 0 0 0 rg BT 183.87 316.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 199.02 316.75 Td (policies ) Tj ET Q q 0 0 0 rg BT 234.19 316.75 Td (remain ) Tj ET Q q 0 0 0 rg BT 266.57 316.75 Td (largely ) Tj ET Q q 0 0 0 rg BT 297.84 316.75 Td (unaltered ) Tj ET Q q 0 0 0 rg BT 341.36 316.75 Td (for ) Tj ET Q q 0 0 0 rg BT 354.84 316.75 Td (the ) Tj ET Q q 0 0 0 rg BT 370.56 316.75 Td (balance ) Tj ET Q q 0 0 0 rg BT 407.40 316.75 Td (of ) Tj ET Q q 0 0 0 rg BT 417.56 316.75 Td (the ) Tj ET Q q 0 0 0 rg BT 433.27 316.75 Td (year) Tj ET Q q 0 0 0 rg BT 452.17 316.75 Td (. ) Tj ET Q q 0 0 0 rg BT 456.65 316.75 Td (The ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 475.70 316.75 Td (T) Tj ET Q q 0 0 0 rg BT 481.06 316.75 Td (ax ) Tj ET Q q 0 0 0 rg BT 494.00 316.75 Td (Reform) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 529.01 316.75 Td ( ) Tj ET Q q 0 0 0 rg BT 530.82 316.75 Td (section ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 304.75 Td (below ) Tj ET Q q 0 0 0 rg BT 78.41 304.75 Td (contains ) Tj ET Q q 0 0 0 rg BT 118.43 304.75 Td (a ) Tj ET Q q 0 0 0 rg BT 126.77 304.75 Td (more ) Tj ET Q q 0 0 0 rg BT 152.33 304.75 Td (detailed ) Tj ET Q q 0 0 0 rg BT 190.14 304.75 Td (discussion ) Tj ET Q q 0 0 0 rg BT 239.61 304.75 Td (of ) Tj ET Q q 0 0 0 rg BT 250.73 304.75 Td (the ) Tj ET Q q 0 0 0 rg BT 267.41 304.75 Td (ef) Tj ET Q q 0 0 0 rg BT 275.56 304.75 Td (fects ) Tj ET Q q 0 0 0 rg BT 299.46 304.75 Td (of ) Tj ET Q q 0 0 0 rg BT 310.58 304.75 Td (the ) Tj ET Q q 0 0 0 rg BT 327.08 304.75 Td (TCJA) Tj ET Q q 0 0 0 rg BT 351.53 304.75 Td ( ) Tj ET Q q 0 0 0 rg BT 354.30 304.75 Td (on ) Tj ET Q q 0 0 0 rg BT 368.21 304.75 Td (income ) Tj ET Q q 0 0 0 rg BT 403.22 304.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 419.34 304.75 Td (expense.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 280.75 Td (In ) Tj ET Q q 0 0 0 rg BT 61.57 280.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 103.11 280.75 Td (the ) Tj ET Q q 0 0 0 rg BT 120.74 280.75 Td (outlook ) Tj ET Q q 0 0 0 rg BT 156.72 280.75 Td (is ) Tj ET Q q 0 0 0 rg BT 167.68 280.75 Td (based ) Tj ET Q q 0 0 0 rg BT 198.65 280.75 Td (on ) Tj ET Q q 0 0 0 rg BT 213.51 280.75 Td (the ) Tj ET Q q 0 0 0 rg BT 231.14 280.75 Td (company) Tj ET Q q 0 0 0 rg BT 273.76 280.75 Td (s ) Tj ET Q q 0 0 0 rg BT 282.49 280.75 Td (adoption ) Tj ET Q q 0 0 0 rg BT 324.59 280.75 Td (of ) Tj ET Q q 0 0 0 rg BT 336.66 280.75 Td (the ) Tj ET Q q 0 0 0 rg BT 354.30 280.75 Td (new ) Tj ET Q q 0 0 0 rg BT 376.37 280.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 416.24 280.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 468.35 280.75 Td (standard, ) Tj ET Q q 0 0 0 rg BT 513.03 280.75 Td (Accounting ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 268.75 Td (Standards ) Tj ET Q q 0 0 0 rg BT 97.02 268.75 Td (Codification ) Tj ET Q q 0 0 0 rg BT 151.20 268.75 Td (\(ASC\) ) Tj ET Q q 0 0 0 rg BT 180.23 268.75 Td (T) Tj ET Q q 0 0 0 rg BT 185.23 268.75 Td (opic ) Tj ET Q q 0 0 0 rg BT 205.50 268.75 Td (606, ) Tj ET Q q 0 0 0 rg BT 226.90 268.75 Td (which ) Tj ET Q q 0 0 0 rg BT 254.40 268.75 Td (became ) Tj ET Q q 0 0 0 rg BT 291.90 268.75 Td (ef) Tj ET Q q 0 0 0 rg BT 300.06 268.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 330.90 268.75 Td (on ) Tj ET Q q 0 0 0 rg BT 343.95 268.75 Td (January ) Tj ET Q q 0 0 0 rg BT 381.46 268.75 Td (1, ) Tj ET Q q 0 0 0 rg BT 391.73 268.75 Td (2018. ) Tj ET Q q 0 0 0 rg BT 418.30 268.75 Td (As ) Tj ET Q q 0 0 0 rg BT 431.91 268.75 Td (required ) Tj ET Q q 0 0 0 rg BT 470.53 268.75 Td (by ) Tj ET Q q 0 0 0 rg BT 483.02 268.75 Td (the ) Tj ET Q q 0 0 0 rg BT 498.85 268.75 Td (new ) Tj ET Q q 0 0 0 rg BT 519.13 268.75 Td (guidance, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 256.75 Td (the ) Tj ET Q q 0 0 0 rg BT 66.61 256.75 Td (company ) Tj ET Q q 0 0 0 rg BT 110.39 256.75 Td (will ) Tj ET Q q 0 0 0 rg BT 127.48 256.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 163.48 256.75 Td (a ) Tj ET Q q 0 0 0 rg BT 172.25 256.75 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 233.82 256.75 Td (to ) Tj ET Q q 0 0 0 rg BT 245.37 256.75 Td (the ) Tj ET Q q 0 0 0 rg BT 262.47 256.75 Td (old ) Tj ET Q q 0 0 0 rg BT 279.02 256.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 318.37 256.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 369.94 256.75 Td (guidance ) Tj ET Q q 0 0 0 rg BT 413.74 256.75 Td (for ) Tj ET Q q 0 0 0 rg BT 428.61 256.75 Td (the ) Tj ET Q q 0 0 0 rg BT 445.72 256.75 Td (2018 ) Tj ET Q q 0 0 0 rg BT 471.17 256.75 Td (transition ) Tj ET Q q 0 0 0 rg BT 514.95 256.75 Td (year ) Tj ET Q q 0 0 0 rg BT 537.61 256.75 Td (in ) Tj ET Q q 0 0 0 rg BT 548.60 256.75 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 244.75 Td (Notes ) Tj ET Q q 0 0 0 rg BT 78.40 244.75 Td (to ) Tj ET Q q 0 0 0 rg BT 89.52 244.75 Td (Condensed ) Tj ET Q q 0 0 0 rg BT 143.45 244.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 204.60 244.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 247.40 244.75 Td (Statements ) Tj ET Q q 0 0 0 rg BT 300.76 244.75 Td (contained ) Tj ET Q q 0 0 0 rg BT 346.91 244.75 Td (within ) Tj ET Q q 0 0 0 rg BT 375.25 244.75 Td (the ) Tj ET Q q 0 0 0 rg BT 391.93 244.75 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 435.83 244.75 Td (Report ) Tj ET Q q 0 0 0 rg BT 468.63 244.75 Td (on ) Tj ET Q q 0 0 0 rg BT 482.53 244.75 Td (Form ) Tj ET Q q 0 0 0 rg BT 508.64 244.75 Td (10-Q. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 220.75 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 220.75 Td (aking ) Tj ET Q q 0 0 0 rg BT 81.18 220.75 Td (the ) Tj ET Q q 0 0 0 rg BT 97.86 220.75 Td (above ) Tj ET Q q 0 0 0 rg BT 127.89 220.75 Td (factors ) Tj ET Q q 0 0 0 rg BT 160.68 220.75 Td (into ) Tj ET Q q 0 0 0 rg BT 179.58 220.75 Td (consideration, ) Tj ET Q q 0 0 0 rg BT 244.62 220.75 Td (our ) Tj ET Q q 0 0 0 rg BT 261.85 220.75 Td (updated ) Tj ET Q q 0 0 0 rg BT 300.77 220.75 Td (full ) Tj ET Q q 0 0 0 rg BT 316.34 220.75 Td (year ) Tj ET Q q 0 0 0 rg BT 338.57 220.75 Td (2018 ) Tj ET Q q 0 0 0 rg BT 363.59 220.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 403.06 220.75 Td (outlook ) Tj ET Q q 0 0 0 rg BT 438.08 220.75 Td (anticipates:) 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 0.8 0.9333333333333333 1 rg /GS0 gs 124.00 729.50 135.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.00 729.50 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.00 729.50 105.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 729.50 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 729.50 115.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 124.00 691.50 135.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.00 691.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.00 691.50 105.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 691.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 691.50 115.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 124.00 641.50 135.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.00 641.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.00 641.50 105.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 641.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 641.50 115.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 124.00 591.50 135.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.00 591.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.00 591.50 105.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 591.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 591.50 115.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 124.00 551.50 135.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.00 551.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.00 551.50 105.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 551.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 551.50 115.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 742.5 m 368 742.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 742.5 m 487 742.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 729.5 m 368 729.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 729.5 m 487 729.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 729.5 m 368 729.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 729.5 m 487 729.5 l s BT /F6 10.00 Tf ET q 0 0 0 rg BT 322.60 745.72 Td (Full ) Tj ET Q q 0 0 0 rg BT 339.32 745.72 Td (Y) Tj ET Q q 0 0 0 rg BT 344.34 745.72 Td (ear 2018 \(U.S. Dollar\)) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 303.20 732.72 Td (GAAP) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 406.20 732.72 Td (Non-GAAP*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 711.12 Td (Net sales growth) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.30 719.72 Td (8.0% to 10.0%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.50 709.72 Td (\(prior 5.5% to 7.5%\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.60 719.72 Td (6.5% to 8.5% ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.50 709.72 Td (\(prior 4.0% to 6.0%\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 696.12 Td (Gross margin expansion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.10 696.42 Td (up to 140 bps) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.40 696.42 Td (up to 60 bps) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 671.12 Td (SG&A) Tj ET Q q 0 0 0 rg BT 149.06 671.12 Td ( expense deleverage) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.10 681.42 Td (150 bps to 170 bps) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.00 671.42 Td (\(prior 170 bps to 190 bps\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 681.42 Td (30 bps to 50 bps) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.60 671.42 Td (\(prior 40 bps to 50 bps\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 646.12 Td (Income from operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.25 656.42 Td ($275 to $285 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.20 646.42 Td (\(prior $263 to $273 million\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.25 656.42 Td ($299 to $308 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.20 646.42 Td (\(prior $290 to $300 million\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 621.12 Td (Operating margin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.00 631.42 Td (10.3% to 10.5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.95 621.42 Td (\(prior 10.1% to 10.3%\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.60 631.42 Td (1) Tj ET Q q 0 0 0 rg BT 404.56 631.42 Td (1.4% to 1) Tj ET Q q 0 0 0 rg BT 438.61 631.42 Td (1.5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.55 621.42 Td (\(prior 1) Tj ET Q q 0 0 0 rg BT 413.92 621.42 Td (1.3% to 1) Tj ET Q q 0 0 0 rg BT 447.97 621.42 Td (1.5%\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 596.12 Td (Licensing Income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.70 606.42 Td (up to $14.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.60 596.42 Td (\(prior up to $13.5 million\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.70 606.42 Td (up to $14.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.60 596.42 Td (\(prior up to $13.5 million\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 581.12 Td (Ef) Tj ET Q q 0 0 0 rg BT 134.18 581.12 Td (fective income tax rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.90 581.42 Td (approximately 22%**) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.90 581.42 Td (approximately 22%**) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 556.12 Td (Net income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.25 566.42 Td ($213 to $220 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.50 556.42 Td (\(prior $203 to $21) Tj ET Q q 0 0 0 rg BT 330.64 556.42 Td (1 million\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.25 566.42 Td ($231 to $238 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.20 556.42 Td (\(prior $224 to $231 million\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 531.12 Td (Diluted earnings per share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.05 541.42 Td ($3.01 to $3.1) Tj ET Q q 0 0 0 rg BT 336.34 541.42 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.70 531.42 Td (\(prior $2.88 to $2.98\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.75 541.42 Td ($3.27 to $3.37) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.70 531.42 Td (\(prior $3.17 to $3.27\)) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 491.00 Td (* ) Tj ET Q q 0 0 0 rg BT 55.50 491.00 Td (Updated ) Tj ET Q q 0 0 0 rg BT 95.42 491.00 Td (full ) Tj ET Q q 0 0 0 rg BT 110.31 491.00 Td (year ) Tj ET Q q 0 0 0 rg BT 131.87 491.00 Td (2018 ) Tj ET Q q 0 0 0 rg BT 156.23 491.00 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 203.85 491.00 Td ( ) Tj ET Q q 0 0 0 rg BT 205.96 491.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 244.76 491.00 Td (outlook ) Tj ET Q q 0 0 0 rg BT 279.11 491.00 Td (excludes ) Tj ET Q q 0 0 0 rg BT 320.69 491.00 Td (net ) Tj ET Q q 0 0 0 rg BT 336.70 491.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 362.16 491.00 Td (of ) Tj ET Q q 0 0 0 rg BT 372.61 491.00 Td (approximately ) Tj ET Q q 0 0 0 rg BT 436.97 491.00 Td ($40 ) Tj ET Q q 0 0 0 rg BT 455.76 491.00 Td (million, ) Tj ET Q q 0 0 0 rg BT 488.99 491.00 Td (with ) Tj ET Q q 0 0 0 rg BT 508.88 491.00 Td (an ) Tj ET Q q 0 0 0 rg BT 522.11 491.00 Td (of) Tj ET Q q 0 0 0 rg BT 530.27 491.00 Td (fsetting ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 479.00 Td (increase ) Tj ET Q q 0 0 0 rg BT 90.44 479.00 Td (in ) Tj ET Q q 0 0 0 rg BT 101.37 479.00 Td (SG&A) Tj ET Q q 0 0 0 rg BT 128.61 479.00 Td ( ) Tj ET Q q 0 0 0 rg BT 131.75 479.00 Td (expenses ) Tj ET Q q 0 0 0 rg BT 177.70 479.00 Td (of ) Tj ET Q q 0 0 0 rg BT 189.19 479.00 Td (approximately ) Tj ET Q q 0 0 0 rg BT 254.58 479.00 Td ($40 ) Tj ET Q q 0 0 0 rg BT 274.41 479.00 Td (million ) Tj ET Q q 0 0 0 rg BT 305.90 479.00 Td (associated ) Tj ET Q q 0 0 0 rg BT 356.85 479.00 Td (with ) Tj ET Q q 0 0 0 rg BT 377.78 479.00 Td (the ) Tj ET Q q 0 0 0 rg BT 394.82 479.00 Td (new ) Tj ET Q q 0 0 0 rg BT 416.31 479.00 Td (revenue ) Tj ET Q q 0 0 0 rg BT 455.59 479.00 Td (accounting ) Tj ET Q q 0 0 0 rg BT 507.11 479.00 Td (standard, ) Tj ET Q q 0 0 0 rg BT 551.95 479.00 Td (as ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 467.00 Td (well ) Tj ET Q q 0 0 0 rg BT 69.55 467.00 Td (as ) Tj ET Q q 0 0 0 rg BT 82.94 467.00 Td (Project ) Tj ET Q q 0 0 0 rg BT 116.88 467.00 Td (CONNECT) Tj ET Q q 0 0 0 rg BT 166.15 467.00 Td ( ) Tj ET Q q 0 0 0 rg BT 168.97 467.00 Td (program ) Tj ET Q q 0 0 0 rg BT 209.03 467.00 Td (expenses ) Tj ET Q q 0 0 0 rg BT 254.66 467.00 Td (and ) Tj ET Q q 0 0 0 rg BT 274.17 467.00 Td (discrete ) Tj ET Q q 0 0 0 rg BT 312.01 467.00 Td (costs ) Tj ET Q q 0 0 0 rg BT 338.17 467.00 Td (of ) Tj ET Q q 0 0 0 rg BT 349.34 467.00 Td (approximately$23 ) Tj ET Q q 0 0 0 rg BT 433.88 467.00 Td (million, ) Tj ET Q q 0 0 0 rg BT 467.82 467.00 Td ($18 ) Tj ET Q q 0 0 0 rg BT 487.33 467.00 Td (million ) Tj ET Q q 0 0 0 rg BT 518.49 467.00 Td (net ) Tj ET Q q 0 0 0 rg BT 535.22 467.00 Td (of ) Tj ET Q q 0 0 0 rg BT 546.38 467.00 Td (tax, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 455.00 Td (or$0.25 ) Tj ET Q q 0 0 0 rg BT 88.97 455.00 Td (per ) Tj ET Q q 0 0 0 rg BT 106.20 455.00 Td (diluted ) Tj ET Q q 0 0 0 rg BT 138.45 455.00 Td (share ) Tj ET Q q 0 0 0 rg BT 166.24 455.00 Td (\(prior ) Tj ET Q q 0 0 0 rg BT 192.36 455.00 Td ($27 ) Tj ET Q q 0 0 0 rg BT 211.82 455.00 Td (million, ) Tj ET Q q 0 0 0 rg BT 245.72 455.00 Td ($21 ) Tj ET Q q 0 0 0 rg BT 265.18 455.00 Td (million ) Tj ET Q q 0 0 0 rg BT 296.30 455.00 Td (net ) Tj ET Q q 0 0 0 rg BT 312.98 455.00 Td (of ) Tj ET Q q 0 0 0 rg BT 324.09 455.00 Td (tax, ) Tj ET Q q 0 0 0 rg BT 342.99 455.00 Td (or$0.29per ) Tj ET Q q 0 0 0 rg BT 399.70 455.00 Td (diluted ) Tj ET Q q 0 0 0 rg BT 431.94 455.00 Td (share\). ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 431.00 Td (** ) Tj ET Q q 0 0 0 rg BT 62.47 431.00 Td (Our ) Tj ET Q q 0 0 0 rg BT 84.32 431.00 Td (updated ) Tj ET Q q 0 0 0 rg BT 125.65 431.00 Td (full ) Tj ET Q q 0 0 0 rg BT 143.61 431.00 Td (year ) Tj ET Q q 0 0 0 rg BT 168.25 431.00 Td (2018 ) Tj ET Q q 0 0 0 rg BT 195.68 431.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 237.55 431.00 Td (outlook ) Tj ET Q q 0 0 0 rg BT 274.98 431.00 Td (anticipates ) Tj ET Q q 0 0 0 rg BT 327.97 431.00 Td (an ) Tj ET Q q 0 0 0 rg BT 344.28 431.00 Td (estimated ) Tj ET Q q 0 0 0 rg BT 392.81 431.00 Td (full-year ) Tj ET Q q 0 0 0 rg BT 433.56 431.00 Td (ef) Tj ET Q q 0 0 0 rg BT 441.72 431.00 Td (fective ) Tj ET Q q 0 0 0 rg BT 475.80 431.00 Td (income ) Tj ET Q q 0 0 0 rg BT 513.22 431.00 Td (tax ) Tj ET Q q 0 0 0 rg BT 531.75 431.00 Td (rate ) Tj ET Q q 0 0 0 rg BT 554.16 431.00 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 419.00 Td (approximately ) Tj ET Q q 0 0 0 rg BT 115.04 419.00 Td (22 ) Tj ET Q q 0 0 0 rg BT 129.45 419.00 Td (percent, ) Tj ET Q q 0 0 0 rg BT 168.87 419.00 Td (which ) Tj ET Q q 0 0 0 rg BT 197.72 419.00 Td (may ) Tj ET Q q 0 0 0 rg BT 219.90 419.00 Td (be ) Tj ET Q q 0 0 0 rg BT 234.31 419.00 Td (af) Tj ET Q q 0 0 0 rg BT 242.47 419.00 Td (fected ) Tj ET Q q 0 0 0 rg BT 273.00 419.00 Td (by ) Tj ET Q q 0 0 0 rg BT 286.85 419.00 Td (further ) Tj ET Q q 0 0 0 rg BT 319.04 419.00 Td (refinement ) Tj ET Q q 0 0 0 rg BT 369.57 419.00 Td (of ) Tj ET Q q 0 0 0 rg BT 381.20 419.00 Td (our ) Tj ET Q q 0 0 0 rg BT 398.94 419.00 Td (2017 ) Tj ET Q q 0 0 0 rg BT 424.47 419.00 Td (provisional ) Tj ET Q q 0 0 0 rg BT 475.34 419.00 Td (TCJA) Tj ET Q q 0 0 0 rg BT 499.79 419.00 Td ( ) Tj ET Q q 0 0 0 rg BT 503.08 419.00 Td (estimates, ) Tj ET Q q 0 0 0 rg BT 551.94 419.00 Td (as ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 407.00 Td (well ) Tj ET Q q 0 0 0 rg BT 69.36 407.00 Td (as ) Tj ET Q q 0 0 0 rg BT 82.56 407.00 Td (changes ) Tj ET Q q 0 0 0 rg BT 123.01 407.00 Td (in ) Tj ET Q q 0 0 0 rg BT 133.43 407.00 Td (our ) Tj ET Q q 0 0 0 rg BT 150.52 407.00 Td (geographic ) Tj ET Q q 0 0 0 rg BT 202.64 407.00 Td (mix ) Tj ET Q q 0 0 0 rg BT 220.83 407.00 Td (of ) Tj ET Q q 0 0 0 rg BT 231.80 407.00 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 265.56 407.00 Td (income ) Tj ET Q q 0 0 0 rg BT 300.44 407.00 Td (and ) Tj ET Q q 0 0 0 rg BT 319.76 407.00 Td (other ) Tj ET Q q 0 0 0 rg BT 345.19 407.00 Td (discrete ) Tj ET Q q 0 0 0 rg BT 382.84 407.00 Td (events ) Tj ET Q q 0 0 0 rg BT 414.94 407.00 Td (that ) Tj ET Q q 0 0 0 rg BT 434.26 407.00 Td (may ) Tj ET Q q 0 0 0 rg BT 455.79 407.00 Td (occur ) Tj ET Q q 0 0 0 rg BT 482.88 407.00 Td (during ) Tj ET Q q 0 0 0 rg BT 513.31 407.00 Td (the ) Tj ET Q q 0 0 0 rg BT 529.85 407.00 Td (year) Tj ET Q q 0 0 0 rg BT 548.75 407.00 Td (. ) Tj ET Q q 0 0 0 rg BT 554.17 407.00 Td (In ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 395.00 Td (the ) Tj ET Q q 0 0 0 rg BT 66.73 395.00 Td (first ) Tj ET Q q 0 0 0 rg BT 86.17 395.00 Td (quarter ) Tj ET Q q 0 0 0 rg BT 121.19 395.00 Td (of ) Tj ET Q q 0 0 0 rg BT 132.86 395.00 Td (2018, ) Tj ET Q q 0 0 0 rg BT 161.22 395.00 Td (we ) Tj ET Q q 0 0 0 rg BT 177.33 395.00 Td (incurred ) Tj ET Q q 0 0 0 rg BT 216.79 395.00 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 239.59 395.00 Td (million, ) Tj ET Q q 0 0 0 rg BT 274.04 395.00 Td (or ) Tj ET Q q 0 0 0 rg BT 286.26 395.00 Td ($0.01 ) Tj ET Q q 0 0 0 rg BT 314.62 395.00 Td (per ) Tj ET Q q 0 0 0 rg BT 332.40 395.00 Td (diluted ) Tj ET Q q 0 0 0 rg BT 365.20 395.00 Td (share, ) Tj ET Q q 0 0 0 rg BT 396.33 395.00 Td (in ) Tj ET Q q 0 0 0 rg BT 407.44 395.00 Td (incremental ) Tj ET Q q 0 0 0 rg BT 462.47 395.00 Td (provisional ) Tj ET Q q 0 0 0 rg BT 513.60 395.00 Td (income ) Tj ET Q q 0 0 0 rg BT 549.17 395.00 Td (tax ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 383.00 Td (expense ) Tj ET Q q 0 0 0 rg BT 90.09 383.00 Td (related ) Tj ET Q q 0 0 0 rg BT 123.44 383.00 Td (to ) Tj ET Q q 0 0 0 rg BT 134.56 383.00 Td (the ) Tj ET Q q 0 0 0 rg BT 151.06 383.00 Td (TCJA.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 359.00 Td (Net Sales) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 335.00 Td (The ) Tj ET Q q 0 0 0 rg BT 69.42 335.00 Td (company ) Tj ET Q q 0 0 0 rg BT 112.67 335.00 Td (currently ) Tj ET Q q 0 0 0 rg BT 153.70 335.00 Td (expects ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 190.85 335.00 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 213.10 335.00 Td ( ) Tj ET Q q 0 0 0 rg BT 215.78 335.00 Td (net ) Tj ET Q q 0 0 0 rg BT 232.36 335.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 258.39 335.00 Td (growth ) Tj ET Q q 0 0 0 rg BT 291.09 335.00 Td (of ) Tj ET Q q 0 0 0 rg BT 302.11 335.00 Td (approximately ) Tj ET Q q 0 0 0 rg BT 367.05 335.00 Td (8.0 ) Tj ET Q q 0 0 0 rg BT 383.63 335.00 Td (to ) Tj ET Q q 0 0 0 rg BT 394.66 335.00 Td (10.0 ) Tj ET Q q 0 0 0 rg BT 416.80 335.00 Td (percent ) Tj ET Q q 0 0 0 rg BT 452.84 335.00 Td (\(prior ) Tj ET Q q 0 0 0 rg BT 478.86 335.00 Td (5.5 ) Tj ET Q q 0 0 0 rg BT 495.45 335.00 Td (to ) Tj ET Q q 0 0 0 rg BT 506.47 335.00 Td (7.5 ) Tj ET Q q 0 0 0 rg BT 523.05 335.00 Td (percent\), ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 323.00 Td (compared ) Tj ET Q q 0 0 0 rg BT 97.22 323.00 Td (with ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.25 323.00 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 140.50 323.00 Td ( ) Tj ET Q q 0 0 0 rg BT 143.75 323.00 Td (net ) Tj ET Q q 0 0 0 rg BT 160.90 323.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 187.50 323.00 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 199.09 323.00 Td ($2.47) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 224.11 323.00 Td ( ) Tj ET Q q 0 0 0 rg BT 227.36 323.00 Td (billion. ) Tj ET Q q 0 0 0 rg BT 258.75 323.00 Td (The ) Tj ET Q q 0 0 0 rg BT 279.23 323.00 Td (company ) Tj ET Q q 0 0 0 rg BT 323.06 323.00 Td (expects ) Tj ET Q q 0 0 0 rg BT 360.77 323.00 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 408.39 323.00 Td ( ) Tj ET Q q 0 0 0 rg BT 411.64 323.00 Td (net ) Tj ET Q q 0 0 0 rg BT 428.80 323.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 455.39 323.00 Td (growth ) Tj ET Q q 0 0 0 rg BT 488.66 323.00 Td (of ) Tj ET Q q 0 0 0 rg BT 500.25 323.00 Td (approximately ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 311.00 Td (6.5 ) Tj ET Q q 0 0 0 rg BT 65.91 311.00 Td (to ) Tj ET Q q 0 0 0 rg BT 76.77 311.00 Td (8.5 ) Tj ET Q q 0 0 0 rg BT 93.18 311.00 Td (percent ) Tj ET Q q 0 0 0 rg BT 129.05 311.00 Td (\(prior ) Tj ET Q q 0 0 0 rg BT 154.89 311.00 Td (4.0 ) Tj ET Q q 0 0 0 rg BT 171.31 311.00 Td (to ) Tj ET Q q 0 0 0 rg BT 182.16 311.00 Td (6.0 ) Tj ET Q q 0 0 0 rg BT 198.57 311.00 Td (percent\), ) Tj ET Q q 0 0 0 rg BT 240.55 311.00 Td (which ) Tj ET Q q 0 0 0 rg BT 268.63 311.00 Td (excludes ) Tj ET Q q 0 0 0 rg BT 310.61 311.00 Td (approximately ) Tj ET Q q 0 0 0 rg BT 375.37 311.00 Td ($40 ) Tj ET Q q 0 0 0 rg BT 394.57 311.00 Td (million ) Tj ET Q q 0 0 0 rg BT 425.42 311.00 Td (in ) Tj ET Q q 0 0 0 rg BT 435.71 311.00 Td (net ) Tj ET Q q 0 0 0 rg BT 452.13 311.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 477.98 311.00 Td (associated ) Tj ET Q q 0 0 0 rg BT 528.30 311.00 Td (with ) Tj ET Q q 0 0 0 rg BT 548.60 311.00 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 299.00 Td (new ) Tj ET Q q 0 0 0 rg BT 70.62 299.00 Td (revenue ) Tj ET Q q 0 0 0 rg BT 109.54 299.00 Td (accounting ) Tj ET Q q 0 0 0 rg BT 160.69 299.00 Td (standard.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 275.00 Td (Our updated full year 2018 financial outlook is further based on the expectation of non-GAAP) Tj ET Q q 0 0 0 rg BT 460.13 275.00 Td ( net sales growth in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 263.00 Td (the Columbia, SOREL, and prAna brands and a modest decline in Mountain Hardwear net sales as brand ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 251.00 Td (repositioning continues. Other assumptions considered in our non-GAAP) Tj ET Q q 0 0 0 rg BT 371.17 251.00 Td ( net sales outlook include:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 227.00 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 227.00 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 107.73 227.00 Td (net ) Tj ET Q q 0 0 0 rg BT 124.42 227.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 150.55 227.00 Td (growth ) Tj ET Q q 0 0 0 rg BT 183.35 227.00 Td (of ) Tj ET Q q 0 0 0 rg BT 194.47 227.00 Td (a ) Tj ET Q q 0 0 0 rg BT 202.82 227.00 Td (high-single-digit ) Tj ET Q q 0 0 0 rg BT 275.65 227.00 Td (percent, ) Tj ET Q q 0 0 0 rg BT 314.56 227.00 Td (consisting ) Tj ET Q q 0 0 0 rg BT 361.82 227.00 Td (of ) Tj ET Q q 0 0 0 rg BT 372.94 227.00 Td (low-double-digit ) Tj ET Q q 0 0 0 rg BT 445.77 227.00 Td (percent ) Tj ET Q q 0 0 0 rg BT 481.91 227.00 Td (growth ) Tj ET Q q 0 0 0 rg BT 514.71 227.00 Td (in ) Tj ET Q q 0 0 0 rg BT 525.27 227.00 Td (DTC ) Tj ET Q q 0 0 0 rg BT 548.61 227.00 Td (net ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 215.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 111.62 215.00 Td (and ) Tj ET Q q 0 0 0 rg BT 131.09 215.00 Td (mid-single-digit ) Tj ET Q q 0 0 0 rg BT 201.11 215.00 Td (percent ) Tj ET Q q 0 0 0 rg BT 237.24 215.00 Td (growth ) Tj ET Q q 0 0 0 rg BT 270.04 215.00 Td (in ) Tj ET Q q 0 0 0 rg BT 280.60 215.00 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 327.85 215.00 Td (net ) Tj ET Q q 0 0 0 rg BT 344.53 215.00 Td (sales.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 191.00 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 191.00 Td (EMEA) Tj ET Q q 0 0 0 rg BT 113.29 191.00 Td ( ) Tj ET Q q 0 0 0 rg BT 116.45 191.00 Td (net ) Tj ET Q q 0 0 0 rg BT 133.51 191.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 160.01 191.00 Td (increase ) Tj ET Q q 0 0 0 rg BT 200.96 191.00 Td (of ) Tj ET Q q 0 0 0 rg BT 212.46 191.00 Td (mid-teens ) Tj ET Q q 0 0 0 rg BT 259.53 191.00 Td (percent ) Tj ET Q q 0 0 0 rg BT 296.04 191.00 Td (\(low-double-digit ) Tj ET Q q 0 0 0 rg BT 372.57 191.00 Td (percent ) Tj ET Q q 0 0 0 rg BT 409.08 191.00 Td (constant-currency\), ) Tj ET Q q 0 0 0 rg BT 497.82 191.00 Td (consisting ) Tj ET Q q 0 0 0 rg BT 545.45 191.00 Td (of ) Tj ET Q q 0 0 0 rg BT 556.95 191.00 Td (a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 179.00 Td (high-teens ) Tj ET Q q 0 0 0 rg BT 134.71 179.00 Td (percent ) Tj ET Q q 0 0 0 rg BT 170.57 179.00 Td (increase ) Tj ET Q q 0 0 0 rg BT 210.88 179.00 Td (\(low-double-digit ) Tj ET Q q 0 0 0 rg BT 286.75 179.00 Td (percent ) Tj ET Q q 0 0 0 rg BT 322.62 179.00 Td (constant-currency\) ) Tj ET Q q 0 0 0 rg BT 407.93 179.00 Td (in ) Tj ET Q q 0 0 0 rg BT 418.22 179.00 Td (Europe-direct, ) Tj ET Q q 0 0 0 rg BT 483.54 179.00 Td (and ) Tj ET Q q 0 0 0 rg BT 502.73 179.00 Td (a ) Tj ET Q q 0 0 0 rg BT 510.80 179.00 Td (low-double-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 167.00 Td (digit ) Tj ET Q q 0 0 0 rg BT 106.62 167.00 Td (percent ) Tj ET Q q 0 0 0 rg BT 142.76 167.00 Td (increase ) Tj ET Q q 0 0 0 rg BT 183.33 167.00 Td (in ) Tj ET Q q 0 0 0 rg BT 193.89 167.00 Td (our ) Tj ET Q q 0 0 0 rg BT 211.13 167.00 Td (EMEA) Tj ET Q q 0 0 0 rg BT 238.91 167.00 Td ( ) Tj ET Q q 0 0 0 rg BT 241.69 167.00 Td (distributor ) Tj ET Q q 0 0 0 rg BT 288.38 167.00 Td (business.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 143.00 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 143.00 Td (LAAP) Tj ET Q q 0 0 0 rg BT 110.89 143.00 Td ( ) Tj ET Q q 0 0 0 rg BT 113.67 143.00 Td (net ) Tj ET Q q 0 0 0 rg BT 130.35 143.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 156.47 143.00 Td (increase ) Tj ET Q q 0 0 0 rg BT 197.05 143.00 Td (of ) Tj ET Q q 0 0 0 rg BT 208.17 143.00 Td (mid-single-digit ) Tj ET Q q 0 0 0 rg BT 278.19 143.00 Td (percent ) Tj ET Q q 0 0 0 rg BT 314.32 143.00 Td (\(low-single-digit ) Tj ET Q q 0 0 0 rg BT 386.57 143.00 Td (percent ) Tj ET Q q 0 0 0 rg BT 422.70 143.00 Td (constant-currency\), ) Tj ET Q q 0 0 0 rg BT 511.07 143.00 Td (including:) Tj ET Q BT /F3 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 103.50 128.84 cm /I13 Do Q q 0 0 0 rg BT 107.50 131.00 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.50 131.00 Td (China ) Tj ET Q q 0 0 0 rg BT 150.41 131.00 Td (net ) Tj ET Q q 0 0 0 rg BT 167.09 131.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 193.21 131.00 Td (increase ) Tj ET Q q 0 0 0 rg BT 233.79 131.00 Td (of ) Tj ET Q q 0 0 0 rg BT 244.90 131.00 Td (low-double-digit ) Tj ET Q q 0 0 0 rg BT 317.72 131.00 Td (percent ) Tj ET Q q 0 0 0 rg BT 353.85 131.00 Td (\(mid-single ) Tj ET Q q 0 0 0 rg BT 405.53 131.00 Td (digit ) Tj ET Q q 0 0 0 rg BT 426.66 131.00 Td (percent ) Tj ET Q q 0 0 0 rg BT 462.79 131.00 Td (constant-currency\);) Tj ET Q BT /F3 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 103.50 116.84 cm /I14 Do Q q 0 0 0 rg BT 107.50 119.00 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.50 119.00 Td (Japan ) Tj ET Q q 0 0 0 rg BT 151.52 119.00 Td (net ) Tj ET Q q 0 0 0 rg BT 168.20 119.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 194.33 119.00 Td (increase ) Tj ET Q q 0 0 0 rg BT 234.90 119.00 Td (of ) Tj ET Q q 0 0 0 rg BT 246.02 119.00 Td (mid-single-digit ) Tj ET Q q 0 0 0 rg BT 316.05 119.00 Td (percent ) Tj ET Q q 0 0 0 rg BT 352.18 119.00 Td (\(low-single-digit ) Tj ET Q q 0 0 0 rg BT 424.42 119.00 Td (percent ) Tj ET Q q 0 0 0 rg BT 460.56 119.00 Td (constant-currency\);) Tj ET Q BT /F3 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 103.50 104.84 cm /I15 Do Q q 0 0 0 rg BT 107.50 107.00 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.50 107.00 Td (Korea ) Tj ET Q q 0 0 0 rg BT 150.19 107.00 Td (net ) Tj ET Q q 0 0 0 rg BT 166.10 107.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 191.46 107.00 Td (increase ) Tj ET Q q 0 0 0 rg BT 231.27 107.00 Td (of ) Tj ET Q q 0 0 0 rg BT 241.61 107.00 Td (low-single-digit ) Tj ET Q q 0 0 0 rg BT 309.76 107.00 Td (percent ) Tj ET Q q 0 0 0 rg BT 345.13 107.00 Td ( ) Tj ET Q q 0 0 0 rg BT 347.13 107.00 Td (decline ) Tj ET Q q 0 0 0 rg BT 380.83 107.00 Td (\(low-single-digit ) Tj ET Q q 0 0 0 rg BT 452.31 107.00 Td (percent ) Tj ET Q q 0 0 0 rg BT 487.67 107.00 Td (decline ) Tj ET Q q 0 0 0 rg BT 521.37 107.00 Td (constant-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.50 95.00 Td (currency\); ) Tj ET Q q 0 0 0 rg BT 168.73 95.00 Td (and) Tj ET Q BT /F3 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 103.50 80.84 cm /I16 Do Q q 0 0 0 rg BT 107.50 83.00 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.50 83.00 Td (LAAP) Tj ET Q q 0 0 0 rg BT 146.89 83.00 Td ( ) Tj ET Q q 0 0 0 rg BT 149.67 83.00 Td (distributor ) Tj ET Q q 0 0 0 rg BT 196.35 83.00 Td (net ) Tj ET Q q 0 0 0 rg BT 213.03 83.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 239.16 83.00 Td (decline ) Tj ET Q q 0 0 0 rg BT 273.62 83.00 Td (of ) Tj ET Q q 0 0 0 rg BT 284.74 83.00 Td (low-single-digit ) Tj ET Q q 0 0 0 rg BT 353.66 83.00 Td (percent.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.50 71.00 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 59.00 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 59.00 Td (High-single-digit percent net sales growth in Canada \(high-single-digit percent constant-currency\).) 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 /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 748.75 Td (Gross ) Tj ET Q q 0 0 0 rg BT 81.18 748.75 Td (Margin) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 724.75 Td (The ) Tj ET Q q 0 0 0 rg BT 69.43 724.75 Td (company ) Tj ET Q q 0 0 0 rg BT 112.70 724.75 Td (expects ) Tj ET Q q 0 0 0 rg BT 149.87 724.75 Td (full ) Tj ET Q q 0 0 0 rg BT 165.35 724.75 Td (year ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 187.50 724.75 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 209.74 724.75 Td ( ) Tj ET Q q 0 0 0 rg BT 212.44 724.75 Td (gross ) Tj ET Q q 0 0 0 rg BT 239.59 724.75 Td (margin ) Tj ET Q q 0 0 0 rg BT 272.86 724.75 Td (to ) Tj ET Q q 0 0 0 rg BT 283.90 724.75 Td (improve ) Tj ET Q q 0 0 0 rg BT 322.16 724.75 Td (by ) Tj ET Q q 0 0 0 rg BT 335.42 724.75 Td (up ) Tj ET Q q 0 0 0 rg BT 349.24 724.75 Td (to ) Tj ET Q q 0 0 0 rg BT 360.28 724.75 Td (140 ) Tj ET Q q 0 0 0 rg BT 379.66 724.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 405.71 724.75 Td (points ) Tj ET Q q 0 0 0 rg BT 435.09 724.75 Td (and ) Tj ET Q q 0 0 0 rg BT 454.47 724.75 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 502.09 724.75 Td ( ) Tj ET Q q 0 0 0 rg BT 504.79 724.75 Td (gross ) Tj ET Q q 0 0 0 rg BT 531.94 724.75 Td (margin ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 712.75 Td (to ) Tj ET Q q 0 0 0 rg BT 60.47 712.75 Td (improve ) Tj ET Q q 0 0 0 rg BT 98.66 712.75 Td (by ) Tj ET Q q 0 0 0 rg BT 111.85 712.75 Td (up ) Tj ET Q q 0 0 0 rg BT 125.61 712.75 Td (to ) Tj ET Q q 0 0 0 rg BT 136.58 712.75 Td (60 ) Tj ET Q q 0 0 0 rg BT 150.33 712.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 176.30 712.75 Td (points, ) Tj ET Q q 0 0 0 rg BT 208.39 712.75 Td (excluding ) Tj ET Q q 0 0 0 rg BT 253.27 712.75 Td (an ) Tj ET Q q 0 0 0 rg BT 267.02 712.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 331.90 712.75 Td ($40 ) Tj ET Q q 0 0 0 rg BT 351.22 712.75 Td (million ) Tj ET Q q 0 0 0 rg BT 382.19 712.75 Td (benefit ) Tj ET Q q 0 0 0 rg BT 414.84 712.75 Td (to ) Tj ET Q q 0 0 0 rg BT 425.81 712.75 Td (gross ) Tj ET Q q 0 0 0 rg BT 452.89 712.75 Td (profit ) Tj ET Q q 0 0 0 rg BT 477.75 712.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 528.19 712.75 Td (with ) Tj ET Q q 0 0 0 rg BT 548.60 712.75 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 700.75 Td (new ) Tj ET Q q 0 0 0 rg BT 70.62 700.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 109.54 700.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 160.69 700.75 Td (standard.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 676.75 Td (Gross margin expansion reflects:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 664.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 664.75 Td (a ) Tj ET Q q 0 0 0 rg BT 93.84 664.75 Td (benefit ) Tj ET Q q 0 0 0 rg BT 126.64 664.75 Td (from ) Tj ET Q q 0 0 0 rg BT 149.42 664.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 190.01 664.75 Td (in ) Tj ET Q q 0 0 0 rg BT 200.57 664.75 Td (classification ) Tj ET Q q 0 0 0 rg BT 260.04 664.75 Td (under ) Tj ET Q q 0 0 0 rg BT 288.39 664.75 Td (the ) Tj ET Q q 0 0 0 rg BT 305.07 664.75 Td (new ) Tj ET Q q 0 0 0 rg BT 326.19 664.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 365.11 664.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 416.26 664.75 Td (standard;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 652.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 652.75 Td (favorable ) Tj ET Q q 0 0 0 rg BT 129.42 652.75 Td (ef) Tj ET Q q 0 0 0 rg BT 137.58 652.75 Td (fects ) Tj ET Q q 0 0 0 rg BT 161.47 652.75 Td (of ) Tj ET Q q 0 0 0 rg BT 172.59 652.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 205.94 652.75 Td (currency ) Tj ET Q q 0 0 0 rg BT 247.07 652.75 Td (hedge ) Tj ET Q q 0 0 0 rg BT 277.65 652.75 Td (rates;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 640.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 640.75 Td (a ) Tj ET Q q 0 0 0 rg BT 93.99 640.75 Td (higher ) Tj ET Q q 0 0 0 rg BT 124.73 640.75 Td (proportion ) Tj ET Q q 0 0 0 rg BT 172.69 640.75 Td (of ) Tj ET Q q 0 0 0 rg BT 183.96 640.75 Td (higher ) Tj ET Q q 0 0 0 rg BT 214.69 640.75 Td (margin ) Tj ET Q q 0 0 0 rg BT 248.19 640.75 Td (full-price ) Tj ET Q q 0 0 0 rg BT 288.91 640.75 Td (versus ) Tj ET Q q 0 0 0 rg BT 321.30 640.75 Td (closeout ) Tj ET Q q 0 0 0 rg BT 361.48 640.75 Td (product ) Tj ET Q q 0 0 0 rg BT 397.77 640.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 424.04 640.75 Td (and ) Tj ET Q q 0 0 0 rg BT 443.66 640.75 Td (lower ) Tj ET Q q 0 0 0 rg BT 470.49 640.75 Td (levels ) Tj ET Q q 0 0 0 rg BT 498.99 640.75 Td (of ) Tj ET Q q 0 0 0 rg BT 510.26 640.75 Td (promotional ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 628.75 Td (activity ) Tj ET Q q 0 0 0 rg BT 118.84 628.75 Td (in ) Tj ET Q q 0 0 0 rg BT 129.40 628.75 Td (DTC; ) Tj ET Q q 0 0 0 rg BT 155.51 628.75 Td (and) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 616.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 616.75 Td (a ) Tj ET Q q 0 0 0 rg BT 93.84 616.75 Td (favorable ) Tj ET Q q 0 0 0 rg BT 137.76 616.75 Td (channel ) Tj ET Q q 0 0 0 rg BT 175.56 616.75 Td (mix ) Tj ET Q q 0 0 0 rg BT 193.89 616.75 Td (with ) Tj ET Q q 0 0 0 rg BT 214.46 616.75 Td (a ) Tj ET Q q 0 0 0 rg BT 222.79 616.75 Td (greater ) Tj ET Q q 0 0 0 rg BT 257.26 616.75 Td (proportion ) Tj ET Q q 0 0 0 rg BT 305.07 616.75 Td (of ) Tj ET Q q 0 0 0 rg BT 316.18 616.75 Td (higher ) Tj ET Q q 0 0 0 rg BT 346.76 616.75 Td (gross ) Tj ET Q q 0 0 0 rg BT 373.99 616.75 Td (margin ) Tj ET Q q 0 0 0 rg BT 407.34 616.75 Td (DTC ) Tj ET Q q 0 0 0 rg BT 430.67 616.75 Td (net ) Tj ET Q q 0 0 0 rg BT 447.35 616.75 Td (sales.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 592.75 Td (SG&A) Tj ET Q q 0 0 0 rg BT 78.02 592.75 Td ( Expenses) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 568.75 Td (The ) Tj ET Q q 0 0 0 rg BT 69.85 568.75 Td (company ) Tj ET Q q 0 0 0 rg BT 113.54 568.75 Td (expects ) Tj ET Q q 0 0 0 rg BT 151.11 568.75 Td (SG&A) Tj ET Q q 0 0 0 rg BT 178.35 568.75 Td ( ) Tj ET Q q 0 0 0 rg BT 181.47 568.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 227.39 568.75 Td (to ) Tj ET Q q 0 0 0 rg BT 238.84 568.75 Td (increase ) Tj ET Q q 0 0 0 rg BT 279.76 568.75 Td (at ) Tj ET Q q 0 0 0 rg BT 291.21 568.75 Td (a ) Tj ET Q q 0 0 0 rg BT 299.89 568.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 320.23 568.75 Td (faster ) Tj ET Q q 0 0 0 rg BT 348.36 568.75 Td (than ) Tj ET Q q 0 0 0 rg BT 370.93 568.75 Td (net ) Tj ET Q q 0 0 0 rg BT 387.95 568.75 Td (sales, ) Tj ET Q q 0 0 0 rg BT 417.19 568.75 Td (resulting ) Tj ET Q q 0 0 0 rg BT 458.10 568.75 Td (in ) Tj ET Q q 0 0 0 rg BT 469.00 568.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 534.36 568.75 Td (150 ) Tj ET Q q 0 0 0 rg BT 554.16 568.75 Td (to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 556.75 Td (170 ) Tj ET Q q 0 0 0 rg BT 70.74 556.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 98.64 556.75 Td (points ) Tj ET Q q 0 0 0 rg BT 129.88 556.75 Td (of ) Tj ET Q q 0 0 0 rg BT 142.78 556.75 Td (SG&A) Tj ET Q q 0 0 0 rg BT 170.01 556.75 Td ( ) Tj ET Q q 0 0 0 rg BT 174.57 556.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 216.93 556.75 Td (deleverage ) Tj ET Q q 0 0 0 rg BT 270.97 556.75 Td (\(prior ) Tj ET Q q 0 0 0 rg BT 298.86 556.75 Td (170 ) Tj ET Q q 0 0 0 rg BT 320.10 556.75 Td (to ) Tj ET Q q 0 0 0 rg BT 333.00 556.75 Td (190 ) Tj ET Q q 0 0 0 rg BT 354.24 556.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 382.14 556.75 Td (points\), ) Tj ET Q q 0 0 0 rg BT 419.49 556.75 Td (and ) Tj ET Q q 0 0 0 rg BT 440.73 556.75 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 488.35 556.75 Td ( ) Tj ET Q q 0 0 0 rg BT 492.90 556.75 Td (SG&A) Tj ET Q q 0 0 0 rg BT 520.14 556.75 Td ( ) Tj ET Q q 0 0 0 rg BT 524.70 556.75 Td (expense ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 544.75 Td (deleverage ) Tj ET Q q 0 0 0 rg BT 101.48 544.75 Td (of ) Tj ET Q q 0 0 0 rg BT 112.32 544.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 177.07 544.75 Td (30 ) Tj ET Q q 0 0 0 rg BT 190.69 544.75 Td (to ) Tj ET Q q 0 0 0 rg BT 201.52 544.75 Td (50 ) Tj ET Q q 0 0 0 rg BT 215.14 544.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 240.99 544.75 Td (points ) Tj ET Q q 0 0 0 rg BT 270.17 544.75 Td (\(prior ) Tj ET Q q 0 0 0 rg BT 296.00 544.75 Td (40 ) Tj ET Q q 0 0 0 rg BT 309.62 544.75 Td (to ) Tj ET Q q 0 0 0 rg BT 320.46 544.75 Td (50 ) Tj ET Q q 0 0 0 rg BT 334.08 544.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 359.92 544.75 Td (points\), ) Tj ET Q q 0 0 0 rg BT 395.21 544.75 Td (excluding ) Tj ET Q q 0 0 0 rg BT 439.96 544.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 504.71 544.75 Td ($40 ) Tj ET Q q 0 0 0 rg BT 523.89 544.75 Td (million ) Tj ET Q q 0 0 0 rg BT 554.73 544.75 Td (in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 532.75 Td (SG&A) Tj ET Q q 0 0 0 rg BT 76.74 532.75 Td ( ) Tj ET Q q 0 0 0 rg BT 80.66 532.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 127.39 532.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 179.13 532.75 Td (with ) Tj ET Q q 0 0 0 rg BT 200.83 532.75 Td (the ) Tj ET Q q 0 0 0 rg BT 218.66 532.75 Td (new ) Tj ET Q q 0 0 0 rg BT 240.93 532.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 280.99 532.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 333.29 532.75 Td (standard, ) Tj ET Q q 0 0 0 rg BT 378.91 532.75 Td (and ) Tj ET Q q 0 0 0 rg BT 399.51 532.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 465.69 532.75 Td ($23 ) Tj ET Q q 0 0 0 rg BT 486.30 532.75 Td (million ) Tj ET Q q 0 0 0 rg BT 518.56 532.75 Td (\(prior ) Tj ET Q q 0 0 0 rg BT 545.82 532.75 Td ($27 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 520.75 Td (million\) ) Tj ET Q q 0 0 0 rg BT 83.95 520.75 Td (in ) Tj ET Q q 0 0 0 rg BT 94.51 520.75 Td (Project ) Tj ET Q q 0 0 0 rg BT 128.41 520.75 Td (CONNECT) Tj ET Q q 0 0 0 rg BT 177.67 520.75 Td ( ) Tj ET Q q 0 0 0 rg BT 180.45 520.75 Td (program ) Tj ET Q q 0 0 0 rg BT 220.47 520.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 266.05 520.75 Td (and ) Tj ET Q q 0 0 0 rg BT 285.52 520.75 Td (discrete ) Tj ET Q q 0 0 0 rg BT 323.31 520.75 Td (costs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 496.75 Td (As ) Tj ET Q q 0 0 0 rg BT 64.82 496.75 Td (a ) Tj ET Q q 0 0 0 rg BT 74.04 496.75 Td (result ) Tj ET Q q 0 0 0 rg BT 102.14 496.75 Td (of ) Tj ET Q q 0 0 0 rg BT 114.14 496.75 Td (the ) Tj ET Q q 0 0 0 rg BT 131.69 496.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 179.81 496.75 Td (momentum ) Tj ET Q q 0 0 0 rg BT 233.48 496.75 Td (we ) Tj ET Q q 0 0 0 rg BT 249.92 496.75 Td (are ) Tj ET Q q 0 0 0 rg BT 268.02 496.75 Td (seeing ) Tj ET Q q 0 0 0 rg BT 301.15 496.75 Td (in ) Tj ET Q q 0 0 0 rg BT 312.58 496.75 Td (the ) Tj ET Q q 0 0 0 rg BT 330.14 496.75 Td (business, ) Tj ET Q q 0 0 0 rg BT 376.04 496.75 Td (we ) Tj ET Q q 0 0 0 rg BT 392.47 496.75 Td (have ) Tj ET Q q 0 0 0 rg BT 417.81 496.75 Td (made ) Tj ET Q q 0 0 0 rg BT 446.48 496.75 Td (the ) Tj ET Q q 0 0 0 rg BT 464.03 496.75 Td (decision ) Tj ET Q q 0 0 0 rg BT 504.38 496.75 Td (to ) Tj ET Q q 0 0 0 rg BT 516.37 496.75 Td (accelerate ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 484.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 105.89 484.75 Td (in ) Tj ET Q q 0 0 0 rg BT 116.71 484.75 Td (our ) Tj ET Q q 0 0 0 rg BT 134.19 484.75 Td (strategic ) Tj ET Q q 0 0 0 rg BT 175.02 484.75 Td (priorities ) Tj ET Q q 0 0 0 rg BT 215.85 484.75 Td (in ) Tj ET Q q 0 0 0 rg BT 226.66 484.75 Td (the ) Tj ET Q q 0 0 0 rg BT 243.60 484.75 Td (second ) Tj ET Q q 0 0 0 rg BT 278.88 484.75 Td (half ) Tj ET Q q 0 0 0 rg BT 298.04 484.75 Td (of ) Tj ET Q q 0 0 0 rg BT 309.41 484.75 Td (the ) Tj ET Q q 0 0 0 rg BT 326.35 484.75 Td (year) Tj ET Q q 0 0 0 rg BT 345.25 484.75 Td (, ) Tj ET Q q 0 0 0 rg BT 351.06 484.75 Td (including ) Tj ET Q q 0 0 0 rg BT 393.57 484.75 Td (higher ) Tj ET Q q 0 0 0 rg BT 424.40 484.75 Td (demand ) Tj ET Q q 0 0 0 rg BT 463.57 484.75 Td (creation ) Tj ET Q q 0 0 0 rg BT 502.19 484.75 Td (spending ) Tj ET Q q 0 0 0 rg BT 545.81 484.75 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 472.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 94.78 472.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 145.06 472.75 Td (in ) Tj ET Q q 0 0 0 rg BT 154.77 472.75 Td (our ) Tj ET Q q 0 0 0 rg BT 171.15 472.75 Td (DTC ) Tj ET Q q 0 0 0 rg BT 193.62 472.75 Td (operations. ) Tj ET Q q 0 0 0 rg BT 244.90 472.75 Td (This ) Tj ET Q q 0 0 0 rg BT 265.71 472.75 Td (includes ) Tj ET Q q 0 0 0 rg BT 304.33 472.75 Td (continued ) Tj ET Q q 0 0 0 rg BT 349.62 472.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 399.90 472.75 Td (in ) Tj ET Q q 0 0 0 rg BT 409.60 472.75 Td (our ) Tj ET Q q 0 0 0 rg BT 425.98 472.75 Td (Consumer-First ) Tj ET Q q 0 0 0 rg BT 496.80 472.75 Td (\("C1"\) ) Tj ET Q q 0 0 0 rg BT 525.27 472.75 Td (program ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 460.75 Td (as ) Tj ET Q q 0 0 0 rg BT 62.79 460.75 Td (well ) Tj ET Q q 0 0 0 rg BT 82.75 460.75 Td (the ) Tj ET Q q 0 0 0 rg BT 99.39 460.75 Td (launch ) Tj ET Q q 0 0 0 rg BT 131.59 460.75 Td (of ) Tj ET Q q 0 0 0 rg BT 142.66 460.75 Td (a ) Tj ET Q q 0 0 0 rg BT 150.95 460.75 Td (new ) Tj ET Q q 0 0 0 rg BT 172.03 460.75 Td (initiative, ) Tj ET Q q 0 0 0 rg BT 213.67 460.75 Td (Experience ) Tj ET Q q 0 0 0 rg BT 266.43 460.75 Td (First ) Tj ET Q q 0 0 0 rg BT 288.60 460.75 Td (\(X1.\) ) Tj ET Q q 0 0 0 rg BT 319.66 460.75 Td ( ) Tj ET Q q 0 0 0 rg BT 322.22 460.75 Td (This ) Tj ET Q q 0 0 0 rg BT 343.84 460.75 Td (initiative ) Tj ET Q q 0 0 0 rg BT 382.70 460.75 Td (within ) Tj ET Q q 0 0 0 rg BT 411.00 460.75 Td (our ) Tj ET Q q 0 0 0 rg BT 428.19 460.75 Td (DTC ) Tj ET Q q 0 0 0 rg BT 451.47 460.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 500.90 460.75 Td (is ) Tj ET Q q 0 0 0 rg BT 510.86 460.75 Td (designed ) Tj ET Q q 0 0 0 rg BT 554.18 460.75 Td (to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 448.75 Td (enhance ) Tj ET Q q 0 0 0 rg BT 90.42 448.75 Td (our ) Tj ET Q q 0 0 0 rg BT 107.43 448.75 Td (e-commerce ) Tj ET Q q 0 0 0 rg BT 165.54 448.75 Td (systems ) Tj ET Q q 0 0 0 rg BT 204.77 448.75 Td (to ) Tj ET Q q 0 0 0 rg BT 215.66 448.75 Td (take ) Tj ET Q q 0 0 0 rg BT 237.11 448.75 Td (advantage ) Tj ET Q q 0 0 0 rg BT 286.37 448.75 Td (of ) Tj ET Q q 0 0 0 rg BT 297.26 448.75 Td (the ) Tj ET Q q 0 0 0 rg BT 313.72 448.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 354.08 448.75 Td (in ) Tj ET Q q 0 0 0 rg BT 364.41 448.75 Td (consumer ) Tj ET Q q 0 0 0 rg BT 410.87 448.75 Td (browsing ) Tj ET Q q 0 0 0 rg BT 453.44 448.75 Td (and ) Tj ET Q q 0 0 0 rg BT 472.68 448.75 Td (purchasing ) Tj ET Q q 0 0 0 rg BT 524.15 448.75 Td (behavior ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 436.75 Td (towards ) Tj ET Q q 0 0 0 rg BT 86.67 436.75 Td (mobile ) Tj ET Q q 0 0 0 rg BT 118.29 436.75 Td (devices. ) Tj ET Q q 0 0 0 rg BT 157.14 436.75 Td (It ) Tj ET Q q 0 0 0 rg BT 164.85 436.75 Td (encompasses ) Tj ET Q q 0 0 0 rg BT 228.71 436.75 Td (an ) Tj ET Q q 0 0 0 rg BT 241.99 436.75 Td (upgrade ) Tj ET Q q 0 0 0 rg BT 280.85 436.75 Td (of ) Tj ET Q q 0 0 0 rg BT 291.35 436.75 Td (our ) Tj ET Q q 0 0 0 rg BT 307.97 436.75 Td (e-commerce ) Tj ET Q q 0 0 0 rg BT 365.69 436.75 Td (platforms ) Tj ET Q q 0 0 0 rg BT 408.97 436.75 Td (to ) Tj ET Q q 0 0 0 rg BT 419.47 436.75 Td (of) Tj ET Q q 0 0 0 rg BT 427.63 436.75 Td (fer ) Tj ET Q q 0 0 0 rg BT 441.46 436.75 Td (improved ) Tj ET Q q 0 0 0 rg BT 484.75 436.75 Td (search, ) Tj ET Q q 0 0 0 rg BT 519.70 436.75 Td (browsing, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 424.75 Td (checkout, ) Tj ET Q q 0 0 0 rg BT 95.22 424.75 Td (loyalty) Tj ET Q q 0 0 0 rg BT 122.82 424.75 Td (, ) Tj ET Q q 0 0 0 rg BT 128.52 424.75 Td (and ) Tj ET Q q 0 0 0 rg BT 148.12 424.75 Td (customer ) Tj ET Q q 0 0 0 rg BT 192.16 424.75 Td (care ) Tj ET Q q 0 0 0 rg BT 214.53 424.75 Td (experience ) Tj ET Q q 0 0 0 rg BT 266.37 424.75 Td (for ) Tj ET Q q 0 0 0 rg BT 280.96 424.75 Td (mobile ) Tj ET Q q 0 0 0 rg BT 313.34 424.75 Td (shoppers, ) Tj ET Q q 0 0 0 rg BT 360.17 424.75 Td (and ) Tj ET Q q 0 0 0 rg BT 379.77 424.75 Td (is ) Tj ET Q q 0 0 0 rg BT 389.91 424.75 Td (expected ) Tj ET Q q 0 0 0 rg BT 433.42 424.75 Td (to ) Tj ET Q q 0 0 0 rg BT 444.67 424.75 Td (be ) Tj ET Q q 0 0 0 rg BT 458.72 424.75 Td (implemented ) Tj ET Q q 0 0 0 rg BT 518.88 424.75 Td (in ) Tj ET Q q 0 0 0 rg BT 529.59 424.75 Td (the ) Tj ET Q q 0 0 0 rg BT 546.41 424.75 Td (first ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 412.75 Td (half ) Tj ET Q q 0 0 0 rg BT 68.40 412.75 Td (of ) Tj ET Q q 0 0 0 rg BT 79.52 412.75 Td (2019. ) Tj ET Q q 0 0 0 rg BT 107.14 412.75 Td (The ) Tj ET Q q 0 0 0 rg BT 127.15 412.75 Td (project ) Tj ET Q q 0 0 0 rg BT 159.94 412.75 Td (will ) Tj ET Q q 0 0 0 rg BT 176.61 412.75 Td (be ) Tj ET Q q 0 0 0 rg BT 190.51 412.75 Td (fully ) Tj ET Q q 0 0 0 rg BT 211.07 412.75 Td (integrated ) Tj ET Q q 0 0 0 rg BT 258.33 412.75 Td (with ) Tj ET Q q 0 0 0 rg BT 278.89 412.75 Td (our ) Tj ET Q q 0 0 0 rg BT 296.12 412.75 Td (C1 ) Tj ET Q q 0 0 0 rg BT 311.68 412.75 Td (initiative.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 383.35 Td (The ) Tj ET Q q 0 0 0 rg BT 69.51 383.35 Td (increase ) Tj ET Q q 0 0 0 rg BT 110.09 383.35 Td (in ) Tj ET Q q 0 0 0 rg BT 120.65 383.35 Td (projected ) Tj ET Q q 0 0 0 rg BT 164.56 383.35 Td (SG&A) Tj ET Q q 0 0 0 rg BT 191.80 383.35 Td ( ) Tj ET Q q 0 0 0 rg BT 194.58 383.35 Td (expenses ) Tj ET Q q 0 0 0 rg BT 240.16 383.35 Td (is ) Tj ET Q q 0 0 0 rg BT 250.16 383.35 Td (aligned ) Tj ET Q q 0 0 0 rg BT 285.19 383.35 Td (with ) Tj ET Q q 0 0 0 rg BT 305.75 383.35 Td (our ) Tj ET Q q 0 0 0 rg BT 322.99 383.35 Td (strategic ) Tj ET Q q 0 0 0 rg BT 363.56 383.35 Td (priorities, ) Tj ET Q q 0 0 0 rg BT 406.90 383.35 Td (and ) Tj ET Q q 0 0 0 rg BT 426.37 383.35 Td (consists ) Tj ET Q q 0 0 0 rg BT 465.27 383.35 Td (primarily ) Tj ET Q q 0 0 0 rg BT 505.82 383.35 Td (of:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 371.35 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 371.35 Td (increased ) Tj ET Q q 0 0 0 rg BT 131.64 371.35 Td (expenses ) Tj ET Q q 0 0 0 rg BT 177.22 371.35 Td (to ) Tj ET Q q 0 0 0 rg BT 188.34 371.35 Td (support ) Tj ET Q q 0 0 0 rg BT 224.47 371.35 Td (continued ) Tj ET Q q 0 0 0 rg BT 270.62 371.35 Td (expansion ) Tj ET Q q 0 0 0 rg BT 318.99 371.35 Td (in ) Tj ET Q q 0 0 0 rg BT 329.55 371.35 Td (the ) Tj ET Q q 0 0 0 rg BT 346.23 371.35 Td (company's ) Tj ET Q q 0 0 0 rg BT 396.50 371.35 Td (global ) Tj ET Q q 0 0 0 rg BT 425.96 371.35 Td (DTC ) Tj ET Q q 0 0 0 rg BT 449.29 371.35 Td (operations;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 359.35 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 359.35 Td (incremental ) Tj ET Q q 0 0 0 rg BT 139.97 359.35 Td (expenses ) Tj ET Q q 0 0 0 rg BT 185.55 359.35 Td (from ) Tj ET Q q 0 0 0 rg BT 208.33 359.35 Td (changes ) Tj ET Q q 0 0 0 rg BT 248.92 359.35 Td (in ) Tj ET Q q 0 0 0 rg BT 259.48 359.35 Td (classification ) Tj ET Q q 0 0 0 rg BT 318.95 359.35 Td (under ) Tj ET Q q 0 0 0 rg BT 347.30 359.35 Td (the ) Tj ET Q q 0 0 0 rg BT 363.98 359.35 Td (new ) Tj ET Q q 0 0 0 rg BT 385.10 359.35 Td (revenue ) Tj ET Q q 0 0 0 rg BT 424.02 359.35 Td (accounting ) Tj ET Q q 0 0 0 rg BT 475.17 359.35 Td (standard;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 347.35 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 347.35 Td (increased ) Tj ET Q q 0 0 0 rg BT 131.64 347.35 Td (demand ) Tj ET Q q 0 0 0 rg BT 170.55 347.35 Td (creation ) Tj ET Q q 0 0 0 rg BT 208.91 347.35 Td (spending;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 335.35 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 335.35 Td (unfavorable ) Tj ET Q q 0 0 0 rg BT 140.54 335.35 Td (ef) Tj ET Q q 0 0 0 rg BT 148.70 335.35 Td (fects ) Tj ET Q q 0 0 0 rg BT 172.59 335.35 Td (of ) Tj ET Q q 0 0 0 rg BT 183.71 335.35 Td (foreign ) Tj ET Q q 0 0 0 rg BT 217.07 335.35 Td (currency ) Tj ET Q q 0 0 0 rg BT 258.19 335.35 Td (translation;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 323.35 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 323.35 Td (increased ) Tj ET Q q 0 0 0 rg BT 131.64 323.35 Td (personnel ) Tj ET Q q 0 0 0 rg BT 178.34 323.35 Td (expenses ) Tj ET Q q 0 0 0 rg BT 223.92 323.35 Td (to ) Tj ET Q q 0 0 0 rg BT 235.04 323.35 Td (support ) Tj ET Q q 0 0 0 rg BT 271.17 323.35 Td (strategic ) Tj ET Q q 0 0 0 rg BT 311.75 323.35 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 355.65 323.35 Td (and ) Tj ET Q q 0 0 0 rg BT 375.11 323.35 Td (business ) Tj ET Q q 0 0 0 rg BT 417.36 323.35 Td (growth;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 311.35 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 311.35 Td (Project ) Tj ET Q q 0 0 0 rg BT 119.40 311.35 Td (CONNECT) Tj ET Q q 0 0 0 rg BT 168.66 311.35 Td ( ) Tj ET Q q 0 0 0 rg BT 171.44 311.35 Td (program ) Tj ET Q q 0 0 0 rg BT 211.46 311.35 Td (expenses ) Tj ET Q q 0 0 0 rg BT 257.04 311.35 Td (and ) Tj ET Q q 0 0 0 rg BT 276.51 311.35 Td (discrete ) Tj ET Q q 0 0 0 rg BT 314.30 311.35 Td (costs; ) Tj ET Q q 0 0 0 rg BT 343.20 311.35 Td (and) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 299.35 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 299.35 Td (increased ) Tj ET Q q 0 0 0 rg BT 131.46 299.35 Td (information ) Tj ET Q q 0 0 0 rg BT 183.53 299.35 Td (technology ) Tj ET Q q 0 0 0 rg BT 234.50 299.35 Td (related ) Tj ET Q q 0 0 0 rg BT 267.67 299.35 Td (expenses ) Tj ET Q q 0 0 0 rg BT 313.08 299.35 Td (to ) Tj ET Q q 0 0 0 rg BT 324.02 299.35 Td (support ) Tj ET Q q 0 0 0 rg BT 359.98 299.35 Td (strategic ) Tj ET Q q 0 0 0 rg BT 400.37 299.35 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 444.10 299.35 Td (including ) Tj ET Q q 0 0 0 rg BT 486.17 299.35 Td (our ) Tj ET Q q 0 0 0 rg BT 503.23 299.35 Td (multi-year ) Tj ET Q q 0 0 0 rg BT 549.72 299.35 Td (C1 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 287.35 Td (omnichannel ) Tj ET Q q 0 0 0 rg BT 144.98 287.35 Td (investments.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 263.35 Td (These ) Tj ET Q q 0 0 0 rg BT 80.07 263.35 Td (increases ) Tj ET Q q 0 0 0 rg BT 125.65 263.35 Td (are ) Tj ET Q q 0 0 0 rg BT 142.88 263.35 Td (partially ) Tj ET Q q 0 0 0 rg BT 180.12 263.35 Td (of) Tj ET Q q 0 0 0 rg BT 188.27 263.35 Td (fset ) Tj ET Q q 0 0 0 rg BT 207.17 263.35 Td (by ) Tj ET Q q 0 0 0 rg BT 220.51 263.35 Td (benefits ) Tj ET Q q 0 0 0 rg BT 258.31 263.35 Td (we ) Tj ET Q q 0 0 0 rg BT 273.88 263.35 Td (are ) Tj ET Q q 0 0 0 rg BT 291.11 263.35 Td (starting ) Tj ET Q q 0 0 0 rg BT 326.68 263.35 Td (to ) Tj ET Q q 0 0 0 rg BT 337.80 263.35 Td (see ) Tj ET Q q 0 0 0 rg BT 356.70 263.35 Td (from ) Tj ET Q q 0 0 0 rg BT 379.48 263.35 Td (Project ) Tj ET Q q 0 0 0 rg BT 413.38 263.35 Td (CONNECT) Tj ET Q q 0 0 0 rg BT 461.71 263.35 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 251.35 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 239.35 Td (Licensing) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 215.35 Td (The ) Tj ET Q q 0 0 0 rg BT 68.56 215.35 Td (company ) Tj ET Q q 0 0 0 rg BT 110.96 215.35 Td (expects ) Tj ET Q q 0 0 0 rg BT 147.25 215.35 Td (2018 ) Tj ET Q q 0 0 0 rg BT 171.32 215.35 Td (licensing ) Tj ET Q q 0 0 0 rg BT 212.06 215.35 Td (income ) Tj ET Q q 0 0 0 rg BT 246.12 215.35 Td (of ) Tj ET Q q 0 0 0 rg BT 256.29 215.35 Td (up ) Tj ET Q q 0 0 0 rg BT 269.24 215.35 Td (to ) Tj ET Q q 0 0 0 rg BT 279.40 215.35 Td ($14.0 ) Tj ET Q q 0 0 0 rg BT 306.25 215.35 Td (million ) Tj ET Q q 0 0 0 rg BT 336.42 215.35 Td (\(prior ) Tj ET Q q 0 0 0 rg BT 361.58 215.35 Td ($13.5 ) Tj ET Q q 0 0 0 rg BT 388.43 215.35 Td (million\) ) Tj ET Q q 0 0 0 rg BT 421.93 215.35 Td (based ) Tj ET Q q 0 0 0 rg BT 451.00 215.35 Td (on ) Tj ET Q q 0 0 0 rg BT 463.95 215.35 Td (expected ) Tj ET Q q 0 0 0 rg BT 506.36 215.35 Td (performance ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 203.35 Td (of ) Tj ET Q q 0 0 0 rg BT 60.62 203.35 Td (existing ) Tj ET Q q 0 0 0 rg BT 97.30 203.35 Td (licensing ) Tj ET Q q 0 0 0 rg BT 138.99 203.35 Td (partners.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 179.35 Td (Operating ) Tj ET Q q 0 0 0 rg BT 99.50 179.35 Td (Income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 155.35 Td (Based ) Tj ET Q q 0 0 0 rg BT 80.55 155.35 Td (on ) Tj ET Q q 0 0 0 rg BT 94.36 155.35 Td (the ) Tj ET Q q 0 0 0 rg BT 110.96 155.35 Td (above ) Tj ET Q q 0 0 0 rg BT 140.90 155.35 Td (assumptions, ) Tj ET Q q 0 0 0 rg BT 202.51 155.35 Td (the ) Tj ET Q q 0 0 0 rg BT 219.10 155.35 Td (company ) Tj ET Q q 0 0 0 rg BT 262.37 155.35 Td (expects ) Tj ET Q q 0 0 0 rg BT 299.52 155.35 Td (2018 ) Tj ET Q q 0 0 0 rg BT 324.46 155.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 368.86 155.35 Td (income ) Tj ET Q q 0 0 0 rg BT 403.78 155.35 Td (between ) Tj ET Q q 0 0 0 rg BT 444.29 155.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 509.23 155.35 Td ($275 ) Tj ET Q q 0 0 0 rg BT 534.17 155.35 Td (million ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 143.35 Td (and ) Tj ET Q q 0 0 0 rg BT 67.67 143.35 Td ($285 ) Tj ET Q q 0 0 0 rg BT 91.41 143.35 Td (million ) Tj ET Q q 0 0 0 rg BT 121.24 143.35 Td (\(prior ) Tj ET Q q 0 0 0 rg BT 146.06 143.35 Td (between ) Tj ET Q q 0 0 0 rg BT 185.35 143.35 Td ($263 ) Tj ET Q q 0 0 0 rg BT 209.09 143.35 Td (million ) Tj ET Q q 0 0 0 rg BT 238.92 143.35 Td (and ) Tj ET Q q 0 0 0 rg BT 257.09 143.35 Td ($273 ) Tj ET Q q 0 0 0 rg BT 280.82 143.35 Td (million\), ) Tj ET Q q 0 0 0 rg BT 316.76 143.35 Td (and ) Tj ET Q q 0 0 0 rg BT 334.93 143.35 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 382.56 143.35 Td ( ) Tj ET Q q 0 0 0 rg BT 384.04 143.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 427.23 143.35 Td (income ) Tj ET Q q 0 0 0 rg BT 460.96 143.35 Td (between ) Tj ET Q q 0 0 0 rg BT 500.25 143.35 Td (approximately ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 131.35 Td ($299 ) Tj ET Q q 0 0 0 rg BT 75.15 131.35 Td (million ) Tj ET Q q 0 0 0 rg BT 106.88 131.35 Td (and ) Tj ET Q q 0 0 0 rg BT 126.97 131.35 Td ($308 ) Tj ET Q q 0 0 0 rg BT 152.61 131.35 Td (million ) Tj ET Q q 0 0 0 rg BT 184.35 131.35 Td (\(prior ) Tj ET Q q 0 0 0 rg BT 211.09 131.35 Td (between ) Tj ET Q q 0 0 0 rg BT 252.29 131.35 Td ($290 ) Tj ET Q q 0 0 0 rg BT 277.94 131.35 Td (million ) Tj ET Q q 0 0 0 rg BT 309.68 131.35 Td (and ) Tj ET Q q 0 0 0 rg BT 329.76 131.35 Td ($300 ) Tj ET Q q 0 0 0 rg BT 355.41 131.35 Td (million\), ) Tj ET Q q 0 0 0 rg BT 393.26 131.35 Td (resulting ) Tj ET Q q 0 0 0 rg BT 434.45 131.35 Td (in ) Tj ET Q q 0 0 0 rg BT 445.64 131.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 490.74 131.35 Td (margin ) Tj ET Q q 0 0 0 rg BT 524.70 131.35 Td (between ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 119.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 113.83 119.35 Td (10.3 ) Tj ET Q q 0 0 0 rg BT 135.37 119.35 Td (and ) Tj ET Q q 0 0 0 rg BT 154.14 119.35 Td (10.5 ) Tj ET Q q 0 0 0 rg BT 175.68 119.35 Td (percent ) Tj ET Q q 0 0 0 rg BT 211.11 119.35 Td (\(prior ) Tj ET Q q 0 0 0 rg BT 236.53 119.35 Td (between ) Tj ET Q q 0 0 0 rg BT 276.42 119.35 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 297.96 119.35 Td (and ) Tj ET Q q 0 0 0 rg BT 316.72 119.35 Td (10.3 ) Tj ET Q q 0 0 0 rg BT 338.26 119.35 Td (percent\), ) Tj ET Q q 0 0 0 rg BT 379.81 119.35 Td (and ) Tj ET Q q 0 0 0 rg BT 398.57 119.35 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 446.19 119.35 Td ( ) Tj ET Q q 0 0 0 rg BT 448.27 119.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 492.05 119.35 Td (margin ) Tj ET Q q 0 0 0 rg BT 524.70 119.35 Td (between ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 107.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 114.53 107.35 Td (1) Tj ET Q q 0 0 0 rg BT 119.35 107.35 Td (1.4 ) Tj ET Q q 0 0 0 rg BT 136.03 107.35 Td (and ) Tj ET Q q 0 0 0 rg BT 155.49 107.35 Td (1) Tj ET Q q 0 0 0 rg BT 160.31 107.35 Td (1.5 ) Tj ET Q q 0 0 0 rg BT 176.99 107.35 Td (percent ) Tj ET Q q 0 0 0 rg BT 213.12 107.35 Td (\(prior ) Tj ET Q q 0 0 0 rg BT 239.24 107.35 Td (between ) Tj ET Q q 0 0 0 rg BT 279.82 107.35 Td (1) Tj ET Q q 0 0 0 rg BT 284.64 107.35 Td (1.3 ) Tj ET Q q 0 0 0 rg BT 301.32 107.35 Td (and ) Tj ET Q q 0 0 0 rg BT 320.78 107.35 Td (1) Tj ET Q q 0 0 0 rg BT 325.60 107.35 Td (1.5 ) Tj ET Q q 0 0 0 rg BT 342.28 107.35 Td (percent\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 83.35 Td (The ) Tj ET Q q 0 0 0 rg BT 69.27 83.35 Td (change ) Tj ET Q q 0 0 0 rg BT 104.62 83.35 Td (in ) Tj ET Q q 0 0 0 rg BT 114.95 83.35 Td (revenue ) Tj ET Q q 0 0 0 rg BT 153.63 83.35 Td (and ) Tj ET Q q 0 0 0 rg BT 172.86 83.35 Td (expense ) Tj ET Q q 0 0 0 rg BT 213.21 83.35 Td (classification ) Tj ET Q q 0 0 0 rg BT 272.44 83.35 Td (under ) Tj ET Q q 0 0 0 rg BT 300.56 83.35 Td (the ) Tj ET Q q 0 0 0 rg BT 317.00 83.35 Td (new ) Tj ET Q q 0 0 0 rg BT 337.89 83.35 Td (revenue ) Tj ET Q q 0 0 0 rg BT 376.57 83.35 Td (accounting ) Tj ET Q q 0 0 0 rg BT 427.48 83.35 Td (standard ) Tj ET Q q 0 0 0 rg BT 468.94 83.35 Td (is ) Tj ET Q q 0 0 0 rg BT 478.70 83.35 Td (expected ) Tj ET Q q 0 0 0 rg BT 521.83 83.35 Td (to ) Tj ET Q q 0 0 0 rg BT 532.71 83.35 Td (have ) Tj ET Q q 0 0 0 rg BT 556.94 83.35 Td (a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 71.35 Td (15 ) Tj ET Q q 0 0 0 rg BT 64.00 71.35 Td (to ) Tj ET Q q 0 0 0 rg BT 75.72 71.35 Td (20 ) Tj ET Q q 0 0 0 rg BT 90.22 71.35 Td (basis ) Tj ET Q q 0 0 0 rg BT 116.94 71.35 Td (point ) Tj ET Q q 0 0 0 rg BT 142.00 71.35 Td (negative ) Tj ET Q q 0 0 0 rg BT 183.18 71.35 Td (ef) Tj ET Q q 0 0 0 rg BT 191.34 71.35 Td (fect ) Tj ET Q q 0 0 0 rg BT 210.84 71.35 Td (on ) Tj ET Q q 0 0 0 rg BT 225.33 71.35 Td (reported ) Tj ET Q q 0 0 0 rg BT 265.96 71.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 311.03 71.35 Td (margin ) Tj ET Q q 0 0 0 rg BT 344.98 71.35 Td (rate ) Tj ET Q q 0 0 0 rg BT 365.58 71.35 Td (for ) Tj ET Q q 0 0 0 rg BT 380.63 71.35 Td (2018 ) Tj ET Q q 0 0 0 rg BT 406.25 71.35 Td (but ) Tj ET Q q 0 0 0 rg BT 423.53 71.35 Td (no ) Tj ET Q q 0 0 0 rg BT 438.03 71.35 Td (ef) Tj ET Q q 0 0 0 rg BT 446.19 71.35 Td (fect ) Tj ET Q q 0 0 0 rg BT 465.68 71.35 Td (on ) Tj ET Q q 0 0 0 rg BT 480.18 71.35 Td (reported ) Tj ET Q q 0 0 0 rg BT 520.81 71.35 Td (operating ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 59.35 Td (income.) 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 /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 748.75 Td (Income T) Tj ET Q q 0 0 0 rg BT 92.65 748.75 Td (ax Expense) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 724.75 Td (The ) Tj ET Q q 0 0 0 rg BT 69.83 724.75 Td (company ) Tj ET Q q 0 0 0 rg BT 113.51 724.75 Td (expects ) Tj ET Q q 0 0 0 rg BT 151.07 724.75 Td (an ) Tj ET Q q 0 0 0 rg BT 165.30 724.75 Td (estimated ) Tj ET Q q 0 0 0 rg BT 211.75 724.75 Td (full-year ) Tj ET Q q 0 0 0 rg BT 250.42 724.75 Td (ef) Tj ET Q q 0 0 0 rg BT 258.58 724.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 290.58 724.75 Td (income ) Tj ET Q q 0 0 0 rg BT 325.92 724.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 342.36 724.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 362.69 724.75 Td (of ) Tj ET Q q 0 0 0 rg BT 374.13 724.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 439.49 724.75 Td (22 ) Tj ET Q q 0 0 0 rg BT 453.71 724.75 Td (percent, ) Tj ET Q q 0 0 0 rg BT 492.94 724.75 Td (which ) Tj ET Q q 0 0 0 rg BT 521.61 724.75 Td (reflects ) Tj ET Q q 0 0 0 rg BT 556.94 724.75 Td (a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 712.75 Td (lower ) Tj ET Q q 0 0 0 rg BT 76.44 712.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 98.94 712.75 Td (federal ) Tj ET Q q 0 0 0 rg BT 132.56 712.75 Td (statutory ) Tj ET Q q 0 0 0 rg BT 173.96 712.75 Td (income ) Tj ET Q q 0 0 0 rg BT 209.24 712.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 225.63 712.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 245.91 712.75 Td (as ) Tj ET Q q 0 0 0 rg BT 259.51 712.75 Td (a ) Tj ET Q q 0 0 0 rg BT 268.12 712.75 Td (result ) Tj ET Q q 0 0 0 rg BT 295.62 712.75 Td (of ) Tj ET Q q 0 0 0 rg BT 307.01 712.75 Td (the ) Tj ET Q q 0 0 0 rg BT 323.76 712.75 Td (TCJA) Tj ET Q q 0 0 0 rg BT 348.21 712.75 Td ( ) Tj ET Q q 0 0 0 rg BT 351.25 712.75 Td (and ) Tj ET Q q 0 0 0 rg BT 370.99 712.75 Td (which ) Tj ET Q q 0 0 0 rg BT 399.60 712.75 Td (may ) Tj ET Q q 0 0 0 rg BT 421.54 712.75 Td (be ) Tj ET Q q 0 0 0 rg BT 435.71 712.75 Td (materially ) Tj ET Q q 0 0 0 rg BT 481.54 712.75 Td (af) Tj ET Q q 0 0 0 rg BT 489.70 712.75 Td (fected ) Tj ET Q q 0 0 0 rg BT 519.99 712.75 Td (by ) Tj ET Q q 0 0 0 rg BT 533.60 712.75 Td (further ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 700.75 Td (refinement ) Tj ET Q q 0 0 0 rg BT 99.75 700.75 Td (of ) Tj ET Q q 0 0 0 rg BT 111.09 700.75 Td (our ) Tj ET Q q 0 0 0 rg BT 128.55 700.75 Td (2017 ) Tj ET Q q 0 0 0 rg BT 153.60 700.75 Td (TCJA) Tj ET Q q 0 0 0 rg BT 178.05 700.75 Td ( ) Tj ET Q q 0 0 0 rg BT 181.06 700.75 Td (provisional ) Tj ET Q q 0 0 0 rg BT 231.86 700.75 Td (estimates ) Tj ET Q q 0 0 0 rg BT 277.66 700.75 Td (as ) Tj ET Q q 0 0 0 rg BT 291.22 700.75 Td (well ) Tj ET Q q 0 0 0 rg BT 311.45 700.75 Td (as ) Tj ET Q q 0 0 0 rg BT 325.02 700.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 365.83 700.75 Td (in ) Tj ET Q q 0 0 0 rg BT 376.62 700.75 Td (our ) Tj ET Q q 0 0 0 rg BT 394.07 700.75 Td (geographic ) Tj ET Q q 0 0 0 rg BT 446.56 700.75 Td (mix ) Tj ET Q q 0 0 0 rg BT 465.11 700.75 Td (of ) Tj ET Q q 0 0 0 rg BT 476.46 700.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 510.58 700.75 Td (income ) Tj ET Q q 0 0 0 rg BT 545.82 700.75 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 688.75 Td (other ) Tj ET Q q 0 0 0 rg BT 75.07 688.75 Td (discrete ) Tj ET Q q 0 0 0 rg BT 112.86 688.75 Td (events ) Tj ET Q q 0 0 0 rg BT 145.11 688.75 Td (that ) Tj ET Q q 0 0 0 rg BT 164.56 688.75 Td (may ) Tj ET Q q 0 0 0 rg BT 186.23 688.75 Td (occur ) Tj ET Q q 0 0 0 rg BT 213.46 688.75 Td (during ) Tj ET Q q 0 0 0 rg BT 244.04 688.75 Td (the ) Tj ET Q q 0 0 0 rg BT 260.72 688.75 Td (year) Tj ET Q q 0 0 0 rg BT 279.62 688.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 664.75 Td (The ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 70.02 664.75 Td (T) Tj ET Q q 0 0 0 rg BT 75.39 664.75 Td (ax ) Tj ET Q q 0 0 0 rg BT 89.80 664.75 Td (Reform) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 124.81 664.75 Td ( ) Tj ET Q q 0 0 0 rg BT 128.10 664.75 Td (section ) Tj ET Q q 0 0 0 rg BT 163.07 664.75 Td (below ) Tj ET Q q 0 0 0 rg BT 192.49 664.75 Td (contains ) Tj ET Q q 0 0 0 rg BT 233.03 664.75 Td (a ) Tj ET Q q 0 0 0 rg BT 241.88 664.75 Td (more ) Tj ET Q q 0 0 0 rg BT 267.96 664.75 Td (detailed ) Tj ET Q q 0 0 0 rg BT 306.28 664.75 Td (discussion ) Tj ET Q q 0 0 0 rg BT 356.26 664.75 Td (of ) Tj ET Q q 0 0 0 rg BT 367.89 664.75 Td (the ) Tj ET Q q 0 0 0 rg BT 385.08 664.75 Td (factors ) Tj ET Q q 0 0 0 rg BT 418.38 664.75 Td (that ) Tj ET Q q 0 0 0 rg BT 438.35 664.75 Td (may ) Tj ET Q q 0 0 0 rg BT 460.54 664.75 Td (af) Tj ET Q q 0 0 0 rg BT 468.69 664.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 488.10 664.75 Td (2018 ) Tj ET Q q 0 0 0 rg BT 513.64 664.75 Td (income ) Tj ET Q q 0 0 0 rg BT 549.17 664.75 Td (tax ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 652.75 Td (expense.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 628.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 68.39 628.75 Td (Income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 604.75 Td (The ) Tj ET Q q 0 0 0 rg BT 70.14 604.75 Td (company ) Tj ET Q q 0 0 0 rg BT 114.12 604.75 Td (expects ) Tj ET Q q 0 0 0 rg BT 151.98 604.75 Td (2018 ) Tj ET Q q 0 0 0 rg BT 177.63 604.75 Td (net ) Tj ET Q q 0 0 0 rg BT 194.94 604.75 Td (income ) Tj ET Q q 0 0 0 rg BT 230.58 604.75 Td (between ) Tj ET Q q 0 0 0 rg BT 271.79 604.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 337.44 604.75 Td ($213 ) Tj ET Q q 0 0 0 rg BT 363.09 604.75 Td (million ) Tj ET Q q 0 0 0 rg BT 394.84 604.75 Td (and ) Tj ET Q q 0 0 0 rg BT 414.93 604.75 Td ($220 ) Tj ET Q q 0 0 0 rg BT 440.58 604.75 Td (million ) Tj ET Q q 0 0 0 rg BT 472.32 604.75 Td (\(prior ) Tj ET Q q 0 0 0 rg BT 499.06 604.75 Td (between ) Tj ET Q q 0 0 0 rg BT 540.27 604.75 Td ($203 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 592.75 Td (million ) Tj ET Q q 0 0 0 rg BT 81.86 592.75 Td (and ) Tj ET Q q 0 0 0 rg BT 102.57 592.75 Td ($21) Tj ET Q q 0 0 0 rg BT 118.51 592.75 Td (1 ) Tj ET Q q 0 0 0 rg BT 128.10 592.75 Td (million\), ) Tj ET Q q 0 0 0 rg BT 166.57 592.75 Td (and ) Tj ET Q q 0 0 0 rg BT 187.27 592.75 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 234.90 592.75 Td ( ) Tj ET Q q 0 0 0 rg BT 238.92 592.75 Td (net ) Tj ET Q q 0 0 0 rg BT 256.84 592.75 Td (income ) Tj ET Q q 0 0 0 rg BT 293.10 592.75 Td (between ) Tj ET Q q 0 0 0 rg BT 334.93 592.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 401.20 592.75 Td ($231 ) Tj ET Q q 0 0 0 rg BT 427.47 592.75 Td (million ) Tj ET Q q 0 0 0 rg BT 459.83 592.75 Td (and ) Tj ET Q q 0 0 0 rg BT 480.54 592.75 Td ($238 ) Tj ET Q q 0 0 0 rg BT 506.81 592.75 Td (million ) Tj ET Q q 0 0 0 rg BT 539.17 592.75 Td (\(prior ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 580.75 Td (between ) Tj ET Q q 0 0 0 rg BT 90.16 580.75 Td ($224 ) Tj ET Q q 0 0 0 rg BT 115.26 580.75 Td (million ) Tj ET Q q 0 0 0 rg BT 146.46 580.75 Td (and ) Tj ET Q q 0 0 0 rg BT 166.00 580.75 Td ($231 ) Tj ET Q q 0 0 0 rg BT 191.10 580.75 Td (million\), ) Tj ET Q q 0 0 0 rg BT 228.40 580.75 Td (or ) Tj ET Q q 0 0 0 rg BT 240.15 580.75 Td (diluted ) Tj ET Q q 0 0 0 rg BT 272.47 580.75 Td (earnings ) Tj ET Q q 0 0 0 rg BT 313.68 580.75 Td (per ) Tj ET Q q 0 0 0 rg BT 330.99 580.75 Td (share ) Tj ET Q q 0 0 0 rg BT 358.86 580.75 Td (between ) Tj ET Q q 0 0 0 rg BT 399.52 580.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 464.63 580.75 Td ($3.01 ) Tj ET Q q 0 0 0 rg BT 492.50 580.75 Td (and ) Tj ET Q q 0 0 0 rg BT 512.04 580.75 Td ($3.1) Tj ET Q q 0 0 0 rg BT 530.76 580.75 Td (1 ) Tj ET Q q 0 0 0 rg BT 539.18 580.75 Td (\(prior ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 568.75 Td (between ) Tj ET Q q 0 0 0 rg BT 89.81 568.75 Td ($2.88 ) Tj ET Q q 0 0 0 rg BT 117.34 568.75 Td (and ) Tj ET Q q 0 0 0 rg BT 136.53 568.75 Td ($2.98\), ) Tj ET Q q 0 0 0 rg BT 170.16 568.75 Td (and ) Tj ET Q q 0 0 0 rg BT 189.35 568.75 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 236.97 568.75 Td ( ) Tj ET Q q 0 0 0 rg BT 239.47 568.75 Td (diluted ) Tj ET Q q 0 0 0 rg BT 271.44 568.75 Td (earnings ) Tj ET Q q 0 0 0 rg BT 312.31 568.75 Td (per ) Tj ET Q q 0 0 0 rg BT 329.26 568.75 Td (share ) Tj ET Q q 0 0 0 rg BT 356.78 568.75 Td (between ) Tj ET Q q 0 0 0 rg BT 397.09 568.75 Td ($3.27 ) Tj ET Q q 0 0 0 rg BT 424.62 568.75 Td (and ) Tj ET Q q 0 0 0 rg BT 443.81 568.75 Td ($3.37 ) Tj ET Q q 0 0 0 rg BT 471.33 568.75 Td (\(prior ) Tj ET Q q 0 0 0 rg BT 497.17 568.75 Td (between ) Tj ET Q q 0 0 0 rg BT 537.48 568.75 Td ($3.17 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 556.75 Td (and ) Tj ET Q q 0 0 0 rg BT 68.96 556.75 Td ($3.27\).) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 532.75 Td (Foreign ) Tj ET Q q 0 0 0 rg BT 88.94 532.75 Td (Currency) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 508.75 Td (Foreign currency is expected to benefit net sales growth by approximately 150 basis points versus prior ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 496.75 Td (expectations for a benefit of approximately 75 basis points. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 472.75 Td (Foreign currency is expected to have a favorable ef) Tj ET Q q 0 0 0 rg BT 276.67 472.75 Td (fect of approximately $0.13 on full year 2018 diluted earnings ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 460.75 Td (per share, comprising favorable gross margin ef) Tj ET Q q 0 0 0 rg BT 261.08 460.75 Td (fects from foreign currency hedge rates, and to a lesser degree the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 448.75 Td (translation of net income, including unfavorable ef) Tj ET Q q 0 0 0 rg BT 269.46 448.75 Td (fects from foreign currency translation of SG&A) Tj ET Q q 0 0 0 rg BT 477.88 448.75 Td ( expenses.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 424.75 Td (First ) Tj ET Q q 0 0 0 rg BT 73.95 424.75 Td (Half ) Tj ET Q q 0 0 0 rg BT 95.62 424.75 Td (2018 ) Tj ET Q q 0 0 0 rg BT 120.64 424.75 Td (Outlook ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 400.75 Td (The above outlook also anticipates: ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 376.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 376.75 Td (net sales growth of low-teens percent in the first half of the year;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 364.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 364.75 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 133.12 364.75 Td ( net sales growth of low-double-digit percent in the first half of the year;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 352.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 352.75 Td (first half operating income to be approximately $15 million to $20 million higher than the comparable 2017 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 340.75 Td (period; and) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 328.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 328.75 Td (first half non-GAAP) Tj ET Q q 0 0 0 rg BT 170.91 328.75 Td ( operating income to be approximately $25 million to $30 million higher than the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 316.75 Td (comparable 2017 period.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 292.75 Td (Our guidance anticipates more pronounced SG&A) Tj ET Q q 0 0 0 rg BT 271.30 292.75 Td ( deleverage in the second half of the year than in the first half of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 280.75 Td (the year due to the timing of accelerated investment in our strategic priorities.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 256.75 Td (Balance ) Tj ET Q q 0 0 0 rg BT 90.63 256.75 Td (Sheet ) Tj ET Q q 0 0 0 rg BT 120.64 256.75 Td (and ) Tj ET Q q 0 0 0 rg BT 141.20 256.75 Td (Cash ) Tj ET Q q 0 0 0 rg BT 168.43 256.75 Td (Flows) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 232.75 Td (Adjusting ) Tj ET Q q 0 0 0 rg BT 92.86 232.75 Td (for ) Tj ET Q q 0 0 0 rg BT 106.75 232.75 Td (the ) Tj ET Q q 0 0 0 rg BT 122.87 232.75 Td (reclassification ) Tj ET Q q 0 0 0 rg BT 190.67 232.75 Td (of ) Tj ET Q q 0 0 0 rg BT 201.23 232.75 Td (the ) Tj ET Q q 0 0 0 rg BT 217.35 232.75 Td (estimated ) Tj ET Q q 0 0 0 rg BT 262.92 232.75 Td (cost ) Tj ET Q q 0 0 0 rg BT 283.48 232.75 Td (of ) Tj ET Q q 0 0 0 rg BT 294.04 232.75 Td (inventory ) Tj ET Q q 0 0 0 rg BT 336.83 232.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 386.86 232.75 Td (with ) Tj ET Q q 0 0 0 rg BT 406.86 232.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 432.43 232.75 Td (returns ) Tj ET Q q 0 0 0 rg BT 465.77 232.75 Td (into ) Tj ET Q q 0 0 0 rg BT 484.11 232.75 Td (prepaid ) Tj ET Q q 0 0 0 rg BT 519.69 232.75 Td (expenses ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 220.75 Td (and ) Tj ET Q q 0 0 0 rg BT 68.77 220.75 Td (other ) Tj ET Q q 0 0 0 rg BT 94.15 220.75 Td (current ) Tj ET Q q 0 0 0 rg BT 127.87 220.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 159.36 220.75 Td (under ) Tj ET Q q 0 0 0 rg BT 187.52 220.75 Td (the ) Tj ET Q q 0 0 0 rg BT 204.01 220.75 Td (new ) Tj ET Q q 0 0 0 rg BT 224.94 220.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 263.67 220.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 314.63 220.75 Td (standard, ) Tj ET Q q 0 0 0 rg BT 358.91 220.75 Td (we ) Tj ET Q q 0 0 0 rg BT 374.28 220.75 Td (currently ) Tj ET Q q 0 0 0 rg BT 415.21 220.75 Td (expect ) Tj ET Q q 0 0 0 rg BT 447.27 220.75 Td (year-end ) Tj ET Q q 0 0 0 rg BT 489.32 220.75 Td (inventory ) Tj ET Q q 0 0 0 rg BT 532.49 220.75 Td (growth ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 208.75 Td (at ) Tj ET Q q 0 0 0 rg BT 61.08 208.75 Td (a ) Tj ET Q q 0 0 0 rg BT 69.89 208.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 90.36 208.75 Td (modestly ) Tj ET Q q 0 0 0 rg BT 133.62 208.75 Td (above ) Tj ET Q q 0 0 0 rg BT 164.10 208.75 Td (the ) Tj ET Q q 0 0 0 rg BT 181.25 208.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 201.72 208.75 Td (of ) Tj ET Q q 0 0 0 rg BT 213.30 208.75 Td (expected ) Tj ET Q q 0 0 0 rg BT 257.13 208.75 Td (net ) Tj ET Q q 0 0 0 rg BT 274.28 208.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 300.86 208.75 Td (growth ) Tj ET Q q 0 0 0 rg BT 334.12 208.75 Td (due ) Tj ET Q q 0 0 0 rg BT 354.05 208.75 Td (to ) Tj ET Q q 0 0 0 rg BT 365.63 208.75 Td (the ) Tj ET Q q 0 0 0 rg BT 382.77 208.75 Td (decision ) Tj ET Q q 0 0 0 rg BT 422.70 208.75 Td (to ) Tj ET Q q 0 0 0 rg BT 434.29 208.75 Td (make ) Tj ET Q q 0 0 0 rg BT 461.98 208.75 Td (opportunistic ) Tj ET Q q 0 0 0 rg BT 521.92 208.75 Td (inventory ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 196.75 Td (purchases ) Tj ET Q q 0 0 0 rg BT 98.42 196.75 Td (in ) Tj ET Q q 0 0 0 rg BT 108.98 196.75 Td (support ) Tj ET Q q 0 0 0 rg BT 145.11 196.75 Td (of ) Tj ET Q q 0 0 0 rg BT 156.23 196.75 Td (potential ) Tj ET Q q 0 0 0 rg BT 196.81 196.75 Td (demand ) Tj ET Q q 0 0 0 rg BT 235.73 196.75 Td (from ) Tj ET Q q 0 0 0 rg BT 258.51 196.75 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 312.99 196.75 Td (demand ) Tj ET Q q 0 0 0 rg BT 351.90 196.75 Td (creation ) Tj ET Q q 0 0 0 rg BT 390.26 196.75 Td (investments.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 172.75 Td (The ) Tj ET Q q 0 0 0 rg BT 70.86 172.75 Td (company ) Tj ET Q q 0 0 0 rg BT 115.56 172.75 Td (expects ) Tj ET Q q 0 0 0 rg BT 154.15 172.75 Td (2018 ) Tj ET Q q 0 0 0 rg BT 180.52 172.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 213.56 172.75 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 274.95 172.75 Td (of ) Tj ET Q q 0 0 0 rg BT 287.41 172.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 353.79 172.75 Td ($70 ) Tj ET Q q 0 0 0 rg BT 374.60 172.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 409.85 172.75 Td (comprised ) Tj ET Q q 0 0 0 rg BT 460.10 172.75 Td (of ) Tj ET Q q 0 0 0 rg BT 472.57 172.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 530.05 172.75 Td (in ) Tj ET Q q 0 0 0 rg BT 541.96 172.75 Td (DTC ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 160.75 Td (expansion, ) Tj ET Q q 0 0 0 rg BT 100.65 160.75 Td (information ) Tj ET Q q 0 0 0 rg BT 152.89 160.75 Td (technology) Tj ET Q q 0 0 0 rg BT 200.52 160.75 Td (, ) Tj ET Q q 0 0 0 rg BT 206.08 160.75 Td (project-based ) Tj ET Q q 0 0 0 rg BT 269.45 160.75 Td (and ) Tj ET Q q 0 0 0 rg BT 288.91 160.75 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 348.95 160.75 Td (capital.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 136.75 Td (The ) Tj ET Q q 0 0 0 rg BT 69.51 136.75 Td (company ) Tj ET Q q 0 0 0 rg BT 112.86 136.75 Td (expects ) Tj ET Q q 0 0 0 rg BT 150.11 136.75 Td (2018 ) Tj ET Q q 0 0 0 rg BT 175.13 136.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 219.61 136.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 243.51 136.75 Td (flow ) Tj ET Q q 0 0 0 rg BT 264.07 136.75 Td (of ) Tj ET Q q 0 0 0 rg BT 275.19 136.75 Td (up ) Tj ET Q q 0 0 0 rg BT 289.09 136.75 Td (to ) Tj ET Q q 0 0 0 rg BT 300.21 136.75 Td ($230 ) Tj ET Q q 0 0 0 rg BT 325.23 136.75 Td (million.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 112.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 69.59 112.75 Td (guidance ) Tj ET Q q 0 0 0 rg BT 113.59 112.75 Td (is ) Tj ET Q q 0 0 0 rg BT 124.23 112.75 Td (based ) Tj ET Q q 0 0 0 rg BT 154.89 112.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 180.55 112.75 Td (share ) Tj ET Q q 0 0 0 rg BT 208.99 112.75 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 267.43 112.75 Td (of) Tj ET Q q 0 0 0 rg BT 275.59 112.75 Td (fsetting ) Tj ET Q q 0 0 0 rg BT 311.25 112.75 Td (dilution ) Tj ET Q q 0 0 0 rg BT 346.35 112.75 Td (from ) Tj ET Q q 0 0 0 rg BT 369.77 112.75 Td (share ) Tj ET Q q 0 0 0 rg BT 398.20 112.75 Td (issuance ) Tj ET Q q 0 0 0 rg BT 441.08 112.75 Td (relating ) Tj ET Q q 0 0 0 rg BT 477.30 112.75 Td (to ) Tj ET Q q 0 0 0 rg BT 489.05 112.75 Td (employee ) Tj ET Q q 0 0 0 rg BT 535.83 112.75 Td (equity ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 100.75 Td (grants. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 76.75 Td (Capital ) Tj ET Q q 0 0 0 rg BT 85.25 76.75 Td (Allocation) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 51.55 Td (In ) Tj ET Q q 0 0 0 rg BT 60.03 51.55 Td (light ) Tj ET Q q 0 0 0 rg BT 80.56 51.55 Td (of ) Tj ET Q q 0 0 0 rg BT 91.08 51.55 Td (increased ) Tj ET Q q 0 0 0 rg BT 136.63 51.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 159.93 51.55 Td (balances, ) Tj ET Q q 0 0 0 rg BT 204.93 51.55 Td (strong ) Tj ET Q q 0 0 0 rg BT 234.91 51.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 258.21 51.55 Td (flow ) Tj ET Q q 0 0 0 rg BT 278.18 51.55 Td (generation, ) Tj ET Q q 0 0 0 rg BT 330.41 51.55 Td (and ) Tj ET Q q 0 0 0 rg BT 349.28 51.55 Td (our ) Tj ET Q q 0 0 0 rg BT 365.92 51.55 Td (repatriation ) Tj ET Q q 0 0 0 rg BT 418.13 51.55 Td (of ) Tj ET Q q 0 0 0 rg BT 428.66 51.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 460.86 51.55 Td (balances ) Tj ET Q q 0 0 0 rg BT 503.07 51.55 Td (currently ) Tj ET Q q 0 0 0 rg BT 543.60 51.55 Td (held ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 39.55 Td (in ) Tj ET Q q 0 0 0 rg BT 60.06 39.55 Td (foreign ) Tj ET Q q 0 0 0 rg BT 93.42 39.55 Td (jurisdictions, ) Tj ET Q q 0 0 0 rg BT 151.21 39.55 Td (the ) Tj ET Q q 0 0 0 rg BT 167.89 39.55 Td (company ) Tj ET Q q 0 0 0 rg BT 211.25 39.55 Td (is ) Tj ET Q q 0 0 0 rg BT 221.25 39.55 Td (providing ) Tj ET Q q 0 0 0 rg BT 264.61 39.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 310.20 39.55 Td (insight ) Tj ET Q q 0 0 0 rg BT 341.88 39.55 Td (into ) Tj ET Q q 0 0 0 rg BT 360.78 39.55 Td (its ) Tj ET Q q 0 0 0 rg BT 373.56 39.55 Td (priorities ) Tj ET Q q 0 0 0 rg BT 414.13 39.55 Td (for ) Tj ET Q q 0 0 0 rg BT 428.58 39.55 Td (use ) Tj ET Q q 0 0 0 rg BT 447.48 39.55 Td (of ) Tj ET Q q 0 0 0 rg BT 458.60 39.55 Td (cash. ) 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 /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 736.75 Td (First ) Tj ET Q q 0 0 0 rg BT 71.00 736.75 Td (and ) Tj ET Q q 0 0 0 rg BT 89.74 736.75 Td (foremost, ) Tj ET Q q 0 0 0 rg BT 133.48 736.75 Td (the ) Tj ET Q q 0 0 0 rg BT 149.44 736.75 Td (company ) Tj ET Q q 0 0 0 rg BT 192.07 736.75 Td (remains ) Tj ET Q q 0 0 0 rg BT 229.70 736.75 Td (committed ) Tj ET Q q 0 0 0 rg BT 277.88 736.75 Td (to ) Tj ET Q q 0 0 0 rg BT 288.27 736.75 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 341.48 736.75 Td (a ) Tj ET Q q 0 0 0 rg BT 349.09 736.75 Td (strong ) Tj ET Q q 0 0 0 rg BT 378.95 736.75 Td (balance ) Tj ET Q q 0 0 0 rg BT 416.03 736.75 Td (sheet ) Tj ET Q q 0 0 0 rg BT 442.55 736.75 Td (while ) Tj ET Q q 0 0 0 rg BT 467.40 736.75 Td (utilizing ) Tj ET Q q 0 0 0 rg BT 502.81 736.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 525.99 736.75 Td (to ) Tj ET Q q 0 0 0 rg BT 536.39 736.75 Td (invest ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 724.75 Td (in ) Tj ET Q q 0 0 0 rg BT 59.48 724.75 Td (growth ) Tj ET Q q 0 0 0 rg BT 91.70 724.75 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 151.16 724.75 Td (for ) Tj ET Q q 0 0 0 rg BT 165.03 724.75 Td (the ) Tj ET Q q 0 0 0 rg BT 181.13 724.75 Td (business. ) Tj ET Q q 0 0 0 rg BT 225.58 724.75 Td (W) Tj ET Q q 0 0 0 rg BT 234.83 724.75 Td (e ) Tj ET Q q 0 0 0 rg BT 242.60 724.75 Td (continue ) Tj ET Q q 0 0 0 rg BT 282.60 724.75 Td (to ) Tj ET Q q 0 0 0 rg BT 293.14 724.75 Td (believe ) Tj ET Q q 0 0 0 rg BT 327.03 724.75 Td (that ) Tj ET Q q 0 0 0 rg BT 345.91 724.75 Td (the ) Tj ET Q q 0 0 0 rg BT 362.02 724.75 Td (lowest ) Tj ET Q q 0 0 0 rg BT 392.56 724.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 410.31 724.75 Td (and ) Tj ET Q q 0 0 0 rg BT 429.20 724.75 Td (highest ) Tj ET Q q 0 0 0 rg BT 463.64 724.75 Td (return ) Tj ET Q q 0 0 0 rg BT 491.97 724.75 Td (for ) Tj ET Q q 0 0 0 rg BT 505.84 724.75 Td (the ) Tj ET Q q 0 0 0 rg BT 521.94 724.75 Td (company ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 712.75 Td (is ) Tj ET Q q 0 0 0 rg BT 58.90 712.75 Td (to ) Tj ET Q q 0 0 0 rg BT 69.42 712.75 Td (remain ) Tj ET Q q 0 0 0 rg BT 102.17 712.75 Td (focused ) Tj ET Q q 0 0 0 rg BT 139.38 712.75 Td (on ) Tj ET Q q 0 0 0 rg BT 152.68 712.75 Td (improving ) Tj ET Q q 0 0 0 rg BT 198.21 712.75 Td (results ) Tj ET Q q 0 0 0 rg BT 229.85 712.75 Td (in ) Tj ET Q q 0 0 0 rg BT 239.81 712.75 Td (the ) Tj ET Q q 0 0 0 rg BT 255.90 712.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 286.98 712.75 Td (that ) Tj ET Q q 0 0 0 rg BT 305.84 712.75 Td (we ) Tj ET Q q 0 0 0 rg BT 320.81 712.75 Td (already ) Tj ET Q q 0 0 0 rg BT 355.79 712.75 Td (own. ) Tj ET Q q 0 0 0 rg BT 379.09 712.75 Td (W) Tj ET Q q 0 0 0 rg BT 388.35 712.75 Td (e ) Tj ET Q q 0 0 0 rg BT 396.09 712.75 Td (will ) Tj ET Q q 0 0 0 rg BT 412.16 712.75 Td (also ) Tj ET Q q 0 0 0 rg BT 432.69 712.75 Td (look ) Tj ET Q q 0 0 0 rg BT 453.21 712.75 Td (to ) Tj ET Q q 0 0 0 rg BT 463.73 712.75 Td (return ) Tj ET Q q 0 0 0 rg BT 492.04 712.75 Td (40 ) Tj ET Q q 0 0 0 rg BT 505.34 712.75 Td (to ) Tj ET Q q 0 0 0 rg BT 515.87 712.75 Td (60 ) Tj ET Q q 0 0 0 rg BT 529.17 712.75 Td (percent ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 700.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.29 700.75 Td (free ) Tj ET Q q 0 0 0 rg BT 79.97 700.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 103.54 700.75 Td (flow) Tj ET Q q 0 0 0 rg BT 120.77 700.75 Td (, ) Tj ET Q q 0 0 0 rg BT 125.99 700.75 Td (defined ) Tj ET Q q 0 0 0 rg BT 161.25 700.75 Td (as ) Tj ET Q q 0 0 0 rg BT 174.26 700.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 218.40 700.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 241.97 700.75 Td (flow ) Tj ET Q q 0 0 0 rg BT 262.20 700.75 Td (less ) Tj ET Q q 0 0 0 rg BT 282.43 700.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 313.79 700.75 Td (expenditures, ) Tj ET Q q 0 0 0 rg BT 376.27 700.75 Td (to ) Tj ET Q q 0 0 0 rg BT 387.06 700.75 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 447.32 700.75 Td (by ) Tj ET Q q 0 0 0 rg BT 460.33 700.75 Td (increasing ) Tj ET Q q 0 0 0 rg BT 508.36 700.75 Td (our ) Tj ET Q q 0 0 0 rg BT 525.26 700.75 Td (dividend ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 688.75 Td (when ) Tj ET Q q 0 0 0 rg BT 76.42 688.75 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 130.01 688.75 Td (and ) Tj ET Q q 0 0 0 rg BT 149.71 688.75 Td (repurchasing ) Tj ET Q q 0 0 0 rg BT 210.53 688.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 243.55 688.75 Td (in ) Tj ET Q q 0 0 0 rg BT 254.34 688.75 Td (the ) Tj ET Q q 0 0 0 rg BT 271.25 688.75 Td (marketplace. ) Tj ET Q q 0 0 0 rg BT 331.51 688.75 Td (Finally) Tj ET Q q 0 0 0 rg BT 359.66 688.75 Td (, ) Tj ET Q q 0 0 0 rg BT 365.45 688.75 Td (we ) Tj ET Q q 0 0 0 rg BT 381.24 688.75 Td (have ) Tj ET Q q 0 0 0 rg BT 405.94 688.75 Td (demonstrated ) Tj ET Q q 0 0 0 rg BT 470.09 688.75 Td (the ) Tj ET Q q 0 0 0 rg BT 487.00 688.75 Td (capacity ) Tj ET Q q 0 0 0 rg BT 526.70 688.75 Td (to ) Tj ET Q q 0 0 0 rg BT 538.04 688.75 Td (make ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 676.75 Td (and ) Tj ET Q q 0 0 0 rg BT 68.96 676.75 Td (integrate ) Tj ET Q q 0 0 0 rg BT 110.66 676.75 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 165.69 676.75 Td (as ) Tj ET Q q 0 0 0 rg BT 179.03 676.75 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 239.07 676.75 Td (arise.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 652.75 Td (The ) Tj ET Q q 0 0 0 rg BT 69.80 652.75 Td (enactment ) Tj ET Q q 0 0 0 rg BT 119.55 652.75 Td (of ) Tj ET Q q 0 0 0 rg BT 130.96 652.75 Td (the ) Tj ET Q q 0 0 0 rg BT 147.73 652.75 Td (TCJA) Tj ET Q q 0 0 0 rg BT 172.17 652.75 Td ( ) Tj ET Q q 0 0 0 rg BT 175.24 652.75 Td (and ) Tj ET Q q 0 0 0 rg BT 194.99 652.75 Td (the ) Tj ET Q q 0 0 0 rg BT 211.95 652.75 Td (resulting ) Tj ET Q q 0 0 0 rg BT 252.82 652.75 Td (change ) Tj ET Q q 0 0 0 rg BT 288.69 652.75 Td (to ) Tj ET Q q 0 0 0 rg BT 300.09 652.75 Td (a ) Tj ET Q q 0 0 0 rg BT 308.72 652.75 Td (territorial ) Tj ET Q q 0 0 0 rg BT 350.68 652.75 Td (system ) Tj ET Q q 0 0 0 rg BT 385.41 652.75 Td (of ) Tj ET Q q 0 0 0 rg BT 396.82 652.75 Td (taxation ) Tj ET Q q 0 0 0 rg BT 434.91 652.75 Td (provided ) Tj ET Q q 0 0 0 rg BT 476.33 652.75 Td (us ) Tj ET Q q 0 0 0 rg BT 489.96 652.75 Td (with ) Tj ET Q q 0 0 0 rg BT 510.80 652.75 Td (significantly ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 640.75 Td (more ) Tj ET Q q 0 0 0 rg BT 75.23 640.75 Td (flexibility ) Tj ET Q q 0 0 0 rg BT 115.96 640.75 Td (to ) Tj ET Q q 0 0 0 rg BT 127.24 640.75 Td (repatriate ) Tj ET Q q 0 0 0 rg BT 172.43 640.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 205.95 640.75 Td (cash, ) Tj ET Q q 0 0 0 rg BT 232.79 640.75 Td (and ) Tj ET Q q 0 0 0 rg BT 252.42 640.75 Td (as ) Tj ET Q q 0 0 0 rg BT 265.92 640.75 Td (a ) Tj ET Q q 0 0 0 rg BT 274.42 640.75 Td (result ) Tj ET Q q 0 0 0 rg BT 301.82 640.75 Td (we ) Tj ET Q q 0 0 0 rg BT 317.54 640.75 Td (were ) Tj ET Q q 0 0 0 rg BT 342.16 640.75 Td (able ) Tj ET Q q 0 0 0 rg BT 364.01 640.75 Td (to ) Tj ET Q q 0 0 0 rg BT 375.29 640.75 Td (repatriate ) Tj ET Q q 0 0 0 rg BT 420.48 640.75 Td ($219.6 ) Tj ET Q q 0 0 0 rg BT 454.01 640.75 Td (million ) Tj ET Q q 0 0 0 rg BT 485.29 640.75 Td (of ) Tj ET Q q 0 0 0 rg BT 496.57 640.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 530.09 640.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 554.16 640.75 Td (to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 628.75 Td (the ) Tj ET Q q 0 0 0 rg BT 66.18 628.75 Td (United ) Tj ET Q q 0 0 0 rg BT 97.86 628.75 Td (States ) Tj ET Q q 0 0 0 rg BT 128.99 628.75 Td (in ) Tj ET Q q 0 0 0 rg BT 139.55 628.75 Td (early ) Tj ET Q q 0 0 0 rg BT 163.46 628.75 Td (April.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 604.75 Td (During the first quarter of 2018, the company repurchased 235,497 shares of common stock for $18.1 million, or an ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 592.75 Td (average of $76.84 per share.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 568.75 Td (At ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 61.73 568.75 Td (March31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 131.21 568.75 Td (, approximately $1) Tj ET Q q 0 0 0 rg BT 212.18 568.75 Td (19.8 million remained available under the current stock repurchase ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 556.75 Td (authorization, which does not obligate the company to acquire any specific number of shares or to acquire shares ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 544.75 Td (over any specified period of time.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 520.75 Td (During the first quarter of 2018, the company paid cash dividends of $) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 358.02 520.75 Td (15.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 408.60 520.75 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 495.55 Td (The ) Tj ET Q q 0 0 0 rg BT 68.64 495.55 Td (board ) Tj ET Q q 0 0 0 rg BT 96.12 495.55 Td (of ) Tj ET Q q 0 0 0 rg BT 106.36 495.55 Td (directors ) Tj ET Q q 0 0 0 rg BT 146.61 495.55 Td (has ) Tj ET Q q 0 0 0 rg BT 164.64 495.55 Td (authorized ) Tj ET Q q 0 0 0 rg BT 213.24 495.55 Td (a ) Tj ET Q q 0 0 0 rg BT 220.71 495.55 Td (regular ) Tj ET Q q 0 0 0 rg BT 253.74 495.55 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 294.55 495.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 317.58 495.55 Td (dividend ) Tj ET Q q 0 0 0 rg BT 356.74 495.55 Td (of$0.22per ) Tj ET Q q 0 0 0 rg BT 412.02 495.55 Td (share, ) Tj ET Q q 0 0 0 rg BT 441.71 495.55 Td (payable ) Tj ET Q q 0 0 0 rg BT 478.65 495.55 Td (onMay ) Tj ET Q q 0 0 0 rg BT 513.35 495.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 529.15 495.55 Td (2018to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 483.55 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 110.09 483.55 Td (of ) Tj ET Q q 0 0 0 rg BT 121.21 483.55 Td (record ) Tj ET Q q 0 0 0 rg BT 152.33 483.55 Td (onMay ) Tj ET Q q 0 0 0 rg BT 187.90 483.55 Td (17, ) Tj ET Q q 0 0 0 rg BT 204.58 483.55 Td (2018.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 459.55 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 100.98 459.55 Td ( ) Tj ET Q q 0 0 0 rg BT 103.76 459.55 Td (Financial ) Tj ET Q q 0 0 0 rg BT 149.88 459.55 Td (Measures) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 435.55 Td (With ) Tj ET Q q 0 0 0 rg BT 73.67 435.55 Td (respect ) Tj ET Q q 0 0 0 rg BT 110.64 435.55 Td (to ) Tj ET Q q 0 0 0 rg BT 123.16 435.55 Td (our ) Tj ET Q q 0 0 0 rg BT 141.79 435.55 Td (updated ) Tj ET Q q 0 0 0 rg BT 182.11 435.55 Td (full ) Tj ET Q q 0 0 0 rg BT 199.07 435.55 Td (year ) Tj ET Q q 0 0 0 rg BT 222.69 435.55 Td (2018 ) Tj ET Q q 0 0 0 rg BT 249.11 435.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 289.98 435.55 Td (outlook, ) Tj ET Q q 0 0 0 rg BT 329.18 435.55 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 376.80 435.55 Td ( ) Tj ET Q q 0 0 0 rg BT 380.97 435.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 421.84 435.55 Td (measures ) Tj ET Q q 0 0 0 rg BT 469.92 435.55 Td (exclude ) Tj ET Q q 0 0 0 rg BT 508.56 435.55 Td (net ) Tj ET Q q 0 0 0 rg BT 526.64 435.55 Td (sales ) Tj ET Q q 0 0 0 rg BT 554.16 435.55 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 423.55 Td (approximately ) Tj ET Q q 0 0 0 rg BT 114.21 423.55 Td ($40 ) Tj ET Q q 0 0 0 rg BT 133.34 423.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 166.92 423.55 Td (with ) Tj ET Q q 0 0 0 rg BT 187.15 423.55 Td (an ) Tj ET Q q 0 0 0 rg BT 200.73 423.55 Td (of) Tj ET Q q 0 0 0 rg BT 208.89 423.55 Td (fsetting ) Tj ET Q q 0 0 0 rg BT 243.58 423.55 Td (increase ) Tj ET Q q 0 0 0 rg BT 283.84 423.55 Td (in ) Tj ET Q q 0 0 0 rg BT 294.07 423.55 Td (SG&A) Tj ET Q q 0 0 0 rg BT 321.31 423.55 Td ( ) Tj ET Q q 0 0 0 rg BT 323.76 423.55 Td (expenses ) Tj ET Q q 0 0 0 rg BT 369.03 423.55 Td (of ) Tj ET Q q 0 0 0 rg BT 379.82 423.55 Td (approximately ) Tj ET Q q 0 0 0 rg BT 444.53 423.55 Td ($40 ) Tj ET Q q 0 0 0 rg BT 463.66 423.55 Td (million ) Tj ET Q q 0 0 0 rg BT 494.46 423.55 Td (associated ) Tj ET Q q 0 0 0 rg BT 544.72 423.55 Td (with ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 411.55 Td (the ) Tj ET Q q 0 0 0 rg BT 68.23 411.55 Td (new ) Tj ET Q q 0 0 0 rg BT 91.40 411.55 Td (revenue ) Tj ET Q q 0 0 0 rg BT 132.36 411.55 Td (accounting ) Tj ET Q q 0 0 0 rg BT 185.56 411.55 Td (standard, ) Tj ET Q q 0 0 0 rg BT 232.08 411.55 Td (as ) Tj ET Q q 0 0 0 rg BT 247.47 411.55 Td (well ) Tj ET Q q 0 0 0 rg BT 269.52 411.55 Td (as ) Tj ET Q q 0 0 0 rg BT 284.91 411.55 Td (Project ) Tj ET Q q 0 0 0 rg BT 320.86 411.55 Td (CONNECT) Tj ET Q q 0 0 0 rg BT 370.12 411.55 Td ( ) Tj ET Q q 0 0 0 rg BT 374.94 411.55 Td (program ) Tj ET Q q 0 0 0 rg BT 417.01 411.55 Td (expenses ) Tj ET Q q 0 0 0 rg BT 464.64 411.55 Td (and ) Tj ET Q q 0 0 0 rg BT 486.15 411.55 Td (discrete ) Tj ET Q q 0 0 0 rg BT 525.99 411.55 Td (costs ) Tj ET Q q 0 0 0 rg BT 554.16 411.55 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 399.55 Td (approximately$23 ) Tj ET Q q 0 0 0 rg BT 134.36 399.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 168.62 399.55 Td ($18 ) Tj ET Q q 0 0 0 rg BT 188.45 399.55 Td (million ) Tj ET Q q 0 0 0 rg BT 219.94 399.55 Td (net ) Tj ET Q q 0 0 0 rg BT 236.99 399.55 Td (of ) Tj ET Q q 0 0 0 rg BT 248.47 399.55 Td (tax, ) Tj ET Q q 0 0 0 rg BT 267.74 399.55 Td (or$0.25 ) Tj ET Q q 0 0 0 rg BT 307.58 399.55 Td (per ) Tj ET Q q 0 0 0 rg BT 325.18 399.55 Td (diluted ) Tj ET Q q 0 0 0 rg BT 357.79 399.55 Td (share ) Tj ET Q q 0 0 0 rg BT 385.95 399.55 Td (\(prior ) Tj ET Q q 0 0 0 rg BT 412.43 399.55 Td ($27 ) Tj ET Q q 0 0 0 rg BT 432.26 399.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 466.53 399.55 Td ($21 ) Tj ET Q q 0 0 0 rg BT 486.36 399.55 Td (million ) Tj ET Q q 0 0 0 rg BT 517.84 399.55 Td (net ) Tj ET Q q 0 0 0 rg BT 534.89 399.55 Td (of ) Tj ET Q q 0 0 0 rg BT 546.38 399.55 Td (tax, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 387.55 Td (or$0.29per ) Tj ET Q q 0 0 0 rg BT 106.20 387.55 Td (diluted ) Tj ET Q q 0 0 0 rg BT 138.45 387.55 Td (share\). ) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 49.5 361.96552734375 m 138.4208984375 361.96552734375 l s q 0 0 0 rg BT 49.50 363.55 Td (Strategic ) Tj ET Q q 0 0 0 rg BT 95.07 363.55 Td (Priorities) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 339.55 Td (As ) Tj ET Q q 0 0 0 rg BT 63.60 339.55 Td (part ) Tj ET Q q 0 0 0 rg BT 83.25 339.55 Td (of ) Tj ET Q q 0 0 0 rg BT 94.02 339.55 Td (the ) Tj ET Q q 0 0 0 rg BT 110.35 339.55 Td (company's ) Tj ET Q q 0 0 0 rg BT 160.26 339.55 Td (commitment ) Tj ET Q q 0 0 0 rg BT 217.14 339.55 Td (to ) Tj ET Q q 0 0 0 rg BT 227.91 339.55 Td (driving ) Tj ET Q q 0 0 0 rg BT 259.79 339.55 Td (sustainable ) Tj ET Q q 0 0 0 rg BT 312.81 339.55 Td (and ) Tj ET Q q 0 0 0 rg BT 331.92 339.55 Td (profitable ) Tj ET Q q 0 0 0 rg BT 375.49 339.55 Td (growth ) Tj ET Q q 0 0 0 rg BT 407.93 339.55 Td (and ) Tj ET Q q 0 0 0 rg BT 427.04 339.55 Td (relentless ) Tj ET Q q 0 0 0 rg BT 472.26 339.55 Td (improvement, ) Tj ET Q q 0 0 0 rg BT 535.27 339.55 Td (senior ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 327.55 Td (management ) Tj ET Q q 0 0 0 rg BT 110.65 327.55 Td (is ) Tj ET Q q 0 0 0 rg BT 120.65 327.55 Td (focused ) Tj ET Q q 0 0 0 rg BT 158.45 327.55 Td (on ) Tj ET Q q 0 0 0 rg BT 172.35 327.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 223.48 327.55 Td (in ) Tj ET Q q 0 0 0 rg BT 234.05 327.55 Td (our ) Tj ET Q q 0 0 0 rg BT 251.28 327.55 Td (strategic ) Tj ET Q q 0 0 0 rg BT 291.85 327.55 Td (priorities ) Tj ET Q q 0 0 0 rg BT 332.42 327.55 Td (including:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 303.55 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 303.55 Td (driving ) Tj ET Q q 0 0 0 rg BT 117.74 303.55 Td (brand ) Tj ET Q q 0 0 0 rg BT 146.09 303.55 Td (awareness ) Tj ET Q q 0 0 0 rg BT 197.23 303.55 Td (and ) Tj ET Q q 0 0 0 rg BT 216.69 303.55 Td (sales ) Tj ET Q q 0 0 0 rg BT 242.81 303.55 Td (growth ) Tj ET Q q 0 0 0 rg BT 275.61 303.55 Td (through ) Tj ET Q q 0 0 0 rg BT 312.30 303.55 Td (increased, ) Tj ET Q q 0 0 0 rg BT 361.22 303.55 Td (focused ) Tj ET Q q 0 0 0 rg BT 399.02 303.55 Td (demand ) Tj ET Q q 0 0 0 rg BT 437.94 303.55 Td (creation ) Tj ET Q q 0 0 0 rg BT 476.29 303.55 Td (investments; ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 286.15 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 286.15 Td (enhancing ) Tj ET Q q 0 0 0 rg BT 134.43 286.15 Td (consumer ) Tj ET Q q 0 0 0 rg BT 181.12 286.15 Td (experience ) Tj ET Q q 0 0 0 rg BT 232.81 286.15 Td (and ) Tj ET Q q 0 0 0 rg BT 252.28 286.15 Td (digital ) Tj ET Q q 0 0 0 rg BT 281.18 286.15 Td (capabilities ) Tj ET Q q 0 0 0 rg BT 333.43 286.15 Td (in ) Tj ET Q q 0 0 0 rg BT 344.00 286.15 Td (all ) Tj ET Q q 0 0 0 rg BT 356.78 286.15 Td (our ) Tj ET Q q 0 0 0 rg BT 374.01 286.15 Td (channels ) Tj ET Q q 0 0 0 rg BT 416.82 286.15 Td (and ) Tj ET Q q 0 0 0 rg BT 436.28 286.15 Td (geographies; ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 268.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 268.75 Td (expanding ) Tj ET Q q 0 0 0 rg BT 134.43 268.75 Td (and ) Tj ET Q q 0 0 0 rg BT 153.89 268.75 Td (improving ) Tj ET Q q 0 0 0 rg BT 200.02 268.75 Td (global ) Tj ET Q q 0 0 0 rg BT 229.49 268.75 Td (DTC ) Tj ET Q q 0 0 0 rg BT 252.82 268.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 302.30 268.75 Td (with ) Tj ET Q q 0 0 0 rg BT 322.86 268.75 Td (supporting ) Tj ET Q q 0 0 0 rg BT 372.34 268.75 Td (processes ) Tj ET Q q 0 0 0 rg BT 420.69 268.75 Td (and ) Tj ET Q q 0 0 0 rg BT 440.15 268.75 Td (systems; ) Tj ET Q q 0 0 0 rg BT 482.38 268.75 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 251.35 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 251.35 Td (investing ) Tj ET Q q 0 0 0 rg BT 127.75 251.35 Td (in ) Tj ET Q q 0 0 0 rg BT 138.31 251.35 Td (our ) Tj ET Q q 0 0 0 rg BT 155.54 251.35 Td (people ) Tj ET Q q 0 0 0 rg BT 188.35 251.35 Td (and ) Tj ET Q q 0 0 0 rg BT 207.81 251.35 Td (optimizing ) Tj ET Q q 0 0 0 rg BT 255.61 251.35 Td (our ) Tj ET Q q 0 0 0 rg BT 272.84 251.35 Td (organization ) Tj ET Q q 0 0 0 rg BT 330.10 251.35 Td (across ) Tj ET Q q 0 0 0 rg BT 362.33 251.35 Td (our ) Tj ET Q q 0 0 0 rg BT 379.56 251.35 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 417.92 251.35 Td (of ) Tj ET Q q 0 0 0 rg BT 429.04 251.35 Td (brands.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 227.35 Td (Ultimately) Tj ET Q q 0 0 0 rg BT 92.65 227.35 Td (, ) Tj ET Q q 0 0 0 rg BT 98.67 227.35 Td (we ) Tj ET Q q 0 0 0 rg BT 114.68 227.35 Td (expect ) Tj ET Q q 0 0 0 rg BT 147.38 227.35 Td (our ) Tj ET Q q 0 0 0 rg BT 165.07 227.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 221.66 227.35 Td (to ) Tj ET Q q 0 0 0 rg BT 233.23 227.35 Td (accelerate ) Tj ET Q q 0 0 0 rg BT 282.60 227.35 Td (market ) Tj ET Q q 0 0 0 rg BT 316.40 227.35 Td (share ) Tj ET Q q 0 0 0 rg BT 344.65 227.35 Td (capture ) Tj ET Q q 0 0 0 rg BT 381.24 227.35 Td (across ) Tj ET Q q 0 0 0 rg BT 413.93 227.35 Td (our ) Tj ET Q q 0 0 0 rg BT 431.61 227.35 Td (brand ) Tj ET Q q 0 0 0 rg BT 460.42 227.35 Td (portfolio, ) Tj ET Q q 0 0 0 rg BT 502.01 227.35 Td (expand ) Tj ET Q q 0 0 0 rg BT 538.05 227.35 Td (gross ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 215.35 Td (margin, ) Tj ET Q q 0 0 0 rg BT 85.62 215.35 Td (improve ) Tj ET Q q 0 0 0 rg BT 123.97 215.35 Td (SG&A) Tj ET Q q 0 0 0 rg BT 151.20 215.35 Td ( ) Tj ET Q q 0 0 0 rg BT 153.98 215.35 Td (expense ) Tj ET Q q 0 0 0 rg BT 194.57 215.35 Td (ef) Tj ET Q q 0 0 0 rg BT 202.73 215.35 Td (ficiency) Tj ET Q q 0 0 0 rg BT 235.33 215.35 Td (, ) Tj ET Q q 0 0 0 rg BT 240.89 215.35 Td (and ) Tj ET Q q 0 0 0 rg BT 260.35 215.35 Td (drive ) Tj ET Q q 0 0 0 rg BT 284.80 215.35 Td (improved ) Tj ET Q q 0 0 0 rg BT 328.71 215.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 373.19 215.35 Td (margin.) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 49.5 189.76552734375002 m 92.2880859375 189.76552734375002 l s q 0 0 0 rg BT 49.50 191.35 Td (China JV) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 167.35 Td (Our ) Tj ET Q q 0 0 0 rg BT 69.12 167.35 Td (focus ) Tj ET Q q 0 0 0 rg BT 95.96 167.35 Td (on ) Tj ET Q q 0 0 0 rg BT 110.03 167.35 Td (investing ) Tj ET Q q 0 0 0 rg BT 152.45 167.35 Td (in ) Tj ET Q q 0 0 0 rg BT 163.18 167.35 Td (the ) Tj ET Q q 0 0 0 rg BT 180.03 167.35 Td (areas ) Tj ET Q q 0 0 0 rg BT 207.99 167.35 Td (of ) Tj ET Q q 0 0 0 rg BT 219.28 167.35 Td (highest ) Tj ET Q q 0 0 0 rg BT 254.47 167.35 Td (growth ) Tj ET Q q 0 0 0 rg BT 287.43 167.35 Td (potential ) Tj ET Q q 0 0 0 rg BT 328.18 167.35 Td (for ) Tj ET Q q 0 0 0 rg BT 342.80 167.35 Td (our ) Tj ET Q q 0 0 0 rg BT 360.20 167.35 Td (business ) Tj ET Q q 0 0 0 rg BT 402.62 167.35 Td (have ) Tj ET Q q 0 0 0 rg BT 427.25 167.35 Td (driven ) Tj ET Q q 0 0 0 rg BT 457.43 167.35 Td (the ) Tj ET Q q 0 0 0 rg BT 474.28 167.35 Td (company's ) Tj ET Q q 0 0 0 rg BT 524.71 167.35 Td (strategic ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 155.35 Td (decision ) Tj ET Q q 0 0 0 rg BT 88.97 155.35 Td (to ) Tj ET Q q 0 0 0 rg BT 100.09 155.35 Td (buy ) Tj ET Q q 0 0 0 rg BT 118.99 155.35 Td (out ) Tj ET Q q 0 0 0 rg BT 135.67 155.35 Td (the ) Tj ET Q q 0 0 0 rg BT 152.35 155.35 Td (remaining ) Tj ET Q q 0 0 0 rg BT 199.04 155.35 Td (40 ) Tj ET Q q 0 0 0 rg BT 212.94 155.35 Td (percent ) Tj ET Q q 0 0 0 rg BT 249.07 155.35 Td (non-controlling ) Tj ET Q q 0 0 0 rg BT 317.44 155.35 Td (interest ) Tj ET Q q 0 0 0 rg BT 353.02 155.35 Td (in ) Tj ET Q q 0 0 0 rg BT 363.58 155.35 Td (our ) Tj ET Q q 0 0 0 rg BT 380.81 155.35 Td (China ) Tj ET Q q 0 0 0 rg BT 409.71 155.35 Td (joint ) Tj ET Q q 0 0 0 rg BT 430.84 155.35 Td (venture. ) Tj ET Q q 0 0 0 rg BT 469.75 155.35 Td ( ) Tj ET Q q 0 0 0 rg BT 472.53 155.35 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 131.35 Td (The ) Tj ET Q q 0 0 0 rg BT 69.13 131.35 Td (joint ) Tj ET Q q 0 0 0 rg BT 89.87 131.35 Td (venture's ) Tj ET Q q 0 0 0 rg BT 132.54 131.35 Td (2017 ) Tj ET Q q 0 0 0 rg BT 157.18 131.35 Td (net ) Tj ET Q q 0 0 0 rg BT 173.48 131.35 Td (sales ) Tj ET Q q 0 0 0 rg BT 199.22 131.35 Td (totaled ) Tj ET Q q 0 0 0 rg BT 231.65 131.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 296.29 131.35 Td ($168 ) Tj ET Q q 0 0 0 rg BT 320.94 131.35 Td (million, ) Tj ET Q q 0 0 0 rg BT 354.46 131.35 Td (generating ) Tj ET Q q 0 0 0 rg BT 404.12 131.35 Td (low-teens ) Tj ET Q q 0 0 0 rg BT 449.31 131.35 Td (percent ) Tj ET Q q 0 0 0 rg BT 485.06 131.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 529.16 131.35 Td (margin. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 119.35 Td (Sales ) Tj ET Q q 0 0 0 rg BT 77.63 119.35 Td (are ) Tj ET Q q 0 0 0 rg BT 95.20 119.35 Td (expected ) Tj ET Q q 0 0 0 rg BT 138.91 119.35 Td (to ) Tj ET Q q 0 0 0 rg BT 150.36 119.35 Td (achieve ) Tj ET Q q 0 0 0 rg BT 187.95 119.35 Td (low-double-digit ) Tj ET Q q 0 0 0 rg BT 261.11 119.35 Td (percent ) Tj ET Q q 0 0 0 rg BT 297.58 119.35 Td (growth ) Tj ET Q q 0 0 0 rg BT 330.71 119.35 Td (\(mid-single-digit ) Tj ET Q q 0 0 0 rg BT 404.40 119.35 Td (percent ) Tj ET Q q 0 0 0 rg BT 440.88 119.35 Td (constant ) Tj ET Q q 0 0 0 rg BT 481.80 119.35 Td (currency\) ) Tj ET Q q 0 0 0 rg BT 526.59 119.35 Td (in ) Tj ET Q q 0 0 0 rg BT 537.49 119.35 Td (2018. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 107.35 Td (As ) Tj ET Q q 0 0 0 rg BT 64.32 107.35 Td (of ) Tj ET Q q 0 0 0 rg BT 75.82 107.35 Td (December ) Tj ET Q q 0 0 0 rg BT 125.10 107.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 142.16 107.35 Td (2017, ) Tj ET Q q 0 0 0 rg BT 170.33 107.35 Td (the ) Tj ET Q q 0 0 0 rg BT 187.39 107.35 Td (joint ) Tj ET Q q 0 0 0 rg BT 208.89 107.35 Td (venture ) Tj ET Q q 0 0 0 rg BT 245.40 107.35 Td (operated ) Tj ET Q q 0 0 0 rg BT 288.03 107.35 Td (86 ) Tj ET Q q 0 0 0 rg BT 302.31 107.35 Td (retail ) Tj ET Q q 0 0 0 rg BT 327.14 107.35 Td (store ) Tj ET Q q 0 0 0 rg BT 352.52 107.35 Td (locations ) Tj ET Q q 0 0 0 rg BT 395.14 107.35 Td (in ) Tj ET Q q 0 0 0 rg BT 406.08 107.35 Td (China. ) Tj ET Q q 0 0 0 rg BT 438.14 107.35 Td (In ) Tj ET Q q 0 0 0 rg BT 449.64 107.35 Td (addition, ) Tj ET Q q 0 0 0 rg BT 490.60 107.35 Td (the ) Tj ET Q q 0 0 0 rg BT 507.65 107.35 Td (joint ) Tj ET Q q 0 0 0 rg BT 529.15 107.35 Td (venture ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 95.35 Td (sells ) Tj ET Q q 0 0 0 rg BT 71.93 95.35 Td (its ) Tj ET Q q 0 0 0 rg BT 84.35 95.35 Td (products ) Tj ET Q q 0 0 0 rg BT 125.12 95.35 Td (through ) Tj ET Q q 0 0 0 rg BT 161.46 95.35 Td (brand-specific ) Tj ET Q q 0 0 0 rg BT 226.13 95.35 Td (e-commerce ) Tj ET Q q 0 0 0 rg BT 284.12 95.35 Td (websites ) Tj ET Q q 0 0 0 rg BT 325.45 95.35 Td (in ) Tj ET Q q 0 0 0 rg BT 335.65 95.35 Td (China ) Tj ET Q q 0 0 0 rg BT 364.20 95.35 Td (across ) Tj ET Q q 0 0 0 rg BT 396.08 95.35 Td (multiple ) Tj ET Q q 0 0 0 rg BT 432.96 95.35 Td (platforms ) Tj ET Q q 0 0 0 rg BT 476.50 95.35 Td (and ) Tj ET Q q 0 0 0 rg BT 495.61 95.35 Td (has ) Tj ET Q q 0 0 0 rg BT 514.15 95.35 Td (distribution ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 83.35 Td (relationships ) Tj ET Q q 0 0 0 rg BT 110.64 83.35 Td (with ) Tj ET Q q 0 0 0 rg BT 133.42 83.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 200.66 83.35 Td (50 ) Tj ET Q q 0 0 0 rg BT 216.78 83.35 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 266.25 83.35 Td (dealers ) Tj ET Q q 0 0 0 rg BT 304.04 83.35 Td (that ) Tj ET Q q 0 0 0 rg BT 325.72 83.35 Td (operate ) Tj ET Q q 0 0 0 rg BT 364.63 83.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 431.88 83.35 Td (750 ) Tj ET Q q 0 0 0 rg BT 453.56 83.35 Td (Columbia-branded ) Tj ET Q q 0 0 0 rg BT 540.82 83.35 Td (retail ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 71.35 Td (locations.) 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 /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 748.75 Td (Future ) Tj ET Q q 0 0 0 rg BT 80.20 748.75 Td (plans ) Tj ET Q q 0 0 0 rg BT 105.91 748.75 Td (include ) Tj ET Q q 0 0 0 rg BT 139.40 748.75 Td (continued ) Tj ET Q q 0 0 0 rg BT 184.57 748.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 239.73 748.75 Td (in ) Tj ET Q q 0 0 0 rg BT 249.31 748.75 Td (building ) Tj ET Q q 0 0 0 rg BT 285.59 748.75 Td (the ) Tj ET Q q 0 0 0 rg BT 301.29 748.75 Td (Columbia ) Tj ET Q q 0 0 0 rg BT 345.33 748.75 Td (brand ) Tj ET Q q 0 0 0 rg BT 372.71 748.75 Td (in ) Tj ET Q q 0 0 0 rg BT 382.30 748.75 Td (China, ) Tj ET Q q 0 0 0 rg BT 413.01 748.75 Td (e-commerce, ) Tj ET Q q 0 0 0 rg BT 473.15 748.75 Td (as ) Tj ET Q q 0 0 0 rg BT 485.52 748.75 Td (well ) Tj ET Q q 0 0 0 rg BT 504.54 748.75 Td (as ) Tj ET Q q 0 0 0 rg BT 516.91 748.75 Td (expansion ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 736.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.08 736.75 Td (direct ) Tj ET Q q 0 0 0 rg BT 86.78 736.75 Td (and ) Tj ET Q q 0 0 0 rg BT 105.70 736.75 Td (dealer-operated ) Tj ET Q q 0 0 0 rg BT 178.55 736.75 Td (retail ) Tj ET Q q 0 0 0 rg BT 202.46 736.75 Td (locations. ) Tj ET Q q 0 0 0 rg BT 246.95 736.75 Td (W) Tj ET Q q 0 0 0 rg BT 256.21 736.75 Td (e ) Tj ET Q q 0 0 0 rg BT 264.01 736.75 Td (intend ) Tj ET Q q 0 0 0 rg BT 293.50 736.75 Td (to ) Tj ET Q q 0 0 0 rg BT 304.08 736.75 Td (maintain ) Tj ET Q q 0 0 0 rg BT 344.12 736.75 Td (the ) Tj ET Q q 0 0 0 rg BT 360.26 736.75 Td (existing ) Tj ET Q q 0 0 0 rg BT 396.41 736.75 Td (management ) Tj ET Q q 0 0 0 rg BT 457.02 736.75 Td (team, ) Tj ET Q q 0 0 0 rg BT 484.27 736.75 Td (staf) Tj ET Q q 0 0 0 rg BT 500.21 736.75 Td (f, ) Tj ET Q q 0 0 0 rg BT 508.01 736.75 Td (dealers, ) Tj ET Q q 0 0 0 rg BT 545.82 736.75 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 724.75 Td (distribution ) Tj ET Q q 0 0 0 rg BT 100.03 724.75 Td (networks ) Tj ET Q q 0 0 0 rg BT 142.21 724.75 Td (that ) Tj ET Q q 0 0 0 rg BT 161.06 724.75 Td (have ) Tj ET Q q 0 0 0 rg BT 184.91 724.75 Td (helped ) Tj ET Q q 0 0 0 rg BT 217.11 724.75 Td (the ) Tj ET Q q 0 0 0 rg BT 233.18 724.75 Td (Columbia ) Tj ET Q q 0 0 0 rg BT 277.59 724.75 Td (brand ) Tj ET Q q 0 0 0 rg BT 305.33 724.75 Td (flourish ) Tj ET Q q 0 0 0 rg BT 339.73 724.75 Td (in ) Tj ET Q q 0 0 0 rg BT 349.69 724.75 Td (China. ) Tj ET Q q 0 0 0 rg BT 380.76 724.75 Td (W) Tj ET Q q 0 0 0 rg BT 390.02 724.75 Td (e ) Tj ET Q q 0 0 0 rg BT 397.75 724.75 Td (expect ) Tj ET Q q 0 0 0 rg BT 429.38 724.75 Td (to ) Tj ET Q q 0 0 0 rg BT 439.89 724.75 Td (complete ) Tj ET Q q 0 0 0 rg BT 482.63 724.75 Td (the ) Tj ET Q q 0 0 0 rg BT 498.70 724.75 Td (buyout ) Tj ET Q q 0 0 0 rg BT 530.89 724.75 Td (in ) Tj ET Q q 0 0 0 rg BT 540.84 724.75 Td (early ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 712.75 Td (2019.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 688.75 Td (Our long-term partner Swire ResourcesLimited \("Swire"\) will continue to serve as the exclusive independent ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 676.75 Td (distributor ofColumbia branded productsinHong KongandMacau.Swire had previously operated asColumbia ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 664.75 Td (Sportswear'sexclusive independent distributor of Columbia branded products inChinafrom 2004 until the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 652.75 Td (beginning of the joint venture in 2014.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 628.75 Td (While the buyout is subject to various conditions, including regulatory approval in China, it is expected to be ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 616.75 Td (completed in early 2019. ) Tj ET Q q 0 0 0 rg BT 161.05 616.75 Td (The consideration paid will occur in multiple steps beginning in late 2018 and is expected ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 604.75 Td (to be in the range of approximately $40 to $45 million based on current foreign currency exchange rates. ) Tj ET Q q 0 0 0 rg BT 516.26 604.75 Td (The total ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 592.75 Td (consideration will include Swire's share of the accumulated net income generated during the term of the joint ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 580.75 Td (venture, the initial capital contribution as well as various other required amounts pursuant to the shareholder ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 568.75 Td (agreement. ) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 49.5 543.16552734375 m 201.7802734375 543.16552734375 l s q 0 0 0 rg BT 49.50 544.75 Td (Consumer-First Initiative \("C1"\) ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 520.75 Td (During ) Tj ET Q q 0 0 0 rg BT 82.25 520.75 Td (the ) Tj ET Q q 0 0 0 rg BT 99.45 520.75 Td (second ) Tj ET Q q 0 0 0 rg BT 134.99 520.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 169.98 520.75 Td (of ) Tj ET Q q 0 0 0 rg BT 181.61 520.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 209.93 520.75 Td (we ) Tj ET Q q 0 0 0 rg BT 226.01 520.75 Td (commenced ) Tj ET Q q 0 0 0 rg BT 283.78 520.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 335.43 520.75 Td (in ) Tj ET Q q 0 0 0 rg BT 346.51 520.75 Td (our ) Tj ET Q q 0 0 0 rg BT 364.26 520.75 Td (C1 ) Tj ET Q q 0 0 0 rg BT 380.34 520.75 Td (initiative, ) Tj ET Q q 0 0 0 rg BT 422.54 520.75 Td (which ) Tj ET Q q 0 0 0 rg BT 451.40 520.75 Td (encompasses ) Tj ET Q q 0 0 0 rg BT 516.40 520.75 Td (the ) Tj ET Q q 0 0 0 rg BT 533.59 520.75 Td (Global ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 508.75 Td (Retail ) Tj ET Q q 0 0 0 rg BT 78.22 508.75 Td (Platform ) Tj ET Q q 0 0 0 rg BT 118.61 508.75 Td (and ) Tj ET Q q 0 0 0 rg BT 138.46 508.75 Td (IT) Tj ET Q q 0 0 0 rg BT 147.16 508.75 Td ( ) Tj ET Q q 0 0 0 rg BT 150.32 508.75 Td (systems ) Tj ET Q q 0 0 0 rg BT 190.15 508.75 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 251.66 508.75 Td (to ) Tj ET Q q 0 0 0 rg BT 263.16 508.75 Td (support ) Tj ET Q q 0 0 0 rg BT 299.67 508.75 Td (the ) Tj ET Q q 0 0 0 rg BT 316.73 508.75 Td (growth ) Tj ET Q q 0 0 0 rg BT 349.91 508.75 Td (and ) Tj ET Q q 0 0 0 rg BT 369.75 508.75 Td (continued ) Tj ET Q q 0 0 0 rg BT 416.28 508.75 Td (development ) Tj ET Q q 0 0 0 rg BT 476.69 508.75 Td (of ) Tj ET Q q 0 0 0 rg BT 488.19 508.75 Td (our ) Tj ET Q q 0 0 0 rg BT 505.80 508.75 Td (omnichannel ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 496.75 Td (capabilities. ) Tj ET Q q 0 0 0 rg BT 104.52 496.75 Td (The ) Tj ET Q q 0 0 0 rg BT 124.72 496.75 Td (objective ) Tj ET Q q 0 0 0 rg BT 167.15 496.75 Td (of ) Tj ET Q q 0 0 0 rg BT 178.45 496.75 Td (this ) Tj ET Q q 0 0 0 rg BT 196.97 496.75 Td (initiative ) Tj ET Q q 0 0 0 rg BT 236.06 496.75 Td (is ) Tj ET Q q 0 0 0 rg BT 246.25 496.75 Td (consistent ) Tj ET Q q 0 0 0 rg BT 294.24 496.75 Td (with ) Tj ET Q q 0 0 0 rg BT 314.98 496.75 Td (our ) Tj ET Q q 0 0 0 rg BT 332.40 496.75 Td (strategic ) Tj ET Q q 0 0 0 rg BT 373.15 496.75 Td (priorities ) Tj ET Q q 0 0 0 rg BT 413.90 496.75 Td (to ) Tj ET Q q 0 0 0 rg BT 425.21 496.75 Td (deliver ) Tj ET Q q 0 0 0 rg BT 457.63 496.75 Td (an ) Tj ET Q q 0 0 0 rg BT 471.71 496.75 Td (enhanced ) Tj ET Q q 0 0 0 rg BT 518.61 496.75 Td (consumer ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 484.75 Td (experience, ) Tj ET Q q 0 0 0 rg BT 103.32 484.75 Td (and ) Tj ET Q q 0 0 0 rg BT 122.12 484.75 Td (to ) Tj ET Q q 0 0 0 rg BT 132.58 484.75 Td (modernize ) Tj ET Q q 0 0 0 rg BT 181.39 484.75 Td (and ) Tj ET Q q 0 0 0 rg BT 200.19 484.75 Td (standardize ) Tj ET Q q 0 0 0 rg BT 254.01 484.75 Td (our ) Tj ET Q q 0 0 0 rg BT 270.58 484.75 Td (processes ) Tj ET Q q 0 0 0 rg BT 318.28 484.75 Td (and ) Tj ET Q q 0 0 0 rg BT 337.08 484.75 Td (systems ) Tj ET Q q 0 0 0 rg BT 375.87 484.75 Td (to ) Tj ET Q q 0 0 0 rg BT 386.33 484.75 Td (enable ) Tj ET Q q 0 0 0 rg BT 418.48 484.75 Td (us ) Tj ET Q q 0 0 0 rg BT 431.16 484.75 Td (to ) Tj ET Q q 0 0 0 rg BT 441.62 484.75 Td (better ) Tj ET Q q 0 0 0 rg BT 469.31 484.75 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 514.24 484.75 Td (and ) Tj ET Q q 0 0 0 rg BT 533.04 484.75 Td (deliver ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 472.75 Td (against ) Tj ET Q q 0 0 0 rg BT 84.52 472.75 Td (the ) Tj ET Q q 0 0 0 rg BT 101.20 472.75 Td (needs ) Tj ET Q q 0 0 0 rg BT 131.23 472.75 Td (of ) Tj ET Q q 0 0 0 rg BT 142.35 472.75 Td (our ) Tj ET Q q 0 0 0 rg BT 159.58 472.75 Td (consumers. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 448.75 Td (This ) Tj ET Q q 0 0 0 rg BT 70.92 448.75 Td (multi-year ) Tj ET Q q 0 0 0 rg BT 117.35 448.75 Td (global ) Tj ET Q q 0 0 0 rg BT 146.58 448.75 Td (initiative ) Tj ET Q q 0 0 0 rg BT 185.24 448.75 Td (is ) Tj ET Q q 0 0 0 rg BT 194.99 448.75 Td (currently ) Tj ET Q q 0 0 0 rg BT 235.87 448.75 Td (in ) Tj ET Q q 0 0 0 rg BT 246.18 448.75 Td (the ) Tj ET Q q 0 0 0 rg BT 262.62 448.75 Td (build ) Tj ET Q q 0 0 0 rg BT 286.28 448.75 Td (phase, ) Tj ET Q q 0 0 0 rg BT 318.84 448.75 Td (targeting ) Tj ET Q q 0 0 0 rg BT 360.28 448.75 Td (regional ) Tj ET Q q 0 0 0 rg BT 398.40 448.75 Td (implementations ) Tj ET Q q 0 0 0 rg BT 473.74 448.75 Td (beginning ) Tj ET Q q 0 0 0 rg BT 519.65 448.75 Td (in ) Tj ET Q q 0 0 0 rg BT 529.97 448.75 Td (the ) Tj ET Q q 0 0 0 rg BT 546.40 448.75 Td (first ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 436.75 Td (half ) Tj ET Q q 0 0 0 rg BT 68.39 436.75 Td (of ) Tj ET Q q 0 0 0 rg BT 79.51 436.75 Td (2019. ) Tj ET Q q 0 0 0 rg BT 107.30 436.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 126.74 436.75 Td (updated ) Tj ET Q q 0 0 0 rg BT 165.66 436.75 Td (full ) Tj ET Q q 0 0 0 rg BT 181.22 436.75 Td (year ) Tj ET Q q 0 0 0 rg BT 203.44 436.75 Td (2018 ) Tj ET Q q 0 0 0 rg BT 228.46 436.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 267.92 436.75 Td (outlook ) Tj ET Q q 0 0 0 rg BT 302.94 436.75 Td (includes ) Tj ET Q q 0 0 0 rg BT 342.40 436.75 Td (the ) Tj ET Q q 0 0 0 rg BT 359.07 436.75 Td (SG&A) Tj ET Q q 0 0 0 rg BT 386.31 436.75 Td ( ) Tj ET Q q 0 0 0 rg BT 389.08 436.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 434.66 436.75 Td (and ) Tj ET Q q 0 0 0 rg BT 454.11 436.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 485.79 436.75 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 545.82 436.75 Td (that ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 424.75 Td (we ) Tj ET Q q 0 0 0 rg BT 65.06 424.75 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 110.65 424.75 Td (incurring ) Tj ET Q q 0 0 0 rg BT 151.78 424.75 Td (for ) Tj ET Q q 0 0 0 rg BT 166.22 424.75 Td (the ) Tj ET Q q 0 0 0 rg BT 182.90 424.75 Td (year ) Tj ET Q q 0 0 0 rg BT 205.13 424.75 Td (for ) Tj ET Q q 0 0 0 rg BT 219.58 424.75 Td (this ) Tj ET Q q 0 0 0 rg BT 237.92 424.75 Td (initiative.) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 49.5 399.16552734375 m 158.46484375 399.16552734375 l s q 0 0 0 rg BT 49.50 400.75 Td (Experience ) Tj ET Q q 0 0 0 rg BT 105.64 400.75 Td (First ) Tj ET Q q 0 0 0 rg BT 130.09 400.75 Td (\("X1"\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 376.75 Td (W) Tj ET Q q 0 0 0 rg BT 58.76 376.75 Td (e ) Tj ET Q q 0 0 0 rg BT 68.12 376.75 Td (have ) Tj ET Q q 0 0 0 rg BT 93.60 376.75 Td (also ) Tj ET Q q 0 0 0 rg BT 115.74 376.75 Td (made ) Tj ET Q q 0 0 0 rg BT 144.55 376.75 Td (the ) Tj ET Q q 0 0 0 rg BT 162.25 376.75 Td (decision ) Tj ET Q q 0 0 0 rg BT 202.74 376.75 Td (to ) Tj ET Q q 0 0 0 rg BT 214.88 376.75 Td (launch ) Tj ET Q q 0 0 0 rg BT 248.14 376.75 Td (a ) Tj ET Q q 0 0 0 rg BT 257.50 376.75 Td (new ) Tj ET Q q 0 0 0 rg BT 279.64 376.75 Td (initiative, ) Tj ET Q q 0 0 0 rg BT 322.35 376.75 Td (Experience ) Tj ET Q q 0 0 0 rg BT 376.17 376.75 Td (First ) Tj ET Q q 0 0 0 rg BT 399.41 376.75 Td (\("X1"\). ) Tj ET Q q 0 0 0 rg BT 431.73 376.75 Td (This ) Tj ET Q q 0 0 0 rg BT 454.42 376.75 Td (initiative ) Tj ET Q q 0 0 0 rg BT 494.34 376.75 Td (within ) Tj ET Q q 0 0 0 rg BT 523.71 376.75 Td (our ) Tj ET Q q 0 0 0 rg BT 541.96 376.75 Td (DTC ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 364.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 98.66 364.75 Td (is ) Tj ET Q q 0 0 0 rg BT 108.35 364.75 Td (designed ) Tj ET Q q 0 0 0 rg BT 151.40 364.75 Td (to ) Tj ET Q q 0 0 0 rg BT 162.20 364.75 Td (enhance ) Tj ET Q q 0 0 0 rg BT 203.03 364.75 Td (our ) Tj ET Q q 0 0 0 rg BT 219.95 364.75 Td (e-commerce ) Tj ET Q q 0 0 0 rg BT 277.98 364.75 Td (systems ) Tj ET Q q 0 0 0 rg BT 317.11 364.75 Td (to ) Tj ET Q q 0 0 0 rg BT 327.91 364.75 Td (take ) Tj ET Q q 0 0 0 rg BT 349.28 364.75 Td (advantage ) Tj ET Q q 0 0 0 rg BT 398.45 364.75 Td (of ) Tj ET Q q 0 0 0 rg BT 409.25 364.75 Td (the ) Tj ET Q q 0 0 0 rg BT 425.61 364.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 465.88 364.75 Td (in ) Tj ET Q q 0 0 0 rg BT 476.13 364.75 Td (consumer ) Tj ET Q q 0 0 0 rg BT 522.50 364.75 Td (browsing ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 352.75 Td (and ) Tj ET Q q 0 0 0 rg BT 69.19 352.75 Td (purchasing ) Tj ET Q q 0 0 0 rg BT 121.13 352.75 Td (behavior ) Tj ET Q q 0 0 0 rg BT 162.50 352.75 Td (towards ) Tj ET Q q 0 0 0 rg BT 200.52 352.75 Td (mobile ) Tj ET Q q 0 0 0 rg BT 232.99 352.75 Td (devices. ) Tj ET Q q 0 0 0 rg BT 272.68 352.75 Td (It ) Tj ET Q q 0 0 0 rg BT 281.25 352.75 Td (encompasses ) Tj ET Q q 0 0 0 rg BT 345.96 352.75 Td (an ) Tj ET Q q 0 0 0 rg BT 360.09 352.75 Td (upgrade ) Tj ET Q q 0 0 0 rg BT 399.80 352.75 Td (of ) Tj ET Q q 0 0 0 rg BT 411.15 352.75 Td (our ) Tj ET Q q 0 0 0 rg BT 428.62 352.75 Td (e-commerce ) Tj ET Q q 0 0 0 rg BT 487.19 352.75 Td (platforms ) Tj ET Q q 0 0 0 rg BT 531.33 352.75 Td (to ) Tj ET Q q 0 0 0 rg BT 542.68 352.75 Td (of) Tj ET Q q 0 0 0 rg BT 550.84 352.75 Td (fer ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 340.75 Td (improved ) Tj ET Q q 0 0 0 rg BT 93.66 340.75 Td (search, ) Tj ET Q q 0 0 0 rg BT 129.48 340.75 Td (browsing, ) Tj ET Q q 0 0 0 rg BT 175.30 340.75 Td (checkout, ) Tj ET Q q 0 0 0 rg BT 221.13 340.75 Td (loyalty) Tj ET Q q 0 0 0 rg BT 248.74 340.75 Td (, ) Tj ET Q q 0 0 0 rg BT 254.54 340.75 Td (and ) Tj ET Q q 0 0 0 rg BT 274.25 340.75 Td (customer ) Tj ET Q q 0 0 0 rg BT 318.40 340.75 Td (care ) Tj ET Q q 0 0 0 rg BT 340.89 340.75 Td (experiences ) Tj ET Q q 0 0 0 rg BT 397.83 340.75 Td (for ) Tj ET Q q 0 0 0 rg BT 412.53 340.75 Td (mobile ) Tj ET Q q 0 0 0 rg BT 445.02 340.75 Td (shoppers, ) Tj ET Q q 0 0 0 rg BT 491.96 340.75 Td (and ) Tj ET Q q 0 0 0 rg BT 511.67 340.75 Td (is ) Tj ET Q q 0 0 0 rg BT 521.92 340.75 Td (expected ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 328.75 Td (to ) Tj ET Q q 0 0 0 rg BT 59.28 328.75 Td (be ) Tj ET Q q 0 0 0 rg BT 71.85 328.75 Td (implemented ) Tj ET Q q 0 0 0 rg BT 130.54 328.75 Td (in ) Tj ET Q q 0 0 0 rg BT 139.76 328.75 Td (the ) Tj ET Q q 0 0 0 rg BT 155.11 328.75 Td (first ) Tj ET Q q 0 0 0 rg BT 172.66 328.75 Td (half ) Tj ET Q q 0 0 0 rg BT 190.22 328.75 Td (of ) Tj ET Q q 0 0 0 rg BT 200.00 328.75 Td (2019. ) Tj ET Q q 0 0 0 rg BT 226.38 328.75 Td (The ) Tj ET Q q 0 0 0 rg BT 245.05 328.75 Td (project ) Tj ET Q q 0 0 0 rg BT 276.51 328.75 Td (will ) Tj ET Q q 0 0 0 rg BT 291.84 328.75 Td (be ) Tj ET Q q 0 0 0 rg BT 304.40 328.75 Td (fully ) Tj ET Q q 0 0 0 rg BT 323.63 328.75 Td (integrated ) Tj ET Q q 0 0 0 rg BT 369.55 328.75 Td (with ) Tj ET Q q 0 0 0 rg BT 388.77 328.75 Td (our ) Tj ET Q q 0 0 0 rg BT 404.67 328.75 Td (C1 ) Tj ET Q q 0 0 0 rg BT 418.89 328.75 Td (initiative, ) Tj ET Q q 0 0 0 rg BT 459.24 328.75 Td (and ) Tj ET Q q 0 0 0 rg BT 477.37 328.75 Td (will ) Tj ET Q q 0 0 0 rg BT 492.69 328.75 Td (be ) Tj ET Q q 0 0 0 rg BT 505.26 328.75 Td (implemented ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 316.75 Td (across ) Tj ET Q q 0 0 0 rg BT 81.73 316.75 Td (all ) Tj ET Q q 0 0 0 rg BT 94.51 316.75 Td (of ) Tj ET Q q 0 0 0 rg BT 105.63 316.75 Td (our ) Tj ET Q q 0 0 0 rg BT 122.86 316.75 Td (brands.) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 49.5 291.16552734375 m 190.4326171875 291.16552734375 l s q 0 0 0 rg BT 49.50 292.75 Td (Ongoing ERP) Tj ET Q q 0 0 0 rg BT 113.76 292.75 Td ( Implementation) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 268.75 Td (W) Tj ET Q q 0 0 0 rg BT 58.76 268.75 Td (e ) Tj ET Q q 0 0 0 rg BT 66.49 268.75 Td (are ) Tj ET Q q 0 0 0 rg BT 83.12 268.75 Td (continuing ) Tj ET Q q 0 0 0 rg BT 130.88 268.75 Td (to ) Tj ET Q q 0 0 0 rg BT 141.40 268.75 Td (invest ) Tj ET Q q 0 0 0 rg BT 169.69 268.75 Td (in ) Tj ET Q q 0 0 0 rg BT 179.65 268.75 Td (our ) Tj ET Q q 0 0 0 rg BT 196.28 268.75 Td (multi-year ) Tj ET Q q 0 0 0 rg BT 242.35 268.75 Td (global ) Tj ET Q q 0 0 0 rg BT 271.21 268.75 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 317.85 268.75 Td (resource ) Tj ET Q q 0 0 0 rg BT 358.93 268.75 Td (planning ) Tj ET Q q 0 0 0 rg BT 398.92 268.75 Td (ERP) Tj ET Q q 0 0 0 rg BT 419.30 268.75 Td ( ) Tj ET Q q 0 0 0 rg BT 421.47 268.75 Td (implementation, ) Tj ET Q q 0 0 0 rg BT 494.23 268.75 Td (which ) Tj ET Q q 0 0 0 rg BT 521.97 268.75 Td (has ) Tj ET Q q 0 0 0 rg BT 540.27 268.75 Td (been ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 256.75 Td (executed ) Tj ET Q q 0 0 0 rg BT 91.98 256.75 Td (across ) Tj ET Q q 0 0 0 rg BT 123.32 256.75 Td (the ) Tj ET Q q 0 0 0 rg BT 139.11 256.75 Td (majority ) Tj ET Q q 0 0 0 rg BT 176.01 256.75 Td (of ) Tj ET Q q 0 0 0 rg BT 186.24 256.75 Td (our ) Tj ET Q q 0 0 0 rg BT 202.58 256.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 251.18 256.75 Td (to ) Tj ET Q q 0 0 0 rg BT 261.41 256.75 Td (date. ) Tj ET Q q 0 0 0 rg BT 285.54 256.75 Td (W) Tj ET Q q 0 0 0 rg BT 294.80 256.75 Td (e ) Tj ET Q q 0 0 0 rg BT 302.25 256.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 323.05 256.75 Td (to ) Tj ET Q q 0 0 0 rg BT 333.28 256.75 Td (transition ) Tj ET Q q 0 0 0 rg BT 375.74 256.75 Td (Europe-direct ) Tj ET Q q 0 0 0 rg BT 437.67 256.75 Td (onto ) Tj ET Q q 0 0 0 rg BT 459.02 256.75 Td (the ) Tj ET Q q 0 0 0 rg BT 474.81 256.75 Td (system ) Tj ET Q q 0 0 0 rg BT 508.37 256.75 Td (in ) Tj ET Q q 0 0 0 rg BT 518.05 256.75 Td (mid-2018, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 244.75 Td (at ) Tj ET Q q 0 0 0 rg BT 60.62 244.75 Td (which ) Tj ET Q q 0 0 0 rg BT 88.96 244.75 Td (point ) Tj ET Q q 0 0 0 rg BT 113.43 244.75 Td (we ) Tj ET Q q 0 0 0 rg BT 128.99 244.75 Td (will ) Tj ET Q q 0 0 0 rg BT 145.65 244.75 Td (have ) Tj ET Q q 0 0 0 rg BT 170.12 244.75 Td (completed ) Tj ET Q q 0 0 0 rg BT 219.03 244.75 Td (the ) Tj ET Q q 0 0 0 rg BT 235.71 244.75 Td (major ) Tj ET Q q 0 0 0 rg BT 263.49 244.75 Td (phases ) Tj ET Q q 0 0 0 rg BT 298.52 244.75 Td (of ) Tj ET Q q 0 0 0 rg BT 309.64 244.75 Td (our ) Tj ET Q q 0 0 0 rg BT 326.87 244.75 Td (global ) Tj ET Q q 0 0 0 rg BT 356.34 244.75 Td (rollout.) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 49.5 219.16552734375 m 138.4013671875 219.16552734375 l s q 0 0 0 rg BT 49.50 220.75 Td (Project CONNECT ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 196.75 Td (Project ) Tj ET Q q 0 0 0 rg BT 82.73 196.75 Td (CONNECT) Tj ET Q q 0 0 0 rg BT 131.99 196.75 Td ( ) Tj ET Q q 0 0 0 rg BT 134.10 196.75 Td (is ) Tj ET Q q 0 0 0 rg BT 143.43 196.75 Td (a ) Tj ET Q q 0 0 0 rg BT 151.10 196.75 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 221.02 196.75 Td (assessment ) Tj ET Q q 0 0 0 rg BT 276.48 196.75 Td (of ) Tj ET Q q 0 0 0 rg BT 286.92 196.75 Td (the ) Tj ET Q q 0 0 0 rg BT 302.93 196.75 Td (company's ) Tj ET Q q 0 0 0 rg BT 352.52 196.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 396.33 196.75 Td (model ) Tj ET Q q 0 0 0 rg BT 425.67 196.75 Td (aimed ) Tj ET Q q 0 0 0 rg BT 455.02 196.75 Td (at ) Tj ET Q q 0 0 0 rg BT 465.46 196.75 Td (aligning ) Tj ET Q q 0 0 0 rg BT 502.04 196.75 Td (our ) Tj ET Q q 0 0 0 rg BT 518.60 196.75 Td (resources ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 184.75 Td (to ) Tj ET Q q 0 0 0 rg BT 60.04 184.75 Td (accelerate ) Tj ET Q q 0 0 0 rg BT 108.37 184.75 Td (execution ) Tj ET Q q 0 0 0 rg BT 153.38 184.75 Td (on ) Tj ET Q q 0 0 0 rg BT 166.70 184.75 Td (our ) Tj ET Q q 0 0 0 rg BT 183.35 184.75 Td (strategic ) Tj ET Q q 0 0 0 rg BT 223.34 184.75 Td (priorities. ) Tj ET Q q 0 0 0 rg BT 266.10 184.75 Td (Project ) Tj ET Q q 0 0 0 rg BT 299.43 184.75 Td (CONNECT) Tj ET Q q 0 0 0 rg BT 348.69 184.75 Td ( ) Tj ET Q q 0 0 0 rg BT 350.89 184.75 Td (includes ) Tj ET Q q 0 0 0 rg BT 389.77 184.75 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 433.10 184.75 Td (to ) Tj ET Q q 0 0 0 rg BT 443.64 184.75 Td (drive ) Tj ET Q q 0 0 0 rg BT 467.51 184.75 Td (revenue, ) Tj ET Q q 0 0 0 rg BT 508.62 184.75 Td (capture ) Tj ET Q q 0 0 0 rg BT 544.18 184.75 Td (cost ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 172.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.76 172.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 87.02 172.75 Td (ef) Tj ET Q q 0 0 0 rg BT 95.18 172.75 Td (ficiencies, ) Tj ET Q q 0 0 0 rg BT 142.01 172.75 Td (generate ) Tj ET Q q 0 0 0 rg BT 184.41 172.75 Td (SG&A) Tj ET Q q 0 0 0 rg BT 211.64 172.75 Td ( ) Tj ET Q q 0 0 0 rg BT 214.56 172.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 255.29 172.75 Td (savings, ) Tj ET Q q 0 0 0 rg BT 294.89 172.75 Td (and ) Tj ET Q q 0 0 0 rg BT 314.50 172.75 Td (improve ) Tj ET Q q 0 0 0 rg BT 352.98 172.75 Td (our ) Tj ET Q q 0 0 0 rg BT 370.35 172.75 Td (marketing ) Tj ET Q q 0 0 0 rg BT 417.18 172.75 Td (ef) Tj ET Q q 0 0 0 rg BT 425.34 172.75 Td (fectiveness. ) Tj ET Q q 0 0 0 rg BT 481.06 172.75 Td (During ) Tj ET Q q 0 0 0 rg BT 513.44 172.75 Td (the ) Tj ET Q q 0 0 0 rg BT 530.26 172.75 Td (second ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 160.75 Td (half ) Tj ET Q q 0 0 0 rg BT 68.40 160.75 Td (of ) Tj ET Q q 0 0 0 rg BT 79.52 160.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 107.32 160.75 Td (the ) Tj ET Q q 0 0 0 rg BT 124.00 160.75 Td (company ) Tj ET Q q 0 0 0 rg BT 167.36 160.75 Td (began ) Tj ET Q q 0 0 0 rg BT 197.94 160.75 Td (implementation ) Tj ET Q q 0 0 0 rg BT 268.53 160.75 Td (of ) Tj ET Q q 0 0 0 rg BT 279.65 160.75 Td (operational ) Tj ET Q q 0 0 0 rg BT 331.91 160.75 Td (improvements ) Tj ET Q q 0 0 0 rg BT 397.49 160.75 Td (throughout ) Tj ET Q q 0 0 0 rg BT 448.08 160.75 Td (the ) Tj ET Q q 0 0 0 rg BT 464.76 160.75 Td (business. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 136.75 Td (A) Tj ET Q q 0 0 0 rg BT 55.62 136.75 Td ( ) Tj ET Q q 0 0 0 rg BT 59.67 136.75 Td (few ) Tj ET Q q 0 0 0 rg BT 79.28 136.75 Td (of ) Tj ET Q q 0 0 0 rg BT 91.66 136.75 Td (the ) Tj ET Q q 0 0 0 rg BT 109.61 136.75 Td (first ) Tj ET Q q 0 0 0 rg BT 129.77 136.75 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 174.95 136.75 Td (to ) Tj ET Q q 0 0 0 rg BT 187.34 136.75 Td (be ) Tj ET Q q 0 0 0 rg BT 202.51 136.75 Td (implemented ) Tj ET Q q 0 0 0 rg BT 263.81 136.75 Td (include ) Tj ET Q q 0 0 0 rg BT 299.54 136.75 Td (e-commerce ) Tj ET Q q 0 0 0 rg BT 359.16 136.75 Td (optimization, ) Tj ET Q q 0 0 0 rg BT 419.34 136.75 Td (indirect ) Tj ET Q q 0 0 0 rg BT 455.63 136.75 Td (procurement, ) Tj ET Q q 0 0 0 rg BT 518.59 136.75 Td (marketing ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 124.75 Td (ef) Tj ET Q q 0 0 0 rg BT 57.66 124.75 Td (fectiveness, ) Tj ET Q q 0 0 0 rg BT 112.74 124.75 Td (and ) Tj ET Q q 0 0 0 rg BT 131.71 124.75 Td (refining ) Tj ET Q q 0 0 0 rg BT 166.79 124.75 Td (the ) Tj ET Q q 0 0 0 rg BT 182.97 124.75 Td (promotional ) Tj ET Q q 0 0 0 rg BT 237.51 124.75 Td (cadence ) Tj ET Q q 0 0 0 rg BT 277.59 124.75 Td (in ) Tj ET Q q 0 0 0 rg BT 287.66 124.75 Td (DTC. ) Tj ET Q q 0 0 0 rg BT 313.27 124.75 Td (W) Tj ET Q q 0 0 0 rg BT 322.53 124.75 Td (e ) Tj ET Q q 0 0 0 rg BT 330.37 124.75 Td (will ) Tj ET Q q 0 0 0 rg BT 346.54 124.75 Td (continue ) Tj ET Q q 0 0 0 rg BT 386.63 124.75 Td (to ) Tj ET Q q 0 0 0 rg BT 397.25 124.75 Td (implement ) Tj ET Q q 0 0 0 rg BT 445.66 124.75 Td (other ) Tj ET Q q 0 0 0 rg BT 470.74 124.75 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 514.15 124.75 Td (particularly ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 112.75 Td (those ) Tj ET Q q 0 0 0 rg BT 77.89 112.75 Td (pertaining ) Tj ET Q q 0 0 0 rg BT 125.73 112.75 Td (to ) Tj ET Q q 0 0 0 rg BT 138.00 112.75 Td (product ) Tj ET Q q 0 0 0 rg BT 175.28 112.75 Td (creation ) Tj ET Q q 0 0 0 rg BT 214.78 112.75 Td (such ) Tj ET Q q 0 0 0 rg BT 239.83 112.75 Td (as ) Tj ET Q q 0 0 0 rg BT 254.31 112.75 Td (assortment ) Tj ET Q q 0 0 0 rg BT 307.70 112.75 Td (optimization ) Tj ET Q q 0 0 0 rg BT 364.98 112.75 Td (and ) Tj ET Q q 0 0 0 rg BT 385.59 112.75 Td (intensifying ) Tj ET Q q 0 0 0 rg BT 439.55 112.75 Td (our ) Tj ET Q q 0 0 0 rg BT 457.93 112.75 Td (emphasis ) Tj ET Q q 0 0 0 rg BT 504.65 112.75 Td (on ) Tj ET Q q 0 0 0 rg BT 519.70 112.75 Td (designing ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 100.75 Td (products ) Tj ET Q q 0 0 0 rg BT 89.90 100.75 Td (with ) Tj ET Q q 0 0 0 rg BT 109.73 100.75 Td (the ) Tj ET Q q 0 0 0 rg BT 125.68 100.75 Td (features ) Tj ET Q q 0 0 0 rg BT 163.86 100.75 Td (and ) Tj ET Q q 0 0 0 rg BT 182.59 100.75 Td (functions ) Tj ET Q q 0 0 0 rg BT 224.66 100.75 Td (that ) Tj ET Q q 0 0 0 rg BT 243.38 100.75 Td (consumers ) Tj ET Q q 0 0 0 rg BT 294.33 100.75 Td (value ) Tj ET Q q 0 0 0 rg BT 320.29 100.75 Td (most ) Tj ET Q q 0 0 0 rg BT 344.00 100.75 Td (as ) Tj ET Q q 0 0 0 rg BT 356.61 100.75 Td (implementation ) Tj ET Q q 0 0 0 rg BT 426.47 100.75 Td (plans ) Tj ET Q q 0 0 0 rg BT 452.42 100.75 Td (are ) Tj ET Q q 0 0 0 rg BT 468.92 100.75 Td (more ) Tj ET Q q 0 0 0 rg BT 493.75 100.75 Td (fully ) Tj ET Q q 0 0 0 rg BT 513.58 100.75 Td (developed. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 76.75 Td (As ) Tj ET Q q 0 0 0 rg BT 64.68 76.75 Td (these ) Tj ET Q q 0 0 0 rg BT 92.64 76.75 Td (improvements ) Tj ET Q q 0 0 0 rg BT 158.95 76.75 Td (begin ) Tj ET Q q 0 0 0 rg BT 186.92 76.75 Td (to ) Tj ET Q q 0 0 0 rg BT 198.77 76.75 Td (be ) Tj ET Q q 0 0 0 rg BT 213.39 76.75 Td (realized, ) Tj ET Q q 0 0 0 rg BT 254.70 76.75 Td (we ) Tj ET Q q 0 0 0 rg BT 270.99 76.75 Td (intend ) Tj ET Q q 0 0 0 rg BT 301.74 76.75 Td (to ) Tj ET Q q 0 0 0 rg BT 313.58 76.75 Td (reallocate ) Tj ET Q q 0 0 0 rg BT 360.45 76.75 Td (resources ) Tj ET Q q 0 0 0 rg BT 407.86 76.75 Td (to ) Tj ET Q q 0 0 0 rg BT 419.70 76.75 Td (our ) Tj ET Q q 0 0 0 rg BT 437.66 76.75 Td (strategic ) Tj ET Q q 0 0 0 rg BT 478.96 76.75 Td (priorities, ) Tj ET Q q 0 0 0 rg BT 523.03 76.75 Td (including ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 64.75 Td (incremental ) Tj ET Q q 0 0 0 rg BT 105.23 64.75 Td (demand ) Tj ET Q q 0 0 0 rg BT 145.42 64.75 Td (creation ) Tj ET Q q 0 0 0 rg BT 185.04 64.75 Td (spending ) Tj ET Q q 0 0 0 rg BT 229.67 64.75 Td (and ) Tj ET Q q 0 0 0 rg BT 250.40 64.75 Td (other ) Tj ET Q q 0 0 0 rg BT 277.24 64.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 334.63 64.75 Td (to ) Tj ET Q q 0 0 0 rg BT 347.02 64.75 Td (drive ) Tj ET Q q 0 0 0 rg BT 372.74 64.75 Td (growth ) Tj ET Q q 0 0 0 rg BT 406.79 64.75 Td (across ) Tj ET Q q 0 0 0 rg BT 440.29 64.75 Td (our ) Tj ET Q q 0 0 0 rg BT 458.79 64.75 Td (brands ) Tj ET Q q 0 0 0 rg BT 493.41 64.75 Td (and ) Tj ET Q q 0 0 0 rg BT 514.14 64.75 Td (distribution ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 52.75 Td (channels. ) 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 /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 748.75 Td (W) Tj ET Q q 0 0 0 rg BT 58.76 748.75 Td (e ) Tj ET Q q 0 0 0 rg BT 67.28 748.75 Td (are ) Tj ET Q q 0 0 0 rg BT 84.69 748.75 Td (beginning ) Tj ET Q q 0 0 0 rg BT 131.03 748.75 Td (to ) Tj ET Q q 0 0 0 rg BT 142.33 748.75 Td (see ) Tj ET Q q 0 0 0 rg BT 161.41 748.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 201.06 748.75 Td (benefits ) Tj ET Q q 0 0 0 rg BT 239.04 748.75 Td (from ) Tj ET Q q 0 0 0 rg BT 262.00 748.75 Td (these ) Tj ET Q q 0 0 0 rg BT 289.43 748.75 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 333.51 748.75 Td (and ) Tj ET Q q 0 0 0 rg BT 353.16 748.75 Td (recent ) Tj ET Q q 0 0 0 rg BT 383.91 748.75 Td (progress ) Tj ET Q q 0 0 0 rg BT 425.78 748.75 Td (gives ) Tj ET Q q 0 0 0 rg BT 452.08 748.75 Td (us ) Tj ET Q q 0 0 0 rg BT 465.60 748.75 Td (increasing ) Tj ET Q q 0 0 0 rg BT 514.14 748.75 Td (confidence ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 736.75 Td (that ) Tj ET Q q 0 0 0 rg BT 68.96 736.75 Td (we ) Tj ET Q q 0 0 0 rg BT 84.52 736.75 Td (can ) Tj ET Q q 0 0 0 rg BT 103.42 736.75 Td (generate ) Tj ET Q q 0 0 0 rg BT 145.68 736.75 Td (more ) Tj ET Q q 0 0 0 rg BT 171.24 736.75 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 222.94 736.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 262.41 736.75 Td (value ) Tj ET Q q 0 0 0 rg BT 289.09 736.75 Td (capture ) Tj ET Q q 0 0 0 rg BT 325.22 736.75 Td (in ) Tj ET Q q 0 0 0 rg BT 335.78 736.75 Td (2019.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 712.75 Td (In ) Tj ET Q q 0 0 0 rg BT 62.54 712.75 Td (the ) Tj ET Q q 0 0 0 rg BT 81.14 712.75 Td (first ) Tj ET Q q 0 0 0 rg BT 101.95 712.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 138.33 712.75 Td (of ) Tj ET Q q 0 0 0 rg BT 151.37 712.75 Td (2018, ) Tj ET Q q 0 0 0 rg BT 181.09 712.75 Td (the ) Tj ET Q q 0 0 0 rg BT 199.69 712.75 Td (company ) Tj ET Q q 0 0 0 rg BT 244.97 712.75 Td (incurred ) Tj ET Q q 0 0 0 rg BT 285.80 712.75 Td (Project ) Tj ET Q q 0 0 0 rg BT 321.62 712.75 Td (CONNECT) Tj ET Q q 0 0 0 rg BT 370.88 712.75 Td ( ) Tj ET Q q 0 0 0 rg BT 375.58 712.75 Td (program ) Tj ET Q q 0 0 0 rg BT 417.52 712.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 465.02 712.75 Td (and ) Tj ET Q q 0 0 0 rg BT 486.41 712.75 Td (discrete ) Tj ET Q q 0 0 0 rg BT 526.12 712.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 554.16 712.75 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 700.75 Td (approximately$1) Tj ET Q q 0 0 0 rg BT 124.91 700.75 Td (1.0 ) Tj ET Q q 0 0 0 rg BT 141.96 700.75 Td (million ) Tj ET Q q 0 0 0 rg BT 173.45 700.75 Td (\($8.4 ) Tj ET Q q 0 0 0 rg BT 199.39 700.75 Td (million ) Tj ET Q q 0 0 0 rg BT 230.87 700.75 Td (net ) Tj ET Q q 0 0 0 rg BT 247.92 700.75 Td (of ) Tj ET Q q 0 0 0 rg BT 259.41 700.75 Td (tax\), ) Tj ET Q q 0 0 0 rg BT 282.01 700.75 Td (or$0.12 ) Tj ET Q q 0 0 0 rg BT 321.85 700.75 Td (per ) Tj ET Q q 0 0 0 rg BT 339.45 700.75 Td (diluted ) Tj ET Q q 0 0 0 rg BT 372.06 700.75 Td (share. ) Tj ET Q q 0 0 0 rg BT 403.00 700.75 Td (W) Tj ET Q q 0 0 0 rg BT 412.26 700.75 Td (e ) Tj ET Q q 0 0 0 rg BT 420.97 700.75 Td (currently ) Tj ET Q q 0 0 0 rg BT 462.46 700.75 Td (expect ) Tj ET Q q 0 0 0 rg BT 495.07 700.75 Td (to ) Tj ET Q q 0 0 0 rg BT 506.56 700.75 Td (incur ) Tj ET Q q 0 0 0 rg BT 531.38 700.75 Td (Project ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 688.75 Td (CONNECT) Tj ET Q q 0 0 0 rg BT 98.76 688.75 Td ( ) Tj ET Q q 0 0 0 rg BT 101.54 688.75 Td (program ) Tj ET Q q 0 0 0 rg BT 141.56 688.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 187.14 688.75 Td (and ) Tj ET Q q 0 0 0 rg BT 206.60 688.75 Td (discrete ) Tj ET Q q 0 0 0 rg BT 244.40 688.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 270.52 688.75 Td (of ) Tj ET Q q 0 0 0 rg BT 281.63 688.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 346.66 688.75 Td ($27 ) Tj ET Q q 0 0 0 rg BT 366.13 688.75 Td (million ) Tj ET Q q 0 0 0 rg BT 397.24 688.75 Td (in ) Tj ET Q q 0 0 0 rg BT 407.81 688.75 Td (2018. ) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 49.5 663.16552734375 m 103.7724609375 663.16552734375 l s q 0 0 0 rg BT 49.50 664.75 Td (T) Tj ET Q q 0 0 0 rg BT 54.87 664.75 Td (ax ) Tj ET Q q 0 0 0 rg BT 68.77 664.75 Td (Reform) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 639.55 Td (The ) Tj ET Q q 0 0 0 rg BT 69.77 639.55 Td (company's ) Tj ET Q q 0 0 0 rg BT 120.29 639.55 Td (accounting ) Tj ET Q q 0 0 0 rg BT 171.69 639.55 Td (for ) Tj ET Q q 0 0 0 rg BT 186.39 639.55 Td (the ) Tj ET Q q 0 0 0 rg BT 203.13 639.55 Td (TCJA, ) Tj ET Q q 0 0 0 rg BT 233.95 639.55 Td (which ) Tj ET Q q 0 0 0 rg BT 262.55 639.55 Td (was ) Tj ET Q q 0 0 0 rg BT 283.37 639.55 Td (recorded ) Tj ET Q q 0 0 0 rg BT 325.87 639.55 Td (in ) Tj ET Q q 0 0 0 rg BT 336.69 639.55 Td (the ) Tj ET Q q 0 0 0 rg BT 353.62 639.55 Td (fourth ) Tj ET Q q 0 0 0 rg BT 382.23 639.55 Td (quarter ) Tj ET Q q 0 0 0 rg BT 416.95 639.55 Td (of ) Tj ET Q q 0 0 0 rg BT 428.32 639.55 Td (2017, ) Tj ET Q q 0 0 0 rg BT 456.38 639.55 Td (remains ) Tj ET Q q 0 0 0 rg BT 494.98 639.55 Td (provisional ) Tj ET Q q 0 0 0 rg BT 545.82 639.55 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 627.55 Td (is ) Tj ET Q q 0 0 0 rg BT 59.19 627.55 Td (based ) Tj ET Q q 0 0 0 rg BT 88.91 627.55 Td (upon ) Tj ET Q q 0 0 0 rg BT 113.63 627.55 Td (our ) Tj ET Q q 0 0 0 rg BT 130.55 627.55 Td (present ) Tj ET Q q 0 0 0 rg BT 166.38 627.55 Td (interpretations, ) Tj ET Q q 0 0 0 rg BT 235.00 627.55 Td (current ) Tj ET Q q 0 0 0 rg BT 268.59 627.55 Td (available ) Tj ET Q q 0 0 0 rg BT 310.54 627.55 Td (information ) Tj ET Q q 0 0 0 rg BT 362.48 627.55 Td (and ) Tj ET Q q 0 0 0 rg BT 381.63 627.55 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 433.59 627.55 Td (estimates ) Tj ET Q q 0 0 0 rg BT 478.85 627.55 Td (of ) Tj ET Q q 0 0 0 rg BT 489.66 627.55 Td (the ) Tj ET Q q 0 0 0 rg BT 506.04 627.55 Td (ef) Tj ET Q q 0 0 0 rg BT 514.20 627.55 Td (fects ) Tj ET Q q 0 0 0 rg BT 537.79 627.55 Td (of ) Tj ET Q q 0 0 0 rg BT 548.60 627.55 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 615.55 Td (TCJA. ) Tj ET Q q 0 0 0 rg BT 80.59 615.55 Td (In ) Tj ET Q q 0 0 0 rg BT 92.24 615.55 Td (the ) Tj ET Q q 0 0 0 rg BT 109.46 615.55 Td (first ) Tj ET Q q 0 0 0 rg BT 128.88 615.55 Td (quarter ) Tj ET Q q 0 0 0 rg BT 163.88 615.55 Td (of ) Tj ET Q q 0 0 0 rg BT 175.53 615.55 Td (2018, ) Tj ET Q q 0 0 0 rg BT 203.87 615.55 Td (we ) Tj ET Q q 0 0 0 rg BT 219.96 615.55 Td (incurred ) Tj ET Q q 0 0 0 rg BT 259.40 615.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 305.53 615.55 Td (provisional ) Tj ET Q q 0 0 0 rg BT 356.65 615.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 373.30 615.55 Td (expense ) Tj ET Q q 0 0 0 rg BT 414.42 615.55 Td (associated ) Tj ET Q q 0 0 0 rg BT 465.54 615.55 Td (with ) Tj ET Q q 0 0 0 rg BT 486.64 615.55 Td (the ) Tj ET Q q 0 0 0 rg BT 503.63 615.55 Td (TCJA) Tj ET Q q 0 0 0 rg BT 528.08 615.55 Td ( ) Tj ET Q q 0 0 0 rg BT 531.40 615.55 Td (of ) Tj ET Q q 0 0 0 rg BT 543.05 615.55 Td ($1.0 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 603.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 85.17 603.55 Td (primarily ) Tj ET Q q 0 0 0 rg BT 127.51 603.55 Td (related ) Tj ET Q q 0 0 0 rg BT 162.64 603.55 Td (to ) Tj ET Q q 0 0 0 rg BT 175.53 603.55 Td (the ) Tj ET Q q 0 0 0 rg BT 193.99 603.55 Td (issuance ) Tj ET Q q 0 0 0 rg BT 238.01 603.55 Td (of ) Tj ET Q q 0 0 0 rg BT 250.90 603.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 298.27 603.55 Td (clarifying ) Tj ET Q q 0 0 0 rg BT 342.28 603.55 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 390.21 603.55 Td (which ) Tj ET Q q 0 0 0 rg BT 420.33 603.55 Td (drove ) Tj ET Q q 0 0 0 rg BT 449.90 603.55 Td (further ) Tj ET Q q 0 0 0 rg BT 483.35 603.55 Td (refinement ) Tj ET Q q 0 0 0 rg BT 535.16 603.55 Td (of ) Tj ET Q q 0 0 0 rg BT 548.05 603.55 Td (our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 591.55 Td (provisional ) Tj ET Q q 0 0 0 rg BT 101.03 591.55 Td (estimates ) Tj ET Q q 0 0 0 rg BT 147.55 591.55 Td (that ) Tj ET Q q 0 0 0 rg BT 167.96 591.55 Td (were ) Tj ET Q q 0 0 0 rg BT 193.37 591.55 Td (recorded ) Tj ET Q q 0 0 0 rg BT 236.57 591.55 Td (in ) Tj ET Q q 0 0 0 rg BT 248.08 591.55 Td (the ) Tj ET Q q 0 0 0 rg BT 265.71 591.55 Td (fourth ) Tj ET Q q 0 0 0 rg BT 295.01 591.55 Td (quarter ) Tj ET Q q 0 0 0 rg BT 330.42 591.55 Td (of ) Tj ET Q q 0 0 0 rg BT 342.49 591.55 Td (2017. ) Tj ET Q q 0 0 0 rg BT 371.00 591.55 Td (These ) Tj ET Q q 0 0 0 rg BT 402.53 591.55 Td (provisional ) Tj ET Q q 0 0 0 rg BT 454.06 591.55 Td (estimates ) Tj ET Q q 0 0 0 rg BT 500.58 591.55 Td (are ) Tj ET Q q 0 0 0 rg BT 518.76 591.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 554.18 591.55 Td (to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 579.55 Td (further ) Tj ET Q q 0 0 0 rg BT 81.16 579.55 Td (refinement, ) Tj ET Q q 0 0 0 rg BT 133.95 579.55 Td (possibly ) Tj ET Q q 0 0 0 rg BT 172.84 579.55 Td (materially) Tj ET Q q 0 0 0 rg BT 214.89 579.55 Td (, ) Tj ET Q q 0 0 0 rg BT 220.43 579.55 Td (as ) Tj ET Q q 0 0 0 rg BT 233.76 579.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 279.33 579.55 Td (information ) Tj ET Q q 0 0 0 rg BT 331.56 579.55 Td (becomes ) Tj ET Q q 0 0 0 rg BT 374.90 579.55 Td (available. ) Tj ET Q q 0 0 0 rg BT 419.92 579.55 Td (Our ) Tj ET Q q 0 0 0 rg BT 439.35 579.55 Td (2018 ) Tj ET Q q 0 0 0 rg BT 464.36 579.55 Td (ef) Tj ET Q q 0 0 0 rg BT 472.52 579.55 Td (fective ) Tj ET Q q 0 0 0 rg BT 504.18 579.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 520.28 579.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 540.28 579.55 Td (of ) Tj ET Q q 0 0 0 rg BT 551.38 579.55 Td (22 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 567.55 Td (percent ) Tj ET Q q 0 0 0 rg BT 85.63 567.55 Td (does ) Tj ET Q q 0 0 0 rg BT 110.10 567.55 Td (not ) Tj ET Q q 0 0 0 rg BT 126.78 567.55 Td (incorporate ) Tj ET Q q 0 0 0 rg BT 179.58 567.55 Td (any ) Tj ET Q q 0 0 0 rg BT 198.48 567.55 Td (future ) Tj ET Q q 0 0 0 rg BT 226.83 567.55 Td (potential ) Tj ET Q q 0 0 0 rg BT 267.42 567.55 Td (ef) Tj ET Q q 0 0 0 rg BT 275.58 567.55 Td (fects ) Tj ET Q q 0 0 0 rg BT 299.48 567.55 Td (of ) Tj ET Q q 0 0 0 rg BT 310.59 567.55 Td (the ) Tj ET Q q 0 0 0 rg BT 327.09 567.55 Td (TCJA.) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 49.5 541.96552734375 m 272.107421875 541.96552734375 l s q 0 0 0 rg BT 49.50 543.55 Td (Supplemental ) Tj ET Q q 0 0 0 rg BT 117.84 543.55 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 168.21 543.55 Td ( ) Tj ET Q q 0 0 0 rg BT 170.99 543.55 Td (Financial ) Tj ET Q q 0 0 0 rg BT 217.11 543.55 Td (Information) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 519.55 Td (Since ) Tj ET Q q 0 0 0 rg BT 77.23 519.55 Td (Columbia ) Tj ET Q q 0 0 0 rg BT 122.19 519.55 Td (Sportswear ) Tj ET Q q 0 0 0 rg BT 175.49 519.55 Td (Company ) Tj ET Q q 0 0 0 rg BT 221.00 519.55 Td (is ) Tj ET Q q 0 0 0 rg BT 230.95 519.55 Td (a ) Tj ET Q q 0 0 0 rg BT 239.23 519.55 Td (global ) Tj ET Q q 0 0 0 rg BT 268.63 519.55 Td (company) Tj ET Q q 0 0 0 rg BT 308.47 519.55 Td (, ) Tj ET Q q 0 0 0 rg BT 313.96 519.55 Td (the ) Tj ET Q q 0 0 0 rg BT 330.58 519.55 Td (comparability ) Tj ET Q q 0 0 0 rg BT 392.21 519.55 Td (of ) Tj ET Q q 0 0 0 rg BT 403.27 519.55 Td (its ) Tj ET Q q 0 0 0 rg BT 415.99 519.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 460.41 519.55 Td (results ) Tj ET Q q 0 0 0 rg BT 492.58 519.55 Td (reported ) Tj ET Q q 0 0 0 rg BT 532.55 519.55 Td (in ) Tj ET Q q 0 0 0 rg BT 543.05 519.55 Td (U.S. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 507.55 Td (dollars ) Tj ET Q q 0 0 0 rg BT 80.67 507.55 Td (is ) Tj ET Q q 0 0 0 rg BT 89.60 507.55 Td (af) Tj ET Q q 0 0 0 rg BT 97.76 507.55 Td (fected ) Tj ET Q q 0 0 0 rg BT 126.71 507.55 Td (by ) Tj ET Q q 0 0 0 rg BT 138.98 507.55 Td (foreign ) Tj ET Q q 0 0 0 rg BT 171.27 507.55 Td (currency ) Tj ET Q q 0 0 0 rg BT 211.32 507.55 Td (exchange ) Tj ET Q q 0 0 0 rg BT 256.40 507.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 275.34 507.55 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 327.63 507.55 Td (because ) Tj ET Q q 0 0 0 rg BT 367.15 507.55 Td (the ) Tj ET Q q 0 0 0 rg BT 382.76 507.55 Td (underlying ) Tj ET Q q 0 0 0 rg BT 430.61 507.55 Td (currencies ) Tj ET Q q 0 0 0 rg BT 478.45 507.55 Td (in ) Tj ET Q q 0 0 0 rg BT 487.94 507.55 Td (which ) Tj ET Q q 0 0 0 rg BT 515.22 507.55 Td (it ) Tj ET Q q 0 0 0 rg BT 521.93 507.55 Td (transacts ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 495.55 Td (change ) Tj ET Q q 0 0 0 rg BT 85.58 495.55 Td (in ) Tj ET Q q 0 0 0 rg BT 96.64 495.55 Td (value ) Tj ET Q q 0 0 0 rg BT 123.82 495.55 Td (over ) Tj ET Q q 0 0 0 rg BT 146.55 495.55 Td (time ) Tj ET Q q 0 0 0 rg BT 168.72 495.55 Td (compared ) Tj ET Q q 0 0 0 rg BT 216.46 495.55 Td (to ) Tj ET Q q 0 0 0 rg BT 228.07 495.55 Td (the ) Tj ET Q q 0 0 0 rg BT 245.25 495.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 267.97 495.55 Td (dollar) Tj ET Q q 0 0 0 rg BT 291.88 495.55 Td (. ) Tj ET Q q 0 0 0 rg BT 297.72 495.55 Td (T) Tj ET Q q 0 0 0 rg BT 302.72 495.55 Td (o ) Tj ET Q q 0 0 0 rg BT 311.56 495.55 Td (supplement ) Tj ET Q q 0 0 0 rg BT 366.53 495.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 406.49 495.55 Td (information ) Tj ET Q q 0 0 0 rg BT 459.24 495.55 Td (reported ) Tj ET Q q 0 0 0 rg BT 499.76 495.55 Td (in ) Tj ET Q q 0 0 0 rg BT 510.82 495.55 Td (accordance ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 483.55 Td (with ) Tj ET Q q 0 0 0 rg BT 69.93 483.55 Td (GAAP) Tj ET Q q 0 0 0 rg BT 96.43 483.55 Td (, ) Tj ET Q q 0 0 0 rg BT 101.85 483.55 Td (the ) Tj ET Q q 0 0 0 rg BT 118.39 483.55 Td (company ) Tj ET Q q 0 0 0 rg BT 161.61 483.55 Td (discloses ) Tj ET Q q 0 0 0 rg BT 205.39 483.55 Td (constant-currency ) Tj ET Q q 0 0 0 rg BT 287.51 483.55 Td (net ) Tj ET Q q 0 0 0 rg BT 304.05 483.55 Td (sales ) Tj ET Q q 0 0 0 rg BT 330.04 483.55 Td (information, ) Tj ET Q q 0 0 0 rg BT 384.93 483.55 Td (which ) Tj ET Q q 0 0 0 rg BT 413.14 483.55 Td (is ) Tj ET Q q 0 0 0 rg BT 423.01 483.55 Td (a ) Tj ET Q q 0 0 0 rg BT 431.21 483.55 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 478.84 483.55 Td ( ) Tj ET Q q 0 0 0 rg BT 481.48 483.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 520.81 483.55 Td (measure, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 471.55 Td (to ) Tj ET Q q 0 0 0 rg BT 60.29 471.55 Td (provide ) Tj ET Q q 0 0 0 rg BT 95.53 471.55 Td (a ) Tj ET Q q 0 0 0 rg BT 103.54 471.55 Td (framework ) Tj ET Q q 0 0 0 rg BT 152.66 471.55 Td (to ) Tj ET Q q 0 0 0 rg BT 163.44 471.55 Td (assess ) Tj ET Q q 0 0 0 rg BT 197.01 471.55 Td (how ) Tj ET Q q 0 0 0 rg BT 217.80 471.55 Td (the ) Tj ET Q q 0 0 0 rg BT 234.15 471.55 Td (business ) Tj ET Q q 0 0 0 rg BT 276.06 471.55 Td (performed ) Tj ET Q q 0 0 0 rg BT 324.08 471.55 Td (excluding ) Tj ET Q q 0 0 0 rg BT 368.78 471.55 Td (the ) Tj ET Q q 0 0 0 rg BT 385.13 471.55 Td (ef) Tj ET Q q 0 0 0 rg BT 393.29 471.55 Td (fects ) Tj ET Q q 0 0 0 rg BT 416.85 471.55 Td (of ) Tj ET Q q 0 0 0 rg BT 427.64 471.55 Td (changes ) Tj ET Q q 0 0 0 rg BT 467.89 471.55 Td (in ) Tj ET Q q 0 0 0 rg BT 478.12 471.55 Td (the ) Tj ET Q q 0 0 0 rg BT 494.47 471.55 Td (exchange ) Tj ET Q q 0 0 0 rg BT 540.28 471.55 Td (rates ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 459.55 Td (used ) Tj ET Q q 0 0 0 rg BT 73.08 459.55 Td (to ) Tj ET Q q 0 0 0 rg BT 83.31 459.55 Td (translate ) Tj ET Q q 0 0 0 rg BT 123.56 459.55 Td (net ) Tj ET Q q 0 0 0 rg BT 139.36 459.55 Td (sales ) Tj ET Q q 0 0 0 rg BT 164.60 459.55 Td (generated ) Tj ET Q q 0 0 0 rg BT 211.53 459.55 Td (in ) Tj ET Q q 0 0 0 rg BT 221.21 459.55 Td (foreign ) Tj ET Q q 0 0 0 rg BT 253.68 459.55 Td (currencies ) Tj ET Q q 0 0 0 rg BT 301.70 459.55 Td (into ) Tj ET Q q 0 0 0 rg BT 319.71 459.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 341.06 459.55 Td (dollars. ) Tj ET Q q 0 0 0 rg BT 375.06 459.55 Td (The ) Tj ET Q q 0 0 0 rg BT 394.19 459.55 Td (company ) Tj ET Q q 0 0 0 rg BT 436.66 459.55 Td (calculates ) Tj ET Q q 0 0 0 rg BT 483.02 459.55 Td (constant-currency ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 447.55 Td (net ) Tj ET Q q 0 0 0 rg BT 66.56 447.55 Td (sales ) Tj ET Q q 0 0 0 rg BT 93.06 447.55 Td (by ) Tj ET Q q 0 0 0 rg BT 106.77 447.55 Td (translating ) Tj ET Q q 0 0 0 rg BT 156.07 447.55 Td (net ) Tj ET Q q 0 0 0 rg BT 173.12 447.55 Td (sales ) Tj ET Q q 0 0 0 rg BT 199.62 447.55 Td (in ) Tj ET Q q 0 0 0 rg BT 210.56 447.55 Td (foreign ) Tj ET Q q 0 0 0 rg BT 244.29 447.55 Td (currencies ) Tj ET Q q 0 0 0 rg BT 293.58 447.55 Td (for ) Tj ET Q q 0 0 0 rg BT 308.40 447.55 Td (the ) Tj ET Q q 0 0 0 rg BT 325.46 447.55 Td (current ) Tj ET Q q 0 0 0 rg BT 359.74 447.55 Td (period ) Tj ET Q q 0 0 0 rg BT 390.69 447.55 Td (into ) Tj ET Q q 0 0 0 rg BT 409.97 447.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 432.57 447.55 Td (dollars ) Tj ET Q q 0 0 0 rg BT 465.18 447.55 Td (at ) Tj ET Q q 0 0 0 rg BT 476.68 447.55 Td (the ) Tj ET Q q 0 0 0 rg BT 493.74 447.55 Td (exchange ) Tj ET Q q 0 0 0 rg BT 540.26 447.55 Td (rates ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 435.55 Td (that ) Tj ET Q q 0 0 0 rg BT 68.84 435.55 Td (were ) Tj ET Q q 0 0 0 rg BT 93.18 435.55 Td (in ) Tj ET Q q 0 0 0 rg BT 103.63 435.55 Td (ef) Tj ET Q q 0 0 0 rg BT 111.79 435.55 Td (fect ) Tj ET Q q 0 0 0 rg BT 130.57 435.55 Td (during ) Tj ET Q q 0 0 0 rg BT 161.04 435.55 Td (the ) Tj ET Q q 0 0 0 rg BT 177.60 435.55 Td (comparable ) Tj ET Q q 0 0 0 rg BT 232.52 435.55 Td (period ) Tj ET Q q 0 0 0 rg BT 262.98 435.55 Td (of ) Tj ET Q q 0 0 0 rg BT 273.98 435.55 Td (the ) Tj ET Q q 0 0 0 rg BT 290.55 435.55 Td (prior ) Tj ET Q q 0 0 0 rg BT 313.22 435.55 Td (year) Tj ET Q q 0 0 0 rg BT 332.12 435.55 Td (. ) Tj ET Q q 0 0 0 rg BT 337.56 435.55 Td (Management ) Tj ET Q q 0 0 0 rg BT 398.60 435.55 Td (believes ) Tj ET Q q 0 0 0 rg BT 437.95 435.55 Td (that ) Tj ET Q q 0 0 0 rg BT 457.30 435.55 Td (this ) Tj ET Q q 0 0 0 rg BT 475.52 435.55 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 523.14 435.55 Td ( ) Tj ET Q q 0 0 0 rg BT 525.81 435.55 Td (financial ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 423.55 Td (measure ) Tj ET Q q 0 0 0 rg BT 90.75 423.55 Td (reflects ) Tj ET Q q 0 0 0 rg BT 125.32 423.55 Td (an ) Tj ET Q q 0 0 0 rg BT 138.78 423.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 183.94 423.55 Td (and ) Tj ET Q q 0 0 0 rg BT 202.96 423.55 Td (useful ) Tj ET Q q 0 0 0 rg BT 231.99 423.55 Td (way ) Tj ET Q q 0 0 0 rg BT 252.11 423.55 Td (of ) Tj ET Q q 0 0 0 rg BT 262.80 423.55 Td (viewing ) Tj ET Q q 0 0 0 rg BT 298.49 423.55 Td (an ) Tj ET Q q 0 0 0 rg BT 311.95 423.55 Td (aspect ) Tj ET Q q 0 0 0 rg BT 343.76 423.55 Td (of ) Tj ET Q q 0 0 0 rg BT 354.44 423.55 Td (our ) Tj ET Q q 0 0 0 rg BT 371.23 423.55 Td (operations ) Tj ET Q q 0 0 0 rg BT 420.27 423.55 Td (that, ) Tj ET Q q 0 0 0 rg BT 442.07 423.55 Td (when ) Tj ET Q q 0 0 0 rg BT 468.32 423.55 Td (viewed ) Tj ET Q q 0 0 0 rg BT 501.79 423.55 Td (in ) Tj ET Q q 0 0 0 rg BT 511.91 423.55 Td (conjunction ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 411.55 Td (with ) Tj ET Q q 0 0 0 rg BT 70.18 411.55 Td (our ) Tj ET Q q 0 0 0 rg BT 87.53 411.55 Td (GAAP) Tj ET Q q 0 0 0 rg BT 115.14 411.55 Td ( ) Tj ET Q q 0 0 0 rg BT 118.04 411.55 Td (results, ) Tj ET Q q 0 0 0 rg BT 153.17 411.55 Td (provides ) Tj ET Q q 0 0 0 rg BT 193.86 411.55 Td (a ) Tj ET Q q 0 0 0 rg BT 202.32 411.55 Td (more ) Tj ET Q q 0 0 0 rg BT 228.00 411.55 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 298.71 411.55 Td (understanding ) Tj ET Q q 0 0 0 rg BT 364.99 411.55 Td (of ) Tj ET Q q 0 0 0 rg BT 376.23 411.55 Td (our ) Tj ET Q q 0 0 0 rg BT 393.58 411.55 Td (business ) Tj ET Q q 0 0 0 rg BT 435.94 411.55 Td (and ) Tj ET Q q 0 0 0 rg BT 455.53 411.55 Td (operations. ) Tj ET Q q 0 0 0 rg BT 507.90 411.55 Td (In ) Tj ET Q q 0 0 0 rg BT 519.14 411.55 Td (particular) Tj ET Q q 0 0 0 rg BT 559.71 411.55 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 399.55 Td (investors ) Tj ET Q q 0 0 0 rg BT 92.60 399.55 Td (may ) Tj ET Q q 0 0 0 rg BT 114.57 399.55 Td (find ) Tj ET Q q 0 0 0 rg BT 133.78 399.55 Td (the ) Tj ET Q q 0 0 0 rg BT 150.76 399.55 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 198.38 399.55 Td ( ) Tj ET Q q 0 0 0 rg BT 201.46 399.55 Td (measures ) Tj ET Q q 0 0 0 rg BT 248.45 399.55 Td (useful ) Tj ET Q q 0 0 0 rg BT 278.22 399.55 Td (by ) Tj ET Q q 0 0 0 rg BT 291.86 399.55 Td (reviewing ) Tj ET Q q 0 0 0 rg BT 337.18 399.55 Td (our ) Tj ET Q q 0 0 0 rg BT 354.72 399.55 Td (net ) Tj ET Q q 0 0 0 rg BT 371.70 399.55 Td (sales ) Tj ET Q q 0 0 0 rg BT 398.13 399.55 Td (results ) Tj ET Q q 0 0 0 rg BT 430.67 399.55 Td (without ) Tj ET Q q 0 0 0 rg BT 465.43 399.55 Td (the ) Tj ET Q q 0 0 0 rg BT 482.42 399.55 Td (volatility ) Tj ET Q q 0 0 0 rg BT 521.06 399.55 Td (in ) Tj ET Q q 0 0 0 rg BT 531.93 399.55 Td (foreign ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 387.55 Td (currency ) Tj ET Q q 0 0 0 rg BT 91.04 387.55 Td (exchange ) Tj ET Q q 0 0 0 rg BT 137.60 387.55 Td (rates. ) Tj ET Q q 0 0 0 rg BT 168.38 387.55 Td (This ) Tj ET Q q 0 0 0 rg BT 190.46 387.55 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 238.09 387.55 Td ( ) Tj ET Q q 0 0 0 rg BT 241.28 387.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 281.17 387.55 Td (measure ) Tj ET Q q 0 0 0 rg BT 323.27 387.55 Td (also ) Tj ET Q q 0 0 0 rg BT 344.81 387.55 Td (facilitates ) Tj ET Q q 0 0 0 rg BT 389.69 387.55 Td (management) Tj ET Q q 0 0 0 rg BT 450.10 387.55 Td (s ) Tj ET Q q 0 0 0 rg BT 458.29 387.55 Td (internal ) Tj ET Q q 0 0 0 rg BT 494.28 387.55 Td (comparisons ) Tj ET Q q 0 0 0 rg BT 554.17 387.55 Td (to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 375.55 Td (our ) Tj ET Q q 0 0 0 rg BT 66.73 375.55 Td (historical ) Tj ET Q q 0 0 0 rg BT 108.97 375.55 Td (net ) Tj ET Q q 0 0 0 rg BT 125.65 375.55 Td (sales ) Tj ET Q q 0 0 0 rg BT 151.77 375.55 Td (results ) Tj ET Q q 0 0 0 rg BT 184.00 375.55 Td (and ) Tj ET Q q 0 0 0 rg BT 203.46 375.55 Td (comparisons ) Tj ET Q q 0 0 0 rg BT 262.93 375.55 Td (to ) Tj ET Q q 0 0 0 rg BT 274.05 375.55 Td (competitors) Tj ET Q q 0 0 0 rg BT 327.59 375.55 Td ( ) Tj ET Q q 0 0 0 rg BT 330.36 375.55 Td (net ) Tj ET Q q 0 0 0 rg BT 347.04 375.55 Td (sales ) Tj ET Q q 0 0 0 rg BT 373.17 375.55 Td (results. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 351.55 Td (Additionally) Tj ET Q q 0 0 0 rg BT 99.90 351.55 Td (, ) Tj ET Q q 0 0 0 rg BT 106.42 351.55 Td (this ) Tj ET Q q 0 0 0 rg BT 125.73 351.55 Td (document ) Tj ET Q q 0 0 0 rg BT 173.38 351.55 Td (includes ) Tj ET Q q 0 0 0 rg BT 213.82 351.55 Td (references ) Tj ET Q q 0 0 0 rg BT 264.81 351.55 Td (to ) Tj ET Q q 0 0 0 rg BT 276.89 351.55 Td (other ) Tj ET Q q 0 0 0 rg BT 303.42 351.55 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 351.05 351.55 Td ( ) Tj ET Q q 0 0 0 rg BT 354.79 351.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 395.22 351.55 Td (measures ) Tj ET Q q 0 0 0 rg BT 442.87 351.55 Td (that ) Tj ET Q q 0 0 0 rg BT 463.29 351.55 Td (exclude ) Tj ET Q q 0 0 0 rg BT 501.50 351.55 Td (increased ) Tj ET Q q 0 0 0 rg BT 548.60 351.55 Td (net ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 339.55 Td (sales, ) Tj ET Q q 0 0 0 rg BT 78.69 339.55 Td (gross ) Tj ET Q q 0 0 0 rg BT 106.20 339.55 Td (profit, ) Tj ET Q q 0 0 0 rg BT 134.27 339.55 Td (and ) Tj ET Q q 0 0 0 rg BT 154.02 339.55 Td (of) Tj ET Q q 0 0 0 rg BT 162.18 339.55 Td (fsetting ) Tj ET Q q 0 0 0 rg BT 197.49 339.55 Td (increased ) Tj ET Q q 0 0 0 rg BT 243.91 339.55 Td (SG&A) Tj ET Q q 0 0 0 rg BT 271.14 339.55 Td ( ) Tj ET Q q 0 0 0 rg BT 274.21 339.55 Td (expenses ) Tj ET Q q 0 0 0 rg BT 320.08 339.55 Td (associated ) Tj ET Q q 0 0 0 rg BT 370.95 339.55 Td (with ) Tj ET Q q 0 0 0 rg BT 391.79 339.55 Td (new ) Tj ET Q q 0 0 0 rg BT 413.20 339.55 Td (the ) Tj ET Q q 0 0 0 rg BT 430.17 339.55 Td (revenue ) Tj ET Q q 0 0 0 rg BT 469.37 339.55 Td (accounting ) Tj ET Q q 0 0 0 rg BT 520.80 339.55 Td (standard, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 327.55 Td (as ) Tj ET Q q 0 0 0 rg BT 62.04 327.55 Td (well ) Tj ET Q q 0 0 0 rg BT 81.24 327.55 Td (as ) Tj ET Q q 0 0 0 rg BT 93.77 327.55 Td (program ) Tj ET Q q 0 0 0 rg BT 132.99 327.55 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 180.55 327.55 Td (discrete ) Tj ET Q q 0 0 0 rg BT 217.54 327.55 Td (costs ) Tj ET Q q 0 0 0 rg BT 242.85 327.55 Td (and ) Tj ET Q q 0 0 0 rg BT 261.51 327.55 Td (associated ) Tj ET Q q 0 0 0 rg BT 311.29 327.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 326.61 327.55 Td (ef) Tj ET Q q 0 0 0 rg BT 334.77 327.55 Td (fects ) Tj ET Q q 0 0 0 rg BT 357.86 327.55 Td (related ) Tj ET Q q 0 0 0 rg BT 390.41 327.55 Td (to ) Tj ET Q q 0 0 0 rg BT 400.73 327.55 Td (Project ) Tj ET Q q 0 0 0 rg BT 433.83 327.55 Td (CONNECT) Tj ET Q q 0 0 0 rg BT 483.09 327.55 Td ( ) Tj ET Q q 0 0 0 rg BT 485.06 327.55 Td (and ) Tj ET Q q 0 0 0 rg BT 503.60 327.55 Td (TCJA-related ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 315.55 Td (income ) Tj ET Q q 0 0 0 rg BT 85.11 315.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 101.82 315.55 Td (expense. ) Tj ET Q q 0 0 0 rg BT 145.55 315.55 Td (The ) Tj ET Q q 0 0 0 rg BT 166.15 315.55 Td (related ) Tj ET Q q 0 0 0 rg BT 200.10 315.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 216.81 315.55 Td (ef) Tj ET Q q 0 0 0 rg BT 224.97 315.55 Td (fects ) Tj ET Q q 0 0 0 rg BT 249.46 315.55 Td (of ) Tj ET Q q 0 0 0 rg BT 261.17 315.55 Td (program ) Tj ET Q q 0 0 0 rg BT 301.77 315.55 Td (expenses ) Tj ET Q q 0 0 0 rg BT 347.95 315.55 Td (and ) Tj ET Q q 0 0 0 rg BT 368.00 315.55 Td (discrete ) Tj ET Q q 0 0 0 rg BT 406.39 315.55 Td (costs ) Tj ET Q q 0 0 0 rg BT 433.10 315.55 Td (related ) Tj ET Q q 0 0 0 rg BT 467.04 315.55 Td (to ) Tj ET Q q 0 0 0 rg BT 478.75 315.55 Td (Project ) Tj ET Q q 0 0 0 rg BT 513.24 315.55 Td (CONNECT) Tj ET Q q 0 0 0 rg BT 562.51 315.55 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 303.55 Td (were ) Tj ET Q q 0 0 0 rg BT 74.11 303.55 Td (calculated ) Tj ET Q q 0 0 0 rg BT 122.07 303.55 Td (using ) Tj ET Q q 0 0 0 rg BT 148.91 303.55 Td (the ) Tj ET Q q 0 0 0 rg BT 165.75 303.55 Td (respective ) Tj ET Q q 0 0 0 rg BT 214.26 303.55 Td (statutory ) Tj ET Q q 0 0 0 rg BT 255.54 303.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 271.82 303.55 Td (rates ) Tj ET Q q 0 0 0 rg BT 296.99 303.55 Td (for ) Tj ET Q q 0 0 0 rg BT 311.59 303.55 Td (applicable ) Tj ET Q q 0 0 0 rg BT 359.56 303.55 Td (jurisdictions. ) Tj ET Q q 0 0 0 rg BT 417.51 303.55 Td (Management ) Tj ET Q q 0 0 0 rg BT 478.82 303.55 Td (believes ) Tj ET Q q 0 0 0 rg BT 518.44 303.55 Td (that ) Tj ET Q q 0 0 0 rg BT 538.05 303.55 Td (these ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 291.55 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 97.12 291.55 Td ( ) Tj ET Q q 0 0 0 rg BT 100.00 291.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 139.56 291.55 Td (measures ) Tj ET Q q 0 0 0 rg BT 186.34 291.55 Td (enable ) Tj ET Q q 0 0 0 rg BT 219.24 291.55 Td (useful ) Tj ET Q q 0 0 0 rg BT 248.80 291.55 Td (and ) Tj ET Q q 0 0 0 rg BT 268.35 291.55 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 320.15 291.55 Td (comparisons ) Tj ET Q q 0 0 0 rg BT 379.71 291.55 Td (of ) Tj ET Q q 0 0 0 rg BT 390.92 291.55 Td (our ) Tj ET Q q 0 0 0 rg BT 408.25 291.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 452.82 291.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 511.83 291.55 Td (from ) Tj ET Q q 0 0 0 rg BT 534.71 291.55 Td (period ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 279.55 Td (to ) Tj ET Q q 0 0 0 rg BT 60.74 279.55 Td (period ) Tj ET Q q 0 0 0 rg BT 91.44 279.55 Td (because ) Tj ET Q q 0 0 0 rg BT 132.15 279.55 Td (they ) Tj ET Q q 0 0 0 rg BT 153.95 279.55 Td (exclude ) Tj ET Q q 0 0 0 rg BT 191.32 279.55 Td (the ) Tj ET Q q 0 0 0 rg BT 208.12 279.55 Td (ef) Tj ET Q q 0 0 0 rg BT 216.28 279.55 Td (fects ) Tj ET Q q 0 0 0 rg BT 240.30 279.55 Td (of ) Tj ET Q q 0 0 0 rg BT 251.54 279.55 Td (the ) Tj ET Q q 0 0 0 rg BT 268.34 279.55 Td (aforementioned ) Tj ET Q q 0 0 0 rg BT 340.73 279.55 Td (items ) Tj ET Q q 0 0 0 rg BT 367.52 279.55 Td (above ) Tj ET Q q 0 0 0 rg BT 397.67 279.55 Td (that ) Tj ET Q q 0 0 0 rg BT 417.25 279.55 Td (may ) Tj ET Q q 0 0 0 rg BT 439.04 279.55 Td (not ) Tj ET Q q 0 0 0 rg BT 455.84 279.55 Td (be ) Tj ET Q q 0 0 0 rg BT 469.87 279.55 Td (indicative ) Tj ET Q q 0 0 0 rg BT 514.46 279.55 Td (of ) Tj ET Q q 0 0 0 rg BT 525.70 279.55 Td (our ) Tj ET Q q 0 0 0 rg BT 543.05 279.55 Td (core ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 267.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 93.98 267.55 Td (results. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 243.55 Td (These ) Tj ET Q q 0 0 0 rg BT 79.89 243.55 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 127.52 243.55 Td ( ) Tj ET Q q 0 0 0 rg BT 130.12 243.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 169.41 243.55 Td (measures, ) Tj ET Q q 0 0 0 rg BT 218.69 243.55 Td (including ) Tj ET Q q 0 0 0 rg BT 260.76 243.55 Td (constant-currency ) Tj ET Q q 0 0 0 rg BT 342.84 243.55 Td (net ) Tj ET Q q 0 0 0 rg BT 359.34 243.55 Td (sales, ) Tj ET Q q 0 0 0 rg BT 388.07 243.55 Td (should ) Tj ET Q q 0 0 0 rg BT 420.14 243.55 Td (be ) Tj ET Q q 0 0 0 rg BT 433.86 243.55 Td (viewed ) Tj ET Q q 0 0 0 rg BT 467.59 243.55 Td (in ) Tj ET Q q 0 0 0 rg BT 477.97 243.55 Td (addition ) Tj ET Q q 0 0 0 rg BT 515.60 243.55 Td (to, ) Tj ET Q q 0 0 0 rg BT 529.32 243.55 Td (and ) Tj ET Q q 0 0 0 rg BT 548.61 243.55 Td (not ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 231.55 Td (in ) Tj ET Q q 0 0 0 rg BT 61.85 231.55 Td (lieu ) Tj ET Q q 0 0 0 rg BT 81.99 231.55 Td (of ) Tj ET Q q 0 0 0 rg BT 94.90 231.55 Td (or ) Tj ET Q q 0 0 0 rg BT 108.36 231.55 Td (superior ) Tj ET Q q 0 0 0 rg BT 149.06 231.55 Td (to, ) Tj ET Q q 0 0 0 rg BT 164.74 231.55 Td (our ) Tj ET Q q 0 0 0 rg BT 183.77 231.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 225.02 231.55 Td (measures ) Tj ET Q q 0 0 0 rg BT 273.50 231.55 Td (calculated ) Tj ET Q q 0 0 0 rg BT 323.10 231.55 Td (in ) Tj ET Q q 0 0 0 rg BT 335.45 231.55 Td (accordance ) Tj ET Q q 0 0 0 rg BT 391.72 231.55 Td (with ) Tj ET Q q 0 0 0 rg BT 414.07 231.55 Td (GAAP) Tj ET Q q 0 0 0 rg BT 440.57 231.55 Td (. ) Tj ET Q q 0 0 0 rg BT 447.62 231.55 Td (The ) Tj ET Q q 0 0 0 rg BT 469.42 231.55 Td (company ) Tj ET Q q 0 0 0 rg BT 514.57 231.55 Td (provides ) Tj ET Q q 0 0 0 rg BT 556.94 231.55 Td (a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 219.55 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 109.94 219.55 Td (of ) Tj ET Q q 0 0 0 rg BT 120.35 219.55 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 167.97 219.55 Td ( ) Tj ET Q q 0 0 0 rg BT 170.05 219.55 Td (measures ) Tj ET Q q 0 0 0 rg BT 216.03 219.55 Td (to ) Tj ET Q q 0 0 0 rg BT 226.44 219.55 Td (the ) Tj ET Q q 0 0 0 rg BT 242.42 219.55 Td (most ) Tj ET Q q 0 0 0 rg BT 266.16 219.55 Td (directly ) Tj ET Q q 0 0 0 rg BT 299.91 219.55 Td (comparable ) Tj ET Q q 0 0 0 rg BT 354.24 219.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 393.00 219.55 Td (measure ) Tj ET Q q 0 0 0 rg BT 433.98 219.55 Td (calculated ) Tj ET Q q 0 0 0 rg BT 481.08 219.55 Td (in ) Tj ET Q q 0 0 0 rg BT 490.94 219.55 Td (accordance ) Tj ET Q q 0 0 0 rg BT 544.72 219.55 Td (with ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 207.55 Td (GAAP) Tj ET Q q 0 0 0 rg BT 76.00 207.55 Td (. ) Tj ET Q q 0 0 0 rg BT 80.86 207.55 Td (See ) Tj ET Q q 0 0 0 rg BT 100.73 207.55 Td ("Supplemental ) Tj ET Q q 0 0 0 rg BT 167.51 207.55 Td (Financial ) Tj ET Q q 0 0 0 rg BT 209.61 207.55 Td (Information" ) Tj ET Q q 0 0 0 rg BT 265.26 207.55 Td (tables ) Tj ET Q q 0 0 0 rg BT 294.03 207.55 Td (included ) Tj ET Q q 0 0 0 rg BT 333.36 207.55 Td (in ) Tj ET Q q 0 0 0 rg BT 343.22 207.55 Td (the ) Tj ET Q q 0 0 0 rg BT 359.20 207.55 Td (earnings ) Tj ET Q q 0 0 0 rg BT 399.64 207.55 Td (release ) Tj ET Q q 0 0 0 rg BT 434.52 207.55 Td (announcing ) Tj ET Q q 0 0 0 rg BT 488.31 207.55 Td (first ) Tj ET Q q 0 0 0 rg BT 506.50 207.55 Td (quarter ) Tj ET Q q 0 0 0 rg BT 540.26 207.55 Td (2018 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 195.55 Td (results ) Tj ET Q q 0 0 0 rg BT 81.41 195.55 Td (and ) Tj ET Q q 0 0 0 rg BT 100.55 195.55 Td (updated ) Tj ET Q q 0 0 0 rg BT 139.16 195.55 Td (full ) Tj ET Q q 0 0 0 rg BT 154.40 195.55 Td (year ) Tj ET Q q 0 0 0 rg BT 176.31 195.55 Td (2018 ) Tj ET Q q 0 0 0 rg BT 201.01 195.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 240.16 195.55 Td (outlook ) Tj ET Q q 0 0 0 rg BT 274.86 195.55 Td (located ) Tj ET Q q 0 0 0 rg BT 309.56 195.55 Td (on ) Tj ET Q q 0 0 0 rg BT 323.14 195.55 Td (the ) Tj ET Q q 0 0 0 rg BT 339.50 195.55 Td (investor ) Tj ET Q q 0 0 0 rg BT 376.97 195.55 Td (relations ) Tj ET Q q 0 0 0 rg BT 417.23 195.55 Td (section ) Tj ET Q q 0 0 0 rg BT 451.37 195.55 Td (of ) Tj ET Q q 0 0 0 rg BT 462.17 195.55 Td (the ) Tj ET Q q 0 0 0 rg BT 478.52 195.55 Td (company) Tj ET Q q 0 0 0 rg BT 521.14 195.55 Td (s ) Tj ET Q q 0 0 0 rg BT 528.60 195.55 Td (website ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 183.55 Td (at ) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 61.9248046875 182.12421874999995 m 236.98828125 182.12421874999995 l s q 0 0 1 rg BT 61.92 183.55 Td (http://investor) Tj ET Q q 0 0 1 rg BT 121.40 183.55 Td (.columbia.com/results.cfm) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 236.99 183.55 Td (\). ) Tj ET Q q 0 0 0 rg BT 246.92 183.55 Td (The ) Tj ET Q q 0 0 0 rg BT 268.23 183.55 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 315.85 183.55 Td ( ) Tj ET Q q 0 0 0 rg BT 319.94 183.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 360.71 183.55 Td (measures ) Tj ET Q q 0 0 0 rg BT 408.71 183.55 Td (and ) Tj ET Q q 0 0 0 rg BT 429.47 183.55 Td (constant-currency ) Tj ET Q q 0 0 0 rg BT 513.04 183.55 Td (information ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 171.55 Td (presented ) Tj ET Q q 0 0 0 rg BT 96.76 171.55 Td (may ) Tj ET Q q 0 0 0 rg BT 118.43 171.55 Td (not ) Tj ET Q q 0 0 0 rg BT 135.11 171.55 Td (be ) Tj ET Q q 0 0 0 rg BT 149.01 171.55 Td (comparable ) Tj ET Q q 0 0 0 rg BT 204.04 171.55 Td (to ) Tj ET Q q 0 0 0 rg BT 215.15 171.55 Td (similarly ) Tj ET Q q 0 0 0 rg BT 254.04 171.55 Td (entitled ) Tj ET Q q 0 0 0 rg BT 289.07 171.55 Td (measures ) Tj ET Q q 0 0 0 rg BT 335.75 171.55 Td (reported ) Tj ET Q q 0 0 0 rg BT 375.77 171.55 Td (by ) Tj ET Q q 0 0 0 rg BT 389.11 171.55 Td (other ) Tj ET Q q 0 0 0 rg BT 414.69 171.55 Td (companies.) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 49.5 145.96552734374995 m 127.2978515625 145.96552734374995 l s q 0 0 0 rg BT 49.50 147.55 Td (Second ) Tj ET Q q 0 0 0 rg BT 88.40 147.55 Td (Quarter ) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 127.2978515625 145.96552734374995 m 149.5439453125 145.96552734374995 l s q 0 0 0 rg BT 127.30 147.55 Td (2018) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 149.5439453125 145.96552734374995 m 246.775390625 145.96552734374995 l s q 0 0 0 rg BT 149.54 147.55 Td ( ) Tj ET Q q 0 0 0 rg BT 152.32 147.55 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 202.32 147.55 Td (Schedule) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 123.55 Td (Columbia ) Tj ET Q q 0 0 0 rg BT 94.47 123.55 Td (Sportswear ) Tj ET Q q 0 0 0 rg BT 147.78 123.55 Td (Company ) Tj ET Q q 0 0 0 rg BT 193.31 123.55 Td (plans ) Tj ET Q q 0 0 0 rg BT 219.95 123.55 Td (to ) Tj ET Q q 0 0 0 rg BT 231.02 123.55 Td (report ) Tj ET Q q 0 0 0 rg BT 259.88 123.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 299.30 123.55 Td (results ) Tj ET Q q 0 0 0 rg BT 331.49 123.55 Td (for ) Tj ET Q q 0 0 0 rg BT 345.89 123.55 Td (the ) Tj ET Q q 0 0 0 rg BT 362.52 123.55 Td (second ) Tj ET Q q 0 0 0 rg BT 397.50 123.55 Td (quarter ) Tj ET Q q 0 0 0 rg BT 431.92 123.55 Td (on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 445.60 123.55 Td (Thursday) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 486.54 123.55 Td (, ) Tj ET Q q 0 0 0 rg BT 492.05 123.55 Td (July ) Tj ET Q q 0 0 0 rg BT 512.56 123.55 Td (26, ) Tj ET Q q 0 0 0 rg BT 529.20 123.55 Td (2018 ) Tj ET Q q 0 0 0 rg BT 554.18 123.55 Td (at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 111.55 Td (approximately ) Tj ET Q q 0 0 0 rg BT 115.70 111.55 Td (4:00 ) Tj ET Q q 0 0 0 rg BT 139.11 111.55 Td (p.m. ) Tj ET Q q 0 0 0 rg BT 162.51 111.55 Td (ET) Tj ET Q q 0 0 0 rg BT 174.18 111.55 Td (. ) Tj ET Q q 0 0 0 rg BT 180.91 111.55 Td (Following ) Tj ET Q q 0 0 0 rg BT 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261.26 604.75 Td (believed ) Tj ET Q q 0 0 0 rg BT 301.35 604.75 Td (to ) Tj ET Q q 0 0 0 rg BT 312.53 604.75 Td (have ) Tj ET Q q 0 0 0 rg BT 337.06 604.75 Td (a ) Tj ET Q q 0 0 0 rg BT 345.46 604.75 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 397.79 604.75 Td (basis; ) Tj ET Q q 0 0 0 rg BT 426.75 604.75 Td (however) Tj ET Q q 0 0 0 rg BT 464.00 604.75 Td (, ) Tj ET Q q 0 0 0 rg BT 469.62 604.75 Td (each ) Tj ET Q q 0 0 0 rg BT 494.15 604.75 Td (forward-looking ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 592.75 Td (statement ) Tj ET Q q 0 0 0 rg BT 96.09 592.75 Td (involves ) Tj ET Q q 0 0 0 rg BT 134.89 592.75 Td (a ) Tj ET Q q 0 0 0 rg BT 143.13 592.75 Td (number ) Tj ET Q q 0 0 0 rg BT 179.72 592.75 Td (of ) Tj ET Q q 0 0 0 rg BT 190.74 592.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 213.96 592.75 Td (and ) Tj ET Q q 0 0 0 rg BT 233.33 592.75 Td (uncertainties, ) Tj ET Q q 0 0 0 rg BT 295.48 592.75 Td (including ) Tj ET Q q 0 0 0 rg BT 337.63 592.75 Td (those ) Tj ET Q q 0 0 0 rg BT 364.77 592.75 Td (set ) Tj ET Q q 0 0 0 rg BT 380.79 592.75 Td (forth ) Tj ET Q q 0 0 0 rg BT 403.48 592.75 Td (in ) Tj ET Q q 0 0 0 rg BT 413.94 592.75 Td (this ) Tj ET Q q 0 0 0 rg BT 432.18 592.75 Td (document, ) Tj ET Q q 0 0 0 rg BT 481.55 592.75 Td (those ) Tj ET Q q 0 0 0 rg BT 508.69 592.75 Td (described ) Tj ET Q q 0 0 0 rg BT 554.73 592.75 Td (in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 580.75 Td (the ) Tj ET Q q 0 0 0 rg BT 66.24 580.75 Td (company's ) Tj ET Q q 0 0 0 rg BT 116.00 580.75 Td (Annual ) Tj ET Q q 0 0 0 rg BT 149.97 580.75 Td (Report ) Tj ET Q q 0 0 0 rg BT 182.82 580.75 Td (on ) Tj ET Q q 0 0 0 rg BT 196.78 580.75 Td (Form ) Tj ET Q q 0 0 0 rg BT 222.95 580.75 Td (10-K ) Tj ET Q q 0 0 0 rg BT 246.91 580.75 Td (and ) Tj ET Q q 0 0 0 rg BT 266.43 580.75 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 310.39 580.75 Td (Reports ) Tj ET Q q 0 0 0 rg BT 348.24 580.75 Td (on ) Tj ET Q q 0 0 0 rg BT 362.20 580.75 Td (Form ) Tj ET Q q 0 0 0 rg BT 388.36 580.75 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 413.43 580.75 Td (under ) Tj ET Q q 0 0 0 rg BT 441.85 580.75 Td (the ) Tj ET Q q 0 0 0 rg BT 458.58 580.75 Td (heading ) Tj ET Q q 0 0 0 rg BT 497.01 580.75 Td ("Risk ) Tj ET Q q 0 0 0 rg BT 522.84 580.75 Td (Factors," ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 568.75 Td (and ) Tj ET Q q 0 0 0 rg BT 69.11 568.75 Td (those ) Tj ET Q q 0 0 0 rg BT 96.49 568.75 Td (that ) Tj ET Q q 0 0 0 rg BT 116.10 568.75 Td (have ) Tj ET Q q 0 0 0 rg BT 140.71 568.75 Td (been ) Tj ET Q q 0 0 0 rg BT 165.87 568.75 Td (or ) Tj ET Q q 0 0 0 rg BT 177.69 568.75 Td (may ) Tj ET Q q 0 0 0 rg BT 199.50 568.75 Td (be ) Tj ET Q q 0 0 0 rg BT 213.55 568.75 Td (described ) Tj ET Q q 0 0 0 rg BT 259.83 568.75 Td (in ) Tj ET Q q 0 0 0 rg BT 270.54 568.75 Td (other ) Tj ET Q q 0 0 0 rg BT 296.26 568.75 Td (reports ) Tj ET Q q 0 0 0 rg BT 330.30 568.75 Td (filed ) Tj ET Q q 0 0 0 rg BT 351.57 568.75 Td (by ) Tj ET Q q 0 0 0 rg BT 365.06 568.75 Td (the ) Tj ET Q q 0 0 0 rg BT 381.88 568.75 Td (company) Tj ET Q q 0 0 0 rg BT 421.71 568.75 Td (, ) Tj ET Q q 0 0 0 rg BT 427.42 568.75 Td (including ) Tj ET Q q 0 0 0 rg BT 469.81 568.75 Td (reports ) Tj ET Q q 0 0 0 rg BT 503.86 568.75 Td (on ) Tj ET Q q 0 0 0 rg BT 517.90 568.75 Td (Form ) Tj ET Q q 0 0 0 rg BT 544.16 568.75 Td (8-K. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 556.75 Td (Potential ) Tj ET Q q 0 0 0 rg BT 91.17 556.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 114.47 556.75 Td (and ) Tj ET Q q 0 0 0 rg BT 133.90 556.75 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 193.35 556.75 Td (that ) Tj ET Q q 0 0 0 rg BT 212.78 556.75 Td (may ) Tj ET Q q 0 0 0 rg BT 234.42 556.75 Td (af) Tj ET Q q 0 0 0 rg BT 242.58 556.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 261.45 556.75 Td (our ) Tj ET Q q 0 0 0 rg BT 278.65 556.75 Td (future ) Tj ET Q q 0 0 0 rg BT 306.97 556.75 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 353.64 556.75 Td (earnings ) Tj ET Q q 0 0 0 rg BT 394.75 556.75 Td (and ) Tj ET Q q 0 0 0 rg BT 414.18 556.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 473.07 556.75 Td (and ) Tj ET Q q 0 0 0 rg BT 492.51 556.75 Td (could ) Tj ET Q q 0 0 0 rg BT 519.16 556.75 Td (cause ) Tj ET Q q 0 0 0 rg BT 548.60 556.75 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 544.75 Td (actual ) Tj ET Q q 0 0 0 rg BT 80.47 544.75 Td (results ) Tj ET Q q 0 0 0 rg BT 114.20 544.75 Td (of ) Tj ET Q q 0 0 0 rg BT 126.82 544.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 177.80 544.75 Td (or ) Tj ET Q q 0 0 0 rg BT 190.97 544.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 231.94 544.75 Td (condition ) Tj ET Q q 0 0 0 rg BT 276.25 544.75 Td (of ) Tj ET Q q 0 0 0 rg BT 288.87 544.75 Td (the ) Tj ET Q q 0 0 0 rg BT 307.06 544.75 Td (company ) Tj ET Q q 0 0 0 rg BT 351.91 544.75 Td (to ) Tj ET Q q 0 0 0 rg BT 364.53 544.75 Td (dif) Tj ET Q q 0 0 0 rg BT 374.91 544.75 Td (fer ) Tj ET Q q 0 0 0 rg BT 390.86 544.75 Td (materially ) Tj ET Q q 0 0 0 rg BT 437.93 544.75 Td (from ) Tj ET Q q 0 0 0 rg BT 462.21 544.75 Td (the ) Tj ET Q q 0 0 0 rg BT 480.40 544.75 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 533.05 544.75 Td (results ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 532.75 Td (expressed ) Tj ET Q q 0 0 0 rg BT 97.58 532.75 Td (or ) Tj ET Q q 0 0 0 rg BT 108.42 532.75 Td (implied ) Tj ET Q q 0 0 0 rg BT 142.04 532.75 Td (by ) Tj ET Q q 0 0 0 rg BT 154.55 532.75 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 224.85 532.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 275.71 532.75 Td (in ) Tj ET Q q 0 0 0 rg BT 285.44 532.75 Td (this ) Tj ET Q q 0 0 0 rg BT 302.94 532.75 Td (document ) Tj ET Q q 0 0 0 rg BT 348.80 532.75 Td (include: ) Tj ET Q q 0 0 0 rg BT 385.21 532.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 404.94 532.75 Td (of ) Tj ET Q q 0 0 0 rg BT 415.22 532.75 Td (key ) Tj ET Q q 0 0 0 rg BT 432.73 532.75 Td (customer ) Tj ET Q q 0 0 0 rg BT 475.80 532.75 Td (accounts; ) Tj ET Q q 0 0 0 rg BT 520.54 532.75 Td (our ) Tj ET Q q 0 0 0 rg BT 536.94 532.75 Td (ability ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 520.75 Td (to ) Tj ET Q q 0 0 0 rg BT 60.50 520.75 Td (ef) Tj ET Q q 0 0 0 rg BT 68.66 520.75 Td (fectively ) Tj ET Q q 0 0 0 rg BT 107.44 520.75 Td (implement ) Tj ET Q q 0 0 0 rg BT 156.23 520.75 Td (IT) Tj ET Q q 0 0 0 rg BT 164.94 520.75 Td ( ) Tj ET Q q 0 0 0 rg BT 167.60 520.75 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 228.61 520.75 Td (and ) Tj ET Q q 0 0 0 rg BT 247.96 520.75 Td (business ) Tj ET Q q 0 0 0 rg BT 290.08 520.75 Td (process ) Tj ET Q q 0 0 0 rg BT 327.76 520.75 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 371.55 520.75 Td (and ) Tj ET Q q 0 0 0 rg BT 390.89 520.75 Td (to ) Tj ET Q q 0 0 0 rg BT 401.89 520.75 Td (maintain ) Tj ET Q q 0 0 0 rg BT 442.35 520.75 Td (the ) Tj ET Q q 0 0 0 rg BT 458.91 520.75 Td (strength ) Tj ET Q q 0 0 0 rg BT 497.70 520.75 Td (and ) Tj ET Q q 0 0 0 rg BT 517.05 520.75 Td (security ) Tj ET Q q 0 0 0 rg BT 554.16 520.75 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 508.75 Td (our ) Tj ET Q q 0 0 0 rg BT 66.07 508.75 Td (IT) Tj ET Q q 0 0 0 rg BT 74.78 508.75 Td ( ) Tj ET Q q 0 0 0 rg BT 76.90 508.75 Td (systems; ) Tj ET Q q 0 0 0 rg BT 118.46 508.75 Td (the ) Tj ET Q q 0 0 0 rg BT 134.49 508.75 Td (ef) Tj ET Q q 0 0 0 rg BT 142.64 508.75 Td (fects ) Tj ET Q q 0 0 0 rg BT 165.88 508.75 Td (of ) Tj ET Q q 0 0 0 rg BT 176.34 508.75 Td (unseasonable ) Tj ET Q q 0 0 0 rg BT 240.74 508.75 Td (weather) Tj ET Q q 0 0 0 rg BT 275.76 508.75 Td (, ) Tj ET Q q 0 0 0 rg BT 280.66 508.75 Td (including ) Tj ET Q q 0 0 0 rg BT 322.25 508.75 Td (global ) Tj ET Q q 0 0 0 rg BT 351.06 508.75 Td (climate ) Tj ET Q q 0 0 0 rg BT 384.85 508.75 Td (change; ) Tj ET Q q 0 0 0 rg BT 422.56 508.75 Td (trends ) Tj ET Q q 0 0 0 rg BT 452.47 508.75 Td (af) Tj ET Q q 0 0 0 rg BT 460.63 508.75 Td (fecting ) Tj ET Q q 0 0 0 rg BT 492.21 508.75 Td (consumer ) Tj ET Q q 0 0 0 rg BT 538.24 508.75 Td (traf) Tj ET Q q 0 0 0 rg BT 552.50 508.75 Td (fic ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 496.75 Td (and ) Tj ET Q q 0 0 0 rg BT 69.57 496.75 Td (spending ) Tj ET Q q 0 0 0 rg BT 113.54 496.75 Td (in ) Tj ET Q q 0 0 0 rg BT 124.70 496.75 Td (DTC; ) Tj ET Q q 0 0 0 rg BT 151.41 496.75 Td (our ) Tj ET Q q 0 0 0 rg BT 169.25 496.75 Td (ability ) Tj ET Q q 0 0 0 rg BT 198.19 496.75 Td (to ) Tj ET Q q 0 0 0 rg BT 209.91 496.75 Td (implement ) Tj ET Q q 0 0 0 rg BT 259.42 496.75 Td (our ) Tj ET Q q 0 0 0 rg BT 277.26 496.75 Td (growth ) Tj ET Q q 0 0 0 rg BT 310.65 496.75 Td (strategy; ) Tj ET Q q 0 0 0 rg BT 352.38 496.75 Td (unfavorable ) Tj ET Q q 0 0 0 rg BT 408.02 496.75 Td (economic ) Tj ET Q q 0 0 0 rg BT 454.20 496.75 Td (conditions ) Tj ET Q q 0 0 0 rg BT 502.61 496.75 Td (generally) Tj ET Q q 0 0 0 rg BT 542.45 496.75 Td (, ) Tj ET Q q 0 0 0 rg BT 548.61 496.75 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 484.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 89.48 484.75 Td (health ) Tj ET Q q 0 0 0 rg BT 120.02 484.75 Td (of ) Tj ET Q q 0 0 0 rg BT 131.66 484.75 Td (our ) Tj ET Q q 0 0 0 rg BT 149.40 484.75 Td (customers ) Tj ET Q q 0 0 0 rg BT 198.82 484.75 Td (and ) Tj ET Q q 0 0 0 rg BT 218.80 484.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 259.90 484.75 Td (in ) Tj ET Q q 0 0 0 rg BT 270.98 484.75 Td (the ) Tj ET Q q 0 0 0 rg BT 288.17 484.75 Td (level ) Tj ET Q q 0 0 0 rg BT 312.03 484.75 Td (of ) Tj ET Q q 0 0 0 rg BT 323.67 484.75 Td (consumer ) Tj ET Q q 0 0 0 rg BT 370.87 484.75 Td (spending, ) Tj ET Q q 0 0 0 rg BT 417.53 484.75 Td (apparel ) Tj ET Q q 0 0 0 rg BT 454.18 484.75 Td (preferences ) Tj ET Q q 0 0 0 rg BT 510.29 484.75 Td (and ) Tj ET Q q 0 0 0 rg BT 530.26 484.75 Td (fashion ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 472.75 Td (trends; ) Tj ET Q q 0 0 0 rg BT 83.44 472.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 124.62 472.75 Td (in ) Tj ET Q q 0 0 0 rg BT 135.78 472.75 Td (international, ) Tj ET Q q 0 0 0 rg BT 196.41 472.75 Td (federal ) Tj ET Q q 0 0 0 rg BT 230.36 472.75 Td (or ) Tj ET Q q 0 0 0 rg BT 242.63 472.75 Td (state ) Tj ET Q q 0 0 0 rg BT 267.68 472.75 Td (tax, ) Tj ET Q q 0 0 0 rg BT 287.17 472.75 Td (labor ) Tj ET Q q 0 0 0 rg BT 312.78 472.75 Td (and ) Tj ET Q q 0 0 0 rg BT 332.83 472.75 Td (other ) Tj ET Q q 0 0 0 rg BT 359.00 472.75 Td (laws ) Tj ET Q q 0 0 0 rg BT 382.38 472.75 Td (and ) Tj ET Q q 0 0 0 rg BT 402.44 472.75 Td (regulations ) Tj ET Q q 0 0 0 rg BT 454.73 472.75 Td (that ) Tj ET Q q 0 0 0 rg BT 474.78 472.75 Td (af) Tj ET Q q 0 0 0 rg BT 482.94 472.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 502.43 472.75 Td (our ) Tj ET Q q 0 0 0 rg BT 520.26 472.75 Td (business, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 460.75 Td (including ) Tj ET Q q 0 0 0 rg BT 91.71 460.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 132.26 460.75 Td (in ) Tj ET Q q 0 0 0 rg BT 142.79 460.75 Td (corporate ) Tj ET Q q 0 0 0 rg BT 187.78 460.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 203.86 460.75 Td (rates, ) Tj ET Q q 0 0 0 rg BT 231.61 460.75 Td (tarif) Tj ET Q q 0 0 0 rg BT 248.10 460.75 Td (fs, ) Tj ET Q q 0 0 0 rg BT 261.40 460.75 Td (international ) Tj ET Q q 0 0 0 rg BT 318.62 460.75 Td (trade ) Tj ET Q q 0 0 0 rg BT 344.16 460.75 Td (policy) Tj ET Q q 0 0 0 rg BT 368.98 460.75 Td (, ) Tj ET Q q 0 0 0 rg BT 374.50 460.75 Td (or ) Tj ET Q q 0 0 0 rg BT 386.13 460.75 Td (increasing ) Tj ET Q q 0 0 0 rg BT 434.46 460.75 Td (wage ) Tj ET Q q 0 0 0 rg BT 461.10 460.75 Td (rates; ) Tj ET Q q 0 0 0 rg BT 488.86 460.75 Td (the ) Tj ET Q q 0 0 0 rg BT 505.50 460.75 Td (ef) Tj ET Q q 0 0 0 rg BT 513.66 460.75 Td (fects ) Tj ET Q q 0 0 0 rg BT 537.52 460.75 Td (of ) Tj ET Q q 0 0 0 rg BT 548.60 460.75 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 448.75 Td (TCJA, ) Tj ET Q q 0 0 0 rg BT 79.30 448.75 Td (including ) Tj ET Q q 0 0 0 rg BT 120.80 448.75 Td (related ) Tj ET Q q 0 0 0 rg BT 153.40 448.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 193.23 448.75 Td (to ) Tj ET Q q 0 0 0 rg BT 203.59 448.75 Td (our ) Tj ET Q q 0 0 0 rg BT 220.07 448.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 235.44 448.75 Td (obligations ) Tj ET Q q 0 0 0 rg BT 285.27 448.75 Td (and ) Tj ET Q q 0 0 0 rg BT 303.98 448.75 Td (ef) Tj ET Q q 0 0 0 rg BT 312.14 448.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 343.06 448.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 358.43 448.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 377.68 448.75 Td (in ) Tj ET Q q 0 0 0 rg BT 387.49 448.75 Td (future ) Tj ET Q q 0 0 0 rg BT 415.09 448.75 Td (periods, ) Tj ET Q q 0 0 0 rg BT 452.69 448.75 Td (as ) Tj ET Q q 0 0 0 rg BT 465.27 448.75 Td (well ) Tj ET Q q 0 0 0 rg BT 484.52 448.75 Td (as ) Tj ET Q q 0 0 0 rg BT 497.11 448.75 Td (future ) Tj ET Q q 0 0 0 rg BT 524.70 448.75 Td (changes ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 436.75 Td (to ) Tj ET Q q 0 0 0 rg BT 59.64 436.75 Td (related ) Tj ET Q q 0 0 0 rg BT 92.02 436.75 Td (provisional ) Tj ET Q q 0 0 0 rg BT 141.62 436.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 156.76 436.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 196.37 436.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 237.64 436.75 Td (in ) Tj ET Q q 0 0 0 rg BT 247.22 436.75 Td (2017; ) Tj ET Q q 0 0 0 rg BT 274.04 436.75 Td (volatility ) Tj ET Q q 0 0 0 rg BT 311.41 436.75 Td (in ) Tj ET Q q 0 0 0 rg BT 320.99 436.75 Td (global ) Tj ET Q q 0 0 0 rg BT 349.48 436.75 Td (production ) Tj ET Q q 0 0 0 rg BT 397.98 436.75 Td (and ) Tj ET Q q 0 0 0 rg BT 416.47 436.75 Td (transportation ) Tj ET Q q 0 0 0 rg BT 479.42 436.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 504.56 436.75 Td (and ) Tj ET Q q 0 0 0 rg BT 523.04 436.75 Td (capacity; ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 424.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 73.49 424.75 Td (inherent ) Tj ET Q q 0 0 0 rg BT 113.06 424.75 Td (in ) Tj ET Q q 0 0 0 rg BT 124.28 424.75 Td (doing ) Tj ET Q q 0 0 0 rg BT 152.18 424.75 Td (business ) Tj ET Q q 0 0 0 rg BT 195.09 424.75 Td (in ) Tj ET Q q 0 0 0 rg BT 206.31 424.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 240.32 424.75 Td (markets, ) Tj ET Q q 0 0 0 rg BT 282.10 424.75 Td (including ) Tj ET Q q 0 0 0 rg BT 325.00 424.75 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 379.03 424.75 Td (in ) Tj ET Q q 0 0 0 rg BT 390.25 424.75 Td (currency ) Tj ET Q q 0 0 0 rg BT 432.03 424.75 Td (exchange ) Tj ET Q q 0 0 0 rg BT 478.83 424.75 Td (rates; ) Tj ET Q q 0 0 0 rg BT 507.28 424.75 Td (our ) Tj ET Q q 0 0 0 rg BT 525.17 424.75 Td (ability ) Tj ET Q q 0 0 0 rg BT 554.17 424.75 Td (to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 412.75 Td (attract ) Tj ET Q q 0 0 0 rg BT 81.11 412.75 Td (and ) Tj ET Q q 0 0 0 rg BT 101.61 412.75 Td (retain ) Tj ET Q q 0 0 0 rg BT 130.45 412.75 Td (key ) Tj ET Q q 0 0 0 rg BT 149.83 412.75 Td (personnel; ) Tj ET Q q 0 0 0 rg BT 200.35 412.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 224.72 412.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 276.35 412.75 Td (with ) Tj ET Q q 0 0 0 rg BT 297.95 412.75 Td (our ) Tj ET Q q 0 0 0 rg BT 316.23 412.75 Td (joint ) Tj ET Q q 0 0 0 rg BT 338.39 412.75 Td (venture, ) Tj ET Q q 0 0 0 rg BT 378.34 412.75 Td (including ) Tj ET Q q 0 0 0 rg BT 421.64 412.75 Td (the ) Tj ET Q q 0 0 0 rg BT 439.36 412.75 Td (planned ) Tj ET Q q 0 0 0 rg BT 478.77 412.75 Td (buyout ) Tj ET Q q 0 0 0 rg BT 512.62 412.75 Td (of ) Tj ET Q q 0 0 0 rg BT 524.78 412.75 Td (the ) Tj ET Q q 0 0 0 rg BT 542.50 412.75 Td (non-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 400.75 Td (controlling ) Tj ET Q q 0 0 0 rg BT 99.63 400.75 Td (40 ) Tj ET Q q 0 0 0 rg BT 115.31 400.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 153.21 400.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 190.56 400.75 Td (in ) Tj ET Q q 0 0 0 rg BT 202.89 400.75 Td (the ) Tj ET Q q 0 0 0 rg BT 221.35 400.75 Td (joint ) Tj ET Q q 0 0 0 rg BT 244.24 400.75 Td (venture; ) Tj ET Q q 0 0 0 rg BT 284.93 400.75 Td (higher ) Tj ET Q q 0 0 0 rg BT 317.28 400.75 Td (than ) Tj ET Q q 0 0 0 rg BT 341.29 400.75 Td (expected ) Tj ET Q q 0 0 0 rg BT 386.43 400.75 Td (rates ) Tj ET Q q 0 0 0 rg BT 413.21 400.75 Td (of ) Tj ET Q q 0 0 0 rg BT 426.10 400.75 Td (order ) Tj ET Q q 0 0 0 rg BT 454.00 400.75 Td (cancellations; ) Tj ET Q q 0 0 0 rg BT 519.14 400.75 Td (increased ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 388.75 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 110.76 388.75 Td (of ) Tj ET Q q 0 0 0 rg BT 121.98 388.75 Td (our ) Tj ET Q q 0 0 0 rg BT 139.32 388.75 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 186.68 388.75 Td (customers; ) Tj ET Q q 0 0 0 rg BT 238.47 388.75 Td (our ) Tj ET Q q 0 0 0 rg BT 255.81 388.75 Td (ability ) Tj ET Q q 0 0 0 rg BT 284.26 388.75 Td (to ) Tj ET Q q 0 0 0 rg BT 295.48 388.75 Td (ef) Tj ET Q q 0 0 0 rg BT 303.64 388.75 Td (fectively ) Tj ET Q q 0 0 0 rg BT 342.65 388.75 Td (source ) Tj ET Q q 0 0 0 rg BT 375.55 388.75 Td (and ) Tj ET Q q 0 0 0 rg BT 395.12 388.75 Td (deliver ) Tj ET Q q 0 0 0 rg BT 427.46 388.75 Td (our ) Tj ET Q q 0 0 0 rg BT 444.80 388.75 Td (products ) Tj ET Q q 0 0 0 rg BT 486.04 388.75 Td (to ) Tj ET Q q 0 0 0 rg BT 497.27 388.75 Td (customers ) Tj ET Q q 0 0 0 rg BT 546.27 388.75 Td (in ) Tj ET Q q 0 0 0 rg BT 556.94 388.75 Td (a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 376.75 Td (timely ) Tj ET Q q 0 0 0 rg BT 77.35 376.75 Td (manner; ) Tj ET Q q 0 0 0 rg BT 115.77 376.75 Td (our ) Tj ET Q q 0 0 0 rg BT 131.96 376.75 Td (dependence ) Tj ET Q q 0 0 0 rg BT 188.74 376.75 Td (on ) Tj ET Q q 0 0 0 rg BT 201.60 376.75 Td (independent ) Tj ET Q q 0 0 0 rg BT 258.39 376.75 Td (manufacturers ) Tj ET Q q 0 0 0 rg BT 324.04 376.75 Td (and ) Tj ET Q q 0 0 0 rg BT 342.46 376.75 Td (suppliers ) Tj ET Q q 0 0 0 rg BT 384.22 376.75 Td (and ) Tj ET Q q 0 0 0 rg BT 402.63 376.75 Td (our ) Tj ET Q q 0 0 0 rg BT 418.82 376.75 Td (ability ) Tj ET Q q 0 0 0 rg BT 446.12 376.75 Td (to ) Tj ET Q q 0 0 0 rg BT 456.20 376.75 Td (source ) Tj ET Q q 0 0 0 rg BT 487.95 376.75 Td (finished ) Tj ET Q q 0 0 0 rg BT 524.15 376.75 Td (products ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 364.75 Td (and ) Tj ET Q q 0 0 0 rg BT 70.84 364.75 Td (components ) Tj ET Q q 0 0 0 rg BT 129.97 364.75 Td (at ) Tj ET Q q 0 0 0 rg BT 142.96 364.75 Td (competitive ) Tj ET Q q 0 0 0 rg BT 198.19 364.75 Td (prices ) Tj ET Q q 0 0 0 rg BT 229.52 364.75 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