<SEC-DOCUMENT>0000950123-21-016012.txt : 20240717
<SEC-HEADER>0000950123-21-016012.hdr.sgml : 20240717
<ACCEPTANCE-DATETIME>20211203151650
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-21-016012
CONFORMED SUBMISSION TYPE:	DRSLTR
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20211203

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Tempus Labs, Inc.
		CENTRAL INDEX KEY:			0001717115
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
		ORGANIZATION NAME:           	06 Technology
		IRS NUMBER:				474903308
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DRSLTR

	BUSINESS ADDRESS:	
		STREET 1:		600 WEST CHICAGO AVENUE
		STREET 2:		SUITE 510
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60654
		BUSINESS PHONE:		800-976-5448

	MAIL ADDRESS:	
		STREET 1:		600 WEST CHICAGO AVENUE
		STREET 2:		SUITE 510
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60654

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Tempus Labs, Inc.
		DATE OF NAME CHANGE:	20170915
</SEC-HEADER>
<DOCUMENT>
<TYPE>DRSLTR
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>DRSLTR</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g221145g1202123443151.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Nicole C. Brookshire</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">+1 212 479 6157</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">nbrookshire@cooley.com</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Via EDGAR</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December&nbsp;3, 2021 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S.
Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Technology </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="84%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Attention:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Jan Woo, Legal Branch Chief</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Kyle Wiley, Staff Attorney</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Robert Littlepage, Accounting Branch Chief</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Lisa Etheredge, Senior Staff Accountant</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Tempus Labs, Inc. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Draft Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Submitted October&nbsp;28, 2021 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>CIK: 0001717115 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On behalf of Tempus Labs, Inc. (the &#147;<B><I>Company</I></B>&#148;), we are providing this letter in response to comments (the
&#147;<B><I>Comments</I></B>&#148;) received from the staff of the U.S. Securities and Exchange Commission&#146;s Division of Corporation Finance (the &#147;<B><I>Staff</I></B>&#148;) by letters dated November&nbsp;16, 2021 (the
&#147;<B><I>November</I></B><B><I></I></B><B><I>&nbsp;16 Letter</I></B>&#148;) and November&nbsp;29, 2021 (the &#147;<B><I>November</I></B><B><I></I></B><B><I>&nbsp;29 Letter</I></B>&#148;) with respect to the Company&#146;s Amendment No.&nbsp;1 to
the Draft Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> (as amended from time to time, the &#147;<B><I>Registration Statement</I></B>&#148;), as confidentially submitted to the Staff on October&nbsp;28, 2021. The Company
is concurrently and confidentially submitting Amendment No.&nbsp;2 to the Draft Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> (the &#147;<B><I>Amended Draft Registration Statement</I></B>&#148;), which includes changes
that reflect the responses to the Comments as well as certain other updates to the Draft Registration Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Set forth below are the Company&#146;s
responses to the Comments. The numbering of the paragraphs below corresponds to the numbering of the Comments (in each of the November&nbsp;16 Letter and the November&nbsp;29 Letter, as applicable), which for your convenience we have incorporated
into this response letter in italics. Page references in the text of the Company&#146;s responses correspond to the page numbers of the Amended Draft Registration Statement. Capitalized terms used in this letter but not otherwise defined in this
letter have the meanings assigned to them in the Amended Draft Registration Statement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Data, page 7 </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your response to prior comment 5. While we recognize the removal of references to the phrase
&#147;gross profit&#148;, the term &#147;cohort lifetime value&#148; could imply a fair market value associated with the cohort. Please consider an alternative that better reflects what the figure represents, such as &#147;Cumulative revenue in
excess of cost&#148;. </I></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company has considered the Staff&#146;s comment and respectfully advises that it believes
the term &#147;Cohort Lifetime Value&#148; most accurately describes the information presented in the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Cooley LLP 500 Boylston
Street Boston, MA 02116-3736 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">t: (617) 937-2300 f: (617) 937-2400 cooley.com </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December 3, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page Two </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
Registration Statement. It is also a concept that is well understood in the Company&#146;s industry and within the investment community and how it thinks about its business. In particular, the
concept of &#147;Cohort Lifetime Value&#148; is intended to demonstrate the Company&#146;s ability to generate revenue multiple ways over multiple years, both at the time of sequencing and subsequently through the Company&#146;s Data product line.
Because the Company historically has incurred more cost to sequence patients than the amount of revenue it has generated through reimbursement in the initial year, the Company believes it is important to demonstrate that it is able to recover this
initial investment over time in its Data product line. In addition, the Company has considered alternative labels and have concluded that &#147;Cohort Lifetime Value&#148; is an accurate characterization of the information presented. In order to
address the Staff&#146;s Comment, the Company has made it clear that the concept of &#147;Cohort Lifetime Value&#148; is a term defined in the Registration Statement, so that investors can readily review the definition and understand what the
definition includes and does not include and the Company hopes that this clarity will address the Staff&#146;s concern, as the Company believes it is crucial to continue to use this terminology given the market background and shared understanding of
what this concept means. Further, the Company believes the definition of &#147;Cohort Lifetime Value&#148; and associated disclosure regarding the Company&#146;s &#147;Cohort Lifetime Value&#148; is robust and accurately depicts its business model
without implying any value on a per record basis. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>2.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>As a related matter, please address the following both here and elsewhere in the filing where this cohort
analysis is presented: </I></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Tell us why you have not provided a cohort analysis for the 6 months ended June&nbsp;30, 2021.</I>
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Revise your disclosures on page top of page 9 to clarify, if true, that sequencing revenue is a component of
genomics net revenue, licensing revenue is a component of data and other revenue, and initial sequencing costs are a component of cost of revenues, genomics.</I> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Quantify, to the extent possible, how much of your cost of revenues, data pertain to the licensing of the
cohort data for the periods presented.</I> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff that the cohort analysis was not
provided for the 6 months ended June&nbsp;30, 2021 because the Company historically has performed the analysis on an annual basis. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In
response to the Staff&#146;s Comment, the Company has revised the disclosures on pages 7, 8, 9, 106, 107, 108, 150, 151 and 152 of the Amended Draft Registration Statement to update the cohort analysis through September&nbsp;30, 2021, including
adding the 2021 cohort. The Company has further revised the disclosures to clarify the various components of the cohort analysis. With respect to the cost of revenues, data, the Company notes that it has included disclosures around the total cost of
revenues, data by year since it does not allocate such costs to individual data cohorts. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Management&#146;s Discussion and Analysis </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comparison of the Six Months Ended June&nbsp;30, 2020 and 2021, page 113 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>3.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your response to prior comment 12. While we recognize the unique nature of each of the
Company&#146;s contracts within the Data and other product category, please clarify for us if there are metrics or other measures used by management to evaluate the success of this revenue stream (for example, number of clinical trial matches,
number of clinical trial enrollments and/or number of <FONT STYLE="white-space:nowrap">de-identified</FONT> records delivered per period). If so, please consider disclosing those metrics and any relevant trends so that investors have more context to
understand fluctuations in your operating results between the periods presented. </I></P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Cooley LLP 500 Boylston
Street Boston, MA 02116-3736 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">t: (617) 937-2300 f: (617) 937-2400 cooley.com </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December 3, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page Three </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff that it has considered the Staff&#146;s Comment
and believes Remaining Total Contract Value (&#147;<B><I>Remaining TCV</I></B>&#148;), when considered in combination with the revenue reported in the current period, is the best metric to evaluate the success of the revenue stream reported under
Data and other. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company reports revenue from three distinct products under the heading Data and other: (1)&nbsp;Insights, through
which the Company licenses <FONT STYLE="white-space:nowrap">de-identified</FONT> records to third parties, (2)&nbsp;Therapies, which is the Company&#146;s clinical trial matching product, and (3)&nbsp;Algos, which develops the Company&#146;s
algorithmic testing products. The vast majority of revenue reported under Data and other is currently derived from the Company&#146;s Insights product. Currently, the amount attributable to Therapies and Algos is not material. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Although the vast majority of revenue under Data and other is derived from the Company&#146;s Insights product, two of the three potential
metrics identified by the Staff to evaluate the associated revenue stream (the number of clinical trial matches and number of clinical trial enrollments) are only relevant to the Therapies product, which has not driven significant revenue to date
and is currently not material. As such, the Company does not believe these two metrics are meaningful drivers of revenue under Data and other based on the historical discussion of the Company&#146;s performance. In the future, if the revenue
associated with the Therapies product becomes material, the Company will consider providing additional disclosures, including the number of clinical trial matches and enrollments, to further explain fluctuations in its operating results between the
periods presented. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Next, with respect to the Company&#146;s Insights product, the Company does not believe the number of <FONT
STYLE="white-space:nowrap">de-identified</FONT> records delivered per reporting period is a useful metric to evaluate the success of the revenue stream reported under Data and other. Unlike the Company&#146;s sequencing business, which has standard
genomic tests with set prices, an increase in the number of <FONT STYLE="white-space:nowrap">de-identified</FONT> records does not necessarily translate into an increase in revenue. This is because the revenue derived from a single <FONT
STYLE="white-space:nowrap">de-identified</FONT> record varies significantly depending on the nature and character of the <FONT STYLE="white-space:nowrap">de-identified</FONT> record, including the data modalities being licensed. As a result, a
license involving a large number of <FONT STYLE="white-space:nowrap">de-identified</FONT> records may result in only a modest increase in revenue. The converse is also true. A license involving a small number of
<FONT STYLE="white-space:nowrap">de-identified</FONT> records may drive a substantial increase in revenue. Accordingly, the Company believes that the number of <FONT STYLE="white-space:nowrap">de-identified</FONT> records delivered during the period
could be a misleading indicator of the Company&#146;s actual revenue performance. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Because of the unique nature of the Company&#146;s
Insights product, the Company believes that Remaining TCV, when considered in combination with reported revenue, is the best metric to evaluate the performance of this revenue stream reported under Data and other, and that other potential metrics,
such as the number of <FONT STYLE="white-space:nowrap">de-identified</FONT> records, may not correlate to fluctuations between reporting periods. The Company believes Remaining TCV is the best metric to evaluate these revenue streams because
(1)&nbsp;the metric accounts for the number and nature of the <FONT STYLE="white-space:nowrap">de-identified</FONT> records being licensed, (2)&nbsp;the metric demonstrates expansion or contraction between periods using a consistently applied
methodology, and (3)&nbsp;Remaining TCV is the metric management uses to evaluate the performance of this revenue stream. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Remaining TCV is
reported on pages 7 and 149 of the Amended Draft Registration Statement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Contractual Obligations and Commitments, page 119 </U></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Cooley LLP 500 Boylston
Street Boston, MA 02116-3736 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">t: (617) 937-2300 f: (617) 937-2400 cooley.com </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December 3, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page Four </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>4.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your response to prior comment 14. Please revise to present your discussion of material cash
requirements from known contractual and other obligations as of the most recent fiscal period presented. Please refer to Item 303(b)(1) of Regulation <FONT STYLE="white-space:nowrap">S-K:</FONT> </I></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff that it has included contractual obligations and commitments as of December&nbsp;31, 2020 and
September&nbsp;30, 2021 on pages 120 and 121 and within Note 6 on pages <FONT STYLE="white-space:nowrap">F-27</FONT> and <FONT STYLE="white-space:nowrap">F-28</FONT> of the Amended Draft Registration Statement, as the Company entered into an
agreement with material future obligations during the third quarter of 2021. In response to the Staff&#146;s Comment, the Company has revised its Liquidity and Capital Resources discussion on page 118 of the Amended Draft Registration Statement to
consider material cash requirements as of both December&nbsp;31, 2020 and September&nbsp;30, 2021. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Consolidated Financial Statements </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Summary of Significant Accounting Policies, page <FONT STYLE="white-space:nowrap">F-10</FONT> </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>5.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your response to prior comment 21. We also note your disclosure on page 125 and elsewhere that you
cover the actual direct costs associated with the technical integrations needed to create data connections with healthcare institutions. Please supplementally quantify the cost of these technical integrations. If material, please revise to disclose
your accounting policy for costs to obtain and/or fulfill contracts with customers. Please refer to ASC <FONT STYLE="white-space:nowrap">340-40.</FONT> </I></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff that initial setup costs are not material. Costs were $0.0&nbsp;million, $0.1&nbsp;million,
$0.1&nbsp;million, and $0.2&nbsp;million for the years ended December&nbsp;31, 2019 and 2020 and for the nine months ended September&nbsp;30, 2020 and 2021, respectively. In consideration of ASC <FONT STYLE="white-space:nowrap">340-40,</FONT> the
Company respectfully advises the Staff that it considers only costs that relate directly to a contract and that are specifically identifiable as contract costs. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Revenue Recognition, page <FONT STYLE="white-space:nowrap">F-14</FONT> </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>6.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We are considering your responses to comments 23&#151;25. We may have further comments.
</I></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully acknowledges receipt of the Staff&#146;s Comment and refers the Staff to its response below
to Comment No.&nbsp;1 from the November&nbsp;29 Letter. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Consolidated Financial Statements </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Revenue Recognition, page <FONT STYLE="white-space:nowrap">F-14</FONT> </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your responses to prior comments 23 through 25. So that we may better understand your accounting for
refreshes, please supplementally address the following. </I></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Explain in greater detail the nature of your performance obligations related to refreshes, including how they
are defined and priced in your contracts with customers, the specific features and functionality refreshes provide, and the period of time over which you are required to provide refreshes.</I> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Tell us how you considered if these refreshes represent a stand-ready obligation to provide future products or
services on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">when-and-if-available</FONT></FONT></FONT> basis.</I> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Explain the consequences, if any, if you do not provide refreshes to your customers.</I>
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Cooley LLP 500 Boylston
Street Boston, MA 02116-3736 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">t: (617) 937-2300 f: (617) 937-2400 cooley.com </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December 3, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page Five </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff that the Company delivers two types of data
records to its customers: multimodal data records, and clinical only data records. A multimodal data record includes a patient&#146;s clinical data, as well as other data modalities such as genomic information, slide images, and other forms of data.
In contrast, a clinical only data record encompasses only clinical information related to that patient, such as age, sex, medical treatments, and individual and familial health history. The Company does not always control the ability to obtain an
updated record, and there is no guarantee a patient&#146;s record will have continual clinical updates. In those circumstances when the Company provides data refreshes, the refreshed data primarily consists of updated clinical notes, to the extent
that such data exists. Certain of the Company&#146;s customers seek this updated information to ensure they have the most updated information in the clinical record; however, many of the Company&#146;s contracts do not require data refreshes, and in
those circumstances the Company does not deliver any refreshes to the customer. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company makes data refreshes available to its
customers one of two ways. The first is in the form of a customer option, where the customer has an option to purchase any refreshed data records on specified frequency (e.g., every six months for the duration of the contract) for a fee per
refreshed record (i.e., X refreshed records delivered multiplied by the fee per refreshed record). In these cases, the customer option is not a performance obligation unless the option contains a material right. As the price per refreshed data
record is consistent with the standalone selling price, the Company has not had to account for a material right performance obligation. If and when the customer exercises their option to purchase the refreshed data records, the Company accounts for
these as new contracts and recognizes revenue upon transfer of control of the refreshed data records. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In the second case, the Company
makes a promise to deliver refreshed data records (but only to the extent the data in the record has been updated since the original record or previously refreshed record was delivered to the customer; nothing is delivered if the data in the record
had not been updated), on a specified frequency (e.g., every six months for the duration of the contract), in exchange for additional consideration from the customer which is priced at a fee per refreshed record delivered (i.e., X refreshed records
delivered multiplied by the fee per record). In this case the refreshed records, if any, to be delivered are considered to be separate performance obligations (apart from the original data records delivered). Given the two criteria in ASC <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">606-10-32-40</FONT></FONT></FONT> are met, the Company allocates the entirety of the variable consideration (i.e., the incremental consideration the
customer pays for the additional refreshed records) entirely to these performance obligations and recognizes such amount when the records are delivered. Since there are specific dates on which refreshed records may be delivered (i.e., every six
months during the term of the contract), this is not considered to be a stand-ready obligation. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">While the Company&#146;s contractual
arrangements include general terms and conditions regarding any material breach of contract, the arrangements do not contain any consequences specifically related to data refreshes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;* </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please contact me at (212) <FONT STYLE="white-space:nowrap">479-6157</FONT> with any questions or further comments regarding our responses to the Staff&#146;s
Comments. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Cooley LLP 500 Boylston
Street Boston, MA 02116-3736 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">t: (617) 937-2300 f: (617) 937-2400 cooley.com </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December 3, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page Six </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Nicole C. Brookshire</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Nicole C. Brookshire</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Eric Lefkofsky, <I>Tempus Labs, Inc.</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Jim Rogers, <I>Tempus Labs, Inc.</I> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Erik Phelps, <I>Tempus Labs, Inc.</I> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Ryan Bartolucci, <I>Tempus Labs, Inc.</I> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Courtney Tygesson, <I>Cooley LLP</I> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Christina Roupas, <I>Cooley LLP</I> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Richard Segal<I>, Cooley LLP</I> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Cooley LLP 500 Boylston
Street Boston, MA 02116-3736 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">t: (617) 937-2300 f: (617) 937-2400 cooley.com </P>

</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g221145g1202123443151.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g221145g1202123443151.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  M (D# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#V_6-:L="L
M3=W\VQ!PJCEG/H!W-><W7Q3U2[N&CTC2TV]MZM(Y'K@8Q^M96KRW7CKQ[]@B
MD(MDD:*/T1%^\WU.,_E7K>E:+8:+9K;65ND:#J<<L?4GN:PYI5&^5V1[[HX7
M+Z<77CSU)*]NB1YO!\4-:LIE75=*C\LGG"-$WZY'Z5Z9I6I0ZOID%_;AA%,N
MY0PP14MU96M[ T-S!'+&PP5=00:CL;*VTG3TM8/DMX0=NX_='7K5PC*+U=T<
M&+KX:M!.E3Y)>3T:+=%>?ZW\3[:TNC;:5:_;'4X,A)VY]@.35;3OBI_I:PZO
MIQMD8_?3/R_4&E[:%[7+63XQPYU#_/[CTFBHK:YAO+9+BWD62*095E/!%<UX
MF\=:?X>8VZ@W-YWB0X"_4U;DHJ[..CAJM:I[.G&[.JHKRV/XK7T;J]UHZB G
MJI8'\SQ7?Z)KUAK]G]HL9=V.'0\,A]#2C4C+1&^)R[$X:/-4CIWW/-?'G_)1
M;+_=B_G7KM>1>//^2BV7^[%_.O4M2U*UTFPEO+N39#&,D^OL*SINTI';F,7+
M#X:,5=N/^1;HKS1_B;J%U*YTO0GF@7^(JS'].E;?AGQ[::[=?8;F VE[T",>
M&/H/0^U6JL&[)G+5RK%TH.<HZ+?5:?(["BN-UGQT="\1QZ9>6!$#E2+@/_">
M^,=N:[$$,H((((R"*I23=D<M7#5:48SFM):H6DKD-4\<BS\41Z%9V7VJ9F5&
M;?@*Q[?@,&NOH4D]@JX>I1C&4U;F5UZ'BO@21=+^(+V]V=CL98,M_?S_ /6K
MVNO,?B!X-N6O#KNDHQ?AIXT^\&'\8_K3-%^*GDP+!K-K(TJ<>;&.OU'K6$)*
MFW&1[N.P\LRC'%8;5VLUU3/4:Y'XD:A+8>$9?)8JT\BPDCL#DG^58NH?%BV\
MLIIMC+),>%,G _+K6M/IM[XJ^'L<5WD7TB^:NX8^<9P/RXJY34TXQ.*C@JF$
MJTZV)5H\RW(/AOH-G;^'HM1>))+FYR2[#.T9X K7\7Z#9:KH%T9(46:&-I(Y
M  ""!FN$\*>,W\*1/H^LVTRQQL2A"\IZC'I5SQ/\18-3T^33=&AF>2X&PR%<
M<'L!4*<%3LSMK8+'2Q_M8WM>ZETM_P ,3?#/59D\/:G"Q++: R1Y[<9Q^8K+
M^'FFPZ_X@O=3U!1,T1WJK\_,3UKK? ?AF32?#TJWJ;9[S)=#U52, 5QEO+??
M#GQ1,9K=Y+&8XR!PRYX(/J*FSBHN6QT*I"M5Q4,,_?E:WG;>QZW<Z=9WELUO
M/;1/$PP5*BO*O# ;P]\3)]+@<FW=VB(SU'4?E717GQ5TA+,M:13RW!'RHRX
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2.47[\]/1=?O-RDHS16IY1__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
