<SEC-DOCUMENT>0000912767-24-000015.txt : 20240613
<SEC-HEADER>0000912767-24-000015.hdr.sgml : 20240613
<ACCEPTANCE-DATETIME>20240510144318
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000912767-24-000015
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20240510

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UFP INDUSTRIES INC
		CENTRAL INDEX KEY:			0000912767
		STANDARD INDUSTRIAL CLASSIFICATION:	SAWMILLS, PLANNING MILLS, GENERAL [2421]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				381465835
		STATE OF INCORPORATION:			MI
		FISCAL YEAR END:			1228

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		2801 EAST BELTLINE NE
		CITY:			GRAND RAPIDS
		STATE:			MI
		ZIP:			49525
		BUSINESS PHONE:		6163646161

	MAIL ADDRESS:	
		STREET 1:		2801 EAST BELTLINE NE
		CITY:			GRAND RAPIDS
		STATE:			MI
		ZIP:			49505

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNIVERSAL FOREST PRODUCTS INC
		DATE OF NAME CHANGE:	19930929
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge  10.6.125.0--><!--Created on: 5/10/2024 06:35:28 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><img src="tmb-20240510xcorresp001.jpg" alt="Graphic" style="display:inline-block;height:45.84pt;left:0%;padding-bottom:0.7pt;position:relative;top:0pt;width:151.76pt;"></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;text-align:center;margin:0pt;">Bridgewater Place <b style="color:#a85511;font-weight:bold;">|</b> Post Office Box 352</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;text-align:center;margin:0pt;">Grand Rapids, Michigan 49501-0352</p><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:3pt 0pt 3pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';"> </font><font style="font-size:12pt;"><a name="bkLHPhone"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';">Telephone 616 / 336-6000 </font><b style="color:#a85511;font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">|</b><font style="font-family:'Calibri','Helvetica','sans-serif';"> Fax 616 / 336-7000 </font><b style="color:#a85511;font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">|</b><font style="font-family:'Calibri','Helvetica','sans-serif';"> www.varnumlaw.com</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:8pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:bold;">Michael G. Wooldridge </b></font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">Direct </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">616 / 336-6903</font></font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="display:inline-block;width:346.14pt;"></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;white-space:pre-wrap;"> mgwooldridge@varnumlaw.com</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:8pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">May 10, 2024</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><u style="font-style:italic;font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Filed Via Edgar</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">Ms. Heather Clark</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">Division of Corporation Finance</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">Office of Manufacturing</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">Securities and Exchange Commission</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">Washington, D.C. 20549</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">Re:</font></font><a name="bkRe"></a><b style="font-weight:bold;">UFP Industries, Inc. </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt 0pt 0pt 36pt;"><b style="font-weight:bold;">Form 10-K for the Fiscal Year Ended December 30, 2023</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt 0pt 0pt 36pt;"><b style="font-weight:bold;">Filed February 28, 2024 </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt 0pt 0pt 72pt;"><b style="font-weight:bold;">File No. 000-22684</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">Dear <a name="bkSalutation"></a>Ms. Clark:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt;">On behalf of UFP Industries, Inc. (the &quot;Company&quot;), we are responding to your letter dated April 29, 2024, with respect to the above-referenced filing (the &quot;Report&quot;).<sup style="font-size:9pt;vertical-align:top;"><a style="vertical-align:super;" href="#footnote-2">1</a></sup> &#160;The comments from your April 29, 2024, letter are set forth in bold font below and are followed by our response. References to such terms as &quot;we&quot;, &quot;us&quot;, and &quot;our&quot; refer to the Company, consistent with the manner of the Company&#39;s style of disclosure included in its public filings.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:2.38;text-align:justify;margin:0pt;"><b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Form 10-K for the Fiscal Year Ended December 30, 2023</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Exhibit 13</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Management&#39;s Discussion and Analysis of Financial Conditions and Results of Operations Overview, page 3</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">1.</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">We note your use of &quot;decremental operating margin&quot; and &quot;net surplus cash&quot; within the bullet points on page 3. &#160;To the extent these represent metrics or non-GAAP measures, please revise to provide all required disclosures to enable a reader to understand how these were calculated or determined.</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="font-weight:bold;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="font-weight:bold;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="font-weight:bold;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="font-weight:bold;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><div style="margin-bottom:5pt;margin-top:15pt;width:25%;border-bottom:1px solid black;"></div><a name="footnote-2"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><sup style="font-size:7.5pt;vertical-align:top;">1</sup> Note: Your letter referenced the Company&#8217;s Form 10-K for the fiscal year ended December 31, 2023. The Company&#8217;s fiscal year ended December 30, 2023.</p></div><div style="clear:both;display:table;margin-bottom:14.4pt;min-height:39.6pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="display:inline-block;text-indent:0pt;width:114.65pt;"></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:8pt;">Ann Arbor </font><b style="color:#a85511;font-family:'Calibri','Helvetica','sans-serif';font-size:8pt;font-weight:bold;">|</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:8pt;"> Birmingham </font><b style="color:#a85511;font-family:'Calibri','Helvetica','sans-serif';font-size:8pt;font-weight:bold;">|</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:8pt;"> Grand Rapids </font><b style="color:#a85511;font-family:'Calibri','Helvetica','sans-serif';font-size:8pt;font-weight:bold;">|</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:8pt;"> Kalamazoo </font><b style="color:#a85511;font-family:'Calibri','Helvetica','sans-serif';font-size:8pt;font-weight:bold;">|</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:8pt;"> Naples, FL </font><b style="color:#a85511;font-family:'Calibri','Helvetica','sans-serif';font-size:8pt;font-weight:bold;">|</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:8pt;"> Novi </font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;min-height:36pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><a name="bkHeader"></a><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">Ms. Heather Clark</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">May 10, 2024</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">Page 2</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Response</b>: </p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">Decremental Operating Margin</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">The Company does not believe decremental operating margin is a non-GAAP financial measure, as defined in Item 10(e)(4) of Regulation S-K. Pursuant to Item 10(e)(4)(ii) of Regulation S-K: &#8220;Ratios calculated using solely GAAP measures or other measures that are not non-GAAP financial measures&#8221; are <u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">not</u> non-GAAP financial measures. &#160;As noted in the bullet point on page 3 of the Form 10-K, decremental operating margin is the ratio calculated by <u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">dividing</u> (1) the decrease in operating profits over a particular period, which operating profits have been calculated in accordance with GAAP, <u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">by</u> (2) the decrease in net sales over that same period, which net sales have also been calculated in accordance with GAAP. In addition, the Company&#8217;s disclosure of the decremental operating margin is not intended or likely to be considered as a substitute for a comparable GAAP measure, and the Company does not believe presenting decremental operating margin has the effect of adding to or subtracting from a comparable GAAP number.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">To make this more clear and to provide investors information regarding why the Company believes discussion of its decremental operating margin is important and how the metric is used internally by the Company, in future filings, the Company will revise this disclosure to include this additional information, as follows (using the text from the Form 10-K):</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 36pt 0pt 36pt;">Our operating profits decreased $304 million, or 32.0%, compared to last year. The overall decrease is a result of the decline in gross profits mentioned above offset by a $65 million decrease in selling, general, and administrative (&#8220;SG&amp;A&#8221;) expenses. Our SG&amp;A declined primarily due to our incentive compensation plans which are tied to profitability and return on investment. More specifically, our sales incentive expense declined by $30 million to approximately $59 million for the year and bonus expense declined by $54 million to $175 million for the year. Our decremental operating margin<u style="color:#ff0000;text-decoration-color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;"> was 12.6%, which is calculated by dividing</u><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">comparing</font><font style="color:#ff0000;"> </font>our decrease in operating profits<u style="color:#ff0000;text-decoration-color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;"> (Earnings from operations) by</u><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">relative to</font> our decrease in net sales<font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;"> was 12.6%</font>.<u style="color:#ff0000;text-decoration-color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;"> </u><u style="color:#ff0000;text-decoration-color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;">In other words, for every dollar decrease in sales from 2022 to 2023, our operating profits decreased 12.6 cents. The decremental operating margin provides investors additional visibility into expected operating profits during periods of declining sales. In a declining business cycle, the Company&#8217;s management uses this metric to evaluate a change in its profitability resulting from a reduction in sales volume while considering the impact of product pricing changes, changes in product sales mix, its ratio of variable and fixed costs, and anticipated cost saving measures, among other factors.</u> &#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">Net Surplus Cash</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="font-style:italic;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">The Company did not reference net surplus cash in the Form 10-Q it filed on May 8, 2024. To the extent the Company references net surplus cash in future filings, the Company will revise the disclosure as follows (using the text from the Form 10-K):</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;min-height:36pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><a name="bkHeader"></a><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">Ms. Heather Clark</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">May 10, 2024</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">Page 3</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 36pt 0pt 36pt;"><font style="margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 36pt 0pt 36pt;"><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><u style="color:#ff0000;font-size:12pt;text-decoration-color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;">Our Cash and cash equivalents at the end of 2023 was $1.1 billion compared to $559.4 million at the end of 2022. </u><font style="font-size:12pt;">Our net surplus cash</font><u style="color:#ff0000;font-size:12pt;text-decoration-color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;">, which is a non-GAAP financial measure (see the reconciliation of net surplus cash to Cash and cash equivalents below)</u><font style="color:#ff0000;font-size:12pt;text-decoration-line:line-through;text-decoration-style:solid;"> (cash less debt and cash overdraft)</font><u style="color:#ff0000;font-size:12pt;text-decoration-color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;">,</u><font style="font-size:12pt;"> at the end of 2023 was $841.9 million compared to $281.</font><u style="color:#ff0000;font-size:12pt;text-decoration-color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;">3</u><font style="color:#ff0000;font-size:12pt;text-decoration-line:line-through;text-decoration-style:solid;">4</font><font style="font-size:12pt;"> million at the end of 2022. Our unused borrowing capacity under our revolving credit facility and a shelf agreement with certain lenders along with our </font><u style="color:#ff0000;font-size:12pt;text-decoration-color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;">C</u><font style="color:#ff0000;font-size:12pt;text-decoration-line:line-through;text-decoration-style:solid;">c</font><font style="font-size:12pt;">ash</font><u style="color:#ff0000;font-size:12pt;text-decoration-color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;"> and cash equivalents</u><font style="color:#ff0000;font-size:12pt;text-decoration-line:line-through;text-decoration-style:solid;"> surplus</font><font style="font-size:12pt;"> resulted in total liquidity of approximately $2.4 billion at the end of December 2023. We plan to continue to pursue a balanced and return driven approach to capital allocation focused on continuing to increase our dividend at a rate that is aligned with our anticipated long-term earnings growth rate, repurchasing our common stock to offset dilution from issuances under our equity-based compensation programs, making capital investments needed to execute our organic growth and operating improvement strategies, and completing business acquisitions that complement our existing businesses and provide new avenues for growth.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 36pt 0pt 36pt;"><font style="margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 36pt 0pt 36pt;"><i style="color:#ff0000;font-style:italic;text-decoration-color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;">Net Surplus Cash (Non-GAAP Financial Measure)</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 36pt 0pt 36pt;"><font style="color:#ff0000;margin-left:0pt;margin-right:0pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 36pt 0pt 36pt;"><u style="color:#ff0000;text-decoration-color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;">We calculate net surplus cash by subtracting our Long-term debt, Current portion of long-term Debt, and any Cash overdraft from our Cash and cash equivalents. Net surplus cash is a non-GAAP financial measure. Below is a reconciliation of our net surplus cash to our Cash and cash equivalents for our fiscal years ending 2023 and 2022. </u><u style="color:#ff0000;text-decoration-color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;">We believe disclosure of our net surplus cash is useful to investors because we use this measure, along with our unused borrowing capacity, as metrics to assess our capital structure, capital resources, and liquidity. As a non-GAAP financial measure, net surplus cash is intended to supplement and should be read together with our audited consolidated financial statements included within this report and should not be considered as an alternative to or substitute for, and should not be considered superior to, our GAAP financial measures. Accordingly, investors should not place undue reliance on our use of net cash surplus.</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 36pt 0pt 36pt;"><font style="color:#ff0000;margin-left:0pt;margin-right:0pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 36pt 0pt 36pt;"><u style="color:#ff0000;text-decoration-color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;">The table below presents, for the periods indicated, a reconciliation of our Cash and cash equivalents to our net surplus cash (in thousands);</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 36pt 0pt 36pt;"><font style="color:#ff0000;margin-left:0pt;margin-right:0pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><div style="padding-left:36pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:92.29%;"><tr><td style="vertical-align:bottom;width:48.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;"><font style="color:#ff0000;font-size:8pt;font-weight:bold;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.81%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="color:#ff0000;font-weight:bold;text-decoration-color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:top;width:16.65%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="color:#ff0000;font-weight:bold;text-decoration-color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;">December 30,</b></p></td><td style="vertical-align:top;width:2.75%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><font style="color:#ff0000;font-size:8pt;font-weight:bold;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:14.94%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="color:#ff0000;font-weight:bold;text-decoration-color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;">December&#160;31,</b></p></td></tr><tr><td style="vertical-align:bottom;width:48.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;"><b style="color:#ff0000;font-weight:bold;text-decoration-color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;">(in thousands)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.81%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><font style="color:#ff0000;font-size:8pt;font-weight:bold;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:16.65%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="color:#ff0000;font-weight:bold;text-decoration-color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;">2023</b></p></td><td style="vertical-align:top;width:2.75%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><font style="color:#ff0000;font-size:8pt;font-weight:bold;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:14.94%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="color:#ff0000;font-weight:bold;text-decoration-color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;">2022</b></p></td></tr><tr><td style="vertical-align:bottom;width:48.82%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;"><u style="color:#ff0000;text-decoration-color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;">Cash and cash equivalents</u></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.81%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;"><font style="color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:16.65%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><u style="color:#ff0000;text-decoration-color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;white-space:pre-wrap;">$   (1,118,329)</u></p></td><td style="vertical-align:top;width:2.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;"><font style="color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;"><u style="color:#ff0000;text-decoration-color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;">$</u></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.55%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><u style="color:#ff0000;text-decoration-color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;white-space:pre-wrap;"> (559,397)</u></p></td></tr><tr><td style="vertical-align:bottom;width:48.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;"><u style="color:#ff0000;text-decoration-color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;">Cash overdraft</u></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.81%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;"><font style="color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:16.65%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><u style="color:#ff0000;text-decoration-color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;">---</u></p></td><td style="vertical-align:top;width:2.75%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;"><font style="color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;"><font style="color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.55%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><u style="color:#ff0000;text-decoration-color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;white-space:pre-wrap;"> &#8212;</u></p></td></tr><tr><td style="vertical-align:bottom;width:48.82%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;"><u style="color:#ff0000;text-decoration-color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;">Total cash surplus</u></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.81%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;"><font style="color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:16.65%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><u style="color:#ff0000;text-decoration-color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;">(1,118,329)</u></p></td><td style="vertical-align:top;width:2.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;"><font style="color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;"><font style="color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.55%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><u style="color:#ff0000;text-decoration-color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;white-space:pre-wrap;"> (559,397)</u></p></td></tr><tr><td style="vertical-align:bottom;width:48.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;"><u style="color:#ff0000;text-decoration-color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;">Current portion of long-term debt</u></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.81%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;"><font style="color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:16.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><u style="color:#ff0000;text-decoration-color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;">42,900</u></p></td><td style="vertical-align:top;width:2.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;"><font style="color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;"><font style="color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><u style="color:#ff0000;text-decoration-color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;white-space:pre-wrap;"> 2,942</u></p></td></tr><tr><td style="vertical-align:bottom;width:48.82%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;"><u style="color:#ff0000;text-decoration-color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;">Long-term debt</u></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.81%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;"><font style="color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:16.65%;background:#cceeff;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><u style="color:#ff0000;text-decoration-color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;">233,534</u></p></td><td style="vertical-align:top;width:2.75%;background:#cceeff;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;"><font style="color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;background:#cceeff;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;"><u style="color:#ff0000;text-decoration-color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;">&#160;</u></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.55%;background:#cceeff;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><u style="color:#ff0000;text-decoration-color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;white-space:pre-wrap;"> 275,154</u></p></td></tr><tr><td style="vertical-align:bottom;width:48.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;"><u style="color:#ff0000;text-decoration-color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;">Total net surplus cash</u></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.81%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;"><font style="color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:16.65%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><u style="color:#ff0000;text-decoration-color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;white-space:pre-wrap;">$     (841,895)</u></p></td><td style="vertical-align:top;width:2.75%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;"><font style="color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;"><u style="color:#ff0000;text-decoration-color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;">$</u></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.55%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><u style="color:#ff0000;text-decoration-color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;white-space:pre-wrap;"> (281,301)</u></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 36pt 0pt 36pt;"><font style="margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 36pt 0pt 36pt;"><font style="margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;min-height:36pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><a name="bkHeader"></a><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">Ms. Heather Clark</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">May 10, 2024</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">Page 4</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 36pt 0pt 36pt;"><font style="margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Item 9A. Controls and Procedures</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Evaluation of Disclosure Controls and Procedures, page 17</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">2.</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">We note the disclosure that you conducted an evaluation of your disclosure controls and procedures; however, you did not clearly disclose management&#39;s conclusions. &#160;In this regard, please tell us and revise your future filings to disclose management&#39;s conclusion on whether your disclosure controls and procedures were effective at the end of the period. &#160;Refer to the guidance in Item 307 of Regulation S-K.</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Response</b>: The Company confirms that in connection with our evaluation of the effectiveness of our Disclosure Controls (as defined by the Company in Item 9A of the Report) as of end of the period covered by the Report, the Company concluded, as of such date, our disclosure controls and procedures were effective.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">In future filings, we will include and disclose management&#39;s conclusions as to the effectiveness of our disclosure controls and procedures.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"></font>We hope that we have sufficiently responded to your comments. &#160;If you have additional questions or comments, please contact me directly.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Best regards,</p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:6pt 0pt 0pt 0pt;"><font style="font-family:'Myriad Pro';"><img src="tmb-20240510xcorresp002.jpg" alt="Graphic" style="display:inline-block;height:19.85pt;width:79.5pt;"></font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><img src="tmb-20240510xcorresp003.jpg" alt="Graphic" style="display:inline-block;height:53.25pt;left:0%;padding-bottom:0.75pt;position:relative;top:0pt;width:234pt;"></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Michael G. Wooldridge</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">MGW/<a name="bkTypist"></a>jkp</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">c:</font></font>Mr. Michael Cole, Chief Financial Officer</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">22872575</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:avoid;width:76.47%;border-width:0;"></body></html>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
