<SEC-DOCUMENT>0000950142-19-001199.txt : 20190530
<SEC-HEADER>0000950142-19-001199.hdr.sgml : 20190530
<ACCEPTANCE-DATETIME>20190530080020
ACCESSION NUMBER:		0000950142-19-001199
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20190530
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190530
DATE AS OF CHANGE:		20190530

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MOVADO GROUP INC
		CENTRAL INDEX KEY:			0000072573
		STANDARD INDUSTRIAL CLASSIFICATION:	WATCHES, CLOCKS, CLOCKWORK OPERATED DEVICES/PARTS [3873]
		IRS NUMBER:				132595932
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-16497
		FILM NUMBER:		19864623

	BUSINESS ADDRESS:	
		STREET 1:		650 FROM ROAD
		STREET 2:		SUITE 375
		CITY:			PARAMUS
		STATE:			NJ
		ZIP:			07652
		BUSINESS PHONE:		201-267-8000

	MAIL ADDRESS:	
		STREET 1:		650 FROM ROAD
		STREET 2:		SUITE 375
		CITY:			PARAMUS
		STATE:			NJ
		ZIP:			07652

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NORTH AMERICAN WATCH CORP
		DATE OF NAME CHANGE:	19930916
</SEC-HEADER>
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<TYPE>8-K
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<FILENAME>eh1900723_8k.htm
<DESCRIPTION>FORM 8-K
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">UNITED STATES</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">SECURITIES AND EXCHANGE COMMISSION</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">WASHINGTON, DC 20549</div>

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<div style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">FORM 8-K</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">CURRENT REPORT PURSUANT</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">TO SECTION 13 OR 15(D) OF THE</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">SECURITIES EXCHANGE ACT OF 1934</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Date of report (Date of earliest event reported)&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">May 30, 2019</font></div>

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<div style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">MOVADO GROUP, INC.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">(Exact name of registrant as specified in its charter)</div>
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</font>NEW YORK</div>
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</font>1-16497</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">(Commission File Number)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">(I.R.S. Employer Identification No.)</div>
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</font>650 FROM ROAD, SUITE 375<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font>PARAMUS, NEW JERSEY</div>
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</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font>07652-3556</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">(Address of principal executive offices)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">(201) 267-8000</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">(Registrant<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">&#8217;</font>s telephone number, including area code)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">NOT APPLICABLE</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">(Former name or former address, if changed since last report)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 16.55pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic">see </font>General Instruction A.2. below):</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Securities registered pursuant to Section 12(b) of the Act:</div>

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<div style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Trading Symbol(s)</div>
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<div style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Name of each exchange</div>

<div style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">on which registered</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Common stock, par value $0.01 per share</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">MOV</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">New York Stock Exchange</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">&#167;</font>230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">&#167;</font>240.12b-2).</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Emerging growth company <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI Symbol', sans-serif; COLOR: #000000">&#9744;</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI Symbol', sans-serif; COLOR: #000000">&#9744;</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Item 2.02.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Results of Operations and Financial Condition.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">On May 30, 2019, Movado Group, Inc. (the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">&#8220;</font>Company<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">&#8221;</font>) issued a press release announcing first quarter results for the period ended April 30, 2019. The press release is attached hereto as Exhibit 99.1.</div>

<div style="LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff"></font>&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Item 9.01.</div>
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<div><a href="eh1900723_ex9901.htm">Press Release issued May 30, 2019 announcing first quarter results for the period ended April 30, 2019.&#160;</a></div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Dated: May 30, 2019</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">MOVADO GROUP, INC.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">/s/ Mitchell Sussis</div>
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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25">EXHIBIT 99.1</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Rachel Schacter/Allison Malkin</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">FINAL

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">MOVADO GROUP, INC. ANNOUNCES FIRST QUARTER<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font>RESULTS</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-TOP: 6pt; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">~ First Quarter Revenue of $146.5 million Increased 15.3%, or 18.9% on a Constant Dollar Basis ~</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-TOP: 6pt; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">~&#160; First Quarter Operating Income of $5.0 million; First Quarter Adjusted Operating Income of $7.2 million, Inclusive of Incremental Investments to Support Growth Initiatives and Unfavorable Currency ~</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-TOP: 6pt; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">~ Reiterates Fiscal 2020 Outlook ~</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt">Paramus, NJ &#8211; May 30, 2019 -- Movado Group, Inc. (NYSE: MOV) today announced first quarter results for the period ended April 30, 2019.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">First Quarter Fiscal 2020 Highlights:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Net sales of $146.5 million, representing an increase of 15.3%, or 18.9% on a constant dollar basis</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Operating income of $5.0 million versus $8.1 million in the prior year period</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Adjusted operating income of $7.2 million inclusive of incremental investment spend to support growth and $1.4 million in net unfavorable currency versus adjusted operating income of $8.9 million in the prior year period</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">First quarter diluted EPS of $0.17 versus $0.35 in the first quarter of fiscal 2019</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Adjusted diluted EPS of $0.24 includes $0.06 per share impact from a higher tax rate, as compared to adjusted diluted EPS of $0.37 in the first quarter of fiscal 2019</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Efraim Grinberg, Chairman and Chief Executive Officer, stated, &#8220;We had a strong start to the year, reporting double digit growth in sales and significant expansion in gross margin driven by the strength of our innovation and heightened global demand for our compelling portfolio of brands. During the quarter, we accelerated our growth in ecommerce driven by our Digital Center of Excellence and increased investment in marketing activities to capitalize on the significant growth that lies ahead for our portfolio, including MVMT and Olivia Burton. Our balance sheet remained strong which allowed us to support the investments in the growth of our business. As we look ahead, we are enthusiastic about our new product introductions including the launch of Movado Connect 2.0 and the expansion of MVMT and Olivia Burton. We will </div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">continue to operate our business with discipline as the retail environment remains challenging and we face economic uncertainty and currency volatility.&#8221;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><u>Non-GAAP Items (See attached table for GAAP and Non-GAAP measures)</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">First quarter Fiscal 2020 results of operations included the following charges:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$1.5 million pre-tax charge, or $1.1 million after tax, representing $0.05 per diluted share, associated with the amortization of acquired intangible assets, accounting adjustments and deferred compensation related to the acquisition of MVMT; and</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$0.7 million pre-tax charge, or $0.6 million after tax, representing $0.02 per diluted share, associated with the amortization of acquired intangible assets related to Olivia Burton.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">First quarter Fiscal 2019 results of operations included the following charges:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$0.8 million pre-tax charge, or $0.6 million after tax, representing $0.02 per diluted share, associated with the amortization of acquired intangible assets related to Olivia Burton.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><u>First Quarter Fiscal 2020 Results (see attached table for GAAP and non-GAAP measures)</u></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Net sales increased 15.3% to $146.5 million compared to $127.1 million in the first quarter of last year. Net sales on a constant dollar basis increased 18.9% compared to net sales for the first quarter of fiscal 2019.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Gross profit was $78.9 million, or 53.8% of net sales, compared to $67.5 million, or 53.1% of net sales, in the first quarter of last year. Adjusted gross profit for the first quarter of fiscal 2020, which excludes $0.1 million in adjustments associated with the amortization of acquisition accounting adjustments related to the MVMT acquisition, was $79.0 million, or 53.9% of net sales as compared to 53.1% in the first quarter of last year. The 80 bps increase in adjusted gross margin percentage was primarily the result of favorable changes in channel and product mix as well as increased leverage on fixed costs due to increased sales, partially offset by unfavorable foreign currency exchange rates.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Operating expenses were $73.9 million, compared to $59.4 million in the first quarter of last year. For the first quarter of fiscal 2020, adjusted operating expenses were $71.9 million, which excludes $0.7 million of expenses associated with the amortization of acquired intangible assets related to Olivia Burton and $1.3 million in adjustments associated with the amortization of acquired intangible assets, accounting adjustments and deferred compensation related to the MVMT acquisition. For the first quarter of fiscal 2019, adjusted operating expenses were $58.6 million, which excludes $0.8 million of expenses associated with the amortization of acquired intangible assets related to Olivia Burton. The increase in adjusted operating expenses was primarily due to higher marketing expenses primarily due to the addition of MVMT and the addition of other operating expenses to support our overall sales growth across our portfolio as well as a new joint venture in Spain.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Operating income was $5.0 million compared to operating income of $8.1 million in the same period last year. Adjusted operating income for the first quarter of fiscal 2020 was $7.2 million, which excludes</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$0.7 million of expenses associated with the amortization of acquired intangible assets related to Olivia Burton and $1.5 million in adjustments associated with the amortization of acquired intangible assets, accounting adjustments and deferred compensation related to MVMT. Adjusted operating income for the first quarter of fiscal 2019, which excludes $0.8 million of expenses associated with the amortization of acquired intangible assets related to Olivia Burton, was $8.9 million.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The Company recorded a tax provision of $0.8 million, compared to a tax benefit of $0.1 million in the first quarter of last year. The first quarter of fiscal 2020 included a benefit of $0.1 million associated with the amortization of acquired intangible assets related to Olivia Burton and a $0.4 million benefit related to the amortization of acquired intangible assets, accounting adjustments and deferred compensation related to MVMT. The first quarter of fiscal 2019 included a benefit of $0.1 million associated with the amortization of acquired intangible assets related to Olivia Burton and favorable discrete items including the release of a valuation allowance against certain foreign deferred tax assets. Based upon adjusted pre-tax income, the adjusted provision for income taxes was $1.3 million in the first quarter of fiscal 2020 versus $5,000 in the first quarter of fiscal 2019.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Net income was $3.9 million, or $0.17 per diluted share, compared to net income of $8.1 million, or $0.35 per diluted share, in the same quarter last year. In the first quarter of fiscal 2020, adjusted net income was $5.6 million, or $0.24 per diluted share, which excludes expenses of $0.6 million, net of $0.1 million of tax, associated with the amortization of acquired intangible assets related to Olivia Burton and $1.1 million, net of $0.4 million of tax, related to the amortization of acquired intangible assets, accounting adjustments and deferred compensation related to MVMT. For the first quarter of fiscal 2019, adjusted net income was $8.7 million, or $0.37 per diluted share, which excludes expenses of $0.6 million, net of $0.1 million of tax, associated with the amortization of acquired intangible assets related to Olivia Burton.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><u>Fiscal 2020 Outlook</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">The Company is reiterating its outlook for fiscal 2020. As previously stated, the Company will focus on the continued integration of MVMT into its systems and logistics platforms, while also making significant brand building investments across its portfolio. The fiscal 2020 outlook includes these investments, partially offset by the realization of anticipated infrastructure and supply chain synergies in the third and fourth quarters. As such, the Company continues to anticipate that net sales will be in a range of $750.0 million to $765.0 million and operating income will be in a range of $82.0 million to $85.0 million. The Company expects net income in fiscal 2020 to be in a range of <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$64.0 million to $66.4 million, or $2.70 to $2.80 </font>per diluted share, reflecting a 21% effective tax rate. The outlook excludes approximately $9.0 million of amortization of the acquired intangible assets and other expenses for fiscal 2020 related to the acquisition of MVMT and Olivia Burton. The Company's outlook assumes no significant fluctuations from prevailing foreign currency exchange rates and no further changes in prevailing tariff rates.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><u>Quarterly Dividend and Share Repurchase Program</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">The Company announced that on May 30, 2019, the Board of Directors approved the payment on June 25, 2019 of a cash dividend in the amount of $0.20 for each share of the Company&#8217;s outstanding common stock and class A common stock held by shareholders of record as of the close of business on June 11, 2019.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">During the first quarter of fiscal 2020, the Company repurchased approximately 78,400 shares under its share repurchase program. As of April 30, 2019, the Company had $38.0 million remaining under the $50.0 million share repurchase authorization.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><u>Conference Call</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">The Company&#8217;s management will host a conference call and audio webcast to discuss its results today, May 30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">th</sup> at 9:00 a.m. Eastern Time.&#160; The conference call may be accessed by dialing (800) 239-9838.&#160; Additionally, a live webcast of the call can be accessed at <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">www.movadogr</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">oup.com</font>.<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160; </font>The webcast will be archived on the Company&#8217;s website approximately one hour after the conclusion of the call.&#160; Additionally, a telephonic replay of the call will be available at 12:00 p.m. ET on May 30, 2019 until 11:59 p.m. ET on June 6, 2019 and can be accessed by dialing (844) 512-2921 and entering replay pin number 5459444.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Movado Group, Inc. designs, sources, and distributes MOVADO&#174;, MVMT&#174;, OLIVIA BURTON&#174;, EBEL&#174;, CONCORD&#174;, COACH&#174;, TOMMY HILFIGER&#174;, HUGO BOSS&#174;, LACOSTE&#174;, SCUDERIA FERRARI&#174;, REBECCA MINKOFF&#174; and URI MINKOFF&#174; watches worldwide, and operates Movado company stores in the United States and Canada.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">In this release, the Company presents certain financial measures that are not calculated according to generally accepted accounting principles in the United States (&#8220;GAAP&#8221;). Specifically, the Company is presenting adjusted gross profit, adjusted gross margin, adjusted operating expenses and adjusted operating income, which are gross profit, gross margin, operating expenses and operating income, respectively, under GAAP, adjusted to eliminate the amortization of acquisition accounting adjustments related to the Olivia Burton and MVMT acquisitions. The Company is also presenting adjusted tax provision, which is the tax provision under GAAP, adjusted to eliminate the impact of charges for the Olivia Burton and MVMT acquisitions. The Company believes these adjusted measures are useful because they give investors information about the Company&#8217;s financial performance without the effect of certain items that the Company believes are not characteristic of its usual operations. The Company is also presenting adjusted net income, adjusted earnings per share and adjusted effective tax rate, which are net income, earnings per share and effective tax rate, respectively, under GAAP, adjusted to eliminate the after-tax impact of amortization of acquisition accounting adjustments related to the Olivia Burton and MVMT acquisitions. The Company believes that adjusted net income, adjusted earnings per share and adjusted effective tax rate are useful measures of performance because they give investors information about the Company&#8217;s financial performance without the effect of certain items that the Company believes are not characteristic of its usual operations. Additionally, the Company is presenting constant currency information to provide a framework to assess how its business performed excluding the effects of foreign currency exchange rate fluctuations in the current period. Comparisons of financial results on a constant dollar basis are calculated by translating each foreign currency at the same US dollar exchange rate as in effect for the prior-year period for both periods being compared.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">The Company believes this information is useful to investors to facilitate comparisons of operating results. These non-GAAP financial measures are designed to complement the GAAP financial information presented in this release. The non-GAAP financial measures presented should not be considered in isolation from or as a substitute for the comparable GAAP financial measures, and the methods of their calculation may differ substantially from similarly titled measures used by other companies.</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: italic; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as &#8220;expects,&#8221; </div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: italic; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">&#8220;anticipates,&#8221; &#8220;believes,&#8221; &#8220;targets,&#8221; &#8220;goals,&#8221; &#8220;projects,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;seeks,&#8221; &#8220;estimates,&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;should&#8221; and variations of such words and similar expressions. Similarly, statements in this press release that describe the Company's business strategy, outlook, objectives, plans, intentions or goals are also forward-looking statements. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the Company's actual results, performance or achievements and levels of future dividends to differ materially from those expressed in, or implied by, these statements. These risks and uncertainties may include, but are not limited to general economic and business conditions which may impact disposable income of consumers in the United States and the other significant markets (including Europe) where the Company&#8217;s products are sold, uncertainty regarding such economic and business conditions, trends in consumer debt levels and bad debt write-offs, general uncertainty related to possible terrorist attacks, natural disasters, the stability of the European Union (including the impact of the United Kingdom&#8217;s process to exit from the European Union) and defaults on or downgrades of sovereign debt and the impact of any of those events on consumer spending, changes in consumer preferences and popularity of particular designs, new product development and introduction, decrease in mall traffic and increase in e-commerce, the ability of the Company to successfully implement its business strategies, competitive products and pricing, the impact of &#8220;smart&#8221; watches and other wearable tech products on the traditional watch market, seasonality, availability of alternative sources of supply in the case of the loss of any significant supplier or any supplier&#8217;s inability to fulfill the Company&#8217;s orders, the loss of or curtailed sales to significant customers, the Company&#8217;s dependence on key employees and officers, the ability to successfully integrate the operations of acquired businesses (including Olivia Burton and MVMT) without disruption to other business activities, the possible impairment of acquired intangible assets including goodwill if the carrying value of any reporting unit were to exceed its fair value, the continuation of the company&#8217;s major warehouse and distribution centers, the continuation of licensing arrangements with third parties, losses possible from pending or future litigation, the ability to secure and protect trademarks, patents and other intellectual property rights, the ability to lease new stores on suitable terms in desired markets and to complete construction on a timely basis, the ability of the Company to successfully manage its expenses on a continuing basis, information systems failure or breaches of network security, the continued availability to the Company of financing and credit on favorable terms, business disruptions,&#160; general risks associated with doing business outside the United States including, without limitation, import duties, tariffs, quotas, political and economic stability, changes to existing laws or regulations, and success of hedging strategies with respect to currency exchange rate fluctuations, and the other factors discussed in the Company&#8217;s Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. These statements reflect the Company's current beliefs and are based upon information currently available to it. Be advised that developments subsequent to this press release are likely to cause these statements to become outdated with the passage of time. The Company assumes no duty to update its forward looking statements and this release shall not be construed to indicate the assumption by the Company of any duty to update its outlook in the future.</div>

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<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">MOVADO GROUP, INC.</div>

<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">CONSOLIDATED STATEMENTS OF OPERATIONS</div>

<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">(In thousands, except per share data)</div>

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<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="6">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">April 30,</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2019</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2018</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Net sales</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">146,549</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">127,149</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Cost of sales</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">67,676</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">59,625</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Gross profit</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">78,873</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">67,524</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Operating expenses</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">73,899</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">59,385</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Operating income</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">4,974</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">8,139</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Interest expense</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">(224</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">)</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">(222</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">)</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Interest income</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">21</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">57</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Income before income taxes</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">4,771</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">7,974</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Provision/(benefit) for income taxes</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">847</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">(141</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">)</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Net income</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">3,924</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">8,115</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Less: Net loss attributable to noncontrolling interests</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">(1</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">)</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: Calibri; COLOR: #000000; LINE-HEIGHT: 1.25">-</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 3pt; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Net income attributable to Movado Group, Inc.</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3pt; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">3,925</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3pt; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">8,115</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Diluted Income Per Share Information</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Net income attributable to Movado Group, Inc.</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">0.17</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">0.35</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Weighted diluted average shares outstanding</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">23,452</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">23,448</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade>
</div>
</div>

<div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">MOVADO GROUP, INC.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">GAAP AND NON-GAAP MEASURES</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">(In thousands, except for percentage data)</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">(Unaudited)</div>
</div>

<div>&#160;</div>

<div>
<table id="z718d8470787f403b933e1da974ff7413" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom" colspan="6">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">As Reported </div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom" colspan="6">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Three Months Ended</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="6">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">April 30, </div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">% Change</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2019</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2018</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Total net sales, as reported</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">146,549</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">127,149</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">15.3</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">%</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Total net sales, constant dollar basis</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">151,213</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">127,149</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">18.9</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">%</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade>
</div>
</div>

<div>&#160;</div>

<div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">MOVADO GROUP, INC.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">GAAP AND NON-GAAP MEASURES</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">(In thousands, except per share data)</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">(Unaudited)</div>
</div>

<div>&#160;</div>

<div>
<table id="z904f9b9ba8c44df1becbec3a3fb884ef" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; LINE-HEIGHT: 1.25">Net Sales</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; LINE-HEIGHT: 1.25">Gross Profit</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; LINE-HEIGHT: 1.25">Operating </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; LINE-HEIGHT: 1.25">Income</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; LINE-HEIGHT: 1.25">Pre-tax </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; LINE-HEIGHT: 1.25">Income</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; LINE-HEIGHT: 1.25">Provision/(Benefit) for Income Taxes</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; LINE-HEIGHT: 1.25">Net Income Attributable to Movado Group, Inc.</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; LINE-HEIGHT: 1.25">Diluted EPS</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Three Months Ended </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">April&#160;30, 2019</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="WIDTH: 16%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">As Reported (GAAP)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">146,549</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">78,873</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">4,974</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">4,771</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">847</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">3,925</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">0.17</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="WIDTH: 16%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Olivia Burton Costs (1)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">712</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">712</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">135</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">577</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">0.02</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="WIDTH: 16%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">MVMT Costs (2)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">140</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">1,473</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">1,473</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">354</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">1,119</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">0.05</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="WIDTH: 16%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 3pt; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Adjusted Results (Non-GAAP)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3pt; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">146,549</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3pt; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">79,013</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3pt; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">7,159</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3pt; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">6,956</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3pt; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">1,336</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3pt; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">5,621</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">0.24</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Three Months Ended </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">April&#160;30, 2018</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">As Reported (GAAP)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">127,149</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">67,524</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">8,139</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">7,974</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">8,115</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">0.35</div>
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<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Olivia Burton Costs (1)</div>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">767</div>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">767</div>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">146</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">621</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">0.02</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="WIDTH: 16%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 3pt; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Adjusted Results (Non-GAAP)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3pt; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">127,149</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3pt; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">67,524</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3pt; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">8,906</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3pt; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">8,741</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3pt; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">5</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3pt; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">8,736</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3pt; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 1.25">0.37</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
</tr>
</table>

<div>&#160;</div>

<div>&#160;</div>
</div>

<div>
<div>
<table id="zbc0c9de13ae94d7386290925dcc98034" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">(1)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 5.4pt; LINE-HEIGHT: 1.25">Related to the amortization of acquired intangible assets for Olivia Burton.</div>
</td>
</tr>
</table>
</div>

<div>
<table id="z1997efea264a4d6d8b7d0bf52e34081e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">(2)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 5.4pt; LINE-HEIGHT: 1.25">Related to the amortization of acquired intangible assets, accounting adjustments and deferred compensation of MVMT.</div>
</td>
</tr>
</table>
</div>
</div>

<div>&#160;</div>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade>
</div>
</div>

<div>&#160;</div>

<div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 5.4pt; LINE-HEIGHT: 1.25">MOVADO GROUP, INC.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 5.4pt; LINE-HEIGHT: 1.25">CONSOLIDATED BALANCE SHEETS</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 5.4pt; LINE-HEIGHT: 1.25">(In thousands)</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 5.4pt; LINE-HEIGHT: 1.25">(Unaudited)</div>
</div>

<div>&#160;</div>

<div>
<table id="z00b063ddf6ba47ea8657d67d071ac191" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">&#160;&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">April 30,</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">January 31,</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 14px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 112px; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">April 30,</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
</tr>

<tr style="HEIGHT: 18px">
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2019</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2019</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 14px; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 112px; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2018</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><u>ASSETS</u></div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 14px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 112px; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 14px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 112px; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 14px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 112px; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="FONT-SIZE: 10pt; WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 1.25">Cash and cash equivalents</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">150,712</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">189,911</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1.22%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">176,959</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 1.25">Trade receivables, net</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">85,715</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">84,026</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1.22%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">79,965</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
</tr>

<tr style="HEIGHT: 13px">
<td style="FONT-SIZE: 10pt; WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 1.25">Inventories</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">178,048</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">165,311</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1.22%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">159,032</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
</tr>

<tr style="HEIGHT: 15px">
<td style="FONT-SIZE: 10pt; WIDTH: 64%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 1.25">Other current assets</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">32,631</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">28,898</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1.22%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">36,213</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 64%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 27pt; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;Total current assets</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">447,106</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">468,146</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1.22%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">452,169</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1.22%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 1.25">Property, plant and equipment, net</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">26,065</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">26,067</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1.22%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">23,560</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 1.25">Operating lease right-of-use assets</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">87,353</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">-</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1.22%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">-</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 1.25">Deferred and non-current income taxes</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">24,913</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">24,503</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1.22%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">8,157</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 1.25">Goodwill</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">135,685</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">136,033</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1.22%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">58,484</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 1.25">Other intangibles, net</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">46,570</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">48,183</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1.22%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">21,720</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 64%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 1.25">Other non-current assets</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">60,969</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">56,769</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1.22%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">48,042</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 64%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 3pt; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 27pt; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;Total assets</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3pt; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">828,661</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3pt; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">759,701</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1.22%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3pt; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">612,132</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1.22%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; BACKGROUND-COLOR: #c6f4f9"><u>LIABILITIES AND EQUITY</u></font></div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1.22%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1.22%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1.22%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 1.25">Accounts payable</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">37,477</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">38,650</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1.22%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">29,333</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 1.25">Accrued liabilities</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">44,886</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">44,429</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1.22%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">37,356</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 1.25">Accrued payroll and benefits</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">7,185</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">18,773</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1.22%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">6,616</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 1.25">Current operating lease liabilities</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">13,771</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">-</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1.22%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">-</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 64%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 1.25">Income taxes payable</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">8,663</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">10,831</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1.22%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">4,650</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 64%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 27pt; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;Total current liabilities</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">111,982</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">112,683</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1.22%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">77,955</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1.22%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 1.25">Loans payable to bank, non current</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">49,060</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">50,280</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1.22%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">-</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 1.25">Deferred and non-current income taxes payable</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">29,071</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">29,242</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1.22%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">32,998</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 1.25">Non-current operating lease liabilities</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">79,877</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">-</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1.22%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">-</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 1.25">Other non-current liabilities</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">65,394</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">67,120</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1.22%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">40,231</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1.22%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 1.25">Redeemable noncontrolling interest</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">3,636</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">3,721</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1.22%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">-</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1.22%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 64%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 1.25">Shareholders' equity</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">489,641</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">496,655</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1.22%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">460,948</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 64%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 3pt; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 27pt; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;Total liabilities, redeemable noncontrolling interest and equity</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3pt; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">828,661</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3pt; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">759,701</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1.22%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3pt; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">612,132</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade>
</div>
</div>

<div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">MOVADO GROUP, INC.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">(In thousands)</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">(Unaudited)</div>
</div>

<div style="FONT-SIZE: 10pt">&#160;</div>

<div>
<table id="zf3def4f99e6c4166a57352be928cf4ed" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; TEXT-ALIGN: center" valign="bottom" colspan="6">&#160;<font style="FONT-WEIGHT: bold">Three Months Ended</font></td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center" valign="bottom" colspan="6">&#160;<font style="FONT-WEIGHT: bold">April 30,</font></td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2019</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2018</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Cash flows from operating activities:</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Net income</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">3,925</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">8,115</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Depreciation and amortization</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">3,872</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">3,383</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Other non-cash adjustments</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">2,002</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">(98</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">)</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Changes in working capital</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">(34,660</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">)</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">(13,591</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">)</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Changes in non-current assets and liabilities</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">(754</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">)</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">(429</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">)</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Net cash used in operating activities</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; LINE-HEIGHT: 1.25">(25,615</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; LINE-HEIGHT: 1.25">)</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; LINE-HEIGHT: 1.25">(2,620</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; LINE-HEIGHT: 1.25">)</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Cash flows from investing activities:</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Capital expenditures</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">(2,204</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">)</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">(1,686</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">)</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Tradenames and other intangibles</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">(63</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">)</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">(168</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">)</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Net cash used in investing activities</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; LINE-HEIGHT: 1.25">(2,267</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; LINE-HEIGHT: 1.25">)</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; LINE-HEIGHT: 1.25">(1,854</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; LINE-HEIGHT: 1.25">)</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Cash flows from financing activities:</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Repayments of bank borrowings</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">-</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">(25,000</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">)</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Dividends paid</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">(4,591</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">)</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">(4,604</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">)</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Stock repurchase</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">(2,616</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">)</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">(1,186</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">)</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Stock awards and options exercised and other changes</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">(1,234</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">)</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">3,105</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Net cash used in financing activities</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; LINE-HEIGHT: 1.25">(8,441</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; LINE-HEIGHT: 1.25">)</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; LINE-HEIGHT: 1.25">(27,685</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; LINE-HEIGHT: 1.25">)</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Effect of exchange rate changes on cash, cash equivalents, and restricted cash</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">(2,889</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">)</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">(5,693</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">)</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Net change in cash, cash equivalents, and restricted cash</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">(39,212</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">)</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">(37,852</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">)</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Cash, cash equivalents, and restricted cash at beginning of period</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">190,459</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">215,411</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 3pt; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Cash, cash equivalents, and restricted cash at end of period</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3pt; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; LINE-HEIGHT: 1.25">151,247</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3pt; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; LINE-HEIGHT: 1.25">177,559</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Reconciliation of cash, cash equivalents, and restricted cash:</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Cash and cash equivalents</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">150,712</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">176,959</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Restricted cash included in other non-current assets</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">535</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 1.25">600</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 3pt; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Cash, cash equivalents, and restricted cash</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3pt; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; LINE-HEIGHT: 1.25">151,247</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3pt; BACKGROUND-COLOR: #c6f4f9" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: right; BACKGROUND-COLOR: #c6f4f9" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; LINE-HEIGHT: 1.25">177,559</div>
</td>
<td style="FONT-SIZE: 10pt; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3pt double; TEXT-ALIGN: left; BACKGROUND-COLOR: #c6f4f9" valign="bottom" nowrap>&#160;</td>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
