<SEC-DOCUMENT>0001193125-23-257002.txt : 20231115
<SEC-HEADER>0001193125-23-257002.hdr.sgml : 20231115
<ACCEPTANCE-DATETIME>20231016173127
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-23-257002
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20231016

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Dine Brands Global, Inc.
		CENTRAL INDEX KEY:			0000049754
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				953038279
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		10 WEST WALNUT STREET, 5TH FLOOR
		CITY:			PASADENA
		STATE:			CA
		ZIP:			91103
		BUSINESS PHONE:		818-240-6055

	MAIL ADDRESS:	
		STREET 1:		10 WEST WALNUT STREET, 5TH FLOOR
		CITY:			PASADENA
		STATE:			CA
		ZIP:			91103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DineEquity, Inc
		DATE OF NAME CHANGE:	20080530

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	IHOP CORP
		DATE OF NAME CHANGE:	19940204
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<TYPE>CORRESP
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">October&nbsp;16, 2023 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>VIA <FONT STYLE="white-space:nowrap">E-MAIL</FONT> AND EDGAR </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, NE </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549-3561 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Robert Shapiro and
Douglas Jones </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Re: Dine Brands Global, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for Fiscal Year Ended December&nbsp;31, 2022 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Filed March&nbsp;1, 2023 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the Fiscal Quarter Ended June&nbsp;30, 2023 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Filed August&nbsp;3, 2023 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;001-15283</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Shapiro and Mr.&nbsp;Jones, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On behalf of Dine
Brands Global, Inc. (the &#147;<U>Company</U>&#148;), this letter sets forth the Company&#146;s responses to the comment letter of the Staff of the Securities and Exchange Commission (the &#147;<U>Staff</U>&#148;) dated September&nbsp;18, 2023,
related to the Company&#146;s Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2022 (the &#147;<U>2022 <FONT STYLE="white-space:nowrap">10-K</FONT></U>&#148;), filed by the Company on March&nbsp;1, 2023,
and the Company&#146;s Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the fiscal quarter ended June&nbsp;30, 2023, filed August&nbsp;3, 2023 (the &#147;<U>2Q <FONT STYLE="white-space:nowrap">10-Q</FONT></U>&#148;) (Commission File
No.&nbsp;001- 15283). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For your convenience, we have included the comments of the Staff below in bold with the Company&#146;s corresponding response
following the bolded comment. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for Fiscal Year Ended December&nbsp;31, 2022 </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Events Impacting Comparability of Financial Information, page 32 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Your CFO discussed in your earnings call for the fourth quarter of 2022 that &#147;Applebee&#146;s and IHOP
experienced 18% and 21% inflation for the year, respectively&#148; and your IHOP franchisees &#147;continue to deal with more elevated inflationary pressures.&#148; It appears from earnings calls regarding fiscal 2023 results inflation continues to
impact these franchises, including development activity. However, there were not disclosures in your 2022 Form <FONT STYLE="white-space:nowrap">10-K</FONT> or 2023 Form <FONT STYLE="white-space:nowrap">10-Q&#146;s</FONT> regarding these inflation
impacts. To the extent material, please disclose in your annual and interim period filings the impact of inflationary pressures on food costs and restaurant development for Applebee&#146;s and IHOP franchises. Also, discuss actions taken or planned
to mitigate inflationary pressures. Refer to Item 303(b)(2)(i) and (ii)&nbsp;of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> </B></P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><I>Response: </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company respectfully acknowledges the Staff&#146;s comment. The Company has not discussed inflationary impacts on the Company in the 2022 <FONT
STYLE="white-space:nowrap">10-K</FONT> or 2023 Form <FONT STYLE="white-space:nowrap">10-Q&#146;s</FONT> because these recent inflationary pressures have not materially impacted the Company&#146;s results of operations or financial condition and are
not currently expected to have a material impact on the Company. We would like to provide further context surrounding the CFO&#146;s commentary highlighted by the Staff. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Although the effect of higher inflation is inherently difficult to assess, the Company performed an analysis at the end of fiscal year 2022 in
order to make a good faith estimate of the impact of such pressures on Applebee&#146;s and IHOP franchisees. The Company shared certain details from this analysis on the Company&#146;s earnings call for the fourth quarter of 2022, including the
statements quoted in the Staff&#146;s comment, to provide an estimate to interested investors of the inflationary pressures facing Applebee&#146;s and IHOP franchisees. These statements were shared for informational purposes only and not to indicate
that such impacts are material to the Company. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Inflationary costs, to the extent they impact franchisees, only indirectly impact the
Company due to the risk allocation inherent in the franchising business model. The Company is entitled to royalties and advertising fees based on a percentage of the franchisee&#146;s gross sales as defined in the franchise agreement. Although
rising food costs may impact profits realized by franchisees or cause franchisees to raise menu pricing, the revenues to the Company have not been materially impacted as a result. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company also receives franchise and development fees over the term of a franchise agreement commencing with the restaurant opening date.
Decisions from franchisees on restaurant development are driven by a multitude of factors, such as customer demand, construction costs, availability and costs of development sites, availability of financing, competition, labor markets, changes in
applicable laws and regulations and general economic conditions. Although inflation may impact several of these factors, the Company does not believe that the existing level of fluctuation in franchisee&#146;s development decisions has a material
impact on our current financials given the size of the Company&#146;s portfolio. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">In future annual and interim filings, to the extent that
inflationary pressures do have a material impact, the Company will expand its disclosures to identify the principal factors contributing to the inflationary pressures and any actions planned or taken to mitigate those inflationary pressures and the
resulting impact on its results of operations or financial condition. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Liquidity and Capital Resources of the Company </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Cash Flows </U></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Operating Activities, page 48
</U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Your analysis refers to noncash items, accrued employee incentive compensation and marketing accruals in the
explanation of the decrease in cash provided by operating activities in fiscal 2022 compared to fiscal 2021. Note references to these items may not provide a sufficient basis to understand how operating cash actually was affected between periods
without further context, particularly in regard to noncash items that do not appear to affect cash. Please refer to the introductory paragraph of section IV.B and B.1 of Release <FONT STYLE="white-space:nowrap">No.&nbsp;33-8350</FONT> for guidance
on the analysis of operating cash flows and revise your disclosure as appropriate. Also, discuss the reason for the cited difference in timing of payments of advertising that affected operating cash in each period. Further, you cite a decrease in
income taxes paid, but it does not appear to be a primary driver in the change in your operating cash flows between the noted periods. Please ensure to discuss all material items that affected operating cash flows from period to period, including
material changes within operating cash flows that offset one another. Refer to Item 303(b) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><I>Response: </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company
respectfully acknowledges the Staff&#146;s comment and confirms that the Company has reviewed the guidance set forth in the introductory paragraph of Section IV.B and paragraph B.1 of Release <FONT STYLE="white-space:nowrap">No.&nbsp;33-8350.</FONT>
In future filings, beginning with the Company&#146;s Quarterly Report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarter ending September&nbsp;30, 2023, the Company will enhance its disclosures as appropriate within the
&#147;<I>Liquidity and Capital Resources</I>&#148; section of MD&amp;A, to include further information regarding the material changes that impacted operating cash from period to period, including discussion of variance factors. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company proposes to eliminate the table historically provided under the heading &#147;<I>Operating Activities</I>&#148; within the
&#147;<I>Liquidity and Capital Resources</I>&#148; section of MD&amp;A and intends to revise this disclosure to reflect a more narrative format manner similar to the following revised discussion of operating activities for the year ended
December&nbsp;31, 2022: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Operating Activities </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Cash provided by operating activities is primarily driven by revenues earned and collected from our franchisees, and profit from our rental
operations, financing operations and our company-owned restaurants. Cash provided by operating activities decreased to $89.3&nbsp;million in 2022 from $195.8&nbsp;million in 2021. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">This decrease of $106.5&nbsp;million reflected an increase in advertising and marketing spend in 2022, an increase in payment for incentive
compensation for the 2021 fiscal year paid in 2022 and higher G&amp;A disbursements, as discussed in preceding G&amp;A expenses section of this MD&amp;A. The increase in advertising and marketing in 2022 was due to the suppressed advertising and
marketing spend in 2021 in connection with the ongoing effects of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic. These increased operating costs in 2022 were partially offset by a decrease in income taxes paid in 2022 from the
utilization of overpayment carryforwards at various tax jurisdictions. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for Fiscal Quarter Ended June&nbsp;30, 2023
</U></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Comparison of the Three and Six Months Ended June&nbsp;30, 2023 and 2022 </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Franchise Operations, page 33 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>During your earnings call for the second quarter of 2023, the CFO stated that due to underperforming
restaurants you are &#147;now expecting 25 to 35 net fewer Applebee&#146;s locations in 2023, down from 10 to 20 net fewer locations previously expected.&#148; Please disclose if this change in Applebee&#146;s restaurant development activities is a
known trend or uncertainty that is reasonably likely to have a material impact on franchise fee revenue and income from operations in fiscal year 2023. Additionally, clarify for us and disclose to the extent material the impact on Applebee&#146;s
franchise fee revenue and expenses regarding the refranchising of 69 Applebee&#146;s company-operated restaurants in October 2022 as well as the net decrease of 17 in Applebee&#146;s locations during the first six months of 2023. Refer to the
instructions to Item 303(c) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><I>Response: </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company respectfully acknowledges the Staff&#146;s comment and has addressed each point below. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><I>Reduction in Restaurant Development Activity Target for Applebee&#146;s Franchisees </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">As of June&nbsp;30, 2023, there were 1,661 restaurants operated by Applebee&#146;s franchisees. The fifteen net fewer Applebee&#146;s locations
discussed is less than one percent of the total number of Applebee&#146;s restaurants. As such, the Company does not believe that the reduced guidance on domestic development activity for Applebee&#146;s restaurants is reasonably likely to have a
material impact on franchise fee revenue and income from operations in fiscal year 2023. The Company reduced this guidance in an effort to be transparent to investors when it became clear that its forecasted restaurant closures underestimated the
total closures expected in fiscal year 2023. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Additionally, the Company does not believe that this reduction in guidance is an indication
of a trend or uncertainty that is reasonably likely to have a material impact in fiscal year 2023. In fact, restaurant closures have been trending down, with 178 closures in 2020, 96 closures in 2021 and 39 closures in 2022. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><I>Discussion of the Refranchising of 69 Applebee&#146;s Company-Operated Restaurants in
October 2022 </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">From time to time, the Company may reacquire restaurants from franchisees that it subsequently refranchises. These
restaurants may or may not be operated by the Company on a temporary basis until refranchised. As noted by the Staff, on October 2022, the Company sold 69 Applebee&#146;s restaurants in North Carolina and South Carolina to an Applebee&#146;s
franchisee. The refranchising of these restaurants did not materially impact the Company&#146;s results of operations or financial condition during the first six months of 2023. Although the Company reduced company owned restaurants revenues from
these restaurants due to being refranchised, the Company is also no longer incurring the operating expense of these restaurants and increased its royalty revenues. As disclosed in the Company&#146;s 2Q <FONT STYLE="white-space:nowrap">10-Q,</FONT>
these operating expenses include food, beverage, labor, benefits, utilities, rent, depreciation and other operating costs.<SUP STYLE="font-size:75%; vertical-align:top">1</SUP> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company included explanations of how the refranchising impacted its revenues in its 2Q <FONT STYLE="white-space:nowrap">10-Q.</FONT> On
page 32 of the 2Q <FONT STYLE="white-space:nowrap">10-Q,</FONT> the Company states: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Total revenue for the three and six months ended
June&nbsp;30, 2023 decreased compared with the same periods of the prior year, primarily due to the decrease in company restaurant operations as a result of refranchising of Applebee&#146;s company-operated restaurants, partially offset by increases
in Applebee&#146;s and IHOP franchise operations revenue and the inclusion of Fuzzy&#146;s franchise operations revenue. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company also
included a description of revenues received from franchised restaurants in the 2Q <FONT STYLE="white-space:nowrap">10-Q</FONT> and an explanation of revenues from company-operated restaurants.<SUP STYLE="font-size:75%; vertical-align:top">2</SUP>
Taken as a whole, the Company believes that investors were provided with an adequate explanation of how the refranchising of 69 restaurants impacted Applebee&#146;s franchise fee revenue and expenses. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><I>Discussion of the Net Decrease of 17 in Applebee&#146;s Locations During the First Six Months of 2023 </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The reduction of 17 Applebee&#146;s restaurants during the first six months of 2023 did not have a material impact on franchise fee revenue and
income from operations during this period. To the extent that a reduction in total restaurants has a material impact on franchise fee revenue and income from operations in future periods, the Company will make appropriate disclosures. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company acknowledges that it is responsible for the adequacy and accuracy of the disclosure in the filings. If you have any questions related to this
letter, please contact the undersigned at (818) <FONT STYLE="white-space:nowrap">637-3102</FONT> or Christine Son, the Company&#146;s General Counsel at (818) <FONT STYLE="white-space:nowrap">637-4717.</FONT> </P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Sincerely,</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">/s/ Vane Chang</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Vance Chang</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Chief Financial Officer</P></TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">See Note 12, <I>Segments</I>, at page 22. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">See Note 4, <I>Revenue</I>, at pages <FONT STYLE="white-space:nowrap">8-10.</FONT> </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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