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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 Form 10-Q
 þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended June 30, 2007
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to
 Commission File Number: 0-17932
 Web.com, Inc.
 (Exact name of registrant as specified in its charter)
 Minnesota
    
    41-1404301(State or other jurisdiction
    
    (I.R.S. Employerof incorporation or organization)
    
    Identification No.)
 303 Peachtree Center Avenue, Suite 500, Atlanta, GA 30303
(Address, including Zip Code, of principal executive offices)
 (404) 260-2477
(Registrants telephone number, including area code)
 þ o
 
 o þ o
 o þ




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##### 



Web.Com, Inc.
Form 10-Q
For the Quarterly Period Ended June 30, 2007
Index
  
 PagePart I. Financial Information
    
    
    3Item 1. Financial Statements
    
    
    3Note 1  General
    
    
    6Note 2  Summary of Significant Accounting Policies
    
    
    6Note 3  Acquisition, Impairment and Consolidation of WebSource Media, LLC
    
    
    7Note 4  Restructuring and Facility Exit Costs
    
    
    8Note 5  Purchase Business Combination Liabilities
    
    
    9Note 6  Income Taxes
    
    
    9Note 7  Discontinued Operations
    
    
    9Note 8  Contingencies
    
    
    10Note 9  Subsequent Events
    
    
    12Item 2. Managements Discussion and Analysis of Financial Condition and Results of
Operations
    
    
    13Item 3. Quantitative and Qualitative Disclosures About Market
Risk
    
    
    19Item 4. Controls and Procedures
    
    
    19Part II. Other InformationItem 1. Legal Proceedings
    
    
    20Item 1A. Risk Factors
    
    
    20Item 6. Exhibits
    
    
    27Signatures
    
    
    29EX-10.161 SECOND AMENDMENT TO SERVICES AGREEMENTEX-31.1 SECTION 302 CERTIFICATION OF THE CEOEX-31.2 SECTION 302 CERTIFICATION OF THE CFOEX-32.1 SECTION 906 CERTIFICATION OF THE CEOEX-32.2 SECTION 906 CERTIFICATION OF THE CFO
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##### Table of Contents



P art I. Financial Information
 
 Item 1. Financial Statements
 Web.com, Inc.
 Consolidated Statements of Operations
 For the Three Months
    
    
    For the Six MonthsEnded June 30,
    
    
    Ended June 30,2007
    
    
    2006
    
    
    2007
    
    
    2006Revenues
    
    $
    13,268
    
    
    $
    12,053
    
    
    $
    26,300
    
    
    $
    24,315Operating costs and expenses:Network operating costs, exclusive of depreciation and
amortization(1)
    
    
    2,072
    
    
    
    2,269
    
    
    
    4,226
    
    
    
    4,653Sales and marketing
    
    
    4,148
    
    
    
    3,335
    
    
    
    8,847
    
    
    
    6,485Technical support
    
    
    1,259
    
    
    
    1,761
    
    
    
    2,548
    
    
    
    3,483General and administrative
    
    
    5,730
    
    
    
    4,694
    
    
    
    10,808
    
    
    
    14,605Bad debt expense
    
    
    439
    
    
    
    242
    
    
    
    1,001
    
    
    
    519Depreciation and amortization
    
    
    1,088
    
    
    
    2,225
    
    
    
    2,160
    
    
    
    3,359Restructuring costs
    
    
    
    
    
    
    23
    
    
    
    
    
    
    
    66Impairment of investment in and advances to WebSource
Media
    
    
    
    
    
    
    3,488
    
    
    
    
    
    
    
    3,488Merger costs
    
    
    2,079
    
    
    
    
    
    
    
    2,079
    
    
    
    Total operating costs and expenses
    
    
    16,815
    
    
    
    18,037
    
    
    
    31,669
    
    
    
    36,658Operating loss
    
    
    (3,547
    )
    
    
    (5,984
    )
    
    
    (5,369
    )
    
    
    (12,343
    )Interest income (expense), net
    
    
    381
    
    
    
    248
    
    
    
    636
    
    
    
    509Loss from continuing operations before income taxes
    
    
    (3,166
    )
    
    
    (5,736
    )
    
    
    (4,733
    )
    
    
    (11,834
    )Income tax benefit
    
    
    275
    
    
    
    9
    
    
    
    1,190
    
    
    
    863Net loss from continuing operations
    
    
    (2,891
    )
    
    
    (5,727
    )
    
    
    (3,543
    )
    
    
    (10,971
    )(Loss) gain from discontinued operations, net of tax of $0, $0, $1,201 and $0
    
    
    (4
    )
      
 
    14
    
    
    
    2,207
    
    
    
    (245
    )Net loss
    
    $
    (2,895
    )
    
    $
    (5,713
    )
    
    $
    (1,336
    )
    
    $
    (11,216
    )Net (loss) income per share, basic and diluted:Continuing operations
    
    $
    (0.17
    )
    
    $
    (0.35
    )
    
    $
    (0.21
    )
    
    $
    (0.67
    )Discontinued operations
    
    
    
    
    
    
    
    
    
    
    0.13
    
    
    
    (0.01
    )$
    (0.17
    )
    
    $
    (0.35
    )
    
    $
    (0.08
    )
    
    $
    (0.68
    )Number of shares used in per share calculation:Basic and diluted
    
    
    16,775
    
    
    
    16,511
    
    
    
    16,741
    
    
    
    16,453
 
 (1) Excludes depreciation and amortization as follows:Network operating costs
    
    $
    766
    
    
    $
    1,969
    
    
    $
    1,518
    
    
    $
    2,782
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Web.com, Inc.
 Consolidated Balance Sheets
 As ofJune 30, 2007
    
    
    December 31, 2006ASSETSCurrent assetsCash and cash equivalents
    
    $
    14,850
    
    
    $
    13,288Trade receivables, net of allowance of $253 and $160,
respectively
    
    
    2,532
    
    
    
    2,074Other receivables
    
    
    1,317
    
    
    
    525Prepaids and other current assets
    
    
    1,596
    
    
    
    1,154Restricted investments
    
    
    167
    
    
    
    162Total current assets
    
    
    20,462
    
    
    
    17,203Restricted investments
    
    
    7,141
    
    
    
    7,666Property, plant and equipment, net
    
    
    3,455
    
    
    
    4,128Goodwill
    
    
    1,003
    
    
    
    1,003Intangibles, net
    
    
    4,567
    
    
    
    5,233Other assets
    
    
    3,252
    
    
    
    3,195Total assets
    
    $
    39,880
    
    
    $
    38,428LIABILITIES AND STOCKHOLDERS EQUITYCurrent liabilitiesAccounts payable
    
    $
    1,835
    
    
    $
    1,623Accrued expenses and other current liabilities
    
    
    6,770
    
    
    
    4,709Accrued restructuring charges
    
    
    1,812
    
    
    
    2,345Current portion of long-term debt and capital lease obligations
    
    
    1,747
    
    
    
    1,703Accrued FTC settlement
    
    
    929
    
    
    
    Deferred revenue
    
    
    4,438
    
    
    
    4,687Total current liabilities
    
    
    17,531
    
    
    
    15,067Long-term debt and capital lease obligations
    
    
    1,044
    
    
    
    1,971Deferred revenue
    
    
    229
    
    
    
    314Other liabilities
    
    
    64
    
    
    
    120Total liabilities
    
    
    18,868
    
    
    
    17,472Contingencies (Note 8)
    
    
    
    
    
    
    Shareholders equityCommon stock, $0.01 par value, authorized 26 million shares,
issued and outstanding 17.0 and 16.8 million shares,
respectively
    
    
    169
    
    
    
    168Additional capital
    
    
    333,340
    
    
    
    331,949Warrants
    
    
    2,128
    
    
    
    2,128Note receivable from shareholder
    
    
    (735
    )
    
    
    (735
    )Accumulated deficit
    
    
    (313,890
    )
    
    
    (312,554
    )Total shareholders equity
    
    
    21,012
    
    
    
    20,956Total liabilities and shareholders equity
    
    $
    39,880
    
    
    $
    38,428
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Web.com, Inc.
 Consolidated Statements of Cash Flows
 For the Six Months Ended June 30,2007
    
    
    2006CASH FLOWS FROM OPERATING ACTIVITIES:Net loss
    
    $
    (1,336
    )
    
    $
    (11,216
    )Adjustments to reconcile net loss to net cash provided by
operating activities from continuing operations:(Gain) loss from discontinued operations
    
    
    (3,408
    )
    
    
    245Depreciation and amortization
    
    
    2,160
    
    
    
    3,359Bad debt expense
    
    
    1,001
    
    
    
    519Impairment of investment in and advances to WebSource Media
    
    
    
    
    
    
    3,488Stock-based compensation
    
    
    1,307
    
    
    
    5,496Restructuring costs
    
    
    
    
    
    
    66Changes in operating assets and liabilities:Receivables
    
    
    (2,250
    )
    
    
    (405
    )Other current and long term assets
    
    
    (492
    )
    
    
    325Accounts payable, accrued expenses and deferred revenue
    
    
    1,350
    
    
    
    (1,339
    )Accrued FTC settlement
    
    
    929
    
    
    
    Net cash (used in) provided by operating activities of
continuing operations
    
    
    (739
    )
    
    
    538CASH FLOWS FROM INVESTING ACTIVITIES:Expenditures for property, plant and equipment
    
    
    (828
    )
    
    
    (1,141
    )Payment for purchase of WebSource Media
    
    
    
    
    
    
    (3,261
    )Proceeds from sale of held-to-maturity investment securities
    
    
    
    
    
    
    53Net change in restricted investments
    
    
    520
    
    
    
    690Net cash used in investing activities of continuing operations
    
    
    (308
    )
    
    
    (3,659
    )CASH FLOWS FROM FINANCING ACTIVITIES:Repayments of debt and capital lease obligations
    
    
    (884
    )
    
    
    (921
    )Proceeds from issuance of common stock and awards
    
    
    85
    
    
    
    115Net cash used in financing activities of continuing operations
    
    
    (799
    )
    
    
    (806
    )Net cash used in continuing operations
    
    
    (1,846
    )
    
    
    (3,927
    )Net cash provided by (used in) discontinued operations:Operating cash flows
    
    
    3,408
    
    
    
    (280
    )Investing cash flows
    
    
    
    
    
    
    Financing cash flows
    
    
    
    
    
    
    Total cash provided by (used in) discontinued operations
    
    
    3,408
    
    
    
    (280
    )Net increase (decrease) in cash and cash equivalents
    
    
    1,562
    
    
    
    (4,207
    )Cash and cash equivalents, beginning of period
    
    
    13,288
    
    
    
    17,370Cash and cash equivalents, end of period
    
    $
    14,850
    
    
    $
    13,163
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Web.com, Inc.   Unaudited
 
 Note 1  General
 Business
 History of operating losses
 Proposed Merger 
 
 Note 2  Summary of Significant Accounting Policies
 Interim Unaudited Financial Information 
 Basis of Presentation 
 Use of Estimates 
 Basic and diluted income (loss) per share 
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Web.com, Inc.   Unaudited
  Stock-Based Compensation 
    Recently Issued Accounting Standards
 Fair
Value Measurements
 Accounting for
Uncertainty in Income Taxes  an interpretation of FASB Statement No. 109  Accounting for Income
Taxes
 
 Note 3  Acquisition, Impairment and Consolidation of WebSource Media, LLC
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Web.com, Inc.   Unaudited
      (In thousands)Current assets
    
    $
    1,443Property, plant and equipment
    
    
    40Other assets
    
    
    318Accounts payable and accrued expenses
    
    
    (872
    )Accrued FTC settlement
    
    
    (929
    )Total
    
    $
    
 
 Note 4  Restructuring and Facility Exit Costs
  2005 Plan 
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Web.com, Inc.   Unaudited
 2001 Plan 
 
 Note 5  Purchase Business Combination Liabilities
   
 Note 6  Income Taxes
 Accounting for Uncertainty in Income Taxes
 an interpretation of FASB Statement No. 109  Accounting for Income Taxes (FIN 48)
      
 Note 7 Discontinued Operations
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Web.com, Inc.   Unaudited
  
 Note 8  Contingencies
          10




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Web.com, Inc.   Unaudited
          11




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Web.com, Inc.   Unaudited
      
 Note 9  Subsequent Events
   12




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Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
 Special Note About Forward-Looking Statements
  Overview
   Proposed Merger 
 Key Metrics
   13




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Results of Continuing Operations
 Comparison of the Three and Six Months Ended June 30, 2007 and June 30, 2006
         Revenues.
  14




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For the Three Months Ended June 30,
    
    
    For the Six Months Ended June 30,2007
    
    
    2006
    
    
    2007
    
    
    2006Hosting revenue
    
    $
    12,701
    
    
    $
    11,105
    
    
    $
    25,179
    
    
    $
    22,587Other revenue
    
    
    567
    
    
    
    948
    
    
    
    1,121
    
    
    
    1,728Total revenue
    
    $
    13,268
    
    
    $
    12,053
    
    
    $
    26,300
    
    
    $
    24,315
   Operating Costs and Expenses
  For the
    
    
    For theThree Months Ended June 30,
    
    
    Six Months Ended June 30,2007
    
    
    2006
    
    
    2007
    
    
    2006Network operating costs
    
    $
    2,072
    
    
    $
    2,269
    
    
    $
    4,226
    
    
    $
    4,653Sales and marketing
    
    
    4,148
    
    
    
    3,335
    
    
    
    8,847
    
    
    
    6,485Technical support
    
    
    1,259
    
    
    
    1,761
    
    
    
    2,548
    
    
    
    3,483General and administrative
    
    
    5,730
    
    
    
    4,694
    
    
    
    10,808
    
    
    
    14,605Bad debt expense
    
    
    439
    
    
    
    242
    
    
    
    1,001
    
    
    
    519Depreciation and amortization
    
    
    1,088
    
    
    
    2,225
    
    
    
    2,160
    
    
    
    3,359Restructuring costs
    
    
    
    
    
    
    23
    
    
    
    
    
    
    
    66Impairment of investment in and
advances to WebSource Media
    
    
    
    
    
    
    3,488
    
    
    
    
    
    
    
    3,488Merger costs
    
    
    2,079
    
    
    
    
    
    
    
    2,079
    
    
    
    Total operating costs and expenses
    
    $
    16,815
    
    
    $
    18,037
    
    
    $
    31,669
    
    
    $
    36,658
 Network Operating Costs. .
 Sales and Marketing.
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Technical Support
 General and Administrative
   Bad Debt Expense.
 Depreciation and Amortization.
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Merger Costs.
 Interest Income (Expense), net.
 Income Taxes.
 Results of Discontinued Operations
   Certain Underwriters/Lloyds Settlement .
 PC Systems.
 Liquidity and Capital Resources
   
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Off-Balance Sheet Arrangements
  Contractual Obligations
   Related Party Transactions
  Critical Accounting Policies and Estimates
  18




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FIN 48 
 Recently Issued Accounting Standards
  
 Item 3. Quantitative and Qualitative Disclosures About Market Risk
   
 Item 4. Controls and Procedures
 Disclosure controls and Procedures.
 Internal Control over Financial Reporting.
 Inherent Limitations
  19




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Part II. Other Information
 
 Item 1. Legal Proceedings
  
 Item 1A. Risk Factors
 You should carefully consider the following factors and all other information contained in this
Form 10-Q and our Annual Report on Form 10-K for the year ended December 31, 2006 before you make
any investment decisions with respect to our securities. The risks and uncertainties described
below may not be the only risks that we face.
 We have incurred losses since inception and could incur losses in the future.
  
    
    Adapting network infrastructure and administrative resources to accommodate additional
customers and future growth;
    
    Developing products, distribution, marketing, and management for the broadest-possible market;
    
    Broadening customer technical support capabilities;
    
    Developing or acquiring new products and associated technical infrastructure;
    
    Developing additional indirect distribution partners;
    
    Increased costs from third party service providers;
    
    Improving network security features; and
    
    Legal fees and settlements associated with litigation and contingencies.
 We could face liability and expense in connection with the proposed merger between our Company and
Website Pros, Inc. (NASDAQ: WSPI).
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The
proposed merger with Website Pros could cause us to lose key
personnel, which could materially affect the respective
Companys business and require the companies to incur
substantial costs to recruit replacements for lost personnel.
  Failure
to complete the proposed merger with Website Pros could negatively
impact our stock price, future business and financial results
  
    
    Being required, under certain circumstances under the merger
agreement, to pay a termination fee of $3.0 million and Website
Pros costs related to the merger;
    
    Having to pay certain costs relating to the merger, such as
legal, accounting, financial advisor and printing fees, without
realizing any of the benefits of having consummated the merger;
    
    Failure to pursue other beneficial opportunities as a result
of our managements focus on pursuing the merger, without
realizing any of the benefits of having consummated the merger; and
    
    Having the price of our common stock decline.
 In
certain instances, the merger agreement with Website Pros requires us
to pay a termination of $3.0 million. This payment could affect
the decisions of a third party considering making an alternative
acquisition proposal to the merger.
  Ours is a recurring-revenue subscriber business and as such the effects of a net loss of monthly
recurring revenue is magnified.
  We operate in a new and evolving market with uncertain prospects for growth and may not be able to
generate and sustain growth in our customer base.
 .
 Because our target markets are volatile, we may face a loss of customers or a high level of
non-collectible accounts.
  
    
    Capitalizing on infrastructure efficiencies to become a profitable provider at the
lowest sustainable price;
    
    Automating customer care and technical support to reduce the cost per call, and to
minimize the time spent by our customer service and technical support personnel;
    
    Intensive training and supervision of customer care and technical support personnel to
maximize customer satisfaction; and
    
    Increasing the number and breadth of services to differentiate ourselves from the
competition.
  We depend on reseller and affiliate sales channels to market and sell many of services. We do not
control these resellers and affiliates, and if we fail to develop or maintain good relations with
our resellers and affiliates, we may not achieve growth in customers and revenues .
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If we are not able to attract and retain key personnel, we may not be able to compete effectively
in our markets .
  Because we face intense competition, we may not be able to operate profitably in our markets .
  
    
    Develop and expand their network infrastructures and service offerings more rapidly;
    
    Adapt to new or emerging technologies and changes in customer requirements more quickly;
    
    Devote greater resources to the marketing and sale of their services; and
    
    Adopt more aggressive pricing policies than we can.
  Impairment of our intellectual property rights could negatively affect our business or could allow
competitors to minimize any advantage that our proprietary technology provides.
    22




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We are vulnerable to system failures, which could harm our reputation, cause our customers to seek
reimbursement for services paid for and not received, and cause our customers to seek another
provider for services .
  
    
    Cause customers or end users to seek damages for losses incurred;
    
    Require us to replace existing equipment or add redundant facilities;
    
    Damage our reputation for reliable service;
    
    Cause existing customers to cancel their contracts, or
    
    Make it more difficult for us to attract new customers.
 Our data centers are maintained by third parties.
   Data centers and communications networks are vulnerable to security breaches that could cause
disruptions in service, liability to third parties, or loss of customers.
  Disruption of our services caused by unknown software or hardware defects could harm our business
and reputation.
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Providing services to customers with critical websites and web services could potentially expose us
to lawsuits for customers lost profits or other damages.
  We could face liability for information distributed through our network.
  Our business operates in an uncertain legal environment where future government regulation and
lawsuits could restrict our business or cause unexpected losses .
  Quarterly and annual operating results may fluctuate, which could cause our stock price to be
volatile.
  24




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
    
    Demand for and market acceptance of our services and products;
    
    Introduction of new services or enhancements by us or by our competitors;
    
    Costs of implementing new network security features, CRM systems, and billing modules;
    
    Technical difficulties or system downtime affecting the Internet generally or hosting operations specifically;
    
    Customer retention;
    
    Increased competition and consolidation within the web hosting and applications hosting markets;
    
    Changes in our pricing policies and the pricing policies of our competitors;
    
    Gains or losses of key strategic partner relationships;
    
    Impairment charges;
    
    Restructuring charges;
    
    Merger and integration costs;
    
    Litigation expenses;
    
    Insurance expenses; and
    
    Marketing expenses.
   Our stock price may be volatile which could cause an investment in our common stock to decrease
significantly.
  
    
    Variations in operating results and analyst earnings estimates;
    
    The volatility of stock within the sectors within which we conduct business;
    
    Announcements by us or by our competitors regarding introduction of new services;
    
    General changes in economic conditions;
    
    Changes in trading volume, and
    
    Our inability to reduce the rate of account cancellations, or to increase the rate of account additions, or both.
  We could face liability and expense in connection with our acquisition of WebSource Media and
related litigation.
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Unfavorable results of existing litigation may cause us to have additional expenses or operating
losses that exceed our ability to pay.
  Substantial future sales of shares by shareholders could negatively affect our stock price.
  We could lose our ability to process credit card transactions.
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We could incur liabilities in the future relating to our discontinued PC Systems business, which
could cause additional operating losses.
  
 Item 6. Exhibits
 Exhibit
    
    Description2.1
    
    Agreement and Plan of Merger and Reorganization dated June 26, 2007 by and among
Website Pros Inc., Augusta Acquisition Sub, Inc. and Web.com, Inc. (incorporated by
reference to Exhibit 2.1 to Registrants Form 8-K filed June 28, 2007).*2.2
    
    Form of Voting Agreement between Web.com, Inc. and Stockholder (incorporated by
reference to Exhibit 2.2 to Registrants Form 8-K filed June 28, 2007)3.01
    
    Unofficial Restated Articles of Incorporation of Registrant (as amended through April
24, 2002) (incorporated by reference to the Registrants Quarterly Report on Form 10-Q for
the quarter ended May 31, 2002).3.01(b)
    
    Articles of Amendment to Articles of Incorporation of Registrant (incorporated by
reference to the Registrants Annual Report on Form 10-K for the year ended August 31,2003).3.01(c)
    
    Articles of Merger effective as of March 20, 2006 (incorporated by reference to
Exhibit 3.01(c) to the Registrants Current Report on Form 8-K filed on March 21, 2006).3.01(d)
    
    Articles of Amendment to Articles of Incorporation of Registrant dated March 31, 2006
(incorporated by reference to Exhibit 3.01(d) to Registrants Form 8-K filed April 3,
2006).3.01(e)
    
    Certificate of Designation, Rights and Preferences of the Series A Junior Participating
Preferred Stock, as filed with the Secretary of State of Minnesota on August 7, 2006
(incorporated by reference to Exhibit 3.1 to Registrants Form 8-K filed August 7, 2006).3.01(f)
    
    Statement of Cancellation of the Statement Fixing the Rights and Preferences of the
Series A Junior Participating Preferred Stock, as filed with the Secretary of State of
Minnesota on April 3, 2007 (incorporated by reference to Exhibit 3.01(f) to Registrants
Form 8-K filed April 6, 2007).10.127(c)
    
    Amendment to Employment Agreement dated June 26, 2007 by and between Web.com, Inc.
and Jeffrey M. Stibel (incorporated by reference to Exhibit 10.127(c) to Registrants Form
8-K filed June 28, 2007).
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##### Table of Contents



Exhibit
    
    Description10.159
    
    Employment Agreement dated June 26, 2007 by and between Web.com, Inc. and Gonzalo
Troncoso (incorporated by reference to Exhibit 10.159 to Registrants Form 8-K filed June
28, 2007).10.160
    
    Employment Agreement dated June 26, 2007 by and among Web.com, Inc. and Judith Hackett
(incorporated by reference to Exhibit 10.160 to Registrants Form 8-K filed June 28,
2007).10.161
    
    Second Amendment to Services Agreement between Web.com, Inc. and Dex Media, Inc.31.1
    
    Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002.31.2
    
    Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002.32.1
    
    Certification of Chief Executive Officer under Section 906 of the Sarbanes-Oxley Act of
2002.32.2
    
    Certification of Chief Financial Officer under Section 906 of the Sarbanes-Oxley Act of
2002.
 
 *
    
    Schedules and exhibits have been omitted pursuant to Item 601(b)(2) of
Regulation S-K. Web.com, Inc., hereby undertakes to furnish supplementally copies of
any of the omitted schedules and exhibits upon request by the SEC. 28




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##### Table of Contents



Signatures
  Web.com, Inc.(Registrant)Dated: August 8, 2007
    
    
    
    /s/ Gonzalo TroncosoGonzalo TroncosoExecutive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
 
 29