Delaware | 001-14387 | 06-1522496 | ||
Delaware | 001-13663 | 86-0933835 | ||
(State or other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
100 First Stamford Place, Suite 700 | ||
Stamford, Connecticut | 06902 | |
(Address of Principal Executive Offices) | (Zip Code) |
(Former name or former address if changed since last report.) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
UNITED RENTALS, INC. | ||
By: | /S/ Craig A. Pintoff | |
Name: Craig A. Pintoff | ||
Title: Senior Vice President and General Counsel | ||
UNITED RENTALS (NORTH AMERICA), INC. | ||
By: | /S/ Craig A. Pintoff | |
Name: Craig A. Pintoff | ||
Title: Senior Vice President and General Counsel |
Exhibit No. | Description | |
99.1 | Press Release of United Rentals, Inc. |
• | For the fourth quarter of 2015, rental revenue (which includes owned equipment rental revenue, re-rent revenue and ancillary items) decreased 3.2%2 year-over-year. Within rental revenue, owned equipment rental revenue decreased 3.7%, reflecting an increase of 0.2% in the volume of equipment on rent and a 1.8% decrease in rental rates. |
• | For the full year 2015, total revenue increased 2.3% year-over-year, and rental revenue increased 2.7%2,3. Within rental revenue, owned equipment rental revenue increased 2.7%, reflecting increases of 3.2% in the volume of equipment on rent and 0.5% in rental rates. |
1. | Adjusted EPS (earnings per share) and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) are non-GAAP measures that exclude the impact of the special items noted in the tables below. See the tables below for amounts. |
2. | The year-over-year rental revenue decrease/increase includes the adverse impact of currency. Excluding this impact, year-over-year, rental revenue would have decreased 1.5% for the fourth quarter of 2015 and increased 4.3% for the full year 2015. |
3. | On April 1, 2014, the company acquired certain assets of the following four entities: National Pump & Compressor, Ltd., Canadian Pump and Compressor Ltd., GulfCo Industrial Equipment, LP and LD Services, LLC (collectively “National Pump”). National Pump is included in the company's results subsequent to the acquisition date. Excluding the impact of the National Pump acquisition, rental revenue for full year 2015 increased 2.2% year-over-year. |
• | For the fourth quarter and full year 2015, the company’s Trench Safety and Power & HVAC businesses' rental revenue increased by a combined 12% and 21%, respectively, year-over-year, primarily on a same store basis. |
• | Return on invested capital was 8.8% for full year 2015, which was flat year-over-year. |
• | Flow-through, which represents the year-over-year change in adjusted EBITDA divided by the year-over-year change in total revenue, was 75.6% for the fourth quarter of 2015 and 86.4% for the full year. |
• | Time utilization decreased 240 basis points year-over-year to 68.2% for the fourth quarter of 2015. Full year time utilization decreased 150 basis points to 67.3%. |
• | For the fourth quarter of 2015, the company generated $157 million of proceeds from used equipment sales at a gross margin of 46.5%, compared with $156 million of proceeds at a gross margin of 48.7% the prior year. For the full year 2015, the company generated $538 million of proceeds from used equipment sales at a gross margin of 47.6%, compared with $544 million of proceeds at a gross margin of 48.5% for the prior year.4 |
2016 Outlook | 2015 Actual | |||
Total revenue | $5.65 billion to $5.95 billion | $5.817 billion | ||
Adjusted EBITDA | $2.7 billion to $2.9 billion | $2.832 billion | ||
Year-over-year (decrease) increase in rental rates | (1%) to (2%) | 0.5% | ||
Time utilization | Approximately 68% | 67.3% | ||
Net rental capital expenditures after gross purchases | Approximately $700 million, after gross purchases of approximately $1.2 billion | $996 million net, $1.534 billion gross | ||
Free cash flow5 | $900 million to $1.0 billion | $919 million |
4. | Used equipment sales adjusted gross margin excludes the impact of the fair value mark-up of acquired RSC fleet that was sold. |
5. | Free cash flow is a non-GAAP measure as defined in the table below. |
Three Months Ended | Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Revenues: | |||||||||||||||
Equipment rentals | $ | 1,278 | $ | 1,320 | $ | 4,949 | $ | 4,819 | |||||||
Sales of rental equipment | 157 | 156 | 538 | 544 | |||||||||||
Sales of new equipment | 47 | 44 | 157 | 149 | |||||||||||
Contractor supplies sales | 19 | 21 | 79 | 85 | |||||||||||
Service and other revenues | 22 | 23 | 94 | 88 | |||||||||||
Total revenues | 1,523 | 1,564 | 5,817 | 5,685 | |||||||||||
Cost of revenues: | |||||||||||||||
Cost of equipment rentals, excluding depreciation | 467 | 470 | 1,826 | 1,806 | |||||||||||
Depreciation of rental equipment | 252 | 239 | 976 | 921 | |||||||||||
Cost of rental equipment sales | 94 | 88 | 311 | 315 | |||||||||||
Cost of new equipment sales | 40 | 36 | 131 | 120 | |||||||||||
Cost of contractor supplies sales | 13 | 15 | 55 | 59 | |||||||||||
Cost of service and other revenues | 9 | 9 | 38 | 32 | |||||||||||
Total cost of revenues | 875 | 857 | 3,337 | 3,253 | |||||||||||
Gross profit | 648 | 707 | 2,480 | 2,432 | |||||||||||
Selling, general and administrative expenses | 180 | 209 | 714 | 758 | |||||||||||
Merger related costs | — | (2 | ) | (26 | ) | 11 | |||||||||
Restructuring charge | 5 | 1 | 6 | (1 | ) | ||||||||||
Non-rental depreciation and amortization | 66 | 73 | 268 | 273 | |||||||||||
Operating income | 397 | 426 | 1,518 | 1,391 | |||||||||||
Interest expense, net | 107 | 119 | 567 | 555 | |||||||||||
Other income, net | (2 | ) | (4 | ) | (12 | ) | (14 | ) | |||||||
Income before provision for income taxes | 292 | 311 | 963 | 850 | |||||||||||
Provision for income taxes | 123 | 117 | 378 | 310 | |||||||||||
Net income | $ | 169 | $ | 194 | $ | 585 | $ | 540 | |||||||
Diluted earnings per share | $ | 1.81 | $ | 1.88 | $ | 6.07 | $ | 5.15 |
December 31, 2015 | December 31, 2014 | ||||||
ASSETS | |||||||
Cash and cash equivalents | $ | 179 | $ | 158 | |||
Accounts receivable, net | 930 | 940 | |||||
Inventory | 69 | 78 | |||||
Prepaid expenses and other assets | 116 | 122 | |||||
Total current assets | 1,294 | 1,298 | |||||
Rental equipment, net | 6,186 | 6,008 | |||||
Property and equipment, net | 445 | 438 | |||||
Goodwill | 3,243 | 3,272 | |||||
Other intangible assets, net | 905 | 1,106 | |||||
Other long-term assets | 10 | 7 | |||||
Total assets | $ | 12,083 | $ | 12,129 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Short-term debt and current maturities of long-term debt | $ | 607 | $ | 618 | |||
Accounts payable | 271 | 285 | |||||
Accrued expenses and other liabilities | 355 | 575 | |||||
Total current liabilities | 1,233 | 1,478 | |||||
Long-term debt | 7,555 | 7,344 | |||||
Deferred taxes | 1,765 | 1,444 | |||||
Other long-term liabilities | 54 | 65 | |||||
Total liabilities | 10,607 | 10,331 | |||||
Temporary equity | — | 2 | |||||
Common stock | 1 | 1 | |||||
Additional paid-in capital | 2,197 | 2,168 | |||||
Retained earnings | 1,088 | 503 | |||||
Treasury stock | (1,560 | ) | (802 | ) | |||
Accumulated other comprehensive loss | (250 | ) | (74 | ) | |||
Total stockholders’ equity | 1,476 | 1,796 | |||||
Total liabilities and stockholders’ equity | $ | 12,083 | $ | 12,129 |
Three Months Ended | Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Cash Flows From Operating Activities: | |||||||||||||||
Net income | $ | 169 | $ | 194 | $ | 585 | $ | 540 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||
Depreciation and amortization | 318 | 312 | 1,244 | 1,194 | |||||||||||
Amortization of deferred financing costs and original issue discounts | 2 | 3 | 10 | 17 | |||||||||||
Gain on sales of rental equipment | (63 | ) | (68 | ) | (227 | ) | (229 | ) | |||||||
Gain on sales of non-rental equipment | (2 | ) | (4 | ) | (8 | ) | (11 | ) | |||||||
Stock compensation expense, net | 12 | 26 | 49 | 74 | |||||||||||
Merger related costs | — | (2 | ) | (26 | ) | 11 | |||||||||
Restructuring charge | 5 | 1 | 6 | (1 | ) | ||||||||||
Loss on repurchase/redemption of debt securities and amendment of ABL facility | — | — | 123 | 80 | |||||||||||
Excess tax benefits from share-based payment arrangements | 52 | — | (5 | ) | — | ||||||||||
Increase in deferred taxes | 242 | 127 | 336 | 261 | |||||||||||
Changes in operating assets and liabilities: | |||||||||||||||
Decrease (increase) in accounts receivable | 61 | (2 | ) | (11 | ) | (101 | ) | ||||||||
Decrease in inventory | 8 | 34 | 8 | 11 | |||||||||||
Increase in prepaid expenses and other assets | (55 | ) | (62 | ) | (38 | ) | (52 | ) | |||||||
Decrease in accounts payable | (203 | ) | (220 | ) | (8 | ) | (23 | ) | |||||||
(Decrease) increase in accrued expenses and other liabilities | (108 | ) | (4 | ) | (43 | ) | 30 | ||||||||
Net cash provided by operating activities | 438 | 335 | 1,995 | 1,801 | |||||||||||
Cash Flows From Investing Activities: | |||||||||||||||
Purchases of rental equipment | (109 | ) | (217 | ) | (1,534 | ) | (1,701 | ) | |||||||
Purchases of non-rental equipment | (26 | ) | (36 | ) | (102 | ) | (120 | ) | |||||||
Proceeds from sales of rental equipment | 157 | 156 | 538 | 544 | |||||||||||
Proceeds from sales of non-rental equipment | 3 | 7 | 17 | 33 | |||||||||||
Purchases of other companies, net of cash acquired | — | (4 | ) | (86 | ) | (756 | ) | ||||||||
Purchases of investments | (3 | ) | — | (3 | ) | — | |||||||||
Net cash provided by (used in) investing activities | 22 | (94 | ) | (1,170 | ) | (2,000 | ) | ||||||||
Cash Flows From Financing Activities: | |||||||||||||||
Proceeds from debt | 1,113 | 1,159 | 8,566 | 7,070 | |||||||||||
Payments of debt | (1,389 | ) | (1,201 | ) | (8,482 | ) | (6,283 | ) | |||||||
Payment of contingent consideration | — | — | (52 | ) | — | ||||||||||
Payments of financing costs | — | — | (27 | ) | (22 | ) | |||||||||
Proceeds from the exercise of common stock options | — | — | 1 | 2 | |||||||||||
Common stock repurchased | (122 | ) | (214 | ) | (789 | ) | (613 | ) | |||||||
Cash received in connection with the 4 percent Convertible Senior Notes and related hedge, net | 3 | 11 | 3 | 42 | |||||||||||
Excess tax benefits from share-based payment arrangements | (52 | ) | — | 5 | — | ||||||||||
Net cash (used in) provided by financing activities | (447 | ) | (245 | ) | (775 | ) | 196 | ||||||||
Effect of foreign exchange rates | (5 | ) | (6 | ) | (29 | ) | (14 | ) | |||||||
Net increase (decrease) in cash and cash equivalents | 8 | (10 | ) | 21 | (17 | ) | |||||||||
Cash and cash equivalents at beginning of period | 171 | 168 | 158 | 175 | |||||||||||
Cash and cash equivalents at end of period | $ | 179 | $ | 158 | $ | 179 | $ | 158 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||||||
Cash paid for income taxes, net | $ | 5 | $ | 40 | $ | 60 | $ | 100 | |||||||
Cash paid for interest | 143 | 142 | 447 | 457 |
Three Months Ended | Year Ended | ||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
2015 | 2014 | Change | 2015 | 2014 | Change | ||||||||||||||||
General Rentals | |||||||||||||||||||||
Reportable segment equipment rentals revenue | $ | 1,097 | $ | 1,143 | (4.0 | )% | $ | 4,241 | $ | 4,222 | 0.5 | % | |||||||||
Reportable segment equipment rentals gross profit | 480 | 524 | (8.4 | )% | 1,819 | 1,790 | 1.6 | % | |||||||||||||
Reportable segment equipment rentals gross margin | 43.8 | % | 45.8 | % | (2.0pp) | 42.9 | % | 42.4 | % | 0.5pp | |||||||||||
Trench, Power and Pump | |||||||||||||||||||||
Reportable segment equipment rentals revenue | $ | 181 | $ | 177 | 2.3 | % | $ | 708 | $ | 597 | 18.6 | % | |||||||||
Reportable segment equipment rentals gross profit | 79 | 87 | (9.2 | )% | 328 | 302 | 8.6 | % | |||||||||||||
Reportable segment equipment rentals gross margin | 43.6 | % | 49.2 | % | (5.6pp) | 46.3 | % | 50.6 | % | (4.3pp) | |||||||||||
Total United Rentals | |||||||||||||||||||||
Total equipment rentals revenue | $ | 1,278 | $ | 1,320 | (3.2 | )% | $ | 4,949 | $ | 4,819 | 2.7 | % | |||||||||
Total equipment rentals gross profit | 559 | 611 | (8.5 | )% | 2,147 | 2,092 | 2.6 | % | |||||||||||||
Total equipment rentals gross margin | 43.7 | % | 46.3 | % | (2.6pp) | 43.4 | % | 43.4 | % | 0.0pp |
Three Months Ended | Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Numerator: | |||||||||||||||
Net income available to common stockholders | $ | 169 | $ | 194 | $ | 585 | $ | 540 | |||||||
Denominator: | |||||||||||||||
Denominator for basic earnings per share—weighted-average common shares | 92.7 | 99.2 | 95.2 | 97.5 | |||||||||||
Effect of dilutive securities: | |||||||||||||||
Employee stock options | 0.3 | 0.4 | 0.3 | 0.4 | |||||||||||
4 percent Convertible Senior Notes | 0.3 | 2.7 | 0.7 | 6.4 | |||||||||||
Restricted stock units | 0.3 | 0.8 | 0.2 | 0.7 | |||||||||||
Denominator for diluted earnings per share—adjusted weighted-average common shares | 93.6 | 103.1 | 96.4 | 105.0 | |||||||||||
Diluted earnings per share | $ | 1.81 | $ | 1.88 | $ | 6.07 | $ | 5.15 |
Three Months Ended | Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Earnings per share - GAAP, as reported | $ | 1.81 | $ | 1.88 | $ | 6.07 | $ | 5.15 | |||||||
After-tax impact of: | |||||||||||||||
Merger related costs (1) | — | (0.02 | ) | (0.17 | ) | 0.06 | |||||||||
Merger related intangible asset amortization (2) | 0.28 | 0.30 | 1.15 | 1.10 | |||||||||||
Impact on depreciation related to acquired RSC fleet and property and equipment (3) | — | (0.01 | ) | (0.02 | ) | (0.03 | ) | ||||||||
Impact of the fair value mark-up of acquired RSC fleet (4) | 0.07 | 0.05 | 0.19 | 0.21 | |||||||||||
Impact on interest expense related to fair value adjustment of acquired RSC indebtedness (5) | — | (0.01 | ) | (0.02 | ) | (0.03 | ) | ||||||||
Restructuring charge (6) | 0.03 | — | 0.04 | (0.01 | ) | ||||||||||
Loss on repurchase/redemption of debt securities and amendment of ABL facility | — | — | 0.78 | 0.46 | |||||||||||
Earnings per share - adjusted | $ | 2.19 | $ | 2.19 | $ | 8.02 | $ | 6.91 |
(1) | Primarily reflects transaction costs associated with the April 2014 National Pump acquisition. The income for the year ended December 31, 2015 reflects a decline in the fair value of the contingent cash consideration component of the National Pump purchase price. |
(2) | Reflects the amortization of the intangible assets acquired in the RSC and National Pump acquisitions. |
(3) | Reflects the impact of extending the useful lives of equipment acquired in the RSC acquisition, net of the impact of additional depreciation associated with the fair value mark-up of such equipment. |
(4) | Reflects additional costs recorded in cost of rental equipment sales associated with the fair value mark-up of rental equipment acquired in the RSC acquisition and subsequently sold. |
(5) | Reflects a reduction of interest expense associated with the fair value mark-up of debt acquired in the RSC acquisition. |
(6) | Reflects severance costs and branch closure charges associated with our closed restructuring programs and our current restructuring program. |
Three Months Ended | Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Net income | $ | 169 | $ | 194 | $ | 585 | $ | 540 | |||||||
Provision for income taxes | 123 | 117 | 378 | 310 | |||||||||||
Interest expense, net | 107 | 119 | 567 | 555 | |||||||||||
Depreciation of rental equipment | 252 | 239 | 976 | 921 | |||||||||||
Non-rental depreciation and amortization | 66 | 73 | 268 | 273 | |||||||||||
EBITDA (A) | $ | 717 | $ | 742 | $ | 2,774 | $ | 2,599 | |||||||
Merger related costs (1) | — | (2 | ) | (26 | ) | 11 | |||||||||
Restructuring charge (2) | 5 | 1 | 6 | (1 | ) | ||||||||||
Stock compensation expense, net (3) | 12 | 26 | 49 | 74 | |||||||||||
Impact of the fair value mark-up of acquired RSC fleet (4) | 10 | 8 | 29 | 35 | |||||||||||
Adjusted EBITDA (B) | $ | 744 | $ | 775 | $ | 2,832 | $ | 2,718 |
(1) | Primarily reflects transaction costs associated with the April 2014 National Pump acquisition. The income for the year ended December 31, 2015 reflects a decline in the fair value of the contingent cash consideration component of the National Pump purchase price. |
(2) | Reflects severance costs and branch closure charges associated with our closed restructuring programs and our current restructuring program. |
(3) | Represents non-cash, share-based payments associated with the granting of equity instruments. |
(4) | Reflects additional costs recorded in cost of rental equipment sales associated with the fair value mark-up of rental equipment acquired in the RSC acquisition and subsequently sold. |
Three Months Ended | Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Net cash provided by operating activities | $ | 438 | $ | 335 | $ | 1,995 | $ | 1,801 | |||||||
Adjustments for items included in net cash provided by operating activities but excluded from the calculation of EBITDA: | |||||||||||||||
Amortization of deferred financing costs and original issue discounts | (2 | ) | (3 | ) | (10 | ) | (17 | ) | |||||||
Gain on sales of rental equipment | 63 | 68 | 227 | 229 | |||||||||||
Gain on sales of non-rental equipment | 2 | 4 | 8 | 11 | |||||||||||
Merger related costs (1) | — | 2 | 26 | (11 | ) | ||||||||||
Restructuring charge (2) | (5 | ) | (1 | ) | (6 | ) | 1 | ||||||||
Stock compensation expense, net (3) | (12 | ) | (26 | ) | (49 | ) | (74 | ) | |||||||
Loss on repurchase/redemption of debt securities and amendment of ABL facility | — | — | (123 | ) | (80 | ) | |||||||||
Excess tax benefits from share-based payment arrangements | (52 | ) | — | 5 | — | ||||||||||
Changes in assets and liabilities | 137 | 181 | 194 | 182 | |||||||||||
Cash paid for interest | 143 | 142 | 447 | 457 | |||||||||||
Cash paid for income taxes, net | 5 | 40 | 60 | 100 | |||||||||||
EBITDA | $ | 717 | $ | 742 | $ | 2,774 | $ | 2,599 | |||||||
Add back: | |||||||||||||||
Merger related costs (1) | — | (2 | ) | (26 | ) | 11 | |||||||||
Restructuring charge (2) | 5 | 1 | 6 | (1 | ) | ||||||||||
Stock compensation expense, net (3) | 12 | 26 | 49 | 74 | |||||||||||
Impact of the fair value mark-up of acquired RSC fleet (4) | 10 | 8 | 29 | 35 | |||||||||||
Adjusted EBITDA | $ | 744 | $ | 775 | $ | 2,832 | $ | 2,718 |
(1) | Primarily reflects transaction costs associated with the April 2014 National Pump acquisition. The income for the year ended December 31, 2015 reflects a decline in the fair value of the contingent cash consideration component of the National Pump purchase price. |
(2) | Reflects severance costs and branch closure charges associated with our closed restructuring programs and our current restructuring program. |
(3) | Represents non-cash, share-based payments associated with the granting of equity instruments. |
(4) | Reflects additional costs recorded in cost of rental equipment sales associated with the fair value mark-up of rental equipment acquired in the RSC acquisition and subsequently sold. |
Three Months Ended | Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Net cash provided by operating activities | $ | 438 | $ | 335 | $ | 1,995 | $ | 1,801 | |||||||
Purchases of rental equipment | (109 | ) | (217 | ) | (1,534 | ) | (1,701 | ) | |||||||
Purchases of non-rental equipment | (26 | ) | (36 | ) | (102 | ) | (120 | ) | |||||||
Proceeds from sales of rental equipment | 157 | 156 | 538 | 544 | |||||||||||
Proceeds from sales of non-rental equipment | 3 | 7 | 17 | 33 | |||||||||||
Excess tax benefits from share-based payment arrangements (1) | (52 | ) | — | 5 | — | ||||||||||
Free cash flow | $ | 411 | $ | 245 | $ | 919 | $ | 557 |
(1) | The excess tax benefits from share-based payment arrangements result from stock-based compensation windfall deductions in excess of the amounts reported for financial reporting purposes, and are reported as financing cash flows. We added the excess tax benefits back to our calculation of free cash flow to generally classify cash flows from income taxes as operating cash flows. However, these excess tax benefits did not impact free cash flow for the three months or year ended December 31, 2015, as they do not result in increased cash flows until the associated income taxes are settled. During the three months ended December 31, 2015, a portion of the previously recognized excess tax benefits from share-based payment arrangements was reversed due to the impact on taxable income of a bonus tax depreciation bill that passed during the three months ended December 31, 2015. |
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