Delaware | 000-24525 | 82-5134717 | |||||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS employer Identification No.) | |||||
3280 Peachtree Road, N.W., Suite 2200, Atlanta GA | 30305 | ||||||
(Address of principal executive offices) | (Zip Code) | ||||||
Registrant’s telephone number, including area code (404) 949-0700 | |||||||
n/a | |||||||
(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)) |
Number | Exhibit | |
Press release, dated March 18, 2019 |
CUMULUS MEDIA INC. | ||||
By: | /s/ John Abbot | |||
Name: John Abbot | ||||
Title: Executive Vice President, Treasurer and Chief Financial Officer |
Successor Company | Predecessor Company | ||||||||||
Three Months Ended December 31, 2018 | Three Months Ended December 31, 2017 | % Change | |||||||||
Net revenue | $ | 309,178 | $ | 293,861 | 5.2 | % | |||||
Net income (loss) | $ | 43,732 | $ | (206,116 | ) | N/A | |||||
Adjusted EBITDA (1) | $ | 65,615 | $ | 49,852 | 31.6 | % | |||||
Basic income (loss) per share | $ | 2.19 | $ | (7.03 | ) | N/A | |||||
Diluted income (loss) per share | $ | 2.18 | $ | (7.03 | ) | N/A |
Successor Company | Predecessor Company | Non-GAAP - Successor and Predecessor Company | Predecessor Company | ||||||||||||||||
Period from June 4, 2018 through December 31, 2018 | Period January 1, 2018 through June 3, 2018 | Year Ended December 31, 2018 | Year Ended December 31, 2017 | % Change | |||||||||||||||
Net revenue | $ | 686,436 | $ | 453,924 | $ | 1,140,360 | $ | 1,135,662 | 0.4 | % | |||||||||
Net income (loss) | $ | 61,425 | $ | 696,156 | $ | 757,581 | $ | (206,565 | ) | N/A | |||||||||
Adjusted EBITDA (1) | $ | 153,835 | $ | 80,512 | $ | 234,347 | $ | 217,751 | 7.6 | % | |||||||||
Basic income (loss) per share | $ | 3.07 | $ | 23.73 | N/A | $ | (7.05 | ) | N/A | ||||||||||
Diluted income (loss) per share | $ | 3.05 | $ | 23.73 | N/A | $ | (7.05 | ) | N/A |
Successor Company | Predecessor Company | |||||||
December 31, 2018 | December 31, 2017 | |||||||
Cash and cash equivalents | $ | 27,584 | $ | 102,891 | ||||
Term loan | $ | 1,243,299 | $ | 1,722,209 | ||||
7.75% Senior Notes | — | 610,000 | ||||||
Total debt | $ | 1,243,299 | $ | 2,332,209 |
Successor Company | Predecessor Company | |||||||||
Three Months Ended December 31, 2018 | Three Months Ended December 31, 2017 | % Change | ||||||||
Capital expenditures | $ | 7,818 | $ | 11,287 | (30.7 | )% |
(1) | Adjusted EBITDA is not a financial measure calculated or presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). For additional information, see “Non-GAAP Financial Measure”. |
Successor Company | Predecessor Company | Non-GAAP - Successor and Predecessor Company | Predecessor Company | ||||||||||||||||
Period from June 4, 2018 through December 31, 2018 | Period from January 1, 2018 through June 3, 2018 | Year ended December 31, 2018 | Year ended December 31, 2017 | % Change | |||||||||||||||
Capital expenditures | $ | 15,684 | $ | 14,019 | $ | 29,703 | $ | 31,932 | (7.0 | )% |
Three Months Ended December 31, 2018 (Successor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Net revenue | $ | 212,404 | $ | 96,119 | $ | 655 | $ | 309,178 | ||||||||
% of total revenue | 68.7 | % | 31.1 | % | 0.2 | % | 100.0 | % | ||||||||
$ change from three months ended December 31, 2017 | $ | 10,491 | $ | 4,821 | $ | 5 | $ | 15,317 | ||||||||
% change from three months ended December 31, 2017 | 5.2 | % | 5.3 | % | 0.8 | % | 5.2 | % |
Three Months Ended December 31, 2017 (Predecessor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Net revenue | $ | 201,913 | $ | 91,298 | $ | 650 | $ | 293,861 | ||||||||
% of total revenue | 68.7 | % | 31.1 | % | 0.2 | % | 100.0 | % |
Three Months Ended December 31, 2018 (Successor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Net income (loss) | $ | 51,662 | $ | 5,818 | $ | (13,748 | ) | $ | 43,732 | |||||||
$ change from three months ended December 31, 2017 | $ | 350,151 | $ | 3,463 | $ | (103,766 | ) | $ | 249,848 | |||||||
% change from three months ended December 31, 2017 | N/A | N/A | N/A | N/A |
Three Months Ended December 31, 2017 (Predecessor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Net (loss) income | $ | (298,489 | ) | $ | 2,355 | $ | 90,018 | $ | (206,116 | ) |
Three Months Ended December 31, 2018 (Successor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Adjusted EBITDA | $ | 60,249 | $ | 12,896 | $ | (7,530 | ) | $ | 65,615 | |||||||
$ change from three months ended December 31, 2017 | $ | 11,267 | $ | 3,787 | $ | 709 | $ | 15,763 | ||||||||
% change from three months ended December 31, 2017 | 23.0 | % | 41.6 | % | 8.6 | % | 31.6 | % |
Three Months Ended December 31, 2017 (Predecessor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Adjusted EBITDA | $ | 48,982 | $ | 9,109 | $ | (8,239 | ) | $ | 49,852 |
Period from June 4, 2018 through December 31, 2018 (Successor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Net revenue | $ | 477,118 | $ | 207,702 | $ | 1,616 | $ | 686,436 |
Period from January 1, 2018 through June 3, 2018 (Predecessor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Net revenue | $ | 303,317 | $ | 149,715 | $ | 892 | $ | 453,924 |
Year Ended December 31, 2018 (Non-GAAP - Combined Predecessor and Successor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Net revenue | $ | 780,435 | $ | 357,417 | $ | 2,508 | $ | 1,140,360 | ||||||||
% of total revenue | 68.4 | % | 31.4 | % | 0.2 | % | 100.0 | % | ||||||||
$ change from year ended December 31, 2017 | $ | (6,528 | ) | $ | 11,252 | $ | (26 | ) | $ | 4,698 | ||||||
% change from year ended December 31, 2017 | (0.8 | )% | 3.3 | % | (1.0 | )% | 0.4 | % |
Year Ended December 31, 2017 (Predecessor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Net revenue | $ | 786,963 | $ | 346,165 | $ | 2,534 | $ | 1,135,662 | ||||||||
% of total revenue | 69.3 | % | 30.5 | % | 0.2 | % | 100.0 | % |
Period from June 4, 2018 through December 31, 2018 (Successor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Net income (loss) | $ | 112,385 | $ | 24,713 | $ | (75,673 | ) | $ | 61,425 |
Period from January 1, 2018 through June 3, 2018 (Predecessor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Net (loss) income | $ | (477,966 | ) | $ | 259,441 | $ | 914,681 | $ | 696,156 |
Year Ended December 31, 2018 (Non-GAAP - Combined Predecessor and Successor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Net (loss) income | $ | (365,581 | ) | $ | 284,154 | $ | 839,008 | $ | 757,581 | |||||||
$ change from year ended December 31, 2017 | $ | (180,358 | ) | $ | 255,293 | $ | 889,211 | $ | 964,146 | |||||||
% change from year ended December 31, 2017 | N/A | N/A | N/A | N/A |
Year Ended December 31, 2017 (Predecessor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Net (loss) income | $ | (185,223 | ) | $ | 28,861 | $ | (50,203 | ) | $ | (206,565 | ) |
Period from June 4, 2018 through December 31, 2018 (Successor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Adjusted EBITDA | $ | 131,509 | $ | 39,743 | $ | (17,417 | ) | $ | 153,835 |
Period from January 1, 2018 through June 3, 2018 (Predecessor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Adjusted EBITDA | $ | 76,009 | $ | 19,210 | $ | (14,707 | ) | $ | 80,512 |
Year Ended December 31, 2018 (Non-GAAP - Combined Predecessor and Successor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Adjusted EBITDA | $ | 207,518 | $ | 58,953 | $ | (32,124 | ) | $ | 234,347 | |||||||
$ change from year ended December 31, 2017 | $ | 9,743 | $ | 4,693 | $ | 2,160 | $ | 16,596 | ||||||||
% change from year ended December 31, 2017 | 4.9 | % | 8.6 | % | 6.3 | % | 7.6 | % |
Year Ended December 31, 2017 (Predecessor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
Adjusted EBITDA | $ | 197,775 | $ | 54,260 | $ | (34,284 | ) | $ | 217,751 |
Successor Company | Predecessor Company | |||||||
Period from June 4, 2018 through December 31, 2018 | Period from January 1, 2018 through June 3 ,2018 | |||||||
Net revenue | $ | 686,436 | $ | 453,924 | ||||
Operating expenses: | ||||||||
Content costs | 238,888 | 163,885 | ||||||
Selling, general and administrative expenses | 276,551 | 195,278 | ||||||
Depreciation and amortization | 34,060 | 22,046 | ||||||
Local marketing agreement fees | 2,471 | 1,809 | ||||||
Corporate expenses | 17,116 | 14,483 | ||||||
Stock-based compensation expense | 3,404 | 231 | ||||||
Acquisition-related restructuring costs | 11,194 | 2,455 | ||||||
Loss on sale of assets or stations | 103 | 158 | ||||||
Total operating expenses | 583,787 | 400,345 | ||||||
Operating income | 102,649 | 53,579 | ||||||
Non-operating (expense) income: | ||||||||
Reorganization items, net | — | 466,201 | ||||||
Interest expense | (50,718 | ) | (260 | ) | ||||
Interest income | 36 | 50 | ||||||
Gain on early extinguishment of debt | 201 | — | ||||||
Other expense, net | (3,096 | ) | (273 | ) | ||||
Total non-operating (expense) income, net | (53,577 | ) | 465,718 | |||||
Income before income tax benefit | 49,072 | 519,297 | ||||||
Income tax benefit | 12,353 | 176,859 | ||||||
Net income | $ | 61,425 | $ | 696,156 |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Successor Company | Predecessor Company | Non-GAAP Combined Predecessor and Successor Company | Predecessor Company | |||||||||||||
Net revenue | $ | 309,178 | $ | 293,861 | $ | 1,140,360 | $ | 1,135,662 | ||||||||
Operating expenses: | ||||||||||||||||
Content costs | 111,424 | 114,110 | 402,773 | 409,213 | ||||||||||||
Selling, general & administrative expenses | 124,772 | 120,824 | 471,829 | 471,300 | ||||||||||||
Depreciation and amortization | 15,539 | 14,629 | 56,106 | 62,239 | ||||||||||||
Local marketing agreement fees | 1,106 | 2,747 | 4,280 | 10,884 | ||||||||||||
Corporate expenses | 7,571 | 9,215 | 31,599 | 37,956 | ||||||||||||
Stock-based compensation expense | 1,620 | 191 | 3,635 | 1,614 | ||||||||||||
Acquisition-related and restructuring costs | 1,514 | 17,375 | 13,649 | 19,492 | ||||||||||||
Loss (gain) on sale of assets or stations | 69 | 86 | 261 | (2,499 | ) | |||||||||||
Impairment of intangible assets and goodwill | — | 335,909 | — | 335,909 | ||||||||||||
Total operating expenses | 263,615 | 615,086 | 984,132 | 1,346,108 | ||||||||||||
Operating income (loss) | 45,563 | (321,225 | ) | 156,228 | (210,446 | ) | ||||||||||
Non-operating (expense) income: | ||||||||||||||||
Reorganization items, net | — | (31,603 | ) | 466,201 | (31,603 | ) | ||||||||||
Interest expense | (22,138 | ) | (23,210 | ) | (50,978 | ) | (126,952 | ) | ||||||||
Interest income | 16 | 30 | 86 | 136 | ||||||||||||
Gain (loss) on early extinguishment of debt | 201 | — | 201 | (1,063 | ) | |||||||||||
Other income (expense), net | 53 | (299 | ) | (3,369 | ) | (363 | ) | |||||||||
Total non-operating (expense) income, net | (21,868 | ) | (55,082 | ) | 412,141 | (159,845 | ) | |||||||||
Income (loss) before income taxes | 23,695 | (376,307 | ) | 568,369 | (370,291 | ) | ||||||||||
Income tax benefit | 20,037 | 170,191 | 189,212 | 163,726 | ||||||||||||
Net Income (loss) | $ | 43,732 | $ | (206,116 | ) | $ | 757,581 | $ | (206,565 | ) |
Three Months Ended December 31, 2018 (Successor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
GAAP net income (loss) | $ | 51,662 | $ | 5,818 | $ | (13,748 | ) | $ | 43,732 | |||||||
Income tax benefit | — | — | (20,037 | ) | (20,037 | ) | ||||||||||
Non-operating (income) expense, including net interest (income) expense | (1 | ) | 247 | 21,823 | 22,069 | |||||||||||
Local marketing agreement fees | 1,037 | — | 69 | 1,106 | ||||||||||||
Depreciation and amortization | 7,475 | 6,801 | 1,263 | 15,539 | ||||||||||||
Stock-based compensation expense | — | — | 1,620 | 1,620 | ||||||||||||
Loss on sale of assets or stations | 70 | (1 | ) | — | 69 | |||||||||||
Acquisition-related and restructuring costs | 5 | 33 | 1,476 | 1,514 | ||||||||||||
Franchise and state taxes | 1 | (2 | ) | 205 | 204 | |||||||||||
Gain on early extinguishment of debt | — | — | (201 | ) | (201 | ) | ||||||||||
Adjusted EBITDA | $ | 60,249 | $ | 12,896 | $ | (7,530 | ) | $ | 65,615 |
Three Months Ended December 31, 2017 (Predecessor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
GAAP net (loss) income | $ | (298,489 | ) | $ | 2,355 | $ | 90,018 | $ | (206,116 | ) | ||||||
Income tax benefit | — | — | (170,191 | ) | (170,191 | ) | ||||||||||
Non-operating (income) expense, including net interest (income) expense | (1 | ) | 130 | 23,350 | 23,479 | |||||||||||
Local marketing agreement fees | 2,747 | — | — | 2,747 | ||||||||||||
Depreciation and amortization | 8,730 | 5,490 | 409 | 14,629 | ||||||||||||
Stock-based compensation expense | — | — | 191 | 191 | ||||||||||||
Loss on sale of assets or stations | 86 | — | — | 86 | ||||||||||||
Reorganization items, net | — | — | 31,603 | 31,603 | ||||||||||||
Impairment of intangible assets and goodwill | 335,909 | — | — | 335,909 | ||||||||||||
Franchise and state taxes | — | — | 140 | 140 | ||||||||||||
Acquisition-related and restructuring costs | — | 1,134 | 16,241 | 17,375 | ||||||||||||
Adjusted EBITDA | $ | 48,982 | $ | 9,109 | $ | (8,239 | ) | $ | 49,852 |
Period from June 4, 2018 through December 31, 2018 (Successor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
GAAP net income (loss) | $ | 112,385 | $ | 24,713 | $ | (75,673 | ) | $ | 61,425 | |||||||
Income tax benefit | — | — | (12,353 | ) | (12,353 | ) | ||||||||||
Non-operating (income) expense, including net interest (income) expense | (6 | ) | 500 | 53,283 | 53,777 | |||||||||||
Local marketing agreement fees | 2,402 | — | 69 | 2,471 | ||||||||||||
Depreciation and amortization | 16,619 | 14,595 | 2,846 | 34,060 | ||||||||||||
Stock-based compensation expense | — | — | 3,404 | 3,404 | ||||||||||||
Loss (gain) on sale or disposal of assets or stations | 104 | (1 | ) | — | 103 | |||||||||||
Gain on early extinguishment of debt | — | — | (201 | ) | (201 | ) | ||||||||||
Acquisition-related and restructuring costs | 5 | (64 | ) | 11,253 | 11,194 | |||||||||||
Franchise and state taxes | — | — | (45 | ) | (45 | ) | ||||||||||
Adjusted EBITDA | $ | 131,509 | $ | 39,743 | $ | (17,417 | ) | $ | 153,835 |
Period from January 1, 2018 through June 3, 2018 (Predecessor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
GAAP net (loss) income | $ | (477,966 | ) | $ | 259,441 | $ | 914,681 | $ | 696,156 | |||||||
Income tax benefit | — | — | (176,859 | ) | (176,859 | ) | ||||||||||
Non-operating (income) expense, including net interest (income) expense | (2 | ) | 204 | 281 | 483 | |||||||||||
Local marketing agreement fees | 1,809 | — | — | 1,809 | ||||||||||||
Depreciation and amortization | 10,251 | 9,965 | 1,830 | 22,046 | ||||||||||||
Stock-based compensation expense | — | — | 231 | 231 | ||||||||||||
Loss on sale or disposal of assets or stations | 14 | — | 144 | 158 | ||||||||||||
Reorganization items, net | 541,903 | (251,487 | ) | (756,617 | ) | (466,201 | ) | |||||||||
Acquisition-related and restructuring costs | — | 1,087 | 1,368 | 2,455 | ||||||||||||
Franchise and state taxes | — | — | 234 | 234 | ||||||||||||
Adjusted EBITDA | $ | 76,009 | $ | 19,210 | $ | (14,707 | ) | $ | 80,512 |
Year Ended December 31, 2018 (Non-GAAP - Combined Predecessor and Successor) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
GAAP net (loss) income | $ | (365,581 | ) | $ | 284,154 | $ | 839,008 | $ | 757,581 | |||||||
Income tax benefit | — | — | (189,212 | ) | (189,212 | ) | ||||||||||
Non-operating (income) expense, including net interest (income) expense | (8 | ) | 704 | 53,564 | 54,260 | |||||||||||
Local marketing agreement fees | 4,211 | — | 69 | 4,280 | ||||||||||||
Depreciation and amortization | 26,870 | 24,560 | 4,676 | 56,106 | ||||||||||||
Stock-based compensation expense | — | — | 3,635 | 3,635 | ||||||||||||
Loss (gain) on sale or disposal of assets or stations | 118 | (1 | ) | 144 | 261 | |||||||||||
Reorganization items, net | 541,903 | (251,487 | ) | (756,617 | ) | (466,201 | ) | |||||||||
Gain on early extinguishment of debt | — | — | (201 | ) | (201 | ) | ||||||||||
Acquisition-related and restructuring costs | 5 | 1,023 | 12,621 | 13,649 | ||||||||||||
Franchise and state taxes | — | — | 189 | 189 | ||||||||||||
Adjusted EBITDA | $ | 207,518 | $ | 58,953 | $ | (32,124 | ) | $ | 234,347 |
Year Ended December 31, 2017 (Predecessor Company) | ||||||||||||||||
Cumulus Radio Station Group | Westwood One | Corporate and Other | Consolidated | |||||||||||||
GAAP net (loss) income | $ | (185,223 | ) | $ | 28,861 | $ | (50,203 | ) | $ | (206,565 | ) | |||||
Income tax benefit | — | — | (163,726 | ) | (163,726 | ) | ||||||||||
Non-operating expense (income), including net interest (income) expense | (6 | ) | 537 | 126,648 | 127,179 | |||||||||||
Local marketing agreement fees | 10,884 | — | — | 10,884 | ||||||||||||
Depreciation and amortization | 38,734 | 21,836 | 1,669 | 62,239 | ||||||||||||
Stock-based compensation expense | — | — | 1,614 | 1,614 | ||||||||||||
(Gain) loss on sale of assets or stations | (2,523 | ) | — | 24 | (2,499 | ) | ||||||||||
Reorganization items, net | — | — | 31,603 | 31,603 | ||||||||||||
Impairment of intangible assets and goodwill | 335,909 | — | — | 335,909 | ||||||||||||
Acquisition-related and restructuring costs | — | 3,026 | 16,466 | 19,492 | ||||||||||||
Franchise and state taxes | — | — | 558 | 558 | ||||||||||||
Loss on early extinguishment of debt | — | — | 1,063 | 1,063 | ||||||||||||
Adjusted EBITDA | $ | 197,775 | $ | 54,260 | $ | (34,284 | ) | $ | 217,751 |
3";IR4H[H^\-,OK?4]/M[VRE66VN$$D;KT92,BK->!_LU>+F/V
MCPQ>R9"@W%GN/;^-!_Z$/QKWROE\11=&HX,^NPU=5Z:F@HHHK$W"BBL/QMXF
MLO"/AF^UK4V_<6R9" X:1SPJ+[D\?KVH 3QCXMT;P?I3:AK]ZEM#T1>KRM_=
M11RQKYU\6_M*ZI<2/%X6TJ"S@Z+/>?O9#[[0=H_,UX[XW\6ZIXSUZ;5=9F+R
MOQ'$I^2!.R(.P]^YY-<_0.QZ3-\;_'\LF\Z]LYSA+:-1^6*TM'_:"\<6$JFZ
MN++48AU2XM@N?^!(0:\WL- UG4+ NUF#?I04=5I'[0_C:SD!O&T[4$SRLMOL./JA%>N^!/VA?#VN316F
MO0/HEVY"B21]]N3_ +_!7_@0Q[U\IZWH6JZ%.(=:TV\L)#T%S"R;OH2,'\*?
MX7T&^\3:]9Z/I47F7=T^Q<]%'=F]% Y- 6/T2C=)8U>-E=& *LIR"/4&G5A^
M"/#EOX3\+Z?HEG))+%:1[/,D))=NK'VR2>.@Z5N4$A1110 4444 %9NM?>T_
M_K[3^35I5FZU][3_ /K[3^34 :5%%% !1110 4444 %%%% !1110 4444 %%
M%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 444
M4 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !
M1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%
M%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%8'CW6/[ \':
MOJ0.)(+=C&?]L\+^I%.,7)J*ZDRDHQ ]-_\ 5?\:]W_ &?_ !GJOC7PWJ%[K Y-9WC;PIIWB_19-/U2/_ &H9E'SPOV9?ZCN*\F.9OVMVO=/8EE2]
MC9/WOZT/B6BM_P :^%-1\(:U)IVJ1_[44RCY)D_O+_4=JP*]F,E) +YHS5F
MOR,W_A)[)0_GQW,&V-Y )(\;@A 8#!.3D@8K<0AE!'0C-9UQH=A<;/.@W;"6
M7+'@D[C^M:*J%4 = ,"N2?)]D[Z2J)OVC0M%%%9FP4444 %9NM?>T_\ Z^T_
MDU:59NM?>T__ *^T_DU &E1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !11
M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110!\P?M%^I7BM-
M8MT(M-37+D#A9E&&'XC!_/TKR6OM3XB>%X?%WA:[TR3:LY'F6\A_Y9RC[I^G
M8^Q-?&5]:3V-Y/:7D30W,#F.2-NJL#@BOH_]A:;_ -%Q5Y7^V;_R4C2O^P6G_HV2O.O!
M/Q4\6^"M)?3/#FI1VMF\S3LC6Z2$NP )RPST4<55KH5[,^A/VTL'PCX>[_Z>
MW_HLUR'[%@ \8^(L#_F'I_Z-KR;QM\2_%'CBRMK3Q)J,=W!;R&6-5@2,AB,9
MRHYXKUG]BS_D$7_8/3_P!&T6LA)W9]='H:_/#XO 'XJ^+^!_R%+C_T,U^A
MYZ&OSP^+O_)5?%__ &%+C_T,T0">Q;TGX3>-]5TVUU#3O#5U<6=U$LT,JO$
MZ,,@C+YY'K6GIWP:\?Q:A:R2>%;Q429&8F2'@!@3_'4V@_'?QEH6BV.E6%UI
MRVEE"EO$'ME9@BC R<\FN[^%'QP\7^)/B'H>CZG