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 February 21, 2020 |
CUMULUS MEDIA INC. | ||||
By: | /s/ John Abbot | |||
Name: John Abbot | ||||
Title: Executive Vice President, Treasurer and Chief Financial Officer | ||||
Date: | February 21, 2020 |
• | Same Station Revenue Growth for Second Consecutive Year, Driven by Industry-Leading Digital Growth of Nearly 60% |
• | Same Station Adjusted EBITDA Growth for Third Consecutive Year, Excluding Political |
• | Completion of Significantly Accretive M&A and Swap Transactions that Generated $146.5 Million in Gross Proceeds and Created Market-Leading Clusters |
• | $220 Million of Debt Paydown, Reducing Net Leverage to 4.7x |
• | Over $275 Million of Debt Paydown Since Emergence from Chapter 11 Equating to Approximately $13.75 per Share |
• | Full Recapitalization of Balance Sheet that Lowered Interest Costs and Extended Maturities |
• | As compared to the year ended 2018(1) on a Same Station(2) basis, excluding the impact of political revenue: |
◦ | Net revenue increased 1.4% |
◦ | Adjusted EBITDA(3) increased 0.5% |
• | As compared to the year ended 2018(1) on a Same Station(2) basis, including the impact of political revenue: |
◦ | Net revenue increased 0.1% |
◦ | Adjusted EBITDA(3) decreased 5.0% |
• | As compared to the fourth quarter of 2018 on a Same Station(2) basis, excluding the impact of political revenue: |
◦ | Net revenue decreased 1.7% |
◦ | Adjusted EBITDA(3) decreased 8.0% |
• | As compared to the fourth quarter of 2018 on a Same Station(2) basis, including the impact of political revenue: |
◦ | Net revenue decreased 4.4% |
◦ | Adjusted EBITDA(3) decreased 18.6% |
Successor Company | Non-GAAP Combined Predecessor and Successor Company | |||||||||
As Reported | Year Ended December 31, 2019 | Year Ended December 31, 2018 | % Change | |||||||
Net revenue | $ | 1,113,445 | $ | 1,140,360 | (2.4 | )% | ||||
Net income | $ | 61,257 | $ | 757,581 | N/A | |||||
Adjusted EBITDA (3) | $ | 212,988 | $ | 234,347 | (9.1 | )% | ||||
Basic income per share | $ | 3.04 | N/A | N/A | ||||||
Diluted income per share | $ | 3.02 | N/A | N/A |
Same Station (2) | Successor Company | Non-GAAP Combined Predecessor and Successor Company | ||||||||
Year Ended December 31, 2019 | Year Ended December 31, 2018 | % Change | ||||||||
Net revenue | $ | 1,109,713 | $ | 1,108,409 | 0.1 | % | ||||
Adjusted EBITDA (3) | $ | 212,623 | $ | 223,821 | (5.0 | )% |
As Reported | Three Months Ended December 31, 2019 | Three Months Ended December 31, 2018 | % Change | ||||||
Net revenue | $ | 285,468 | $ | 309,178 | (7.7 | )% | |||
Net income | $ | 1,621 | $ | 43,732 | N/A | ||||
Adjusted EBITDA (3) | $ | 50,662 | $ | 65,615 | (22.8 | )% | |||
Basic income per share | $ | 0.08 | $ | 2.19 | N/A | ||||
Diluted income per share | $ | 0.08 | $ | 2.18 | N/A |
Same Station (2) | ||||||||||
Three Months Ended December 31, 2019 | Three Months Ended December 31, 2018 | % Change | ||||||||
Net revenue | $ | 285,468 | $ | 298,572 | (4.4 | )% | ||||
Adjusted EBITDA (3) | $ | 50,662 | $ | 62,252 | (18.6 | )% |
Successor Company | Non-GAAP Combined Predecessor and Successor Company | |||||||||
As Reported | Year Ended December 31, 2019 | Year Ended December 31, 2018 | % Change | |||||||
Broadcast Radio Revenue: | ||||||||||
Spot | $ | 622,695 | $ | 668,445 | (6.8 | )% | ||||
Network | 316,329 | 316,050 | 0.1 | % | ||||||
Total Broadcast Radio Revenue | 939,024 | 984,495 | (4.6 | )% | ||||||
Digital | 78,602 | 50,265 | 56.4 | % | ||||||
Other | 95,819 | 105,600 | (9.3 | )% | ||||||
Net Revenue | $ | 1,113,445 | $ | 1,140,360 | (2.4 | )% |
Successor Company | Non-GAAP Combined Predecessor and Successor Company | |||||||||
Same Station (2) | Year Ended December 31, 2019 | Year Ended December 31, 2018 | % Change | |||||||
Broadcast Radio Revenue: | ||||||||||
Spot | $ | 620,095 | $ | 647,911 | (4.3 | )% | ||||
Network | 315,873 | 310,377 | 1.8 | % | ||||||
Total Broadcast Radio Revenue | 935,968 | 958,288 | (2.3 | )% | ||||||
Digital | 78,514 | 49,537 | 58.5 | % | ||||||
Other | 95,231 | 100,584 | (5.3 | )% | ||||||
Net Revenue | $ | 1,109,713 | $ | 1,108,409 | 0.1 | % |
As Reported | Three Months Ended December 31, 2019 | Three Months Ended December 31, 2018 | % Change | |||||||
Broadcast Radio Revenue: | ||||||||||
Spot | $ | 158,795 | $ | 180,168 | (11.9 | )% | ||||
Network | 79,884 | 85,101 | (6.1 | )% | ||||||
Total Broadcast Radio Revenue | 238,679 | 265,269 | (10.0 | )% | ||||||
Digital | 21,618 | 15,638 | 38.2 | % | ||||||
Other | 25,171 | 28,271 | (11.0 | )% | ||||||
Net Revenue | $ | 285,468 | $ | 309,178 | (7.7 | )% |
Same Station (2) | Three Months Ended December 31, 2019 | Three Months Ended December 31, 2018 | % Change | |||||||
Broadcast Radio Revenue: | ||||||||||
Spot | $ | 158,795 | $ | 173,854 | (8.7 | )% | ||||
Network | 79,884 | 82,493 | (3.2 | )% | ||||||
Total Broadcast Radio Revenue | 238,679 | 256,347 | (6.9 | )% | ||||||
Digital | 21,618 | 15,407 | 40.3 | % | ||||||
Other | 25,171 | 26,818 | (6.1 | )% | ||||||
Net Revenue | $ | 285,468 | $ | 298,572 | (4.4 | )% |
December 31, 2019 | December 31, 2018 | |||||||
Cash and cash equivalents | $ | 15,142 | $ | 27,584 | ||||
Term loan due 2022 | $ | — | $ | 1,243,299 | ||||
Term loan due 2026 (4) | $ | 523,688 | $ | — | ||||
6.75% Senior notes (4) | $ | 500,000 | $ | — |
Successor Company | Non-GAAP Combined Predecessor and Successor Company | |||||||||
Year Ended December 31, 2019 | Year Ended December 31, 2018 | % Change | ||||||||
Capital expenditures | $ | 29,469 | $ | 29,703 | (0.8 | )% |
Three Months Ended December 31, 2019 | Three Months Ended December 31, 2018 | % Change | ||||||||
Capital expenditures | $ | 12,070 | $ | 7,818 | 54.4 | % |
(1) | As discussed within, results for the full-year 2018 period reflect the combined results of the Successor and Predecessor Company periods in connection with the Company's emergence from Chapter 11. |
(2) | Adjusted for certain station dispositions and swaps as if these dispositions and swaps had occurred as of April 1, 2019 and April 1, 2018 (or in the case of KLOS-FM, as of the commencement of the LMA on April 16, 2019 and as of April 16, 2018). |
(3) | 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.” |
(4) | Excludes unamortized debt issuance costs. |
Successor Company | Successor Company | Non-GAAP Combined Predecessor and Successor Company | ||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Net revenue | $ | 285,468 | $ | 309,178 | $ | 1,113,445 | $ | 1,140,360 | ||||||||
Operating expenses: | ||||||||||||||||
Content costs | 109,722 | 111,424 | 405,653 | 402,773 | ||||||||||||
Selling, general & administrative expenses | 116,610 | 124,772 | 461,218 | 471,829 | ||||||||||||
Depreciation and amortization | 12,535 | 15,539 | 52,554 | 56,106 | ||||||||||||
Local marketing agreement fees | 1,117 | 1,106 | 3,500 | 4,280 | ||||||||||||
Corporate expenses | 8,646 | 7,571 | 34,372 | 31,599 | ||||||||||||
Stock-based compensation expense | 1,494 | 1,620 | 5,301 | 3,635 | ||||||||||||
Restructuring costs | 750 | 1,514 | 18,315 | 13,649 | ||||||||||||
Loss (gain) on sale of assets or stations | 509 | 69 | (55,403 | ) | 261 | |||||||||||
Impairment of assets held for sale | 1,165 | — | 6,165 | — | ||||||||||||
Impairment of intangible assets | 15,563 | — | 15,563 | — | ||||||||||||
Total operating expenses | 268,111 | 263,615 | 947,238 | 984,132 | ||||||||||||
Operating income | 17,357 | 45,563 | 166,207 | 156,228 | ||||||||||||
Non-operating (expense) income: | ||||||||||||||||
Reorganization items, net | — | — | — | 466,201 | ||||||||||||
Interest expense | (16,816 | ) | (22,138 | ) | (82,916 | ) | (50,978 | ) | ||||||||
Interest income | 5 | 16 | 25 | 86 | ||||||||||||
Gain on early extinguishment of debt | — | 201 | 381 | 201 | ||||||||||||
Other (expense) income, net | (133 | ) | 53 | (177 | ) | (3,369 | ) | |||||||||
Total non-operating (expense) income, net | (16,944 | ) | (21,868 | ) | (82,687 | ) | 412,141 | |||||||||
Income before income taxes | 413 | 23,695 | 83,520 | 568,369 | ||||||||||||
Income tax benefit (expense) | 1,208 | 20,037 | (22,263 | ) | 189,212 | |||||||||||
Net Income | $ | 1,621 | $ | 43,732 | $ | 61,257 | $ | 757,581 |
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 | ||||||
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 |
Successor Company | Non-GAAP Combined Predecessor and Successor Company | |||||||
As Reported | Year Ended December 31, 2019 | Year Ended December 31, 2018 | ||||||
GAAP net income | $ | 61,257 | $ | 757,581 | ||||
Income tax expense (benefit) | 22,263 | (189,212 | ) | |||||
Non-operating expense, including net interest expense | 83,068 | 54,260 | ||||||
Local marketing agreement fees | 3,500 | 4,280 | ||||||
Depreciation and amortization | 52,554 | 56,106 | ||||||
Stock-based compensation expense | 5,301 | 3,635 | ||||||
Impairment of assets held for sale | 6,165 | — | ||||||
Impairment of intangible assets | 15,563 | — | ||||||
(Gain) loss on sale of assets or stations | (55,403 | ) | 261 | |||||
Reorganization items, net | — | (466,201 | ) | |||||
Restructuring costs | 18,315 | 13,649 | ||||||
Franchise taxes | 786 | 189 | ||||||
Gain on early extinguishment of debt | (381 | ) | (201 | ) | ||||
Adjusted EBITDA | $ | 212,988 | $ | 234,347 |
Successor Company | Predecessor Company | |||||||
As Reported | Period from June 4, 2018 through December 31, 2018 | Period from January 1, 2018 through June 3, 2018 | ||||||
GAAP net income | $ | 61,425 | $ | 696,156 | ||||
Income tax benefit | (12,353 | ) | (176,859 | ) | ||||
Non-operating expense, including net interest expense | 53,777 | 483 | ||||||
Local marketing agreement fees | 2,471 | 1,809 | ||||||
Depreciation and amortization | 34,060 | 22,046 | ||||||
Stock-based compensation expense | 3,404 | 231 | ||||||
Loss on sale of assets or stations | 103 | 158 | ||||||
Reorganization items, net | — | (466,201 | ) | |||||
Restructuring costs | 11,194 | 2,455 | ||||||
Franchise taxes | (45 | ) | 234 | |||||
Gain on early extinguishment of debt | (201 | ) | — | |||||
Adjusted EBITDA | $ | 153,835 | $ | 80,512 |
Successor Company | Non-GAAP Combined Predecessor and Successor Company | |||||||
Same Station (2) | Year Ended December 31, 2019 | Year Ended December 31, 2018 | ||||||
Net income | $ | 60,892 | $ | 747,055 | ||||
Income tax expense (benefit) | 22,263 | (189,212 | ) | |||||
Non-operating expense, including net interest expense | 83,068 | 54,260 | ||||||
Local marketing agreement fees | 3,500 | 4,280 | ||||||
Depreciation and amortization | 52,554 | 56,106 | ||||||
Stock-based compensation expense | 5,301 | 3,635 | ||||||
Impairment of assets held for sale | 6,165 | — | ||||||
Impairment of intangible assets | 15,563 | — | ||||||
(Gain) loss on sale of assets or stations | (55,403 | ) | 261 | |||||
Reorganization items, net | — | (466,201 | ) | |||||
Restructuring costs | 18,315 | 13,649 | ||||||
Franchise taxes | 786 | 189 | ||||||
Gain on early extinguishment of debt | (381 | ) | (201 | ) | ||||
Adjusted EBITDA | $ | 212,623 | $ | 223,821 |
As Reported | Three Months Ended December 31, 2019 | Three Months Ended December 31, 2018 | ||||||
GAAP net income | $ | 1,621 | $ | 43,732 | ||||
Income tax benefit | (1,208 | ) | (20,037 | ) | ||||
Non-operating expense, including net interest expense | 16,944 | 22,069 | ||||||
Local marketing agreement fees | 1,117 | 1,106 | ||||||
Depreciation and amortization | 12,535 | 15,539 | ||||||
Stock-based compensation expense | 1,494 | 1,620 | ||||||
Impairment of assets held for sale | 1,165 | — | ||||||
Impairment of intangible assets | 15,563 | — | ||||||
Loss on sale of assets or stations | 509 | 69 | ||||||
Restructuring costs | 750 | 1,514 | ||||||
Franchise taxes | 172 | 204 | ||||||
Gain on early extinguishment of debt | — | (201 | ) | |||||
Adjusted EBITDA | $ | 50,662 | $ | 65,615 |
Same Station (2) | Three Months Ended December 31, 2019 | Three Months Ended December 31, 2018 | ||||||
Net income | $ | 1,621 | $ | 40,369 | ||||
Income tax benefit | (1,208 | ) | (20,037 | ) | ||||
Non-operating expense, including net interest expense | 16,944 | 22,069 | ||||||
Local marketing agreement fees | 1,117 | 1,106 | ||||||
Depreciation and amortization | 12,535 | 15,539 | ||||||
Stock-based compensation expense | 1,494 | 1,620 | ||||||
Impairment of assets held for sale | 1,165 | — | ||||||
Impairment of intangible assets | 15,563 | — | ||||||
Loss on sale of assets or stations | 509 | 69 | ||||||
Restructuring costs | 750 | 1,514 | ||||||
Franchise taxes | 172 | 204 | ||||||
Gain on early extinguishment of debt | — | (201 | ) | |||||
Adjusted EBITDA | $ | 50,662 | $ | 62,252 |
Year Ended December 31, 2019 (Successor Company) | Year Ended December 31, 2018 (Non-GAAP Combined Predecessor and Successor Company) | |||||||
As reported net revenue | $ | 1,113,445 | $ | 1,140,360 | ||||
Station dispositions and swaps | (3,732 | ) | (31,951 | ) | ||||
Same station net revenue | $ | 1,109,713 | $ | 1,108,409 | ||||
Political revenue | (6,500 | ) | (20,010 | ) | ||||
Same station net revenue, excluding impact of political revenue | $ | 1,103,213 | $ | 1,088,399 |
Three Months Ended December 31, 2019 | Three Months Ended December 31, 2018 | |||||||
As reported net revenue | $ | 285,468 | $ | 309,178 | ||||
Station dispositions and swaps | — | (10,606 | ) | |||||
Same station net revenue | $ | 285,468 | $ | 298,572 | ||||
Political revenue | (3,053 | ) | (11,312 | ) | ||||
Same station net revenue, excluding impact of political revenue | $ | 282,415 | $ | 287,260 |
Year Ended December 31, 2019 (Successor Company) | Year Ended December 31, 2018 (Non-GAAP Combined Predecessor and Successor Company) | |||||||
As reported Adjusted EBITDA | $ | 212,988 | $ | 234,347 | ||||
Station dispositions and swaps | (365 | ) | (10,526 | ) | ||||
Same station Adjusted EBITDA | $ | 212,623 | $ | 223,821 | ||||
Political EBITDA | (5,850 | ) | (18,009 | ) | ||||
Same station Adjusted EBITDA, excluding impact of political EBITDA | $ | 206,773 | $ | 205,812 |
Three Months Ended December 31, 2019 | Three Months Ended December 31, 2018 | |||||||
As reported Adjusted EBITDA | $ | 50,662 | $ | 65,615 | ||||
Station dispositions and swaps | — | (3,363 | ) | |||||
Same station Adjusted EBITDA | $ | 50,662 | $ | 62,252 | ||||
Political EBITDA | (2,748 | ) | (10,181 | ) | ||||
Same station Adjusted EBITDA, excluding impact of political EBITDA | $ | 47,914 | $ | 52,071 |
As Reported | Three Months Ended December 31, 2019 | Three Months Ended September 30, 2019 | Three Months Ended June 30, 2019 | Three Months Ended March 31, 2019 | |||||||||||
Broadcast Radio Revenue: | |||||||||||||||
Spot | $ | 158,795 | $ | 161,211 | $ | 163,111 | $ | 139,579 | |||||||
Network | 79,884 | 78,404 | 72,877 | 85,164 | |||||||||||
Total Broadcast Radio Revenue | 238,679 | 239,615 | 235,988 | 224,743 | |||||||||||
Digital | 21,618 | 19,935 | 20,208 | 16,841 | |||||||||||
Other | 25,171 | 21,258 | 23,477 | 25,912 | |||||||||||
Net Revenue | $ | 285,468 | $ | 280,808 | $ | 279,673 | $ | 267,496 |
Same Station (2) | Three Months Ended December 31, 2019 | Three Months Ended September 30, 2019 | Three Months Ended June 30, 2019 | Three Months Ended March 31, 2019 | |||||||||||
Broadcast Radio Revenue: | |||||||||||||||
Spot | $ | 158,795 | $ | 161,211 | $ | 160,510 | $ | 139,579 | |||||||
Network | 79,884 | 78,404 | 72,421 | 85,164 | |||||||||||
Total Broadcast Radio Revenue | 238,679 | 239,615 | 232,931 | 224,743 | |||||||||||
Digital | 21,618 | 19,935 | 20,120 | 16,841 | |||||||||||
Other | 25,171 | 21,258 | 22,890 | 25,912 | |||||||||||
Net Revenue | $ | 285,468 | $ | 280,808 | $ | 275,941 | $ | 267,496 |
Successor Company | Non-GAAP Combined Predecessor and Successor Company | Predecessor Company | |||||||||||||
As Reported | Three Months Ended December 31, 2018 | Three Months Ended September 30, 2018 | Three Months Ended June 30, 2018 | Three Months Ended March 31, 2018 | |||||||||||
Broadcast Radio Revenue: | |||||||||||||||
Spot | $ | 180,168 | $ | 168,554 | $ | 174,502 | $ | 145,221 | |||||||
Network | 85,101 | 75,716 | 72,389 | 82,844 | |||||||||||
Total Broadcast Radio Revenue | 265,269 | 244,270 | 246,891 | 228,065 | |||||||||||
Digital | 15,638 | 13,459 | 11,929 | 9,239 | |||||||||||
Other | 28,271 | 24,525 | 26,429 | 26,375 | |||||||||||
Net Revenue | $ | 309,178 | $ | 282,254 | $ | 285,249 | $ | 263,679 |
Successor Company | Non-GAAP Combined Predecessor and Successor Company | Predecessor Company | ||||||||||||||
Same Station(2) | Three Months Ended December 31, 2018 | Three Months Ended September 30, 2018 | Three Months Ended June 30, 2018 | Three Months Ended March 31, 2018 | ||||||||||||
Broadcast Radio Revenue: | ||||||||||||||||
Spot | $ | 173,854 | $ | 161,306 | $ | 167,617 | $ | 145,135 | ||||||||
Network | 82,493 | 74,715 | 70,326 | 82,844 | ||||||||||||
Total Broadcast Radio Revenue | 256,347 | 236,021 | 237,943 | 227,979 | ||||||||||||
Digital | 15,407 | 13,171 | 11,669 | 9,290 | ||||||||||||
Other | 26,818 | 22,997 | 24,493 | 26,274 | ||||||||||||
Net Revenue | $ | 298,572 | $ | 272,189 | $ | 274,105 | $ | 263,543 |
Successor Company | Predecessor Company | |||||||
Period from June 4, 2018 through December 31, 2018 | Period from January 1, 2018 through June 3, 2018 | |||||||
Capital expenditures | $ | 15,684 | $ | 14,019 |
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