Delaware | 001-31826 | 42-1406317 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
7700 Forsyth Blvd. St. Louis, Missouri | 63105 | |
(Address of Principal Executive Offices) | (Zip Code) |
CENTENE CORPORATION | ||||
Date: | April 28, 2015 | By: | /s/ William N. Scheffel | |
William N. Scheffel Executive Vice President & Chief Financial Officer |
Exhibit Number | Description | |
99.1 | Press release* of Centene Corporation issued April 28, 2015, as to financial results for the first quarter ended March 31, 2015. |
* | The press release is being furnished pursuant to Item 2.02, and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange of 1934, as amended. |
Contact: | Investor Relations Inquiries |
Edmund E. Kroll, Jr. | |
Senior Vice President, Finance & Investor Relations | |
(212) 759-0382 | |
Media Inquiries | |
Marcela Manjarrez Williams | |
Senior Vice President and Chief Communications Officer | |
(314) 725-4477 |
Premium and Service Revenues (in millions) | $ | 4,761 | ||
Consolidated Health Benefits Ratio | 89.8 | % | ||
General & Administrative expense ratio | 8.5 | % | ||
Diluted earnings per share (EPS) | $ | 0.52 | ||
Total cash flow from operations (in millions) | $ | 45 |
• | March 31, 2015 managed care membership of 4.4 million, an increase of 1.4 million members, or 44% compared to the first quarter of 2014. |
• | Premium and service revenues for the first quarter of $4.8 billion, representing 42% growth compared to the first quarter of 2014. |
• | Health Benefits Ratio of 89.8% for the first quarter 2015, compared to 89.3% in the first quarter of 2014. |
• | General and Administrative expense ratio of 8.5% for the first quarter of 2015, compared to 8.8% in the first quarter of 2014. |
• | Operating cash flow of $45 million for the first quarter of 2015. |
• | Diluted EPS for the first quarter of 2015 of $0.52, compared to $0.29 in 2014. |
• | In April 2015, our Indiana subsidiary, Managed Health Services, began operating under an expanded contract with the Indiana Family & Social Services Administration to provide services to its ABD Medicaid enrollees who qualify for the new Hoosier Care Connect Program. |
• | In April 2015, Centurion was recommended for an award by the Mississippi Department of Corrections to provide comprehensive correctional healthcare services. The contract is expected to commence in the third quarter of 2015. |
• | In March 2015, we began operating under an expanded STAR+PLUS contract with the Texas Health and Human Service Commission (HHSC) to include nursing facility benefits. We also began operating under a new contract with the Texas HHSC and the Centers for Medicare and Medicaid Services to serve dual-eligible members in three counties as part of the state's dual demonstration program. |
• | In March 2015, our Missouri subsidiary, Home State Health, was selected by the Missouri Division of Purchasing and Materials Management to continue providing managed care services to MO HealthNet Managed Care beneficiaries. The new contract will be effective in the third quarter of 2015. |
• | In February 2015, Superior HealthPlan was tentatively recommended for a contract award by the Texas HHSC to continue to serve STAR Health (Foster Care) Medicaid recipients. The new STAR Health contract is expected to commence in the third quarter of 2015. |
• | In April 2015, we announced the appointment of Marcela Manjarrez Williams to Senior Vice President and Chief Communications Officer and the appointment of Ken Yamaguchi, M.D. to Executive Vice President and Chief Medical Officer. |
• | In April 2015, Nurtur, our health and wellness subsidiary, received full Disease Management Accreditation renewal from URAC, a Washington, DC-based healthcare accrediting organization that establishes quality standards for the healthcare industry. In February 2015, Nurtur also received a three-year Wellness and Health Promotion Accreditation renewal from the National Committee for Quality Assurance (NCQA) for its wellness services. |
• | In March 2015, NurseWise, our national multilingual nurse triage and health education subsidiary, also received full Health Call Center Accreditation renewal from URAC. |
March 31, | |||||
2015 | 2014 | ||||
Arizona | 202,200 | 169,800 | |||
Arkansas | 43,200 | 16,400 | |||
California | 171,200 | 118,100 | |||
Florida | 463,100 | 230,300 | |||
Georgia | 405,600 | 331,400 | |||
Illinois | 184,800 | 22,400 | |||
Indiana | 227,700 | 198,700 | |||
Kansas | 143,700 | 145,000 | |||
Louisiana | 359,500 | 149,800 | |||
Massachusetts | 64,500 | 50,800 | |||
Minnesota | 9,500 | 9,400 | |||
Mississippi | 141,900 | 85,400 | |||
Missouri | 75,600 | 58,100 | |||
New Hampshire | 67,500 | 37,100 | |||
Ohio | 296,000 | 181,800 | |||
South Carolina | 106,000 | 96,300 | |||
Tennessee | 20,800 | 21,100 | |||
Texas | 974,900 | 904,000 | |||
Vermont | 1,600 | — | |||
Washington | 207,100 | 151,700 | |||
Wisconsin | 82,100 | 70,800 | |||
Total at-risk membership | 4,248,500 | 3,048,400 | |||
Non-risk membership | 153,200 | — | |||
Total | 4,401,700 | 3,048,400 |
March 31, | |||||
2015 | 2014 | ||||
Medicaid | 3,133,900 | 2,169,100 | |||
CHIP & Foster Care | 233,600 | 269,200 | |||
ABD, Medicare & Duals | 410,400 | 300,500 | |||
Long Term Care (LTC) | 71,200 | 51,800 | |||
Health Insurance Marketplaces | 161,700 | 39,700 | |||
Hybrid Programs 1 | — | 14,400 | |||
Behavioral Health | 195,100 | 162,700 | |||
Correctional Healthcare Services | 42,600 | 41,000 | |||
Total at-risk membership | 4,248,500 | 3,048,400 | |||
Non-risk membership | 153,200 | — | |||
Total | 4,401,700 | 3,048,400 | |||
1 In February 2015, hybrid programs in Indiana and Massachusetts were converted to Medicaid expansion contracts. |
March 31, | |||||
2015 | 2014 | ||||
ABD | 112,600 | 72,800 | |||
LTC | 52,000 | 41,300 | |||
Medicare | 6,800 | 6,500 | |||
Medicaid / Medicare Duals | 12,600 | — | |||
Total | 184,000 | 120,600 |
• | For the first quarter of 2015, Premium and Service Revenues increased 42% to $4.8 billion from $3.4 billion in the first quarter of 2014. The increase was a result of a full quarter's impact from expansions or new programs in 2014 in many of our states, particularly Florida, Illinois and Ohio. |
• | Consolidated HBR of 89.8% for the first quarter of 2015 represents an increase from 89.3% in the comparable period in 2014 and an increase from 89.3% in the fourth quarter of 2014. The year over year HBR increase is primarily attributable to an increase in higher acuity membership and higher flu related costs over the prior year. |
• | The following table compares the results for new business and existing business for the quarters ended March 31: |
2015 | 2014 | ||||
Premium and Service Revenue | |||||
New business | 23 | % | 20 | % | |
Existing business | 77 | % | 80 | % | |
HBR | |||||
New business | 91.0 | % | 93.1 | % | |
Existing business | 89.5 | % | 88.3 | % |
• | Consolidated G&A expense ratio for the first quarter of 2015 was 8.5%, compared to 8.8% in the prior year. The year over year decrease in the G&A ratio reflects the leveraging of expenses over higher revenues in 2015 as well as the impact of transaction costs recognized in 2014. |
• | Diluted earnings per share of $0.52 in the first quarter of 2015, compared to $0.29 in 2014. Diluted earnings per share in 2014 was impacted by $0.11 of net cost associated with the health insurer fee and acquisition transaction costs. |
Days in claims payable, December 31, 2014 | 44.2 | ||
Timing of claim payments | 1.3 | ||
Days in claims payable, March 31, 2015 | 45.5 | ||
Full Year 2015 | |||||||||
Low | High | ||||||||
Premium and Service Revenues (in millions) | $ | 20,500 | $ | 21,000 | |||||
Diluted EPS | $ | 2.60 | $ | 2.72 | |||||
Consolidated Health Benefits Ratio | 89.2 | % | 89.6 | % | |||||
General & Administrative expense ratio | 8.0 | % | 8.4 | % | |||||
Effective Tax Rate | 48.0 | % | 50.0 | % | |||||
Diluted Shares Outstanding (in millions) | 123.0 | 124.0 | |||||||
March 31, 2015 | December 31, 2014 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 1,666 | $ | 1,610 | |||
Premium and related receivables | 1,245 | 912 | |||||
Short term investments | 151 | 177 | |||||
Other current assets | 528 | 335 | |||||
Total current assets | 3,590 | 3,034 | |||||
Long term investments | 1,527 | 1,280 | |||||
Restricted deposits | 98 | 100 | |||||
Property, software and equipment, net | 450 | 445 | |||||
Goodwill | 786 | 754 | |||||
Intangible assets, net | 131 | 120 | |||||
Other long term assets | 114 | 91 | |||||
Total assets | $ | 6,696 | $ | 5,824 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Medical claims liability | $ | 1,950 | $ | 1,723 | |||
Accounts payable and accrued expenses | 1,002 | 768 | |||||
Return of premium payable | 269 | 236 | |||||
Unearned revenue | 117 | 168 | |||||
Current portion of long term debt | 5 | 5 | |||||
Total current liabilities | 3,343 | 2,900 | |||||
Long term debt | 1,123 | 874 | |||||
Other long term liabilities | 238 | 159 | |||||
Total liabilities | 4,704 | 3,933 | |||||
Commitments and contingencies | |||||||
Redeemable noncontrolling interests | 155 | 148 | |||||
Stockholders’ equity: | |||||||
Preferred stock, $0.001 par value; authorized 10,000,000 shares; no shares issued or outstanding at March 31, 2015 and December 31, 2014 | — | — | |||||
Common stock, $.001 par value; authorized 200,000,000 shares; 124,562,959 issued and 118,886,912 outstanding at March 31, 2015, and 124,274,864 issued and 118,433,416 outstanding at December 31, 2014 | — | — | |||||
Additional paid-in capital | 870 | 840 | |||||
Accumulated other comprehensive loss | (1 | ) | (1 | ) | |||
Retained earnings | 1,066 | 1,003 | |||||
Treasury stock, at cost (5,676,047 and 5,841,448 shares, respectively) | (98 | ) | (98 | ) | |||
Total Centene stockholders’ equity | 1,837 | 1,744 | |||||
Noncontrolling interest | — | (1 | ) | ||||
Total stockholders’ equity | 1,837 | 1,743 | |||||
Total liabilities and stockholders’ equity | $ | 6,696 | $ | 5,824 |
Three Months Ended March 31, | |||||||
2015 | 2014 | ||||||
Revenues: | |||||||
Premium | $ | 4,299 | $ | 3,071 | |||
Service | 462 | 281 | |||||
Premium and service revenues | 4,761 | 3,352 | |||||
Premium tax and health insurer fee | 370 | 108 | |||||
Total revenues | 5,131 | 3,460 | |||||
Expenses: | |||||||
Medical costs | 3,861 | 2,743 | |||||
Cost of services | 402 | 242 | |||||
General and administrative expenses | 403 | 296 | |||||
Premium tax expense | 281 | 78 | |||||
Health insurer fee expense | 55 | 31 | |||||
Total operating expenses | 5,002 | 3,390 | |||||
Earnings from operations | 129 | 70 | |||||
Other income (expense): | |||||||
Investment and other income | 9 | 5 | |||||
Interest expense | (10 | ) | (7 | ) | |||
Earnings from continuing operations, before income tax expense | 128 | 68 | |||||
Income tax expense | 63 | 35 | |||||
Earnings from continuing operations, net of income tax expense | 65 | 33 | |||||
Discontinued operations, net of income tax expense of $0 and $0, respectively | (1 | ) | (1 | ) | |||
Net earnings | 64 | 32 | |||||
(Earnings) loss attributable to noncontrolling interests | (1 | ) | 1 | ||||
Net earnings attributable to Centene Corporation | $ | 63 | $ | 33 | |||
Amounts attributable to Centene Corporation common shareholders: | |||||||
Earnings from continuing operations, net of income tax expense | $ | 64 | $ | 34 | |||
Discontinued operations, net of income tax expense (benefit) | (1 | ) | (1 | ) | |||
Net earnings | $ | 63 | $ | 33 | |||
Net earnings (loss) per common share attributable to Centene Corporation: | |||||||
Basic: | |||||||
Continuing operations | $ | 0.54 | $ | 0.30 | |||
Discontinued operations | (0.01 | ) | (0.01 | ) | |||
Basic earnings per common share | $ | 0.53 | $ | 0.29 | |||
Diluted: | |||||||
Continuing operations | $ | 0.52 | $ | 0.29 | |||
Discontinued operations | (0.01 | ) | (0.01 | ) | |||
Diluted earnings per common share | $ | 0.51 | $ | 0.28 | |||
Weighted average number of common shares outstanding: | |||||||
Basic | 118,783,755 | 114,967,752 | |||||
Diluted | 122,572,366 | 118,722,532 |
Three Months Ended March 31, | |||||||
2015 | 2014 | ||||||
Cash flows from operating activities: | |||||||
Net earnings | $ | 64 | $ | 32 | |||
Adjustments to reconcile net earnings to net cash provided by operating activities | |||||||
Depreciation and amortization | 27 | 20 | |||||
Stock compensation expense | 16 | 11 | |||||
Deferred income taxes | (6 | ) | (8 | ) | |||
Gain on settlement of contingent consideration | (10 | ) | — | ||||
Changes in assets and liabilities | |||||||
Premium and related receivables | (334 | ) | (119 | ) | |||
Other current assets | (3 | ) | 3 | ||||
Other assets | (13 | ) | (14 | ) | |||
Medical claims liabilities | 227 | 196 | |||||
Unearned revenue | (51 | ) | 35 | ||||
Accounts payable and accrued expenses | 58 | 91 | |||||
Other long term liabilities | 68 | 4 | |||||
Other operating activities | 2 | 1 | |||||
Net cash provided by operating activities | 45 | 252 | |||||
Cash flows from investing activities: | |||||||
Capital expenditures | (27 | ) | (18 | ) | |||
Purchases of investments | (307 | ) | (167 | ) | |||
Sales and maturities of investments | 111 | 112 | |||||
Proceeds from asset sale | 7 | — | |||||
Investments in acquisitions, net of cash acquired | (9 | ) | (77 | ) | |||
Net cash used in investing activities | (225 | ) | (150 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from exercise of stock options | 2 | 2 | |||||
Proceeds from borrowings | 500 | 645 | |||||
Payment of long term debt | (253 | ) | (519 | ) | |||
Excess tax benefits from stock compensation | 3 | — | |||||
Common stock repurchases | (4 | ) | (2 | ) | |||
Contribution from noncontrolling interest | — | 5 | |||||
Debt issue costs | (4 | ) | — | ||||
Payment of contingent consideration obligation | (8 | ) | — | ||||
Net cash provided by financing activities | 236 | 131 | |||||
Net increase in cash and cash equivalents | 56 | 233 | |||||
Cash and cash equivalents, beginning of period | 1,610 | 1,038 | |||||
Cash and cash equivalents, end of period | $ | 1,666 | $ | 1,271 | |||
Supplemental disclosures of cash flow information: | |||||||
Interest paid | $ | 2 | $ | 2 | |||
Income taxes paid | $ | 24 | $ | 21 | |||
Equity issued in connection with acquisitions | $ | 13 | $ | 132 |
Q1 | Q4 | Q3 | Q2 | Q1 | |||||||||||||||
2015 | 2014 | 2014 | 2014 | 2014 | |||||||||||||||
MANAGED CARE MEMBERSHIP | |||||||||||||||||||
Arizona | 202,200 | 204,000 | 202,500 | 189,200 | 169,800 | ||||||||||||||
Arkansas | 43,200 | 38,400 | 36,600 | 31,100 | 16,400 | ||||||||||||||
California | 171,200 | 163,900 | 144,700 | 131,100 | 118,100 | ||||||||||||||
Florida | 463,100 | 425,700 | 411,200 | 313,800 | 230,300 | ||||||||||||||
Georgia | 405,600 | 389,100 | 382,600 | 373,000 | 331,400 | ||||||||||||||
Illinois | 184,800 | 87,800 | 31,300 | 29,500 | 22,400 | ||||||||||||||
Indiana | 227,700 | 197,700 | 199,500 | 200,500 | 198,700 | ||||||||||||||
Kansas | 143,700 | 143,300 | 144,200 | 146,100 | 145,000 | ||||||||||||||
Louisiana | 359,500 | 152,900 | 150,800 | 148,600 | 149,800 | ||||||||||||||
Massachusetts | 64,500 | 48,400 | 46,600 | 47,200 | 50,800 | ||||||||||||||
Minnesota | 9,500 | 9,500 | 9,500 | 9,400 | 9,400 | ||||||||||||||
Mississippi | 141,900 | 108,700 | 99,300 | 97,400 | 85,400 | ||||||||||||||
Missouri | 75,600 | 71,000 | 64,900 | 58,700 | 58,100 | ||||||||||||||
New Hampshire | 67,500 | 62,700 | 56,600 | 39,500 | 37,100 | ||||||||||||||
Ohio | 296,000 | 280,100 | 261,000 | 225,900 | 181,800 | ||||||||||||||
South Carolina | 106,000 | 109,700 | 106,500 | 101,800 | 96,300 | ||||||||||||||
Tennessee | 20,800 | 21,000 | 21,200 | 21,300 | 21,100 | ||||||||||||||
Texas | 974,900 | 971,000 | 961,100 | 921,500 | 904,000 | ||||||||||||||
Vermont | 1,600 | — | — | — | — | ||||||||||||||
Washington | 207,100 | 194,400 | 192,500 | 193,800 | 151,700 | ||||||||||||||
Wisconsin | 82,100 | 83,200 | 74,700 | 67,300 | 70,800 | ||||||||||||||
Total at-risk membership | 4,248,500 | 3,762,500 | 3,597,300 | 3,346,700 | 3,048,400 | ||||||||||||||
Non-risk membership | 153,200 | 298,400 | 303,500 | — | — | ||||||||||||||
TOTAL | 4,401,700 | 4,060,900 | 3,900,800 | 3,346,700 | 3,048,400 | ||||||||||||||
Medicaid | 3,133,900 | 2,754,900 | 2,578,300 | 2,385,500 | 2,169,100 | ||||||||||||||
CHIP & Foster Care | 233,600 | 222,700 | 247,700 | 261,800 | 269,200 | ||||||||||||||
ABD, Medicare & Duals | 410,400 | 392,700 | 383,400 | 329,700 | 300,500 | ||||||||||||||
LTC | 71,200 | 60,800 | 55,200 | 53,500 | 51,800 | ||||||||||||||
Health Insurance Marketplaces | 161,700 | 74,500 | 76,000 | 75,700 | 39,700 | ||||||||||||||
Hybrid Programs | — | 18,900 | 19,900 | 17,000 | 14,400 | ||||||||||||||
Behavorial Health | 195,100 | 197,000 | 195,500 | 182,200 | 162,700 | ||||||||||||||
Correctional Healthcare Services | 42,600 | 41,000 | 41,300 | 41,300 | 41,000 | ||||||||||||||
Total at-risk membership | 4,248,500 | 3,762,500 | 3,597,300 | 3,346,700 | 3,048,400 | ||||||||||||||
Non-risk membership | 153,200 | 298,400 | 303,500 | — | — | ||||||||||||||
TOTAL | 4,401,700 | 4,060,900 | 3,900,800 | 3,346,700 | 3,048,400 | ||||||||||||||
REVENUE PER MEMBER PER MONTH(a) | $ | 349 | $ | 360 | $ | 354 | $ | 344 | $ | 340 | |||||||||
CLAIMS(a) | |||||||||||||||||||
Period-end inventory | 1,217,000 | 1,086,600 | 1,021,200 | 771,900 | 832,600 | ||||||||||||||
Average inventory | 841,000 | 806,000 | 660,200 | 603,700 | 584,700 | ||||||||||||||
Period-end inventory per member | 0.29 | 0.29 | 0.28 | 0.23 | 0.27 | ||||||||||||||
(a) Revenue per member and claims information are presented for the Managed Care at-risk members. | |||||||||||||||||||
NUMBER OF EMPLOYEES | 14,800 | 13,400 | 12,900 | 12,300 | 11,200 |
Q1 | Q4 | Q3 | Q2 | Q1 | |||||||||||||||
2015 | 2014 | 2014 | 2014 | 2014 | |||||||||||||||
DAYS IN CLAIMS PAYABLE (b) | 45.5 | 44.2 | 43.1 | 42.9 | 42.6 | ||||||||||||||
(b) Days in Claims Payable is a calculation of Medical Claims Liabilities at the end of the period divided by average claims expense per calendar day for such period. | |||||||||||||||||||
CASH, INVESTMENTS AND RESTRICTED DEPOSITS (in millions) | |||||||||||||||||||
Regulated | $ | 3,345 | $ | 3,082 | $ | 2,829 | $ | 2,353 | $ | 2,167 | |||||||||
Unregulated | 97 | 85 | 70 | 50 | 49 | ||||||||||||||
TOTAL | $ | 3,442 | $ | 3,167 | $ | 2,899 | $ | 2,403 | $ | 2,216 | |||||||||
DEBT TO CAPITALIZATION | 38.0 | % | 33.5 | % | 36.4 | % | 35.3 | % | 36.2 | % | |||||||||
DEBT TO CAPITALIZATION EXCLUDING NON-RECOURSE DEBT(c) | 36.6 | % | 31.7 | % | 34.6 | % | 33.4 | % | 34.1 | % | |||||||||
(c) The non-recourse debt represents the Company's mortgage note payable ($69 million at March 31, 2015). | |||||||||||||||||||
Debt to Capitalization is calculated as follows: total debt divided by (total debt + total equity). |
Three Months Ended March 31, | |||||
2015 | 2014 | ||||
Health Benefits Ratios: | |||||
Medicaid, CHIP, Foster Care & Health Insurance Marketplaces | 87.6 | % | 86.9 | % | |
ABD, LTC & Medicare | 92.9 | 92.9 | |||
Specialty Services | 85.2 | 87.7 | |||
Total | 89.8 | 89.3 | |||
Total General & Administrative Expense Ratio | 8.5 | % | 8.8 | % |
Balance, March 31, 2014 | $ | 1,299 | ||
Incurred related to: | ||||
Current period | 13,981 | |||
Prior period | (185 | ) | ||
Total incurred | 13,796 | |||
Paid related to: | ||||
Current period | 12,072 | |||
Prior period | 1,073 | |||
Total paid | 13,145 | |||
Balance, March 31, 2015 | $ | 1,950 |
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