Delaware | 1-36691 | 06-1528493 | ||
(State or other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
800 Connecticut Avenue, Norwalk, Connecticut | 06854 | |
(Address of principal office) | (zip code) |
Exhibit Number | Description |
Press release (which includes a financial and statistical supplement and related information) issued by Booking Holdings Inc. on February 27, 2019 relating to, among other things, its fourth quarter and year ended December 31, 2018 earnings. The consolidated balance sheet at December 31, 2018 and consolidated statements of operations for three and twelve months ended December 31, 2018 and consolidated statement of cash flows for the twelve months ended December 31, 2018 shall be treated as "filed" for the purposes of the Securities and Exchange Act of 1934, as amended, and the remaining information shall be treated as "furnished". |
BOOKING HOLDINGS INC. | |||
By: | /s/ Peter J. Millones | ||
Name: | Peter J. Millones | ||
Title: | Executive Vice President and General Counsel |
Exhibit Number | Description |
Press release (which includes a financial and statistical supplement and related information) issued by Booking Holdings Inc. on February 27, 2019 relating to, among other things, its fourth quarter and year ended December 31, 2018 earnings. |
(U.S. Dollars in millions, except per share amounts) | Guidance Ranges | |||||||
Metrics | Low | High | ||||||
Year over year growth - Room nights booked | 6 | % | 8 | % | ||||
Year over year growth - Total gross travel bookings | (1 | )% | 1 | % | ||||
Year over year growth - Total gross travel bookings (constant currency) | 5 | % | 7 | % | ||||
GAAP | ||||||||
Year over year growth - Revenue | (2 | )% | — | % | ||||
Net income(1)(3) | $ | 450 | $ | 465 | ||||
Net income per diluted share(2)(3) | $ | 9.90 | $ | 10.20 | ||||
Non-GAAP | ||||||||
Year over year growth - Revenue | (1 | )% | 1 | % | ||||
Year over year growth - Revenue (constant currency) | 5 | % | 7 | % | ||||
Non-GAAP Net income(1) | $ | 495 | $ | 510 | ||||
Non-GAAP Net income per diluted share(2) | $ | 10.90 | $ | 11.20 | ||||
Adjusted EBITDA | $ | 680 | $ | 700 | ||||
(1) Assumes an estimated effective tax rate for the 1st quarter of 2019 of approximately 18%. | ||||||||
(2) Assumes a fully diluted share count of approximately 45.6 million shares. | ||||||||
(3) Guidance for the 1st quarter of 2019 for GAAP net income and net income per diluted share exclude the impact of unrealized gains and losses on marketable equity securities which are not predictable. |
• | excludes the impact, if any, of significant charges or benefits associated with judgments, rulings, settlements and/or certain adjustments related to prior periods arising from travel transaction tax (e.g., hotel occupancy taxes, excise taxes, sales taxes, etc.) proceedings or other litigation or obligations, such as net travel transaction tax-related charges of $21 million and $24 million, recorded in General and administrative expense in the 4th quarter of 2018 and the 3rd quarter of 2018, respectively, and Interest income of $2 million recorded in the 3rd quarter of 2018. |
• | excludes the impact of significant loyalty program adjustments, such as the favorable $27 million adjustment to total revenues in the 1st quarter of 2018 related to changes introduced in that same quarter to OpenTable’s loyalty program, |
• | excludes amortization expense of intangible assets, |
• | excludes the impact, if any, of significant charges related to the impairment of goodwill or intangible assets, |
• | excludes non-cash interest expense related to the amortization of debt discount and gains or losses on early extinguishment of debt, if any, related to our convertible debt, |
• | excludes the impact, if any, of significant gains or losses on the sale of cost-method investments and significant charges related to other-than-temporary impairments of such investments, |
• | excludes unrealized gains and losses on marketable equity securities, if any, which are recognized in net income (beginning in the 1st quarter of 2018), |
• | excludes the $48 million income tax benefit and $1.3 billion net income tax expense recorded in the 4th quarter of 2018 and 2017, respectively, related to the Tax Act, and |
• | the income tax impact of the non-GAAP adjustments mentioned above. |
December 31, | ||||||||
2018 | 2017 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 2,624 | $ | 2,542 | ||||
Short-term investments in marketable securities | 3,660 | 4,860 | ||||||
Accounts receivable, net of allowance for doubtful accounts of $61 and $39, respectively | 1,523 | 1,218 | ||||||
Prepaid expenses and other current assets | 600 | 415 | ||||||
Total current assets | 8,407 | 9,035 | ||||||
Property and equipment, net | 656 | 480 | ||||||
Intangible assets, net | 2,125 | 2,177 | ||||||
Goodwill | 2,910 | 2,738 | ||||||
Long-term investments | 8,408 | 10,873 | ||||||
Other assets | 181 | 148 | ||||||
Total assets | $ | 22,687 | $ | 25,451 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 1,134 | $ | 668 | ||||
Accrued expenses and other current liabilities | 1,399 | 1,139 | ||||||
Deferred merchant bookings | 1,022 | 980 | ||||||
Convertible debt | — | 711 | ||||||
Total current liabilities | 3,555 | 3,498 | ||||||
Deferred income taxes | 370 | 481 | ||||||
Long-term U.S. transition tax liability | 1,166 | 1,251 | ||||||
Other long-term liabilities | 162 | 147 | ||||||
Long-term debt | 8,649 | 8,810 | ||||||
Total liabilities | 13,902 | 14,187 | ||||||
Commitments and Contingencies | ||||||||
Convertible debt | — | 3 | ||||||
Stockholders' equity: | ||||||||
Common stock, $0.008 par value, authorized 1,000,000,000 shares, 62,948,762 and 62,689,097 shares issued, respectively | — | — | ||||||
Treasury stock, 17,317,126 and 14,216,819 shares, respectively | (14,711 | ) | (8,699 | ) | ||||
Additional paid-in capital | 5,445 | 5,783 | ||||||
Retained earnings | 18,367 | 13,939 | ||||||
Accumulated other comprehensive income (loss) | (316 | ) | 238 | |||||
Total stockholders' equity | 8,785 | 11,261 | ||||||
Total liabilities and stockholders' equity | $ | 22,687 | $ | 25,451 |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Agency revenues | $ | 2,259 | $ | 2,073 | $ | 10,480 | $ | 9,714 | ||||||||
Merchant revenues | 701 | 509 | 2,987 | 2,133 | ||||||||||||
Advertising and other revenues | 253 | 221 | 1,060 | 834 | ||||||||||||
Total revenues | 3,213 | 2,803 | 14,527 | 12,681 | ||||||||||||
Cost of revenues | 40 | 242 | ||||||||||||||
Gross profit | 2,763 | 12,439 | ||||||||||||||
Operating expenses: | ||||||||||||||||
Performance marketing | 885 | 796 | 4,447 | 4,161 | ||||||||||||
Brand marketing | 124 | 98 | 509 | 435 | ||||||||||||
Sales and other expenses | 218 | 134 | 830 | 517 | ||||||||||||
Personnel, including stock-based compensation of $101, $69, $317 and $261, respectively | 484 | 440 | 2,042 | 1,660 | ||||||||||||
General and administrative | 194 | 155 | 699 | 576 | ||||||||||||
Information technology | 56 | 56 | 233 | 189 | ||||||||||||
Depreciation and amortization | 109 | 98 | 426 | 363 | ||||||||||||
Total operating expenses | 2,070 | 1,777 | 9,186 | 7,901 | ||||||||||||
Operating income | 1,143 | 986 | 5,341 | 4,538 | ||||||||||||
Other income (expense): | ||||||||||||||||
Interest income | 46 | 47 | 187 | 157 | ||||||||||||
Interest expense | (66 | ) | (71 | ) | (269 | ) | (254 | ) | ||||||||
Net unrealized losses on marketable equity securities | (474 | ) | — | (367 | ) | — | ||||||||||
Impairment of investments | — | (8 | ) | — | (8 | ) | ||||||||||
Foreign currency transactions and other | (17 | ) | (12 | ) | (57 | ) | (34 | ) | ||||||||
Total other expense | (511 | ) | (44 | ) | (506 | ) | (139 | ) | ||||||||
Earnings before income taxes | 632 | 942 | 4,835 | 4,399 | ||||||||||||
Income tax (benefit) expense | (14 | ) | 1,497 | 837 | 2,058 | |||||||||||
Net income (loss) | $ | 646 | $ | (555 | ) | $ | 3,998 | $ | 2,341 | |||||||
Net income (loss) applicable to common stockholders per basic common share | $ | 14.00 | $ | (11.41 | ) | $ | 84.26 | $ | 47.78 | |||||||
Weighted-average number of basic common shares outstanding (in 000's) | 46,136 | 48,679 | 47,446 | 48,994 | ||||||||||||
Net income (loss) applicable to common stockholders per diluted common share | $ | 13.86 | $ | (11.41 | ) | $ | 83.26 | $ | 46.86 | |||||||
Weighted-average number of diluted common shares outstanding (in 000's) | 46,589 | 48,679 | 48,017 | 49,954 |
Year Ended December 31, | ||||||||||||
2018 | 2017 | 2016 | ||||||||||
OPERATING ACTIVITIES: | ||||||||||||
Net income | $ | 3,998 | $ | 2,341 | $ | 2,135 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Depreciation | 248 | 187 | 140 | |||||||||
Amortization | 178 | 176 | 169 | |||||||||
Provision for uncollectible accounts | 163 | 62 | 46 | |||||||||
Deferred income tax benefit | (150 | ) | (32 | ) | (112 | ) | ||||||
Net unrealized losses on marketable equity securities | 367 | — | — | |||||||||
Stock-based compensation expense and other stock-based payments | 331 | 261 | 250 | |||||||||
Amortization of debt issuance costs | 7 | 9 | 8 | |||||||||
Amortization of debt discount | 52 | 70 | 69 | |||||||||
Loss on early extinguishment of debt | — | 2 | — | |||||||||
Impairment of goodwill | — | — | 941 | |||||||||
Impairment of investments | — | 8 | 63 | |||||||||
Excess tax benefits on stock-based awards and other equity deductions | — | — | 61 | |||||||||
Contingent consideration fair value adjustment | 19 | — | — | |||||||||
Changes in assets and liabilities, net of effects of acquisitions: | ||||||||||||
Accounts receivable | (319 | ) | (270 | ) | (284 | ) | ||||||
Prepaid expenses and other current assets | (201 | ) | (124 | ) | 5 | |||||||
Accounts payable, accrued expenses and other current liabilities | 635 | 687 | 514 | |||||||||
Long-term U.S. transition tax liability | 40 | 1,251 | — | |||||||||
Other long-term assets and liabilities | (30 | ) | 34 | (21 | ) | |||||||
Net cash provided by operating activities | 5,338 | 4,662 | 3,984 | |||||||||
INVESTING ACTIVITIES: | ||||||||||||
Purchase of investments | (2,686 | ) | (6,941 | ) | (6,748 | ) | ||||||
Proceeds from sale of investments | 5,616 | 3,580 | 3,684 | |||||||||
Additions to property and equipment | (442 | ) | (288 | ) | (220 | ) | ||||||
Acquisitions and other investments, net of cash acquired | (273 | ) | (553 | ) | (1 | ) | ||||||
Acquisition of land-use rights | — | — | (48 | ) | ||||||||
Net cash provided by (used in) investing activities | 2,215 | (4,202 | ) | (3,333 | ) | |||||||
FINANCING ACTIVITIES: | ||||||||||||
Proceeds from short-term borrowing | 25 | — | — | |||||||||
Proceeds from the issuance of long-term debt | — | 2,045 | 995 | |||||||||
Payments for conversion of senior notes | (1,487 | ) | (286 | ) | — | |||||||
Repayment of debt | — | (15 | ) | — | ||||||||
Payments for repurchase of common stock | (5,971 | ) | (1,828 | ) | (1,012 | ) | ||||||
Proceeds from exercise of stock options | 2 | 5 | 16 | |||||||||
Net cash used in financing activities | (7,431 | ) | (79 | ) | (1 | ) | ||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents | (40 | ) | 100 | (46 | ) | |||||||
Net increase in cash, cash equivalents and restricted cash and cash equivalents | 82 | 481 | 604 | |||||||||
Total cash and cash equivalents and restricted cash and cash equivalents, beginning of period | 2,563 | 2,082 | 1,478 | |||||||||
Total cash and cash equivalents and restricted cash and cash equivalent, end of period | $ | 2,645 | $ | 2,563 | $ | 2,082 | ||||||
SUPPLEMENTAL CASH FLOW INFORMATION: | ||||||||||||
Cash paid during the period for income taxes | $ | 1,169 | $ | 702 | $ | 637 | ||||||
Cash paid during the period for interest | $ | 219 | $ | 155 | $ | 126 | ||||||
Non-cash operating and financing activity for an acquisition | $ | 51 | $ | — | $ | — | ||||||
Non-cash investing and financing activity for an acquisition | $ | 59 | $ | — | $ | — |
RECONCILIATION OF TOTAL REVENUES / GROSS PROFIT TO NON-GAAP TOTAL REVENUES / GROSS PROFIT | Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||
Total Revenues/Gross Profit | $ | 3,213 | $ | 2,763 | $ | 14,527 | $ | 12,439 | |||||||||
(a) | Adjustment to loyalty program liability | — | — | (27 | ) | — | |||||||||||
Non-GAAP Total Revenues/Gross Profit | $ | 3,213 | $ | 2,763 | $ | 14,500 | $ | 12,439 |
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA | Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||
Net income (loss) | $ | 646 | $ | (555 | ) | $ | 3,998 | $ | 2,341 | ||||||||
(a) | Adjustment to loyalty program liability | — | — | (27 | ) | — | |||||||||||
(b) | Net travel transaction tax charge (benefit) | 21 | (12 | ) | 45 | (12 | ) | ||||||||||
(c) | Litigation settlement | — | 19 | — | 19 | ||||||||||||
(d) | Depreciation and amortization | 109 | 98 | 426 | 363 | ||||||||||||
(d) | Interest income | (46 | ) | (47 | ) | (187 | ) | (157 | ) | ||||||||
(d) | Interest expense | 66 | 71 | 269 | 254 | ||||||||||||
(e) | Net unrealized losses on marketable equity securities | 474 | — | 367 | — | ||||||||||||
(f) | Loss on early extinguishment of debt | — | 1 | — | 2 | ||||||||||||
(d) | Income tax expense | (14 | ) | 1,497 | 837 | 2,058 | |||||||||||
Adjusted EBITDA | $ | 1,257 | $ | 1,071 | $ | 5,729 | $ | 4,867 | |||||||||
Adjusted EBITDA as a % of Non-GAAP Total Revenues/Gross Profit | 39.1 | % | 38.8 | % | 39.5 | % | 39.1 | % |
RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME AND NON-GAAP NET INCOME PER DILUTED COMMON SHARE | Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||
Net income (loss) | $ | 646 | $ | (555 | ) | $ | 3,998 | $ | 2,341 | ||||||||
(a) | Adjustment to loyalty program liability | — | — | (27 | ) | — | |||||||||||
(b) | Net travel transaction tax charge (benefit) | 21 | (12 | ) | 45 | (12 | ) | ||||||||||
(c) | Litigation settlement | — | 19 | — | 19 | ||||||||||||
(g) | Amortization of intangible assets | 42 | 46 | 178 | 176 | ||||||||||||
(f) | Debt discount amortization related to convertible debt | 11 | 16 | 47 | 65 | ||||||||||||
(b) | Interest income | — | — | (2 | ) | — | |||||||||||
(e) | Net unrealized losses on marketable equity securities | 474 | — | 367 | — | ||||||||||||
(f) | Loss on early extinguishment of debt | — | 1 | — | 2 | ||||||||||||
(h) | Provisional net income tax impact of the Tax Act | (48 | ) | 1,346 | (48 | ) | 1,346 | ||||||||||
(i) | Tax impact of Non-GAAP adjustments | (99 | ) | (25 | ) | (111 | ) | (89 | ) | ||||||||
Non-GAAP Net income | $ | 1,048 | $ | 836 | $ | 4,446 | $ | 3,848 | |||||||||
GAAP weighted-average number of diluted common shares outstanding ('000) | 46,589 | 49,569 | 48,017 | 49,954 | |||||||||||||
Non-GAAP Net income per diluted common share | $ | 22.49 | $ | 16.86 | $ | 92.59 | $ | 77.03 |
RECONCILIATION OF CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW | Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||||
Net cash provided by operating activities | $ | 1,084 | $ | 1,174 | $ | 5,338 | $ | 4,662 | ||||||||||
(j) | Additions to property and equipment | (86 | ) | (64 | ) | (442 | ) | (288 | ) | |||||||||
Free cash flow | $ | 997 | $ | 1,109 | $ | 4,896 | $ | 4,374 | ||||||||||
Free cash flow as a % of Non-GAAP Total Revenues/Gross Profit | 31.0 | % | 40.2 | % | 33.8 | % | 35.2 | % |
Notes: | |
(a) | Favorable adjustment to OpenTable's loyalty program liability related to changes introduced in the 1st quarter of 2018 to the program. |
(b) | Adjustments related to prior period travel transaction taxes (including estimated interest and penalties, where applicable) of approximately $21 million for the three months ended December 31, 2018, and $51 million for the twelve months ended December 31, 2018, which are recorded in General and administrative expenses. Reversals of $6 million and $12 million were recorded in the twelve months ended December 31, 2018 and 2017, respectively, related to favorable judgments in unrelated tax proceedings, which are recorded in General and administrative expenses. Additionally, Interest income of approximately $2 million was recorded related to the favorable ruling for the twelve months ended December 31, 2018. These adjustments are excluded from Net income (loss) to calculate Non-GAAP Net income and Adjusted EBITDA. |
(c) | Adjustment for patent litigation settlement expense which is recorded in General and administrative expenses and excluded from Net income (loss) to calculate Non-GAAP Net income and Adjusted EBITDA. |
(d) | Amounts are excluded from Net income (loss) to calculate Adjusted EBITDA. |
(e) | Net unrealized gains or losses on marketable equity securities are excluded from Net income to calculate Non-GAAP Net income and Adjusted EBITDA. |
(f) | Non-cash interest expense related to the amortization of debt discount and loss on early extinguishment of debt are recorded in Interest expense and Foreign currency transactions and other, respectively. Non-cash interest expense is excluded from Net income (loss) to calculate Non-GAAP net income. Loss on early extinguishment of debt is excluded from Net income to calculate Non-GAAP Net income and Adjusted EBITDA. |
(g) | Amortization of intangible assets is recorded in Depreciation and amortization expense and excluded from Net income (loss) to calculate Non-GAAP Net income. |
(h) | The Company recorded income tax benefits to adjust its provisional income tax expense recorded in 2017 relating to the federal one-time deemed repatriation liability and to adjust the remeasurement of U.S. deferred tax assets and liabilities due to the reduction of the U.S. federal statutory tax rate as a result of the Tax Act. This adjustment is excluded from Net income (loss) to calculate Non-GAAP Net income. |
(i) | Reflects the tax impact of Non-GAAP adjustments and is excluded from Net income (loss) to calculate Non-GAAP net income. |
(j) | Additions to property and equipment are included in the calculation of Free cash flow. |
For a more detailed discussion of the adjustments described above, please see the section in our press release entitled "Non-GAAP Financial Measures" which provides a definition and information about the use of non-GAAP financial measures. |
Gross Bookings(2) | 4Q16 | 1Q17 | 2Q17 | 3Q17 | 4Q17 | 1Q18 | 2Q18 | 3Q18 | 4Q18 | |||||||||||||||||||||||||||
Agency | $ | 12,978 | $ | 18,140 | $ | 17,947 | $ | 18,594 | $ | 15,015 | $ | 20,576 | $ | 19,090 | $ | 19,024 | $ | 15,230 | ||||||||||||||||||
Merchant | 2,134 | 2,546 | 2,850 | 3,168 | 2,965 | 4,434 | 4,807 | 5,250 | 4,322 | |||||||||||||||||||||||||||
Total | $ | 15,112 | $ | 20,687 | $ | 20,797 | $ | 21,762 | $ | 17,980 | $ | 25,009 | $ | 23,896 | $ | 24,274 | $ | 19,552 | ||||||||||||||||||
Year/Year Growth | ||||||||||||||||||||||||||||||||||||
Agency | 25.5 | % | 24.8 | % | 16.8 | % | 18.0 | % | 15.7 | % | 13.4 | % | 6.4 | % | 2.3 | % | 1.4 | % | ||||||||||||||||||
Merchant | 27.8 | % | 20.2 | % | 14.3 | % | 17.2 | % | 39.0 | % | 74.1 | % | 68.6 | % | 65.7 | % | 45.8 | % | ||||||||||||||||||
Total | 25.8 | % | 24.2 | % | 16.4 | % | 17.9 | % | 19.0 | % | 20.9 | % | 14.9 | % | 11.5 | % | 8.7 | % | ||||||||||||||||||
Constant Currency | 28 | % | 27 | % | 19 | % | 16 | % | 14 | % | 12 | % | 11 | % | 14 | % | 13 | % | ||||||||||||||||||
Units Sold | 4Q16 | 1Q17 | 2Q17 | 3Q17 | 4Q17 | 1Q18 | 2Q18 | 3Q18 | 4Q18 | |||||||||||||||||||||||||||
Room Nights | 130 | 174 | 170 | 178 | 152 | 197 | 191 | 201 | 171 | |||||||||||||||||||||||||||
Year/Year Growth | 31.0 | % | 27.4 | % | 21.0 | % | 18.6 | % | 16.8 | % | 13.2 | % | 12.0 | % | 13.4 | % | 13.0 | % | ||||||||||||||||||
Rental Car Days | 14 | 19 | 21 | 19 | 15 | 19 | 21 | 19 | 15 | |||||||||||||||||||||||||||
Year/Year Growth | 14.4 | % | 15.4 | % | 11.7 | % | 5.5 | % | 5.4 | % | 0.6 | % | 1.0 | % | (0.1 | )% | (0.6 | )% | ||||||||||||||||||
Airline Tickets | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | |||||||||||||||||||||||||||
Year/Year Growth | (4.3 | )% | (2.1 | )% | (8.7 | )% | (11.8 | )% | 3.1 | % | 1.9 | % | 5.3 | % | 9.2 | % | (1.3 | )% | ||||||||||||||||||
4Q16 | 1Q17 | 2Q17 | 3Q17 | 4Q17 | 1Q18 | 2Q18 | 3Q18 | 4Q18 | ||||||||||||||||||||||||||||
Gross Profit/Total Revenues (2018) (3)(4) | $ | 2,281 | $ | 2,339 | $ | 2,957 | $ | 4,380 | $ | 2,763 | $ | 2,928 | $ | 3,537 | $ | 4,849 | $ | 3,213 | ||||||||||||||||||
Year/Year Growth (4) | 21.1 | % | 15.5 | % | 21.5 | % | 22.0 | % | 21.1 | % | 25.2 | % | 19.6 | % | 10.7 | % | 16.3 | % | ||||||||||||||||||
Constant Currency (4) | 24 | % | 17 | % | 24 | % | 19 | % | 17 | % | 18 | % | 16 | % | 13 | % | 21 | % |
U5:]CD%Q#_ $ SGV'R?\BG('K/8G[B?>)
M^Y#\PXC^O:7^!GD/_NI'SUP9]CZ[^,TH/]B_N+]XGH:A^A.+^QU+^31$"]_L
M7]Q?O$]#4/T)Q?V.I?R:(Z=][YEPW]2,.^Z^EK1?L[E/
MD^(CGDLW=5^@K3?K^H_E^0?GP[__ .N=K'V'H_\ 1F, 5IX$< -EXD9F7 :I
M6KV\E!CY\G)%9N04HTJ5YJU>5Z36'-8KTEMP(D:+U*CE
S,[VN5F6Q\2+SZ8D14:
MW!*#R/%/8MPOK$9>FZ-A^)+?_",:M8>3O[)._%\*
:>7F5ZJ7(;$4<\$L<\,K4?%-"]LD4C')S:
M^.1BN8]JIYHYJJBIYHIH^V8VLUJL;7@1BJY5:D4:-57JJN54Z>2JY557*OFJ
MJJKYJ9=^ZQ[X3B5V8=HQ:T,ID]AX5RVX8]KX;6[4MK&OQ;W1QVLAJ,%B18]?
MV2C U;%'U!U7'966-*.8@ECEBMTA4='P,VRP.F<.>(6&VW7\'M.NWXY4:UK4155SE1$1.:J<+MVUX[ XK)YS,7(1JLN]E[YKB'VF]GRU6'
M+937N#M>[-%JNA4YY\?7R.,CZH:^8W2*%\;LWF