Delaware | 1-33146 | 20-4536774 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
601 Jefferson Street | ||
Suite 3400 | ||
Houston, Texas 77002 | ||
(Address of principal executive offices) |
(d) | Exhibits |
KBR, Inc. press release dated October 30, 2018 titled, “KBR Announces Third Quarter 2018 Financial Results.” |
KBR, INC. | ||
October 30, 2018 | /s/ Adam M. Kramer | |
Adam M. Kramer | ||
Vice President, Public Law and Corporate Secretary |
• | KBR Revenue growth of 24% to $1.3 billion and Net Income Attributable to KBR of $58 million |
• | 59% Government Services revenue growth, 12% organic; 35% for Technology, all organic |
• | EPS of $0.41 and Adjusted EPS of $0.46 |
• | Increasing 2018 EPS guidance to $1.93 to $2.03 and Adjusted EPS guidance to $1.45 to $1.55 |
HOUSTON, Texas - October 30, 2018 - KBR, Inc. (NYSE: KBR), a global provider of differentiated, professional services and technologies across the asset and program life cycle within the government services and hydrocarbons industries today announced third quarter 2018 financial results. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
Dollars in millions | 2018 | 2017 | 2018 | 2017 | |||||||||||||
Revenue | $ | 1,278 | $ | 1,034 | $ | 3,583 | $ | 3,234 | |||||||||
Gross Profit | $ | 122 | $ | 87 | $ | 333 | $ | 277 | |||||||||
Equity in earnings of unconsolidated affiliates | $ | 21 | $ | 23 | $ | 54 | $ | 64 | |||||||||
Gain on consolidation of Aspire entities | $ | (2 | ) | $ | — | $ | 113 | $ | — | ||||||||
Net income attributable to KBR | $ | 58 | — | $ | 45 | $ | 238 | $ | 159 | ||||||||
Adjusted EBITDA (1) | $ | 124 | $ | 86 | $ | 306 | $ | 283 | |||||||||
Diluted EPS | $ | 0.41 | $ | 0.32 | $ | 1.68 | $ | 1.12 | |||||||||
Adjusted EPS (1) | $ | 0.46 | $ | 0.35 | $ | 1.15 | $ | 1.17 | |||||||||
Operating cash flows | $ | 72 | $ | 28 | $ | 36 | $ | 238 | |||||||||
(1) See additional information at the end of this release regarding non-GAAP financial measures |
• | Defense Health Agency award to provide cybersecurity services to secure healthcare information of the U.S. Air Force, Army and Navy and their families; |
• | U.S. Air Force Institute of Technology Graduate School award to provide defense-focused graduate and professional continuing education; |
• | A seat on the Department of Defense Information Analysis Center R&D contract; |
• | LIG Nex1 award to support the upgrade of the Korean military’s Identify Friend or Foe capabilities; and |
• | NASA award to study the future of commercial enterprise in low Earth orbit. |
1 | For Hydrocarbons Services “bids submitted and awaiting award” includes proposals formally submitted as well as EPC/EPCm projects awarded but that have not achieved FID (e.g. Magnolia and Methanex). “FID” is not applicable for our GS and Technology prospects. |
• | K-COT™ and SCORE™ technology award by Lihuayi Lijin Refining & Chemical Co., Ltd.; |
• | PCMAX™ polycarbonate technology awards Pingmei Shenma Group; and |
• | Government Services, serving government customers globally, including capabilities that cover the full life-cycle of defense, space, aviation and other government programs and missions from research and development, through systems engineering, test and evaluation, program management, to operations, maintenance, and field logistics; |
• | Technology, including proprietary technology focused on the monetization of hydrocarbons (especially natural gas and natural gas liquids) in ethylene and petrochemicals; ammonia, nitric acid and fertilizers; oil refining and gasification; and |
• | Hydrocarbons Services, including onshore oil and gas; LNG (liquefaction and regasification)/GTL; oil refining; petrochemicals; chemicals; fertilizers; differentiated EPC; maintenance services (Brown & Root Industrial Services); offshore oil and gas (shallow-water, deep-water, subsea); floating solutions (FPU, FPSO, FLNG & FSRU); program management and consulting services. |
Three Months Ended | |||||||
September 30, | September 30, | ||||||
2018 | 2017 | ||||||
Revenues: | |||||||
Government Services | $ | 928 | $ | 582 | |||
Technology | 81 | 60 | |||||
Hydrocarbons Services | 268 | 388 | |||||
Subtotal | 1,277 | 1,030 | |||||
Non-strategic Business | 1 | 4 | |||||
Total revenues | 1,278 | 1,034 | |||||
Gross profit (loss): | |||||||
Government Services | 81 | 39 | |||||
Technology | 23 | 19 | |||||
Hydrocarbons Services | 23 | 26 | |||||
Subtotal | 127 | 84 | |||||
Non-strategic Business | (5 | ) | 3 | ||||
Total gross profit | 122 | 87 | |||||
Equity in earnings of unconsolidated affiliates: | |||||||
Government Services | 8 | 14 | |||||
Hydrocarbons Services | 13 | 9 | |||||
Subtotal | 21 | 23 | |||||
Non-strategic Business | — | — | |||||
Total equity in earnings of unconsolidated affiliates | 21 | 23 | |||||
General and administrative expenses | (37 | ) | (37 | ) | |||
Acquisition and integration related costs | (1 | ) | — | ||||
Gain on consolidation of Aspire entities | (2 | ) | — | ||||
Operating income | 103 | 73 | |||||
Interest expense | (20 | ) | (6 | ) | |||
Other non-operating loss | (1 | ) | (4 | ) | |||
Income before income taxes and noncontrolling interests | 82 | 63 | |||||
Provision for income taxes | (22 | ) | (16 | ) | |||
Net income | 60 | 47 | |||||
Net income attributable to noncontrolling interests | (2 | ) | (2 | ) | |||
Net income attributable to KBR | $ | 58 | $ | 45 | |||
Net income attributable to KBR per share: | |||||||
Basic | $ | 0.41 | $ | 0.32 | |||
Diluted | $ | 0.41 | $ | 0.32 | |||
Basic weighted average common shares outstanding | 141 | 140 | |||||
Diluted weighted average common shares outstanding | 141 | 140 | |||||
Cash dividends declared per share | $ | 0.08 | $ | 0.08 |
Nine Months Ended | |||||||
September 30, | September 30, | ||||||
2018 | 2017 | ||||||
Revenues: | |||||||
Government Services | $ | 2,473 | $ | 1,640 | |||
Technology | 215 | 196 | |||||
Hydrocarbons Services | 894 | 1,361 | |||||
Subtotal | 3,582 | 3,197 | |||||
Non-strategic Business | 1 | 37 | |||||
Total revenues | 3,583 | 3,234 | |||||
Gross profit (loss): | |||||||
Government Services | 204 | 113 | |||||
Technology | 61 | 50 | |||||
Hydrocarbons Services | 75 | 114 | |||||
Subtotal | 340 | 277 | |||||
Non-strategic Business | (7 | ) | — | ||||
Total gross profit | 333 | 277 | |||||
Equity in earnings of unconsolidated affiliates: | |||||||
Government Services | 22 | 41 | |||||
Hydrocarbons Services | 32 | 23 | |||||
Subtotal | 54 | 64 | |||||
Non-strategic Business | — | — | |||||
Total equity in earnings of unconsolidated affiliates | 54 | 64 | |||||
General and administrative expenses | (113 | ) | (107 | ) | |||
Acquisition and integration related costs | (5 | ) | — | ||||
Gain on disposition of assets | — | 5 | |||||
Gain on consolidation of Aspire entities | 113 | — | |||||
Operating income | 382 | 239 | |||||
Interest expense | (43 | ) | (16 | ) | |||
Other non-operating loss | (4 | ) | (9 | ) | |||
Income before income taxes and noncontrolling interests | 335 | 214 | |||||
Provision for income taxes | (74 | ) | (50 | ) | |||
Net income | 261 | 164 | |||||
Net income attributable to noncontrolling interests | (23 | ) | (5 | ) | |||
Net income attributable to KBR | $ | 238 | $ | 159 | |||
Net income attributable to KBR per share: | |||||||
Basic | $ | 1.68 | $ | 1.12 | |||
Diluted | $ | 1.68 | $ | 1.12 | |||
Basic weighted average common shares outstanding | 140 | 141 | |||||
Diluted weighted average common shares outstanding | 141 | 141 | |||||
Cash dividends declared per share | $ | 0.24 | $ | 0.24 |
September 30, | December 31, | |||||||
2018 | 2017 | |||||||
(Unaudited) | ||||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and equivalents | $ | 581 | $ | 439 | ||||
Accounts receivable, net of allowance for doubtful accounts of $12 and $12 | 866 | 510 | ||||||
Contract assets | 214 | 383 | ||||||
Other current assets | 103 | 93 | ||||||
Total current assets | 1,764 | 1,425 | ||||||
Claims and accounts receivable | 96 | 101 | ||||||
Property, plant, and equipment, net of accumulated depreciation of $360 and $329 (including net PPE of $37 and $34 owned by a variable interest entity) | 129 | 130 | ||||||
Goodwill | 1,268 | 968 | ||||||
Intangible assets, net of accumulated amortization of $145 and $122 | 523 | 239 | ||||||
Equity in and advances to unconsolidated affiliates | 724 | 387 | ||||||
Deferred income taxes | 211 | 300 | ||||||
Other assets | 148 | 124 | ||||||
Total assets | $ | 4,863 | $ | 3,674 | ||||
Liabilities and Shareholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 492 | $ | 350 | ||||
Contract liabilities | 464 | 368 | ||||||
Accrued salaries, wages and benefits | 229 | 186 | ||||||
Nonrecourse project debt | 10 | 10 | ||||||
Other current liabilities | 169 | 157 | ||||||
Total current liabilities | 1,364 | 1,071 | ||||||
Pension obligations | 328 | 391 | ||||||
Employee compensation and benefits | 106 | 118 | ||||||
Income tax payable | 84 | 85 | ||||||
Deferred income taxes | 12 | 18 | ||||||
Nonrecourse project debt | 22 | 28 | ||||||
Revolving credit agreement | 115 | 470 | ||||||
Long-term debt | 1,010 | — | ||||||
Deferred income from unconsolidated affiliates | — | 101 | ||||||
Other liabilities | 164 | 171 | ||||||
Total liabilities | 3,205 | 2,453 | ||||||
KBR shareholders' equity: | ||||||||
Preferred stock | — | — | ||||||
Common stock | — | — | ||||||
Paid-in capital in excess of par | 2,175 | 2,091 | ||||||
Accumulated other comprehensive loss | (940 | ) | (921 | ) | ||||
Retained earnings | 1,225 | 877 | ||||||
Treasury stock | (817 | ) | (818 | ) | ||||
Total KBR shareholders' equity | 1,643 | 1,229 | ||||||
Noncontrolling interests | 15 | (8 | ) | |||||
Total shareholders' equity | 1,658 | 1,221 | ||||||
Total liabilities and shareholders' equity | $ | 4,863 | $ | 3,674 |
Three Months Ended | |||||||
September 30, | September 30, | ||||||
2018 | 2017 | ||||||
Cash flows provided by operating activities: | |||||||
Net income | $ | 60 | $ | 47 | |||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||
Depreciation and amortization | 17 | 11 | |||||
Equity in earnings of unconsolidated affiliates | (21 | ) | (23 | ) | |||
Deferred income tax expense (benefit) | (5 | ) | 10 | ||||
Gain on consolidation of Aspire entities | 2 | — | |||||
Other | 7 | 9 | |||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable, net of allowance for doubtful accounts | (74 | ) | 30 | ||||
Contract assets | 34 | (30 | ) | ||||
Accounts payable | 36 | (18 | ) | ||||
Contract liabilities | (5 | ) | (40 | ) | |||
Accrued salaries, wages and benefits | 14 | 37 | |||||
Reserve for loss on uncompleted contracts | (3 | ) | (8 | ) | |||
Payments from unconsolidated affiliates, net | 1 | 1 | |||||
Distributions of earnings from unconsolidated affiliates | 7 | 11 | |||||
Income taxes payable | 21 | (2 | ) | ||||
Pension funding | (11 | ) | (10 | ) | |||
Net settlement of derivative contracts | (3 | ) | 3 | ||||
Other assets and liabilities | (5 | ) | — | ||||
Total cash flows provided by operating activities | 72 | 28 | |||||
Cash flows from investing activities: | |||||||
Purchases of property, plant and equipment | (4 | ) | — | ||||
Investments in equity method joint ventures | (95 | ) | — | ||||
Acquisition of businesses, net of cash acquired | 3 | — | |||||
Other | — | (1 | ) | ||||
Total cash flows used in investing activities | (96 | ) | (1 | ) | |||
Cash flows from financing activities: | |||||||
Payments of dividends to shareholders | (11 | ) | (11 | ) | |||
Net proceeds from issuance of common stock | 1 | — | |||||
Borrowings on long-term debt | 93 | — | |||||
Debt issuance costs | (1 | ) | — | ||||
Payments on short-term and long-term borrowings | (2 | ) | — | ||||
Total cash flows provided by (used in) financing activities | 80 | (11 | ) | ||||
Effect of exchange rate changes on cash | 6 | 4 | |||||
Increase in cash and equivalents | 62 | 20 | |||||
Cash and equivalents at beginning of period | 519 | 491 | |||||
Cash and equivalents at end of period | $ | 581 | $ | 511 |
Nine Months Ended | |||||||
September 30, | September 30, | ||||||
2018 | 2017 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 261 | $ | 164 | |||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||
Depreciation and amortization | 47 | 38 | |||||
Equity in earnings of unconsolidated affiliates | (54 | ) | (64 | ) | |||
Deferred income tax expense (benefit) | 29 | (75 | ) | ||||
Gain on consolidation of Aspire entities | (113 | ) | — | ||||
Other | 13 | 20 | |||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable, net of allowance for doubtful accounts | (144 | ) | 100 | ||||
Contract assets | (4 | ) | 11 | ||||
Claims receivable | — | 400 | |||||
Accounts payable | 72 | (144 | ) | ||||
Contract liabilities | (63 | ) | (207 | ) | |||
Accrued salaries, wages and benefits | 18 | 39 | |||||
Reserve for loss on uncompleted contracts | (8 | ) | (43 | ) | |||
Payments from unconsolidated affiliates, net | 7 | 6 | |||||
Distributions of earnings from unconsolidated affiliates | 16 | 41 | |||||
Income taxes payable | 28 | (7 | ) | ||||
Pension funding | (30 | ) | (28 | ) | |||
Net settlement of derivative contracts | (2 | ) | 4 | ||||
Other assets and liabilities | (37 | ) | (17 | ) | |||
Total cash flows provided by operating activities | 36 | 238 | |||||
Cash flows from investing activities: | |||||||
Purchases of property, plant and equipment | (15 | ) | (6 | ) | |||
Investments in equity method joint ventures | (257 | ) | — | ||||
Proceeds from sale of assets or investments | 1 | 2 | |||||
Acquisition of businesses, net of cash acquired | (354 | ) | 2 | ||||
Adjustments to cash due to consolidation of Aspire entities | 197 | — | |||||
Other | — | (2 | ) | ||||
Total cash flows used in investing activities | (428 | ) | (4 | ) | |||
Cash flows from financing activities: | |||||||
Payments to reacquire common stock | (3 | ) | (52 | ) | |||
Acquisition of remaining ownership interest in joint ventures | (56 | ) | — | ||||
Distributions to noncontrolling interests | — | (1 | ) | ||||
Payments of dividends to shareholders | (34 | ) | (34 | ) | |||
Net proceeds from issuance of common stock | 2 | — | |||||
Borrowings on revolving credit agreements | 250 | — | |||||
Borrowings on long-term debt | 1,052 | — | |||||
Debt issuance costs | (47 | ) | — | ||||
Payments on revolving credit agreements | (605 | ) | (180 | ) | |||
Payments on short-term and long-term borrowings | (7 | ) | (5 | ) | |||
Total cash flows provided by (used in) financing activities | 552 | (272 | ) | ||||
Effect of exchange rate changes on cash | (18 | ) | 13 | ||||
Increase (decrease) in cash and equivalents | 142 | (25 | ) | ||||
Cash and equivalents at beginning of period | 439 | 536 | |||||
Cash and equivalents at end of period | $ | 581 | $ | 511 |
September 30, | December 31, | ||||||
2018 | 2017 | ||||||
Government Services | $ | 11,039 | $ | 8,355 | |||
Technology | 544 | 387 | |||||
Hydrocarbons Services | 1,895 | 1,822 | |||||
Subtotal | 13,478 | 10,564 | |||||
Non-strategic Business | 3 | 6 | |||||
Total backlog | $ | 13,481 | $ | 10,570 |
(a) | Backlog generally represents the dollar amount of revenues we expect to realize in the future as a result of performing work on contracts and our pro-rata share of work to be performed by unconsolidated joint ventures. We generally include total expected revenues in backlog when a contract is awarded under a legally binding agreement. In many instances, arrangements included in backlog are complex, nonrepetitive and may fluctuate due to the release of contracted work in phases by the customer. Additionally, nearly all contracts allow customers to terminate the agreement at any time for convenience. Where contract duration is indefinite and clients can terminate for convenience without having to compensate us for periods beyond the date of termination, projects included in backlog are limited to the estimated amount of expected revenues within the following twelve months. Certain contracts provide maximum dollar limits, with actual authorization to perform work under the contract agreed upon on a periodic basis with the customer. In these arrangements, only the amounts authorized are included in backlog. For projects where we act solely in a project management capacity, we only include the value of our services on each project in backlog. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Dollars in millions | 2018 | 2017 | 2018 | 2017 | |||||||||||
Net Income Attributable to KBR | $ | 58 | $ | 45 | $ | 238 | $ | 159 | |||||||
Add Back: | |||||||||||||||
Interest expense | 20 | 6 | 43 | 16 | |||||||||||
Provision for income taxes | 22 | 16 | 74 | 50 | |||||||||||
Other non-operating loss | 1 | 4 | 4 | 9 | |||||||||||
Depreciation and amortization | 17 | 11 | 47 | 38 | |||||||||||
Consolidated EBITDA | $ | 118 | $ | 82 | $ | 406 | $ | 272 | |||||||
Add Back: | |||||||||||||||
Legacy legal fees | 3 | 4 | 8 | 11 | |||||||||||
Acquisition and integration related costs | 1 | — | 5 | — | |||||||||||
Gain on consolidation of Aspire entities | 2 | — | (113 | ) | — | ||||||||||
Adjusted EBITDA | $ | 124 | $ | 86 | $ | 306 | $ | 283 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Diluted earnings per share: | |||||||||||||||
Reported EPS | $ | 0.41 | $ | 0.32 | $ | 1.68 | $ | 1.12 | |||||||
Adjustment: | |||||||||||||||
Legacy legal fees | $ | 0.01 | $ | 0.03 | $ | 0.04 | $ | 0.05 | |||||||
Acquisition and integration related expenses | $ | 0.01 | $ | — | $ | 0.03 | $ | — | |||||||
Amortization related to Aspire acquisition | $ | 0.02 | $ | — | $ | 0.06 | $ | — | |||||||
Aspire gain on consolidation | $ | 0.01 | $ | — | $ | (0.66 | ) | $ | — | ||||||
Adjusted EPS | $ | 0.46 | $ | 0.35 | $ | 1.15 | $ | 1.17 |
Low | High | ||||||
Diluted earnings per share: | |||||||
EPS Guidance | $ | 1.93 | $ | 2.03 | |||
Adjustments: | |||||||
Legacy legal fees | $ | 0.06 | $ | 0.06 | |||
Acquisition and integration related expenses | $ | 0.05 | $ | 0.05 | |||
Amortization related to Aspire acquisition | 0.07 | 0.07 | |||||
Aspire gain on consolidation | $ | (0.66 | ) | $ | (0.66 | ) | |
Adjusted EPS Guidance | $ | 1.45 | $ | 1.55 |
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