Date of Report (Date of Earliest Event Reported) | November 6, 2012 |
AmTrust Financial Services, Inc. |
(Exact name of registrant as specified in its charter) |
Delaware | 001-33143 | 04-3106389 |
(State or other jurisdiction | (Commission | IRS Employer |
of incorporation) | File Number) | Identification No.) |
59 Maiden Lane, 6th Floor, New York, New York | 10038 |
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code | (212) 220-7120 |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.133-4 (c)) |
Item 2.02 | RESULTS OF OPERATIONS AND FINANCIAL CONDITION |
Item 9.01 | FINANCIAL STATEMENTS AND EXHIBITS. |
(a) | Not applicable. |
(b) | Not applicable. |
(c) | Not applicable. |
(d) | Exhibits. |
Exhibit Number | Description |
99.1 | Press release dated November 6, 2012. |
AmTrust Financial Services, Inc. | |||
(Registrant) | |||
Date | November 6, 2012 | ||
/s/ Stephen Ungar | |||
Stephen Ungar | |||
Secretary |
• | Gross written premium of $736.6 million, up 31.3% from the prior year |
• | Operating diluted EPS(1)(2) of $0.75 ($0.01 attributable to gain on life settlement contracts) compared to $0.66 ($0.06 attributable to gain on life settlement contracts) in the third quarter 2011 |
• | Annualized operating return on equity(1) of 18.8% and annualized return on equity of 16.7% |
• | Net earned premium of $387.4 million, up 34.1% from third quarter 2011 |
• | Commission and other revenues of $115.1 million, up 36.1% from third quarter 2011 |
• | Operating earnings(1) of $48.8 million compared to $42.2 million in the third quarter 2011 |
• | Third quarter 2012 results include gain on life settlement contracts net of non-controlling interest of $1.0 million compared to $3.8 million in the third quarter of 2011 |
• | Net income of $43.2 million compared to $37.2 million in third quarter 2011 |
• | Diluted EPS (2) of $0.66 compared to $0.58 in the third quarter 2011 |
• | Combined ratio of 90.2% compared to 89.3% in the third quarter 2011 |
• | Gross written premium of $2.0 billion, up 26.3%, or 30.1% excluding $45.0 million in one-time unearned premium transfers in the prior year |
• | Operating diluted EPS(1)(2) of $2.17 ($0.03 attributable to gain on life settlement contracts) compared to $2.23 ($0.44 attributable to gain on life settlement contracts) in the first nine months of 2011 |
• | Annualized operating return on equity(1) of 18.8% and annualized return on equity of 16.6% |
• | Net earned premium of $1.04 billion, up 40.4% from the first nine months of 2011 |
• | Commission and other revenues of $311.9 million, up 33.4% from the first nine months of 2011 |
• | Operating earnings(1) of $138.2 million compared to $138.8 million in the first nine months of 2011 |
• | 2012 results include gain on life settlement contracts net of non-controlling interest of $2.2 million compared to $27.4 million in the first nine months of 2011 |
• | Net income of $122.7 million compared to $132.5 million from the first nine months of 2011 |
• | Diluted EPS (2) of $1.93 compared to $2.13 in the first nine months of 2011 |
• | Combined ratio of 89.2% compared to 89.0% in the first nine months of 2011 |
• | Book value per share of $16.01, up from $13.47 as of December 31, 2011 |
• | Shareholders' equity was $1.1 billion as of September 30, 2012 |
CONTACT: | AmTrust Financial Services, Inc. | |
Investor Relations | ||
Elizabeth Malone CFA | ||
beth.malone@amtrustgroup.com | ||
646.413.2995 | ||
Hilly Gross | ||
hilly.gross@amtrustgroup.com | ||
646.458.7925 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Gross written premium | $ | 736,556 | $ | 561,222 | $ | 1,975,681 | $ | 1,563,711 | ||||||||
Net written premium | $ | 483,659 | $ | 321,903 | $ | 1,235,025 | $ | 931,603 | ||||||||
Change in unearned premium | (96,212 | ) | (33,055 | ) | (199,560 | ) | (194,135 | ) | ||||||||
Net earned premium | 387,447 | 288,848 | 1,035,465 | 737,468 | ||||||||||||
Ceding commission (primarily related party) | 49,860 | 40,732 | 140,684 | 111,830 | ||||||||||||
Service and fee income | 44,561 | 28,815 | 118,110 | 78,546 | ||||||||||||
Investment income, net | 18,429 | 14,456 | 49,291 | 41,815 | ||||||||||||
Net realized gain (loss) | 2,213 | 550 | 3,768 | 1,581 | ||||||||||||
Commission and other revenues | 115,063 | 84,553 | 311,853 | 233,772 | ||||||||||||
Total revenue | 502,510 | 373,401 | 1,347,318 | 971,240 | ||||||||||||
Loss and loss adjustment expense | 255,646 | 185,352 | 667,362 | 484,056 | ||||||||||||
Acquisition costs and other underwriting expense | 143,736 | 113,270 | 397,474 | 284,084 | ||||||||||||
Other expense | 42,337 | 24,045 | 110,296 | 62,805 | ||||||||||||
441,719 | 322,667 | 1,175,132 | 830,945 | |||||||||||||
Income before other, provision for income taxes, equity in earnings of unconsolidated subsidiary and non-controlling interest | 60,791 | 50,734 | 172,186 | 140,295 | ||||||||||||
Other income (expense): | ||||||||||||||||
Interest expense | (7,218 | ) | (3,946 | ) | (21,303 | ) | (12,034 | ) | ||||||||
Foreign currency gain (loss) | (951 | ) | (4,063 | ) | (2,985 | ) | (1,827 | ) | ||||||||
Bargain purchase on Majestic transaction | — | 5,850 | — | 5,850 | ||||||||||||
Net gain on life settlement contracts | 3,251 | 6,822 | 5,302 | 48,346 | ||||||||||||
(4,918 | ) | 4,663 | (18,986 | ) | 40,335 | |||||||||||
Income before provision for income taxes, equity in earnings of unconsolidated subsidiary and non-controlling interest | 55,873 | 55,397 | 153,200 | 180,630 | ||||||||||||
Provision for income taxes (1) | 13,187 | 14,297 | 36,106 | 30,623 | ||||||||||||
Equity in earnings of unconsolidated subsidiary (related party) (1) | 3,207 | (918 | ) | 8,659 | 3,415 | |||||||||||
Net income | 45,893 | 40,182 | 125,753 | 153,422 | ||||||||||||
Non-controlling interest (1) | (2,663 | ) | (3,016 | ) | (3,079 | ) | (20,911 | ) | ||||||||
Net income attributable to Amtrust Financial Services, Inc. | $ | 43,230 | $ | 37,166 | $ | 122,674 | $ | 132,511 | ||||||||
Operating earnings attributable to Amtrust Financial Services, Inc. (2) | $ | 48,796 | $ | 42,198 | $ | 138,219 | $ | 138,754 | ||||||||
Earnings per common share: | ||||||||||||||||
Basic earnings per share | $ | 0.69 | $ | 0.60 | $ | 2.01 | $ | 2.19 | ||||||||
Diluted earnings per share | $ | 0.66 | $ | 0.58 | $ | 1.93 | $ | 2.13 | ||||||||
Operating diluted earnings per share (3) | $ | 0.75 | $ | 0.66 | $ | 2.17 | $ | 2.23 | ||||||||
Weighted average number of basic shares outstanding | 62,345 | 61,668 | 60,901 | 60,374 | ||||||||||||
Weighted average number of diluted shares outstanding | 65,124 | 63,652 | 63,416 | 62,093 | ||||||||||||
Combined ratio | 90.2 | % | 89.3 | % | 89.2 | % | 89.0 | % | ||||||||
Return on equity | 16.7 | % | 17.9 | % | 16.6 | % | 22.7 | % | ||||||||
Operating return on equity (4) | 18.8 | % | 20.3 | % | 18.8 | % | 23.8 | % | ||||||||
Reconciliation of net realized gain (loss): | ||||||||||||||||
Other-than-temporary investment impairments | $ | — | $ | — | $ | (1,208 | ) | $ | (345 | ) | ||||||
Impairments recognized in other comprehensive income | — | — | — | — | ||||||||||||
— | — | (1,208 | ) | (345 | ) | |||||||||||
Net realized gain on sale of investments | 2,213 | 550 | 4,976 | 1,926 | ||||||||||||
Net realized gain | $ | 2,213 | $ | 550 | $ | 3,768 | $ | 1,581 |
September 30, 2012 | December 31, 2011 | |||||||
Cash, cash equivalents and investments | $ | 2,580,423 | $ | 2,086,638 | ||||
Premiums receivables | 1,038,495 | 932,992 | ||||||
Goodwill and intangible assets, net | 417,113 | 314,616 | ||||||
Total assets | 6,766,034 | 5,678,747 | ||||||
Loss and loss expense reserves | 2,247,118 | 1,879,175 | ||||||
Unearned premium | 1,709,185 | 1,366,170 | ||||||
Trust preferred securities | 123,714 | 123,714 | ||||||
Convertible senior notes | 160,507 | 138,506 | ||||||
AmTrust's stockholders' equity | 1,074,310 | 890,563 | ||||||
Book value per share | $ | 16.01 | $ | 13.47 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Reconciliation of net income attributable to AmTrust Financial Services, Inc. to operating earnings attributable to AmTrust Financial Services, Inc.: | ||||||||||||||||
Net income attributable to Amtrust Financial Services, Inc. | $ | 43,230 | $ | 37,166 | $ | 122,674 | $ | 132,511 | ||||||||
Less: Net realized gain (loss) net of tax | 1,438 | 358 | 2,449 | 1,028 | ||||||||||||
Foreign currency transaction gain (loss) | (951 | ) | (4,063 | ) | (2,985 | ) | (1,827 | ) | ||||||||
Gain on investment in unconsolidated subsidiary net of tax (5) | — | (2,349 | ) | — | (2,349 | ) | ||||||||||
Gain on Majestic transaction net of tax (6) | — | 3,803 | — | 3,803 | ||||||||||||
Non cash interest on convertible senior notes net of tax | (2,325 | ) | — | (3,218 | ) | — | ||||||||||
Non cash amortization of certain intangible assets | (3,728 | ) | (2,781 | ) | (11,791 | ) | (6,898 | ) | ||||||||
Operating earnings attributable to AmTrust Financial Services, Inc. (2) | $ | 48,796 | $ | 42,198 | $ | 138,219 | $ | 138,754 | ||||||||
Reconciliation of diluted earnings per share to diluted operating earnings per share: | ||||||||||||||||
Diluted earnings per share | $0.66 | $0.58 | $1.93 | $2.13 | ||||||||||||
Less: Net realized gain (loss) net of tax | 0.02 | — | 0.04 | 0.02 | ||||||||||||
Foreign currency transaction gain (loss) | (0.02 | ) | (0.06 | ) | (0.05 | ) | (0.03 | ) | ||||||||
Gain on investment in unconsolidated subsidiary net of tax | — | (0.04 | ) | — | (0.04 | ) | ||||||||||
Gain on Majestic transaction net of tax | — | 0.06 | — | 0.06 | ||||||||||||
Non cash interest convertible senior notes net of tax | (0.04 | ) | — | (0.05 | ) | — | ||||||||||
Non cash amortization of certain intangible assets | (0.05 | ) | (0.04 | ) | (0.18 | ) | (0.11 | ) | ||||||||
Operating diluted earnings per share (3) | $0.75 | $0.66 | $2.17 | $2.23 | ||||||||||||
Reconciliation of return on equity to operating return on equity: | ||||||||||||||||
Return on equity | 16.7 | % | 17.9 | % | 16.6 | % | 22.7 | % | ||||||||
Less: Net realized gain (loss) net of tax | 0.5 | % | 0.1 | % | 0.4 | % | 0.2 | % | ||||||||
Foreign currency transaction gain (loss) | (0.4 | )% | (1.9 | )% | (0.4 | )% | (0.3 | )% | ||||||||
Gain on investment in unconsolidated subsidiary net of tax | — | % | (1.1 | )% | — | % | (0.4 | )% | ||||||||
Gain on Majestic transaction net of tax | — | % | 1.8 | % | — | % | 0.7 | % | ||||||||
Non cash interest convertible senior notes net of tax | (0.9 | )% | — | % | (0.5 | )% | — | % | ||||||||
Non cash amortization of certain intangible assets | (1.3 | )% | (1.3 | )% | (1.7 | )% | (1.3 | )% | ||||||||
Operating return on equity (4) | 18.8 | % | 20.3 | % | 18.8 | % | 23.8 | % |
(1) | Prior year amounts have been reclassed to present the Company's non-controlling interest related to income on life settlement contracts on a pre-tax basis and the provision for income taxes has been reduced for an equivalent amount. Additionally, prior year amounts have been reclassed to present the Company's income from life settlement contracts included in its 21.25% ownership percentage of ACAC on a net basis. The impact of these reclasses reduced the Company's provision for income taxes by $8,142, reduced equity in earnings of unconsolidated subsidiaries by $3,338 and increased non-controlling interest by $4,804 for the nine months ended September 30, 2011. There was no overall impact on net income attributable to AmTrust Financial Services, Inc. |
(2) | Operating earnings is a non-GAAP financial measure defined by the Company as net income less net realized investment gain (loss) net of tax, foreign currency transaction gain (loss), gain on investment in unconsolidated subsidiary net of tax, gain on Majestic transaction net of tax, non cash interest on convertible senior notes net of tax and non cash amortization of certain intangible assets and should not be considered an alternative to net income. The Company's management believes that operating earnings is a useful indicator of trends in the Company's underlying operations because it provides a more meaningful representation of the Company's earnings power. The Company's measure of operating earnings may not be comparable to similarly titled measures used by other companies. |
(3) | Operating diluted earnings per share is a non-GAAP financial measure defined by the Company as net income less realized investment gain (loss) net of tax, foreign currency transaction gain (loss), gain on investment in unconsolidated subsidiary net of tax, gain on Majestic transaction net of tax, non cash interest on convertible senior notes net of tax and non cash amortization of certain intangible assets divided by the weighted average diluted shares outstanding for the period and should not be considered an alternative to diluted earnings per share. The Company's management believes that operating diluted earnings per share is a useful indicator of trends in the Company's underlying operations because it provides a more meaningful representation of the Company’s earnings power. The Company's measure of operating diluted earnings per share may not be comparable to similarly titled measures used by other companies. |
(4) | Operating return on equity is a non-GAAP financial measure defined by the Company as net income less realized investment gain (loss) net of tax, foreign currency transaction gain (loss), gain on investment in unconsolidated subsidiary net of tax, gain on Majestic transaction net of tax, non cash interest on convertible senior notes net of tax and non cash amortization of certain intangible assets divided by the average shareholders' equity for the period and should not be considered an alternative to return on equity. The Company's management believes that operating return on equity is a useful indicator of trends in the Company's underlying operations because it provides a more meaningful representation of the Company’s earnings power. The Company's measure of operating return on equity may not be comparable to similarly titled measures used by other companies. |
(5) | In 2011, the Company recorded its final purchase price adjustment related to ACAC's 2010 purchase of GMAC's consumer property and casualty insurance business. The Company originally recorded an after tax gain of $6,792 related to this acquisition in 2010. ACAC finalized its purchase price accounting in 2011 and the Company's gain on acquisition was reduced by $2,349 on an after tax basis. As required under GAAP, the Company recorded this adjustment in 2011 and included it as part of equity in earnings of unconsolidated subsidiary (related party), which was $(918) and $3,415 for the three and nine months ended September 30, 2011. This purchase price adjustment is not included in the Company's calculation of operating earnings. |
(6) | The Company recorded a gain of $5,850 and after tax gain of $3,803 related to the renewal rights transaction with Majestic Insurance. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Gross Written Premium: | ||||||||||||||||
Small Commercial Business | $ | 243,603 | $ | 145,418 | $ | 690,081 | $ | 460,741 | ||||||||
Specialty Risk and Extended Warranty | 260,415 | 256,493 | 767,114 | 749,743 | ||||||||||||
Specialty Program | 202,280 | 132,621 | 428,796 | 275,951 | ||||||||||||
Personal Lines Reinsurance | 30,258 | 26,690 | 89,690 | 77,276 | ||||||||||||
$ | 736,556 | $ | 561,222 | $ | 1,975,681 | $ | 1,563,711 | |||||||||
Net Written Premium: | ||||||||||||||||
Small Commercial Business | $ | 133,492 | $ | 79,070 | $ | 356,652 | $ | 269,942 | ||||||||
Specialty Risk and Extended Warranty | 137,106 | 149,238 | 450,526 | 438,963 | ||||||||||||
Specialty Program | 182,803 | 66,905 | 338,157 | 145,422 | ||||||||||||
Personal Lines Reinsurance | 30,258 | 26,690 | 89,690 | 77,276 | ||||||||||||
$ | 483,659 | $ | 321,903 | $ | 1,235,025 | $ | 931,603 | |||||||||
Net Earned Premium: | ||||||||||||||||
Small Commercial Business | $ | 123,806 | $ | 89,877 | $ | 309,702 | $ | 225,772 | ||||||||
Specialty Risk and Extended Warranty | 115,735 | 126,784 | 392,915 | 320,992 | ||||||||||||
Specialty Program | 119,243 | 46,947 | 249,772 | 117,855 | ||||||||||||
Personal Lines Reinsurance | 28,663 | 25,240 | 83,076 | 72,849 | ||||||||||||
$ | 387,447 | $ | 288,848 | $ | 1,035,465 | $ | 737,468 | |||||||||
Loss Ratio: | ||||||||||||||||
Small Commercial Business | 66.0 | % | 62.0 | % | 65.0 | % | 63.1 | % | ||||||||
Specialty Risk and Extended Warranty | 62.9 | % | 65.5 | % | 61.6 | % | 67.5 | % | ||||||||
Specialty Program | 69.3 | % | 64.7 | % | 68.3 | % | 66.6 | % | ||||||||
Personal Lines Reinsurance | 64.5 | % | 64.0 | % | 64.5 | % | 64.0 | % | ||||||||
Total | 66.0 | % | 64.2 | % | 64.5 | % | 65.6 | % | ||||||||
Expense Ratio: | ||||||||||||||||
Small Commercial Business | 24.6 | % | 28.7 | % | 26.8 | % | 26.7 | % | ||||||||
Specialty Risk and Extended Warranty | 19.8 | % | 19.1 | % | 19.5 | % | 17.4 | % | ||||||||
Specialty Program | 26.6 | % | 30.5 | % | 28.8 | % | 27.5 | % | ||||||||
Personal Lines Reinsurance | 30.5 | % | 32.5 | % | 30.5 | % | 32.5 | % | ||||||||
Total | 24.2 | % | 25.1 | % | 24.8 | % | 23.4 | % | ||||||||
Combined Ratio: | ||||||||||||||||
Small Commercial Business | 90.6 | % | 90.7 | % | 91.8 | % | 89.8 | % | ||||||||
Specialty Risk and Extended Warranty | 82.7 | % | 84.7 | % | 81.1 | % | 84.9 | % | ||||||||
Specialty Program | 95.9 | % | 95.2 | % | 97.1 | % | 94.1 | % | ||||||||
Personal Lines Reinsurance | 95.0 | % | 96.5 | % | 95.0 | % | 96.5 | % | ||||||||
Total | 90.2 | % | 89.3 | % | 89.2 | % | 89.0 | % |
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