Date of Report (Date of Earliest Event Reported) | August 7, 2014 |
Delaware | 001-33143 | 04-3106389 | ||
(State or other jurisdiction | (Commission | (IRS Employer | ||
of incorporation) | File Number) | Identification No.) |
59 Maiden Lane, 43rd Floor, New York, New York | 10038 | |
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code | (212) 220-7120 |
(Former name or former address, if changed since last report.) |
¨ | 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 August 7, 2014. |
AmTrust Financial Services, Inc. | |
(Registrant) |
Date | August 7, 2014 |
/s/ Stephen Ungar | |
Stephen Ungar | |
Secretary |
• | Gross written premium of $1.44 billion, up 38.7%, and net earned premium of $874.9 million, up 63.1% from the second quarter 2013 |
• | Operating diluted EPS(1) of $1.34 ($(0.03) attributable to loss on life settlements) compared to $0.75 ($0.01 attributable to gain on life settlements) in the second quarter 2013 |
• | Annualized operating return on common equity(1) of 28.0% and annualized return on common equity of 27.8% |
• | Service and fee income of $99.5 million, up 13.0% from the second quarter 2013 |
• | Operating earnings(1) of $107.1 million compared to $57.4 million from the second quarter 2013 |
• | Net income attributable to common stockholders of $106.3 million compared to $71.4(3) million in the second quarter 2013 |
• | Diluted EPS of $1.33 compared with $0.93 in the second quarter 2013 |
• | Combined ratio of 90.9% compared to 92.1% in the second quarter 2013 |
• | Gross written premium of $3.11 billion, up 56.7%, and net earned premium of $1.70 billion, up 80.4% over YTD 2013 |
• | Operating diluted EPS(1) of $2.58 ($(0.02) attributable to loss on life settlements) compared to $1.49 ($0.00 attributable to loss on life settlements) in YTD 2013 |
• | Annualized operating return on common equity(1) of 28.0% and annualized return on common equity of 28.2% |
• | Service and fee income of $190.5 million, up 28.2% from YTD 2013 |
• | Operating earnings(1) of $204.5 million compared to $114.5 million from YTD 2013 |
• | Net income attributable to common stockholders of $206.1 million compared to $155.3(3) million in YTD 2013 |
• | Diluted EPS of $2.60 compared with $2.02 in YTD 2013 |
• | Combined ratio of 90.4% compared to 91.8% in YTD 2013 |
• | Book value per common share of $21.13, up from $17.85 at December 31, 2013 |
• | AmTrust's stockholders' equity was $1.71 billion as of June 30, 2014 |
CONTACT: | AmTrust Financial Services, Inc. |
Investor Relations | |
Elizabeth Malone CFA | |
beth.malone@amtrustgroup.com | |
646.458.7924 | |
Media Contact | |
Kekst & Company | |
Andrea Calise | |
andrea-calise@kekst.com | |
212.521.4845 | |
Ross Lovern | |
ross-lovern@kekst.com | |
212.521.4876 |
AmTrust Financial Services, Inc. Income Statement (in thousands, except per share data) (Unaudited) | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Gross written premium | $ | 1,443,640 | $ | 1,040,614 | $ | 3,109,836 | $ | 1,984,536 | ||||||||
Net written premium | $ | 923,670 | $ | 639,997 | $ | 2,053,951 | $ | 1,172,103 | ||||||||
Change in unearned premium | (48,733 | ) | (103,458 | ) | (349,963 | ) | (227,570 | ) | ||||||||
Net earned premium | 874,937 | 536,539 | 1,703,988 | 944,533 | ||||||||||||
Service and fee income | 99,542 | 88,102 | 190,500 | 148,615 | ||||||||||||
Investment income, net | 32,594 | 22,634 | 61,121 | 40,729 | ||||||||||||
Net realized gain | 3,906 | 2,067 | 9,345 | 19,351 | ||||||||||||
Other revenue (2) | 136,042 | 112,803 | 260,966 | 208,695 | ||||||||||||
Total revenue (2) | 1,010,979 | 649,342 | 1,964,954 | 1,153,228 | ||||||||||||
Loss and loss adjustment expense | 587,233 | 364,110 | 1,145,803 | 636,366 | ||||||||||||
Acquisition costs and other underwriting expense (2) | 208,060 | 129,946 | 394,669 | 230,231 | ||||||||||||
Other expense | 87,588 | 80,985 | 175,179 | 133,137 | ||||||||||||
Total expense (2) | 882,881 | 575,041 | 1,715,651 | 999,734 | ||||||||||||
Income before other, provision for income taxes, equity in earnings of unconsolidated subsidiaries and non-controlling interest | 128,098 | 74,301 | 249,303 | 153,494 | ||||||||||||
Other income (expense): | ||||||||||||||||
Interest expense | (12,587 | ) | (7,608 | ) | (24,084 | ) | (14,969 | ) | ||||||||
Net gain (loss) on life settlement contracts net of profit commission | (5,070 | ) | 1,080 | (2,270 | ) | 4 | ||||||||||
Foreign currency (loss) gain | 1,084 | 783 | (768 | ) | 2,055 | |||||||||||
Gain on acquisition (3) | — | 23,183 | — | 48,715 | ||||||||||||
Gain on sale | 6,631 | — | 6,631 | — | ||||||||||||
Total other (expense) income | (9,942 | ) | 17,438 | (20,491 | ) | 35,805 | ||||||||||
Income before provision for income taxes, equity in earnings of unconsolidated subsidiaries and non-controlling interest | 118,156 | 91,739 | 228,812 | 189,299 | ||||||||||||
Provision for income taxes (2) | 17,966 | 27,402 | 45,410 | 43,511 | ||||||||||||
Equity in earnings of unconsolidated subsidiaries (related party) | 3,999 | 7,060 | 22,515 | 8,610 | ||||||||||||
Net income | 104,189 | 71,397 | 205,917 | 154,398 | ||||||||||||
Non-controlling interest | 4,026 | — | 4,090 | 877 | ||||||||||||
Net income attributable to AmTrust stockholders | $ | 108,215 | $ | 71,397 | $ | 210,007 | $ | 155,275 | ||||||||
Dividends on preference shares | (1,941 | ) | — | (3,882 | ) | — | ||||||||||
Net income attributable to AmTrust common stockholders | $ | 106,274 | $ | 71,397 | $ | 206,125 | $ | 155,275 | ||||||||
Operating earnings (1) attributable to AmTrust common stockholders | $ | 107,099 | $ | 57,387 | $ | 204,519 | $ | 114,547 | ||||||||
AmTrust Financial Services, Inc. Income Statement (in thousands, except per share data) (Unaudited) | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Earnings per common share: | ||||||||||||||||
Basic earnings per share | $ | 1.41 | $ | 0.96 | $ | 2.75 | $ | 2.10 | ||||||||
Diluted earnings per share | $ | 1.33 | $ | 0.93 | $ | 2.60 | $ | 2.02 | ||||||||
Operating diluted earnings per share (1) | $ | 1.34 | $ | 0.75 | $ | 2.58 | $ | 1.49 | ||||||||
Weighted average number of basic shares outstanding (4) | 74,979 | 74,098 | 74,764 | 73,957 | ||||||||||||
Weighted average number of diluted shares outstanding (4) | 79,679 | 76,905 | 78,965 | 76,781 | ||||||||||||
Combined ratio | 90.9 | % | 92.1 | % | 90.4 | % | 91.8 | % | ||||||||
Return on equity | 27.8 | % | 23.9 | % | 28.2 | % | 26.6 | % | ||||||||
Operating return on equity (1) | 28.0 | % | 19.2 | % | 28.0 | % | 19.6 | % | ||||||||
Reconciliation of net realized gain(loss): | ||||||||||||||||
Other-than-temporary investment impairments | $ | (1,896 | ) | $ | — | $ | (3,539 | ) | $ | — | ||||||
Impairments recognized in other comprehensive income | — | — | — | — | ||||||||||||
(1,896 | ) | — | (3,539 | ) | — | |||||||||||
Net realized gains on sale of investments | 5,802 | 2,067 | 12,884 | 19,351 | ||||||||||||
Net realized gains | $ | 3,906 | $ | 2,067 | $ | 9,345 | $ | 19,351 |
AmTrust Financial Services, Inc. Balance Sheet Highlights (in thousands) (Unaudited) | ||||||||
June 30, 2014 | December 31, 2013 | |||||||
Cash, cash equivalents and investments | $ | 5,086,933 | $ | 4,587,770 | ||||
Premium receivables | 1,867,890 | 1,593,975 | ||||||
Goodwill and intangible assets | 708,257 | 665,393 | ||||||
Loss and loss adjustment expense reserves | 5,078,284 | 4,368,234 | ||||||
Unearned premium | 3,317,438 | 2,680,982 | ||||||
Trust preferred securities | 123,714 | 123,714 | ||||||
Convertible senior notes | 165,803 | 164,218 | ||||||
Senior notes | 250,000 | 250,000 | ||||||
Preferred shares | 115,000 | 115,000 | ||||||
AmTrust's stockholders' equity | 1,710,813 | 1,441,005 | ||||||
Book value per common share | $ | 21.13 | $ | 17.74 |
AmTrust Financial Services, Inc. Non-GAAP Financial Measures (in thousands, except per share data) (Unaudited) | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Reconciliation of net income attributable to AmTrust common stockholders to operating earnings (1): | ||||||||||||||||
Net income attributable to AmTrust common stockholders | $ | 106,274 | $ | 71,397 | $ | 206,125 | $ | 155,275 | ||||||||
Less: Net realized gains net of tax | 2,539 | 1,343 | 6,074 | 12,578 | ||||||||||||
Non cash amortization of intangible assets | (8,240 | ) | (8,329 | ) | (16,543 | ) | (13,308 | ) | ||||||||
Non cash interest on convertible senior notes net of tax | (518 | ) | (475 | ) | (1,030 | ) | (945 | ) | ||||||||
Foreign currency transaction (loss) gain | 1,084 | 783 | (768 | ) | 2,055 | |||||||||||
Gain resulting from decrease in ownership percentage of equity investment in unconsolidated subsidiary (related party) net of tax | — | 5,619 | 9,563 | 5,619 | ||||||||||||
Acquisition gain net of tax (3) | — | 15,069 | — | 34,729 | ||||||||||||
Gain on sale net of tax | 4,310 | — | 4,310 | — | ||||||||||||
Operating earnings (1) attributable to AmTrust common stockholders | $ | 107,099 | $ | 57,387 | $ | 204,519 | $ | 114,547 | ||||||||
Reconciliation of diluted earnings per share to diluted operating earnings per share (1): | ||||||||||||||||
Diluted earnings per share | $ | 1.33 | $ | 0.93 | $ | 2.60 | $ | 2.02 | ||||||||
Less: Net realized gain net of tax | 0.03 | 0.02 | 0.08 | 0.16 | ||||||||||||
Non cash amortization of intangible assets | (0.09 | ) | (0.11 | ) | (0.21 | ) | (0.17 | ) | ||||||||
Non cash interest on convertible senior notes net of tax | (0.01 | ) | (0.01 | ) | (0.01 | ) | (0.01 | ) | ||||||||
Foreign currency transaction (loss) gain | 0.01 | 0.01 | (0.01 | ) | 0.03 | |||||||||||
Gain resulting from decrease in ownership percentage of equity investment in unconsolidated subsidiary (related party) net of tax | — | 0.07 | 0.12 | 0.07 | ||||||||||||
Acquisition gain net of tax (3) | — | 0.20 | — | 0.45 | ||||||||||||
Gain on sale net of tax | 0.05 | — | 0.05 | — | ||||||||||||
Operating diluted earnings per share (1) | $ | 1.34 | $ | 0.75 | $ | 2.58 | $ | 1.49 | ||||||||
Reconciliation of return on common equity to operating return on common equity: | ||||||||||||||||
Return on common equity | 27.8 | % | 23.9 | % | 28.2 | % | 26.6 | % | ||||||||
Less: Net realized gain net of tax | 0.6 | % | 0.5 | % | 0.8 | % | 2.2 | % | ||||||||
Non cash amortization of intangible assets | (2.0 | )% | (2.8 | )% | (2.1 | )% | (2.3 | )% | ||||||||
Non cash interest on convertible senior notes net of tax | (0.1 | )% | (0.1 | )% | (0.1 | )% | (0.1 | )% | ||||||||
Foreign currency transaction (loss) gain | 0.3 | % | 0.3 | % | (0.1 | )% | 0.4 | % | ||||||||
Gain resulting from decrease in ownership percentage of equity investment in unconsolidated subsidiary (related party) net of tax | — | % | 1.9 | % | 1.2 | % | 1.0 | % | ||||||||
Acquisition gain net of tax (3) | — | % | 4.9 | % | — | % | 5.8 | % | ||||||||
Gain on sale net of tax | 1.0 | % | — | 0.5 | % | — | % | |||||||||
Operating return on common equity (1) | 28.0 | % | 19.2 | % | 28.0 | % | 19.6 | % |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Reconciliation of net income attributable to AmTrust common stockholders to income from operations(5): | ||||||||||||||||
Net income attributable to AmTrust common stockholders | $ | 106,274 | $ | 71,397 | $ | 206,125 | $ | 155,275 | ||||||||
Less: Net realized gains net of tax | 2,539 | 1,343 | 6,074 | 12,578 | ||||||||||||
Non cash amortization of intangible assets | (8,240 | ) | (8,329 | ) | (16,543 | ) | (13,308 | ) | ||||||||
Non cash interest on convertible senior notes net of tax | (518 | ) | (475 | ) | (1,030 | ) | (945 | ) | ||||||||
Foreign currency transaction (loss) gain | 1,084 | 783 | (768 | ) | 2,055 | |||||||||||
Gain resulting from decrease in ownership percentage of equity investment in unconsolidated subsidiary (related party) net of tax | — | 5,619 | 9,563 | 5,619 | ||||||||||||
Acquisition gain net of tax | — | 15,069 | — | 34,729 | ||||||||||||
Gain on sale net of tax | 4,310 | — | 4,310 | — | ||||||||||||
Preferred dividend | (1,941 | ) | — | (3,882 | ) | — | ||||||||||
Income from operations (5) | $ | 109,040 | $ | 57,387 | $ | 208,401 | $ | 114,547 |
(1) | References to operating earnings, operating diluted EPS, and operating return on common equity are non-GAAP financial measures. Operating earnings is defined by the Company as net income attributable to AmTrust common stockholders less after-tax realized investment gain (loss), non-cash amortization of intangible assets, non-cash interest on convertible senior notes, net of tax, foreign currency transaction gain (loss), gain resulting from a decrease in the ownership percentage of an equity investment in an unconsolidated subsidiary (related party), net of tax, acquisition gain, net of tax and gain on sale, net of tax and should not be considered an alternative to net income. Operating diluted earnings per share is defined by the Company as net income attributable to AmTrust common stockholders less after-tax realized investment gain (loss), non-cash amortization of intangible assets, non-cash interest on convertible senior notes, net of tax, foreign currency transaction gain (loss), gain resulting from a decrease in the ownership percentage of an equity investment in an unconsolidated subsidiary (related party), net of tax, acquisition gain, net of tax and gain on sale, net of tax divided by the weighted average diluted shares outstanding for the period and should not be considered an alternative to diluted earnings per share. Operating return on common equity is defined by the Company as net income attributable to AmTrust common stockholders less after-tax realized investment gain (loss), non-cash amortization of intangible assets, non-cash interest on convertible senior notes, net of tax, foreign currency transaction gain (loss), gain resulting from a decrease in the ownership percentage of an equity investment in an unconsolidated subsidiary (related party), net of tax, acquisition gain, net of tax and gain on sale, net of tax divided by the average common equity for the period and should not be considered an alternative to return on common equity. The Company believes operating earnings, operating diluted EPS, and operating return on common equity are more relevant measures of the Company's profitability because operating earnings, operating diluted EPS, and operating return on common equity contain the components of net income upon which the Company's management has the most influence and excludes factors outside management's direct control and non-recurring items. The Company's measure of operating earnings, operating diluted EPS, and operating return on common equity may not be comparable to similarly titled measures used by other companies. |
(2) | During the three months ended December 31, 2013, the Company began netting ceding commission with acquisition costs and other underwriting expenses. In the three and six months ended June 30, 2013, ceding commission earned was presented as a component of revenue. The amount, previously recorded in revenue and now included in acquisition costs and other underwriting expense, was $67,157 and $131,115 for the three and six months ended June 30, 2013, respectively. Additionally, the Company began recording certain amounts related to its Luxembourg reinsurance companies to reflect the reduction of its deferred tax liability related to its utilization of equalization reserves as a reduction of provision for income taxes rather than a reduction of acquisition costs and other underwriting expenses. The amounts for the three and six months ended June 30, 2013 increased acquisition costs and other underwriting expenses by $4,544 and $11,967, respectively, and also reduced the provision for income taxes by the same amounts for the three and six months ended June 30, 2013. The impact of the aforementioned changes had no impact on net income for the three and six months ended June 30, 2013, and increased our combined ratio to 92.1% for the three months ended June 30, 2013 from 91.3% as previously reported, and increased out combined ratio to 91.8% for the six months ended June 30, 2013 from 90.5% as previously reported. |
(3) | The Company completed its acquisition accounting for Sequoia Insurance Company and Mutual Insurers Holding Company and their respective subsidiaries during the three months ended June 30, 2014, which resulted in a decrease of $8,637 in the gain on acquisition and net income, which was recorded retrospectively during the three months ended June 30, 2013. The decrease related primarily to the fair value obtained from their deferred tax assets. |
(4) | During the three months ended September 30, 2013, the Company paid a ten percent stock dividend. As such, the weighted average number of shares used for basic and diluted earnings per share have been adjusted retroactively in the prior periods. |
(5) | Income from Operations is a non-GAAP financial measure defined by the Company as net income attributable to AmTrust common stockholders less after-tax realized investment gain (loss), non-cash amortization of intangible assets, non-cash interest on convertible senior notes, net of tax, foreign currency transaction gain (loss), gain resulting from a decrease in the ownership percentage of an equity investment in an unconsolidated subsidiary (related party), net of tax, acquisition gain net of tax, gain on sale, net of tax and preferred dividends and should not be considered as an alternative to net income. The Company believes income from operations is a more relevant measure of the Company's profitability because income from operations contains the components of net income upon which the Company's management has the most influence and excludes factors outside management's direct control and non-recurring items. The Company's measure of income from operations may not be comparable to similarly titled measures used by other companies. |
AmTrust Financial Services, Inc. Segment Information (in thousands, except percentages) (Unaudited) | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Gross written premium | ||||||||||||||||
Small Commercial Business | $ | 704,627 | $ | 389,911 | $ | 1,643,554 | $ | 765,760 | ||||||||
Specialty Risk and Extended Warranty | 503,603 | 447,885 | 950,806 | 776,214 | ||||||||||||
Specialty Program | 235,410 | 173,843 | 515,476 | 382,935 | ||||||||||||
Personal Lines Reinsurance - run off | — | 28,975 | — | 59,627 | ||||||||||||
$ | 1,443,640 | $ | 1,040,614 | $ | 3,109,836 | $ | 1,984,536 | |||||||||
Net written premium | ||||||||||||||||
Small Commercial Business | $ | 453,092 | $ | 218,553 | $ | 1,103,808 | $ | 392,293 | ||||||||
Specialty Risk and Extended Warranty | 320,540 | 290,272 | 601,655 | 474,714 | ||||||||||||
Specialty Program | 150,038 | 102,197 | 348,488 | 245,469 | ||||||||||||
Personal Lines Reinsurance - run off | — | 28,975 | — | 59,627 | ||||||||||||
$ | 923,670 | $ | 639,997 | $ | 2,053,951 | $ | 1,172,103 | |||||||||
Net earned premium | ||||||||||||||||
Small Commercial Business | $ | 386,857 | $ | 188,300 | $ | 767,261 | $ | 314,900 | ||||||||
Specialty Risk and Extended Warranty | 321,608 | 208,150 | 593,123 | 349,304 | ||||||||||||
Specialty Program | 164,002 | 110,676 | 334,842 | 222,154 | ||||||||||||
Personal Lines Reinsurance - run off | 2,470 | 29,413 | 8,762 | 58,175 | ||||||||||||
$ | 874,937 | $ | 536,539 | $ | 1,703,988 | $ | 944,533 | |||||||||
Loss Ratio: | ||||||||||||||||
Small Commercial Business | 66.7 | % | 66.0 | % | 66.9 | % | 66.3 | % | ||||||||
Specialty Risk and Extended Warranty | 67.1 | % | 69.2 | % | 67.3 | % | 67.9 | % | ||||||||
Specialty Program | 68.1 | % | 68.5 | % | 68.0 | % | 68.1 | % | ||||||||
Personal Lines Reinsurance - run off | 69.0 | % | 67.6 | % | 67.0 | % | 67.5 | % | ||||||||
Total | 67.1 | % | 67.9 | % | 67.2 | % | 67.4 | % | ||||||||
Expense Ratio: | ||||||||||||||||
Small Commercial Business | 25.6 | % | 25.8 | % | 24.4 | % | 25.5 | % | ||||||||
Specialty Risk and Extended Warranty | 19.8 | % | 21.1 | % | 19.6 | % | 21.6 | % | ||||||||
Specialty Program | 27.2 | % | 25.6 | % | 26.4 | % | 25.6 | % | ||||||||
Personal Lines Reinsurance - run off | 30.3 | % | 30.5 | % | 29.4 | % | 30.5 | % | ||||||||
Total | 23.8 | % | 24.2 | % | 23.2 | % | 24.4 | % | ||||||||
Combined Ratio: | ||||||||||||||||
Small Commercial Business | 92.3 | % | 91.9 | % | 91.3 | % | 91.8 | % | ||||||||
Specialty Risk and Extended Warranty | 86.9 | % | 90.3 | % | 86.9 | % | 89.4 | % | ||||||||
Specialty Program | 95.3 | % | 94.1 | % | 94.5 | % | 93.8 | % | ||||||||
Personal Lines Reinsurance - run off | 99.3 | % | 98.1 | % | 96.4 | % | 98.0 | % | ||||||||
Total | 90.9 | % | 92.1 | % | 90.4 | % | 91.8 | % |
&%P+S$N,"\`/#]X<&%C:V5T(&)E9VEN/2?ON[\G(&ED
M/2=7-4TP37!#96AI2'IR95-Z3E1C>FMC.60G/SX-"CQX.GAM<&UE=&$@>&UL
M;G,Z>#TB861O8F4Z;G,Z;65T82\B('@Z>&UP=&L](EA-4"!T;V]L:VET(#,N
M,"TR."P@9G)A;65W;W)K(#$N-B(^#0H)/')D9CI21$8@>&UL;G,Z $S%F+P)'*"
M\25#-%.2HK)C<\(U1">3H[,V%U1D=,/2X@@F@PD*&!F$E$5&I+16TU4H&O+C
M\\34Y/1E=865I;7%U>7U9G:&EJ:VQM;F]C='5V=WAY>GM\?7Y_ @JF!78J[%78J[%78J[%78J[%78J
M[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%7__U?5.*NQ5V*NQ5V*NQ5V*
MNQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*
MNQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*
MNQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*
MNQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*
MNQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*H'5M#
MT?6(4@U2SAO88VYI'.@=0U"*@'O0Y9CRR@;B>%KR8HS%2'$UI'E_1-&21-*L
M8;%)B&E6!`@8KL*TZTKCDS3G]1,EQX80^D"*GKOECR]K\$4&MZ=;ZC#"W.*.
MYC6158BG(!N],$,DH\C3*4!+F$E_Y5)^6/\`U*^F_P#2-'_3)_F,G\XL/`AW
M!W_*I/RQ_P"I7TW_`*1H_P"F/YC)_.*^!#N#O^52?EC_`-2OIO\`TC1_TQ_,
M9/YQ7P(=P=_RJ3\L?^I7TW_I&C_IC^8R?SBO@0[@[_E4GY8_]2OIO_2-'_3'
M\QD_G%?`AW!W_*I/RQ_ZE?3?^D:/^F/YC)_.*^!#N#)[.SM;*TAL[2)8+6W1
M8H(4%%1$%%51V50*#*B;-EL`I6P)=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=B
MKL5=BKL5=BKL5=BKL5=BKL5=BKL5?__6]4XJ[%78J[%78J[%78J[%78J[%78
MJ[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78
MJ[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78
MJ[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78
MJ[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78
MJ[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78
MJ[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78
MJ[%78J[%78J[%7__U_5.*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V
M*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V
M*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V
M*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V
M*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V
M*NQ5V*NQ5V*NQ5V*NQ5V*L,_,C\RK;R7#9?Z'^D+J]9^-N)?2XQQBK.6X2=R
MH`X_S?RYG:+1'.3OPB+@ZW6C`!MQ&2?^5_,%MYA\OV.LVR\([R,.8Z\N#@E7
M2M!7@X9:TS'SX3CF8G^%R,&89("0_B33*6YV*NQ5V*NQ5YG_`,K1\^?^6]OO
M^1S_`/9/FU_(8?\`58_+_CSJOS^;_4I?/_CJ"?\`.OS*FJ)I+>2;E=3D3U$L
MS-/]DN9W\G<)/'(
M0B/XOY_]6+@_RCQ`<$3.1_A_F?UI+=*_-N2+7(M%\VZ-)Y>NKC_>>>60/`Y[
M58J@`)^'FI=>7\N')V=<./'+Q0/],C'VC4^#)'PB?]*Z7\T=?U%I9?*?E:YU
M?38F91J,CB!)>!H3$I4EUK[\O\C$:"$=LDQ"7\WZE.OG+?'`SC_.^E-?(_YD
M67F>YNM-GLY=*UNRJ;C3IS5@H(4E6*H3Q)`8,BY3JM$<0$@>.$OXF[2ZT928
MD<$X_P`+,,PG->6:A_ZT'IG_`&S6_P"(39MX?XE+^O\`\2ZB?^.Q_J?\4]$U
M_5X]'T6]U66,RQV4+SM&I`+!!6@)S68',1_G.SS9."!E_-89J'YT:#:Z7I
ML\-I/>:IJD0F@TJ"CR(IK3U&%>/*FW%6;_)S.AV9,R()$8P_C<&?:*4Q&0
MD,8XN+^=LR.NX8P,HF)R'AX?YN[.OISJP"
MI0T^('
*.TG%S&;=D4EU!6C
H<+#4Z:.8`2OTGB3_,=R$@F\EZ7+YQ@\V-+.-1MX#;)$&3T"A#"I7A
MSY?&?]V9D#4R&(X]N$GB_I..=-$Y1DWX@.'^BG^8[D)!-Y+TN7SC!YL:6<:C
M;P&V2(,GH%"&%2O#GR^,_P"[,R!J9#$<>W"3Q?TG'.FB
7-!L_+^
MB6NCV;R26UHI6-YBK2$,Q<\BJHO5OY<.;,