Date of Report (Date of Earliest Event Reported) | February 11, 2015 |
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 February 11, 2015. |
AmTrust Financial Services, Inc. | |
(Registrant) |
Date | February 11, 2015 |
/s/ Stephen Ungar | |
Stephen Ungar | |
Secretary |
• | Gross written premium of $1.46 billion, up 37.9%, and net earned premium of $908.2 million, up 28.4% from the fourth quarter 2013 |
• | Operating diluted EPS(1) of $1.46 ($0.12 attributable to gain on life settlements) compared to $1.24 ($0.03 attributable to gain on life settlements) in the fourth quarter 2013 |
• | Annualized operating return on common equity(1) of 27.7% and annualized return on common equity of 16.7% |
• | Service and fee income of $101.7 million, up 9.4% from the fourth quarter 2013 |
• | Operating earnings(1) of $118.5 million compared to $98.5 million from the fourth quarter 2013 |
• | Net income attributable to common stockholders of $71.6 million compared to $64.7 million in the fourth quarter 2013 |
• | Diluted EPS of $0.88 compared with $0.82 in the fourth quarter 2013 |
• | Combined ratio of 90.8% compared to 89.9% in the fourth quarter 2013 |
• | Gross written premium of $6.09 billion, up 47.9%, and net earned premium of $3.53 billion, up 55.6% over 2013 |
• | Operating diluted EPS(1) of $5.75 ($0.08 attributable to gain on life settlements) compared to $3.56 ($0.03 attributable to gain on life settlements) in 2013 |
• | Operating return on common equity(1) of 29.9% and return on common equity of 28.4% |
• | Service and fee income of $409.7 million, up 23.6% from 2013 |
• | Operating earnings(1) of $458.4 million compared to $278.2 million in 2013 |
• | Net income attributable to common stockholders of $434.3 million compared to $278.2 million in 2013 |
• | Diluted EPS of $5.45 compared with $3.56 in 2013 |
• | Combined ratio of 90.7% compared to 90.5% in 2013 |
• | Book value per common share of $22.34, up from $17.74 at December 31, 2013 |
• | AmTrust's stockholders' equity was $2.04 billion as of December 31, 2014 |
Series | Rate | Dividend | ||
A | 6.75% | $0.421875 | ||
B | 7.25% | $0.453125 | ||
C | 7.625% | $0.47127 |
CONTACT: | AmTrust Financial Services, Inc. |
Investor Relations | |
Elizabeth Malone, CFA | |
beth.malone@amtrustgroup.com | |
646.458.7924 |
AmTrust Financial Services, Inc. Income Statement (in thousands, except per share data) (Unaudited) | ||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Gross written premium | $ | 1,459,648 | $ | 1,058,238 | $ | 6,087,965 | $ | 4,116,911 | ||||||||
Net written premium | $ | 898,471 | $ | 664,774 | $ | 3,956,618 | $ | 2,565,673 | ||||||||
Change in unearned premium | 9,692 | 42,788 | (430,054 | ) | (299,683 | ) | ||||||||||
Net earned premium | 908,163 | 707,562 | 3,526,564 | 2,265,990 | ||||||||||||
Service and fee income | 101,660 | 92,963 | 409,743 | 331,559 | ||||||||||||
Net investment income | 35,928 | 20,800 | 131,601 | 84,819 | ||||||||||||
Net realized and unrealized gain (loss) on investments | 1,992 | (4,936 | ) | 16,423 | 15,527 | |||||||||||
Other revenue | 139,580 | 108,827 | 557,767 | 431,905 | ||||||||||||
Total revenue | 1,047,743 | 816,389 | 4,084,331 | 2,697,895 | ||||||||||||
Loss and loss adjustment expense | 587,464 | 470,416 | 2,342,619 | 1,517,361 | ||||||||||||
Acquisition costs and other underwriting expense | 236,742 | 165,745 | 856,923 | 533,162 | ||||||||||||
Other expense | 157,678 | 68,285 | 436,350 | 291,617 | ||||||||||||
Total expense | 981,884 | 704,446 | 3,635,892 | 2,342,140 | ||||||||||||
Income before other income (expense), provision for income taxes, equity in earnings of unconsolidated subsidiaries and non-controlling interest | 65,859 | 111,943 | 448,439 | 355,755 | ||||||||||||
Other income (expense): | ||||||||||||||||
Interest expense | (9,972 | ) | (10,602 | ) | (45,857 | ) | (34,691 | ) | ||||||||
Loss on extinguishment of debt | (9,831 | ) | — | (9,831 | ) | — | ||||||||||
Net gain on life settlement contracts net of profit commission | 17,486 | 3,720 | 12,306 | 3,800 | ||||||||||||
Foreign currency gain (loss) | 34,419 | (8,956 | ) | 60,245 | (6,533 | ) | ||||||||||
Gain on acquisition | — | — | — | 48,715 | ||||||||||||
Gain on sale of subsidiary | — | — | 6,631 | — | ||||||||||||
Total other income (expense) | 32,102 | (15,838 | ) | 23,494 | 11,291 | |||||||||||
Income before provision for income taxes, equity in earnings of unconsolidated subsidiaries and non-controlling interest | 97,961 | 96,105 | 471,933 | 367,046 | ||||||||||||
Provision for income taxes | 15,940 | 30,628 | 53,686 | 98,019 | ||||||||||||
Equity in earnings of unconsolidated subsidiaries (related party) | 1,504 | 1,029 | 28,351 | 11,566 | ||||||||||||
Net income | 83,525 | 66,506 | 446,598 | 280,593 | ||||||||||||
Non-controlling interest | (6,613 | ) | 159 | 416 | 1,633 | |||||||||||
Net income attributable to AmTrust stockholders | $ | 76,912 | $ | 66,665 | $ | 447,014 | $ | 282,226 | ||||||||
Dividends on preference shares | (5,351 | ) | (1,941 | ) | (12,738 | ) | (3,989 | ) | ||||||||
Net income attributable to AmTrust common stockholders | $ | 71,561 | $ | 64,724 | $ | 434,276 | $ | 278,237 | ||||||||
Operating earnings(1) attributable to AmTrust common stockholders | $ | 118,494 | $ | 98,494 | $ | 458,369 | $ | 278,172 | ||||||||
AmTrust Financial Services, Inc. Income Statement (in thousands, except per share data) (Unaudited) | ||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Earnings per common share: | ||||||||||||||||
Basic earnings per share | $ | 0.94 | $ | 0.87 | $ | 5.78 | $ | 3.75 | ||||||||
Diluted earnings per share | $ | 0.88 | $ | 0.82 | $ | 5.45 | $ | 3.56 | ||||||||
Operating diluted earnings per share (1) | $ | 1.46 | $ | 1.24 | $ | 5.75 | $ | 3.56 | ||||||||
Weighted average number of basic shares outstanding | 76,018 | 74,481 | 74,933 | 74,163 | ||||||||||||
Weighted average number of diluted shares outstanding | 81,087 | 79,059 | 79,517 | 77,984 | ||||||||||||
Combined ratio | 90.8 | % | 89.9 | % | 90.7 | % | 90.5 | % | ||||||||
Return on equity | 16.7 | % | 20.0 | % | 28.4 | % | 22.5 | % | ||||||||
Operating return on equity (1) | 27.7 | % | 30.4 | % | 29.9 | % | 22.5 | % | ||||||||
Reconciliation of net realized gain(loss): | ||||||||||||||||
Other-than-temporary investment impairments | $ | (4,036 | ) | $ | (2,869 | ) | $ | (8,039 | ) | $ | (2,869 | ) | ||||
Impairments recognized in other comprehensive income | — | — | — | — | ||||||||||||
(4,036 | ) | (2,869 | ) | (8,039 | ) | (2,869 | ) | |||||||||
Net realized gain (loss) on sale of investments | 6,028 | (2,067 | ) | 24,462 | 18,396 | |||||||||||
Net realized gain | $ | 1,992 | $ | (4,936 | ) | $ | 16,423 | $ | 15,527 |
AmTrust Financial Services, Inc. Balance Sheet Highlights (in thousands) (Unaudited) | ||||||||
December 31, 2014 | December 31, 2013 | |||||||
Cash, cash equivalents and investments | $ | 5,664,856 | $ | 4,587,770 | ||||
Premium receivables | 1,826,152 | 1,593,975 | ||||||
Goodwill and intangible assets | 667,681 | 665,393 | ||||||
Loss and loss adjustment expense reserves | 5,664,205 | 4,368,234 | ||||||
Unearned premium | 3,447,203 | 2,680,982 | ||||||
Trust preferred securities | 123,714 | 123,714 | ||||||
Convertible senior notes | 214,424 | 164,218 | ||||||
Senior notes | 250,000 | 250,000 | ||||||
AmTrust's stockholders' equity | 2,037,017 | 1,441,005 | ||||||
Book value per common share | $ | 22.34 | $ | 17.74 |
AmTrust Financial Services, Inc. Non-GAAP Financial Measures (in thousands, except per share data) (Unaudited) | ||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Reconciliation of net income attributable to AmTrust common stockholders to operating earnings (1): | ||||||||||||||||
Net income attributable to AmTrust common stockholders | $ | 71,561 | $ | 64,724 | $ | 434,276 | $ | 278,237 | ||||||||
Less: Net realized gain (loss) net of tax | 1,295 | (3,208 | ) | 10,675 | 10,093 | |||||||||||
Non-cash amortization of intangible assets | (8,880 | ) | (10,877 | ) | (33,543 | ) | (31,667 | ) | ||||||||
Non-cash impairment of goodwill | (62,898 | ) | (10,226 | ) | (62,898 | ) | (10,226 | ) | ||||||||
Non-cash interest on convertible senior notes net of tax | (1,038 | ) | (503 | ) | (2,614 | ) | (1,950 | ) | ||||||||
Loss on extinguishment of debt | (9,831 | ) | — | (9,831 | ) | — | ||||||||||
Foreign currency transaction gain (loss) | 34,419 | (8,956 | ) | 60,245 | (6,533 | ) | ||||||||||
Gain resulting from decrease in ownership percentage of equity investment in unconsolidated subsidiary (related party) net of tax | — | — | 9,563 | 5,619 | ||||||||||||
Acquisition gain net of tax | — | — | — | 34,729 | ||||||||||||
Gain on sale of a subsidiary net of tax | — | — | 4,310 | — | ||||||||||||
Operating earnings (1) attributable to AmTrust common stockholders | $ | 118,494 | $ | 98,494 | $ | 458,369 | $ | 278,172 | ||||||||
Reconciliation of diluted earnings per share to diluted operating earnings per share (1): | ||||||||||||||||
Diluted earnings per share | $ | 0.88 | $ | 0.82 | $ | 5.45 | $ | 3.56 | ||||||||
Less: Net realized gain (loss) net of tax | 0.02 | (0.04 | ) | 0.13 | 0.13 | |||||||||||
Non-cash amortization of intangible assets | (0.11 | ) | (0.13 | ) | (0.42 | ) | (0.41 | ) | ||||||||
Non-cash impairment of goodwill | (0.78 | ) | (0.14 | ) | (0.78 | ) | (0.13 | ) | ||||||||
Non-cash interest on convertible senior notes net of tax | (0.01 | ) | — | (0.03 | ) | (0.03 | ) | |||||||||
Loss on extinguishment of debt | (0.12 | ) | — | (0.12 | ) | — | ||||||||||
Foreign currency transaction gain | 0.42 | (0.11 | ) | 0.75 | (0.08 | ) | ||||||||||
Gain resulting from decrease in ownership percentage of equity investment in unconsolidated subsidiary (related party) net of tax | — | — | 0.12 | 0.07 | ||||||||||||
Acquisition gain net of tax | — | — | — | 0.45 | ||||||||||||
Gain on sale of a subsidiary net of tax | — | — | 0.05 | — | ||||||||||||
Operating diluted earnings per share (1) | $ | 1.46 | $ | 1.24 | $ | 5.75 | $ | 3.56 | ||||||||
Reconciliation of return on common equity to operating return on common equity: | ||||||||||||||||
Return on common equity | 16.7 | % | 20.0 | % | 28.4 | % | 22.5 | % | ||||||||
Less: Net realized gain (loss) net of tax | 0.3 | % | (0.9 | )% | 0.7 | % | (6.2 | )% | ||||||||
Non-cash amortization of intangible assets | (2.1 | )% | (3.4 | )% | (2.1 | )% | 19.5 | % | ||||||||
Non-cash impairment of goodwill | (14.8 | )% | (3.2 | )% | (4.0 | )% | 6.3 | % | ||||||||
Non-cash interest on convertible senior notes net of tax | (0.2 | )% | (0.1 | )% | (0.2 | )% | 1.2 | % | ||||||||
Loss on extinguishment of debt net of tax | (2.3 | )% | — | % | (0.6 | )% | — | % | ||||||||
Foreign currency transaction gain | 8.1 | % | (2.8 | )% | 3.8 | % | 4.0 | % | ||||||||
Gain resulting from decrease in ownership percentage of equity investment in unconsolidated subsidiary (related party) net of tax | — | % | — | % | 0.6 | % | (3.5 | )% | ||||||||
Acquisition gain net of tax | — | % | — | % | — | % | (21.3 | )% | ||||||||
Gain on sale of a subsidiary net of tax | — | % | — | 0.3 | % | — | % | |||||||||
Operating return on common equity (1) | 27.7 | % | 30.4 | % | 29.9 | % | 22.5 | % |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Reconciliation of net income attributable to AmTrust common stockholders to income from operations(2): | ||||||||||||||||
Net income attributable to AmTrust common stockholders | $ | 71,561 | $ | 64,724 | $ | 434,276 | $ | 278,237 | ||||||||
Less: Net realized gains (losses), net of tax | 1,295 | (3,208 | ) | 10,675 | 10,093 | |||||||||||
Non-cash amortization of intangible assets | (8,880 | ) | (10,877 | ) | (33,543 | ) | (31,667 | ) | ||||||||
Non-cash impairment of goodwill | (62,898 | ) | (10,226 | ) | (62,898 | ) | (10,226 | ) | ||||||||
Non-cash interest on convertible senior notes net of tax | (1,038 | ) | (503 | ) | (2,614 | ) | (1,950 | ) | ||||||||
Loss on extinguishment of debt | (9,831 | ) | — | (9,831 | ) | — | ||||||||||
Foreign currency transaction gain (loss) | 34,419 | (8,956 | ) | 60,245 | (6,533 | ) | ||||||||||
Gain resulting from decrease in ownership percentage of equity investment in unconsolidated subsidiary (related party) net of tax | — | — | 9,563 | 5,619 | ||||||||||||
Acquisition gain net of tax | — | — | — | 34,729 | ||||||||||||
Gain on sale of a subsidiary net of tax | — | — | 4,310 | — | ||||||||||||
Preferred dividend | (5,351 | ) | (1,941 | ) | (12,738 | ) | (3,989 | ) | ||||||||
Income from operations (2) | $ | 123,845 | $ | 100,435 | $ | 471,107 | $ | 282,161 |
(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 impairment of goodwill, non-cash interest on convertible senior notes, net of tax, loss on extinguishment of debt, 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 of a subsidiary, 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 impairment of goodwill, non-cash interest on convertible senior notes, net of tax, loss on extinguishment of debt, 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 of a subsidiary, 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 impairment of goodwill, non-cash interest on convertible senior notes, net of tax, loss on extinguishment of debt, 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 of a subsidiary, 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) | 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 impairment of goodwill, non-cash interest on convertible senior notes, net of tax, loss on extinguishment of debt, 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 of a subsidiary, 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 December 31, | Year Ended December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Gross written premium | ||||||||||||||||
Small Commercial Business | $ | 633,263 | $ | 470,892 | $ | 2,999,714 | $ | 1,659,980 | ||||||||
Specialty Risk and Extended Warranty | 595,401 | 382,569 | 1,983,052 | 1,511,649 | ||||||||||||
Specialty Program | 230,984 | 205,843 | 1,105,199 | 879,455 | ||||||||||||
Personal Lines Reinsurance - run off | — | (1,066 | ) | — | 65,827 | |||||||||||
$ | 1,459,648 | $ | 1,058,238 | $ | 6,087,965 | $ | 4,116,911 | |||||||||
Net written premium | ||||||||||||||||
Small Commercial Business | $ | 356,036 | $ | 303,130 | $ | 1,882,383 | $ | 935,313 | ||||||||
Specialty Risk and Extended Warranty | 400,502 | 221,984 | 1,333,747 | 944,081 | ||||||||||||
Specialty Program | 141,933 | 140,726 | 740,488 | 620,452 | ||||||||||||
Personal Lines Reinsurance - run off | — | (1,066 | ) | — | 65,827 | |||||||||||
$ | 898,471 | $ | 664,774 | $ | 3,956,618 | $ | 2,565,673 | |||||||||
Net earned premium | ||||||||||||||||
Small Commercial Business | $ | 417,820 | $ | 316,716 | $ | 1,606,805 | $ | 833,812 | ||||||||
Specialty Risk and Extended Warranty | 311,089 | 216,151 | 1,232,238 | 811,837 | ||||||||||||
Specialty Program | 179,254 | 159,201 | 678,612 | 520,371 | ||||||||||||
Personal Lines Reinsurance - run off | — | 15,494 | 8,909 | 99,970 | ||||||||||||
$ | 908,163 | $ | 707,562 | $ | 3,526,564 | $ | 2,265,990 | |||||||||
Loss Ratio: | ||||||||||||||||
Small Commercial Business | 63.0 | % | 66.0 | % | 65.7 | % | 65.8 | % | ||||||||
Specialty Risk and Extended Warranty | 64.1 | % | 66.4 | % | 66.4 | % | 67.2 | % | ||||||||
Specialty Program | 65.8 | % | 67.4 | % | 67.3 | % | 68.2 | % | ||||||||
Total | 64.7 | % | 66.5 | % | 66.4 | % | 67.0 | % | ||||||||
Expense Ratio: | ||||||||||||||||
Small Commercial Business | 28.2 | % | 26.1 | % | 25.9 | % | 25.5 | % | ||||||||
Specialty Risk and Extended Warranty | 22.1 | % | 16.6 | % | 20.6 | % | 18.6 | % | ||||||||
Specialty Program | 28.0 | % | 26.7 | % | 27.0 | % | 26.6 | % | ||||||||
Total | 26.1 | % | 23.4 | % | 24.3 | % | 23.5 | % | ||||||||
Combined Ratio: | ||||||||||||||||
Small Commercial Business | 91.2 | % | 92.1 | % | 91.6 | % | 91.3 | % | ||||||||
Specialty Risk and Extended Warranty | 86.1 | % | 83.0 | % | 87.0 | % | 85.8 | % | ||||||||
Specialty Program | 93.8 | % | 94.1 | % | 94.3 | % | 94.9 | % | ||||||||
Total | 90.8 | % | 89.9 | % | 90.7 | % | 90.5 | % |
&%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<.;,