Maryland | 001-34385 | 26-2749336 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
1555 Peachtree Street, NE, Atlanta, Georgia | 30309 | |
(Address of principal executive offices) | (Zip Code) |
¨ | 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 240.13e-4(c)) |
Item 2.02 | Results of Operations and Financial Condition. |
Item 9.01 | Financial Statements and Exhibits. |
(d) | Exhibits. |
Exhibit No. | Description | |
99.1 | Press Release, dated February 19, 2014, issued by Invesco Mortgage Capital Inc. |
Exhibit No. | Description | |
99.1 | Press Release, dated February 19, 2014, issued by Invesco Mortgage Capital Inc. |
Press Release For immediate release |
Invesco Mortgage Capital Inc. Reports Fourth Quarter 2013 Financial Results Contact: Bill Hensel, 404-479-2886 |
($ in millions, except per share amounts) | Q4 ‘13 | Q3 ‘13 | ||||
(unaudited) | (unaudited) | |||||
Average earning assets (at amortized costs) | $20,063.5 | $20,452.7 | ||||
Average borrowed funds | 17,867.2 | 18,150.6 | ||||
Average equity | $2,403.4 | $2,426.3 | ||||
Interest income | $174.9 | $171.3 | ||||
Interest expense | 95.6 | 89.6 | ||||
Net interest income | 79.2 | 81.7 | ||||
Loss on sale of investments | (142.5 | ) | (69.3 | ) | ||
Other loss | (4.0 | ) | (5.2 | ) | ||
Operating expenses | 14.2 | 13.2 | ||||
Net loss | (81.6 | ) | (6.0 | ) | ||
Preferred dividend | 2.7 | 2.7 | ||||
Net loss after preferred dividend | ($84.3 | ) | ($8.7 | ) | ||
Average portfolio yield | 3.49 | % | 3.35 | % | ||
Average cost of funds | 2.14 | % | 1.97 | % | ||
Debt to equity ratio | 7.3x | 6.9x | ||||
Return on average equity | (14.03 | %) | (1.44 | %) | ||
Book value per common share (diluted) | $17.97 | $17.64 | ||||
Loss per common share (basic) | ($0.63 | ) | ($0.06 | ) | ||
Core earnings per common share * | $0.48 | $0.50 | ||||
Dividend per common share | $0.50 | $0.50 | ||||
Dividend per preferred share | $0.4844 | $0.4844 |
Three Months Ended December 31, | Years Ended December 31, | ||||||||||
$ in thousands, except per share data | 2013 | 2012 | 2013 | 2012 | |||||||
Interest Income | |||||||||||
Mortgage-backed securities | 160,168 | 145,389 | 646,787 | 566,830 | |||||||
Residential loans | 13,679 | — | 34,122 | — | |||||||
Commercial loans | 1,019 | — | 1,451 | — | |||||||
Total interest income | 174,866 | 145,389 | 682,360 | 566,830 | |||||||
Interest Expense | |||||||||||
Repurchase agreements | 79,061 | 65,093 | 287,547 | 237,405 | |||||||
Exchangeable senior notes | 5,620 | — | 18,023 | — | |||||||
Asset-backed securities | 10,960 | — | 26,682 | — | |||||||
Total interest expense | 95,641 | 65,093 | 332,252 | 237,405 | |||||||
Net interest income | 79,225 | 80,296 | 350,108 | 329,425 | |||||||
Provision for loan losses | 134 | — | 884 | — | |||||||
Net interest income after provision for loan losses | 79,091 | 80,296 | 349,224 | 329,425 | |||||||
Other Income (loss) | |||||||||||
Gain (loss) on sale of investments, net | (142,530 | ) | 23,236 | (199,449 | ) | 48,215 | |||||
Equity in earnings and fair value change in unconsolidated ventures | 176 | 937 | 5,345 | 7,169 | |||||||
Realized and unrealized gain (loss) on interest rate derivative instruments | (4,421 | ) | (1,382 | ) | 40,003 | (4,232 | ) | ||||
Realized and unrealized credit default swap income | 299 | 420 | 1,127 | 3,115 | |||||||
Total other income (loss) | (146,476 | ) | 23,211 | (152,974 | ) | 54,267 | |||||
Expenses | |||||||||||
Management fee – related party | 10,533 | 9,285 | 42,639 | 35,658 | |||||||
General and administrative | 3,660 | 892 | 10,505 | 4,026 | |||||||
Total expenses | 14,193 | 10,177 | 53,144 | 39,684 | |||||||
Net income (loss) | (81,578 | ) | 93,330 | 143,106 | 344,008 | ||||||
Net income (loss) attributable to non-controlling interest | (906 | ) | 1,098 | 1,486 | 4,123 | ||||||
Net income (loss) attributable to Invesco Mortgage Capital Inc. | (80,672 | ) | 92,232 | 141,620 | 339,885 | ||||||
Dividends to preferred shareholders | 2,712 | 2,713 | 10,851 | 5,395 | |||||||
Net income (loss) attributable to common shareholders | (83,384 | ) | 89,519 | 130,769 | 334,490 | ||||||
Earnings (loss) per share: | |||||||||||
Net income (loss) attributable to common shareholders | |||||||||||
Basic | (0.63 | ) | 0.77 | 0.99 | 2.89 | ||||||
Diluted | (0.63 | ) | 0.77 | 0.99 | 2.89 |
$ in thousands, except share and per share amounts | As of | ||||
ASSETS | December 31, 2013 | December 31, 2012 | |||
Mortgage-backed securities, at fair value | 17,348,657 | 18,470,563 | |||
Residential loans, held-for-investment, net of loan loss reserve | 1,810,262 | — | |||
Commercial loans, held-for-investment, net of loan loss reserve | 64,599 | — | |||
Cash and cash equivalents | 210,612 | 286,474 | |||
Due from counterparties | 1,500 | — | |||
Investment related receivable | 515,404 | 41,429 | |||
Investments in unconsolidated ventures, at fair value | 44,403 | 35,301 | |||
Accrued interest receivable | 68,246 | 62,977 | |||
Derivative assets, at fair value | 262,059 | 6,469 | |||
Deferred securitization and financing costs | 13,894 | — | |||
Other investments | 10,000 | 10,000 | |||
Other assets | 1,343 | 1,547 | |||
Total assets(1) | 20,350,979 | 18,914,760 | |||
LIABILITIES AND EQUITY | |||||
Liabilities: | |||||
Repurchase agreements | 15,451,675 | 15,720,460 | |||
Asset-backed securities | 1,643,741 | — | |||
Exchangeable senior notes | 400,000 | — | |||
Derivative liability, at fair value | 263,204 | 436,440 | |||
Dividends and distributions payable | 66,087 | 79,165 | |||
Investment related payable | 28,842 | 63,715 | |||
Accrued interest payable | 26,492 | 15,275 | |||
Collateral held payable | 52,698 | — | |||
Accounts payable and accrued expenses | 4,304 | 877 | |||
Due to affiliate | 10,701 | 9,308 | |||
Total liabilities(1) | 17,947,744 | 16,325,240 | |||
Equity: | |||||
Preferred Stock, par value $0.01 per share; 50,000,000 shares authorized, 7.75% series A cumulative redeemable, 5,600,000 shares issued and outstanding ($140,000 aggregate liquidation preference) at December 31, 2013 and 2012, respectively | 135,356 | 135,362 | |||
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 124,510,246 and 116,195,500 shares issued and outstanding, at December 31, 2013 and 2012, respectively | 1,245 | 1,162 | |||
Additional paid in capital | 2,552,464 | 2,316,290 | |||
Accumulated other comprehensive income (loss) | (156,993 | ) | 86,436 | ||
Retained earnings (distributions in excess of earnings) | (155,957 | ) | 18,848 | ||
Total shareholders’ equity | 2,376,115 | 2,558,098 | |||
Non-controlling interest | 27,120 | 31,422 | |||
Total equity | 2,403,235 | 2,589,520 | |||
Total liabilities and equity | 20,350,979 | 18,914,760 |
(1) | The Company's consolidated balance sheets include assets of consolidated variable interest entities (“VIEs”) that can only be used to settle obligations and liabilities of the VIEs for which creditors do not have recourse to the primary beneficiary (IAS Asset I LLC, an indirect subsidiary of the Company). As of December 31, 2013 and December 31, 2012, total assets of the consolidated VIEs were $1,819,295 and $0, respectively, and total liabilities of the consolidated VIEs were $1,648,400 and $0, respectively. |
Three Months Ended December 31, | Years Ended December 31, | ||||||||||
$ in thousands, except per share data | 2013 | 2012 | 2013 | 2012 | |||||||
Net income (loss) attributable to common shareholders | (83,384 | ) | 89,519 | 130,769 | 334,490 | ||||||
Adjustments | |||||||||||
(Gain) loss on sale of investments, net | 142,530 | (23,236 | ) | 199,449 | (48,215 | ) | |||||
Realized (gain) loss on interest rate derivative instruments | 12,308 | — | (53,926 | ) | — | ||||||
Unrealized (gain) loss on interest rate derivative instruments | (7,887 | ) | 1,382 | 13,923 | 4,232 | ||||||
Total adjustments | 146,951 | (21,854 | ) | 159,446 | (43,983 | ) | |||||
Core earnings | 63,567 | 67,665 | 290,215 | 290,507 | |||||||
Basic earnings (loss) per common share | (0.63 | ) | 0.77 | 0.99 | 2.89 | ||||||
Core earnings per share attributable to common shareholders | 0.48 | 0.59 | 2.19 | 2.52 |
December 31, 2013 | |||||||||||||||||||||||
$ in thousands | Principal Balance | Unamortized Premium (Discount) | Amortized Cost | Unrealized Gain/ (Loss), net | Fair Value | Net Weighted Average Coupon (1) | Period- end Weighted Average Yield (2) | Quarterly Weighted Average Yield (3) | |||||||||||||||
Agency RMBS: | |||||||||||||||||||||||
15 year fixed-rate | 1,637,988 | 83,799 | 1,721,787 | 22,494 | 1,744,281 | 4.02 | % | 2.54 | % | 2.61 | % | ||||||||||||
30 year fixed-rate | 6,494,723 | 435,680 | 6,930,403 | (228,250 | ) | 6,702,153 | 4.11 | % | 2.96 | % | 3.13 | % | |||||||||||
ARM | 251,693 | 992 | 252,685 | 597 | 253,282 | 2.80 | % | 2.62 | % | 2.41 | % | ||||||||||||
Hybrid ARM | 1,764,472 | 9,470 | 1,773,942 | (3,384 | ) | 1,770,558 | 2.69 | % | 2.46 | % | 2.06 | % | |||||||||||
Total Agency pass-through | 10,148,876 | 529,941 | 10,678,817 | (208,543 | ) | 10,470,274 | 3.82 | % | 2.80 | % | 2.90 | % | |||||||||||
Agency-CMO(4) | 1,532,474 | (1,051,777 | ) | 480,697 | (6,183 | ) | 474,514 | 2.76 | % | 3.82 | % | 3.47 | % | ||||||||||
Non-Agency RMBS(5) | 4,361,730 | (618,634 | ) | 3,743,096 | 32,213 | 3,775,309 | 3.74 | % | 3.75 | % | 4.60 | % | |||||||||||
CMBS(6) | 4,630,363 | (2,032,945 | ) | 2,597,418 | 31,142 | 2,628,560 | 3.38 | % | 4.62 | % | 4.51 | % | |||||||||||
Total | 20,673,443 | (3,173,415 | ) | 17,500,028 | (151,371 | ) | 17,348,657 | 3.63 | % | 3.30 | % | 3.51 | % |
(1) | Net weighted average coupon as of December 31, 2013 (“WAC”) is presented net of servicing and other fees. |
(2) | Weighted average yield based on amortized cost as of December 31, 2013 incorporates future prepayment and loss assumptions. |
(3) | Weighted average yield based on average amortized cost for the three months ended December 31, 2013 incorporates future prepayment and loss assumptions. |
(4) | Included in the Agency-CMO are interest only securities which represent 25.0% of the balance based on fair value. |
(5) | Non-Agency RMBS held by the Company is 58.4% variable rate, 32.4% fixed rate, and 9.2% floating rate based on fair value. |
(6) | Included in the CMBS are interest-only securities and commercial real estate mezzanine loan pass-through certificates which represent 7.5% and 1.0% of the balance based on fair value, respectively. |
December 31, 2013 | September 30, 2013 | ||||||||||
Company | Cohort | Company | Cohort | ||||||||
15 year Agency RMBS | 12.3 | 14.1 | 15.9 | 23.9 | |||||||
30 year Agency RMBS | 8.1 | 9.7 | 10.1 | 14.2 | |||||||
Agency Hybrid ARM RMBS | 6.4 | NA | 18.1 | NA | |||||||
Non-Agency RMBS | 12.4 | NA | 17.3 | NA | |||||||
Overall | 9.7 | NA | 13.1 | NA |
$ in thousands | December 31, 2013 | December 31, 2012 | |||||||||||||
Amount Outstanding | Weighted Average Interest Rate | Weighted Average Remaining Maturity (Days) | Amount Outstanding | Weighted Average Interest Rate | Weighted Average Remaining Maturity (Days) | ||||||||||
Agency RMBS | 10,281,154 | 0.38 | % | 19 | 11,713,565 | 0.48 | % | 16 | |||||||
Non-Agency RMBS | 3,088,064 | 1.54 | % | 33 | 2,450,960 | 1.75 | % | 23 | |||||||
CMBS | 2,082,457 | 1.39 | % | 23 | 1,555,935 | 1.51 | % | 18 | |||||||
Exchangeable Senior Notes | 400,000 | 5.00 | % | 1535 | — | — | % | 0 | |||||||
Total | 15,851,675 | 0.86 | % | 60 | 15,720,460 | 0.78 | % | 17 |
$ in thousands Counterparty | Notional | Maturity Date | Fixed Interest Rate in Contract | ||||||||
SunTrust Bank | 100,000 | 7/15/2014 | 2.79 | % | |||||||
Deutsche Bank AG | 200,000 | 1/15/2015 | 1.08 | % | |||||||
Deutsche Bank AG | 250,000 | 2/15/2015 | 1.14 | % | |||||||
Credit Suisse International | 100,000 | 2/24/2015 | 3.26 | % | |||||||
Credit Suisse International | 100,000 | 3/24/2015 | 2.76 | % | |||||||
Wells Fargo Bank, N.A. | 100,000 | 7/15/2015 | 2.85 | % | |||||||
Wells Fargo Bank, N.A. | 50,000 | 7/15/2015 | 2.44 | % | |||||||
Morgan Stanley Capital Services, LLC | 300,000 | 1/24/2016 | 2.12 | % | |||||||
The Bank of New York Mellon | 300,000 | 1/24/2016 | 2.13 | % | |||||||
Morgan Stanley Capital Services, LLC | 300,000 | 4/5/2016 | 2.48 | % | |||||||
Citibank, N.A. | 300,000 | 4/15/2016 | 1.67 | % | |||||||
Credit Suisse International | 500,000 | 4/15/2016 | 2.27 | % | |||||||
The Bank of New York Mellon | 500,000 | 4/15/2016 | 2.24 | % | |||||||
JPMorgan Chase Bank, N.A. | 500,000 | 5/16/2016 | 2.31 | % | |||||||
Goldman Sachs Bank USA | 500,000 | 5/24/2016 | 2.34 | % | |||||||
Goldman Sachs Bank USA | 250,000 | 6/15/2016 | 2.67 | % | |||||||
Wells Fargo Bank, N.A. | 250,000 | 6/15/2016 | 2.67 | % | |||||||
JPMorgan Chase Bank, N.A. | 500,000 | 6/24/2016 | 2.51 | % | |||||||
Citibank, N.A. | 500,000 | 10/15/2016 | 1.93 | % | |||||||
Deutsche Bank AG | 150,000 | 2/5/2018 | 2.90 | % | |||||||
ING Capital Markets LLC | 350,000 | 2/24/2018 | 0.95 | % | |||||||
Morgan Stanley Capital Services, LLC | 100,000 | 4/5/2018 | 3.10 | % | |||||||
ING Capital Markets LLC | 300,000 | 5/5/2018 | 0.79 | % | |||||||
JPMorgan Chase Bank, N.A. | 200,000 | 5/15/2018 | 2.93 | % | |||||||
UBS AG | 500,000 | 5/24/2018 | 1.10 | % | |||||||
ING Capital Markets LLC | 400,000 | 6/5/2018 | 0.87 | % | |||||||
The Royal Bank of Scotland Plc | 500,000 | 9/5/2018 | 1.04 | % | |||||||
CME Clearing House | (3) | (4) | 300,000 | 2/5/2021 | 2.50 | % | |||||
CME Clearing House | (3) | (4) | 300,000 | 2/5/2021 | 2.69 | % | |||||
Wells Fargo Bank, N.A. | 200,000 | 3/15/2021 | 3.14 | % | |||||||
Citibank, N.A. | 200,000 | 5/25/2021 | 2.83 | % | |||||||
HSBC Bank USA, National Association | (1) | 550,000 | 2/24/2022 | 2.45 | % | ||||||
The Royal Bank of Scotland Plc | (2) | 400,000 | 3/15/2023 | 2.39 | % | ||||||
UBS AG | (2) | 400,000 | 3/15/2023 | 2.51 | % | ||||||
HSBC Bank USA, National Association | 250,000 | 6/5/2023 | 1.91 | % | |||||||
HSBC Bank USA, National Association | 250,000 | 7/5/2023 | 1.97 | % | |||||||
The Royal Bank of Scotland Plc | 500,000 | 8/15/2023 | 1.98 | % | |||||||
CME Clearing House | (4) | 600,000 | 8/24/2023 | 2.88 | % | ||||||
UBS AG | 250,000 | 11/15/2023 | 2.23 | % | |||||||
HSBC Bank USA, National Association | 500,000 | 12/15/2023 | 2.20 | % | |||||||
Total | 12,800,000 | 2.12 | % |
(1) | Forward start date of February 2015 |
(2) | Forward start date of March 2015 |
(3) | Forward start date of February 2016 |
(4) | Beginning June 10, 2013, regulations promulgated under The Dodd-Frank Wall Street Reform and Consumer Protection Act mandate that the Company clear new interest rate swap transactions through a central counterparty. Transactions that are centrally cleared result in the Company facing a clearing house, rather than a swap dealer, as counterparty. Central clearing requires the Company to post collateral in the form of initial and variation margin to the clearing house which reduces default risk. |
Three Months Ended December 31, | Years Ended December 31, | ||||||||||
$ in thousands | 2013 | 2012 | 2013 | 2012 | |||||||
Average Balances*: | |||||||||||
Agency RMBS: | |||||||||||
15 year fixed-rate, at amortized cost | 1,750,763 | 2,114,987 | 1,897,780 | 2,302,218 | |||||||
30 year fixed-rate, at amortized cost | 8,208,893 | 9,665,370 | 10,217,822 | 8,395,560 | |||||||
ARM, at amortized cost | 218,345 | 116,608 | 122,225 | 150,377 | |||||||
Hybrid ARM, at amortized cost | 1,472,418 | 591,081 | 758,625 | 1,028,432 | |||||||
MBS-CMO, at amortized cost | 484,222 | 510,292 | 496,607 | 465,469 | |||||||
Non-Agency RMBS, at amortized cost | 3,685,745 | 2,922,411 | 3,602,772 | 2,524,635 | |||||||
CMBS, at amortized cost | 2,562,026 | 1,855,546 | 2,412,694 | 1,461,359 | |||||||
Residential Loans, at amortized cost | 1,637,121 | — | 1,006,374 | — | |||||||
Commercial Loans, at amortized cost | 43,938 | — | 14,858 | — | |||||||
Average MBS and Loans portfolio | 20,063,471 | 17,776,295 | 20,529,757 | 16,328,050 | |||||||
Average Portfolio Yields (1): | |||||||||||
Agency RMBS: | |||||||||||
15 year fixed-rate | 2.61 | % | 2.37 | % | 2.32 | % | 2.54 | % | |||
30 year fixed-rate | 3.13 | % | 2.88 | % | 2.88 | % | 3.12 | % | |||
ARM | 2.41 | % | 2.02 | % | 2.35 | % | 2.51 | % | |||
Hybrid ARM | 2.06 | % | 2.22 | % | 2.18 | % | 2.60 | % | |||
MBS—CMO | 3.47 | % | 1.51 | % | 2.26 | % | 2.02 | % | |||
Non-Agency RMBS | 4.60 | % | 4.80 | % | 4.60 | % | 5.16 | % | |||
CMBS | 4.51 | % | 4.82 | % | 4.64 | % | 5.22 | % | |||
Residential loans | 3.31 | % | n/a | 3.30 | % | n/a | |||||
Commercial loans | 9.17 | % | n/a | 9.77 | % | n/a | |||||
Average portfolio | 3.49 | % | 3.27 | % | 3.32 | % | 3.47 | % | |||
Average Borrowings*: | |||||||||||
Agency RMBS | 10,922,137 | 12,010,877 | 12,107,119 | 11,161,176 | |||||||
Non-Agency RMBS | 3,087,235 | 2,313,014 | 2,854,423 | 1,902,754 | |||||||
CMBS | 1,973,330 | 1,498,221 | 1,900,365 | 1,108,438 | |||||||
Exchangeable senior notes | 400,000 | — | 321,111 | — | |||||||
Asset-backed securities | 1,484,547 | — | 916,786 | — | |||||||
Total borrowed funds | 17,867,249 | 15,822,112 | 18,099,804 | 14,172,368 | |||||||
Maximum borrowings during the period (2) | 18,058,789 | 16,227,024 | 19,710,901 | 16,227,024 |
Average Cost of Funds (3): | |||||||||||
Agency RMBS | 0.39 | % | 0.45 | % | 0.40 | % | 0.39 | % | |||
Non-Agency RMBS | 1.56 | % | 1.71 | % | 1.60 | % | 1.76 | % | |||
CMBS | 1.43 | % | 1.50 | % | 1.45 | % | 1.55 | % | |||
Exchangeable senior notes | 5.62 | % | n/a | 5.61 | % | n/a | |||||
Asset-backed securities | 2.95 | % | n/a | 2.91 | % | n/a | |||||
Unhedged cost of funds | 1.03 | % | 0.74 | % | 0.92 | % | 0.67 | % | |||
Hedged cost of funds | 2.14 | % | 1.65 | % | 1.84 | % | 1.68 | % | |||
Average Equity (4): | 2,403,443 | 2,482,487 | 2,577,817 | 2,262,851 | |||||||
Average debt/equity ratio (average during period) | 7.4x | 6.4x | 7.0x | 6.3x | |||||||
Debt/equity ratio (as of period end) | 7.3x | 6.1x | 7.3x | 6.1x |
* | Average amounts for each period are based on weighted month-end balances; all percentages are annualized. For the three and twelve months ended December 31, 2013 the average balances are presented on an amortized cost basis. |
(1) | Average portfolio yield for the period was calculated by dividing interest income, including amortization of premiums and discounts, by the average of amortized cost of the investments. All yields are annualized. |
(2) | Amount represents the maximum borrowings at month-end during each of the respective periods. |
(3) | Average cost of funds is calculated by dividing annualized interest expense by our average borrowings. |
(4) | Average equity is calculated based on a weighted balance basis. |
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