Delaware | 001-37443 | 26-1251958 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S Employer Identification No.) |
3075 Highland Parkway, Suite 200 Downers Grove, IL 60515 | ||
(Address of principal executive offices, including 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)) |
Date: November 4, 2016 | Univar Inc. | |
By: | /s/ Stephen N. Landsman | |
Name: | Stephen N. Landsman | |
Title: | Executive Vice President, General Counsel and Secretary |
FOR ADDITIONAL INFORMATION: |
Investor Relations |
David Lim |
+1 844-632-1060 |
IR@univar.com |
Media Relations |
Michele Mazur |
+1 331-777-6187 |
michele.mazur@univar.com |
• | Reported a net loss of $63.0 million, or ($0.46) per share, due to a pre-tax $137.4 million, or after-tax ($0.63) per share non-cash impairment related charge associated with Univar's upstream oil and gas assets, compared to net income of $12.1 million, or $0.09 per share reported in the prior year third quarter. |
• | Adjusted EBITDA was $145.9 million compared to $156.2 million in the prior year third quarter. Canada, EMEA, and Rest of World segments in aggregate grew Adjusted EBITDA 12 percent (14 percent on a currency neutral basis). |
• | Gross margin increased 150 basis points to 22 percent. Adjusted EBITDA margin improved 20 basis points to 7.3 percent. |
• | Net debt decreased $102 million year to date. |
(Unaudited) | ||||||||||||||||||
Three months ended September 30, | ||||||||||||||||||
(in millions) | 2016 | 2015 | $ change | % change | % change excl. currency | |||||||||||||
External Net Sales | ||||||||||||||||||
USA | $ | 1,222.1 | $ | 1,364.6 | $ | (142.5 | ) | (10.4 | )% | (10.4 | )% | |||||||
Canada | 260.8 | 290.7 | (29.9 | ) | (10.3 | )% | (13.3 | )% | ||||||||||
EMEA | 412.5 | 433.2 | (20.7 | ) | (4.8 | )% | (3.8 | )% | ||||||||||
Rest of World | 104.3 | 117.8 | (13.5 | ) | (11.5 | )% | (7.3 | )% | ||||||||||
Total Consolidated Net Sales | $ | 1,999.7 | $ | 2,206.3 | $ | (206.6 | ) | (9.4 | )% | (9.4 | )% | |||||||
Gross Profit | ||||||||||||||||||
USA | $ | 269.3 | $ | 280.7 | $ | (11.4 | ) | (4.1 | )% | (4.1 | )% | |||||||
Canada | 55.6 | 52.9 | 2.7 | 5.1 | % | 4.4 | % | |||||||||||
EMEA | 92.8 | 92.6 | 0.2 | 0.2 | % | 1.1 | % | |||||||||||
Rest of World | 20.4 | 24.3 | (3.9 | ) | (16.0 | )% | (13.5 | )% | ||||||||||
Total Consolidated Gross Profit | $ | 438.1 | $ | 450.5 | $ | (12.4 | ) | (2.8 | )% | (2.6 | )% | |||||||
Adjusted EBITDA | ||||||||||||||||||
USA | $ | 90.1 | $ | 103.4 | $ | (13.3 | ) | (12.9 | )% | (12.9 | )% | |||||||
Canada | 26.0 | 23.6 | 2.4 | 10.2 | % | 8.9 | % | |||||||||||
EMEA | 28.5 | 21.3 | 7.2 | 33.8 | % | 39.4 | % | |||||||||||
Rest of World | 6.9 | 9.8 | (2.9 | ) | (29.6 | )% | (28.6 | )% | ||||||||||
Other* | (5.6 | ) | (1.9 | ) | (3.7 | ) | (194.7 | )% | (194.7 | )% | ||||||||
Total Consolidated Adjusted EBITDA | $ | 145.9 | $ | 156.2 | $ | (10.3 | ) | (6.6 | )% | (6.0 | )% |
• | Adjusted EBITDA excludes the effects of income taxes, as well as the effects of financing and investing activities by eliminating the effects of interest, depreciation and amortization expenses; |
• | The Company uses Adjusted EBITDA in setting performance incentive targets; |
• | The Company considers gains (losses) on the acquisition, disposal and impairment of assets as resulting from investing decisions rather than ongoing operations; and |
• | Other significant items, while periodically affecting the Company’s results, may vary significantly from period to period and have a disproportionate effect in a given period, which affects comparability of its results. |
• | Adjusted EBITDA margin is Adjusted EBITDA as a percentage of net sales. |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(in millions, except per share data) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Net sales | $ | 1,999.7 | $ | 2,206.3 | $ | 6,261.2 | $ | 7,015.5 | ||||||||
Cost of goods sold (exclusive of depreciation) | 1,561.6 | 1,755.8 | 4,947.4 | 5,636.2 | ||||||||||||
Gross profit | 438.1 | 450.5 | 1,313.8 | 1,379.3 | ||||||||||||
Operating expenses: | ||||||||||||||||
Outbound freight and handling | 76.2 | 81.4 | 220.8 | 247.4 | ||||||||||||
Warehousing, selling and administrative | 216.0 | 212.9 | 664.8 | 661.4 | ||||||||||||
Other operating expenses, net | 12.1 | 10.2 | 29.1 | 57.3 | ||||||||||||
Depreciation | 42.4 | 34.3 | 113.9 | 104.0 | ||||||||||||
Amortization | 22.5 | 22.0 | 67.8 | 66.3 | ||||||||||||
Impairment charges | 133.9 | — | 133.9 | — | ||||||||||||
Total operating expenses | 503.1 | 360.8 | 1,230.3 | 1,136.4 | ||||||||||||
Operating (loss) income | (65.0 | ) | 89.7 | 83.5 | 242.9 | |||||||||||
Other (expense) income: | ||||||||||||||||
Interest income | 1.1 | 1.2 | 3.0 | 3.9 | ||||||||||||
Interest expense | (40.6 | ) | (40.8 | ) | (123.5 | ) | (169.8 | ) | ||||||||
Loss on extinguishment of debt | — | (4.8 | ) | — | (12.1 | ) | ||||||||||
Other expense, net | (3.1 | ) | (25.6 | ) | (10.8 | ) | (30.9 | ) | ||||||||
Total other expense | (42.6 | ) | (70.0 | ) | (131.3 | ) | (208.9 | ) | ||||||||
Income before income taxes | (107.6 | ) | 19.7 | (47.8 | ) | 34.0 | ||||||||||
Income tax (benefit) expense | (44.6 | ) | 7.6 | (38.6 | ) | 14.6 | ||||||||||
Net (loss) income | $ | (63.0 | ) | $ | 12.1 | $ | (9.2 | ) | $ | 19.4 | ||||||
(Loss) Income per common share: | ||||||||||||||||
Basic | $ | (0.46 | ) | $ | 0.09 | $ | (0.07 | ) | $ | 0.17 | ||||||
Diluted | (0.46 | ) | 0.09 | (0.07 | ) | 0.17 | ||||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 137.7 | 137.6 | 137.7 | 113.6 | ||||||||||||
Diluted | 137.7 | 138.4 | 137.7 | 114.2 |
(in millions, except per share data) | September 30, 2016 | December 31, 2015 | ||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 267.1 | $ | 188.1 | ||||
Trade accounts receivable, net | 1,127.6 | 1,026.2 | ||||||
Inventories | 753.6 | 803.4 | ||||||
Prepaid expenses and other current assets | 152.3 | 178.6 | ||||||
Total current assets | 2,300.6 | 2,196.3 | ||||||
Property, plant and equipment, net | 1,030.6 | 1,082.5 | ||||||
Goodwill | 1,795.9 | 1,745.1 | ||||||
Intangible assets, net | 361.8 | 518.9 | ||||||
Deferred tax assets | 28.1 | 3.5 | ||||||
Other assets | 79.9 | 66.1 | ||||||
Total assets | $ | 5,596.9 | $ | 5,612.4 | ||||
Liabilities and stockholders’ equity | ||||||||
Current liabilities: | ||||||||
Short-term financing | $ | 26.1 | $ | 33.5 | ||||
Trade accounts payable | 890.3 | 836.0 | ||||||
Current portion of long-term debt | 108.0 | 59.9 | ||||||
Accrued compensation | 67.1 | 62.8 | ||||||
Other accrued expenses | 244.5 | 301.3 | ||||||
Total current liabilities | 1,336.0 | 1,293.5 | ||||||
Long-term debt | 2,993.6 | 3,057.4 | ||||||
Pension and other postretirement benefit liabilities | 246.5 | 251.8 | ||||||
Deferred tax liabilities | 24.8 | 58.0 | ||||||
Other long-term liabilities | 133.2 | 135.0 | ||||||
Commitment and contingencies | — | — | ||||||
Stockholders’ equity: | ||||||||
Preferred stock, 200.0 million shares authorized at $0.01 par value with no shares issued or outstanding as of September 30, 2016 and December 31, 2015 | — | — | ||||||
Common stock, 2.0 billion shares authorized at $0.01 par value with 138.1 million and 138.0 million shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively | 1.4 | 1.4 | ||||||
Additional paid-in capital | 2,236.6 | 2,224.7 | ||||||
Accumulated deficit | (994.2 | ) | (985.0 | ) | ||||
Accumulated other comprehensive loss | (381.0 | ) | (424.4 | ) | ||||
Total stockholders’ equity | 862.8 | 816.7 | ||||||
Total liabilities and stockholders’ equity | $ | 5,596.9 | $ | 5,612.4 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Operating activities: | ||||||||||||||||
Net income | $ | (63.0 | ) | $ | 12.1 | $ | (9.2 | ) | $ | 19.4 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||
Depreciation and amortization | 64.9 | 56.3 | 181.7 | 170.3 | ||||||||||||
Impairment charges | 133.9 | — | 133.9 | — | ||||||||||||
Amortization of deferred financing fees and debt discount | 2.0 | 2.2 | 6.0 | 10.2 | ||||||||||||
Amortization of pension credit from accumulated other comprehensive loss | — | (3.0 | ) | (4.5 | ) | (9.0 | ) | |||||||||
Loss on extinguishment of debt | — | 4.8 | — | 12.1 | ||||||||||||
Deferred income taxes | (53.6 | ) | (5.2 | ) | (57.2 | ) | (7.0 | ) | ||||||||
Stock-based compensation expense | 3.6 | 2.1 | 7.1 | 5.5 | ||||||||||||
Other | (0.6 | ) | (0.5 | ) | (1.0 | ) | (1.1 | ) | ||||||||
Changes in operating assets and liabilities: | ||||||||||||||||
Trade accounts receivable, net | 190.9 | 150.2 | (83.2 | ) | (22.0 | ) | ||||||||||
Inventories | 41.9 | 27.6 | 60.2 | 35.9 | ||||||||||||
Prepaid expenses and other current assets | 2.5 | 3.2 | 30.2 | 1.2 | ||||||||||||
Trade accounts payable | (202.0 | ) | (192.0 | ) | 40.8 | 35.8 | ||||||||||
Pensions and other postretirement benefit liabilities | (10.6 | ) | (19.3 | ) | (30.8 | ) | (50.3 | ) | ||||||||
Other, net | (0.8 | ) | 44.1 | (49.8 | ) | (9.8 | ) | |||||||||
Net cash provided by operating activities | 109.1 | 82.6 | 224.2 | 191.2 | ||||||||||||
Investing activities: | ||||||||||||||||
Purchases of property, plant and equipment | (20.7 | ) | (40.9 | ) | (65.9 | ) | (103.3 | ) | ||||||||
Purchases of businesses, net of cash acquired | — | (32.0 | ) | (54.8 | ) | (50.6 | ) | |||||||||
Proceeds from sale of property, plant and equipment | 1.2 | 1.3 | 4.1 | 6.3 | ||||||||||||
Other | 0.1 | — | (1.6 | ) | (5.5 | ) | ||||||||||
Net cash used by investing activities | (19.4 | ) | (71.6 | ) | (118.2 | ) | (153.1 | ) | ||||||||
Financing activities: | ||||||||||||||||
Proceeds from sale of common stock | — | (0.5 | ) | — | 765.3 | |||||||||||
Proceeds from issuance of long-term debt | (34.5 | ) | 2,806.6 | (14.0 | ) | 2,806.6 | ||||||||||
Payments on long-term debt and capital lease obligations | (9.3 | ) | (2,774.8 | ) | (26.6 | ) | (3,537.9 | ) | ||||||||
Short-term financing, net | (5.6 | ) | (4.7 | ) | (11.0 | ) | (15.9 | ) | ||||||||
Financing fees paid | — | (28.7 | ) | — | (28.7 | ) | ||||||||||
Other | 4.0 | (1.7 | ) | 5.0 | (3.6 | ) | ||||||||||
Net cash used by financing activities | (45.4 | ) | (3.8 | ) | (46.6 | ) | (14.2 | ) | ||||||||
Effect of exchange rate changes on cash and cash equivalents | (1.0 | ) | (16.8 | ) | 19.6 | (42.5 | ) | |||||||||
Net increase (decrease) in cash and cash equivalents | 43.3 | (9.6 | ) | 79.0 | (18.6 | ) | ||||||||||
Cash and cash equivalents at beginning of period | 223.8 | 197.0 | 188.1 | 206.0 | ||||||||||||
Cash and cash equivalents at end of period | $ | 267.1 | $ | 187.4 | $ | 267.1 | $ | 187.4 |
(in millions) | USA | Canada | EMEA | Rest of World | Other/ Eliminations | Consolidated | ||||||||||||||||||
Three Months Ended September 30, 2016 | ||||||||||||||||||||||||
Net sales: | ||||||||||||||||||||||||
External customers | $ | 1,222.1 | $ | 260.8 | $ | 412.5 | $ | 104.3 | $ | — | $ | 1,999.7 | ||||||||||||
Inter-segment | 21.2 | 2.1 | 1.1 | — | (24.4 | ) | — | |||||||||||||||||
Total net sales | 1,243.3 | 262.9 | 413.6 | 104.3 | (24.4 | ) | 1,999.7 | |||||||||||||||||
Cost of goods sold (exclusive of depreciation) | 974.0 | 207.3 | 320.8 | 83.9 | (24.4 | ) | 1,561.6 | |||||||||||||||||
Gross profit | 269.3 | 55.6 | 92.8 | 20.4 | — | 438.1 | ||||||||||||||||||
Outbound freight and handling | 52.3 | 9.0 | 13.1 | 1.8 | — | 76.2 | ||||||||||||||||||
Warehousing, selling and administrative | 126.9 | 20.6 | 51.2 | 11.7 | 5.6 | 216.0 | ||||||||||||||||||
Adjusted EBITDA | $ | 90.1 | $ | 26.0 | $ | 28.5 | $ | 6.9 | $ | (5.6 | ) | $ | 145.9 | |||||||||||
Other operating expenses, net | 12.1 | |||||||||||||||||||||||
Depreciation | 42.4 | |||||||||||||||||||||||
Amortization | 22.5 | |||||||||||||||||||||||
Impairment charges | 133.9 | |||||||||||||||||||||||
Interest expense, net | 39.5 | |||||||||||||||||||||||
Other expense, net | 3.1 | |||||||||||||||||||||||
Income tax benefit | (44.6 | ) | ||||||||||||||||||||||
Net loss | $ | (63.0 | ) | |||||||||||||||||||||
Total assets | $ | 3,824.4 | $ | 1,824.3 | $ | 971.9 | $ | 232.5 | $ | (1,256.2 | ) | $ | 5,596.9 |
(in millions) | USA | Canada | EMEA | Rest of World | Other/ Eliminations | Consolidated | ||||||||||||||||||
Three Months Ended September 30, 2015 | ||||||||||||||||||||||||
Net sales: | ||||||||||||||||||||||||
External customers | $ | 1,364.6 | $ | 290.7 | $ | 433.2 | $ | 117.8 | $ | — | $ | 2,206.3 | ||||||||||||
Inter-segment | 34.4 | 2.2 | 1.1 | 0.1 | (37.8 | ) | — | |||||||||||||||||
Total net sales | 1,399.0 | 292.9 | 434.3 | 117.9 | (37.8 | ) | 2,206.3 | |||||||||||||||||
Cost of goods sold (exclusive of depreciation) | 1,118.3 | 240.0 | 341.7 | 93.6 | (37.8 | ) | 1,755.8 | |||||||||||||||||
Gross profit | 280.7 | 52.9 | 92.6 | 24.3 | — | 450.5 | ||||||||||||||||||
Outbound freight and handling | 55.6 | 9.0 | 14.6 | 2.2 | — | 81.4 | ||||||||||||||||||
Warehousing, selling and administrative | 121.7 | 20.3 | 56.7 | 12.3 | 1.9 | 212.9 | ||||||||||||||||||
Adjusted EBITDA | $ | 103.4 | $ | 23.6 | $ | 21.3 | $ | 9.8 | $ | (1.9 | ) | $ | 156.2 | |||||||||||
Other operating expenses, net | 10.2 | |||||||||||||||||||||||
Depreciation | 34.3 | |||||||||||||||||||||||
Amortization | 22.0 | |||||||||||||||||||||||
Interest expense, net | 39.6 | |||||||||||||||||||||||
Loss on extinguishment of debt | 4.8 | |||||||||||||||||||||||
Other expense, net | 25.6 | |||||||||||||||||||||||
Income tax expense | 7.6 | |||||||||||||||||||||||
Net income | $ | 12.1 | ||||||||||||||||||||||
Total assets (as adjusted*) | $ | 4,274.9 | $ | 1,769.1 | $ | 1,004.4 | $ | 246.0 | $ | (1,474.3 | ) | $ | 5,820.1 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Acquisition and integration related expenses | $ | 1.2 | $ | 2.4 | $ | 5.5 | $ | 3.8 | ||||||||
Stock-based compensation expense | 3.6 | 2.1 | 7.1 | 5.5 | ||||||||||||
Restructuring charges | 1.8 | 4.4 | 8.3 | 20.6 | ||||||||||||
Advisory fees paid to CVC and CD&R(1) | — | — | — | 2.6 | ||||||||||||
Other (2) | 5.5 | 1.3 | 8.2 | 24.8 | ||||||||||||
Total other operating expenses, net | $ | 12.1 | $ | 10.2 | $ | 29.1 | $ | 57.3 |
(1) | Significant stockholders CVC Capital Partners (“CVC”) and Clayton, Dubilier & Rice, LLC (“CD&R”). |
(2) | In the three and nine months ended September 30, 2015, other is inclusive of a contract termination fee of $26.2 million related to conclusion of consulting agreements between the Company and CVC and CD&R related to the initial public offering. |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Foreign currency transactions | $ | (0.3 | ) | $ | (2.8 | ) | $ | (2.7 | ) | $ | (1.0 | ) | |||
Foreign currency denominated loans revaluation | (4.4 | ) | (5.2 | ) | (13.7 | ) | 1.8 | ||||||||
Undesignated foreign currency derivative instruments | (0.2 | ) | 0.1 | 0.8 | (4.0 | ) | |||||||||
Undesignated interest rate swap contracts | 2.0 | (0.2 | ) | 4.2 | (0.2 | ) | |||||||||
Ineffective portion of cash flow hedges | — | — | — | (0.4 | ) | ||||||||||
Loss due to discontinuance of cash flow hedges | — | — | — | (7.5 | ) | ||||||||||
Debt refinancing costs | — | (16.5 | ) | — | (16.5 | ) | |||||||||
Other | (0.2 | ) | (1.0 | ) | 0.6 | (3.1 | ) | ||||||||
Total other expense, net | $ | (3.1 | ) | $ | (25.6 | ) | $ | (10.8 | ) | $ | (30.9 | ) |
Year ended December 31 | |||||||
(in millions) | 2016 Outlook 1,2 | 2015 Actual | |||||
Net income | $ | 3.4 | $ | 16.5 | |||
Impairment charges | 133.9 | — | |||||
Restructuring charges | 12.1 | 33.8 | |||||
Stock based compensation | 10.0 | 7.5 | |||||
Acquisition and integration related expenses | 8.0 | 7.1 | |||||
Other operating expenses | 14.5 | 11.6 | |||||
Other non-operating items | 10.8 | 4.1 | |||||
Pension mark to market loss3 | — | 21.1 | |||||
Pension curtailment and settlement gains | — | (4.0 | ) | ||||
Foreign currency transactions | — | 0.8 | |||||
Foreign currency denominated loans revaluation | — | (8.9 | ) | ||||
Undesignated foreign currency derivative instruments | — | 4.8 | |||||
Undesignated interest rate swap contracts | — | (2.0 | ) | ||||
Ineffective portion of cash flow hedges | — | 0.4 | |||||
Loss due to discontinuance of cash flow hedges | — | 7.5 | |||||
Debt refinancing costs | — | 16.5 | |||||
Loss on extinguishment of debt | — | 12.1 | |||||
Advisory fees to CVC and CD&R | — | 2.8 | |||||
Contract termination fee to CVC and CD&R | — | 26.2 | |||||
Depreciation and amortization | 238.2 | 225.0 | |||||
Interest expense, net | 161.0 | 207.0 | |||||
Tax (benefit) expense | (34.4 | ) | 10.2 | ||||
Adjusted EBITDA | $ | 557.5 | $ | 600.1 |
• | Annual pension mark to market gain/loss (which is primarily driven by changes in interest rates and the performance of financial markets which could change significantly in the fourth quarter) |
(in millions) | Year Ended December 31, 2015 | ||
Service cost | $ | 5.5 | |
Interest cost | 51.1 | ||
Expected return on plan assets | (66.0) | ||
Amortization of unrecognized prior service credit | (11.7) | ||
Net pension benefit included in Adjusted EBITDA | (21.1) | ||
Mark to market loss due to difference in asset returns | 67.3 | ||
Mark to market gain due to assumption changes | (39.3) | ||
Mark to market gain due to plan experience | (6.9) | ||
Mark to market loss | 21.1 | ||
Settlement | (1.4) | ||
Curtailment | (2.6) | ||
Pension curtailment and settlement gains | (4.0) | ||
Pension expense excluded from Adjusted EBITDA | 17.1 | ||
Total pension expense (income) | $ | (4.0 | ) |
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