(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||||||||
(Address of principal executive offices) | (Zip code) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | |||||
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)) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | ||||||||
Emerging growth company | ||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act | o |
Exhibit No. | Description of Exhibit | ||||
Consulting Agreement between Ingevity Corporation and Michael P. Smith dated February 23, 2022. | |||||
Press release dated February 23, 2022. | |||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
INGEVITY CORPORATION | |||||
(Registrant) | |||||
By: | /S/ MARY DEAN HALL | ||||
Mary Dean Hall | |||||
Executive Vice President, Chief Financial Officer and Treasurer |
Ingevity Corporation | Consultant | ||||||||||
By: | /s/ John C. Fortson | /s/ Michael Smith | |||||||||
Name: John C. Fortson | Name: Michael Smith | ||||||||||
Title: President & Chief Executive Officer | Date: February 23, 2022 | ||||||||||
Date: February 23, 2022 |
Ingevity Corporation 4920 O'Hear Avenue Suite 400 North Charleston, SC 29405 USA www.ingevity.com | ||||||||
News | Contact: Caroline Monahan 843-740-2068 media@ingevity.com | |||||||
Investors: Mary Dean Hall 843-INGEVITY investors@ingevity.com |
FINANCIAL SCHEDULES | Page | |||||||||||||
Reconciliation of Adjusted Earnings (Loss) and Diluted Adjusted EPS | ||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
In millions, except per share data | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Net sales | $ | 336.0 | $ | 325.6 | $ | 1,391.5 | $ | 1,216.1 | |||||||||||||||
Cost of sales | 231.0 | 198.2 | 878.7 | 750.6 | |||||||||||||||||||
Gross profit | 105.0 | 127.4 | 512.8 | 465.5 | |||||||||||||||||||
Selling, general, and administrative expenses | 48.3 | 41.5 | 179.3 | 149.4 | |||||||||||||||||||
Research and technical expenses | 7.0 | 5.8 | 26.3 | 22.6 | |||||||||||||||||||
Restructuring and other (income) charges, net | 3.9 | 5.2 | 16.2 | 18.5 | |||||||||||||||||||
Acquisition-related costs | (0.3) | 0.1 | 0.6 | 1.8 | |||||||||||||||||||
Other (income) expense, net | (1.7) | (4.0) | 79.9 | (4.1) | |||||||||||||||||||
Interest expense, net | 11.5 | 12.4 | 47.7 | 42.2 | |||||||||||||||||||
Income (loss) before income taxes | 36.3 | 66.4 | 162.8 | 235.1 | |||||||||||||||||||
Provision (benefit) for income taxes | 7.0 | 20.4 | 44.7 | 53.7 | |||||||||||||||||||
Net income (loss) | $ | 29.3 | $ | 46.0 | $ | 118.1 | $ | 181.4 | |||||||||||||||
Per share data | |||||||||||||||||||||||
Basic earnings (loss) per share | $ | 0.74 | $ | 1.12 | $ | 2.97 | $ | 4.39 | |||||||||||||||
Diluted earnings (loss) per share | $ | 0.74 | $ | 1.11 | $ | 2.95 | $ | 4.37 | |||||||||||||||
Weighted average shares outstanding | |||||||||||||||||||||||
Basic | 39.3 | 41.1 | 39.8 | 41.3 | |||||||||||||||||||
Diluted | 39.6 | 41.4 | 40.1 | 41.5 |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
In millions | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Net sales | |||||||||||||||||||||||
Performance Materials (1) | $ | 132.0 | $ | 160.7 | $ | 516.8 | $ | 510.0 | |||||||||||||||
Performance Chemicals | 204.0 | 164.9 | 874.7 | 706.1 | |||||||||||||||||||
Pavement Technologies product line | 33.0 | 29.7 | 195.4 | 186.8 | |||||||||||||||||||
Industrial Specialties product line (1) | 128.8 | 100.7 | 493.5 | 391.6 | |||||||||||||||||||
Engineered Polymers product line | 42.2 | 34.5 | 185.8 | 127.7 | |||||||||||||||||||
Total net sales | $ | 336.0 | $ | 325.6 | $ | 1,391.5 | $ | 1,216.1 | |||||||||||||||
Segment EBITDA (2) | |||||||||||||||||||||||
Performance Materials | $ | 58.0 | $ | 84.3 | $ | 249.4 | $ | 249.2 | |||||||||||||||
Performance Chemicals | 21.6 | 26.6 | 172.8 | 148.7 | |||||||||||||||||||
Total segment EBITDA (2) | $ | 79.6 | $ | 110.9 | $ | 422.2 | $ | 397.9 | |||||||||||||||
Interest expense, net | (11.5) | (12.4) | (47.7) | (42.2) | |||||||||||||||||||
(Provision) benefit for income taxes | (7.0) | (20.4) | (44.7) | (53.7) | |||||||||||||||||||
Depreciation and amortization - Performance Materials | (9.9) | (8.7) | (36.8) | (31.2) | |||||||||||||||||||
Depreciation and amortization - Performance Chemicals | (18.3) | (18.0) | (73.1) | (69.0) | |||||||||||||||||||
Pension and postretirement settlement and curtailment (charges) income, net (3) | — | (0.1) | — | (0.1) | |||||||||||||||||||
Restructuring and other income (charges), net (4) | (3.9) | (5.2) | (16.2) | (18.5) | |||||||||||||||||||
Acquisition and other-related costs (5) | 0.3 | (0.1) | (0.6) | (1.8) | |||||||||||||||||||
Litigation verdict charge (6) | — | — | (85.0) | — | |||||||||||||||||||
Net income (loss) | $ | 29.3 | $ | 46.0 | $ | 118.1 | $ | 181.4 | |||||||||||||||
_________________ | |||||||||||||||||||||||
(1) In 2021, we updated disaggregated revenue disclosures, combining certain product groups to reflect categories that depict how the nature, amount, and uncertainty of revenue and cash flows are affected by economic factors. As a result, Automotive Technologies and Process Purification product lines have been combined within the Performance Materials segment. Similarly, the Oilfield Technologies product line has been combined with the Industrial Specialties product line within the Performance Chemicals segment. | |||||||||||||||||||||||
(2) Segment EBITDA is the primary measure used by our chief operating decision maker to evaluate the performance of and allocate resources among our operating segments. Segment EBITDA is defined as segment revenue less segment operating expenses (segment operating expenses consist of costs of sales, selling, general and administrative expenses, other (income) expense, net, excluding depreciation and amortization). We have excluded the following items from segment EBITDA: interest expense, net, associated with corporate debt facilities, income taxes, depreciation, amortization, restructuring and other (income) charges, net, acquisition and other-related costs, litigation verdict charges, pension and postretirement settlement and curtailment (income) charges, net. | |||||||||||||||||||||||
(3) For the year ended December 31, 2020, all charges relate to the Performance Materials segment. Our pension and postretirement settlement and curtailment charges (income) are related to the acceleration of prior service costs, as a result of a reduction in the number of participants within the Union Hourly defined benefit pension plan during 2020. These are excluded from our segment results because we consider these costs to be outside our operational performance. We continue to include the service cost, amortization of prior service cost, interest costs, expected return on plan assets, and amortized actual gains and losses in our segment EBITDA. | |||||||||||||||||||||||
(4) For the three and twelve months ended December 31, 2021, charges of $1.5 million and $6.0 million relate to the Performance Material segment, respectively, and charges of $2.4 million and $10.2 million relate the Performance Chemicals segment. For the three and twelve months ended December 31, 2020, charges of $2.0 million and $7.4 million relate to the Performance Material segment, respectively, and charges of $3.2 million and $11.1 million relate the Performance Chemicals segment. | |||||||||||||||||||||||
(5) For the three and twelve months ended December 31, 2021, income (charges) of zero and $(0.2) million relate to the acquisition of a strategic investment in the Performance Materials segment and $0.3 million and $(0.4) million relate to the integration of the Perstorp Capa business into our Performance Chemicals segment, respectively. For the three and twelve months ended December 31, 2020, all charges relate to the integration of the Perstorp Capa business into our Performance Chemicals segment. | |||||||||||||||||||||||
(6) For the year ended December 31, 2021, litigation verdict charge relates to the Performance Materials segment. | |||||||||||||||||||||||
December 31, | |||||||||||
In millions | 2021 | 2020 | |||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 275.4 | $ | 257.7 | |||||||
Accounts receivable, net | 161.7 | 148.0 | |||||||||
Inventories, net | 241.2 | 189.0 | |||||||||
Prepaid and other current assets | 46.6 | 34.0 | |||||||||
Current assets | 724.9 | 628.7 | |||||||||
Property, plant and equipment, net | 719.7 | 703.6 | |||||||||
Goodwill | 442.0 | 445.3 | |||||||||
Other intangibles, net | 337.6 | 373.3 | |||||||||
Restricted investment | 76.1 | 73.6 | |||||||||
Other assets | 168.7 | 110.0 | |||||||||
Total Assets | $ | 2,469.0 | $ | 2,334.5 | |||||||
Liabilities | |||||||||||
Accounts payable | $ | 125.8 | $ | 104.2 | |||||||
Accrued expenses | 51.7 | 46.6 | |||||||||
Other current liabilities | 91.4 | 72.6 | |||||||||
Current liabilities | 268.9 | 223.4 | |||||||||
Long-term debt including finance lease obligations | 1,250.0 | 1,267.4 | |||||||||
Deferred income taxes | 114.6 | 117.0 | |||||||||
Other liabilities | 161.7 | 84.6 | |||||||||
Total Liabilities | 1,795.2 | 1,692.4 | |||||||||
Equity | 673.8 | 642.1 | |||||||||
Total Liabilities and Equity | $ | 2,469.0 | $ | 2,334.5 |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
In millions | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Cash provided by (used in) operating activities: | |||||||||||||||||||||||
Net income (loss) | $ | 29.3 | $ | 46.0 | $ | 118.1 | $ | 181.4 | |||||||||||||||
Adjustments to reconcile net income (loss) to cash provided by operating activities: | |||||||||||||||||||||||
Depreciation and amortization | 28.2 | 26.7 | 109.9 | 100.2 | |||||||||||||||||||
Other non-cash items | 12.3 | 21.9 | 43.4 | 66.0 | |||||||||||||||||||
Changes in operating assets and liabilities, net of effect of acquisitions: | |||||||||||||||||||||||
Changes in other operating assets and liabilities, net | 6.2 | 58.7 | 21.6 | 4.8 | |||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 76.0 | $ | 153.3 | $ | 293.0 | $ | 352.4 | |||||||||||||||
Cash provided by (used in) investing activities: | |||||||||||||||||||||||
Capital expenditures | $ | (37.4) | $ | (31.1) | $ | (103.8) | $ | (82.1) | |||||||||||||||
Finance lease expenditures | — | — | — | (23.8) | |||||||||||||||||||
Purchase of strategic investments | (18.8) | — | (35.3) | — | |||||||||||||||||||
Other investing activities, net | (1.0) | (1.1) | (1.5) | (4.7) | |||||||||||||||||||
Net cash provided by (used in) investing activities | $ | (57.2) | $ | (32.2) | $ | (140.6) | $ | (110.6) | |||||||||||||||
Cash provided by (used in) financing activities: | |||||||||||||||||||||||
Proceeds from revolving credit facility | $ | — | $ | — | $ | — | $ | 346.1 | |||||||||||||||
Proceeds from long-term borrowings | — | 550.0 | — | 550.0 | |||||||||||||||||||
Payments on revolving credit facility | — | (170.0) | — | (477.3) | |||||||||||||||||||
Payments on long-term borrowings | (4.6) | (375.0) | (23.4) | (389.1) | |||||||||||||||||||
Debt issuance costs | — | (11.0) | — | (11.0) | |||||||||||||||||||
Financing lease obligations, net | (0.1) | (0.2) | (0.7) | 23.1 | |||||||||||||||||||
Borrowings (repayments) of notes payable and other short-term borrowings, net | — | (3.5) | (1.9) | (4.4) | |||||||||||||||||||
Tax payments related to withholdings on vested equity awards | — | (0.2) | (2.4) | (3.2) | |||||||||||||||||||
Proceeds and withholdings from share-based compensation plans, net | 1.0 | 0.5 | 4.7 | 3.6 | |||||||||||||||||||
Repurchases of common stock under publicly announced plan | (9.1) | (55.6) | (109.4) | (88.0) | |||||||||||||||||||
Net cash provided by (used in) financing activities | $ | (12.8) | $ | (65.0) | $ | (133.1) | $ | (50.2) | |||||||||||||||
Increase (decrease) in cash, cash equivalents, and restricted cash | 6.0 | 56.1 | 19.3 | 191.6 | |||||||||||||||||||
Effect of exchange rate changes on cash | 0.1 | 1.9 | (1.7) | 2.2 | |||||||||||||||||||
Change in cash, cash equivalents, and restricted cash | 6.1 | 58.0 | 17.6 | 193.8 | |||||||||||||||||||
Cash, cash equivalents, and restricted cash at beginning of period | 269.9 | 200.4 | 258.4 | 64.6 | |||||||||||||||||||
Cash, cash equivalents, and restricted cash at end of period (1) | $ | 276.0 | $ | 258.4 | $ | 276.0 | $ | 258.4 | |||||||||||||||
(1) Includes restricted cash of $0.6 million and $0.7 million, and cash and cash equivalents of $275.4 million and $257.7 million, for the years ended December 31, 2021 and 2020, respectively. Restricted cash is included within "Prepaid and other current assets" within the consolidated balance sheets. | |||||||||||||||||||||||
Supplemental cash flow information: | |||||||||||||||||||||||
Cash paid for interest, net of capitalized interest | $ | 12.0 | $ | 1.9 | $ | 47.5 | $ | 39.6 | |||||||||||||||
Cash paid for income taxes, net of refunds | 10.5 | 5.2 | 53.7 | 46.6 | |||||||||||||||||||
Purchases of property, plant and equipment in accounts payable | 3.5 | 0.8 | 9.4 | 2.7 | |||||||||||||||||||
Leased assets obtained in exchange for new finance lease liabilities | — | — | — | 23.8 | |||||||||||||||||||
Leased assets obtained in exchange for new operating lease liabilities | 5.8 | 2.7 | 20.5 | 27.2 |
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||||||||||
In millions, except per share data (unaudited) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Net income (loss) (GAAP) | $ | 29.3 | $ | 46.0 | $ | 118.1 | $ | 181.4 | ||||||||||||||||||
Restructuring and other (income) charges, net | 3.9 | 5.2 | 16.2 | 18.5 | ||||||||||||||||||||||
Acquisition and other-related costs | (0.3) | 0.1 | 0.6 | 1.8 | ||||||||||||||||||||||
Pension and postretirement settlement and curtailment charges (income) | — | 0.1 | — | 0.1 | ||||||||||||||||||||||
Litigation verdict charge | — | — | 85.0 | — | ||||||||||||||||||||||
Tax effect on items above | (1.1) | (1.0) | (23.8) | (4.4) | ||||||||||||||||||||||
Certain discrete tax provision (benefit) (1) | (0.9) | 4.7 | 13.4 | 5.2 | ||||||||||||||||||||||
Adjusted earnings (loss) (Non-GAAP) | $ | 30.9 | $ | 55.1 | $ | 209.5 | $ | 202.6 | ||||||||||||||||||
Diluted earnings (loss) per common share (GAAP) | $ | 0.74 | $ | 1.11 | $ | 2.95 | $ | 4.37 | ||||||||||||||||||
Restructuring and other (income) charges | 0.10 | 0.12 | 0.40 | 0.45 | ||||||||||||||||||||||
Acquisition and other-related costs | (0.01) | — | 0.01 | 0.04 | ||||||||||||||||||||||
Pension and postretirement settlement and curtailment charges (income) | — | — | — | — | ||||||||||||||||||||||
Litigation verdict charge | — | — | 2.12 | — | ||||||||||||||||||||||
Tax effect on items above | (0.03) | (0.02) | (0.59) | (0.10) | ||||||||||||||||||||||
Certain discrete tax provision (benefit) | (0.02) | 0.12 | 0.34 | 0.12 | ||||||||||||||||||||||
Diluted adjusted earnings (loss) per share (Non-GAAP) | $ | 0.78 | $ | 1.33 | $ | 5.23 | $ | 4.88 | ||||||||||||||||||
Weighted average common shares outstanding - Diluted | 39.6 | 41.4 | 40.1 | 41.5 | ||||||||||||||||||||||
_______________ | ||||||||||||||||||||||||||
(1) Represents certain discrete tax items such as excess tax benefits on stock compensation and impacts of legislative tax rate changes. Management believes excluding these discrete tax items assists investors, potential investors, securities analysts, and others in understanding the tax provision and the effective tax rate related to continuing operating results thereby providing useful supplemental information about operational performance. |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
In millions, except percentages (unaudited) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Net income (loss) (GAAP) | $ | 29.3 | $ | 46.0 | $ | 118.1 | $ | 181.4 | |||||||||||||||
Interest expense, net | 11.5 | 12.4 | 47.7 | 42.2 | |||||||||||||||||||
Provision (benefit) for income taxes | 7.0 | 20.4 | 44.7 | 53.7 | |||||||||||||||||||
Depreciation and amortization | 28.2 | 26.7 | 109.9 | 100.2 | |||||||||||||||||||
Restructuring and other (income) charges, net | 3.9 | 5.2 | 16.2 | 18.5 | |||||||||||||||||||
Acquisition and other-related costs | (0.3) | 0.1 | 0.6 | 1.8 | |||||||||||||||||||
Litigation verdict charge | — | — | 85.0 | — | |||||||||||||||||||
Pension and postretirement settlement and curtailment charges (income) | — | 0.1 | — | 0.1 | |||||||||||||||||||
Adjusted EBITDA (Non-GAAP) | $ | 79.6 | $ | 110.9 | $ | 422.2 | $ | 397.9 | |||||||||||||||
Net sales | $ | 336.0 | $ | 325.6 | $ | 1,391.5 | $ | 1,216.1 | |||||||||||||||
Net income (loss) margin | 8.7 | % | 14.1 | % | 8.5 | % | 14.9 | % | |||||||||||||||
Adjusted EBITDA margin | 23.7 | % | 34.1 | % | 30.3 | % | 32.7 | % |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
In millions (unaudited) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 76.0 | $ | 153.3 | 293.0 | 352.4 | |||||||||||||||||
Less: Capital expenditures | 37.4 | 31.1 | 103.8 | 82.1 | |||||||||||||||||||
Free Cash Flow | $ | 38.6 | $ | 122.2 | $ | 189.2 | $ | 270.3 |
In millions, except ratios (unaudited) | December 31, 2021 | ||||
Notes payable and current maturities of long-term debt | $ | 19.6 | |||
Long-term debt including finance lease obligations | 1,250.0 | ||||
Debt issuance costs | 10.9 | ||||
Total Debt | 1,280.5 | ||||
Less: | |||||
Cash and cash equivalents (1) | 275.7 | ||||
Restricted investment | 76.1 | ||||
Net Debt | $ | 928.7 | |||
Net Debt Ratio (Non GAAP) | |||||
Adjusted EBITDA (2) | |||||
Adjusted EBITDA - last twelve months (LTM) as of December 31, 2021 | $ | 422.2 | |||
Net debt ratio (Non GAAP) | 2.20x | ||||
_______________ | |||||
'1) FMC.60B/SX@/'@Z>&UP;65T
M82!X;6QN &&*+N798JLXE$CGS1#=F
MQ*G!9"HF8$E:G)S5;@A=6M!H*&3;+63(!7[#_D->EB;AJ8OE#_,*^9/S)
M=X/D-WSO/>VW?OOOZ78=+-1[5ZZHZF.371S0[#VI%18R26G%D@JJBFEJ +DS
M,S.S+X;>& UB4 ^OG^T](I;B:;^T8D>GE^SHF'M1TQU[W[KW7O?NO=>]^Z]U
M[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7UB_AE_V1]\4?_%:^B_\
MWU^+]@Z?^V?_ $Q_P]"F#^Q3_2C_ =&4]M=/=>]^Z]U%K:.DR-)5XZOIH:R
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M:SOM($4W#R/I\C_GZW/,-F/ T7J,?:,CI^WE\
M&99/('/V>?7U1:>HIZRG@JZ2>&JI*J&*II:JFE2>GJ:>=!+#/!-$2KHZD,K*
M2"""#;V$NA1UG]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U\OO^;)\G
M5^6GS[^0?:6,R9RNRL;NV3K;K::.42T!V'UL@VGBLCB>21396:GJLVH)OKK'
M)"WTJ++.+P;=4/&E3]IS_L=!F[E\6=F'"M!]@_U5ZKD]JNDW7O?NO=>]^Z]U
M[W[KW7O?NO=>]^Z]U[W[KW7O?NO=6E?R;OB2OS#^?'3^R
R'H[Z][]U[KWOW7NO_0W^/?NO=>]^Z]U[W[KW7O?NO=>]^Z
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MCJC6-TF=-1\J'_9ZJLW-M?-;M'ZC'VC(Z?MW\*=7]#G[#QZ^I
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MA\:< \!D_E_GZ^F)["W0CZ][]U[KWOW7NO>_=>Z][]U[KWOW7NOD(=A?\?\
M;X_\/#
Q\MM]YM85[B-:DR%+#6!HNNK4$=Z*V
MC_9_EZ5V?^Y2?;_DZ^F_["O0DZ][]U[KWOW7NO>_=>Z!GY$=);2^2/1?;'0V
M]XM>V.U]B[@V7DID19)\:^8H'@QV=I/GC[/+H3VT7@PK'YTS]OGT>+VQT_U[W[KW7O?NO=>]
M^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7R$.PO^/^WQ_X>&YO
M_=U/[&:?"/LZ"3?$?MZ1_N_5>O>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO
M>_=>ZWH_^$L7_9'_ ,AO_%DYO_?88#V']V_ME^S_ "GH]VO^Q;_3?Y!UL^>R
MGHRZ][]U[KWOW7NO>_=>Z][]U[KY\G_"C'XF5/0WSEG[HPF,D@Z^^4V"7?E+
M51P>.@I>R]N1P8#LK#QR)KVII%82TV'ITJ