UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 9, 2015
AMERICAN AIRLINES GROUP INC.
AMERICAN AIRLINES, INC.
(Exact name of registrant as specified in its charter)
Delaware | 1-8400 | 75-1825172 | ||
Delaware |
1-2691 |
13-1502798 | ||
(State or other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
4333 Amon Carter Blvd., Fort Worth, Texas | 76155 | |
4333 Amon Carter Blvd., Fort Worth, Texas |
76155 | |
(Address of principal executive offices) | (Zip Code) |
Registrants telephone number, including area code:
(817) 963-1234
(817) 963-1234
N/A
(Former name or former address if changed since last report.)
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)) |
ITEM 7.01. | REGULATION FD DISCLOSURE. |
On October 9, 2015, American Airlines Group Inc. (the Company) provided an update for investors presenting information relating to its financial and operational outlook for 2015. This investor presentation is located on the Companys website at www.aa.com under Investor Relations. The update is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this Item 7.01, including Exhibit 99.1, is being furnished and shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section and shall not be deemed incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
ITEM 9.01. | FINANCIAL STATEMENTS AND EXHIBITS. |
(d) | Exhibits. |
Exhibit No. | Description | |
99.1 | Investor Update |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, American Airlines Group Inc. has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
AMERICAN AIRLINES GROUP INC. | ||||||
Date: October 9, 2015 | By: | /s/ Derek J. Kerr | ||||
Derek J. Kerr | ||||||
Executive Vice President and Chief Financial Officer |
Pursuant to the requirements of the Securities Exchange Act of 1934, American Airlines, Inc. has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
AMERICAN AIRLINES, INC. | ||||||
Date: October 9, 2015 | By: | /s/ Derek J. Kerr | ||||
Derek J. Kerr | ||||||
Executive Vice President and Chief Financial Officer |
EXHIBIT INDEX
Exhibit No. | Description | |
99.1 | Investor Update |
Exhibit 99.1
Investor Relations Update
October 9, 2015
General Overview
| Pre-tax MarginThe Company expects its third quarter pre-tax margin excluding special charges to be approximately 17 to 18 percent. |
| Capacity2015 total system capacity is expected to be up approximately 1 percent vs. 2014. Full year domestic capacity is expected to be up approximately 1 percent to 2 percent year-over-year, while international capacity is expected to be up approximately 0 percent to1 percent vs. 2014. |
| CashAs of September 30, 2015, the Company had approximately $9.6 billion in total cash and short-term investments, of which $710 million was restricted. The Company also had an undrawn revolving credit facility of $1.8 billion. Approximately $609 million of unrestricted cash and short-term investments is held in Venezuelan bolivars. This balance is valued at 6.3 bolivars to the U.S. dollar, which is the rate that was in effect on the date the Company submitted each of its repatriation requests to the Venezuelan government. This rate is materially more favorable than the exchange rates currently prevailing for other transactions conducted outside of the Venezuelan governments currency exchange system. |
During 2014, the Company significantly reduced capacity in the Venezuelan market and is no longer accepting bolivars as payment for airline tickets. The Company is monitoring this situation closely and continues to evaluate its holdings of Venezuelan bolivars for additional foreign currency losses or other accounting adjustments, which could be material, particularly in light of the additional uncertainty posed by the recent changes to the foreign exchange regulations and the continued deterioration of economic conditions in Venezuela. More generally, fluctuations in foreign currencies, including devaluations, cannot be predicted by the Company and can significantly affect the value of the Companys assets located outside the United States. These conditions, as well as any further delays, devaluations or imposition of more stringent repatriation restrictions, may materially adversely affect the Companys business, results of operations and financial condition.
| FuelFor the third quarter 2015, the Company expects to pay an average of between $1.65 and $1.70 per gallon of mainline jet fuel (including taxes). Forecasted volume and fuel prices are provided in the tables below. |
| Cargo / Other RevenueIncludes cargo revenue, frequent flyer revenue, ticket change fees, excess/overweight baggage fees, first and second bag fees, contract services, airport clubs and inflight service revenues. |
| Taxes / NOLAs of December 31, 2014, AAG had approximately $10.1 billion of net operating losses (NOLs) available to reduce future federal taxable income, substantially all of which are expected to be available for use in 2015. The Company also had approximately $4.6 billion of NOLs available to reduce future state taxable income, substantially all of which are expected to be available for use in 2015. The Companys net deferred tax asset, which includes the NOLs, is subject to a full valuation allowance. As of December 31, 2014, the tax affected valuation allowances associated with federal and state NOLs approximate $4.5 billion and $0.3 billion, respectively. In accordance with generally accepted accounting principles, utilization of NOLs to offset book taxable income reduces the net deferred tax asset and results in the release of corresponding valuation allowances, which offsets the tax provision on our income statement dollar for dollar. The Company continues to evaluate the need to maintain a valuation allowance. The Company may be obligated to record and pay income tax related to certain states and foreign jurisdictions where NOLs may be limited or not available to be used. The Company currently expects this cash tax expense to be $10 million, or less, for each of the third and fourth quarters of 2015. |
Please refer to the footnotes and the forward looking statements page of this document for additional information
Mainline Update
October 9, 2015
Mainline Comments
| Combined mainline data includes American Airlines and US Airways operated flights, and all operating expenses are for mainline operated flights only. Please refer to the following page for information pertaining to regional data. |
| Mainline capacity increase of approximately 1 percent for the year is comprised of stage length related increase of approximately 1 percent, gauge related increase of approximately 2 percent and a departure related reduction of approximately 3 percent. |
| Cargo revenue is down from previous guidance due to lower international yields. Other revenue is down from previous guidance due primarily to lower change fees and frequent flyer revenue. |
| Third quarter other non-operating expense increased from previous guidance due mainly to foreign exchange losses (primarily Brazil) resulting from a strengthening dollar. |
1Q15A | 2Q15A | 3Q15E | 4Q15E | FY15E | ||||||||||||||||
Mainline Guidance |
|
|||||||||||||||||||
Available Seat Miles (ASMs) (bil) |
55.9 | 61.9 | ~63.5 | ~58.4 | ~239.6 | |||||||||||||||
CASM ex fuel and special items (YOY % change)1 |
9.49 | 8.77 | +2% to +4% | +6% to +8% | +4% to +6% | |||||||||||||||
Cargo Revenues ($ mil) |
194 | 194 | ~180 | ~185 | ~753 | |||||||||||||||
Other Revenues ($ mil) |
1,192 | 1,219 | ~1,170 | ~1,160 | ~4,741 | |||||||||||||||
Average Fuel Price (incl. taxes) ($/gal) (as of 10/07/2015) |
1.83 | 1.90 | 1.65 to 1.70 | 1.57 to 1.62 | 1.73 to 1.78 | |||||||||||||||
Fuel Gallons Consumed (mil) |
846 | 936 | ~954 | ~879 | ~3,615 | |||||||||||||||
Interest Income ($ mil) |
(10 | ) | (10 | ) | ~(10 | ) | ~(11 | ) | ~(40 | ) | ||||||||||
Interest Expense ($ mil) |
210 | 223 | ~219 | ~225 | ~877 | |||||||||||||||
Other Non-Operating (Income)/Expense ($ mil)2,3 |
81 | | ~60 | ~3 | ~144 | |||||||||||||||
CAPEX Guidance ($ mil) Inflow/(Outflow) |
||||||||||||||||||||
Non-Aircraft CAPEX |
(241 | ) | (206 | ) | ~(225 | ) | ~(228 | ) | ~(900 | ) | ||||||||||
Gross Aircraft CAPEX & net PDPs |
(1,400 | ) | (1,445 | ) | ~(1,113 | ) | ~(1,375 | ) | ~(5,333 | ) | ||||||||||
Assumed Aircraft Financing |
745 | 225 | ~1,720 | ~266 | ~2,957 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Aircraft CAPEX & PDPs4 |
(655 | ) | (1,220 | ) | ~607 | ~(1,109 | ) | ~(2,376 | ) |
Notes:
1. | CASM ex fuel and special items is a non-GAAP financial measure. Please see the GAAP to non-GAAP reconciliation at the end of this document. |
2. | Excludes special items; please see the GAAP to non-GAAP reconciliation at the end of this document. |
3. | Other Non-Operating (Income)/Expense primarily includes gains and losses from foreign currency. |
4. | Numbers may not recalculate due to rounding. |
Please refer to the footnotes and the forward looking statements page of this document for additional information
Regional Update
October 9, 2015
Regional Comments
| AAG receives feed from 10 regional airlines, including wholly owned subsidiaries Envoy, PSA Airlines and Piedmont Airlines. |
| All operating expenses (including capacity purchase agreements) associated with regional operations are included within the regional non-fuel operating expense line item on the income statement. |
| Regional capacity increase of approximately 5 percent for the year is comprised of gauge related increase of approximately 4 percent and a stage length related increase of approximately 1 percent. |
1Q15A | 2Q15A | 3Q15E | 4Q15E | FY15E | ||||||||||||||||
Regional Guidance | ||||||||||||||||||||
Available Seat Miles (ASMs) (bil) |
6.94 | 7.48 | ~7.63 | ~7.40 | ~29.45 | |||||||||||||||
CASM ex fuel and special items (YOY % change)1 |
16.47 | 16.02 | +1% to +3% | +1% to +3% | +0% to +2% | |||||||||||||||
Average Fuel Price (incl. taxes) ($/gal) (as of 10/07/2015) |
1.86 | 1.91 | 1.65 to 1.70 | 1.58 to 1.63 | 1.74 to 1.79 | |||||||||||||||
Fuel Gallons Consumed (mil) |
167 | 182 | ~186 | ~177 | ~712 | |||||||||||||||
Regional Airlines | ||
Envoy2 | Mesa Airlines, Inc. | |
SkyWest Airlines, Inc. | Piedmont Airlines, Inc.2 | |
ExpressJet Airlines, Inc. | PSA Airlines, Inc.2 | |
Republic Airline Inc. | Trans States Airlines, Inc.3 | |
Air Wisconsin Airlines Corporation | Compass Airlines, LLC |
Notes:
1. | CASM ex fuel and special items is a non-GAAP financial measure. Please see the GAAP to non-GAAP reconciliation at the end of this document. |
2. | Wholly owned subsidiary of American Airlines Group Inc. |
3. | Pro-rate agreement and capacity purchase agreement. |
Please refer to the footnotes and the forward looking statements page of this document for additional information
Fleet Update
October 9, 2015
Fleet Comments
| In 2015, the Company expects to take delivery of 75 mainline aircraft including 7 A319 aircraft, 35 A321 aircraft, 18 738 aircraft, 2 773 aircraft, and 13 788 aircraft. Including the aircraft reclassified as permanently retired in the last update, the Company expects to retire 115 aircraft, including 10 A320 aircraft, 44 757 aircraft, 6 762 aircraft, 13 763 aircraft and 42 MD80s by the end of 2015. |
| In 2015, the Company expects to increase its regional fleet size by 21 CRJ900 aircraft and 29 E175 aircraft. The Company expects to remove and place in temporary storage 21 ERJ140 aircraft, reduce the number of CRJ-200 aircraft by 9, and retire 1 Dash 8-100 aircraft. |
Notes:
1. | At the end of the third quarter, the Company had 39 E140 regional aircraft in temporary storage not included in the active regional ending fleet count. |
Please refer to the footnotes and the forward looking statements page of this document for additional information
Shares Outstanding
October 9, 2015
Shares Outstanding Comments
| The estimated weighted average shares outstanding for 2015 are listed below. |
| On January 27, 2015 the Company announced that its Board had authorized a $2 billion share repurchase program which was completed in the third quarter of 2015. On July 23, 2015 the Companys Board authorized an additional $2 billion share repurchase program to be completed by the end of 2016. This brings the total amount authorized for share repurchase programs in 2015 to $4 billion. |
| In the third quarter 2015, the Company repurchased 38.4 million shares at a cost of $1.56 billion. This brings the total number of shares purchased in 2015 to 59.5 million at a cost of $2.5 billion. |
2015 Shares Outstanding (shares mil)1 |
| |||||||
Shares | ||||||||
For Q3 |
Basic | Diluted | ||||||
Earnings |
662 | 681 | ||||||
Net loss |
662 | 662 | ||||||
Shares | ||||||||
For Q4 |
Basic | Diluted | ||||||
Earnings |
642 | 663 | ||||||
Net loss |
642 | 642 | ||||||
Shares | ||||||||
For FY 2015 Average |
Basic | Diluted | ||||||
Earnings |
672 | 692 | ||||||
Net loss |
672 | 672 |
Notes:
1. | Shares outstanding are based upon several estimates and assumptions, including average per share stock price and stock award activity and do not take into consideration any future share repurchases. The number of shares in actual calculations of earnings per share will likely be different from those set forth above. The numbers reflected in the table above are as of September 30, 2015. |
Please refer to the footnotes and the forward looking statements page of this document for additional information
GAAP to Non-GAAP Reconciliation
October 9, 2015
The Company is providing disclosure of the reconciliation of reported non-GAAP financial measures to their comparable financial measures on a GAAP basis. The Company believes that the non-GAAP financial measures provide investors the ability to measure financial performance excluding special items, which is more indicative of the Companys ongoing performance and is more comparable to measures reported by other major airlines. The Company believes that the presentation of mainline CASM excluding fuel and special items and regional CASM excluding fuel and special items is useful to investors because both the cost and availability of fuel are subject to many economic and political factors beyond the Companys control.
American Airlines Group Inc GAAP to Non-GAAP Reconciliation ($ mil except ASM and CASM data) |
||||||||||||||||||||||||||||||||
1Q15 | 2Q15 | 3Q15 Range | 4Q15 Range | FY15 Range | ||||||||||||||||||||||||||||
Actual | Actual | Low | High | Low | High | Low | High | |||||||||||||||||||||||||
Mainline |
||||||||||||||||||||||||||||||||
Mainline operating expenses1 |
$ | 7,149 | $ | 7,349 | $ | 6,982 | $ | 7,136 | $ | 6,747 | $ | 6,892 | $ | 28,224 | $ | 28,729 | ||||||||||||||||
Less mainline fuel |
1,544 | 1,774 | 1,574 | 1,622 | 1,380 | 1,424 | 6,272 | 6,364 | ||||||||||||||||||||||||
Less special items |
303 | 144 | | | | | 447 | 447 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Mainline operating expense excluding fuel and special items |
5,302 | 5,431 | 5,408 | 5,514 | 5,367 | 5,468 | 21,505 | 21,918 | ||||||||||||||||||||||||
Mainline CASM (cts)1 |
12.80 | 11.87 | 11.00 | 11.24 | 11.55 | 11.80 | 11.78 | 11.99 | ||||||||||||||||||||||||
Mainline CASM excluding fuel and special items (Non-GAAP) (cts) |
9.49 | 8.77 | 8.52 | 8.68 | 9.19 | 9.36 | 8.98 | 9.15 | ||||||||||||||||||||||||
Mainline ASMs (bil) |
55.9 | 61.9 | 63.5 | 63.5 | 58.4 | 58.4 | 239.6 | 239.6 | ||||||||||||||||||||||||
Regional |
||||||||||||||||||||||||||||||||
Regional operating expenses1 |
$ | 1,462 | $ | 1,557 | $ | 1,503 | $ | 1,536 | $ | 1,466 | $ | 1,498 | $ | 5,958 | $ | 6,070 | ||||||||||||||||
Less regional fuel expense |
311 | 349 | 307 | 316 | 280 | 289 | 1,246 | 1,264 | ||||||||||||||||||||||||
Less special items |
7 | 10 | | | | | 17 | 17 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Regional operating expenses excluding fuel and special items |
1,144 | 1,198 | 1,196 | 1,220 | 1,186 | 1,210 | 4,694 | 4,788 | ||||||||||||||||||||||||
Regional CASM (cts)1 |
21.07 | 20.82 | 19.70 | 20.13 | 19.81 | 20.24 | 20.23 | 20.61 | ||||||||||||||||||||||||
Regional CASM excluding fuel and special items (Non-GAAP) (cts) |
16.47 | 16.02 | 15.68 | 15.99 | 16.03 | 16.35 | 15.94 | 16.26 | ||||||||||||||||||||||||
Regional ASMs (bil) |
6.94 | 7.48 | 7.63 | 7.63 | 7.40 | 7.40 | 29.45 | 29.45 | ||||||||||||||||||||||||
Other Non-Operating (Income)/Expense |
|
|||||||||||||||||||||||||||||||
Other non-operating (income)/expense1 |
$ | 73 | $ | (11 | ) | $ | 60 | $ | 60 | $ | 3 | $ | 3 | $ | 125 | $ | 125 | |||||||||||||||
Less special items |
(8 | ) | (11 | ) | | | | | (19 | ) | (19 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Other non-operating (income)/expense excluding special items |
81 | | 60 | 60 | 3 | 3 | 144 | 144 |
Notes: | Amounts may not recalculate due to rounding. |
(1) | Forecasted expenses exclude special items. |
Please refer to the footnotes and the forward looking statements page of this document for additional information
Forward Looking Statements
October 9, 2015
Cautionary Statement Regarding Forward-Looking Statements
This document includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as may, will, expect, intend, anticipate, believe, estimate, plan, project, could, should, would, continue, seek, target, guidance, outlook, if current trends continue, optimistic, forecast and other similar words. Such statements include, but are not limited to, statements about future financial and operating results, our plans, objectives, estimates, expectations and intentions, and other statements that are not historical facts, such as, without limitation, statements that discuss the possible future effects of current known trends or uncertainties, or which indicate that the future effects of known trends or uncertainties cannot be predicted, guaranteed or assured. These forward-looking statements are based on the current objectives, beliefs and expectations of the Company, and they are subject to significant risks and uncertainties that may cause actual results and financial position and timing of certain events to differ materially from the information in the forward-looking statements. These risks and uncertainties include, but are not limited to, the following: significant operating losses in the future; downturns in economic conditions that adversely affect the Companys business; the impact of continued periods of high volatility in fuel costs, increased fuel prices and significant disruptions in the supply of aircraft fuel; competitive practices in the industry, including the impact of low cost carriers, airline alliances and industry consolidation; the challenges and costs of integrating operations and realizing anticipated synergies and other benefits of the merger transaction with US Airways Group, Inc.; the Companys substantial indebtedness and other obligations and the effect they could have on the Companys business and liquidity; an inability to obtain sufficient financing or other capital to operate successfully and in accordance with the Companys current business plan; increased costs of financing, a reduction in the availability of financing and fluctuations in interest rates; the effect the Companys high level of fixed obligations may have on its ability to fund general corporate requirements, obtain additional financing and respond to competitive developments and adverse economic and industry conditions; the Companys significant pension and other post-employment benefit funding obligations; the impact of any failure to comply with the covenants contained in financing arrangements; provisions in credit card processing and other commercial agreements that may materially reduce the Companys liquidity; the impact of union disputes, employee strikes and other labor-related disruptions; any inability to maintain labor costs at competitive levels; interruptions or disruptions in service at one or more of the Companys hub airports; costs of ongoing data security compliance requirements and the impact of any significant data security breach; any inability to obtain and maintain adequate facilities, infrastructure and slots to operate the Companys flight schedule and expand or change its route network; the Companys reliance on third-party regional operators or third-party service providers that have the ability to affect the Companys revenue and the publics perception about its services; any inability to effectively manage the costs, rights and functionality of third-party distribution channels on which the Company relies; extensive government regulation, which may result in increases in the Companys costs, disruptions to the Companys operations, limits on the Companys operating flexibility, reductions in the demand for air travel, and competitive disadvantages; the impact of the heavy taxation on the airline industry; changes to the Companys business model that may not successfully increase revenues and may cause operational difficulties or decreased demand; the loss of key personnel or inability to attract and retain additional qualified personnel; the impact of conflicts overseas, terrorist attacks and ongoing security concerns; the global scope of the Companys business and any associated economic and political instability or adverse effects of events, circumstances or government actions beyond its control, including the impact of foreign currency exchange rate fluctuations and limitations on the repatriation of cash held in foreign countries; the impact of environmental regulation; the Companys reliance on technology and automated systems and the impact of any failure of these technologies or systems; challenges in integrating the Companys computer, communications and other technology systems; losses and adverse publicity stemming from any accident involving any of the Companys aircraft or the aircraft of its regional or codeshare operators; delays in scheduled aircraft deliveries, or other loss of anticipated fleet capacity, and failure of new aircraft to perform as expected; the Companys dependence on a limited number of suppliers for aircraft, aircraft engines and parts; the impact of changing economic and other conditions beyond the Companys control, including global events that affect travel behavior such as an outbreak of a contagious disease, and volatility and fluctuations in the Companys results of operations due to seasonality; the effect of a higher than normal number of pilot retirements and a potential shortage of pilots; the impact of possible future increases in insurance costs or reductions in available insurance coverage; the effect of a lawsuit that was filed in connection with the merger transaction with US Airways Group, Inc. and remains pending; an inability to use net operating losses carried forward from prior taxable years (NOL Carryforwards); any impairment in the amount of goodwill the Company recorded as a result of the application of the acquisition method of accounting and an inability to realize the full value of the Companys and American Airlines respective intangible or long-lived assets and any material impairment charges that would be recorded as a result; price volatility of the Companys common stock; the effects of the Companys capital deployment program and the limitation, suspension or discontinuation of the Companys share repurchase program or dividend payments thereunder; delay or prevention of stockholders ability to change the composition of the Companys board of directors and the effect this may have on takeover attempts that some of the Companys stockholders might consider beneficial; the effect of provisions of the Companys Restated Certificate of Incorporation and Amended and Restated Bylaws that limit ownership and voting of its equity interests, including its common stock; the effect of limitations in the Companys Restated Certificate of Incorporation on acquisitions and dispositions of its common stock designed to protect its NOL Carryforwards and certain other tax attributes, which may limit the liquidity of its common stock; and other economic, business, competitive, and/or regulatory factors affecting the Companys business, including those set forth in the Companys Quarterly Report on Form 10-Q for the period ended June 30, 2015 (especially in Part II, Item 1A, Risk Factors and Part I, Item 2, Managements Discussion and Analysis of Financial Condition and Results of Operations sections) and other risks and uncertainties listed from time to time in the Companys other filings with the SEC. There may be other factors of which the Company is not currently aware that may affect matters discussed in the forward-looking statements and may also cause actual results to differ materially from those discussed. Any forward-looking statements speak only as of the date hereof or as of the dates indicated in the statements. The Company does not assume any obligation to publicly update or supplement any forward-looking statement to reflect actual results, changes in assumptions or changes in other factors affecting these forward-looking statements other than as required by law.
Please refer to the footnotes and the forward looking statements page of this document for additional information
;P^)
M*V;YZ IS(<<
M\O$_>!G;!%1\.](YGFL4U5CP:QBJS<6[6TQU99H]VO:&
1MR/*O2M!;9E.PXJUZ966EU16,A)$T4A/.YR
MH(W&3GGI!42:3DY.G