(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
THE INTERPUBLIC GROUP OF COMPANIES, INC. | |||||
Date: October 21, 2022 | By: /s/ Andrew Bonzani | ||||
Name: Andrew Bonzani Title: Executive Vice President and General Counsel |
FOR IMMEDIATE RELEASE | New York, NY (October 21, 2022) |
APPENDIX | ||
THE INTERPUBLIC GROUP OF COMPANIES, INC. AND SUBSIDIARIES CONSOLIDATED SUMMARY OF EARNINGS THIRD QUARTER REPORT 2022 AND 2021 (Amounts in Millions except Per Share Data) (UNAUDITED) | ||||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||||
2022 | 2021 | Fav. (Unfav.) % Variance | ||||||||||||||||||
Revenue: | ||||||||||||||||||||
Revenue before Billable Expenses | $ | 2,296.2 | $ | 2,261.7 | 1.5 | % | ||||||||||||||
Billable Expenses | 341.5 | 280.3 | 21.8 | % | ||||||||||||||||
Total Revenue | 2,637.7 | 2,542.0 | 3.8 | % | ||||||||||||||||
Operating Expenses: | ||||||||||||||||||||
Salaries and Related Expenses | 1,546.8 | 1,511.2 | (2.4) | % | ||||||||||||||||
Office and Other Direct Expenses | 327.9 | 300.9 | (9.0) | % | ||||||||||||||||
Billable Expenses | 341.5 | 280.3 | (21.8) | % | ||||||||||||||||
Cost of Services | 2,216.2 | 2,092.4 | (5.9) | % | ||||||||||||||||
Selling, General and Administrative Expenses | 18.5 | 32.2 | 42.5 | % | ||||||||||||||||
Depreciation and Amortization | 67.0 | 69.4 | 3.5 | % | ||||||||||||||||
Restructuring Charges | (5.8) | (3.5) | 65.7 | % | ||||||||||||||||
Total Operating Expenses | 2,295.9 | 2,190.5 | (4.8) | % | ||||||||||||||||
Operating Income | 341.8 | 351.5 | (2.8) | % | ||||||||||||||||
Expenses and Other Income: | ||||||||||||||||||||
Interest Expense | (44.9) | (42.9) | ||||||||||||||||||
Interest Income | 17.0 | 7.4 | ||||||||||||||||||
Other Income, Net | 17.5 | 2.3 | ||||||||||||||||||
Total (Expenses) and Other Income | (10.4) | (33.2) | ||||||||||||||||||
Income Before Income Taxes | 331.4 | 318.3 | ||||||||||||||||||
Provision for Income Taxes | 76.4 | 73.9 | ||||||||||||||||||
Income of Consolidated Companies | 255.0 | 244.4 | ||||||||||||||||||
Equity in Net Income of Unconsolidated Affiliates | 2.5 | 0.2 | ||||||||||||||||||
Net Income | 257.5 | 244.6 | ||||||||||||||||||
Net Income Attributable to Non-controlling Interests | (5.7) | (4.7) | ||||||||||||||||||
Net Income Available to IPG Common Stockholders | $ | 251.8 | $ | 239.9 | ||||||||||||||||
Earnings Per Share Available to IPG Common Stockholders: | ||||||||||||||||||||
Basic | $ | 0.64 | $ | 0.61 | ||||||||||||||||
Diluted | $ | 0.64 | $ | 0.60 | ||||||||||||||||
Weighted-Average Number of Common Shares Outstanding: | ||||||||||||||||||||
Basic | 390.6 | 393.5 | ||||||||||||||||||
Diluted | 394.1 | 399.8 | ||||||||||||||||||
Dividends Declared Per Common Share | $ | 0.290 | $ | 0.270 |
THE INTERPUBLIC GROUP OF COMPANIES, INC. AND SUBSIDIARIES CONSOLIDATED SUMMARY OF EARNINGS THIRD QUARTER REPORT 2022 AND 2021 (Amounts in Millions except Per Share Data) (UNAUDITED) | ||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||
2022 | 2021 | Fav. (Unfav.) % Variance | ||||||||||||||||||
Revenue: | ||||||||||||||||||||
Revenue before Billable Expenses | $ | 6,898.9 | $ | 6,559.0 | 5.2 | % | ||||||||||||||
Billable Expenses | 1,043.0 | 749.6 | 39.1 | % | ||||||||||||||||
Total Revenue | 7,941.9 | 7,308.6 | 8.7 | % | ||||||||||||||||
Operating Expenses: | ||||||||||||||||||||
Salaries and Related Expenses | 4,701.4 | 4,389.2 | (7.1) | % | ||||||||||||||||
Office and Other Direct Expenses | 1,001.1 | 894.8 | (11.9) | % | ||||||||||||||||
Billable Expenses | 1,043.0 | 749.6 | (39.1) | % | ||||||||||||||||
Cost of Services | 6,745.5 | 6,033.6 | (11.8) | % | ||||||||||||||||
Selling, General and Administrative Expenses | 57.2 | 89.8 | 36.3 | % | ||||||||||||||||
Depreciation and Amortization | 201.9 | 208.7 | 3.3 | % | ||||||||||||||||
Restructuring Charges | 0.7 | (2.4) | >(100)% | |||||||||||||||||
Total Operating Expenses | 7,005.3 | 6,329.7 | (10.7) | % | ||||||||||||||||
Operating Income | 936.6 | 978.9 | (4.3) | % | ||||||||||||||||
Expenses and Other Income: | ||||||||||||||||||||
Interest Expense | (125.3) | (135.1) | ||||||||||||||||||
Interest Income | 38.0 | 21.9 | ||||||||||||||||||
Other Income (Expense), Net | 6.8 | (76.9) | ||||||||||||||||||
Total (Expenses) and Other Income | (80.5) | (190.1) | ||||||||||||||||||
Income Before Income Taxes | 856.1 | 788.8 | ||||||||||||||||||
Provision for Income Taxes | 209.2 | 184.4 | ||||||||||||||||||
Income of Consolidated Companies | 646.9 | 604.4 | ||||||||||||||||||
Equity in Net Income of Unconsolidated Affiliates | 3.3 | 0.4 | ||||||||||||||||||
Net Income | 650.2 | 604.8 | ||||||||||||||||||
Net Income Attributable to Non-controlling Interests | (9.4) | (9.9) | ||||||||||||||||||
Net Income Available to IPG Common Stockholders | $ | 640.8 | $ | 594.9 | ||||||||||||||||
Earnings Per Share Available to IPG Common Stockholders: | ||||||||||||||||||||
Basic | $ | 1.63 | $ | 1.51 | ||||||||||||||||
Diluted | $ | 1.62 | $ | 1.49 | ||||||||||||||||
Weighted-Average Number of Common Shares Outstanding: | ||||||||||||||||||||
Basic | 392.7 | 392.8 | ||||||||||||||||||
Diluted | 396.2 | 398.3 | ||||||||||||||||||
Dividends Declared Per Common Share | $ | 0.870 | $ | 0.810 |
THE INTERPUBLIC GROUP OF COMPANIES, INC. AND SUBSIDIARIES U.S. GAAP RECONCILIATION OF NON-GAAP ADJUSTED RESULTS (Amounts in Millions except Per Share Data) (UNAUDITED) | |||||||||||||||||||||||||||||
Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||
As Reported | Amortization of Acquired Intangibles | Restructuring Charges1 | Net Gain on Business Dispositions2 | Adjusted Results (Non-GAAP) | |||||||||||||||||||||||||
Operating Income and Adjusted EBITA before Restructuring Charges3 | $ | 341.8 | $ | (20.2) | $ | 5.8 | $ | 356.2 | |||||||||||||||||||||
Total (Expenses) and Other Income4 | (10.4) | $ | 15.1 | (25.5) | |||||||||||||||||||||||||
Income Before Income Taxes | 331.4 | (20.2) | 5.8 | 15.1 | 330.7 | ||||||||||||||||||||||||
Provision for Income Taxes | 76.4 | 4.2 | (1.8) | 0.1 | 78.9 | ||||||||||||||||||||||||
Equity in Net Income of Unconsolidated Affiliates | 2.5 | 2.5 | |||||||||||||||||||||||||||
Net Income Attributable to Non-controlling Interests | (5.7) | (5.7) | |||||||||||||||||||||||||||
Net Income Available to IPG Common Stockholders | $ | 251.8 | $ | (16.0) | $ | 4.0 | $ | 15.2 | $ | 248.6 | |||||||||||||||||||
Weighted-Average Number of Common Shares Outstanding - Basic | 390.6 | 390.6 | |||||||||||||||||||||||||||
Dilutive effect of stock options and restricted shares | 3.5 | 3.5 | |||||||||||||||||||||||||||
Weighted-Average Number of Common Shares Outstanding - Diluted | 394.1 | 394.1 | |||||||||||||||||||||||||||
Earnings per Share Available to IPG Common Stockholders5: | |||||||||||||||||||||||||||||
Basic | $ | 0.64 | $ | (0.04) | $ | 0.01 | $ | 0.04 | $ | 0.64 | |||||||||||||||||||
Diluted | $ | 0.64 | $ | (0.04) | $ | 0.01 | $ | 0.04 | $ | 0.63 | |||||||||||||||||||
1 Restructuring charges of $(5.8) in the third quarter of 2022 were related to adjustments to our restructuring actions taken in 2020, which were designed to reduce our operating expenses structurally and permanently relative to revenue and to accelerate the transformation of our business. | |||||||||||||||||||||||||||||
2 Primarily relates to a cash gain in the third quarter of 2022 related to the sale of an equity investment, as well as gains on dispositions of businesses and the classification of certain assets as held for sale. | |||||||||||||||||||||||||||||
3 Refer to non-GAAP reconciliation of Adjusted EBITA before Restructuring Charges on page A5 in the appendix. | |||||||||||||||||||||||||||||
4 Consists of non-operating expenses including interest expense, interest income and other expense, net. | |||||||||||||||||||||||||||||
5 Earnings per share amounts calculated on an unrounded basis. | |||||||||||||||||||||||||||||
Note: Management believes the resulting comparisons provide useful supplemental data that, while not a substitute for GAAP measures, allow for greater transparency in the review of our financial and operational performance. |
THE INTERPUBLIC GROUP OF COMPANIES, INC. AND SUBSIDIARIES U.S. GAAP RECONCILIATION OF NON-GAAP ADJUSTED RESULTS (Amounts in Millions except Per Share Data) (UNAUDITED) | |||||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||
As Reported | Amortization of Acquired Intangibles | Restructuring Charges1 | Net Gain on Business Dispositions2 | Adjusted Results (Non-GAAP) | |||||||||||||||||||||||||
Operating Income and Adjusted EBITA before Restructuring Charges3 | $ | 936.6 | $ | (62.6) | $ | (0.7) | $ | 999.9 | |||||||||||||||||||||
Total (Expenses) and Other Income4 | (80.5) | $ | 4.5 | (85.0) | |||||||||||||||||||||||||
Income Before Income Taxes | 856.1 | (62.6) | (0.7) | 4.5 | 914.9 | ||||||||||||||||||||||||
Provision for Income Taxes | 209.2 | 12.7 | (0.2) | 0.1 | 221.8 | ||||||||||||||||||||||||
Equity in Net Income of Unconsolidated Affiliates | 3.3 | 3.3 | |||||||||||||||||||||||||||
Net Income Attributable to Non-controlling Interests | (9.4) | (9.4) | |||||||||||||||||||||||||||
Net Income Available to IPG Common Stockholders | $ | 640.8 | $ | (49.9) | $ | (0.9) | $ | 4.6 | $ | 687.0 | |||||||||||||||||||
Weighted-Average Number of Common Shares Outstanding - Basic | 392.7 | 392.7 | |||||||||||||||||||||||||||
Dilutive effect of stock options and restricted shares | 3.5 | 3.5 | |||||||||||||||||||||||||||
Weighted-Average Number of Common Shares Outstanding - Diluted | 396.2 | 396.2 | |||||||||||||||||||||||||||
Earnings per Share Available to IPG Common Stockholders5: | |||||||||||||||||||||||||||||
Basic | $ | 1.63 | $ | (0.13) | $ | 0.00 | $ | 0.01 | $ | 1.75 | |||||||||||||||||||
Diluted | $ | 1.62 | $ | (0.13) | $ | 0.00 | $ | 0.01 | $ | 1.73 | |||||||||||||||||||
1 Restructuring charges of $0.7 in the first nine months of 2022 were related to adjustments to our restructuring actions taken in 2020, which were designed to reduce our operating expenses structurally and permanently relative to revenue and to accelerate the transformation of our business. | |||||||||||||||||||||||||||||
2 Primarily includes a cash gain in the first nine months of 2022 related to the sale of an equity investment, partially offset by a non-cash loss related to the deconsolidation of a previously consolidated subsidiary in which we maintain an equity investment, as well as losses on dispositions of businesses and the classification of certain assets as held for sale. | |||||||||||||||||||||||||||||
3 Refer to non-GAAP reconciliation of Adjusted EBITA before Restructuring Charges on page A5 in the appendix. | |||||||||||||||||||||||||||||
4 Consists of non-operating expenses including interest expense, interest income and other expense, net. | |||||||||||||||||||||||||||||
5 Earnings per share amounts calculated on an unrounded basis. | |||||||||||||||||||||||||||||
Note: Management believes the resulting comparisons provide useful supplemental data that, while not a substitute for GAAP measures, allow for greater transparency in the review of our financial and operational performance. |
THE INTERPUBLIC GROUP OF COMPANIES, INC. AND SUBSIDIARIES U.S. GAAP RECONCILIATION OF NON-GAAP ADJUSTED RESULTS (Amounts in Millions) (UNAUDITED) | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenue Before Billable Expenses | $ | 2,296.2 | $ | 2,261.7 | $ | 6,898.9 | $ | 6,559.0 | |||||||||||||||
Non-GAAP Reconciliation: | |||||||||||||||||||||||
Net Income Available to IPG Common Stockholders | $ | 251.8 | $ | 239.9 | $ | 640.8 | $ | 594.9 | |||||||||||||||
Add Back: | |||||||||||||||||||||||
Provision for Income Taxes | 76.4 | 73.9 | 209.2 | 184.4 | |||||||||||||||||||
Subtract: | |||||||||||||||||||||||
Total (Expenses) and Other Income | (10.4) | (33.2) | (80.5) | (190.1) | |||||||||||||||||||
Equity in Net Income of Unconsolidated Affiliates | 2.5 | 0.2 | 3.3 | 0.4 | |||||||||||||||||||
Net Income Attributable to Non-controlling Interests | (5.7) | (4.7) | (9.4) | (9.9) | |||||||||||||||||||
Operating Income | 341.8 | 351.5 | 936.6 | 978.9 | |||||||||||||||||||
Add Back: | |||||||||||||||||||||||
Amortization of Acquired Intangibles | 20.2 | 21.5 | 62.6 | 64.7 | |||||||||||||||||||
Adjusted EBITA | $ | 362.0 | $ | 373.0 | $ | 999.2 | $ | 1,043.6 | |||||||||||||||
Adjusted EBITA Margin on Revenue before Billable Expenses % | 15.8 | % | 16.5 | % | 14.5 | % | 15.9 | % | |||||||||||||||
Restructuring Charges1 | (5.8) | (3.5) | 0.7 | (2.4) | |||||||||||||||||||
Adjusted EBITA before Restructuring Charges | $ | 356.2 | $ | 369.5 | $ | 999.9 | $ | 1,041.2 | |||||||||||||||
Adjusted EBITA before Restructuring Charges Margin on Revenue before Billable Expenses % | 15.5 | % | 16.3 | % | 14.5 | % | 15.9 | % | |||||||||||||||
1 Restructuring charges of $(5.8) and $0.7 in the third quarter and first nine months of 2022, respectively, were related to adjustments to our restructuring actions taken in 2020, which were designed to reduce our operating expenses structurally and permanently relative to revenue and to accelerate the transformation of our business. Restructuring charges of $(3.5) million and $(2.4) million in the third quarter and first nine months of 2021, respectively, were related to adjustments to our restructuring actions taken in 2020, which were designed to reduce our operating expenses structurally and permanently relative to revenue and to accelerate the transformation of our business. | |||||||||||||||||||||||
Note: Management believes the resulting comparisons provide useful supplemental data that, while not a substitute for GAAP measures, allow for greater transparency in the review of our financial and operational performance. |
THE INTERPUBLIC GROUP OF COMPANIES, INC. AND SUBSIDIARIES U.S. GAAP RECONCILIATION OF NON-GAAP ADJUSTED RESULTS (Amounts in Millions except Per Share Data) (UNAUDITED) | |||||||||||||||||||||||||||||
Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||
As Reported | Amortization of Acquired Intangibles | Restructuring Charges1 | Net Losses on Sales of Businesses2 | Adjusted Results (Non-GAAP) | |||||||||||||||||||||||||
Operating Income and Adjusted EBITA before Restructuring Charges3 | $ | 351.5 | $ | (21.5) | $ | 3.5 | $ | 369.5 | |||||||||||||||||||||
Total (Expenses) and Other Income4 | (33.2) | $ | 1.7 | (34.9) | |||||||||||||||||||||||||
Income Before Income Taxes | 318.3 | (21.5) | 3.5 | 1.7 | 334.6 | ||||||||||||||||||||||||
Provision for Income Taxes | 73.9 | 4.2 | 0.0 | 0.0 | 78.1 | ||||||||||||||||||||||||
Equity in Net Income of Unconsolidated Affiliates | 0.2 | 0.2 | |||||||||||||||||||||||||||
Net Income Attributable to Non-controlling Interests | (4.7) | (4.7) | |||||||||||||||||||||||||||
Net Income Available to IPG Common Stockholders | $ | 239.9 | $ | (17.3) | $ | 3.5 | $ | 1.7 | $ | 252.0 | |||||||||||||||||||
Weighted-Average Number of Common Shares Outstanding - Basic | 393.5 | 393.5 | |||||||||||||||||||||||||||
Dilutive effect of stock options and restricted shares | 6.3 | 6.3 | |||||||||||||||||||||||||||
Weighted-Average Number of Common Shares Outstanding - Diluted | 399.8 | 399.8 | |||||||||||||||||||||||||||
Earnings per Share Available to IPG Common Stockholders5: | |||||||||||||||||||||||||||||
Basic | $ | 0.61 | $ | (0.04) | $ | 0.01 | $ | 0.00 | $ | 0.64 | |||||||||||||||||||
Diluted | $ | 0.60 | $ | (0.04) | $ | 0.01 | $ | 0.00 | $ | 0.63 | |||||||||||||||||||
1 Restructuring charges of $(3.5) million in the third quarter of 2021 were related to adjustments to our restructuring actions taken in 2020, which were designed to reduce our operating expenses structurally and permanently relative to revenue and to accelerate the transformation of our business. | |||||||||||||||||||||||||||||
2 Primarily includes a non-cash gain in the third quarter of 2021 related to the deconsolidation of a previously consolidated subsidiary in which we maintain an equity interest, partially offset by losses on complete dispositions of businesses and the classification of certain assets as held for sale. | |||||||||||||||||||||||||||||
3 Refer to non-GAAP reconciliation of Adjusted EBITA before Restructuring Charges on page A5 in the appendix. | |||||||||||||||||||||||||||||
4 Consists of non-operating expenses including interest expense, interest income and other expense, net. | |||||||||||||||||||||||||||||
5 Earnings per share amounts calculated on an unrounded basis. | |||||||||||||||||||||||||||||
Note: Management believes the resulting comparisons provide useful supplemental data that, while not a substitute for GAAP measures, allow for greater transparency in the review of our financial and operational performance. |
THE INTERPUBLIC GROUP OF COMPANIES, INC. AND SUBSIDIARIES U.S. GAAP RECONCILIATION OF NON-GAAP ADJUSTED RESULTS (Amounts in Millions except Per Share Data) (UNAUDITED) | |||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||
As Reported | Amortization of Acquired Intangibles | Restructuring Charges1 | Net Losses on Sales of Businesses2 | Loss on Early Extinguishment of Debt3 | Adjusted Results (Non-GAAP) | ||||||||||||||||||||||||||||||
Operating Income and Adjusted EBITA before Restructuring Charges4 | $ | 978.9 | $ | (64.7) | $ | 2.4 | $ | 1,041.2 | |||||||||||||||||||||||||||
Total (Expenses) and Other Income5 | (190.1) | $ | (12.5) | $ | (74.0) | (103.6) | |||||||||||||||||||||||||||||
Income Before Income Taxes | 788.8 | (64.7) | 2.4 | (12.5) | (74.0) | 937.6 | |||||||||||||||||||||||||||||
Provision for Income Taxes | 184.4 | 12.6 | 0.3 | 1.7 | 18.5 | 217.5 | |||||||||||||||||||||||||||||
Equity in Net Income of Unconsolidated Affiliates | 0.4 | 0.4 | |||||||||||||||||||||||||||||||||
Net Income Attributable to Non-controlling Interests | (9.9) | (9.9) | |||||||||||||||||||||||||||||||||
Net Income Available to IPG Common Stockholders | $ | 594.9 | $ | (52.1) | $ | 2.7 | $ | (10.8) | $ | (55.5) | $ | 710.6 | |||||||||||||||||||||||
Weighted-Average Number of Common Shares Outstanding - Basic | 392.8 | 392.8 | |||||||||||||||||||||||||||||||||
Dilutive effect of stock options and restricted shares | 5.5 | 5.5 | |||||||||||||||||||||||||||||||||
Weighted-Average Number of Common Shares Outstanding - Diluted | 398.3 | 398.3 | |||||||||||||||||||||||||||||||||
Earnings per Share Available to IPG Common Stockholders6: | |||||||||||||||||||||||||||||||||||
Basic | $ | 1.51 | $ | (0.13) | $ | 0.01 | $ | (0.03) | $ | (0.14) | $ | 1.81 | |||||||||||||||||||||||
Diluted | $ | 1.49 | $ | (0.13) | $ | 0.01 | $ | (0.03) | $ | (0.14) | $ | 1.78 | |||||||||||||||||||||||
1 Restructuring charges of $(2.4) million in the first nine months of 2021 were related to adjustments to our restructuring actions taken in 2020, which were designed to reduce our operating expenses structurally and permanently relative to revenue and to accelerate the transformation of our business. | |||||||||||||||||||||||||||||||||||
2 Includes losses on complete dispositions of businesses and the classification of certain assets as held for sale, partially offset by a non-cash gain in the third quarter of 2021 related to the deconsolidation of a previously consolidated subsidiary in which we maintain an equity interest. | |||||||||||||||||||||||||||||||||||
3 Consists of a loss incurred in the first quarter of 2021 related to the early extinguishment of our 4.000% unsecured senior notes due 2022, 3.750% unsecured senior notes due 2023 and half of our 4.200% unsecured senior notes due 2024. | |||||||||||||||||||||||||||||||||||
4 Refer to non-GAAP reconciliation of Adjusted EBITA before Restructuring Charges on page A5 in the appendix | |||||||||||||||||||||||||||||||||||
5 Consists of non-operating expenses including interest expense, interest income and other expense, net. | |||||||||||||||||||||||||||||||||||
6 Earnings per share amounts calculated on an unrounded basis. | |||||||||||||||||||||||||||||||||||
Note: Management believes the resulting comparisons provide useful supplemental data that, while not a substitute for GAAP measures, allow for greater transparency in the review of our financial and operational performance. |
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