(State or other jurisdiction of incorporation) | (Commission file number) | (I.R.S. employer identification no.) | ||||||||||||||||||
(Address of principal executive offices) (Zip Code) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
DYCOM INDUSTRIES, INC. (Registrant) | |||||
By: | /s/ Ryan F. Urness | ||||
Name: | Ryan F. Urness | ||||
Title: | Vice President, General Counsel and Corporate Secretary |
FOR IMMEDIATE RELEASE | Contact: | Steven E. Nielsen, President and CEO H. Andrew DeFerrari, Senior Vice President and CFO Callie A. Tomasso, Investor Relations (561) 627-7171 |
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(Dollars in thousands) | |||||||||||
Unaudited | |||||||||||
October 24, 2020 | January 25, 2020 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and equivalents | $ | 12,036 | $ | 54,560 | |||||||
Accounts receivable, net | 938,941 | 817,245 | |||||||||
Contract assets | 204,516 | 253,005 | |||||||||
Inventories | 70,827 | 98,324 | |||||||||
Income tax receivable | 724 | 3,168 | |||||||||
Other current assets | 38,462 | 31,991 | |||||||||
Total current assets | 1,265,506 | 1,258,293 | |||||||||
Property and equipment, net | 288,292 | 376,610 | |||||||||
Operating lease right-of-use assets | 65,912 | 69,596 | |||||||||
Goodwill and other intangible assets, net | 396,976 | 465,694 | |||||||||
Other | 48,378 | 47,438 | |||||||||
Total non-current assets | 799,558 | 959,338 | |||||||||
Total assets | $ | 2,065,064 | $ | 2,217,631 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 183,679 | $ | 119,612 | |||||||
Current portion of debt | 78,121 | 22,500 | |||||||||
Contract liabilities | 16,412 | 16,332 | |||||||||
Accrued insurance claims | 43,623 | 38,881 | |||||||||
Operating lease liabilities | 26,075 | 26,581 | |||||||||
Income taxes payable | 8,413 | 344 | |||||||||
Other accrued liabilities | 107,392 | 98,775 | |||||||||
Total current liabilities | 463,715 | 323,025 | |||||||||
Long-term debt | 490,000 | 844,401 | |||||||||
Accrued insurance claims - non-current | 67,195 | 56,026 | |||||||||
Operating lease liabilities - non-current | 40,327 | 43,606 | |||||||||
Deferred tax liabilities, net - non-current | 55,360 | 75,527 | |||||||||
Other liabilities | 35,343 | 6,442 | |||||||||
Total liabilities | 1,151,940 | 1,349,027 | |||||||||
Total stockholders’ equity | 913,124 | 868,604 | |||||||||
Total liabilities and stockholders’ equity | $ | 2,065,064 | $ | 2,217,631 | |||||||
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||
(Dollars in thousands, except share amounts) | |||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||
Quarter | Quarter | Nine Months | Nine Months | ||||||||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||||||||
October 24, 2020 | October 26, 2019 | October 24, 2020 | October 26, 2019 | ||||||||||||||||||||
Contract revenues | $ | 810,256 | $ | 884,115 | $ | 2,448,500 | $ | 2,602,079 | |||||||||||||||
Costs of earned revenues, excluding depreciation and amortization1 | 658,355 | 724,378 | 1,996,514 | 2,146,527 | |||||||||||||||||||
General and administrative2,3 | 62,628 | 69,875 | 195,871 | 193,613 | |||||||||||||||||||
Depreciation and amortization | 42,313 | 47,356 | 132,313 | 140,941 | |||||||||||||||||||
Goodwill impairment charge4 | — | — | 53,264 | — | |||||||||||||||||||
Total | 763,296 | 841,609 | 2,377,962 | 2,481,081 | |||||||||||||||||||
Interest expense, net5 | (4,710) | (13,128) | (25,020) | (38,239) | |||||||||||||||||||
Gain on debt extinguishment6 | — | — | 12,046 | — | |||||||||||||||||||
Other income, net | 3,708 | 1,407 | 7,921 | 11,111 | |||||||||||||||||||
Income before income taxes | 45,958 | 30,785 | 65,485 | 93,870 | |||||||||||||||||||
Provision for income taxes7 | 12,032 | 6,556 | 26,953 | 25,466 | |||||||||||||||||||
Net income | $ | 33,926 | $ | 24,229 | $ | 38,532 | $ | 68,404 | |||||||||||||||
Earnings per common share: | |||||||||||||||||||||||
Basic earnings per common share | $ | 1.06 | $ | 0.77 | $ | 1.21 | $ | 2.17 | |||||||||||||||
Diluted earnings per common share | $ | 1.05 | $ | 0.76 | $ | 1.20 | $ | 2.15 | |||||||||||||||
Shares used in computing earnings per common share: | |||||||||||||||||||||||
Basic | 31,878,583 | 31,502,543 | 31,744,199 | 31,480,759 | |||||||||||||||||||
Diluted | 32,425,300 | 31,826,845 | 32,106,661 | 31,811,505 | |||||||||||||||||||
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO COMPARABLE GAAP FINANCIAL MEASURES | |||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||||||
CONTRACT REVENUES, NON-GAAP ORGANIC CONTRACT REVENUES, AND DECLINE %’s | |||||||||||||||||||||||||||||
Contract Revenues - GAAP | Revenues from storm restoration services | Non-GAAP - Organic Contract Revenues | GAAP - Decline % | Non-GAAP - Organic Decline % | |||||||||||||||||||||||||
Quarter Ended October 24, 2020 | $ | 810,256 | $ | (8,894) | $ | 801,362 | (8.4) | % | (9.4) | % | |||||||||||||||||||
Quarter Ended October 26, 2019 | $ | 884,115 | $ | — | $ | 884,115 | |||||||||||||||||||||||
Nine Months Ended October 24, 2020 | $ | 2,448,500 | $ | (8,894) | $ | 2,439,606 | (5.9) | % | (6.1) | % | |||||||||||||||||||
Nine Months Ended October 26, 2019 | $ | 2,602,079 | $ | (4,716) | $ | 2,597,363 |
NET INCOME AND NON-GAAP ADJUSTED EBITDA | |||||||||||||||||||||||
Quarter | Quarter | Nine Months | Nine Months | ||||||||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||||||||
October 24, 2020 | October 26, 2019 | October 24, 2020 | October 26, 2019 | ||||||||||||||||||||
Reconciliation of net income to Non-GAAP Adjusted EBITDA: | |||||||||||||||||||||||
Net income | $ | 33,926 | $ | 24,229 | $ | 38,532 | $ | 68,404 | |||||||||||||||
Interest expense, net | 4,710 | 13,128 | 25,020 | 38,239 | |||||||||||||||||||
Provision for income taxes | 12,032 | 6,556 | 26,953 | 25,466 | |||||||||||||||||||
Depreciation and amortization | 42,313 | 47,356 | 132,313 | 140,941 | |||||||||||||||||||
Earnings Before Interest, Taxes, Depreciation & Amortization (“EBITDA”) | 92,981 | 91,269 | 222,818 | 273,050 | |||||||||||||||||||
Gain on sale of fixed assets | (4,001) | (2,241) | (9,207) | (13,785) | |||||||||||||||||||
Stock-based compensation expense | 3,796 | 2,694 | 10,490 | 8,450 | |||||||||||||||||||
Goodwill impairment charge4 | — | — | 53,264 | — | |||||||||||||||||||
Gain on debt extinguishment6 | — | — | (12,046) | — | |||||||||||||||||||
Charge for warranty costs1 | — | — | — | 8,200 | |||||||||||||||||||
Recovery of previously reserved accounts receivable and contract assets3 | — | — | — | (10,345) | |||||||||||||||||||
Non-GAAP Adjusted EBITDA | $ | 92,776 | $ | 91,722 | $ | 265,319 | $ | 265,570 | |||||||||||||||
Non-GAAP Adjusted EBITDA % of contract revenues | 11.5 | % | 10.4 | % | 10.8 | % | 10.2 | % | |||||||||||||||
Non-GAAP Adjusted EBITDA, excluding contract modification8 | $ | 254,610 | |||||||||||||||||||||
Non-GAAP Adjusted EBITDA, excluding contract modification % of contract revenues8 | 9.8 | % |
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO COMPARABLE GAAP FINANCIAL MEASURES (CONTINUED) | |||||||||||||||||||||||
(Dollars in thousands, except share amounts) | |||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||
NET INCOME, NON-GAAP ADJUSTED NET INCOME, DILUTED EARNINGS PER COMMON SHARE, AND NON-GAAP ADJUSTED DILUTED EARNINGS PER COMMON SHARE | |||||||||||||||||||||||
Quarter | Quarter | Nine Months | Nine Months | ||||||||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||||||||
October 24, 2020 | October 26, 2019 | October 24, 2020 | October 26, 2019 | ||||||||||||||||||||
Reconciliation of net income to Non-GAAP Adjusted Net Income: | |||||||||||||||||||||||
Net income | $ | 33,926 | $ | 24,229 | $ | 38,532 | $ | 68,404 | |||||||||||||||
Pre-Tax Adjustments: | |||||||||||||||||||||||
Non-cash amortization of debt discount on Notes | 643 | 5,068 | 6,732 | 15,016 | |||||||||||||||||||
Gain on debt extinguishment6 | — | — | (12,046) | — | |||||||||||||||||||
Goodwill impairment charge4 | — | — | 53,264 | — | |||||||||||||||||||
Charge for warranty costs1 | — | — | — | 8,200 | |||||||||||||||||||
Recovery of previously reserved accounts receivable and contract assets3 | — | — | — | (10,345) | |||||||||||||||||||
Tax Adjustments: | |||||||||||||||||||||||
Tax impact of the vesting and exercise of share-based awards | (33) | 163 | (241) | 801 | |||||||||||||||||||
Tax effect from net operating loss carryback under enacted CARES Act7 | — | — | (2,631) | — | |||||||||||||||||||
Tax impact related to previous tax year filing | — | — | — | 1,092 | |||||||||||||||||||
Tax impact of pre-tax adjustments | (177) | (1,394) | 113 | (3,540) | |||||||||||||||||||
Total adjustments, net of tax | 433 | 3,837 | 45,191 | 11,224 | |||||||||||||||||||
Non-GAAP Adjusted Net Income | $ | 34,359 | $ | 28,066 | $ | 83,723 | $ | 79,628 | |||||||||||||||
Non-GAAP Adjusted Net Income, excluding contract modification8 | $ | 72,378 | |||||||||||||||||||||
Reconciliation of diluted earnings per common share to Non-GAAP Adjusted Diluted Earnings per Common Share: | |||||||||||||||||||||||
GAAP diluted earnings per common share | $ | 1.05 | $ | 0.76 | $ | 1.20 | $ | 2.15 | |||||||||||||||
Total adjustments, net of tax | 0.01 | 0.12 | 1.41 | 0.35 | |||||||||||||||||||
Non-GAAP Adjusted Diluted Earnings per Common Share | $ | 1.06 | $ | 0.88 | $ | 2.61 | $ | 2.50 | |||||||||||||||
Non-GAAP Adjusted Diluted Earnings per Common Share, excluding contract modification8 | $ | 2.28 | |||||||||||||||||||||
Shares used in computing Non-GAAP Adjusted Diluted Earnings per Common Share | 32,425,300 | 31,826,845 | 32,106,661 | 31,811,505 | |||||||||||||||||||
Amounts in table above may not add due to rounding. |
Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures | ||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP Organic Contract Revenues | ||||||||||||||||||||||||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Contract Revenues - GAAP | Revenues from acquired businesses1 | Revenues from storm restoration services | Additional week as a result of our 52/53 week fiscal year3 | Non-GAAP - Organic Revenues | Growth (Decline)% | |||||||||||||||||||||||||||||||||||||||
GAAP % | Non-GAAP - Organic % | |||||||||||||||||||||||||||||||||||||||||||
Quarter Ended October 24, 2020 | $ | 810.3 | $ | — | $ | (8.9) | $ | — | $ | 801.4 | (8.4) | % | (9.4) | % | ||||||||||||||||||||||||||||||
Quarter Ended October 26, 2019 | $ | 884.1 | $ | — | $ | — | $ | — | $ | 884.1 | ||||||||||||||||||||||||||||||||||
Nine Months Ended October 24, 2020 | $ | 2,448.5 | $ | — | $ | (8.9) | $ | — | $ | 2,439.6 | (5.9) | % | (6.1) | % | ||||||||||||||||||||||||||||||
Nine Months Ended October 26, 2019 | $ | 2,602.1 | $ | — | $ | (4.7) | $ | — | $ | 2,597.4 | ||||||||||||||||||||||||||||||||||
Four Quarters Ended | ||||||||||||||||||||||||||||||||||||||||||||
January 25, 2020 | $ | 3,339.7 | $ | (26.6) | $ | (4.7) | $ | — | $ | 3,308.3 | 6.8 | % | 8.3 | % | ||||||||||||||||||||||||||||||
January 26, 2019 | $ | 3,127.7 | $ | (29.6) | $ | (42.9) | $ | — | $ | 3,055.3 | ||||||||||||||||||||||||||||||||||
January 26, 2019 | $ | 3,127.7 | $ | (69.9) | $ | (42.9) | $ | — | $ | 3,014.9 | 5.0 | % | 3.6 | % | ||||||||||||||||||||||||||||||
January 27, 20182 | $ | 2,977.9 | $ | (32.3) | $ | (35.1) | $ | — | $ | 2,910.5 | ||||||||||||||||||||||||||||||||||
January 27, 20182 | $ | 2,977.9 | $ | (87.3) | $ | (35.1) | $ | — | $ | 2,855.5 | 0.8 | % | (0.2) | % | ||||||||||||||||||||||||||||||
January 28, 20172 | $ | 2,954.2 | $ | (37.3) | $ | — | $ | (56.0) | $ | 2,860.9 | ||||||||||||||||||||||||||||||||||
July 29, 2017 | $ | 3,066.9 | $ | (214.9) | $ | — | $ | — | $ | 2,851.9 | 14.8 | % | 14.1 | % | ||||||||||||||||||||||||||||||
July 30, 2016 | $ | 2,672.5 | $ | (119.8) | $ | — | $ | (53.5) | $ | 2,499.2 | ||||||||||||||||||||||||||||||||||
July 30, 2016 | $ | 2,672.5 | $ | (159.0) | $ | — | $ | (52.9) | $ | 2,460.7 | 32.2 | % | 22.7 | % | ||||||||||||||||||||||||||||||
July 25, 2015 | $ | 2,022.3 | $ | (17.7) | $ | — | $ | — | $ | 2,004.7 | ||||||||||||||||||||||||||||||||||
July 25, 2015 | $ | 2,022.3 | $ | (40.4) | $ | — | $ | — | $ | 1,982.0 | 11.6 | % | 9.6 | % | ||||||||||||||||||||||||||||||
July 26, 2014 | $ | 1,811.6 | $ | (2.8) | $ | — | $ | — | $ | 1,808.8 |
Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures | ||||||||||||||||||||||||||||||||
Non-GAAP Organic Contract Revenues - Certain Customers | ||||||||||||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||
Contract Revenues - GAAP | Revenues from storm restoration services | Non-GAAP - Organic Revenues | Growth (Decline)% | |||||||||||||||||||||||||||||
Quarter Ended | GAAP % | Non-GAAP - Organic % | ||||||||||||||||||||||||||||||
Comcast | ||||||||||||||||||||||||||||||||
October 24, 2020 | $ | 143.6 | $ | (0.5) | $ | 143.2 | 9.4 | % | 9.0 | % | ||||||||||||||||||||||
October 26, 2019 | $ | 131.3 | $ | — | $ | 131.3 | ||||||||||||||||||||||||||
Top 5 Customers4 | ||||||||||||||||||||||||||||||||
October 24, 2020 | $ | 580.5 | $ | (2.4) | $ | 578.1 | (15.0) | % | (15.4) | % | ||||||||||||||||||||||
October 26, 2019 | $ | 683.2 | $ | — | $ | 683.2 | ||||||||||||||||||||||||||
All Other Customers (excluding Top 5 Customers) | ||||||||||||||||||||||||||||||||
October 24, 2020 | $ | 229.7 | $ | (6.5) | $ | 223.3 | 14.3 | % | 11.1 | % | ||||||||||||||||||||||
October 26, 2019 | $ | 200.9 | $ | — | $ | 200.9 | ||||||||||||||||||||||||||
Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures | |||||||||||
Non-GAAP Adjusted EBITDA | |||||||||||
Unaudited | |||||||||||
(Dollars in thousands) | |||||||||||
Quarter Ended | |||||||||||
October 24, 2020 | October 26, 2019 | ||||||||||
Net income | $ | 33,926 | $ | 24,229 | |||||||
Interest expense, net | 4,710 | 13,128 | |||||||||
Provision for income taxes | 12,032 | 6,556 | |||||||||
Depreciation and amortization | 42,313 | 47,356 | |||||||||
Earnings Before Interest, Taxes, Depreciation & Amortization (“EBITDA”) | 92,981 | 91,269 | |||||||||
Gain on sale of fixed assets | (4,001) | (2,241) | |||||||||
Stock-based compensation expense | 3,796 | 2,694 | |||||||||
Non-GAAP Adjusted EBITDA | $ | 92,776 | $ | 91,722 | |||||||
Non-GAAP Adjusted EBITDA % of contract revenues | 11.5 | % | 10.4 | % | |||||||
Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures | |||||||||||||||||
Non-GAAP Adjusted Net Income and Non-GAAP Adjusted Diluted Earnings Per Share | |||||||||||||||||
Unaudited | |||||||||||||||||
(Dollars and shares in thousands, except per share amounts) | |||||||||||||||||
Quarter Ended October 24, 2020 | |||||||||||||||||
GAAP | Reconciling Items | Non-GAAP Adjusted | |||||||||||||||
Contract revenues | $ | 810,256 | $ | — | $ | 810,256 | |||||||||||
Costs of earned revenues, excluding depreciation and amortization | 658,355 | — | 658,355 | ||||||||||||||
General and administrative | 62,628 | — | 62,628 | ||||||||||||||
Depreciation and amortization | 42,313 | — | 42,313 | ||||||||||||||
Total | 763,296 | — | 763,296 | ||||||||||||||
Interest expense, net5 | (4,710) | 643 | (4,067) | ||||||||||||||
Other income, net | 3,708 | — | 3,708 | ||||||||||||||
Income before income taxes | 45,958 | 643 | 46,601 | ||||||||||||||
Provision for income taxes6 | 12,032 | 210 | 12,242 | ||||||||||||||
Net income | $ | 33,926 | $ | 433 | $ | 34,359 | |||||||||||
Diluted earnings per common share | $ | 1.05 | $ | 0.01 | $ | 1.06 | |||||||||||
Shares used in computing diluted earnings per common share | 32,425 | — | 32,425 | ||||||||||||||
Quarter Ended October 26, 2019 | |||||||||||||||||
GAAP | Reconciling Items | Non-GAAP Adjusted | |||||||||||||||
Contract revenues | $ | 884,115 | $ | — | $ | 884,115 | |||||||||||
Costs of earned revenues, excluding depreciation and amortization | 724,378 | — | 724,378 | ||||||||||||||
General and administrative | 69,875 | — | 69,875 | ||||||||||||||
Depreciation and amortization | 47,356 | — | 47,356 | ||||||||||||||
Total | 841,609 | — | 841,609 | ||||||||||||||
Interest expense, net5 | (13,128) | 5,068 | (8,060) | ||||||||||||||
Other income, net | 1,407 | — | 1,407 | ||||||||||||||
Income before income taxes | 30,785 | 5,068 | 35,853 | ||||||||||||||
Provision for income taxes6 | 6,556 | 1,231 | 7,787 | ||||||||||||||
Net income | $ | 24,229 | $ | 3,837 | $ | 28,066 | |||||||||||
Diluted earnings per common share | $ | 0.76 | $ | 0.12 | $ | 0.88 | |||||||||||
Shares used in computing diluted earnings per common share | 31,827 | — | 31,827 |
=>?I8MU5C3_6=]F=_T;UTRP?KS'_-?,W"1-,C_K]*
MDPFLL/[P8\P_53_NE\K*3:7O$M!)<0&-$ESB= &M'TMWYJF&UN< XR0 P#<
M23HUK8][MW[B[CH_2*>@4,ZEU%@LZK:#]EQ>14"/I/V[OTG^EM_P?\S3_P )
MH9\\,,#.9^G=S,6(Y#VB/FDCZ%T.KZO4,ZEU)@MZM:/U7%D$4@_G.=_I?]+9
M^9_,4?\ "2LOMOL-]SB^YY]SOGHQH_,:W\U!LOOR;#D7OWW61N<=/DS]UC?S
M&IQ!C^3_ *]ES7-?H4TL_/M?_ *_HTNJ]5P^D83\W,<6UMT:QHE[WGZ%-+/S['_\ F;_T
M:\IZUUSJ/6,X9N412UG]&H!D5,/9G[]EG^&NV_I?^*]-BGP8#D-G2 W/[ P9
M\XQ"AK,[#]I;/5^L]2ZQE'*S"**Q(IQF&?38>V]WY[_\+=M]_P#465>YAVAO
MYH@=]!PG?=O'@#^:@$$F#^*T0 !0#EF1D23J2HN)T\?RKJO\6L_M[(,?\
M:1P/_;E*Y3Q'XKK/\6K'_MS(L(AOV1PGS]2I,S_S4_)EY?\ G8>;Z2DDDLIU
ME))))*4DDDDI22222E+ ^O4GZKY8 )+G4!H )))OH:UK6M]SG.6^J'5NHX^%
M2-[1; &%P+S$N,"\ /#]X<&%C
M:V5T(&)E9VEN/2+ON[\B(&ED/2)7-4TP37!#96AI2'IR95-Z3E1C>FMC.60B
M/SX@/'@Z>&UP;65T82!X;6QN 0ITJH!(L;\:9$*LA4D%2IMS<>_=>ZGJQ!X^OY'^O_MO?NO=996N0/PH
M_']3]?>NO=09J2&H<22HCL NEB 2+&XL?Q]/?C6O6J=2"!:P_I^?I[]UOKDL
MD44+^61(]3JH,C!02?H/5]6/]/?O\'7NFUIJ>KG>DIY8F>$@U)1@2@:]EO;A
MF(]^/7NGA$*H %(10%!/'T'^/X_I[\.O= 95C
M>!HU0AF"(H!Y*_D\CWH<37KW0F[8QE30-,K3*4>&E8QJ@;QU2JP>0-QJ9$.F
M[W/OU>M]+BCA\40%K,=)8"_ LH6_P!0H/\ MS[\.M=)[>)T8R$D Z:^@)']
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MZ?T^GOW7NN_NZD JKD_U0_\1Q[WU[KFE74$V*!1S^E"2/Z?GWKSZ]UFA-47
M#R/9>;)8 M_3Z#CWOK?4@@MK6C]5Q9!%(/YSG?Z7_2V?F?S%'_ DK+[;[#?7J%AH>(B8J4E9:7F)F:
MI*6FIZBIJK2UMK>XN;K$Q<;'R,G*U-76U]C9VN3EYN?HZ>KT]?;W^/GZ$0 "
M 0,"! 0#!00$! 8&!6T! @,1!"$2!3$& "(305$',F$4<0A"@2.1%5*A8A8S
M";$DP=%#!I3'3
L=
ZRLM7AZ:)'GR&4:5AR0DK0+IYX&@Z&/OW7N'41-PK%<3TE;"
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M6LII%LT4JA#=1Z5?ZW7W4&AZKQX\>@76'Q0S2>59?ⅅ>(:D(T:2K(/\
M.:V%[_D<^[@4J1U:I\^G/;&1?%YZD8$B&J=:.H15!NDR*$D)X%TG15XYTMS]
M![U@8ZWZ=/N_<3]O60Y6 TV04I4&[%15H MF'TO+&MK\>I1[\17K=.@\9>!
MQ>XY/Y _K_K^Z]>]/3K&$'U!N/\ $?[#\>_'KU3UP^A_UO?N(ZWQ'7&W-[GG
MWOKU,]>(O;DBPMP!_K_GW[KQ'76D?ZH_[8>]4^76J=?_TM_CW[KW7O?NO=>]
M^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW
M7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^
MZ]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7
MO?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z
M]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O
M?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]
MU[W[KW35G<[A-KX3,;FW-F,5MW;FW<5D,[N#<&=R%)B,)@L)B*2;(97,9C*Y
M":GH,9BL904\D]143R)##"C.[!02'8()[J>&VMH7DN9'"HB@LS,QHJJHJ69B
M0 "230=,W%Q!:03W5U.D5M$A=W
/7@?0=/0A=<*"P8
M#TJ/KQQ[\1\NK XSUFPHACR44:,JI4TLL-2)9-!8LND>DV/DUVX/NC@TZ\>F
MJ:D%)%71.B,\-48AZM$G!#0LH(TNJHPOS[LI&GK8\NA7ZBK9E&;AGDA%% 8:
MCS.)%9)9-4;W=G\<4 CB!M8D\,U'3".92S-'([-%'J"2267GCZ<'W[/GULT-#3H,-]5:5F8,L&3
MIZN&:G@>E\37C2E=2=#/R%DB(Y!^NKW:F!3CUL?/ATAEC995#JRW-P2"0;