Form 8-K |
Ohio | 1-11373 | 31-0958666 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
7000 Cardinal Place, Dublin, Ohio 43017 | ||
(Address of principal executive offices) (Zip Code) | ||
(614) 757-5000 | ||
(Registrant's telephone number, including area code) | ||
Securities registered pursuant to Section 12(b) of the Act: | ||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common shares (without par value) | CAH | New York Stock Exchange |
Exhibit Number | Exhibit Description |
99.1 |
Cardinal Health, Inc. | |||
(Registrant) | |||
Date: | August 8, 2019 | By: | /s/ JORGE M. GOMEZ |
Jorge M. Gomez | |||
Chief Financial Officer |
Media: | Brandi Martin | Investors: | Lisa Capodici | |
(614) 757-3383 | (614) 757-5035 | |||
brandi.martin@cardinalhealth.com | lisa.capodici@cardinalhealth.com |
• | Fourth quarter revenue increased 6 percent to $37.4 billion, and full year revenue increased 6 percent to $145.5 billion |
• | Fourth quarter GAAP1 operating earnings were $307 million, and non-GAAP operating earnings were $507 million |
• | Fourth quarter GAAP diluted earnings per share were $0.65, and non-GAAP diluted earnings per share were $1.11 |
• | Full year GAAP operating earnings were $2.1 billion, and non-GAAP operating earnings were $2.4 billion |
• | Full year GAAP diluted earnings per share were $4.53, and non-GAAP diluted earnings per share were $5.28 |
Q4 FY19 | Q4 FY18 | Y/Y | FY19 | FY18 | Y/Y | ||||||||||||||
Revenue | $ | 37.4 | billion | $ | 35.3 | billion | 6% | $ | 145.5 | billion | $ | 136.8 | billion | 6% | |||||
Operating earnings/(loss) | $ | 307 | million | $ | (1.1 | ) billion | N.M. | $ | 2.1 | billion | $ | 126 | million | N.M | |||||
Non-GAAP operating earnings | $ | 507 | million | $ | 465 | million | 9% | $ | 2.4 | billion | $ | 2.6 | billion | (9)% | |||||
Net earnings/(loss) attributable to Cardinal Health, Inc. | $ | 194 | million | $ | (1.2 | ) billion | N.M. | $ | 1.4 | billion | $ | 256 | million | N.M. | |||||
Non-GAAP net earnings attributable to Cardinal Health, Inc. | $ | 334 | million | $ | 315 | million | 6% | $ | 1.6 | billion | $ | 1.6 | billion | 1% | |||||
Diluted EPS attributable to Cardinal Health, Inc. | $ | 0.65 | $ | (3.76 | ) | N.M. | $ | 4.53 | $ | 0.81 | N.M. | ||||||||
Non-GAAP diluted EPS attributable to Cardinal Health, Inc. | $ | 1.11 | $ | 1.01 | 10% | $ | 5.28 | $ | 5.00 | 6% |
Q4 FY19 | Q4 FY18 | Y/Y | FY19 | FY18 | Y/Y | ||||||||||||||
Revenue | $ | 33.4 | billion | $ | 31.5 | billion | 6% | $ | 129.9 | billion | $ | 121.2 | billion | 7% | |||||
Segment profit | $ | 447 | million | $ | 416 | million | 7% | $ | 1.8 | billion | $ | 2.0 | billion | (8)% |
Q4 FY19 | Q4 FY18 | Y/Y | FY19 | FY18 | Y/Y | ||||||||||||||
Revenue | $ | 4.0 | billion | $ | 3.9 | billion | 1% | $ | 15.6 | billion | $ | 15.6 | billion | —% | |||||
Segment profit | $ | 97 | million | $ | 114 | million | (15)% | $ | 576 | million | $ | 662 | million | (13)% |
• | Cardinal Health announced that Dean Scarborough, former chairman and CEO of Avery Dennison, and John Weiland, former vice chairman, president and COO of C.R. Bard, Inc., will join the board of directors effective September 1. |
• | Cardinal Health announced that Stephen Mason, president of the company's Cardinal Health at-Home Solutions business, is being promoted to CEO of Cardinal Health's Medical segment effective August 16. |
• | Cardinal Health announced that David Evans joined Cardinal Health on July 29 and will become interim CFO, effective September 1, as the company conducts its external search for a permanent CFO. David most recently served as executive vice president and CFO of Battelle Memorial Institute, and previously served as executive vice president and CFO of Scotts Miracle-Gro. |
• | Cardinal Health board of directors approved a quarterly dividend of $0.4811 per share. The dividend will be payable on October 15, 2019 to shareholders of record at the close of business on October 1, 2019. |
• | As part of the company’s Opioid Action Program, the Cardinal Health Foundation awarded nearly $1 million in additional grants to state pharmacy associations and colleges of pharmacy to support best strategies for prescribing practices. |
• | Named to the Human Rights Campaign (HRC) Best Places to Work for LGBT Equality for the eleventh consecutive year based on ratings in HRC's 2019 Corporate Equality Index |
• | Recognized by Becker's Healthcare as one of the 150 Top Places to Work in Healthcare in 2019 for the fifth consecutive year |
• | Earned distinction as a 2019 "Top 70 Companies for Executive Women" by the National Association for Female Executives for the eighth consecutive year |
• | Morgan Stanley 17th Annual Global Healthcare Conference on Wednesday, September 11 at 8:45 a.m. Eastern in New York City |
Fourth Quarter | Fiscal Year | ||||||||||||||||||||
(in millions, except per common share amounts) | 2019 | 2018 | % Change | 2019 | 2018 | % Change | |||||||||||||||
Revenue | $ | 37,353 | $ | 35,349 | 6 | % | $ | 145,534 | $ | 136,809 | 6 | % | |||||||||
Cost of products sold | 35,679 | 33,614 | 6 | % | 138,700 | 129,628 | 7 | % | |||||||||||||
Gross margin | 1,674 | 1,735 | (4 | )% | 6,834 | 7,181 | (5 | )% | |||||||||||||
Operating expenses: | |||||||||||||||||||||
Distribution, selling, general and administrative expenses | 1,168 | 1,270 | (8 | )% | 4,480 | 4,596 | (3 | )% | |||||||||||||
Restructuring and employee severance | 28 | 22 | N.M. | 125 | 176 | N.M. | |||||||||||||||
Amortization and other acquisition-related costs | 153 | 165 | N.M. | 621 | 707 | N.M. | |||||||||||||||
Impairments and (gain)/loss on disposal of assets, net1 | 3 | 1,354 | N.M. | (488 | ) | 1,417 | N.M. | ||||||||||||||
Litigation (recoveries)/charges, net | 15 | 4 | N.M. | 36 | 159 | N.M. | |||||||||||||||
Operating earnings/(loss) | 307 | (1,080 | ) | N.M. | 2,060 | 126 | N.M. | ||||||||||||||
Other (income)/expense, net | 2 | 29 | N.M. | 15 | 23 | N.M. | |||||||||||||||
Interest expense, net | 67 | 78 | (14 | )% | 294 | 329 | (11 | )% | |||||||||||||
Loss on extinguishment of debt | — | — | N.M. | — | 2 | N.M. | |||||||||||||||
Earnings/(loss) before income taxes | 238 | (1,187 | ) | N.M. | 1,751 | (228 | ) | N.M. | |||||||||||||
Provision for/(benefit from) income taxes | 44 | (21 | ) | N.M | 386 | (487 | ) | N.M. | |||||||||||||
Net earnings/(loss) | 194 | (1,166 | ) | N.M. | 1,365 | 259 | N.M. | ||||||||||||||
Less: Net earnings attributable to noncontrolling interests | — | — | N.M. | (2 | ) | (3 | ) | N.M. | |||||||||||||
Net earnings/(loss) attributable to Cardinal Health, Inc. | $ | 194 | $ | (1,166 | ) | N.M. | $ | 1,363 | $ | 256 | N.M. | ||||||||||
Earnings/(loss) per common share attributable to Cardinal Health, Inc.: | |||||||||||||||||||||
Basic | $ | 0.65 | $ | (3.76 | ) | N.M. | $ | 4.55 | $ | 0.82 | N.M. | ||||||||||
Diluted | 0.65 | (3.76 | ) | 2 | N.M. | 4.53 | 0.81 | N.M. | |||||||||||||
Weighted-average number of common shares outstanding: | |||||||||||||||||||||
Basic | 298 | 310 | 300 | 313 | |||||||||||||||||
Diluted | 300 | 310 | 2 | 301 | 315 |
(in millions) | June 30, 2019 | June 30, 2018 | |||||
Assets | |||||||
Current assets: | |||||||
Cash and equivalents | $ | 2,531 | $ | 1,763 | |||
Trade receivables, net | 8,448 | 7,800 | |||||
Inventories, net | 12,822 | 12,308 | |||||
Prepaid expenses and other | 1,946 | 1,926 | |||||
Assets held for sale | — | 756 | |||||
Total current assets | 25,747 | 24,553 | |||||
Property and equipment, net | 2,356 | 2,487 | |||||
Goodwill and other intangibles, net | 11,808 | 12,229 | |||||
Other assets | 1,052 | 682 | |||||
Total assets | $ | 40,963 | $ | 39,951 | |||
Liabilities, Redeemable Noncontrolling Interests and Shareholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 21,535 | $ | 19,677 | |||
Current portion of long-term obligations and other short-term borrowings | 452 | 1,001 | |||||
Other accrued liabilities | 2,122 | 2,002 | |||||
Liabilities related to assets held for sale | — | 213 | |||||
Total current liabilities | 24,109 | 22,893 | |||||
Long-term obligations, less current portion | 7,579 | 8,012 | |||||
Deferred income taxes and other liabilities | 2,945 | 2,975 | |||||
Redeemable noncontrolling interests | — | 12 | |||||
Total shareholders’ equity | 6,330 | 6,059 | |||||
Total liabilities, redeemable noncontrolling interests and shareholders’ equity | $ | 40,963 | $ | 39,951 |
Fourth Quarter | Fiscal Year | ||||||||||||||
(in millions) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Cash flows from operating activities: | |||||||||||||||
Net earnings | $ | 194 | $ | (1,166 | ) | $ | 1,365 | $ | 259 | ||||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||||||||||
Depreciation and amortization | 241 | 253 | 1,000 | 1,032 | |||||||||||
Impairments and loss on sale of other investments | 1 | — | 3 | 6 | |||||||||||
Impairments and (gain)/loss on disposal of assets, net | 4 | 1,354 | (488 | ) | 1,417 | ||||||||||
Share-based compensation | 18 | 21 | 82 | 85 | |||||||||||
Provision for/(benefit from) deferred income taxes | (83 | ) | (1,012 | ) | (83 | ) | (1,012 | ) | |||||||
Provision for bad debts | 29 | 24 | 88 | 74 | |||||||||||
Change in fair value of contingent consideration obligation | — | — | — | (2 | ) | ||||||||||
Change in operating assets and liabilities, net of effects from acquisitions and divestitures: | |||||||||||||||
Increase in trade receivables | (595 | ) | (239 | ) | (751 | ) | (871 | ) | |||||||
Increase in inventories | (206 | ) | (346 | ) | (551 | ) | (1,211 | ) | |||||||
Increase in accounts payable | 1,018 | 939 | 1,864 | 2,574 | |||||||||||
Other accrued liabilities and operating items, net | (115 | ) | 726 | 193 | 417 | ||||||||||
Net cash provided by operating activities | 506 | 554 | 2,722 | 2,768 | |||||||||||
Cash flows from investing activities: | |||||||||||||||
Acquisition of subsidiaries, net of cash acquired | (44 | ) | — | (82 | ) | (6,142 | ) | ||||||||
Additions to property and equipment | (136 | ) | (138 | ) | (328 | ) | (384 | ) | |||||||
Purchase of available-for-sale securities and other investments | (7 | ) | (2 | ) | (18 | ) | (9 | ) | |||||||
Proceeds from sale of available-for-sale securities and other investments | — | — | 3 | 65 | |||||||||||
Proceeds from divestitures, net of cash sold, and disposal of property and equipment | 14 | — | 763 | 862 | |||||||||||
Net cash provided by/(used in) investing activities | (173 | ) | (140 | ) | 338 | (5,608 | ) | ||||||||
Cash flows from financing activities: | |||||||||||||||
Payment of contingent consideration obligation | — | (13 | ) | — | (35 | ) | |||||||||
Net change in short-term borrowings | — | — | — | (50 | ) | ||||||||||
Purchase of noncontrolling interests | — | — | — | (106 | ) | ||||||||||
Proceeds from long-term obligations, net of issuance costs | — | — | — | 3 | |||||||||||
Reduction of long-term obligations | (1,100 | ) | (551 | ) | (1,102 | ) | (954 | ) | |||||||
Net tax proceeds/(withholdings) from share-based compensation | (1 | ) | — | (14 | ) | (3 | ) | ||||||||
Dividends on common shares | (142 | ) | (145 | ) | (577 | ) | (581 | ) | |||||||
Purchase of treasury shares | — | (100 | ) | (600 | ) | (550 | ) | ||||||||
Net cash used in financing activities | (1,243 | ) | (809 | ) | (2,293 | ) | (2,276 | ) | |||||||
Effect of exchange rates changes on cash and equivalents | 3 | (13 | ) | 1 | 4 | ||||||||||
Change in cash held for sale | — | (4 | ) | — | (4 | ) | |||||||||
Net increase/(decrease) in cash and equivalents | (907 | ) | (412 | ) | 768 | (5,116 | ) | ||||||||
Cash and equivalents at beginning of period | 3,438 | 2,175 | 1,763 | 6,879 | |||||||||||
Cash and equivalents at end of period | $ | 2,531 | $ | 1,763 | $ | 2,531 | $ | 1,763 |
Fourth Quarter | ||||||||||||||||
(in millions) | 2019 | 2018 | (in millions) | 2019 | 2018 | |||||||||||
Pharmaceutical | Medical | |||||||||||||||
Revenue | Revenue | |||||||||||||||
Amount | $ | 33,401 | $ | 31,455 | Amount | $ | 3,956 | $ | 3,898 | |||||||
Growth rate | 6 | % | 6 | % | Growth rate | 1 | % | 14 | % | |||||||
Segment profit | Segment profit | |||||||||||||||
Amount | $ | 447 | $ | 416 | Amount | $ | 97 | $ | 114 | |||||||
Growth rate | 7 | % | (18 | )% | Growth rate | (15 | )% | (17 | )% | |||||||
Segment profit margin | 1.34 | % | 1.32 | % | Segment profit margin | 2.45 | % | 2.92 | % |
Fiscal Year | ||||||||||||||||
(in millions) | 2019 | 2018 | (in millions) | 2019 | 2018 | |||||||||||
Pharmaceutical | Medical | |||||||||||||||
Revenue | Revenue | |||||||||||||||
Amount | $ | 129,917 | $ | 121,241 | Amount | $ | 15,633 | $ | 15,581 | |||||||
Growth rate | 7 | % | 4 | % | Growth rate | — | % | 15 | % | |||||||
Segment profit | Segment profit | |||||||||||||||
Amount | $ | 1,834 | $ | 1,992 | Amount | $ | 576 | $ | 662 | |||||||
Growth rate | (8 | )% | (9 | )% | Growth rate1 | (13 | )% | 16 | % | |||||||
Segment profit margin | 1.41 | % | 1.64 | % | Segment profit margin | 3.68 | % | 4.25 | % |
Operating | Earnings/ | Provision for/ | |||||||||||||||||||||
Operating | Earnings | (Loss) Before | (Benefit from) | Net | Net | Effective | Diluted | ||||||||||||||||
Earnings/ | Growth | Income | Income | Earnings/ | Earnings2 | Tax | Diluted | EPS2 | |||||||||||||||
(in millions, except per common share amounts) | (Loss) | Rate | Taxes | Taxes | (Loss)2 | Growth Rate | Rate | EPS2,3,4 | Growth Rate | ||||||||||||||
Fourth Quarter 2019 | |||||||||||||||||||||||
GAAP | $ | 307 | N.M. | $ | 238 | $ | 44 | $ | 194 | N.M. | 18.4 | % | $ | 0.65 | N.M. | ||||||||
Restructuring and employee severance | 28 | 28 | 7 | 21 | 0.07 | ||||||||||||||||||
Amortization and other acquisition-related costs | 153 | 153 | 35 | 118 | 0.39 | ||||||||||||||||||
Impairments and (gain)/loss on disposal of assets, net | 3 | 3 | 15 | (12 | ) | (0.04 | ) | ||||||||||||||||
Litigation (recoveries)/charges, net | 15 | 15 | 3 | 12 | 0.04 | ||||||||||||||||||
Transitional tax benefit, net | — | — | (1 | ) | 1 | — | |||||||||||||||||
Non-GAAP | $ | 507 | 9 | % | $ | 438 | $ | 103 | $ | 334 | 6 | % | 23.7 | % | $ | 1.11 | 10 | % | |||||
Fourth Quarter 2018 | |||||||||||||||||||||||
GAAP | $ | (1,080 | ) | N.M. | $ | (1,187 | ) | $ | (21 | ) | $ | (1,166 | ) | N.M. | 1.8 | % | $ | (3.76 | ) | N.M. | |||
Restructuring and employee severance | 22 | 22 | (3 | ) | 25 | 0.08 | |||||||||||||||||
Amortization and other acquisition-related costs | 165 | 165 | 33 | 132 | 0.42 | ||||||||||||||||||
Impairments and (gain)/loss on disposal of assets, net | 1,354 | 1,354 | 13 | 1,341 | 4.30 | ||||||||||||||||||
Litigation (recoveries)/charges, net | 4 | 4 | (4 | ) | 8 | 0.02 | |||||||||||||||||
Transitional tax benefit, net | — | — | 25 | (25 | ) | (0.08 | ) | ||||||||||||||||
Non-GAAP | $ | 465 | (27 | )% | $ | 358 | $ | 43 | $ | 315 | (24 | )% | 11.8 | % | $ | 1.01 | (23 | )% |
Fiscal Year 2019 | |||||||||||||||||||||||
GAAP | $ | 2,060 | N.M. | $ | 1,751 | $ | 386 | $ | 1,363 | N.M. | 22.1 | % | $ | 4.53 | N.M. | ||||||||
Restructuring and employee severance | 125 | 125 | 32 | 93 | 0.31 | ||||||||||||||||||
Amortization and other acquisition-related costs | 621 | 621 | 148 | 473 | 1.57 | ||||||||||||||||||
Impairments and (gain)/loss on disposal of assets, net | (488 | ) | (488 | ) | (113 | ) | (375 | ) | (1.25 | ) | |||||||||||||
Litigation (recoveries)/charges, net | 36 | 36 | 10 | 26 | 0.09 | ||||||||||||||||||
Transitional tax benefit, net | — | — | (9 | ) | 9 | 0.03 | |||||||||||||||||
Non-GAAP | $ | 2,353 | (9 | )% | $ | 2,044 | $ | 453 | $ | 1,589 | 1 | % | 22.1 | % | $ | 5.28 | 6 | % | |||||
Fiscal Year 2018 | |||||||||||||||||||||||
GAAP | $ | 126 | (94 | )% | $ | (228 | ) | $ | (487 | ) | $ | 256 | (80 | )% | 213.8 | % | $ | 0.81 | (80 | )% | |||
Restructuring and employee severance | 176 | 176 | 25 | 151 | 0.48 | ||||||||||||||||||
Amortization and other acquisition-related costs | 707 | 707 | 176 | 531 | 1.69 | ||||||||||||||||||
Impairments and (gain)/loss on disposal of assets, net | 1,417 | 1,417 | (44 | ) | 1,461 | 4.64 | |||||||||||||||||
Litigation (recoveries)/charges, net | 159 | 159 | 48 | 111 | 0.35 | ||||||||||||||||||
Loss on extinguishment of debt | — | 2 | 1 | 1 | — | ||||||||||||||||||
Transitional tax benefit, net | — | — | 936 | (936 | ) | (2.97 | ) | ||||||||||||||||
Non-GAAP | $ | 2,585 | (7 | )% | $ | 2,233 | $ | 655 | $ | 1,575 | (9 | )% | 29.3 | % | $ | 5.00 | (7 | )% |
• | LIFO charges and credits are excluded because the factors that drive last-in first-out ("LIFO") inventory charges or credits, such as pharmaceutical manufacturer price appreciation or deflation and year-end inventory levels (which can be meaningfully influenced by customer buying behavior immediately preceding our fiscal year-end), are largely out of our control and cannot be accurately predicted. The exclusion of LIFO charges and credits from non-GAAP metrics facilitates comparison of our current financial results to our historical financial results and to our peer group companies’ financial results. |
• | State opioid assessment related to prior fiscal years is the portion of the New York State assessment under the Opioid Stewardship Act for prescription opioid medications that were sold or distributed in periods prior to fiscal 2019. This portion was excluded from non-GAAP financial measures because it related to sales in prior fiscal years and inclusion would have obscured analysis of the current fiscal year results of our underlying, ongoing business. Additionally, while the New York law would have required us to make payments on an ongoing basis, the portion of the assessment related to sales in periods prior to fiscal 2019 was contemplated to be a one-time, nonrecurring item. In December 2018, this assessment was declared to be unconstitutional and, as such, the charge we incurred in the three months ended September 30, 2018 was reversed during the three months ended December 31, 2018. |
• | Restructuring and employee severance costs are excluded because they are not part of the ongoing operations of our underlying business. |
• | Amortization and other acquisition-related costs, which include transaction costs, integration costs, and changes in the fair value of contingent consideration obligations, are excluded because they are not part of the ongoing operations of our underlying business and to facilitate comparison of our current financial results to our historical financial results and to our peer group companies' financial results. Additionally, costs for amortization of acquisition-related intangible assets are non-cash amounts, which are variable in amount and frequency and are significantly impacted by the timing and size of acquisitions, so their exclusion facilitates comparison of historical, current and forecasted financial results. We also exclude other acquisition-related costs, which are directly related to an acquisition but do not meet the criteria to be recognized on the acquired entity’s initial balance sheet as part of the purchase price allocation. These costs are also significantly impacted by the timing, complexity and size of acquisitions. |
• | Impairments and gain or loss on disposal of assets are excluded because they do not occur in or reflect the ordinary course of our ongoing business operations and are inherently unpredictable in timing and amount, and in the case of impairments, are non-cash amounts, so their exclusion facilitates comparison of historical, current and forecasted financial results. |
• | Litigation recoveries or charges, net are excluded because they often relate to events that may have occurred in prior or multiple periods, do not occur in or reflect the ordinary course of our business and are inherently unpredictable in timing and amount. |
• | Loss on extinguishment of debt is excluded because it does not typically occur in the normal course of business and may obscure analysis of trends and financial performance. Additionally, the amount and frequency of this type of charge is not consistent and is significantly impacted by the timing and size of debt extinguishment transactions. |
• | Transitional tax benefit, net related to the Tax Cuts and Jobs Act is excluded because it results from the one-time impact of a very significant change in the U.S. federal corporate tax rate and, due to the significant size of the benefit, obscures analysis of trends and financial performance. The transitional tax benefit includes the initial estimate and subsequent adjustments for the re-measurement of deferred tax assets and liabilities due to the reduction of the U.S. federal corporate income tax rate and the repatriation tax on undistributed foreign earnings. |
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