Delaware | 001-10308 | 06-0918165 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification Number) |
6 Sylvan Way Parsippany, NJ | 07054 |
(Address of Principal Executive Offices) | (Zip Code) |
Exhibit No. | Description |
99.1 | Press Release dated August 3, 2015. |
AVIS BUDGET GROUP, INC. | ||
By: | /s/ David T. Calabria | |
David T. Calabria Vice President and Chief Accounting Officer |
Exhibit No. | Description |
99.1 | Press Release dated August 3, 2015 |
AVIS BUDGET GROUP REPORTS SECOND QUARTER 2015 RESULTS |
• | Revenue was $2.2 billion and grew 5% in constant currency. |
• | Adjusted EBITDA increased 7% to $227 million. |
• | Diluted earnings per share increased 24%, to $0.84, excluding certain items, on GAAP net income of $143 million. |
• | Company authorizes additional $250 million of future share repurchases. |
• | Company narrows its full-year earnings estimates and continues to expect 2015 to be a record year. |
2015 | 2014 | % change | |||||||
Revenue | $ | 1,556 | $ | 1,542 | 1 | % | |||
Adjusted EBITDA | $ | 178 | $ | 172 | 3 | % |
2015 | 2014 | % change | |||||||
Revenue | $ | 617 | $ | 652 | (5 | %) | |||
Adjusted EBITDA | $ | 61 | $ | 55 | 11 | % |
• | Acquisitions - In April, the Company completed its acquisition of Maggiore Group, Italy’s fourth-largest vehicle rental business. The net purchase price of approximately $160 million was funded with incremental corporate borrowings and available cash. |
• | Share Repurchases - The Company repurchased approximately 1.7 million shares of its common stock at a cost of $85 million in the second quarter. As of June 30, 2015, the Company has repurchased a total of 9.4 million shares at a cost of approximately $466 million since initiating its share repurchase program in August 2013. |
• | Debt Refinancing - In April, the Company expanded and extended its European rental fleet securitization program to €1 billion, giving the Company’s subsidiaries in France, Germany, Italy and Spain increased capacity to finance their fleet purchases at more attractive terms. |
• | Income Tax Benefit - The Company recorded an income tax benefit of $98 million in the second quarter for the favorable resolution of a matter principally related to its 2007 federal income tax return. This resolution generated $25 million of cash flow in the second quarter; the remainder of the income tax benefit will reduce cash tax payments in later years. This income tax benefit is excluded from the Company’s calculation of net income excluding certain items. |
• | Full-year 2015 revenue will be $8.6 to $8.7 billion, a 1% to 3% increase compared to 2014. In the Company’s Americas segment, rental days are expected to increase 4% to 5%, and pricing is expected to be largely unchanged in constant currency. Movements in currency exchange rates are negatively impacting revenue growth by approximately five points. |
• | Adjusted EBITDA will increase 3% to 8%, to approximately $900 million to $950 million, including an approximately $40 million negative impact from movements in currency exchange rates. |
• | Per-unit fleet costs in the Americas segment will be approximately $300 to $310 per month in 2015, compared to $310 in 2014. Total Company per-unit fleet costs are expected to be $280 to $290 per month in 2015, compared to $305 in 2014, with the decrease attributable both to movements in currency exchange rates and to lower per-unit fleet costs throughout the Company’s operations. |
• | Interest expense related to corporate debt will be approximately $200 million. |
• | 2015 non-vehicle depreciation and amortization expense (excluding the amortization of intangible assets related to acquisitions) will be approximately $165 million. |
• | Pretax income will be approximately $535 million to $585 million, excluding certain items. |
• | The Company’s effective tax rate in 2015 will be 37% to 38%, excluding certain items, and its diluted share count will be approximately 106 million, including the effect of repurchasing at least $300 million of stock in 2015. |
Contacts | |
Media Contact: | Investor Contact: |
John Barrows | Neal Goldner |
(973) 496-7865 | (973) 496-5086 |
PR@avisbudget.com | IR@avisbudget.com |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2015 | 2014 | % Change | 2015 | 2014 | % Change | ||||||||||||||||||
Income Statement and Other Items | |||||||||||||||||||||||
Net revenues | $ | 2,173 | $ | 2,194 | (1 | %) | $ | 4,023 | $ | 4,056 | (1 | %) | |||||||||||
Adjusted EBITDA (non-GAAP) | 227 | 213 | 7 | % | 344 | 330 | 4 | % | |||||||||||||||
Income before income taxes | 82 | 48 | 71 | % | 66 | 53 | 25 | % | |||||||||||||||
Net income | 143 | 26 | * | 134 | 30 | * | |||||||||||||||||
Earnings per share - Diluted | 1.34 | 0.24 | * | 1.25 | 0.28 | * | |||||||||||||||||
Excluding Certain Items (non-GAAP) (A) | |||||||||||||||||||||||
Income before income taxes | 142 | 122 | 16 | % | 168 | 148 | 14 | % | |||||||||||||||
Net income | 90 | 74 | 22 | % | 109 | 93 | 17 | % | |||||||||||||||
Earnings per share - Diluted | 0.84 | 0.68 | 24 | % | 1.01 | 0.84 | 20 | % | |||||||||||||||
As of | |||||||||||||||||||||||
June 30, 2015 | December 31, 2014 | ||||||||||||||||||||||
Balance Sheet Items | |||||||||||||||||||||||
Cash and cash equivalents | $ | 529 | $ | 624 | |||||||||||||||||||
Vehicles, net | 13,395 | 10,215 | |||||||||||||||||||||
Debt under vehicle programs | 11,086 | 8,116 | |||||||||||||||||||||
Corporate debt | 3,552 | 3,420 | |||||||||||||||||||||
Stockholders’ equity | 596 | 665 |
Segment Results | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2015 | 2014 | % Change | 2015 | 2014 | % Change | ||||||||||||||||||
Net Revenues | |||||||||||||||||||||||
Americas | $ | 1,556 | $ | 1,542 | 1 | % | $ | 2,931 | $ | 2,872 | 2 | % | |||||||||||
International | 617 | 652 | (5 | %) | 1,092 | 1,184 | (8 | %) | |||||||||||||||
Corporate and Other | — | — | * | — | — | * | |||||||||||||||||
Total Company | $ | 2,173 | $ | 2,194 | (1 | %) | $ | 4,023 | $ | 4,056 | (1 | %) | |||||||||||
Adjusted EBITDA (B) | |||||||||||||||||||||||
Americas | $ | 178 | $ | 172 | 3 | % | $ | 293 | $ | 287 | 2 | % | |||||||||||
International | 61 | 55 | 11 | % | 77 | 69 | 12 | % | |||||||||||||||
Corporate and Other | (12 | ) | (14 | ) | * | (26 | ) | (26 | ) | * | |||||||||||||
Total Company | $ | 227 | $ | 213 | 7 | % | $ | 344 | $ | 330 | 4 | % | |||||||||||
Reconciliation of Adjusted EBITDA to Pretax Income | |||||||||||||||||||||||
Total Company Adjusted EBITDA | $ | 227 | $ | 213 | $ | 344 | $ | 330 | |||||||||||||||
Less: | Non-vehicle related depreciation and amortization | 56 | 45 | 105 | 86 | ||||||||||||||||||
Interest expense related to corporate debt, net: | |||||||||||||||||||||||
Interest expense | 45 | 55 | 97 | 111 | |||||||||||||||||||
Early extinguishment of debt | 23 | 56 | 23 | 56 | |||||||||||||||||||
Transaction-related costs | 18 | 8 | 49 | 16 | |||||||||||||||||||
Restructuring expense | 3 | 1 | 4 | 8 | |||||||||||||||||||
Income before income taxes | $ | 82 | $ | 48 | 71 | % | $ | 66 | $ | 53 | 25 | % |
_______ | ||||
* | Not meaningful. | |||
(A) | During the three and six months ended June 30, 2015, we recorded certain items in our operating results of $60 million and $102 million ($45 million and $73 million, net of tax), respectively, and a $98 million income tax benefit related to the resolution of a prior-year tax matter. For the three months ended June 30, 2015, these items consisted of $23 million ($14 million net of tax) for early extinguishment of corporate debt, $18 million ($18 million, net of tax) for transaction-related costs driven by the acquisition of the remaining 50% equity interest in our Brazilian licensee, $16 million ($10 million, net of tax) for amortization expense related to intangible assets recognized in connection with acquisitions and $3 million ($3 million, net of tax) in restructuring expense. For the six months ended June 30, 2015, these items consisted of $49 million ($39 million, net of tax) for transaction-related costs driven by a non-cash charge recognized in connection with the acquisition of the Avis and Budget license rights for Norway, Sweden and Denmark and costs associated with the acquisition of the remaining 50% equity interest in our Brazilian licensee, $26 million ($17 million, net of tax) for amortization expense related to intangible assets recognized in connection with acquisitions, $23 million ($14 million, net of tax) for early extinguishment of corporate debt and $4 million ($3 million, net of tax) in restructuring expense. During the three and six months ended June 30, 2014, we recorded certain items in our operating results of $74 million and $95 million ($48 million and $63 million, net of tax), respectively. For the three months ended June 30, 2014, these items consisted of $56 million ($34 million, net of tax) for early extinguishment of corporate debt, $9 million ($5 million, net of tax) for amortization expense related to intangible assets recognized in connection with acquisitions, $8 million ($8 million, net of tax) for acquisition- and integration-related expenses and $1 million ($1 million, net of tax) in restructuring expense. For the six months ended June 30, 2014, these items consisted of $56 million ($34 million, net of tax) for early extinguishment of corporate debt, $16 million ($14 million, net of tax) for acquisition- and integration-related expenses, $15 million ($10 million, net of tax) for amortization expense related to intangible assets recognized in connection with acquisitions and $8 million ($5 million, net of tax) in restructuring expense. | |||
(B) | See Table 5 for a description of Adjusted EBITDA. Adjusted EBITDA includes stock-based compensation expense and deferred financing fee amortization of $16 million and $12 million in second quarter 2015 and 2014, respectively, and $29 million and $24 million in the six months ended June 30, 2015 and 2014, respectively. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Revenues | ||||||||||||||||
Vehicle rental | $ | 1,533 | $ | 1,553 | $ | 2,852 | $ | 2,882 | ||||||||
Other | 640 | 641 | 1,171 | 1,174 | ||||||||||||
Net revenues | 2,173 | 2,194 | 4,023 | 4,056 | ||||||||||||
Expenses | ||||||||||||||||
Operating | 1,092 | 1,105 | 2,077 | 2,105 | ||||||||||||
Vehicle depreciation and lease charges, net | 498 | 517 | 930 | 950 | ||||||||||||
Selling, general and administrative | 281 | 287 | 529 | 535 | ||||||||||||
Vehicle interest, net | 75 | 72 | 143 | 136 | ||||||||||||
Non-vehicle related depreciation and amortization | 56 | 45 | 105 | 86 | ||||||||||||
Interest expense related to corporate debt, net: | ||||||||||||||||
Interest expense | 45 | 55 | 97 | 111 | ||||||||||||
Early extinguishment of debt | 23 | 56 | 23 | 56 | ||||||||||||
Transaction-related costs | 18 | 8 | 49 | 16 | ||||||||||||
Restructuring expense | 3 | 1 | 4 | 8 | ||||||||||||
Total expenses | 2,091 | 2,146 | 3,957 | 4,003 | ||||||||||||
Income before income taxes | 82 | 48 | 66 | 53 | ||||||||||||
Provision for (benefit from) income taxes | (61 | ) | 22 | (68 | ) | 23 | ||||||||||
Net income | $ | 143 | $ | 26 | $ | 134 | $ | 30 | ||||||||
Earnings per share | ||||||||||||||||
Basic | $ | 1.36 | $ | 0.25 | $ | 1.27 | $ | 0.29 | ||||||||
Diluted | $ | 1.34 | $ | 0.24 | $ | 1.25 | $ | 0.28 | ||||||||
Weighted average shares outstanding | ||||||||||||||||
Basic | 105.5 | 105.1 | 105.8 | 105.8 | ||||||||||||
Diluted | 106.7 | 111.0 | 107.1 | 111.8 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
2015 | 2014 | % Change | 2015 | 2014 | % Change | |||||||||||||||||||
Americas | ||||||||||||||||||||||||
Rental Days (000’s) | 25,823 | 25,036 | 3 | % | 48,264 | 46,453 | 4 | % | ||||||||||||||||
Time and Mileage Revenue per Day (A) | $ | 39.71 | $ | 40.57 | (2 | %) | $ | 40.56 | $ | 41.09 | (1 | %) | ||||||||||||
Average Rental Fleet | 404,415 | 395,706 | 2 | % | 380,405 | 364,103 | 4 | % | ||||||||||||||||
International (B) | ||||||||||||||||||||||||
Rental Days (000’s) | 10,916 | 9,250 | 18 | % | 18,730 | 16,716 | 12 | % | ||||||||||||||||
Time and Mileage Revenue per Day (C) | $ | 33.08 | $ | 42.06 | (21 | %) | $ | 34.10 | $ | 42.53 | (20 | %) | ||||||||||||
Average Rental Fleet | 170,307 | 144,854 | 18 | % | 147,390 | 132,225 | 11 | % | ||||||||||||||||
Total | ||||||||||||||||||||||||
Rental Days (000’s) | 36,739 | 34,286 | 7 | % | 66,994 | 63,169 | 6 | % | ||||||||||||||||
Time and Mileage Revenue per Day | $ | 37.74 | $ | 40.97 | (8 | %) | $ | 38.75 | $ | 41.47 | (7 | %) | ||||||||||||
Average Rental Fleet | 574,722 | 540,560 | 6 | % | 527,795 | 496,328 | 6 | % | ||||||||||||||||
_______ | ||||||||||||||||||||||||
Rental days and time and mileage revenue per day are calculated based on the actual rental of the vehicle during a 24-hour period. Our calculation of rental days and time and mileage revenue per day may not be comparable to the calculation of similarly-titled statistics by other companies. Amounts exclude U.S. truck rental and Zipcar transactions. | ||||||||||||||||||||||||
(A) | Excluding currency exchange effects, time and mileage revenue per day decreased 1 percentage point in the three and six months ended June 30, 2015. | |||||||||||||||||||||||
(B) | Excluding the April 2015 acquisition of Maggiore, the results for International and Total Company would have been as follows: | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
2015 | 2014 | % Change | 2015 | 2014 | % Change | |||||||||||||||||||
International (excluding Maggiore) | ||||||||||||||||||||||||
Rental Days (000’s) | 10,039 | 9,250 | 9 | % | 17,853 | 16,716 | 7 | % | ||||||||||||||||
Time and Mileage Revenue per Day * | $ | 33.53 | $ | 42.06 | (20 | %) | $ | 34.40 | $ | 42.53 | (19 | %) | ||||||||||||
Average Rental Fleet | 155,109 | 144,854 | 7 | % | 139,791 | 132,225 | 6 | % | ||||||||||||||||
Total (excluding Maggiore) | ||||||||||||||||||||||||
Rental Days (000’s) | 35,862 | 34,286 | 5 | % | 66,117 | 63,169 | 5 | % | ||||||||||||||||
Time and Mileage Revenue per Day | $ | 37.98 | $ | 40.97 | (7 | %) | $ | 38.90 | $ | 41.47 | (6 | %) | ||||||||||||
Average Rental Fleet | 559,524 | 540,560 | 4 | % | 520,196 | 496,328 | 5 | % | ||||||||||||||||
*Excluding currency exchange effects, time and mileage revenue per day decreased 4 percentage points in the three and six months ended June 30, 2015. | ||||||||||||||||||||||||
(C) | Excluding currency exchange effects, time and mileage revenue per day decreased 5 and 4 percentage points in the three and six months ended June 30, 2015, respectively. |
Six Months Ended June 30, 2015 | |||||
Operating Activities | |||||
Net cash provided by operating activities | $ | 1,027 | |||
Investing Activities | |||||
Net cash used in investing activities exclusive of vehicle programs | (297 | ) | |||
Net cash used in investing activities of vehicle programs | (3,420 | ) | |||
Net cash used in investing activities | (3,717 | ) | |||
Financing Activities | |||||
Net cash used in financing activities exclusive of vehicle programs | (39 | ) | |||
Net cash provided by financing activities of vehicle programs | 2,654 | ||||
Net cash provided by financing activities | 2,615 | ||||
Effect of changes in exchange rates on cash and cash equivalents | (20 | ) | |||
Net change in cash and cash equivalents | (95 | ) | |||
Cash and cash equivalents, beginning of period | 624 | ||||
Cash and cash equivalents, end of period | $ | 529 |
Six Months Ended June 30, 2015 | |||||
Pretax income | $ | 66 | |||
Add-back of non-vehicle related depreciation and amortization | 105 | ||||
Add-back of debt extinguishment costs | 23 | ||||
Add-back of transaction-related costs | 49 | ||||
Working capital and other | (141 | ) | |||
Capital expenditures | (81 | ) | |||
Tax payments, net of refunds | (4 | ) | |||
Vehicle programs and related (B) | 194 | ||||
Free Cash Flow | 211 | ||||
Acquisition and related payments, net of acquired cash (C) | (268 | ) | |||
Borrowings, net of debt repayments | 109 | ||||
Transaction-related payments | (8 | ) | |||
Repurchases of common stock | (114 | ) | |||
Financing costs, foreign exchange effects and other | (25 | ) | |||
Net change in cash and cash equivalents (per above) | $ | (95 | ) |
_______ | |
(A) | See Table 5 for a description of Free Cash Flow. |
(B) | Includes vehicle-backed borrowings (repayments) that are incremental to amounts required to fund incremental (reduced) vehicle and vehicle-related assets. |
(C) | Primarily related to acquisitions of Maggiore Group, our licensee in Scandinavia, and the remaining 50% interest in our licensee in Brazil. |
Six Months Ended June 30, 2015 | |||||
Free Cash Flow (per above) | $ | 211 | |||
Investing activities of vehicle programs | 3,420 | ||||
Financing activities of vehicle programs | (2,654 | ) | |||
Capital expenditures | 81 | ||||
Proceeds received on asset sales | (6 | ) | |||
Change in restricted cash | — | ||||
Acquisition-related payments | (17 | ) | |||
Transaction-related payments | (8 | ) | |||
Net Cash Provided by Operating Activities (per above) | $ | 1,027 |
Three Months Ended June, | |||||||||
Reconciliation of Adjusted EBITDA to income before income taxes: | 2015 | 2014 | |||||||
Adjusted EBITDA | $ | 227 | $ | 213 | |||||
Less: | Non-vehicle related depreciation and amortization (excluding acquisition-related amortization expense) | 40 | 36 | ||||||
Interest expense related to corporate debt, net (excluding early extinguishment of debt) | 45 | 55 | |||||||
Income before income taxes, excluding certain items | 142 | 122 | |||||||
Less certain items: | |||||||||
Early extinguishment of debt | 23 | 56 | |||||||
Transaction-related costs | 18 | 8 | |||||||
Acquisition-related amortization expense | 16 | 9 | |||||||
Restructuring expense | 3 | 1 | |||||||
Income before income taxes | $ | 82 | $ | 48 | |||||
Reconciliation of net income, excluding certain items to net income: | |||||||||
Net income, excluding certain items | $ | 90 | $ | 74 | |||||
Less certain items, net of tax: | |||||||||
Early extinguishment of debt | 14 | 34 | |||||||
Transaction-related costs | 18 | 8 | |||||||
Acquisition-related amortization expense | 10 | 5 | |||||||
Restructuring expense | 3 | 1 | |||||||
Resolution of a prior-year income tax matter | (98 | ) | — | ||||||
Net income | $ | 143 | $ | 26 | |||||
Earnings per share, excluding certain items (diluted) | $ | 0.84 | $ | 0.68 | |||||
Earnings per share (diluted) | $ | 1.34 | $ | 0.24 | |||||
Shares used to calculate earnings per share, excluding certain items (diluted) | 106.7 | 111.0 |
Six Months Ended June 30, | |||||||||
Reconciliation of Adjusted EBITDA to income before income taxes: | 2015 | 2014 | |||||||
Adjusted EBITDA | $ | 344 | $ | 330 | |||||
Less: | Non-vehicle related depreciation and amortization (excluding acquisition-related amortization expense) | 79 | 71 | ||||||
Interest expense related to corporate debt, net (excluding early extinguishment of debt) | 97 | 111 | |||||||
Income before income taxes, excluding certain items | 168 | 148 | |||||||
Less certain items: | |||||||||
Early extinguishment of debt | 23 | 56 | |||||||
Transaction-related costs | 49 | 16 | |||||||
Acquisition-related amortization expense | 26 | 15 | |||||||
Restructuring expense | 4 | 8 | |||||||
Income before income taxes | $ | 66 | $ | 53 | |||||
Reconciliation of net income, excluding certain items to net income: | |||||||||
Net income, excluding certain items | $ | 109 | $ | 93 | |||||
Less certain items, net of tax: | |||||||||
Early extinguishment of debt | 14 | 34 | |||||||
Transaction-related costs | 39 | 14 | |||||||
Acquisition-related amortization expense | 17 | 10 | |||||||
Restructuring expense | 3 | 5 | |||||||
Resolution of a prior-year income tax matter | (98 | ) | — | ||||||
Net income | $ | 134 | $ | 30 | |||||
Earnings per share, excluding certain items (diluted) | $ | 1.01 | $ | 0.84 | |||||
Earnings per share (diluted) | $ | 1.25 | $ | 0.28 | |||||
Shares used to calculate earnings per share, excluding certain items (diluted) | 107.1 | 111.8 |
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