|
|
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
|
|
|
|
|
|
|
|
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Title of each class
|
|
Trading Symbol |
|
Name of each exchange on
which registered
|
|
|
|||
|
|
|
Item 2.02 | Results of Operations and Financial Condition |
Item 9.01 | Financial Statements and Exhibits |
|
ADTALEM GLOBAL EDUCATION INC.
|
|
|
|
|
|
|
|
By:
|
/s/ Robert J. Phelan
|
|
|
|
Robert J. Phelan
|
|
Senior Vice President and Chief Financial Officer
|
|||
|
|
(Principal Financial Officer and Principal Accounting Officer)
|
|
News Release
Investor Contact
John Kristoff
John.Kristoff@Adtalem.com
312-651-1437
Media Contact
Kelly Finelli
Kelly.Finelli@Adtalem.com
872-270-0230
|
•
|
Revenue of $348.3 million increased 29.9% compared with the prior year due to the acquisition of Walden; Excluding revenue from the acquisition
of Walden, revenue of $279.7 million increased 4.3% compared with prior year
|
•
|
Diluted loss per share was $1.17 compared with diluted earnings per share of $0.38 in the prior year; diluted earnings per share from
continuing operations, excluding special items, was $0.62, compared to $0.78 in the prior year
|
•
|
Operating loss was $4.7 million, compared with operating income of $36.7 million in the prior year; operating income excluding special
items was $54.6 million, a 0.4% increase compared with the prior year
|
•
|
Net loss attributable to Adtalem was $58.0 million compared with net income of $19.9 million in the prior year, driven primarily by higher
interest expense, Walden intangible amortization expense, and business acquisition and integration expense; net income from continuing operations attributable to Adtalem, excluding special items, was $31.3 million, a 24.1% decrease
compared with the prior year, primarily driven by additional interest expense related to the Walden acquisition
|
•
|
Completed the acquisition of Walden University, significantly expanding Adtalem’s scale as a leading provider of professional talent to the healthcare industry.
|
•
|
Announced new operating model and key leadership changes to accelerate performance in the company’s core business, enhance focus on the fast growing and dynamic healthcare industry and successfully integrate Walden into the
portfolio.
|
•
|
Made progress on new and existing partnerships with Emory Healthcare, LCMC Health, Association of periOperative Registered Nurses and Centura Health
Foundations to address critical workforce challenges in the healthcare industry.
|
•
|
Further expanded access to healthcare education for students of diverse backgrounds and experiences through growing the Ross Vet Articulation Partner Scholarship initiative and launching Chamberlain University’s Social Determinants of Learning™ framework, as well as its high school student partnership with Stride, Inc.
|
•
|
Appointed Mayur Gupta – chief marketing and strategy officer at Gannett Co., – as an independent director, bringing more than 20 years of
digital marketing insights to the Adtalem board.
|
1Q 2022
|
1Q 2021
|
% Change
|
|
Adtalem Global Education Student Enrollments(1)
|
|||
New students
|
14,778
|
17,210
|
-14.1 %
|
Total students
|
84,874
|
88,861
|
-4.5 %
|
Chamberlain University
|
|||
September Session
|
|||
New students
|
5,487
|
6,333
|
-13.4 %
|
Total students
|
34,539
|
35,525
|
-2.8 %
|
July Session(2)
|
|||
New students
|
2,810
|
2,768
|
+1.5 %
|
Total students
|
32,729
|
32,198
|
+1.6 %
|
Walden University(3)
|
|||
July – September Quarter
|
|||
New students
|
8,413
|
9,957
|
-15.5 %
|
Total students
|
44,886
|
47,486
|
-5.5 %
|
Medical and Veterinary(4)
|
|||
September Semester
|
|||
New students
|
878
|
920
|
-4.6 %
|
Total students
|
5,449
|
5,850
|
-6.9 %
|
1)
|
Includes the most recently reported enrollment sessions at Adtalem’s postsecondary institutions
|
2)
|
Post-licensure online programs only; Pre-licensure campus-based programs start in September, January and May; Total students includes pre-
and post-licensure enrollment
|
3)
|
Prior year Walden enrollment figures are as calculated by Walden while controlled by Laureate Education, Inc., and are included here for
comparative purposes only.
|
4)
|
Includes enrollments in its medical and veterinary preparatory programs
|
September 30,
|
June 30,
|
September 30,
|
|||||||||
2021
|
2021
|
2020
|
|||||||||
Assets:
|
|||||||||||
Current assets:
|
|||||||||||
Cash and cash equivalents
|
$
|
360,095
|
$
|
494,613
|
$
|
561,170
|
|||||
Restricted cash
|
20,220
|
819,003
|
947
|
||||||||
Accounts receivable, net
|
163,211
|
67,996
|
99,536
|
||||||||
Prepaid expenses and other current assets
|
165,731
|
133,341
|
106,820
|
||||||||
Total current assets
|
709,257
|
1,514,953
|
768,473
|
||||||||
Noncurrent assets:
|
|||||||||||
Property and equipment, net
|
322,305
|
297,237
|
289,944
|
||||||||
Operating lease assets
|
168,626
|
168,943
|
186,824
|
||||||||
Deferred income taxes
|
31,315
|
22,479
|
18,325
|
||||||||
Intangible assets, net
|
1,090,663
|
276,249
|
285,027
|
||||||||
Goodwill
|
1,328,928
|
686,374
|
686,480
|
||||||||
Other assets, net
|
117,096
|
87,601
|
94,824
|
||||||||
Total noncurrent assets
|
3,058,933
|
1,538,883
|
1,561,424
|
||||||||
Total assets
|
$
|
3,768,190
|
$
|
3,053,836
|
$
|
2,329,897
|
|||||
Liabilities and shareholders' equity:
|
|||||||||||
Current liabilities:
|
|||||||||||
Accounts payable
|
$
|
113,577
|
$
|
56,071
|
$
|
48,148
|
|||||
Accrued payroll and benefits
|
65,047
|
64,452
|
31,491
|
||||||||
Accrued liabilities
|
126,818
|
129,258
|
107,148
|
||||||||
Deferred revenue
|
266,654
|
100,697
|
168,253
|
||||||||
Current operating lease liabilities
|
57,224
|
55,329
|
51,897
|
||||||||
Current portion of long-term debt
|
6,375
|
3,000
|
3,000
|
||||||||
Total current liabilities
|
635,695
|
408,807
|
409,937
|
||||||||
Noncurrent liabilities:
|
|||||||||||
Long-term debt
|
1,600,043
|
1,067,711
|
285,621
|
||||||||
Long-term operating lease liabilities
|
164,675
|
167,855
|
189,607
|
||||||||
Deferred income taxes
|
27,206
|
26,991
|
25,410
|
||||||||
Other liabilities
|
73,600
|
79,612
|
85,590
|
||||||||
Total noncurrent liabilities
|
1,865,524
|
1,342,169
|
586,228
|
||||||||
Total liabilities
|
2,501,219
|
1,750,976
|
996,165
|
||||||||
Commitments and contingencies
|
|||||||||||
Redeemable noncontrolling interest
|
1,790
|
1,790
|
2,761
|
||||||||
Shareholders' equity:
|
|||||||||||
Common stock, $0.01 par value per share, 200,000 shares authorized; 49,753, 49,253, and 52,089
shares outstanding as of September 30, 2021, June 30, 2021, and September 30, 2020, respectively
|
817
|
811
|
810
|
||||||||
Additional paid-in capital
|
537,402
|
519,826
|
508,487
|
||||||||
Retained earnings
|
1,947,101
|
2,005,105
|
1,947,498
|
||||||||
Accumulated other comprehensive loss
|
(740
|
)
|
(7,365
|
)
|
(8,612
|
)
|
|||||
Treasury stock, at cost, 31,903, 31,846, and 28,912 shares as of September 30, 2021, June 30, 2021,
and September 30, 2020, respectively
|
(1,219,399
|
)
|
(1,217,307
|
)
|
(1,117,212
|
)
|
|||||
Total shareholders' equity
|
1,265,181
|
1,301,070
|
1,330,971
|
||||||||
Total liabilities and shareholders' equity
|
$
|
3,768,190
|
$
|
3,053,836
|
$
|
2,329,897
|
Three Months Ended
|
|||||||
September 30,
|
|||||||
2021
|
2020
|
||||||
Revenue
|
$
|
348,327
|
$
|
268,241
|
|||
Operating cost and expense:
|
|||||||
Cost of educational services
|
163,110
|
113,698
|
|||||
Student services and administrative expense
|
159,479
|
100,178
|
|||||
Restructuring expense
|
3,916
|
4,223
|
|||||
Business acquisition and integration expense
|
26,553
|
13,436
|
|||||
Total operating cost and expense
|
353,058
|
231,535
|
|||||
Operating (loss) income
|
(4,731
|
)
|
36,706
|
||||
Other income (expense):
|
|||||||
Interest and dividend income
|
878
|
1,004
|
|||||
Interest expense
|
(47,393
|
)
|
(3,692
|
)
|
|||
Investment gain
|
—
|
518
|
|||||
Net other expense
|
(46,515
|
)
|
(2,170
|
)
|
|||
(Loss) income from continuing operations before income taxes
|
(51,246
|
)
|
34,536
|
||||
Benefit from (provision for) income taxes
|
10,612
|
(7,090
|
)
|
||||
(Loss) income from continuing operations
|
(40,634
|
)
|
27,446
|
||||
Discontinued operations:
|
|||||||
Loss from discontinued operations before income taxes
|
(23,382
|
)
|
(10,084
|
)
|
|||
Benefit from income taxes
|
6,012
|
2,477
|
|||||
Loss from discontinued operations
|
(17,370
|
)
|
(7,607
|
)
|
|||
Net (loss) income
|
(58,004
|
)
|
19,839
|
||||
Net loss attributable to redeemable noncontrolling interest
|
—
|
91
|
|||||
Net (loss) income attributable to Adtalem Global Education
|
$
|
(58,004
|
)
|
$
|
19,930
|
||
Amounts attributable to Adtalem Global Education:
|
|||||||
Net (loss) income from continuing operations
|
$
|
(40,634
|
)
|
$
|
27,537
|
||
Net loss from discontinued operations
|
(17,370
|
)
|
(7,607
|
)
|
|||
Net (loss) income attributable to Adtalem Global Education
|
$
|
(58,004
|
)
|
$
|
19,930
|
||
Earnings (loss) per share attributable to Adtalem Global Education:
|
|||||||
Basic:
|
|||||||
Continuing operations
|
$
|
(0.82
|
)
|
$
|
0.52
|
||
Discontinued operations
|
$
|
(0.35
|
)
|
$
|
(0.14
|
)
|
|
Net
|
$
|
(1.17
|
)
|
$
|
0.38
|
||
Diluted:
|
|||||||
Continuing operations
|
$
|
(0.82
|
)
|
$
|
0.52
|
||
Discontinued operations
|
$
|
(0.35
|
)
|
$
|
(0.14
|
)
|
|
Net
|
$
|
(1.17
|
)
|
$
|
0.38
|
||
Weighted-average shares outstanding:
|
|||||||
Basic shares
|
49,663
|
52,464
|
|||||
Diluted shares
|
49,663
|
52,797
|
Three Months Ended
|
|||||||
September 30,
|
|||||||
2021
|
2020
|
||||||
Operating activities:
|
|||||||
Net (loss) income
|
$
|
(58,004
|
)
|
$
|
19,839
|
||
Loss from discontinued operations
|
17,370
|
7,607
|
|||||
(Loss) income from continuing operations
|
(40,634
|
)
|
27,446
|
||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
|
|||||||
Stock-based compensation expense
|
9,906
|
4,004
|
|||||
Amortization and adjustments to operating lease assets
|
12,524
|
14,639
|
|||||
Depreciation
|
11,550
|
8,975
|
|||||
Amortization of intangible assets
|
18,937
|
2,518
|
|||||
Amortization of debt discount and issuance costs
|
17,858
|
392
|
|||||
Provision for bad debts
|
6,329
|
1,723
|
|||||
Deferred income taxes
|
(10,852
|
)
|
4,346
|
||||
Loss on disposals, accelerated depreciation, and adjustments to property and equipment
|
282
|
1,486
|
|||||
Realized and unrealized gain on investments
|
—
|
(518
|
)
|
||||
Changes in assets and liabilities:
|
|||||||
Accounts receivable
|
(76,289
|
)
|
(13,356
|
)
|
|||
Prepaid expenses and other current assets
|
(23,571
|
)
|
(1,735
|
)
|
|||
Accounts payable
|
26,582
|
2,089
|
|||||
Accrued payroll and benefits
|
(23,768
|
)
|
(17,341
|
)
|
|||
Accrued liabilities
|
(25,090
|
)
|
(443
|
)
|
|||
Deferred revenue
|
154,999
|
76,664
|
|||||
Operating lease liabilities
|
(13,722
|
)
|
(12,700
|
)
|
|||
Other assets and liabilities
|
(4,125
|
)
|
(13,535
|
)
|
|||
Net cash provided by operating activities-continuing operations
|
40,916
|
84,654
|
|||||
Net cash used in operating activities-discontinued operations
|
(52
|
)
|
(4,727
|
)
|
|||
Net cash provided by operating activities
|
40,864
|
79,927
|
|||||
Investing activities:
|
|||||||
Capital expenditures
|
(7,324
|
)
|
(14,443
|
)
|
|||
Proceeds from sales of marketable securities
|
—
|
1,014
|
|||||
Purchases of marketable securities
|
—
|
(963
|
)
|
||||
Payment for purchase of business, net of cash and restricted cash acquired
|
(1,481,789
|
)
|
—
|
||||
Net cash used in investing activities
|
(1,489,113
|
)
|
(14,392
|
)
|
|||
Financing activities:
|
|||||||
Proceeds from exercise of stock options
|
7,685
|
55
|
|||||
Employee taxes paid on withholding shares
|
(2,228
|
)
|
(3,921
|
)
|
|||
Proceeds from stock issued under Colleague Stock Purchase Plan
|
114
|
31
|
|||||
Proceeds from long-term debt
|
850,000
|
—
|
|||||
Repayments of long-term debt
|
(291,000
|
)
|
(750
|
)
|
|||
Payment of debt discount and issuance costs
|
(49,553
|
)
|
—
|
||||
Net cash provided by (used in) financing activities
|
515,018
|
(4,585
|
)
|
||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
(70
|
)
|
62
|
||||
Net (decrease) increase in cash, cash equivalents and restricted cash
|
(933,301
|
)
|
61,012
|
||||
Cash, cash equivalents and restricted cash at beginning of period
|
1,313,616
|
501,105
|
|||||
Cash, cash equivalents and restricted cash at end of period
|
$
|
380,315
|
$
|
562,117
|
Three Months Ended
|
|||||||||||
September 30,
|
|||||||||||
2021
|
2020
|
Increase
(Decrease) |
|||||||||
Revenue:
|
|||||||||||
Chamberlain
|
$
|
135,639
|
$
|
133,764
|
1.4
|
%
|
|||||
Walden
|
68,617
|
—
|
NM
|
||||||||
Medical and Veterinary
|
84,814
|
85,062
|
(0.3
|
)%
|
|||||||
Financial Services
|
59,257
|
49,415
|
19.9
|
%
|
|||||||
Total consolidated revenue
|
$
|
348,327
|
$
|
268,241
|
29.9
|
%
|
|||||
Operating income (loss):
|
|||||||||||
Chamberlain
|
$
|
20,855
|
$
|
30,169
|
(30.9
|
)%
|
|||||
Walden
|
(11,646
|
)
|
—
|
NM
|
|||||||
Medical and Veterinary
|
15,665
|
22,841
|
(31.4
|
)%
|
|||||||
Financial Services
|
12,628
|
7,272
|
73.7
|
%
|
|||||||
Home Office and Other
|
(42,233
|
)
|
(23,576
|
)
|
(79.1
|
)%
|
|||||
Total consolidated operating (loss) income
|
$
|
(4,731
|
)
|
$
|
36,706
|
NM
|
•
|
Deferred revenue adjustment related to a revenue purchase accounting adjustment to record Walden’s deferred revenue at fair value.
|
•
|
CEO transition costs related to acceleration of stock-based compensation expense.
|
•
|
Restructuring charges primarily related to plans to achieve synergies with the Walden acquisition and real estate consolidations at
Adtalem’s home office and ACAMS.
|
•
|
Business acquisition and integration expense include expenses related to the Walden acquisition.
|
•
|
Walden amortization expense on acquired intangible assets.
|
•
|
Pre-acquisition interest expense related to financing arrangements in connection with the Walden acquisition.
|
•
|
Loss from discontinued operations includes costs related to DeVry University.
|
Three Months Ended
|
||||||||||
September 30,
|
||||||||||
2021
|
2020
|
Increase
(Decrease) |
||||||||
Chamberlain:
|
||||||||||
Operating income (GAAP)
|
$
|
20,855
|
$
|
30,169
|
(30.9
|
)%
|
||||
Operating income excluding special items (non-GAAP)
|
$
|
20,855
|
$
|
30,169
|
(30.9
|
)%
|
||||
Walden:
|
||||||||||
Operating loss (GAAP)
|
$
|
(11,646
|
)
|
$
|
—
|
NM
|
||||
Deferred revenue adjustment
|
6,207
|
—
|
NM
|
|||||||
Walden intangible amortization expense
|
16,451
|
—
|
NM
|
|||||||
Operating income excluding special items (non-GAAP)
|
$
|
11,012
|
$
|
—
|
NM
|
|||||
Medical and Veterinary:
|
||||||||||
Operating income (GAAP)
|
$
|
15,665
|
$
|
22,841
|
(31.4
|
)%
|
||||
Operating income excluding special items (non-GAAP)
|
$
|
15,665
|
$
|
22,841
|
(31.4
|
)%
|
||||
Financial Services:
|
||||||||||
Operating income (GAAP)
|
$
|
12,628
|
$
|
7,272
|
73.7
|
%
|
||||
Restructuring expense
|
821
|
1,415
|
||||||||
Operating income excluding special items (non-GAAP)
|
$
|
13,449
|
$
|
8,687
|
54.8
|
%
|
||||
Home Office and Other:
|
||||||||||
Operating loss (GAAP)
|
$
|
(42,233
|
)
|
$
|
(23,576
|
)
|
(79.1
|
)%
|
||
CEO transition costs
|
6,195
|
—
|
||||||||
Restructuring expense
|
3,095
|
2,808
|
||||||||
Business acquisition and integration expense
|
26,553
|
13,436
|
||||||||
Operating loss excluding special items (non-GAAP)
|
$
|
(6,390
|
)
|
$
|
(7,332
|
)
|
12.8
|
%
|
||
Adtalem Global Education:
|
||||||||||
Operating (loss) income (GAAP)
|
$
|
(4,731
|
)
|
$
|
36,706
|
NM
|
||||
Deferred revenue adjustment
|
6,207
|
—
|
||||||||
CEO transition costs
|
6,195
|
—
|
||||||||
Restructuring expense
|
3,916
|
4,223
|
||||||||
Business acquisition and integration expense
|
26,553
|
13,436
|
||||||||
Walden intangible amortization expense
|
16,451
|
—
|
||||||||
Operating income excluding special items (non-GAAP)
|
$
|
54,591
|
$
|
54,365
|
0.4
|
%
|
Three Months Ended
|
|||||||
September 30,
|
|||||||
2021
|
2020
|
||||||
Net (loss) income attributable to Adtalem (GAAP)
|
$
|
(58,004
|
)
|
$
|
19,930
|
||
Deferred revenue adjustment
|
6,207
|
—
|
|||||
CEO transition costs
|
6,195
|
—
|
|||||
Restructuring expense
|
3,916
|
4,223
|
|||||
Business acquisition and integration expense
|
26,553
|
13,436
|
|||||
Walden intangible amortization expense
|
16,451
|
—
|
|||||
Pre-acquisition interest expense
|
31,634
|
—
|
|||||
Income tax impact on non-GAAP adjustments (1)
|
(19,064
|
)
|
(3,998
|
)
|
|||
Loss from discontinued operations
|
17,370
|
7,607
|
|||||
Net income from continuing operations attributable to Adtalem excluding special items (non-GAAP)
|
$
|
31,258
|
$
|
41,198
|
Three Months Ended
|
|||||||
September 30,
|
|||||||
2021
|
2020
|
||||||
(Loss) earnings per share, diluted (GAAP)
|
$
|
(1.17
|
)
|
$
|
0.38
|
||
Effect on diluted earnings per share:
|
|||||||
Deferred revenue adjustment
|
0.12
|
-
|
|||||
CEO transition costs
|
0.12
|
-
|
|||||
Restructuring expense
|
0.08
|
0.08
|
|||||
Business acquisition and integration expense
|
0.53
|
0.25
|
|||||
Walden intangible amortization expense
|
0.33
|
-
|
|||||
Pre-acquisition interest expense
|
0.63
|
-
|
|||||
Income tax impact on non-GAAP adjustments (1)
|
(0.38
|
)
|
(0.08
|
)
|
|||
Loss from discontinued operations
|
0.35
|
0.14
|
|||||
Earnings per share from continuing operations excluding special items, diluted (non-GAAP)
|
$
|
0.62
|
$
|
0.78
|
|||
Diluted shares used in non-GAAP EPS calculation
|
50,222
|
52,797
|
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||||||||||||||||||
FY22
|
FY21
|
FY22
|
FY21
|
FY21
|
FY21
|
FY21
|
FY20
|
FY20
|
FY20
|
FY20
|
||||||||||||||||||||||
Q1
|
Q1
|
Q1
|
Q4
|
Q3
|
Q2
|
Q1
|
Q4
|
Q3
|
Q2
|
Q1
|
||||||||||||||||||||||
Net cash provided by
operating activities-
continuing operations
(GAAP)
|
$ 40,916
|
$ 84,654
|
$ 179,420
|
$ 223,158
|
$ 224,740
|
$ 259,091
|
$ 200,743
|
$ 149,565
|
$ 170,304
|
$ 159,150
|
$ 165,413
|
|||||||||||||||||||||
Capital expenditures
|
(7,324
|
)
|
(14,443
|
)
|
(41,545
|
)
|
(48,664
|
)
|
(47,047
|
)
|
(48,001
|
)
|
(48,144
|
)
|
(44,137
|
)
|
(44,239
|
)
|
(45,827
|
)
|
(54,689
|
)
|
||||||||||
Free cash flow (non-GAAP)
|
$ 33,592
|
$ 70,211
|
$ 137,875
|
$ 174,494
|
$ 177,693
|
$ 211,090
|
$ 152,599
|
$ 105,428
|
$ 126,065
|
$ 113,323
|
$ 110,724
|
Year Ended
|
|||
June 30, 2022
|
|||
Expected earnings per share, diluted (GAAP)
|
$
|
0.92 to 1.17
|
|
Expected effects on diluted earnings per share:
|
|||
Estimated purchase accounting adjustment - deferred revenue
|
0.17
|
||
CEO transition costs
|
0.12
|
||
Restructuring expense
|
0.08
|
||
Business acquisition and integration costs
|
0.53
|
||
Estimated purchase accounting adjustment - intangible amortization
|
1.94
|
||
Pre-acquisition interest expense
|
0.63
|
||
Estimated incremental acquisition integration costs
|
0.44
|
||
Estimated income tax impact on non-GAAP adjustments(1)
|
(0.98
|
)
|
|
Loss from discontinued operations
|
0.35
|
||
Expected adjusted earnings per share from continuing operations excluding special items, diluted (non-GAAP)(2)
|
$
|
4.20 to 4.45
|
|
Diluted shares used in EPS calculation
|
50,222
|
Year Ended
|
|||
June 30, 2022
|
|||
Expected revenue (GAAP)
|
$ |
1,676 to 1,726
|
|
Estimated incremental purchase accounting adjustment - deferred revenue
|
9
|
||
Expected revenue excluding special items (non-GAAP)(3)
|
$ |
1,685 to 1,735
|
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