(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||||||||||||||
(Address of principal executive offices) | (Zip Code) | ||||||||||||||||
Post Office Box 27626, Richmond, Virginia | 23261-7626 | ||||||||||||||||
(Mailing address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 | Results of Operations and Financial Condition. |
Item 7.01 | Regulation FD Disclosure. |
Item 9.01 | Financial Statements and Exhibits. |
99.1 | ||||||||
99.2 | ||||||||
104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document) |
OWENS & MINOR, INC. | ||||||||||||||||||||||||||
Date: August 4, 2023 | By: | /s/ Heath H. Galloway | ||||||||||||||||||||||||
Name: | Heath H. Galloway | |||||||||||||||||||||||||
Title: | Executive Vice President, General Counsel and Corporate Secretary |
Financial Summary (1) | YTD | YTD | |||||||||||||||||||||
($ in millions, except per share data) | 2Q23 | 2Q22 | 2023 | 2022 | |||||||||||||||||||
Revenue | $2,563 | $2,500 | $5,086 | $4,907 | |||||||||||||||||||
Operating income, GAAP | $10.8 | $75.1 | $20.6 | $136.1 | |||||||||||||||||||
Adj. Operating Income, Non-GAAP | $62.0 | $113.6 | $109.7 | $218.5 | |||||||||||||||||||
Net (loss) income, GAAP | $(28.2) | $28.6 | $(52.7) | $67.9 | |||||||||||||||||||
Adj. Net Income, Non-GAAP | $14.2 | $58.3 | $17.8 | $131.0 | |||||||||||||||||||
Adj. EBITDA, Non-GAAP | $112.8 | $163.4 | $221.5 | $285.9 | |||||||||||||||||||
Net (loss) income per common share, GAAP | $(0.37) | $0.37 | $(0.70) | $0.89 | |||||||||||||||||||
Adj. Net Income per share, Non-GAAP | $0.18 | $0.76 | $0.23 | $1.72 |
Three Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Net revenue | $ | 2,563,226 | $ | 2,500,015 | |||||||
Cost of goods sold | 2,043,794 | 1,967,510 | |||||||||
Gross margin | 519,432 | 532,505 | |||||||||
Distribution, selling and administrative expenses | 455,030 | 421,925 | |||||||||
Acquisition-related charges and intangible amortization | 22,203 | 37,276 | |||||||||
Exit and realignment charges | 28,963 | 1,214 | |||||||||
Other operating expense (income), net | 2,397 | (2,995) | |||||||||
Operating income | 10,839 | 75,085 | |||||||||
Interest expense, net | 40,728 | 35,839 | |||||||||
Other expense, net | 1,072 | 783 | |||||||||
(Loss) income before income taxes | (30,961) | 38,463 | |||||||||
Income tax (benefit) provision | (2,720) | 9,859 | |||||||||
Net (loss) income | $ | (28,241) | $ | 28,604 | |||||||
Net (loss) income per common share: | |||||||||||
Basic | $ | (0.37) | $ | 0.38 | |||||||
Diluted | $ | (0.37) | $ | 0.37 |
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Net revenue | $ | 5,086,075 | $ | 4,906,967 | |||||||
Cost of goods sold | 4,069,336 | 4,001,014 | |||||||||
Gross margin | 1,016,739 | 905,953 | |||||||||
Distribution, selling and administrative expenses | 903,752 | 691,397 | |||||||||
Acquisition-related charges and intangible amortization | 44,392 | 79,410 | |||||||||
Exit and realignment charges | 44,637 | 2,896 | |||||||||
Other operating expense (income), net | 3,312 | (3,894) | |||||||||
Operating income | 20,646 | 136,144 | |||||||||
Interest expense, net | 82,926 | 47,858 | |||||||||
Other expense, net | 2,458 | 1,565 | |||||||||
(Loss) income before income taxes | (64,738) | 86,721 | |||||||||
Income tax (benefit) provision | (12,079) | 18,837 | |||||||||
Net (loss) income | $ | (52,659) | $ | 67,884 | |||||||
Net (loss) income per common share: | |||||||||||
Basic | $ | (0.70) | $ | 0.92 | |||||||
Diluted | $ | (0.70) | $ | 0.89 |
June 30, | December 31, | ||||||||||
2023 | 2022 | ||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 286,307 | $ | 69,467 | |||||||
Accounts receivable, net of allowances of $9,270 and $9,063 | 672,511 | 763,497 | |||||||||
Merchandise inventories | 1,168,227 | 1,333,585 | |||||||||
Other current assets | 135,409 | 128,636 | |||||||||
Total current assets | 2,262,454 | 2,295,185 | |||||||||
Property and equipment, net of accumulated depreciation of $510,394 and $450,286 | 559,508 | 578,269 | |||||||||
Operating lease assets | 292,809 | 280,665 | |||||||||
Goodwill | 1,637,149 | 1,636,705 | |||||||||
Intangible assets, net | 403,020 | 445,042 | |||||||||
Other assets, net | 133,060 | 150,417 | |||||||||
Total assets | $ | 5,288,000 | $ | 5,386,283 | |||||||
Liabilities and equity | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | 1,194,173 | $ | 1,147,414 | |||||||
Accrued payroll and related liabilities | 92,264 | 93,296 | |||||||||
Other current liabilities | 405,204 | 325,756 | |||||||||
Total current liabilities | 1,691,641 | 1,566,466 | |||||||||
Long-term debt, excluding current portion | 2,309,853 | 2,482,968 | |||||||||
Operating lease liabilities, excluding current portion of $86,437 and $76,805 | 214,905 | 215,469 | |||||||||
Deferred income taxes | 55,354 | 60,833 | |||||||||
Other liabilities | 120,018 | 114,943 | |||||||||
Total liabilities | 4,391,771 | 4,440,679 | |||||||||
Total equity | 896,229 | 945,604 | |||||||||
Total liabilities and equity | $ | 5,288,000 | $ | 5,386,283 |
Three Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Operating activities: | |||||||||||
Net (loss) income | $ | (28,241) | $ | 28,604 | |||||||
Adjustments to reconcile net (loss) income to cash provided by operating activities: | |||||||||||
Depreciation and amortization | 72,062 | 73,161 | |||||||||
Share-based compensation expense | 5,212 | 5,807 | |||||||||
Benefit for losses on accounts receivable | (379) | (1,116) | |||||||||
Loss on extinguishment of debt | 279 | — | |||||||||
Deferred income tax benefit | (6,167) | 1,670 | |||||||||
Changes in operating lease right-of-use assets and lease liabilities | (2,852) | 1,068 | |||||||||
(Gain) loss on sale and dispositions of property and equipment | (10,294) | 226 | |||||||||
Changes in operating assets and liabilities, net of acquisitions: | |||||||||||
Accounts receivable | 84,963 | 29,194 | |||||||||
Merchandise inventories | 119,819 | (82,536) | |||||||||
Accounts payable | 29,077 | 19,316 | |||||||||
Net change in other assets and liabilities | 46,471 | 9,220 | |||||||||
Other, net | 3,162 | 5,210 | |||||||||
Cash provided by operating activities | 313,112 | 89,824 | |||||||||
Investing activities: | |||||||||||
Acquisition, net of cash acquired | — | (108,329) | |||||||||
Additions to property and equipment | (46,600) | (52,627) | |||||||||
Additions to computer software | (2,889) | (2,111) | |||||||||
Proceeds from sale of property and equipment | 18,423 | 5,843 | |||||||||
Other, net | (418) | (839) | |||||||||
Cash used for investing activities | (31,484) | (158,063) | |||||||||
Financing activities: | |||||||||||
Borrowings under amended Receivables Financing Agreement | 116,100 | 347,800 | |||||||||
Repayments under amended Receivables Financing Agreement | (116,100) | (402,800) | |||||||||
Repayments of debt | (51,801) | (1,500) | |||||||||
Borrowings under revolving credit facility, net and Receivables Financing Agreement | — | (11,700) | |||||||||
Financing costs paid | — | (7,735) | |||||||||
Other, net | (3,830) | (7,625) | |||||||||
Cash used for by financing activities | (55,631) | (83,560) | |||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (88) | (3,195) | |||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 225,909 | (154,994) | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 83,194 | 228,023 | |||||||||
Cash, cash equivalents and restricted cash at end of period(1) | $ | 309,103 | $ | 73,029 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||
Income taxes (received) paid, net | $ | (12,911) | $ | 21,304 | |||||||
Interest paid | $ | 46,089 | $ | 19,791 | |||||||
Noncash investing activity: | |||||||||||
Unpaid purchases of property and equipment and computer software at end of period | $ | 65,808 | $ | 56,429 |
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Operating activities: | |||||||||||
Net (loss) income | $ | (52,659) | $ | 67,884 | |||||||
Adjustments to reconcile net (loss) income to cash provided by operating activities: | |||||||||||
Depreciation and amortization | 142,988 | 97,286 | |||||||||
Share-based compensation expense | 11,675 | 11,210 | |||||||||
(Benefit) provision for losses on accounts receivable | (900) | 4,512 | |||||||||
Loss on extinguishment of debt | 843 | — | |||||||||
Deferred income tax (benefit) provision | (6,758) | 1,601 | |||||||||
Changes in operating lease right-of-use assets and lease liabilities | (3,077) | 606 | |||||||||
(Gain) loss on sale and dispositions of property and equipment | (18,563) | 226 | |||||||||
Changes in operating assets and liabilities, net of acquisitions: | |||||||||||
Accounts receivable | 90,203 | 16,275 | |||||||||
Merchandise inventories | 165,651 | (24,438) | |||||||||
Accounts payable | 52,159 | 12,349 | |||||||||
Net change in other assets and liabilities | 82,954 | (23,945) | |||||||||
Other, net | 6,994 | 5,958 | |||||||||
Cash provided by operating activities | 471,510 | 169,524 | |||||||||
Investing activities: | |||||||||||
Acquisition, net of cash acquired | — | (1,684,607) | |||||||||
Additions to property and equipment | (92,750) | (62,236) | |||||||||
Additions to computer software | (8,229) | (3,463) | |||||||||
Proceeds from sale of property and equipment | 35,729 | 5,846 | |||||||||
Other, net | (418) | (839) | |||||||||
Cash used for investing activities | (65,668) | (1,745,299) | |||||||||
Financing activities: | |||||||||||
Borrowings under amended Receivables Financing Agreement | 348,200 | 347,800 | |||||||||
Repayments under amended Receivables Financing Agreement | (444,200) | (402,800) | |||||||||
Repayments of debt | (78,301) | (1,500) | |||||||||
Proceeds from issuance of debt | — | 1,691,000 | |||||||||
Borrowings under revolving credit facility, net and Receivables Financing Agreement | — | 30,000 | |||||||||
Financing costs paid | — | (41,479) | |||||||||
Other, net | (8,819) | (42,388) | |||||||||
Cash (used for) provided by financing activities | (183,120) | 1,580,633 | |||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 196 | (3,864) | |||||||||
Net increase in cash, cash equivalents and restricted cash | 222,918 | 994 | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 86,185 | 72,035 | |||||||||
Cash, cash equivalents and restricted cash at end of period(1) | $ | 309,103 | $ | 73,029 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||
Income taxes (received) paid, net | $ | (10,506) | $ | 25,782 | |||||||
Interest paid | $ | 78,625 | $ | 32,417 | |||||||
Noncash investing activity: | |||||||||||
Unpaid purchases of property and equipment and computer software at end of period | $ | 65,808 | $ | 56,429 |
Three Months Ended June 30, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
% of | % of | ||||||||||||||||||||||
consolidated | consolidated | ||||||||||||||||||||||
Amount | net revenue | Amount | net revenue | ||||||||||||||||||||
Net revenue: | |||||||||||||||||||||||
Products & Healthcare Services | $ | 1,930,723 | 75.32 | % | $ | 1,927,388 | 77.10 | % | |||||||||||||||
Patient Direct | 632,503 | 24.68 | % | 572,627 | 22.90 | % | |||||||||||||||||
Consolidated net revenue | $ | 2,563,226 | 100.00 | % | $ | 2,500,015 | 100.00 | % | |||||||||||||||
% of segment | % of segment | ||||||||||||||||||||||
Operating income: | net revenue | net revenue | |||||||||||||||||||||
Products & Healthcare Services | $ | 2,940 | 0.15 | % | $ | 61,243 | 3.18 | % | |||||||||||||||
Patient Direct | 59,065 | 9.34 | % | 52,332 | 9.14 | % | |||||||||||||||||
Acquisition-related charges and intangible amortization | (22,203) | (37,276) | |||||||||||||||||||||
Exit and realignment charges | (28,963) | (1,214) | |||||||||||||||||||||
Consolidated operating income | $ | 10,839 | 0.42 | % | $ | 75,085 | 3.00 | % | |||||||||||||||
Depreciation and amortization: | |||||||||||||||||||||||
Products & Healthcare Services | $ | 18,772 | $ | 19,209 | |||||||||||||||||||
Patient Direct | 53,290 | 53,952 | |||||||||||||||||||||
Consolidated depreciation and amortization | $ | 72,062 | $ | 73,161 | |||||||||||||||||||
Capital expenditures: | |||||||||||||||||||||||
Products & Healthcare Services | $ | 6,602 | $ | 18,418 | |||||||||||||||||||
Patient Direct | 42,887 | 36,320 | |||||||||||||||||||||
Consolidated capital expenditures | $ | 49,489 | $ | 54,738 |
Six Months Ended June 30, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
% of | % of | ||||||||||||||||||||||
consolidated | consolidated | ||||||||||||||||||||||
Amount | net revenue | Amount | net revenue | ||||||||||||||||||||
Net revenue: | |||||||||||||||||||||||
Products & Healthcare Services | $ | 3,846,212 | 75.62 | % | $ | 4,061,429 | 82.77 | % | |||||||||||||||
Patient Direct | 1,239,863 | 24.38 | % | 845,538 | 17.23 | % | |||||||||||||||||
Consolidated net revenue | $ | 5,086,075 | 100.00 | % | $ | 4,906,967 | 100.00 | % | |||||||||||||||
% of segment | % of segment | ||||||||||||||||||||||
Operating income: | net revenue | net revenue | |||||||||||||||||||||
Products & Healthcare Services | $ | 4,761 | 0.12 | % | $ | 150,325 | 3.70 | % | |||||||||||||||
Patient Direct | 104,914 | 8.46 | % | 68,125 | 8.06 | % | |||||||||||||||||
Acquisition-related charges and intangible amortization | (44,392) | (79,410) | |||||||||||||||||||||
Exit and realignment charges | (44,637) | (2,896) | |||||||||||||||||||||
Consolidated operating income | $ | 20,646 | 0.41 | % | $ | 136,144 | 2.77 | % | |||||||||||||||
Depreciation and amortization: | |||||||||||||||||||||||
Products & Healthcare Services | $ | 37,338 | $ | 38,203 | |||||||||||||||||||
Patient Direct | 105,650 | 59,083 | |||||||||||||||||||||
Consolidated depreciation and amortization | $ | 142,988 | $ | 97,286 | |||||||||||||||||||
Capital expenditures: | |||||||||||||||||||||||
Products & Healthcare Services | $ | 12,934 | $ | 29,061 | |||||||||||||||||||
Patient Direct | 88,045 | 36,638 | |||||||||||||||||||||
Consolidated capital expenditures | $ | 100,979 | $ | 65,699 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net (loss) income | $ | (28,241) | $ | 28,604 | $ | (52,659) | $ | 67,884 | |||||||||||||||
Weighted average shares outstanding - basic | 75,801 | 74,710 | 75,559 | 74,158 | |||||||||||||||||||
Dilutive shares | — | 1,587 | — | 2,011 | |||||||||||||||||||
Weighted average shares outstanding - diluted | 75,801 | 76,297 | 75,559 | 76,169 | |||||||||||||||||||
Net (loss) income per common share: | |||||||||||||||||||||||
Basic | $ | (0.37) | $ | 0.38 | $ | (0.70) | $ | 0.92 | |||||||||||||||
Diluted | $ | (0.37) | $ | 0.37 | $ | (0.70) | $ | 0.89 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Operating income, as reported (GAAP) | $ | 10,839 | $ | 75,085 | $ | 20,646 | $ | 136,144 | ||||||||||||||||||
Acquisition-related charges and intangible amortization (1) | 22,203 | 37,276 | 44,392 | 79,410 | ||||||||||||||||||||||
Exit and realignment charges (2) | 28,963 | 1,214 | 44,637 | 2,896 | ||||||||||||||||||||||
Operating income, adjusted (non-GAAP) (Adjusted Operating Income) | $ | 62,005 | $ | 113,575 | $ | 109,675 | $ | 218,450 | ||||||||||||||||||
Operating income as a percent of net revenue (GAAP) | 0.42% | 3.00% | 0.41% | 2.77% | ||||||||||||||||||||||
Adjusted operating income as a percent of net revenue (non-GAAP) | 2.42% | 4.54% | 2.16% | 4.45% | ||||||||||||||||||||||
Net (loss) income, as reported (GAAP) | $ | (28,241) | $ | 28,604 | $ | (52,659) | $ | 67,884 | ||||||||||||||||||
Pre-tax adjustments: | ||||||||||||||||||||||||||
Acquisition-related charges and intangible amortization (1) | 22,203 | 37,276 | 44,392 | 79,410 | ||||||||||||||||||||||
Exit and realignment charges (2) | 28,963 | 1,214 | 44,637 | 2,896 | ||||||||||||||||||||||
Other (3) | 843 | 525 | 1,972 | 1,049 | ||||||||||||||||||||||
Income tax benefit on pre-tax adjustments (4) | (9,551) | (9,358) | (20,530) | (20,225) | ||||||||||||||||||||||
Net income, adjusted (non-GAAP) (Adjusted Net Income) | $ | 14,217 | $ | 58,261 | $ | 17,812 | $ | 131,014 | ||||||||||||||||||
Net (loss) income per common share, as reported (GAAP) | $ | (0.37) | $ | 0.37 | $ | (0.70) | $ | 0.89 | ||||||||||||||||||
After-tax adjustments: | ||||||||||||||||||||||||||
Acquisition-related charges and intangible amortization (1) | 0.24 | 0.37 | 0.45 | 0.79 | ||||||||||||||||||||||
Exit and realignment charges (2) | 0.30 | 0.01 | 0.46 | 0.03 | ||||||||||||||||||||||
Other (3) | 0.01 | 0.01 | 0.02 | 0.01 | ||||||||||||||||||||||
Net income per common share, adjusted (non-GAAP) (Adjusted EPS) | $ | 0.18 | $ | 0.76 | $ | 0.23 | $ | 1.72 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Net (loss) income, as reported (GAAP) | $ | (28,241) | $ | 28,604 | $ | (52,659) | $ | 67,884 | ||||||||||||||||||
Income tax (benefit) provision | (2,720) | 9,859 | (12,079) | 18,837 | ||||||||||||||||||||||
Interest expense, net | 40,728 | 35,839 | 82,926 | 47,858 | ||||||||||||||||||||||
Acquisition-related charges and intangible amortization (1) | 22,203 | 37,276 | 44,392 | 79,410 | ||||||||||||||||||||||
Exit and realignment charges (2) | 28,963 | 1,214 | 44,637 | 2,896 | ||||||||||||||||||||||
Other depreciation and amortization (5) | 50,737 | 42,273 | 100,726 | 56,129 | ||||||||||||||||||||||
Stock compensation (6) | 4,796 | 5,624 | 11,146 | 10,220 | ||||||||||||||||||||||
LIFO (credits) and charges (7) | (4,534) | 2,136 | 406 | 1,628 | ||||||||||||||||||||||
Other (3) | 843 | 525 | 1,972 | 1,049 | ||||||||||||||||||||||
Adjusted EBITDA (non-GAAP) | $ | 112,775 | $ | 163,350 | $ | 221,467 | $ | 285,911 | ||||||||||||||||||
June 30, | ||||||||
2023 | ||||||||
Total debt, as reported (GAAP) | $ | 2,334,256 | ||||||
Cash and cash equivalents | (286,307) | |||||||
Net debt (non-GAAP) | $ | 2,047,949 | ||||||
"#Z?Y/L?B_P5IWB^S5+C,-WY-R@RR^Q]5]J\9U;X4^
M*=-E(AM%OHNTENX/YJ<&LVFGH>O3KTJT.6IN>DR_&7PPEOYB)?R/C_5B$ _B
M2V*\U\:?$:_\6)]CCB^QZ<"#Y(;1I$5=V525,DE
M?8@'Z\5E_%>1X?B$\L;;72*)E([$#BNA\$Z3X&D\46LFCZIJLE_ S/'%,@VL
M #DDA,8Q[BN>^+'_ "4"3_KC%_*D_A-*;B\5=*VG:QOZQ\*X+7PC=ZMAJUX"\#>'O%ND/+KKZ*+=254DH.">C.3\;>"$\9"Q#W[6GV7?C$6_=N
MV^XQ]W]:T+7PXMMX,/AT7)93:/;>?LP?F!&=N??IFMRBBR'[6?*HWT1QG@OP
M G@Z\NKA-1:Z\^,)M,.S;@YSU-5=>^&4>N>*WUUM5:%F>-O)$&[[@4==W?;Z
M5WM%%EL5]8J\[G?5D-W;_:[*>V+;?-C:/=C.,C&:X[P9\.H_"&K37R:FUT98
M##L,.S&64YSN/]VNWHHL1&I*,7%/1GF/Q O_ 9J>I/I6N27=IJ%H %NHH2<
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M/B#2Y=/U"+?!)SD'#*>S ]B*T**+()5IRLV]MCR/_A2"?;,_VXWV7.9_GQ
MZ9W8_''X5IW7P>TY]0MI[+4'M8H%0>68=Y
F>O'>I([V!XK=VD6,SJ&C1V 8Y&<8[T 6**C:XA29
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M,$4:R23QHC8VLS@ Y]#2RSPP!3++'&&.%+L!D^@H DHJ*6X@@_ULT3[[ =
M>G\J);B"#;YTT<>XX7>P&3[9H EHK/36+5M5NM/9O+EMUB)9R '\S=@+SR?E
M-.@U2"?5+RP 99;7R]Q; #%P2 .?0&@"]12!E+%0P)7J,]*H7NL6ME<6L#-Y
MDMQ<+;A4()1BK,"PSP,*: -"BHUGA:9H5E0RJ,L@8;@/<4Q[R$)/Y;K+)"I+
M1HP+<#IUX/UH GHJNEY"8H'E=86F4,L :FT6)X-*\+7HNKM[B_OP+AY+AVW@13X&"< #CH.<#->@^6FU
M5V+M7&!C@4NU< ;1@=..E 'F7A:6SBLO#']EW\LNI23%+N#[0S8AVONW1YPJ
MK\N#@=O7FUI.L1WMGX/TYM0:6[:22.]B$Q\P8@E!$F#D'<._<9'2O0EC16+*
MBAB,$@ GX9'45?DUO4[2[FT.2=)=3>Z@2VF\L#= XW,^WI\HCF_(4 =5-';-+"TR1
M&16/E%P,AL<[<]\9Z55;2=-7[5';VUM;W%U&PD>*)5=@>"3CD]:P?&^GG5+S
MP]:).]O(]Z[1S)UC=8)&5O?# ''>L23Q1/'JMW?RVZ)JFG:/-'=YUPH,+Q1R
ML5:1@J X]2P_.KU 'G=UI$
3$A>12P+$D9"C/TKHS&A.2BD@8SCM2X&#SP.*L^'TOH_%NO)?S0S2B&UVR11E RXDZJ2<'\:U;O0
M-/OI+M[B%F>Z6)9D$>624*D'Y2"Q.12Z9H=II4]S<0-/)/"(V+V]GM\T37HBGERH8^5&1\V 1U(R<@5,_AJ
M]O\ 6/$/G7MQ:Z??RQJT480B:,0HK8)!*Y(92?3\ZO3>%S]HNC8ZG=6%O=E6
MGA@"\D*%RC$90E5 ./3(P>: ,O6O$VJRZ?XB_LNQA6'3H'_TQ[HJV3 ) RJ$
M.2 W0D=N>3B33]6U.TM'L;/3ENY+"!9+M[C47=F9P7"HS(2QVX/.T#(%;$OA
MZ"6TURW,T@75PPD/&4S$L7'X+GGO4%UX::2XGEL]3N;+[5"L-R(U1O,"C:&&
MX':V.,CVXXH I#QC/=&ZGL--26QM;)+V2:6XV,5>,NH"A3SQ@\\40^)=;N+J
M"UCT2U$US:?;(-]Z=HC! (<^7PWS+P,CGKQ6C#X8L[>VU"W@=XX;RUCM-H_Y
M9HB%!C\#WJQ!HL5OJ%I>+*Y>VLS9JIQ@J2IR??Y!^= &)<>-'&F6%]#;V,,5
MU:+<@W]^(
#HIU42:E>,6M9[6Y=BI:993N;G'RD-R,<#IC%$7A$&6*2ZU*:<
M16DMFJ+$D:"-P )KBS1'N[>2:];3K,K$ER2DLDLCHH *C
M:20"S?ASMYMWGBR\TM;F&^TN,WT0@>.*"YW)*DLHBR&*@@@GD$>G//$B^#86
MMREQ?W$LHMH+=)@JJR&&1GC<8&-P+#V./?I0!6N?%MYI\6HI?:;"EU9F GR[AFAV2D@.S[ 5"[6S\IZ>
M]:^AZK)J^GO<,EKPY5'MKD3Q2# .Y6 !'7&" 1BHKO0/M%[>7D%_
H]9U1='TQ[LPM,^](XXE.
M"[NP55SVR6'-):V=U:WJ*+J22QCM4B5)6WNT@)RY8C).,9R>?2GZKID.KZ=)
M9SLZ*Q5EDC.&1E8,K#W! /X4 8ESXJN],-S!J6G1)=Q)%*BP7!=)$>41D[B@
M(*D\C'/'/I-K7BAM)GOXDL3<-:P6TH EVF0S2M'MZ<8VY]\]NM)-X36]BO&U
M'4;BYNKB)(5G"JGE*C;UVJ!C.[!.
#ZXXI;G3-(TS4K"'5( NC/:,X\[