AGCO Corporation | |
By: | /s/ Andrew H. Beck |
Andrew H. Beck Senior Vice President and Chief Financial Officer |
Exhibit No. | Description | |
99.1 | Press Release of AGCO Corporation, issued February 7, 2017 |
For Immediate Release | CONTACT: | |
Tuesday, February 7, 2017 | Greg Peterson | |
Director of Investor Relations | ||
770-232-8229 | ||
greg.peterson@agcocorp.com |
• | Reported fourth quarter regional sales results(1): Europe/Africa/Middle East (“EAME”) (2.0)%, North America +3.0%, South America +63.6%, Asia/Pacific (“APAC”) +21.8% |
• | Constant currency fourth quarter regional sales results(1)(2): EAME +1.8%, North America +4.4%, South America +53.9%, APAC +22.7% |
• | Generated $370 million in cash flow from operations and $168 million in free cash flow in 2016 |
• | Share repurchase program resulted in reduction of 4.4 million shares during 2016 |
• | New $300 million share repurchase program authorized through December 2019 |
• | Quarterly dividend increased to $0.14 per share effective first quarter 2017 |
• | Full-year earnings per share forecast for 2017 remains at approximately $2.50 |
Year ended December 31, 2016 | Tractors Change from Prior Year Period | Combines Change from Prior Year Period | ||
North America(1) | (10)% | (21)% | ||
South America | (6)% | 14% | ||
Western Europe | (4)% | (14)% |
Three Months Ended December 31, | 2016 | 2015 | % change from 2015 | % change from 2015 due to currency translation(1) | ||||||||
North America | $ | 447.4 | $ | 434.5 | 3.0% | (1.4)% | ||||||
South America | 308.1 | 188.3 | 63.6% | 9.7% | ||||||||
EAME | 1,187.1 | 1,211.9 | (2.0)% | (3.9)% | ||||||||
APAC | 151.4 | 124.3 | 21.8% | (0.9)% | ||||||||
Total | $ | 2,094.0 | $ | 1,959.0 | 6.9% | (1.8)% | ||||||
Years Ended December 31, | 2016 | 2015 | % change from 2015 | % change from 2015 due to currency translation(1) | ||||||||
North America | $ | 1,807.7 | $ | 1,965.0 | (8.0)% | (1.3)% | ||||||
South America | 917.5 | 949.0 | (3.3)% | (7.6)% | ||||||||
EAME | 4,206.0 | 4,151.3 | 1.3% | (2.2)% | ||||||||
APAC | 479.3 | 402.0 | 19.2% | (2.0)% | ||||||||
Total | $ | 7,410.5 | $ | 7,467.3 | (0.8)% | (2.6)% | ||||||
(1) See Footnotes for additional disclosures |
• | Our financial results depend entirely upon the agricultural industry, and factors that adversely affect the agricultural industry generally, including declines in the general economy, increases in farm input costs, lower commodity prices, lower farm income and changes in the availability of credit for our retail customers, will adversely affect us. |
• | A majority of our sales and manufacturing take place outside the United States, and, many of our sales involve products that are manufactured in one country and sold in a different country, and as a result, we are exposed to risks related to foreign laws, taxes and tariffs, trade restrictions, economic conditions, labor supply and relations, political conditions and governmental policies. These risks may delay or reduce our realization of value from our international operations. |
• | Most retail sales of the products that we manufacture are financed, either by our joint ventures with Rabobank or by a bank or other private lender. Our joint ventures with Rabobank, which are controlled by Rabobank and are dependent upon Rabobank for financing as well, finance approximately 40% of the retail sales of our tractors and combines in the markets where the joint ventures operate. Any difficulty by Rabobank to continue to provide that financing, or any business decision by Rabobank as the controlling member not to fund the business or particular aspects of it (for example, a particular country or region), would require the joint ventures to find other sources of financing (which may be difficult to obtain), or us to find another source of retail financing for our customers, or our customers would be required to utilize other retail financing providers. As a result of the recent economic downturn, financing for capital equipment purchases generally has become more difficult in certain regions and in some cases, can be expensive to obtain. To the extent that financing is not available or available only at unattractive prices, our sales would be negatively impacted. |
• | Both AGCO and our finance joint ventures have substantial account receivables from dealers and end customers, and we would be adversely impacted if the collectability of these receivables was not consistent with historical experience; this collectability is dependent upon the financial strength of the farm industry, which in turn is dependent upon the general economy and commodity prices, as well as several of the other factors listed in this section. |
• | We have experienced substantial and sustained volatility with respect to currency exchange rate and interest rate changes, including uncertainty associated with the Euro, which can adversely affect our reported results of operations and the competitiveness of our products. |
• | Our success depends on the introduction of new products, particularly engines that comply with emission requirements, which requires substantial expenditures. |
• | Our production levels and capacity constraints at our facilities, including those resulting from plant expansions and systems upgrades at our manufacturing facilities, could adversely affect our results. |
• | Our expansion plans in emerging markets, including establishing a greater manufacturing and marketing presence and growing our use of component suppliers, could entail significant risks. |
• | We depend on suppliers for components, parts and raw materials for our products, and any failure by our suppliers to provide products as needed, or by us to promptly address supplier issues, will adversely impact our ability to timely and efficiently manufacture and sell products. We also are subject to raw material price fluctuations, which can adversely affect our manufacturing costs. |
• | We face significant competition, and if we are unable to compete successfully against other agricultural equipment manufacturers, we would lose customers and our net sales and profitability would decline. |
• | We have a substantial amount of indebtedness, and, as a result, we are subject to certain restrictive covenants and payment obligations that may adversely affect our ability to operate and expand our business. |
December 31, 2016 | December 31, 2015 | ||||||
ASSETS | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 429.7 | $ | 426.7 | |||
Accounts and notes receivable, net | 890.4 | 836.8 | |||||
Inventories, net | 1,514.8 | 1,423.4 | |||||
Other current assets | 330.8 | 211.4 | |||||
Total current assets | 3,165.7 | 2,898.3 | |||||
Property, plant and equipment, net | 1,361.3 | 1,347.1 | |||||
Investment in affiliates | 414.9 | 392.9 | |||||
Deferred tax assets | 99.7 | 100.7 | |||||
Other assets | 143.1 | 136.5 | |||||
Intangible assets, net | 607.3 | 507.7 | |||||
Goodwill | 1,376.4 | 1,114.5 | |||||
Total assets | $ | 7,168.4 | $ | 6,497.7 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current Liabilities: | |||||||
Current portion of long-term debt | $ | 85.4 | $ | 89.0 | |||
Senior term loan | — | 217.2 | |||||
Accounts payable | 722.6 | 625.6 | |||||
Accrued expenses | 1,160.8 | 1,106.9 | |||||
Other current liabilities | 176.1 | 146.7 | |||||
Total current liabilities | 2,144.9 | 2,185.4 | |||||
Long-term debt, less current portion | 1,610.0 | 925.2 | |||||
Pensions and postretirement health care benefits | 270.0 | 233.9 | |||||
Deferred tax liabilities | 112.4 | 86.4 | |||||
Other noncurrent liabilities | 193.9 | 183.5 | |||||
Total liabilities | 4,331.2 | 3,614.4 | |||||
Stockholders’ Equity: | |||||||
AGCO Corporation stockholders’ equity: | |||||||
Common stock | 0.8 | 0.8 | |||||
Additional paid-in capital | 103.3 | 301.7 | |||||
Retained earnings | 4,113.6 | 3,996.0 | |||||
Accumulated other comprehensive loss | (1,441.6 | ) | (1,460.2 | ) | |||
Total AGCO Corporation stockholders’ equity | 2,776.1 | 2,838.3 | |||||
Noncontrolling interests | 61.1 | 45.0 | |||||
Total stockholders’ equity | 2,837.2 | 2,883.3 | |||||
Total liabilities and stockholders’ equity | $ | 7,168.4 | $ | 6,497.7 |
Three Months Ended December 31, | |||||||
2016 | 2015 | ||||||
Net sales | $ | 2,094.0 | $ | 1,959.0 | |||
Cost of goods sold | 1,673.7 | 1,561.6 | |||||
Gross profit | 420.3 | 397.4 | |||||
Selling, general and administrative expenses | 224.8 | 222.2 | |||||
Engineering expenses | 81.8 | 71.7 | |||||
Restructuring expenses | 6.4 | 7.7 | |||||
Amortization of intangibles | 15.9 | 10.5 | |||||
Income from operations | 91.4 | 85.3 | |||||
Interest expense, net | 17.6 | 13.3 | |||||
Other expense, net | 4.3 | 19.1 | |||||
Income before income taxes and equity in net earnings of affiliates | 69.5 | 52.9 | |||||
Income tax provision | 18.3 | 6.4 | |||||
Income before equity in net earnings of affiliates | 51.2 | 46.5 | |||||
Equity in net earnings of affiliates | 10.0 | 14.8 | |||||
Net income | 61.2 | 61.3 | |||||
Net loss attributable to noncontrolling interests | 0.8 | 0.8 | |||||
Net income attributable to AGCO Corporation and subsidiaries | $ | 62.0 | $ | 62.1 | |||
Net income per common share attributable to AGCO Corporation and subsidiaries: | |||||||
Basic | $ | 0.78 | $ | 0.73 | |||
Diluted | $ | 0.77 | $ | 0.73 | |||
Cash dividends declared and paid per common share | $ | 0.13 | $ | 0.12 | |||
Weighted average number of common and common equivalent shares outstanding: | |||||||
Basic | 79.9 | 84.8 | |||||
Diluted | 80.8 | 84.9 |
Years Ended December 31, | |||||||
2016 | 2015 | ||||||
Net sales | $ | 7,410.5 | $ | 7,467.3 | |||
Cost of goods sold | 5,895.0 | 5,906.7 | |||||
Gross profit | 1,515.5 | 1,560.6 | |||||
Selling, general and administrative expenses | 867.9 | 852.3 | |||||
Engineering expenses | 296.1 | 282.2 | |||||
Restructuring expenses | 11.9 | 22.3 | |||||
Amortization of intangibles | 51.2 | 42.7 | |||||
Income from operations | 288.4 | 361.1 | |||||
Interest expense, net | 52.1 | 45.4 | |||||
Other expense, net | 31.4 | 36.3 | |||||
Income before income taxes and equity in net earnings of affiliates | 204.9 | 279.4 | |||||
Income tax provision | 92.2 | 72.5 | |||||
Income before equity in net earnings of affiliates | 112.7 | 206.9 | |||||
Equity in net earnings of affiliates | 47.5 | 57.1 | |||||
Net income | 160.2 | 264.0 | |||||
Net (income) loss attributable to noncontrolling interests | (0.1 | ) | 2.4 | ||||
Net income attributable to AGCO Corporation and subsidiaries | $ | 160.1 | $ | 266.4 | |||
Net income per common share attributable to AGCO Corporation and subsidiaries: | |||||||
Basic | $ | 1.97 | $ | 3.06 | |||
Diluted | $ | 1.96 | $ | 3.06 | |||
Cash dividends declared and paid per common share | $ | 0.52 | $ | 0.48 | |||
Weighted average number of common and common equivalent shares outstanding: | |||||||
Basic | 81.4 | 87.0 | |||||
Diluted | 81.7 | 87.1 | |||||
Years Ended December 31, | |||||||
2016 | 2015 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 160.2 | $ | 264.0 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation | 223.4 | 217.4 | |||||
Deferred debt issuance cost amortization | 1.0 | 2.0 | |||||
Amortization of intangibles | 51.2 | 42.7 | |||||
Stock compensation expense | 18.1 | 12.2 | |||||
Proceeds from termination of hedging instrument | 7.3 | — | |||||
Equity in net earnings of affiliates, net of cash received | (1.4 | ) | (19.0 | ) | |||
Deferred income tax provision (benefit) | 2.1 | (26.8 | ) | ||||
Other | 1.3 | (0.1 | ) | ||||
Changes in operating assets and liabilities, net of effects from purchase of businesses: | |||||||
Accounts and notes receivable, net | (4.5 | ) | 3.8 | ||||
Inventories, net | (33.1 | ) | 117.6 | ||||
Other current and noncurrent assets | (98.7 | ) | (49.3 | ) | |||
Accounts payable | 62.8 | 37.3 | |||||
Accrued expenses | 47.0 | (34.8 | ) | ||||
Other current and noncurrent liabilities | (67.2 | ) | (42.8 | ) | |||
Total adjustments | 209.3 | 260.2 | |||||
Net cash provided by operating activities | 369.5 | 524.2 | |||||
Cash flows from investing activities: | |||||||
Purchases of property, plant and equipment | (201.0 | ) | (211.4 | ) | |||
Proceeds from sale of property, plant and equipment | 2.4 | 1.5 | |||||
Purchase of businesses, net of cash acquired | (383.8 | ) | (25.4 | ) | |||
Investment in consolidated affiliates, net of cash acquired | (11.8 | ) | — | ||||
Investments in unconsolidated affiliates | (4.5 | ) | (3.8 | ) | |||
Restricted cash and other | 0.4 | (1.7 | ) | ||||
Net cash used in investing activities | (598.3 | ) | (240.8 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from debt obligations, net | 495.5 | 182.4 | |||||
Purchases and retirement of common stock | (212.5 | ) | (287.5 | ) | |||
Payment of dividends to stockholders | (42.5 | ) | (42.0 | ) | |||
Payment of minimum tax withholdings on stock compensation | (2.0 | ) | (6.3 | ) | |||
Payment of debt issuance costs | (2.5 | ) | (0.7 | ) | |||
Excess tax benefit related to stock compensation | — | 0.7 | |||||
Investments by noncontrolling interests | 0.4 | — | |||||
Net cash provided by (used in) financing activities | 236.4 | (153.4 | ) | ||||
Effects of exchange rate changes on cash and cash equivalents | (4.6 | ) | (67.0 | ) | |||
Increase in cash and cash equivalents | 3.0 | 63.0 | |||||
Cash and cash equivalents, beginning of year | 426.7 | 363.7 | |||||
Cash and cash equivalents, end of year | $ | 429.7 | $ | 426.7 |
1. | STOCK COMPENSATION (CREDIT) EXPENSE |
Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Cost of goods sold | $ | (0.1 | ) | $ | 0.1 | $ | 1.5 | $ | 0.9 | ||||||
Selling, general and administrative expenses | (1.1 | ) | 1.5 | 16.9 | 11.6 | ||||||||||
Total stock compensation (credit) expense | $ | (1.2 | ) | $ | 1.6 | $ | 18.4 | $ | 12.5 |
2. | RESTRUCTURING EXPENSES |
December 31, 2016 | December 31, 2015 | ||||||
1.056% Senior term loan due 2020 | $ | 211.0 | $ | 217.2 | |||
Credit facility, expiring 2020 | 329.2 | 338.9 | |||||
Senior term loan due 2021 | 316.5 | — | |||||
5 7/8% Senior notes due 2021 | 306.6 | 297.4 | |||||
Senior term loans | 395.6 | — | |||||
4½% Senior term loan due 2016 | — | 217.2 | |||||
Other long-term debt | 141.6 | 164.3 | |||||
Debt issuance costs | (5.1 | ) | (3.6 | ) | |||
1,695.4 | 1,231.4 | ||||||
Less: Current portion of other long-term debt | (85.4 | ) | (89.0 | ) | |||
4½% Senior term loan due 2016 | — | (217.2 | ) | ||||
Total indebtedness, less current portion | $ | 1,610.0 | $ | 925.2 |
December 31, 2016 | December 31, 2015 | ||||||
Finished goods | $ | 589.3 | $ | 523.1 | |||
Repair and replacement parts | 532.5 | 515.4 | |||||
Work in process | 113.8 | 97.5 | |||||
Raw materials | 279.2 | 287.4 | |||||
Inventories, net | $ | 1,514.8 | $ | 1,423.4 |
Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Basic net income per share: | |||||||||||||||
Net income attributable to AGCO Corporation and subsidiaries | $ | 62.0 | $ | 62.1 | $ | 160.1 | $ | 266.4 | |||||||
Weighted average number of common shares outstanding | 79.9 | 84.8 | 81.4 | 87.0 | |||||||||||
Basic net income per share attributable to AGCO Corporation and subsidiaries | $ | 0.78 | $ | 0.73 | $ | 1.97 | $ | 3.06 | |||||||
Diluted net income per share: | |||||||||||||||
Net income attributable to AGCO Corporation and subsidiaries | $ | 62.0 | $ | 62.1 | $ | 160.1 | $ | 266.4 | |||||||
Weighted average number of common shares outstanding | 79.9 | 84.8 | 81.4 | 87.0 | |||||||||||
Dilutive stock-settled appreciation rights, performance share awards and restricted stock units | 0.9 | 0.1 | 0.3 | 0.1 | |||||||||||
Weighted average number of common shares and common share equivalents outstanding for purposes of computing diluted net income per share | 80.8 | 84.9 | 81.7 | 87.1 | |||||||||||
Diluted net income per share attributable to AGCO Corporation and subsidiaries | $ | 0.77 | $ | 0.73 | $ | 1.96 | $ | 3.06 |
Three Months Ended December 31, | North America | South America | Europe/Africa/ Middle East | Asia/ Pacific | Consolidated | |||||||||||||||
2016 | ||||||||||||||||||||
Net sales | $ | 447.4 | $ | 308.1 | $ | 1,187.1 | $ | 151.4 | $ | 2,094.0 | ||||||||||
(Loss) income from operations | (4.9 | ) | 13.6 | 125.8 | 7.5 | 142.0 | ||||||||||||||
2015 | ||||||||||||||||||||
Net sales | $ | 434.5 | $ | 188.3 | $ | 1,211.9 | $ | 124.3 | $ | 1,959.0 | ||||||||||
Income (loss) from operations | 7.0 | (4.4 | ) | 132.7 | (2.2 | ) | 133.1 |
Years Ended December 31, | North America | South America | Europe/Africa/ Middle East | Asia/ Pacific | Consolidated | |||||||||||||||
2016 | ||||||||||||||||||||
Net sales | $ | 1,807.7 | $ | 917.5 | $ | 4,206.0 | $ | 479.3 | $ | 7,410.5 | ||||||||||
Income from operations | 39.1 | 19.9 | 417.7 | 11.4 | 488.1 | |||||||||||||||
2015 | ||||||||||||||||||||
Net sales | $ | 1,965.0 | $ | 949.0 | $ | 4,151.3 | $ | 402.0 | $ | 7,467.3 | ||||||||||
Income (loss) from operations | 123.4 | 34.4 | 416.7 | (27.6 | ) | 546.9 |
Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Segment income from operations | $ | 142.0 | $ | 133.1 | $ | 488.1 | $ | 546.9 | |||||||
Corporate expenses | (29.4 | ) | (28.1 | ) | (119.7 | ) | (109.2 | ) | |||||||
Stock compensation credit (expense) | 1.1 | (1.5 | ) | (16.9 | ) | (11.6 | ) | ||||||||
Restructuring expenses | (6.4 | ) | (7.7 | ) | (11.9 | ) | (22.3 | ) | |||||||
Amortization of intangibles | (15.9 | ) | (10.5 | ) | (51.2 | ) | (42.7 | ) | |||||||
Consolidated income from operations | $ | 91.4 | $ | 85.3 | $ | 288.4 | $ | 361.1 |
Three Months Ended December 31, | |||||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||||
Income From Operations | Net Income (1) | Net Income Per Share (1) | Income From Operations | Net Income (1) | Net Income Per Share (1) | ||||||||||||||||||
As reported | $ | 91.4 | $ | 62.0 | $ | 0.77 | $ | 85.3 | $ | 62.1 | $ | 0.73 | |||||||||||
Restructuring expenses (2) | 6.4 | 5.6 | 0.07 | 7.7 | 5.4 | 0.07 | |||||||||||||||||
As adjusted | $ | 97.8 | $ | 67.6 | $ | 0.84 | $ | 93.0 | $ | 67.5 | $ | 0.80 | |||||||||||
Years Ended December 31, | |||||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||||
Income From Operations | Net Income (1) | Net Income Per Share (1) | Income From Operations | Net Income (1) | Net Income Per Share (1) | ||||||||||||||||||
As reported | $ | 288.4 | $ | 160.1 | $ | 1.96 | $ | 361.1 | $ | 266.4 | $ | 3.06 | |||||||||||
Restructuring expenses (2) | 11.9 | 9.9 | 0.12 | 22.3 | 16.1 | 0.18 | |||||||||||||||||
Deferred income tax adjustment (3) | — | 31.6 | 0.39 | — | — | — | |||||||||||||||||
As adjusted | $ | 300.3 | $ | 201.6 | $ | 2.47 | $ | 383.4 | $ | 282.5 | $ | 3.24 | |||||||||||
Three Months Ended December 31, | Change due to currency translation | ||||||||||||||||
2016 | 2015 | % change from 2015 | $ | % | |||||||||||||
North America | $ | 447.4 | $ | 434.5 | 3.0 | % | $ | (6.1 | ) | (1.4 | )% | ||||||
South America | 308.1 | 188.3 | 63.6 | % | 18.3 | 9.7 | % | ||||||||||
Europe/Africa/Middle East | 1,187.1 | 1,211.9 | (2.0 | )% | (47.0 | ) | (3.9 | )% | |||||||||
Asia/Pacific | 151.4 | 124.3 | 21.8 | % | (1.1 | ) | (0.9 | )% | |||||||||
$ | 2,094.0 | $ | 1,959.0 | 6.9 | % | $ | (35.9 | ) | (1.8 | )% | |||||||
Years Ended December 31, | Change due to currency translation | ||||||||||||||||
2016 | 2015 | % change from 2015 | $ | % | |||||||||||||
North America | $ | 1,807.7 | $ | 1,965.0 | (8.0 | )% | $ | (25.9 | ) | (1.3 | )% | ||||||
South America | 917.5 | 949.0 | (3.3 | )% | (72.2 | ) | (7.6 | )% | |||||||||
Europe/Africa/Middle East | 4,206.0 | 4,151.3 | 1.3 | % | (90.0 | ) | (2.2 | )% | |||||||||
Asia/Pacific | 479.3 | 402.0 | 19.2 | % | (7.9 | ) | (2.0 | )% | |||||||||
$ | 7,410.5 | $ | 7,467.3 | (0.8 | )% | $ | (196.0 | ) | (2.6 | )% | |||||||
2016 | 2015 | |||||||
Net cash provided by operating activities | $ | 369.5 | $ | 524.2 | ||||
Less: | ||||||||
Capital expenditures | (201.0 | ) | (211.4 | ) | ||||
Free cash flow | $ | 168.5 | $ | 312.8 |
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