0000920527-11-000090.txt : 20111027 0000920527-11-000090.hdr.sgml : 20111027 20111027083252 ACCESSION NUMBER: 0000920527-11-000090 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20111027 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20111027 DATE AS OF CHANGE: 20111027 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PSS WORLD MEDICAL INC CENTRAL INDEX KEY: 0000920527 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-MEDICAL, DENTAL & HOSPITAL EQUIPMENT & SUPPLIES [5047] IRS NUMBER: 592280364 STATE OF INCORPORATION: FL FISCAL YEAR END: 0327 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-23832 FILM NUMBER: 111160440 BUSINESS ADDRESS: STREET 1: 4345 SOUTHPOINT BLVD STREET 2: STE 250 CITY: JACKSONVILLE STATE: FL ZIP: 32216 BUSINESS PHONE: 9043323000 MAIL ADDRESS: STREET 1: 4345 SOUTHPOINT BLVD STREET 2: STE 250 CITY: JACKSONVILLE STATE: FL ZIP: 32216 FORMER COMPANY: FORMER CONFORMED NAME: PHYSICIAN SALES & SERVICE INC /FL/ DATE OF NAME CHANGE: 19940318 8-K 1 form8k.htm FORM 8-K form8k.htm


 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported):  October 27, 2011
 
PSS WORLD MEDICAL, INC.
(Exact name of Registrant as specified in its charter)
 
Commission File Number:  0-23832
 
Florida
59-2280364
(State or other jurisdiction
(IRS Employer
of incorporation or organization)
Identification Number)
   
4345 Southpoint Blvd.
 
Jacksonville, Florida
32216
(Address of principal executive offices)
(Zip code)
   
   
Registrant’s telephone number, including area code
(904) 332-3000

 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
[ ] 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.  Disclosure of Results of Operations and Financial Condition.
 
 
On October 27, 2011, PSS World Medical, Inc. (the “Company”) issued a press release in which the Company announced its financial results for the three and six months ended September 30, 2011.  This press release is attached as Exhibit 99.1 to this report and is incorporated herein by reference.  In connection with the press release, the Company has also made available certain supplemental financial information (the “Financial Supplement”) for the three and six months ended September 30, 2011, which may be found on the Company’s website at www.pssd.com.  This Financial Supplement is attached as Exhibit 99.2 to this report and is incorporated herein by reference.
 
The Financial Supplement contains financial measures that are not in accordance with accounting principles generally accepted in the United States of America ("GAAP").  The Company has provided reconciliations within the Financial Supplement of the non-GAAP financial measures to the most directly comparable GAAP financial measures.
 
The Company provides non-GAAP financial measures to supplement its consolidated financial statements presented in accordance with GAAP.  These non-GAAP financial measures are intended to supplement the user's overall understanding of the Company's current financial performance and its prospects for the future.  Specifically, the Company believes the non-GAAP results provide useful information to both management and investors by identifying certain expenses, gains and losses that, when excluded from the GAAP results, may provide additional understanding of the Company's core operating results or business performance.  However, these non-GAAP financial measures are not intended to supersede or replace the Company's GAAP results.
 

 
 

 


Item 9.01  Financial Statements and Exhibits.
 
Exhibit
Number
Description
99.1
Press Release dated October 27, 2011 with respect to the Registrant’s financial results for the three and six months ended September 30, 2011.
99.2
Financial Supplement for the three and six months ended September 30, 2011.
 

 
 
 

 


SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 
 
  PSS WORLD MEDICAL, INC.  
         
Date: October 27, 2011
By:
/s/  David M. Bronson  
    Name David M. Bronson  
    Title Executive Vice President and Chief Financial Officer  
         

 
 

 


EXHIBIT INDEX


99.1  
Press Release dated October 27, 2011.
99.2  
Financial Supplement for the three and six months ended September 30, 2011.




EX-99.1 2 earningsrelease.htm PRESS RELEASE 10/27/2011 earningsrelease.htm



PSS WORLD MEDICAL LOGO
N        E        W        S                          R        E        L        E        A        S        E


Contact:
PSS World Medical
Investor Relations
904-332-3287



PSS WORLD MEDICAL REPORTS RESULTS FOR
FISCAL YEAR 2012 SECOND QUARTER

 
Second Quarter Highlights:
·  
Consolidated net sales growth of 5.2%
o  
Physician Business net sales growth of 9.7%
o  
Elder Care Business net sales decline of 5.2%
·  
Consolidated earnings per diluted share of $0.37
·  
Consolidated cash flow from operations of $22.6 million
·  
Consolidated return on committed capital of 38.7%


Jacksonville, Florida (October 27, 2011) – PSS World Medical, Inc. (NasdaqGS: PSSI) announced today its results for the fiscal year 2012 second quarter ended September 30, 2011.

 
President and Chief Executive Officer, Gary A. Corless commented, “Our company’s Purpose is to strengthen the clinical success and financial health of caregivers by solving their biggest problems.  This quarter, we focused and quantified that Purpose by defining and launching a new Mission statement to directly address our customers’ greatest challenge, their financial health.  We have committed to improving their overall financial performance by 20%.”
 
“The financial viability of our nation’s caregivers is critical to the care they deliver and the future of our healthcare system,” added Corless.  “This bold and unique Mission we are undertaking is an opportunity to leverage the largest, most highly trained sales force with the broadest offering of products and services to effect significant and positive change for caregivers, as well as profitable growth for our shareholders.  This, combined with the successful momentum of our core business strategies, we believe will drive the achievement of our financial goals for the year, including our fiscal 2012 goal for earnings per share of $1.46 - $1.50.”

Net sales for the three months ended September 30, 2011, were $521.8 million, an increase of 5.2%, compared with net sales of $496.2 million for the three months ended October 1, 2010.  Net sales for the three months ended September 30, 2011, for the Physician Business increased by 9.7% and decreased by 5.2% for the Elder Care Business.  Income from operations for the three months ended September 30, 2011, was $36.3 million compared with income from operations for the three months ended October 1, 2010, of $35.4 million.  Net income for the three months ended September 30, 2011, was $20.0 million, or $0.37 per diluted share, compared with net income for the three months ended October 1, 2010, of $19.6 million, or $0.35 per diluted share.  Each of the three-month periods during the second quarter of fiscal years 2012 and 2011 included 63 sales days.
 
-MORE-

 
 

PSSI Reports Results For Fiscal 2012 Second Quarter
Page 2
October 27, 2011

Net sales for the six months ended September 30, 2011, were $1,035.4 million, an increase of 6.2%, compared with net sales of $975.0 million for the six months ended October 1, 2010.  Net sales for the six months ended September 30, 2011, for the Physician Business increased by 10.8% and decreased by 4.0% for the Elder Care Business.  Income from operations for the six months ended September 30, 2011, was $62.8 million compared with income from operations for the six months ended October 1, 2010, of $60.7 million.  Net income for the six months ended September 30, 2011, increased by 2.7% to $34.2 million, or $0.61 earnings per diluted share, compared with net income for the six months ended October 1, 2010, of $33.3 million, or $0.59 earnings per diluted share.

David M. Bronson, Executive Vice President and Chief Financial Officer, commented, “The Company continued to execute well on our core strategies in the second quarter of fiscal 2012, offsetting very sluggish healthcare system utilization with share gains, operating improvements, and accretive deployment of capital.  Second quarter operating margin, earnings per share, and return on committed capital were at or near historic highs, despite revenue growth challenges brought on by ongoing economic headwinds.

“Taking a stand on the side of the nation’s caregivers and committing to improve their financial performance is the right thing to do,” Bronson continued.  “It will also afford us the opportunity to showcase and exploit our unique competitive advantages, which we believe will reward our shareholders with profitable growth.”

A listen-only simulcast as well as a 90-day online replay of PSS World Medical’s fiscal year 2012 second quarter conference call can be found in the Investor Relations/Financial Information sections of the Company’s website, www.pssworldmedical.com, under the heading “Events and Presentations,” on October 27, 2011, beginning at 8:30 a.m. Eastern time.

The Company has today filed with the SEC a Form 8-K that includes a copy of this press release and its related Fiscal Year 2012 Second Quarter Financial Workbook, which contains GAAP and non-GAAP financial measures, and is available on the Company’s website, www.pssworldmedical.com.  Additional financial information pertaining to PSS World Medical financial results may be found by visiting the Investor Relations section of the Company’s website, www.pssworldmedical.com, under the heading “Events and Presentations.”  If you should need assistance accessing the information, please call Investor Relations at 904-332-3287.

PSS World Medical, Inc. is a national distributor of medical products to physicians and extended care providers through its two business units.  Since its inception in 1983, PSS has become a leader in the two market segments that it serves with a focused market approach to customer services, a consultative sales force, strategic acquisitions, strong arrangements with product manufacturers and a unique culture of performance.

Certain statements in this release are “forward-looking statements” made pursuant to the Private Securities Litigation Reform Act of 1995 and other federal securities laws.  These forward-looking statements are identified by the use of words such as “expect,” “may,” “will,” “should,” “believe,” “plan,” “anticipate,” and “estimate” among others.  These statements involve a number of risks and uncertainties, many of which are outside the control of the Company.  Actual results may differ materially from those identified in the forward-looking statements.  Among the factors that could cause results to differ materially are the following: fluctuating demand for our products and services; national and global economic and political conditions; our and our customers’ ability to obtain financing; the introduction of new products and services offered by us and our competitors; uncertainty of the impact of recently enacted healthcare laws; consolidation of healthcare providers; proper functioning of our data processing and information technology systems; our ability to successfully execute our global sourcing strategy; pricing pressures on large national and regional accounts and GPOs; customer credit quality and our ability to collect our accounts receivable, particularly in states with significant budget deficits; our ability to successfully execute our mergers and acquisitions strategy; our ability to compete with other medical supply companies and direct manufacturers; multi-tiered cost structures where certain institutions can obtain more favorable prices for medical products than us; our ability to maintain relationships with our suppliers and customers; our ability to retain sales reps and key management; our ability to execute our growth strategy; increased operating costs, including fuel and other commodity prices; risks involved in maintaining a large amount of inventory; our indebtedness may limit our ability to obtain additional financing or react to market conditions; we face litigation and product liability exposure; weather-related events such as hurricanes may disrupt our and our customers’ business; we may be deemed to infringe other persons intellectual property; our and our customers’ businesses are subject to numerous federal, state and foreign laws and regulations that could impact our and their financial condition and results of operations; general business, competitive and economic factors and conditions; and other factors described from time to time in the Company’s reports filed with the Securities and Exchange Commission. PSS World Medical, Inc. assumes no obligation to update the information in this release except as otherwise required by law.  Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. 
 
-MORE-

 
 

 
PSSI Reports Results For Fiscal 2012 Second Quarter
Page 3
October 27, 2011

PSS WORLD MEDICAL, INC.
Unaudited Condensed Consolidated Statement of Operations
(in millions, except per share and share data)

 
 
For the Three Months Ended
   
For the Six Months Ended
 
 
 
September 30,
   
October 1,
   
September 30,
   
October 1,
 
 
 
2011
   
2010
   
2011
   
2010
 
Net sales
  $ 521.8     $ 496.2     $ 1,035.4     $ 975.0  
Cost of goods sold
    354.7       339.1       707.5       670.0  
Gross profit
    167.1       157.1       327.9       305.0  
General and administrative expenses
    94.5       87.4       193.5       177.4  
Selling expenses
    36.3       34.3       71.6       66.9  
Income from operations
    36.3       35.4       62.8       60.7  
 
                               
Other (expense) income:
                               
Interest expense
    (4.7 )     (4.2 )     (9.2 )     (8.4 )
Interest income
    0.1       -       0.1       0.1  
Other income
    0.4       0.5       1.0       1.0  
Other expense
    (4.2 )     (3.7 )     (8.1 )     (7.3 )
 
                               
Income before provision for income taxes
    32.1       31.7       54.7       53.4  
Provision for income taxes
    12.0       12.0       20.4       19.9  
Net income
    20.1       19.7       34.3       33.5  
Net income attributable to noncontrolling interest
    0.1       0.1       0.1       0.2  
Net income attributable to PSS World Medical, Inc.
  $ 20.0     $ 19.6     $ 34.2     $ 33.3  
 
                               
Earnings per common share attributable to
PSS World Medical, Inc.:
                               
Basic
  $ 0.38     $ 0.36     $ 0.64     $ 0.60  
Diluted
  $ 0.37     $ 0.35     $ 0.61     $ 0.59  
 
                               
Weighted average shares (in thousands):
                               
Basic
    52,309       54,985       53,237       55,539  
Diluted
    53,956       55,887       55,672       56,905  

-MORE-

 
 

 
PSSI Reports Results For Fiscal 2012 Second Quarter
Page 4
October 27, 2011

PSS World Medical, Inc.
Unaudited Condensed Consolidated Balance Sheets
(in millions except share data)

 
September 30,
 
April 1,
 
 
2011
 
2011
 
 
 
   
 
 
ASSETS
 
Current Assets:
 
 
   
 
 
      Cash and cash equivalents
  $ 34.8     $ 29.3  
      Accounts receivable, net
    244.6       247.2  
      Inventories
    229.4       213.2  
      Prepaid expenses and other
    50.7       54.9  
            Total current assets
    559.5       544.6  
 
               
Property and equipment, net
    100.2       102.4  
 
               
Other Assets:
               
      Goodwill
    174.0       167.1  
      Intangibles, net
    40.3       41.9  
      Other
    90.8       95.7  
            Total assets
  $ 964.8     $ 951.7  
 
               
LIABILITIES AND EQUITY
 
Current Liabilities:
               
      Accounts payable
  $ 151.5     $ 128.1  
      Accrued expenses
    41.8       37.2  
      Revolving line of credit and current portion of long-term debt
    50.4       0.8  
      Other
    22.4       33.1  
            Total current liabilities
    266.1       199.2  
Long-term debt, excluding current portion
    200.2       195.7  
Other noncurrent liabilities
    93.4       110.2  
            Total liabilities
    559.7       505.1  
 
               
Equity:
               
      PSS World Medical, Inc. shareholders' equity:
               
      Preferred stock, $0.01 par value; 1,000,000 shares authorized,
               
            no shares issued and outstanding
    -       -  
      Common stock, $0.01 par value; 150,000,000 shares authorized,
               
            52,704,672 and 55,465,600 shares issued and outstanding
               
            as of September 30, 2011 and April 1, 2011, respectively
    0.5       0.5  
      Additional paid-in capital
    47.1       122.9  
      Retained earnings
    353.8       319.6  
      Total PSS World Medical, Inc. shareholders' equity
    401.4       443.0  
      Noncontrolling interest
    3.7       3.6  
            Total equity
    405.1       446.6  
            Total liabilities and equity
  $ 964.8     $ 951.7  

-MORE-

 
 

 
PSSI Reports Results For Fiscal 2012 Second Quarter
Page 5
October 27, 2011

PSS WORLD MEDICAL, INC.
Unaudited Condensed Consolidated Statements of Cash Flows
(in millions)

 
 
Three Months Ended
   
Six Months Ended
 
 
 
September 30,
   
October 1,
   
September 30,
   
October 1,
 
 
 
2011
   
2010
   
2011
   
2010
 
Cash Flows From Operating Activities:
 
 
   
 
   
 
   
 
 
Net income
  $ 20.1     $ 19.6     $ 34.3     $ 33.5  
Adjustments to reconcile net income to net cash provided
                               
by operating activities:
                               
Depreciation
    6.6       6.1       13.1       12.0  
Amortization of debt discount and issuance costs
    2.5       2.3       5.0       4.6  
Amortization of intangible assets
    2.1       1.5       4.2       2.9  
Noncash compensation expense
    1.6       2.6       3.7       5.3  
Benefit for deferred income taxes
    (3.1 )     (2.4 )     (2.4 )     (2.8 )
Provision for doubtful accounts
    0.2       0.6       0.7       0.8  
Provision for deferred compensation
    0.2       0.4       0.5       0.8  
Changes in operating assets and liabilities, net of effects
                               
from business combinations:
                               
Accounts receivable, net
    (6.8 )     (10.1 )     3.4       (3.8 )
Inventories
    (6.3 )     (3.2 )     (15.7 )     (1.7 )
Prepaid expenses and other current assets
    1.9       (12.7 )     (5.2 )     (13.8 )
Other assets
    (3.4 )     (2.2 )     (5.6 )     (4.1 )
Accounts payable
    5.9       11.6       23.3       12.5  
Accrued expenses and other liabilities
    1.1       (2.5 )     (1.8 )     (7.7 )
Net cash provided by operating activities
    22.6       11.6       57.5       38.5  
 
                               
Cash Flows From Investing Activities:
                               
Capital expenditures
    (6.3 )     (3.6 )     (10.9 )     (8.0 )
Payments for business acquisitions, net of cash acquired
    (10.1 )     (6.4 )     (10.3 )     (6.5 )
Payment for investment in variable interest entity, net of cash
    -       -       -       (3.3 )
Other
    -       (0.3 )     (0.1 )     (0.5 )
Net cash used in investing activities
    (16.4 )     (10.3 )     (21.3 )     (18.3 )
 
                               
Cash Flows From Financing Activities:
                               
Proceeds from borrowings on the revolving line of credit
    101.4       17.2       131.6       17.2  
Repayments on the revolving line of credit
    (71.9 )     (17.2 )     (81.6 )     (17.2 )
Purchase and retirement of common stock
    (23.1 )     (38.7 )     (80.9 )     (51.7 )
Excess tax benefits from share-based compensation arrangements
    0.1       0.6       1.3       1.1  
Payment of contingent consideration on business acquisition
    -       -       (1.0 )     -  
Payments under capital lease obligations
    (0.2 )     (0.2 )     (0.4 )     (0.5 )
Proceeds from exercise of stock options
    -       0.6       0.3       0.9  
Other
    -       0.2       -       0.1  
Net cash provided by (used in) financing activities
    6.3       (37.5 )     (30.7 )     (50.1 )
 
                               
Net increase (decrease) in cash and cash equivalents
    12.5       (36.2 )     5.5       (29.9 )
Cash and cash equivalents, beginning of period
    22.3       59.1       29.3       52.8  
Cash and cash equivalents, end of period
  $ 34.8     $ 22.9     $ 34.8     $ 22.9  


-END-

 



EX-99.2 3 financialsupplement.htm FINANCIAL SUPPLEMENT 10/27/2011 financialsupplement.htm




 
 
 
 
Financial Supplement
 
For the Second Quarter of Fiscal Year 2012 ending September 30, 2011

 
 

 

PSS World Medical, Inc.
As of September 30, 2011
Current Fiscal Year Consolidated Income Statement
(in thousands, except per share data)

 
 
2012
 
 
   Q1      Q2    
YTD
 
 
                 
 
 
Net sales
  $ 513,682     $ 521,756     $ 1,035,438  
Cost of goods sold
    352,925       354,653       707,578  
Gross profit
    160,757       167,103       327,860  
General & administrative expenses
    98,998       94,511       193,510  
Selling expenses
    35,247       36,325       71,573  
Income from operations
    26,512       36,266       62,778  
Interest expense
    (4,538 )     (4,668 )     (9,207 )
Interest income
    74       53       127  
Other income
    532       437       968  
Income from operations before income taxes
    22,579       32,088       54,666  
Provision for income taxes
    8,434       11,962       20,396  
Net income
    14,145       20,125       34,270  
Net income attributable to noncontrolling interest
    (44 )     94       50  
Net income attributable to PSS World Medical, Inc.
  $ 14,189     $ 20,031     $ 34,221  
 
                       
Earnings per common share attributable to
PSS World Medical, Inc.:
                       
Basic
  $ 0.26     $ 0.38     $ 0.64  
Diluted
  $ 0.25     $ 0.37     $ 0.61  
 
                       
Weighted average common shares outstanding:
                       
WASO - Basic
    54,166       52,309       53,237  
WASO - Diluted
    57,388       53,956       55,672  
 
                       
Net sales by segment:
                       
Physician Business
  $ 366,308     $ 376,870     $ 743,179  
Elder Care Business
    146,926       144,237       291,163  
Corporate Shared Services
    448       648       1,096  
 
  $ 513,682     $ 521,756     $ 1,035,438  
 
                       
Selling days:
    64       63       127  
 
                       
Net sales per selling day:
                       
Physician Business
  $ 5,724     $ 5,982     $ 5,852  
Elder Care Business
    2,296       2,289       2,293  
Corporate Shared Services
    7       10       9  
 
  $ 8,026     $ 8,282     $ 8,153  

Numbers may not foot due to rounding differences

 
 

 

PSS World Medical, Inc.
As of September 30, 2011
Consolidated Income Statement Trend
(in thousands, except per share data)

 
Fiscal Year 2009
 
Fiscal Year 2010
 
Fiscal Year 2011
 
 
 Q1    Q2    Q3    Q4  
Total
   Q1    Q2    Q3    Q4  
Total
   Q1    Q2    Q3    Q4  
Total
 
 
                       
 
                         
 
                         
 
 
Net sales
$ 472,215   $ 491,603   $ 519,145   $ 469,728   $ 1,952,691   $ 493,554   $ 561,976   $ 502,764   $ 496,877   $ 2,055,171   $ 478,856   $ 496,188   $ 510,087   $ 549,658   $ 2,034,789  
Cost of goods sold
  333,283     344,347     364,282     328,868     1,370,781     347,581     389,404     348,064     342,427     1,427,476     331,010     339,063     352,192     376,753     1,399,018  
Gross profit
  138,931     147,255     154,863     140,860     581,910     145,974     172,571     154,700     154,449     627,695     147,846     157,125     157,895     172,905     635,771  
General and administrative expenses
  89,634     90,689     89,426     82,728     352,478     91,638     97,208     89,439     92,586     370,871     89,986     87,399     88,860     98,505     364,749  
Selling expenses
  31,266     32,161     33,721     31,356     128,505     32,687     36,728     33,249     33,178     135,842     32,610     34,298     34,330     36,229     137,466  
Income from operations
  18,031     24,405     31,715     26,776     100,927     21,649     38,635     32,012     28,685     120,981     25,250     35,429     34,706     38,171     133,556  
Interest expense
  (3,203 )   (5,300 )   (7,409 )   (6,247 )   (22,159 )   (4,261 )   (4,532 )   (4,214 )   (4,288 )   (17,295 )   (4,137 )   (4,226 )   (4,243 )   (4,515 )   (17,121 )
Interest income
  122     842     1,034     305     2,304     134     95     117     30     376     66     46     33     139     284  
Other income
  608     520     877     638     2,643     3,995     452     741     879     6,068     544     412     852     698     2,506  
Income from ops before income taxes
  15,559     20,467     26,218     21,472     83,716     21,517     34,650     28,657     25,306     110,130     21,723     31,661     31,348     34,493     119,225  
Provision for income taxes
  6,187     8,104     10,230     7,709     32,229     8,213     12,964     10,736     8,854     40,768     7,892     12,016     11,757     12,895     44,560  
Net income
  9,372     12,363     15,989     13,763     51,486     13,304     21,686     17,921     16,452     69,363     13,831     19,644     19,592     21,598     74,664  
Net income attributable to noncontrolling interest
  -     -     -     -     -     -     -     -     -     -     78     87     42     (28 )   179  
Net income attributable PSS World Medical, Inc.
$ 9,372   $ 12,363   $ 15,989   $ 13,763   $ 51,486   $ 13,304   $ 21,686   $ 17,921   $ 16,452   $ 69,363   $ 13,753   $ 19,557   $ 19,549   $ 21,626   $ 74,485  
 
                                                                                         
Earnings per common share attributable to PSS World Medical, Inc.:
                                                                                         
Basic
$ 0.15   $ 0.21   $ 0.27   $ 0.23   $ 0.86   $ 0.23   $ 0.37   $ 0.31   $ 0.29   $ 1.20   $ 0.25   $ 0.36   $ 0.36   $ 0.40   $ 1.36  
Diluted
$ 0.15   $ 0.20   $ 0.27   $ 0.23   $ 0.85   $ 0.23   $ 0.37   $ 0.30   $ 0.28   $ 1.18   $ 0.24   $ 0.35   $ 0.35   $ 0.38   $ 1.32  
 
                                                                                         
Weighted average common shares outstanding:
                                                                                         
Basic
  61,003     59,941     59,481     59,307     59,937     58,380     58,566     58,522     56,627     58,029     56,093     54,985     54,357     54,548     54,996  
Diluted
  61,723     60,921     60,322     59,801     60,696     58,859     59,390     59,390     58,115     58,943     57,924     55,887     55,567     56,789     56,546  
 
                                                                                         
Net Sales by Segment:
                                                                                         
Physician Business
$ 331,386   $ 341,761   $ 357,269   $ 326,966   $ 1,357,382   $ 342,292   $ 398,531   $ 352,961   $ 344,039   $ 1,437,823   $ 327,403   $ 343,403   $ 357,298   $ 396,908   $ 1,425,012  
Elder Care Business
  140,406     149,485     161,874     142,743     594,509     150,381     162,970     149,400     152,187     614,937     151,202     152,173     152,263     152,111     607,750  
Corporate Shared Services
  423     356     2     19     800     882     475     403     651     2,411     251     612     526     639     2,028  
 
$ 472,215   $ 491,603   $ 519,145   $ 469,728   $ 1,952,691   $ 493,554   $ 561,976   $ 502,764   $ 496,877   $ 2,055,171   $ 478,856   $ 496,188   $ 510,087   $ 549,658   $ 2,034,789  
 
                                                                                         
Billing Days:
  64     63     66     60     253     64     68     61     65     258     64     63     61     65     253  
 
                                                                                         
Net Sales Per Billing Day:
                                                                                         
Physician Business
$ 5,178   $ 5,425   $ 5,413   $ 5,449   $ 5,365   $ 5,348   $ 5,861   $ 5,786   $ 5,293   $ 5,573   $ 5,116   $ 5,451   $ 5,857   $ 6,106   $ 5,632  
Elder Care Business
  2,194     2,373     2,453     2,379     2,350     2,350     2,397     2,449     2,341     2,383     2,363     2,415     2,496     2,340     2,402  
Corporate Shared Services
  7     6     -     -     3     14     7     7     10     9     4     10     9     10     8  
 
$ 7,378   $ 7,803   $ 7,866   $ 7,829   $ 7,718   $ 7,712   $ 8,264   $ 8,242   $ 7,644   $ 7,966   $ 7,482   $ 7,876   $ 8,362   $ 8,456   $ 8,043  

Numbers may not foot due to rounding differences

 
 

 

PSS World Medical, Inc.
As of September 30, 2011
Our Brands - Net Sales
(in thousands)

 
 
Fiscal Year
 
 
 
2012
   
2011
 
 
   Q1      Q2    
YTD
     Q1      Q2      Q3      Q4    
YTD
 
 
                 
 
                                   
 
 
Consolidated Our Brand Sales
  $ 87,734     $ 90,703     $ 178,437     $ 80,555     $ 82,152     $ 84,551     $ 86,978     $ 334,237  
 
                                                               
 
                                                               
 
                                                               
 
                                                               
 
                                                               
 
                                                               
 
 
Fiscal Year
                         
 
   2007      2008      2009      2010      2011                          
 
                                                               
Consolidated Our Brand Sales
  $ 185,844     $ 234,810     $ 281,536     $ 323,602     $ 334,237                          

Numbers may not foot due to rounding differences

 
 

 

PSS World Medical, Inc.
As of September 30, 2011
Segment Information
 (in thousands)

 
 
Three Months Ended
   
Six Months Ended
 
 
 
September 30,
   
October 1,
   
September 30,
   
October 1,
 
 
 
2011
   
2010
   
2011
   
2010
 
 
 
 
   
 
   
 
   
 
 
NET SALES:
 
 
   
 
   
 
   
 
 
Physician Business
  $ 376,870     $ 343,403     $ 743,179     $ 670,806  
Elder Care Business
    144,237       152,173       291,163       303,376  
Corporate Shared Services
    648       612       1,096       863  
Total net sales
  $ 521,756     $ 496,188     $ 1,035,438     $ 975,045  
 
                               
SELLING DAYS:
    63       63       127       127  
 
                               
NET SALES PER SELLING DAY:
                               
Physician Business
  $ 5,982     $ 5,451     $ 5,852     $ 5,282  
Elder Care Business
    2,289       2,415       2,293       2,389  
Corporate Shared Services
    10       10       9       7  
Total net sales per selling day
  $ 8,282     $ 7,876     $ 8,153     $ 7,678  
 
                               
INCOME FROM OPERATIONS:
                               
Physician Business
  $ 38,933     $ 37,130     $ 69,180     $ 64,753  
Elder Care Business
    7,331       8,759       14,618       16,688  
Corporate Shared Services
    (9,998 )     (10,461 )     (21,020 )     (20,762 )
Total income from operations
  $ 36,266     $ 35,429     $ 62,778     $ 60,679  
 
                               
DEPRECIATION:
                               
Physician Business
  $ 2,750     $ 2,283     $ 5,406     $ 4,461  
Elder Care Business
    1,294       1,251       2,592       2,468  
Corporate Shared Services
    2,597       2,566       5,086       5,113  
Total depreciation
  $ 6,641     $ 6,100     $ 13,084     $ 12,041  
 
                               
AMORTIZATION OF INTANGIBLE
                               
AND OTHER ASSETS:
                               
Physician Business
  $ 1,339     $ 559     $ 2,677     $ 1,111  
Elder Care Business
    595       775       1,192       1,517  
Corporate Shared Services
    175       167       349       316  
Total amortization of intangible and other assets
  $ 2,108     $ 1,501     $ 4,217     $ 2,944  
 
                               
PROVISION FOR DOUBTFUL ACCOUNTS:
                               
Physician Business
  $ 492     $ 646     $ 725     $ 878  
Elder Care Business
    (269 )     (26 )     (71 )     (64 )
Total provision for doubtful accounts
  $ 223     $ 620     $ 654     $ 814  
 
                               
INTEREST EXPENSE:
                               
Total interest expense
  $ 4,668     $ 4,226     $ 9,207     $ 8,363  
 
                               
INTEREST INCOME:
                               
Physician Business
  $ 4     $ -     $ 10     $ -  
Elder Care Business
    38       25       89       51  
Corporate Shared Services
    11       21       28       61  
Total interest and investment income
  $ 53     $ 46     $ 127     $ 112  
 
                               
PROVISION (BENEFIT) FOR INCOME TAXES:
                               
Physician Business
  $ 14,275     $ 13,632     $ 25,069     $ 23,676  
Elder Care Business
    2,021       2,567       4,004       4,780  
Corporate Shared Services
    (4,334 )     (4,182 )     (8,677 )     (8,548 )
Total provision for income taxes
  $ 11,962     $ 12,016     $ 20,396     $ 19,908  

Numbers may not foot due to rounding differences

 
 

 

PSS World Medical, Inc.
As of September 30, 2011
Current Fiscal Year Consolidated Balance Sheet
(in thousands)

 
 
As of
 
 
 
July 1,
   
September 30,
 
ASSETS
 
2011
   
2011
 
 
 
 
   
 
 
Cash
  $ 22,291     $ 34,848  
Accounts receivable, net
    236,967       244,615  
Inventory, net
    222,660       229,400  
Prepaid expenses
    8,355       7,170  
Other current assets
    51,582       43,432  
Total current assets
    541,854       559,465  
 
               
Property and equipment, net
    100,620       100,225  
Goodwill
    167,386       173,958  
Intangibles, net
    40,012       40,330  
Other long-term assets
    96,829       90,803  
 
               
Total assets
  $ 946,700     $ 964,780  
 
               
LIABILITIES & EQUITY
               
 
               
Accounts payable
  $ 145,495     $ 151,478  
Accrued expenses
    41,556       41,787  
Current portion of long term debt
    574       380  
Revolving line of credit
    20,500       50,000  
Other current liabilities
    20,761       22,418  
Total current liabilities
    228,886       266,063  
 
               
Long-term debt
    197,904       200,185  
Other non-current liabilities
    113,407       93,478  
 
               
Total liabilities
    540,196       559,727  
 
               
Total PSS World Medical, Inc. shareholders' equity
    402,948       401,403  
Noncontrolling interest
    3,556       3,650  
Total equity
    406,504       405,053  
 
               
Total liabilities and equity
  $ 946,700     $ 964,780  

Numbers may not foot due to rounding differences

 
 

 

PSS World Medical, Inc.
As of September 30, 2011
Consolidated Balance Sheet Trend
(in thousands)

 
Fiscal Year 2009
 
Fiscal Year 2010
 
Fiscal Year 2011
 
ASSETS
Jun-08
 
Sep-08
 
Dec-08
 
Mar-09
 
Jun-09
 
Sep-09
 
Dec-09
 
Mar-10
 
Jun-10
 
Sep-10
 
Dec-10
 
Mar-11
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash
$ 29,840   $ 226,055   $ 214,709   $ 82,031   $ 129,631   $ 130,089   $ 114,056   $ 52,751   $ 59,081   $ 22,949   $ 36,912   $ 29,348  
Investment in available for sale securities
  -     -     -     10,592     -     -     -     -     -     -     -     -  
Accounts receivable, net
  227,661     240,806     232,894     230,361     230,391     257,968     233,602     227,888     222,544     232,014     239,082     247,229  
Inventory, net
  192,707     199,337     239,940     207,593     196,160     212,813     230,725     218,911     217,500     220,846     240,211     213,211  
Deferred tax assets
  6,805     -     -     8,059     8,250     5,602     11,986     15,629     15,101     19,514     17,789     20,533  
Other current assets
  26,157     22,163     23,229     23,819     24,385     30,854     33,980     26,485     27,753     40,979     32,693     34,285  
Total current assets
  483,170     688,361     710,772     562,456     588,817     637,326     624,349     541,664     541,979     536,301     566,687     544,606  
 
                                                                       
Property and equipment, net
  92,803     96,849     97,113     101,205     103,552     105,499     106,956     105,220     103,737     101,269     101,958     102,401  
Goodwill
  112,320     112,392     112,717     112,768     114,255     115,280     120,828     121,772     124,281     128,745     131,364     167,094  
Intangibles, net
  25,738     24,345     23,102     22,958     22,442     21,604     25,289     24,548     25,242     26,440     30,657     41,879  
Investment in available for sale securities
  14,231     16,725     15,333     -     -     -     -     -     -     -     -     -  
Other long-term assets
  67,598     83,055     70,549     59,238     65,065     73,819     77,748     78,862     77,488     84,933     91,881     95,693  
 
                                                                       
Total assets
$ 795,860   $ 1,021,726   $ 1,029,587   $ 858,624   $ 894,131   $ 953,528   $ 955,170   $ 872,066   $ 872,727   $ 877,688   $ 922,547   $ 951,672  
 
                                                                       
 
Fiscal Year 2009
 
Fiscal Year 2010
 
Fiscal Year 2011
 
LIABILITIES & EQUITY
Jun-08
 
Sep-08
 
Dec-08
 
Mar-09
 
Jun-09
 
Sep-09
 
Dec-09
 
Mar-10
 
Jun-10
 
Sep-10
 
Dec-10
 
Mar-11
 
 
                                                                       
Accounts payable
$ 128,656   $ 149,674   $ 155,133   $ 127,300   $ 133,781   $ 156,966   $ 137,676   $ 123,970   $ 125,155   $ 137,431   $ 149,698   $ 128,057  
Accrued expenses
  38,055     50,816     43,170     52,718     46,196     43,248     48,051     50,253     37,830     33,804     40,075     37,175  
Current portion of long-term debt
  196,116     198,022     199,606     50,937     50,953     50,970     56,321     881     1,190     1,297     1,133     761  
Deferred tax liabilities, current
  -     6,619     4,492     -     -     -     -     -     -     -     -     -  
Other current liabilities
  8,102     8,723     9,160     7,956     12,882     13,653     13,122     10,954     25,576     26,574     24,346     33,211  
Total current liabilities
  370,928     413,855     411,560     238,910     243,812     264,837     255,169     186,058     189,751     199,107     215,252     199,204  
 
                                                                       
Long-term debt
  706     177,650     179,395     180,965     182,654     184,530     186,153     187,941     189,746     191,667     193,645     195,662  
Other long-term liabilities
  68,975     64,763     56,503     60,719     70,323     79,896     86,674     90,053     77,748     86,420     92,940     110,281  
 
                                                                       
Total liabilities
  440,610     656,268     647,459     480,594     496,789     529,263     527,996     464,052     457,245     477,193     501,837     505,146  
 
                                                                       
Total PSS World Medical, Inc. shareholders' equity
  355,250     365,458     382,127     378,030     397,342     424,265     427,174     408,014     412,344     397,270     417,082     442,926  
Noncontrolling interest
  -     -     -     -     -     -     -     -     3,138     3,225     3,628     3,600  
Total equity
  355,250     365,458     382,127     378,030     397,342     424,265     427,174     408,014     415,482     400,495     420,710     446,526  
 
                                                                       
Total liabilities & equity
$ 795,860   $ 1,021,726   $ 1,029,587   $ 858,624   $ 894,131   $ 953,528   $ 955,170   $ 872,066   $ 872,727   $ 877,688   $ 922,547   $ 951,672  
 
Numbers may not foot due to rounding differences

 
 

 
 
PSS World Medical, Inc.
As of September 30, 2011
Current Fiscal Year Unaudited Operating Highlights
 (in millions)

   
Three Months Ended
   
Six Months Ended
 
   
September 30,
   
October 1,
   
September 30,
   
October 1,
 
   
2011
   
2010
   
2011
   
2010
 
   
 
   
 
   
 
   
 
 
Net sales:
 
 
   
 
   
 
   
 
 
Physician Business
  $ 376.9     $ 343.4     $ 743.2     $ 670.8  
Elder Care Business
    144.2       152.2       291.2       303.4  
Corporate Shared Services
    0.6       0.6       1.1       0.9  
Total net sales
  $ 521.8     $ 496.2     $ 1,035.4     $ 975.0  
                                 
Income from operations:
                               
Physician Business
  $ 38.9     $ 37.1     $ 69.2     $ 64.8  
Elder Care Business
    7.3       8.8       14.6       16.7  
Corporate Shared Services
    (10.0 )     (10.5 )     (21.0 )     (20.8 )
Total income from operations
  $ 36.3     $ 35.4     $ 62.8     $ 60.7  
                                 
EBITDA(a)
  $ 45.5     $ 43.4     $ 81.0     $ 76.6  
                                 
Income from operations, as a percentage of net sales
    7.0 %     7.1 %     6.1 %     6.2 %
                                 
Consolidated Return on Committed Capital ("ROCC")(b)
    38.7 %     36.7 %     33.5 %     31.8 %
                                 
Selling Days
    63       63       127       127  
                                 
Net Sales Per Selling Day (in thousands):
                               
Physician Business
  $ 5,982     $ 5,451     $ 5,852     $ 5,282  
Elder Care Business
    2,289       2,415       2,293       2,389  
Corporate Shared Services
    10       10       9       7  
Total Net Sales Per Selling Day
  $ 8,282     $ 7,876     $ 8,153     $ 7,678  
                                 
Net Sales Per Selling Day Growth Rate:
                               
Physician Business
    9.7 %             10.8 %        
Elder Care Business
    (5.2 %)             (4.0 %)        
Total Net Sales Per Selling Day Growth Rate
    5.2 %             6.2 %        
                                 
   
Annualized
                 
   
September 30,
   
October 1,
                 
     2011      2010                  
DSO(c)
                               
Physician Business
    39.1       40.1                  
Elder Care Business
    46.4       48.7                  
DOH(d)
                               
Physician Business
    53.2       57.6                  
Elder Care Business
    64.7       59.9                  
DIP(e)
                               
Physician Business
    37.6       39.9                  
Elder Care Business
    23.5       23.2                  
Cash Conversion Days(f)
                               
Physician Business
    54.7       57.8                  
Elder Care Business
    87.6       85.4                  
                                 
   
As of
                 
   
September 30,
   
October 1,
                 
     2011      2010                  
Operational working capital(g)
  $ 322.5     $ 315.4                  
                                 
Net debt:
                               
Convertible senior notes
  $ 200.2     $ 191.3                  
Bank debt
    50.0       0.5                  
Other debt
    0.3       1.2                  
Less: Cash and cash equivalents
    (34.8 )     (22.9 )                
Net debt
  $ 215.7     $ 170.1                  

Numbers may not foot due to rounding differences

 
 

 
 
PSS World Medical, Inc.
September 30, 2011
Non-GAAP Reconciliations
 (in millions)

Consolidated net sales impact from Physician Dispensing Acquisitions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
 
 
Six Months Ended
 
 
 
 
September 30,
 
October 1,
 
Percent
 
September 30,
 
October 1,
 
Percent
 
 
2011
 
2010
 
Change
 
2011
 
2010
 
Change
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Net Sales
$
 521.8 
 
$
 496.2 
 
5.2%
 
$
 1,035.4 
 
$
 975.0 
 
6.2%
 
Less: Net Sales from Physician Dispensing
 
 19.4 
 
 
 - 
 
 
 
 
 39.0 
 
 
 - 
 
 
 
Net Sales less the impact of Physician Dispensing
$
 502.3 
 
$
 496.2 
 
1.2%
 
$
 996.4 
 
$
 975.0 
 
2.2%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Physician Business net sales impact from Physician Dispensing Acquisitions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
 
 
Six Months Ended
 
 
 
 
September 30,
 
October 01,
 
Percent
 
September 30,
 
October 01,
 
Percent
 
 
2011
 
2010
 
Change
 
2011
 
2010
 
Change
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Physician Business Net Sales
$
 376.9 
 
$
 343.4 
 
9.7%
 
$
 743.2 
 
$
 670.8 
 
10.8%
 
Less: Net Sales from Physician Dispensing
 
 19.4 
 
 
 - 
 
 
 
 
 39.0 
 
 
 - 
 
 
 
Net Sales less the impact of Physician Dispensing
$
 357.4 
 
$
 343.4 
 
4.1%
 
$
 704.1 
 
$
 670.8 
 
5.0%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Numbers may not foot due to rounding differences

 
 

 

PSS World Medical, Inc.
As of September 30, 2011
Selling Days Calendar FY11-FY13


FY2011
 
FY2012
 
FY2013
 
 
Closing
Selling
 
Closing
Selling
 
Closing
Selling
 
 
Date
Days
 
Date
Days
 
Date
Days
 
Notes
30-Apr
20 
 
29-Apr
20 
 
27-Apr
20 
 
A
28-May
20 
 
27-May
20 
 
25-May
20 
 
A
2-Jul
24 
 
1-Jul
24 
 
29-Jun
24 
 
B
Q1
 64 
 
 
 64 
 
 
 64 
 
 
30-Jul
19 
 
29-Jul
19 
 
27-Jul
19 
 
A
27-Aug
20 
 
26-Aug
20 
 
31-Aug
25 
 
A
1-Oct
24 
 
30-Sep
24 
 
28-Sep
19 
 
B
Q2
 63 
 
 
 63 
 
 
 63 
 
 
29-Oct
20 
 
28-Oct
20 
 
26-Oct
20 
 
A
26-Nov
18 
 
25-Nov
18 
 
30-Nov
23 
 
A
31-Dec
23 
 
30-Dec
24 
 
28-Dec
19 
 
B
Q3
 61 
 
 
 62 
 
 
 62 
 
 
28-Jan
20 
 
27-Jan
19 
 
25-Jan
19 
 
A
25-Feb
20 
 
24-Feb
20 
 
22-Feb
20 
 
A
1-Apr
25 
 
30-Mar
25 
 
29-Mar
25 
 
B
Q4
 65 
 
 
 64 
 
 
 64 
 
 
Total
 253 
 
 
 253 
 
 
 253 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
A
  Closing date is the last Friday of the month (for non-quarter end months).
 
 
 
 
 
 
 
 
 
 
B
  "Selling Days" defines closing date as the Friday closest to month end
 
 based on business days only (for quarter end months only).

Numbers may not foot due to rounding differences

 
 

 

PSS World Medical, Inc.
September 30, 2011
EBITDA Calculation
Current Fiscal Year
 (in thousands)

 
 
2012
 
 
   Q1      Q2  
 
               
Net Income
  $ 14,145     $ 20,125  
Plus:
               
Interest expense
    4,538       4,668  
Provision for income taxes
    8,434       11,962  
Depreciation
    6,443       6,641  
Amortization of intangible assets
    2,109       2,108  
 
               
Less:
               
Interest income
    (74 )     (53 )
 
               
EBITDA
  $ 35,595     $ 45,452  

Numbers may not foot due to rounding differences

 
 

 

PSS World Medical, Inc.
September 30, 2011
EBITDA Calculation
(in thousands)

 
Fiscal Year 2009
 
Fiscal Year 2010
 
Fiscal Year 2011
 
 
 Q1    Q2    Q3    Q4  
Total
   Q1    Q2    Q3    Q4  
Total
   Q1    Q2    Q3    Q4  
Total
 
 
                       
 
                         
 
                         
 
 
Net income
$ 9,372   $ 12,363   $ 15,989   $ 13,763   $ 51,486   $ 13,304   $ 21,686   $ 17,921   $ 16,452   $ 69,363   $ 13,831   $ 19,644   $ 19,592   $ 21,598   $ 74,664  
 
                                                                                         
Plus:
                                                                                         
Interest expense
  3,203     5,300     7,409     6,247     22,159     4,261     4,532     4,214     4,288     17,295     4,137     4,226     4,243     4,515     17,121  
Provision for income taxes
  6,187     8,104     10,230     7,709     32,229     8,213     12,964     10,736     8,854     40,768     7,892     12,016     11,757     12,895     44,560  
Depreciation
  4,830     4,912     5,116     5,144     20,002     5,245     5,256     5,558     5,881     21,940     5,942     6,100     6,260     6,763     25,065  
Amortization of intangible assets
  1,344     1,553     1,264     1,328     5,489     1,252     1,190     1,235     1,444     5,121     1,444     1,501     1,584     1,850     6,378  
 
                                                                                         
Less:
                                                                                         
Interest and investment income
  (122 )   (842 )   (1,034 )   (305 )   (2,304 )   (134 )   (95 )   (117 )   (30 )   (376 )   (66 )   (46 )   (33 )   (139 )   (284 )
 
                                                                                         
EBITDA
$ 24,813   $ 31,390   $ 38,973   $ 33,886   $ 129,062   $ 32,140   $ 45,533   $ 39,547   $ 36,890   $ 154,110   $ 33,179   $ 43,441   $ 43,402   $ 47,483   $ 167,504  

Numbers may not foot due to rounding differences

 
 

 

PSS World Medical, Inc.
As of September 30, 2011
Consolidated Return on Committed Capital (ROCC)
Current Fiscal Year
 (in thousands)

   
2012
 
     Q1      Q2  
Consolidated Return on Committed Capital:
               
Quarterly Average Committed Capital (1)
  $ 400,211     $ 401,138  
                 
Committed Capital - Current Quarter
    395,794       406,482  
Committed Capital - Previous Quarter
    404,628       395,794  
                 
Return on Committed Capital - Quarterly (2)
    29.1 %     38.7 %
                 
Return:
               
Net income
    14,145       20,125  
                 
Add:
               
Provision for income taxes
    8,434       11,962  
Interest expense
    4,538       4,668  
Amortization
    2,109       2,108  
Interest and investment income
    (74 )     (53 )
    $ 29,152     $ 38,811  
                 
Committed Capital:
               
Total assets
  $ 946,700     $ 964,780  
Less assets excluded:
               
Cash
    (22,291 )     (34,848 )
Goodwill and intangibles, net
    (207,397 )     (214,288 )
                 
Total liabilities
    (540,196 )     (559,727 )
Plus liabilities excluded:
               
Current debt
    21,074       50,380  
Long-term debt
    197,904       200,185  
    $ 395,794     $ 406,482  

(1)  
Quarterly Average Committed Capital equals the sum of the committed capital of the most recent two quarters, divided by two.
(2)  
Return on Committed Capital equals Return divided by Committed Capital. Quarterly calculations are annualized.

Numbers may not foot due to rounding differences

 
 

 

PSS World Medical, Inc.
As of September 30, 2011
Consolidated Return on Committed Capital (ROCC) Trend
(in thousands)

 
Fiscal Year 2009
 
Fiscal Year 2010
 
Fiscal Year 2011
 
   Q1    Q2    Q3    Q4  
Total
   Q1    Q2    Q3    Q4  
Total
   Q1    Q2    Q3    Q4  
Total
 
Consolidated Return on Committed Capital:
                       
 
                         
 
                         
 
 
Quarterly Average Committed Capital(1)
$ 390,439   $ 381,257   $ 394,469   $ 401,387  
 
  $ 378,397   $ 378,706   $ 401,134   $ 403,620  
 
  $ 397,789   $ 406,570   $ 415,941   $ 410,592  
 
 
Annual Average Committed Capital(2)
                        $ 394,438                           $ 394,969                           $ 401,196  
                                                                                           
Committed Capital - Current Quarter
  384,175     378,339     410,600     392,174           364,619     392,792     409,475     397,765           397,814     415,325     416,556     404,628     404,628  
Committed Capital - Previous Quarter
  396,702     384,175     378,339     410,600           392,174     364,619     392,792     409,475           397,765     397,814     415,325     416,556     416,556  
Committed Capital - Current Year End
                          392,174                             397,765                             397,765  
Committed Capital - Previous Year End
                          396,702                             392,174                             397,765  
                                                                                           
Return on Committed Capital - Quarterly(3)
  20.5 %   27.8 %   34.3 %   28.6 %         28.4 %   42.5 %   33.9 %   30.7 %         27.4 %   36.7 %   35.7 %   39.7 %      
Return on Committed Capital - Annual
                          27.6 %                           33.5 %                           35.5 %
                                                                                           
Return:
                                                                                         
Net Income
$ 9,372   $ 12,363   $ 15,989   $ 13,763   $ 51,486   $ 13,304   $ 21,686   $ 17,921   $ 16,452   $ 69,363   $ 13,831   $ 19,644   $ 19,592   $ 21,598   $ 74,664  
                                                                                           
Add:
                                                                                         
Provision for income taxes
  6,187     8,104     10,230     7,709     32,229     8,213     12,964     10,736     8,854     40,768     7,892     12,016     11,757     12,895     44,560  
Interest expense
  3,203     5,300     7,409     6,247     22,159     4,261     4,532     4,214     4,288     17,295     4,137     4,226     4,243     4,515     17,121  
Amortization
  1,344     1,553     1,264     1,328     5,489     1,252     1,190     1,235     1,444     5,121     1,444     1,501     1,584     1,850     6,378  
Interest and investment income
  (122 )   (842 )   (1,034 )   (305 )   (2,304 )   (134 )   (95 )   (117 )   (30 )   (376 )   (66 )   (46 )   (33 )   (139 )   (284 )
                                                                                           
  $ 19,983   $ 26,478   $ 33,856   $ 28,742   $ 109,059   $ 26,895   $ 40,277   $ 33,989   $ 31,009   $ 132,170   $ 27,238   $ 37,341   $ 37,141   $ 40,719   $ 142,440  
                                                                                           
Committed Capital:
                                                                                         
Total assets
$ 795,860   $ 1,021,726   $ 1,029,586   $ 858,624   $ 858,624   $ 894,131   $ 953,528   $ 955,170   $ 872,065   $ 872,065   $ 872,727   $ 877,688   $ 922,547   $ 951,672   $ 951,672  
Less assets excluded:
                                                                                         
Cash
  (29,840 )   (226,055 )   (214,709 )   (82,031 )   (82,031 )   (129,631 )   (130,089 )   (114,056 )   (52,751 )   (52,751 )   (59,081 )   (22,949 )   (36,912 )   (29,348 )   (29,348 )
Goodwill and intangibles, net
  (138,058 )   (136,736 )   (135,820 )   (135,726 )   (135,726 )   (136,696 )   (136,884 )   (146,117 )   (146,320 )   (146,320 )   (149,523 )   (155,185 )   (162,020 )   (208,973 )   (208,973 )
                                                                                           
Total liabilities
  (440,610 )   (656,268 )   (647,459 )   (480,594 )   (480,594 )   (496,792 )   (529,263 )   (527,996 )   (464,052 )   (464,052 )   (457,246 )   (477,193 )   (501,837 )   (505,146 )   (505,146 )
Plus liabilities excluded:
                                                                                         
Current debt
  196,116     198,022     199,606     50,937     50,937     50,953     50,970     56,321     881     881     1,190     1,297     1,133     761     761  
Long-term debt
  706     177,650     179,395     180,965     180,965     182,654     184,530     186,153     187,941     187,941     189,746     191,667     193,645     195,662     195,662  
  $ 384,175   $ 378,339   $ 410,600   $ 392,174   $ 392,174   $ 364,619   $ 392,792   $ 409,475   $ 397,765   $ 397,765   $ 397,814   $ 415,325   $ 416,556   $ 404,628   $ 404,628  

(1)  
Quarterly Average Committed Capital equals the sum of the committed capital of the most recent two quarters, divided by two.
(2)  
Annual Average Committed Capital equals the sum of the committed capital of the most recent two year ends, divided by two.
(3)  
Return on Committed Capital equals return divided by committed capital. Quarterly calculations are annualized.

Numbers may not foot due to rounding differences

 
 

 

PSS World Medical, Inc.
Footnotes


(a)  
EBITDA represents net income plus provision for income taxes, interest expense, depreciation, and amortization of intangible assets, less interest and investment income. Management reviews EBITDA when evaluating and comparing the performance of each operating segment on a quarterly basis. Management believes EBITDA is an important measure of liquidity.

(b)  
ROCC equals return divided by average committed capital. Return is annualized for quarterly and year to date calculations. Management reviews ROCC when evaluating and comparing the performance of each operating segment on a quarterly basis. Management believes ROCC is an important measure of profitability and return.

(c)  
DSO is average accounts receivable divided by average daily net sales. Average accounts receivable is the sum of accounts receivable, net of the allowance for doubtful accounts, at the beginning and end of the most recent four quarters divided by five. Average daily net sales are net sales for the most recent four quarters divided by 360.

(d)  
DOH is average inventory divided by average daily cost of goods sold (“COGS”). Average inventory is the sum of inventory at the beginning and end of the most recent four quarters divided by five. Average daily COGS is quarterly COGS for the most recent four quarters divided by 360.

(e)  
DIP is average accounts payable divided by average daily COGS. Average accounts payable is the sum of accounts payable at the beginning and end of the most recent four quarters divided by five.

(f)  
Cash Conversion Days is the sum of DSO and DOH less DIP.

(g)  
Operational working capital equals accounts receivable, net, plus inventory minus accounts payable.




GRAPHIC 4 psswmlogo_expdel.jpg PSS WORLD MEDICAL LOGO begin 644 psswmlogo_expdel.jpg M_]C_X``02D9)1@`!`0$!+`$L``#_VP!#``$!`0$!`0$!`0$!`0$!`0$!`0$! M`0$!`0$!`0$!`0$!`0$!`0("`0$"`0$!`@("`@("`@("`0("`@("`@("`@+_ MVP!#`0$!`0$!`0$!`0$"`0$!`@("`@("`@("`@("`@("`@("`@("`@("`@(" M`@("`@("`@("`@("`@("`@("`@("`@+_P``1"`#,`6T#`2(``A$!`Q$!_\0` M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4% M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D* M%A<8&1HE)B7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#^_BBBB@`H MHHH`****`"BBB@`HHS2$XZ_3ZT7Z`&>WZ^A/08KQ?X\?M$_`_P#9D\`ZE\3O MCY\3_"'PM\$Z:C!]9\6ZO;:<+VZ"YCTS1;%W-QKNLR$@16=G%/P_SE?L1_L'_MH_\%U?C-9_M;_MW?$; MQC;?LRZ-K#K82M(NDP>,(-,O87N?AU\&?"D,R0>$?"GWH;_6XK#]$R#@*IB, MX4,QCP_P_AEG6?U-X1=J.'6EYXBHKJ*CNXK79-IM7_;OPM_P5P_:?_X*&_$/ M5?A9_P`$K/V>EM/`.AZC_9OC+]LS]I;2=7L?A9X9C6>V,[>'_!NB.LNMZXUB M99+2PN+[[?+]HCENM,M+:)I)/U]^`O[,FI?#>&#Q3\8_C#\0/VDOC-=Q+)K/ MC[Q_<6FE>'-/N7>PN7L_A[\*?#45MX>\!:/%?Z?%-;FWLI=1#NYFU&4%$C]D M^#_P9^%GP`^'OAWX4_!GP+X=^'/P\\*6IM=#\+>%]/AT[3+0.QDN+B18QOO- M0FG:26XN9VDN+B65I9Y9)&9CZ9P<<]_SYZ?Y]*^;S?-99A/5I+DP])_P`M&DM+ M+^>IS5'O=;`<=_KZ\^U!QWZ?F.O.:\S\8_#S5O%4Z36/Q3^)'@I59F,'A&Z\ M)PP.",!'&N>$KYM@ZC#`Y/6O)+[X%_&>T?4KCPK^UO\`%"TEN+5X]-L_%_@O MX3^+])L;PJ_EW%Q%;^#=-NKZ$$KNB%Y#D(,2+R:^?>C5E>_X??8[,1C,90G: MEE-7%P3MS0J8=:6WM4JP?RM<^I^3D8&.V>_X#I7.Z[X;AU^WF@EU3Q!I;31+ M#]HT/7-0TF>'8^]983:S!!-G@LR-N!VG*\5\$:WH/_!4'X?Z?,?!_P`0?V5/ MVA#&UI,J>.O`'CGX.Z]<[I\7EE:MX5\8ZMI]K&MLW[NXE\QBR?-#V;PGQ1_P M4N_:/^`4ER_[5_\`P3R^+O@?PY;7B1GQ_P#!WQEX>^-W@T:2CW$4^M7MWH]C M9OHX/V6::.TNO+N5MRLDZPDXK.52,;\Z<4NK3:];JZ2\VT?,8_CG)\MA)9_E MV/R:@M)5:V"KU*$>EY8C"QKTH+^].<5KOU/N?5/V>?B.MI?CPI^UU^T'H%_, M+AM.DU.Q^!_BW3M,>8EE4V>O?!U[B_A3<0HFO&<``>9P#7SIXB_9O_X*,Z?> MVM_X`_X*':7JT=M$[W.B_$[]F?X67-AJ-PC!X83>^"+32[BRMF*A79'=U$C, MHW!<:_P*_P""LG[!WQ_:QL/#'QUT+PKXFO1$I\(_$RVOOA_K,%Q,9_+M$N_$ M,$6G:K/Y=NS/]@OKM(PZ^8ZLP6OT5MKNVO;>&[LKB"[M;B.*:WN;:5)[>>"5 M5>.:&:)BLL3(P964D$$$9'-"<*L?66D_M@?\$^/C#\,RMW>1:GXHT">^&A3V]F8C-/X8'B;0;?3_$J1"YMA M*\&O>2&F'[U20I_HA[Y)`';^N?QK/U31])URQN=,UO3-/UC3;R/RKO3]4LK: M_LKF(D,8KBUNHF2:/U0Z52W[NO*#\U&2]-4G_Y,>7CN!>*J'-4X M:\3,RR^K>ZIXZGALSH-Z>ZU6I0K*.G2MS:NS5S\C?A'_`,%R?V`/B?\`9(=7 M^('B/X3:G+?A";?PG+ M+3+,ZDZ5=7\ MJI-Y[6\4(N&@YY5L91NZE%5X+=T[IK_MUWO\M/,^$S3C+QNX"4L1Q'P;@^/< MCHZU,7DLJE'$P@K7G4P=7VDFTM9>S3@OYE'5?VN9''IT_'M2U_$[^S3_`,%Z MOVL?@EJ,'A3]H70[/X[>&]+NQI6JMKD,7@WXH:,;.9[6Z3^U[33Q!?ZA`05D M@U"Q\Z9[3RY;R"5Y)Z_IV_9"_P""C/[+G[:.FP1_"KQQ%8^.X[-KK6?A=XLC M_L3QQHYC9DF:.RG/DZ_8@!7%SILUU"(Y5$S03"2&/6AC,/B-(3M+^5Z2_P"# M\KGUW`7CCX?^(,H83+,T_L[.GI+`8U+#XE26\8)MPJM/I2G)]TC[LHI,YZ8Q M@=>O7K],49Z^WU_PKJN?KXM%%%`!1110`4444`%%%%`!1110`4444`%%%%`! M1110`4444`%%%%`!1110`4444`%%%%`"'T]NOI7X,_\`!;K_`(*[Z/\`\$]? MA4/AC\)=2T?6?VLOBAI%TOA/3IA;:E%\+/#%W%<6DOQ,\1Z9Y_-X)ED30[6X M1H;N\@:>>*>SM)X9OTE_;O\`VQ_AY^P?^S)\1?VC?B(8[RW\*V4=CX3\+K=I M:7_CGQYK'F6OA;P?I;LK,;BYO59YY$23[+8V=W>NOE6TA'^9_P##;PA^TC_P M5S_;UTS2M9U:;Q/\7_V@_'D>I>-/%36;1Z/X.\)VHA.MZX]I9PLNF^%=!\)V MBI:P*&_=V%O:J7FD7?\`L'A5P+@\^KXOB;B)JCPKP\G4JN>D:]2"4W3O_)"- MI5;7O>,+>\[?EWB+Q?B,IIX?A_)+U.(,XM&'+K*E";Y5)6VG-Z0OM9RZ*_WA M_P`$??\`@E_\2/\`@JE^T'XC^/?Q^UO7=1^`7A'QLVN_&;QKKNI7USXL^+_C MK5&EUR3P3HVI7"NUU M#/!F@Z5X7\*>&-*LM$\/>'M#L;?3=)T?2=.MTM;'3]/L;6-8[>VC@C1550!Q M]37DW[,/[./PR_9+^!?PZ_9^^$6D1:1X)^'/A^ST:S8PP)J.MWZQB36/$VO3 MV\:"^\0:EJ37%W>3D?/-"PR]V%*D MK)2<59>TFDG+^56@M(Z^]P5PEA^%LM4)VQ&:XRT\57>LIS>O*I/7E@W9:^\[ MR>KT\XU+QOXCT_6)=+MOA)\0M9LXVPOB'3;[X8QZ/."A^M-(4D@KD'N0"#QZGMTKX+T/H\1AL?.,OJV8 M^QFVVN:C"<5JK)KW)-)77Q)N^Y\K>`?VX?V2/B7JZ>'?"7[0'PUN/$TE^FE0 M^%]9\0V_A3Q/=:E)OVV5CX<\5_8KV_N`T4JE8()-K1LIPP(KZD@N+>ZB2>VG MAN8)4#QRP2QS12(PR'22-B'4CH02,=*\"^.7[*7[.G[2>DSZ+\;OA#X+^($, M]N;:/4-5TM;?Q!8QB.:)&TKQ1IDD&I:1.B7,_ER6MU#)&9&9&4G-?C#\7_V` M/VV_V)(K[XF?\$V_V@_'_B?P-H\)O=4_9C^(MW%XTMVTZPA22:V\(QZX9+;6 M0;.PL[>&SC@L=5C57CL]1E,Y@7*4ZE.S&H<4Y32NZE7*Y2AC*<%O/ZAB)255):M4<5.IVI-;?T0\9Q[>G84R2.. M5'CE1)(Y%*O&X#HX8;2C*PPRD<$8P1UK\(/V'_\`@MW\./C7XEL/@K^U!X:C M_9^^-K:C'X=M[V_DNK;P)XFUYIY;=-,D?5(4G\#:XTZI$+34&>"29U2&\\V5 M+9/W?CECF1)8W22.1%DC=&5T9&`975E."I!&#WITJU*M'FIS4U^*?9IZIKS/ MC-*I2FMG&<5?>+:U/S6_:O_X) M0?L>_M96^I:GK_@"V^'7Q$O(Y9+?XE?#*WT_PSKS7[F:6.[UVPAM#9>)T:XF M8S_;+=KF520MS$XCEC_GW^*GP>_X*>?\$<]3?QE\*OB?K/Q)_9RAOX9$OXXM M3\4_#_3X)KOR(;#Q]\/M4D?_`(0>ZN+W5'B-WITZ07+W$3)J$=WLA@_LUJCJ M6FZ=K%A>:5JUC9ZGIFH6\MI?Z?J%M#>65Y:SHT(ZE3.,BK5."N+H>]2S++9/#S%L]141'S(D@O[F5S&G[KQR1RHDL3I)' M(JNDD;!T=&`965E.&4J001U!K^-[_@KS_P`$B&^!+:U^TS^S+H-U%+"UMYM3N(4N#;6GCG2(D2/Q3I[2W`WS.8]0C6&-8;Q8D\EOXI_VB_V M:?VA_P!@SXTVGA+XA0:CX,\::'5G@O(H]P`AN[.>,+/%$^W/^D]7R=^V/^QU\(_VU?A#JOPL^*>EHLZI=7_@ MKQE9PH?$/@/Q0UL\-IX@T68E?,`)1;JU=O(O(`89A]QT\_&8&&(3J0?LZZV? M1OI?]&M4?S;XS?1]R;CO#U\_X9I0R'C?#+VE.M2_=4\7*/O*%=0M:HVO&)(9&)%_'&^Z[D_/?V:?+^,5]H=U\3OV;F:TD^ M(Y\-6GVSQ]\'M/G,8NOB/I]O;.$\9?#"VMD:XU6V53JVFK++>6KWUB/L=E_` M!^U-^S1\1/V2?C7XQ^"7Q+LV75_#-])_9>M16T]OI7B_PY/)(=&\5Z$9QF33 M+RV0,!EF@E26VE/FPN*_HN_X(E_\%'(O'NF1?L)_M$WUMK"7>A:EIOP@\2>) M;I+I?$&BFW^SW_PEUB*ZA(O94TN2]ETUY'82VL$U@XW1VRR\V"QM1S>$Q,G& MLG:,GJ[_`,LEU\GUVO>S/R/P<\;>))X^IX5>(6.J99Q'A9RH9?CZZ_>1Q5)V MC@\0WVFZGI]X@D@N+:X@8AE*D@@X965D8!E('5U_,'_P29^/]Q\'OV]_ MVI_V"=(UFXU?X'Q?$#XNZC\&[&ZOK:[M_"=[X%\6:G%=V>ASQ)\VGZCX?999 M(4/D++HBW$*1/-3!A;6L6<&:YD52+>W M7J\C[8T'S.R@9KTZ-95H'O&V'XXX<_M=0CAL7@ M:^(P>,IJ5X4\5A)^SK\@@NK.>"ZM;F& M.XM[FWE2:">"9%DAFAEC)66)XV5E8$A@P()%3UL?=)II-.Z>S74****!A111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!29QUXXSU_/\!2U\ M#+69X%;5?B#K40T/P+I<:S!O M,67Q1J&F&;$C"86OCL7A<%AH>TQ&,J0I4X_P`TYR48KYMH MY\7BJ6"PN(QE>7)0PL)5)OM&*;;^Y'\0O_!R9^WK=_M'?M;M^S)X-UAY/A-^ MRSWM;@-9Z_P#&B<^3XVU*Y,3LLITB-(-&A0Y:"XL]2)(:8HG[)?\` M!KQ^PW;?"_\`9_\`%G[:?C/1A%XZ^/LU[X2^',M];1K>Z3\(O"^KF&^O[0RQ M^;:IK?B_3I9#@JL]IX;L+A=\4L;'^'/PIX>\;?'WXQ>'O"]K>'6?B%\9?B-I MFBQ:CJ;R8U'Q;X^\1PV9U'4Y;>!VCA?5=4,UPZQMM1G<(0N#_KU_!/X3>%?@ M1\(?AI\&/!%K]D\)_"_P1X;\#Z%$4@CEDL/#NEVVFQWETMK#'&U]<-`\]PR1 MHKSW$CA5W8'],^+%:EP/P%PYP%EDN26.CS8F2T#YXU_]J";X5NT?Q\^%?CWX?Z5;H6N_ MB-X2TC5?BM\)XU`NF:YN?$7A#23JOAZRQ;Q*9M:T/2XEDNXX][9#E-I;[=SS M\7F>%P%WC9O"T$OXLXOV22W9]98XQ^%(1G/&>./?J_%/SZ'30Q.'Q5.-7#5X8BG*S4H24DT]FG%M'\_ M?_!9O_@F+HWQW\#:_P#M0?!/PY;V'QV\":5)J_C?2]'BMK,?%#P?HMD7O9[B MV5%^V^-M.TZU#6DP837=K:FP*SRK8K%\Y?\`!#C_`(*8ZSXCOM+_`&,?CQXD MN]4U(6KQ_`GQ?K=UYUS-::58R37'PWU?4;NXWW,T5E;%]&+;G*02V&X[;.,_ MU'.`RLK@;2"K`C(*G((_*OX)?^"I_P`#-6_8;_;^U'Q7\*IYO">F>*-5TKX^ M_"R\L(XTC\/ZE?ZU%JQQ ME)6BVE4BMI)[/LFN_>S[W_DSQCRS$>$G%F3>,_"=-X?`XS$T\+G^#I^[2Q-. MJ_=KN":BJDK.+F_^7RI3O>4^;^]V@@'K_GM_6O&OV>/BYIGQZ^!GPH^,FDHD M-G\2/`OA[Q4+:-Y)$LKO4]/AEU+3TEFAC:=;?4?M4'F&--_V?>%`85[(2!U- M>FFFDT[IG]8X+%T,?@\+CL+-5<-C:<*M.2VE"I%3A)>3BTRAJVDZ;KNEZCHN ML6-KJ6DZO8W>FZGIU["EQ9WUA?6\EK>6EU;R@K/;R6\LB.C`AE<@@BO\^;_@ MJ;^Q9)^Q3^T_K_A3P_:31?";Q_%-XV^$]RXE=+;0;N?9J7A9YYG,M'UVVNF*)<+ MX9\;:EIG@WQ#80M]F=Y$EU&]\,SO&'B0_P!E+*['R54\.8T%7PTW:\Z7O1^6 MZ^:_%(_`OI*\`X;C'PYS+,J5%?VWPI"6-PU1+WG3A9XFBWORSI*4TO\`GY3@ M^YA_\$(?VVK_`./GP+U7]G[X@:L^H?$;X"6VFVN@7UY*\EWKOPJN(X[+P^99 M'&9KW2KN&:PD.3_HIL"Q_P20^-]Q\"OV]?@?K! MO5LM&\=:S+\)_$JRS2Q6UWI?C]8M+LK>X$2DS!/$\?AVXB0X4W%C"6(4&O\` M0?N+NULX9;B[N;>VMX8WFEGN)HH(8HXP6DDDED8+'&%!)8D``$D@49=6=?#Q MOK.G[K[NUFG]W7R9G]&;CS$<9>&N'IYIB/:YGPQ5>!JSE+WITHQC+#U)M]?9 M/V;;=Y.FV]RS0<\X]./K7R1\5/V]/V-?@J;J'XD_M)_"/0=1LC:_:=`M_&&E M^(/%4:WO_'M+_P`(EX;FO-3:W8$5G:2X@4M5]?N5W]R/TWB+Q0\/^%HS_`+;XKP>&K0O^YC6C6Q#:Z*A1 ML:)KFCW=QI^J:1JNGW$=W8:CIU];2++9WD-U%&\%M;ETF>6YTRXN]-EV"[T^>>"*26RFB,4L1DCCDV2@21HX*CP!_ATCZG:ZIJ^N^(=3N5C\<>)=:5EEEL1!$HMX#++'X-CXEM]0T/Q=]DM7.R"PM]0T;PW(Q0`M-K[%L_+7] M/G.3TQV]??->O@%!82DX*RDKO_%>TG]Z?RW/[>^C?ALEH^$/#%;)X2BL>JU7 M%N"?&[KJ'C#]ACX M\>)K[3O%?@T(]YJO[/\`\0)8UO;R_P#ANIF4Q>$=2C^V:B=%PUJEQ;:BMI]D MDEMDF_:#PAXM\.^/?"OASQMX0U:TUWPMXMT33/$7A[6;%_-L]3T;6+*'4-.O MK9^"8I;2XB=<@$!\,`<@?F%_P6T\-Z+K_P#P3?\`CQ>ZK91W=UX6N?ASX@\/ MRO++&UAK!^)7A+1#>((Y%$C_`-EZUJ<6UPR8NB=NY58?('_!NM\;/%?CG]G# MXK?"+Q'=R:CI?P9\=Z5+X-N9Y8VFL?#WC[3[Z_F\/1QB!6-C;:[HFK743O)( MW_%0M`NR*")!2J^SQ7U=N\:D>:/DTVG'TTNNVRTL&!XLQ'"WC++PUKU7B,EX MHP#S/+D[N6#K0=98C#)O_F'J*A4K4H[4I/DA:,E%?T/T445UG[J%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%?R'_`/!V%^T?+X>^$'[. M?[+.B:D8;GXC>+=;^+'CFTBEN4=_#7@2UBT3PA:W,9MC#=6=WXDU[5;G(F$T M,WA"'*&.;-?UX5_FR?\`!R/\9YOBE_P5!^)'A*"X%QHGP.\"_#;X9::T&I-? MVS\?>)+B.`?)IU['K7C2YTZYB7)\SP\&<[B47]:\$\GCFW'V75:D. M>EE%.IBG=:<3\T\6,SEEW!V,IPERU,RG"@O\,GS3^3C%Q?D MSQ#_`((-?#*R^*?_``57_91TC4X[UM.\->(?&/Q&N);.,2+;W/P[^'7BWQ=H M;7I92(["7Q'I6CV\A;@_;0@^=EK_`%"1TY[*OAI;M)$2#Y;F">5"PP=LK+T)%?Z)M>M](#%SQ''5 M.@[J&"P=&"5]+RE4J-^5^=*W]VYYO@OAH4N$ZU=:SQ6*J-ORC&G"*^5F_F%% M%(<^Q(]N?SSQ7X>?KHIY_P`]N_Z4UD1@0RA@PPP(R""",$'MBN)UOXC>#?"^ MO:1X<\3ZY:>'-1\0O/#X=?7)!IVGZ]=VL,5QH(ZC%):WL91JTJDITXU(SG3TE%--Q?\` M>6ZOTON?(7Q6_8/_`&4_C%?S:]XD^$6@Z'XRGCD0?$#X>O>_#?QZDAB\JWFF M\5>";FQNM2,!VR6\5Z]S!%+&LBQ;AFO#;K]AO]H;P7>1W?P'_P""A/[0?AFP MAU5M2_X17XW:?X=_:*T"2V6T\F/2(M2\6&RUNTL_-2)B#J\T2C=L@#,6K],: M*EPBW>UGW5T_O5F?.XS@[AS&U95WERP>)D[NKA:E7!U6[WNZF%G1FW?=MN_6 MY^4[V?\`P6+\"VUE;6.L?L5_'0RZE-)>ZAKNG?$3X:ZI!IH<&*")=%NI+4S/ M$"H;[/(8V.6,JC:?Y^/^"Y'Q(_:.\;:Y\`]+_:7_`&;_``U\$O$GA^U^(2>$ M/%'A#XQ:1\2M!\?:1<3>$_\`A(&M])M=%M+WP_%;7\6C-$=0"22"\E6*-\2, MG]KQ(4$D@`#))Z`#J3^%?PE_\%5OBSK'[=G_``44_P"%9?!^)/%5OX2OM&_9 M]^'G]F2-=6.N:Y:ZW>-XCU:&YMA(LVGGQ1JFJ*;N-71K32DF5I(5C<\&8KEP MSIJCMZ'\W?24R^.2>'<\JP_$>9X_&<2XO"X3#8"O7 MI8J-::K0JMKVM">*;A[--2C74N>4$VXOE?ZJ_P#!-;]M;]HKX-_L8_!SP(/V M%?VG?C?H^EV?B27PS\1_!%CIEYX>UOPY?>+==OM(M].%TZRP6MI97$%H@?AQ M9;TRA4G[GE_X*4_M#B)S#_P2[_;(>8*?+671=(2-G[*[HS%5]2%./0FOT;^` M/PDT;X#?!3X7?!O0&$NE_#CP3X?\*0W.QHC>S:780PWVHM$\KF%[F^%S.R;V M"&X*J=H%>O5UTZ52%.$'6;<$EM'HDNWEI?YWU/U_A?@CBW*.&LARJ7'V*P\\ MOP>'HN"P>`FJ;A2A%PC.=!RDH-.,93;DTDY79^&^L?\`!3/]O3[='!X7_P"" M2OQRO;2201I-XA\3:CHDZ[G"QF1+7X>W4,*;2I=FF"IDY;:-U?('[=7[77_! M4#Q;^RW\:Y/B=^P?X`^#O[/>O^#YO#/C;7/%_C[1O$WB[P[9^*+RPT#3-4TV MR7QCIMQ-JT6MZEIYM2NA7'EW#1.R`1,:_J'K^=G_`(.(_P!H:W\%_L\_#W]G MO3-2C7Q!\9?%9\0Z_IUO=D7,'@CP!):W@?4;>&7*6EWXIOM&%N)D\NX?1;EH MF+V3@88F,Z="M4GB9N,8O2T%JU9+X+ZMI6_$^,\5,HSWAK@#BW/,W\4,TQ>% MP^$JQC05#*J$*E6LO8TJ,I4L%&I*%2=2,91Y[V;LT]5_(Q\([7QI>_%;X8V? MPWO&T_XA7GQ#\&6W@*^W0@V7C.?Q'IL7A>\#7,4D8,6MM8OF1'3Y/F1ERM?U M)ZA_P1@_;Z^.%_:-^TI_P4(UW5='FBO;JYLH-4^(?CK^RKS44'VJSTOP_JWB M#2]/M[%SE'6!H(A&H58=H"#\=O\`@CC^SQ>_'_\`;I^%S3:?]K\)_".:3XN^ M+;J:U%Q8V\?A62$^&[65F95%Y<>++G1EA4-Y@6":X1&6WDV_Z`0Z#\.#VXZ5 MPY9A85*,YU+N,W9)2DD[6UT:OV6^Q^$_1A\)'H M4L9B<-0K*C37MIU(4)T_:^_-4XR7UO;.T$;& M"*>.`."RQJ2:^Q:*]:GAZ%*WLZ48M=;*_P!^_P")_8G#_A=X>\+RC4R3A#`X M.O"UJKHQJUM-G[:M[2K==^:]];W&!%10J*J````#```PJ@#H*_SG_P#@IS(D MG[?O[5K1NDB'XN:Z`R,'7*PV:L`5.,AE(/H5Q7^@O\9?BEX8^"/PK\??%OQG M\=^+/$/B_5S;J\5NNI>)-6N]7O([:*25VAMEGO'6 M)"[;(U5=QQFO.S>I%4J5/[4Y7]+*WXN7X,_F#Z:&=8.GD7!_#B:>.Q&)JXOE M3UA1I4_9)M=ISJ-)_P!QVOK;^@7_`(-NH)V_:0^/5RL4K6\7P7L89)Q&YACF MF\::.\$,DF-J2ND$[*I.6$#E>%8U_8K+(D2-+*ZQQ1HSR.[*J*B@LS.S$`*% M!.>W4U_*I_P2@^+'[.7_``3@_9&\8?'3]HKX@:?H'C[]HC4]*\0>'OAGIKIJ MWQ*U3X?^#AJVE>#+FR\%P78GM+>_U#6/$]W!>W:V=I-:W4$AN6A6*2OAO]NW M_@L_\>OVO3J?PG^"NF:M\(/@WK;W&E/HND2277Q,^(%E=BYM#8^)M4TN9ULM M/N;.91)I6G;T9I'CGO;Z/8%JAB:6$P=&%5WJV;Y%K+5W2\M&M_Q.WPZ\4.%? M!KP;X9R_/,7_`&CQ1C85L52RO#-3Q/\`M56=2A&JE=44Z;IRDZEI+F:C";5C MZ,_X+C_\%)O#'QFEMOV2?@7K]IKW@;PUK<6K?%KQGI4TDVG>)/$FE,#I/A+1 M+N(B*_T:PN6DN+R=#+'/>Q010NBVDIF_3;_@@C^S!XE^!O[*>N?$[QG:7>EZ M]^T/X@TKQCI&DW#H/LOP^T723:>#+Y[=06ANK^34]=OA'V4I1@I)3FZE2K M-1O%%BBBBO2/ZL"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*** M*`$)P"?0$_E7^1[_`,%"O']Q\4?VY_VN/'=U91Z?-K_[0GQ6D>TBD\V.'[!X MQU72U"O@;MR6*N>.LE?ZVVI.T>G:A(A(>.RNG0CJ&6"1E//N!7^,UKVN:IXG MUS6?$>MW4E]K.OZKJ.MZO>S,6FO-3U:\FO[^[E8YW227<\SL<]6K^EOHWX2, M\RXGQSM>A1P]+S_>U*D_N_K))8Z]XO\2?#JZ1;Q+* M'/Q,\!^*?`MC<74DC!9;:WU37K&Z,;<.UD@3]YM(_P!1P=!SGCKZ\5\U](#! MSP_&]'$O6GCL%1FGYPE4IR2]%&+?^(]SP7Q4*W"E>@OCPN*J)KRG"G)/YW:^ M0M``&<=SG\:**_#C]>.:\7^#?"GC_P`.ZGX2\;^'=&\5^&-:@^S:KH.OZ=:Z MII=_!N601W-G>1.DH$D:.I(RKQJRD,H(_/WQ3^RO^TW\&)9-;_8L_:'N+;P] M:JLR?LY_M$)JOQ,^'%P(IK=WLO"'Q#O-0?Q-X!B:TMS#%;&ZU&P#3LXAMG=[ MD?I.?7TYIN0,Y8#N].?-3E]J#/QTO_P#@IU\8O@#(=/\`VV?V(OBW\+;2S\Q+ MCXJ?"&\M/C)\*=0BM[:XDEU9+W3;>WG\.PRR6EQ(EE^ M$W_!3;]A+XU-96_@C]I/X=IJM].EK!H'BV_N?`>O/=FU%W);PZ5XUM;"6\"1 ME@TUNLUN6C94F8@UZA^T'^UW^S'^SAHUS#?#3364LT?A6XNH];\5Z MS:F.XW1Z=X-TJ.XO]323[/-&-ELT;.ICW;R%K^>C]H[X4^/O^"GVN"Q_90_X M)Z^"/@GX%U.\:ZU3]JKXW>#+;X7>+]?CNQ'<3:MIFEZ(J3:C!<6_V-H;F6VU MRZE2<-&UDC2R+SSG5I749JM/I%KWOFXZ)>;BEW=S\?XDXHXKX,JO!Y)Q)0X_ MQ[:]GE57!RJ9G+HHO$Y=RT:4;[UL5AH176;>_P!8_P#!6G_@K%X4^#G@G5?V M>OV:O%&F>-/C?\0M)?1M8\4^$M435;'X8Z!X@LS$EUI]]I!ECO\`QU=VMT@L M((I2UF+A;V7YQ;PS"3P[H:0P:M8WT M+B/RKP:\C!X_,$"'"+V5[_P37_X*G_#FWUR#X*_\%,O$OB.Q,IET:R^*-QXI MO-0O,$`+?ZUK4OB!M+.,G%NDB=MM8*&(==5\10&\0O$;PZQ.=PRJDGE.7Y=C,%6HYM_$SXL3? M##PIX*\.VIN]7URZB_9YGAM8S)'#%$L-IJ3RW-W+/+%'##$CRS22K'$CN0M; MRQ7+%REAZJ2W?(K+YJ37XGZCCO&JAE.&K8K-O#KB?`4\+!SJR>74I4Z<5JY2 MJ1Q7+9+5N^FMS^H#XB_$+PC\*?`WBKXC^/=:M/#O@[P7H>H>(?$6LWQ806.E MZ9;R7-S+MC5GGE*1[8XHU>661TCC1G=5/^=O^WA^UAXF_;>_:<\9?%N>#4(M M!O[V#PO\+_"C)YL^A>"],D-GH6G10PIF?5;R=Y[VZX=GO-5ECC(A2&./M?V@ MO^"C?[;7[:WAS0O@W\2?'EUXIT._\1Z?-8^"O!'A/2_#\WBO7Y9!9Z+I^H6/ MA6PCF\28O+A#:V';C[=X;U#7?!?A_7;72M0EA:.UUB#3=>EEMX]3MS+YMM/)$7M9XTGB*31Q MNOE8O%/&\M.C3FZ$6G)J-VWZ*^W2[5WZ(_D?Q@\5\R\;YY9D/!F0YM/@K+ZM M.KC:E+!3KXBI5>BYJ5"4X*-*',Z4)58\\VY-I*-OZG?^".W["4W[''[.W]O^ M.]-CM_C;\93I_BKQLL@W77AC0A9POX7\!YQB.6SBFN;B]VY)O]3FC:1X[>`) M^N^Y5&20!C/S$#`//4U_(=8^!_\`@XJ\92S7\.N?$30UEW,+2^\4_!KPM'&, MJNV&TU">,QC#<`<\''2L.P_X)P_\%Q_BQ+K"^.?C[XM\&VVI)*M_9^,OVI?% M8T;4XY,"2W31?AO>:M:QV[AF_=M;QQX0@@<9[X5W2ITX4<%5<8I+6*7WN[U; MW\S]_P"%_$O$<+\.Y/PUPAX*<28G!9=25*G[7#T\/S-*\JM24G*\ZDW*=1M+ MWFVKG]<'B3X@>!?!L<,OB[QIX3\+1W+,MM)XC\0Z3HB7#(,LL#:G=Q"9@.H7 M.,5\1?$O_@JQ_P`$_OA5%+_PD/[3'@'5KZ,7R+I/@9]4^(6H/=V$;,]E-'X* MT^^32YWD4)$U[);1.[`>8`&*_@9X:_X-U_VF_$MM9S_%3]H_X>:7HZM'IGF73*9/E:W09QER":^)_^"@O[%7[(?["]C+\,]-^ M.GQ"^./[2>I26=Y%H6C6OA3PGX)^'.@3Q"4W?Q`MEM=5N]1UJYB9#86%M?V$ MOER"ZNML'D+=S5Q>*C"53ZM&C376_!_[ M7OPYT;X#?L]V?C'2?AU=ZS!KOQ(UOQ190Z'<^*SHTUG?>&M!M--MK^9SI4.K MQ/>7(N-H:XTVR>-6*$I^)WPE^`WQG^/&LMX?^#7PN\;_`!*U:+R_M5MX0\/Z MAK"6*2S11+-J-W;0(-TT>Z2XDCC127=E0%AZC^R1^QO\`&S]L[XFV/PY^ M$'A^6XACN+9O%GC348;B'PCX&TF7S'DU3Q#J:1%8W,$-P;:T0FYO)(O*@1CN M9?[\OV-?V._A9^Q1\&M(^$GPSMI+I@XU3QAXOU*&W&O^-_%$\2)>ZWJLL$8$ M4(*".TM5)CL[9$A0NWF2R<%'#ULRJ.OB),_#GP-T5VMGOM+CFM_B/X_EMHU>/['';:1JJ:78S"*W MAC$KZG<+`EQ&ZP7'EM!7]'7[(_\`P3#_`&2_V.DL]7^'_@2/Q-\18+=8;CXI M>.VBU_Q>S;(_-.E&2);3PU"TJ%BNGV]NS;@LLDH1-OZ%8'3'K_G/K2UZ]#!8 M?#V<*=YK[3U?^2^21_:/`_@7X<+RO)%CLVI[8S&R^LXA-:G"ZB5@9K8WEE")%!&Y"RDX.1_L,_"WXA:!\6?AMX` M^*'A6>2Y\-?$7P9X9\;Z%-,J).=(\4:-9ZSIXN8HY'$-T+:\C65`S;)%9-/V:?$^L?"G5(WS MYLOA*XE;Q/\`#V^PEG'''$NAZK+I@59)Y6;PN\\SJ;A5'J_2)R.6(RC)L_I4 MW)Y;5G0JM+:G747!M_RJI34=>M16W9YG@EF\?SSI]S:?!&/PO#K%H M"JHIU".[EV)M,I#/N^A?\_E11^1S8G!X;&14,325:%FN5MV:>Z:32:?9IGS[ M\/?V4_V;_A7J]QXB\`_!/X<^&_$EU?MJMQXGM?#5A<>)KC4Y(VBFU*7Q#?QR MWK7TB2/YDIG\R0R,79B37T`JJHPH`'^R`!^E#$C&,?B<$_3WKS/QQIGQCO[B M`_#GQM\./"]F(F6ZB\9?#'Q+XXNY)CD++;76C?%GP^EL@Z[7@F_WJ222LE;[ ME_DC"GA<%E5%K`9;"C3NW[/#TJ<+MO5\JY(MO=ML]-/3Z<^G3FN!^('Q5^&? MPHT67Q'\3_B!X+^'V@VZ&276?&GB;1_#.EQJLD43,U]K-Y#&%$MQ`I.[@S*. MK#/S+XH_9B^.?Q`TP6/BS]MSXV^&WD:[2\7X->%OA7\-[:YLKQ#'):1W5_X0 MUG4[%D0L(;B#5([J$G?',L@#CQJW_P""1'[&VJZ[<>)_BKHWQ,^/WB"[CMC/ MJWQO^+WQ!\=7;7<"1(U]ON=P(`*B3GKR03:[RLOP4O MT/G\PS/C"HG3R/AFC&;6E7'XR%*DK]?9X6&)K2MLXOV=^DK:GR9^T5_P7@^" M_A^[N_`7[)'@3Q7^TW\3+DM:Z9?:1I.K:?X(MKJ6-(H;E`M@^J>)E6\N+>,0 M6MG#',2P%]'^[,OYNW7["'_!5C_@J)XRT[QU^U7K$_P4\`07D^/M/DT M6U\*:?=R!9(?"7PSK"/M-\P=7;^KKX:_`?X)?!JR& MG_"?X2?#;X;6>Z61H/!'@KPYX862298EGFE;1].A::9Q#%YCL2SE`7+$5ZP. M."1P.@]/7FL)X:59_P"T57*'\D?=CTW=W*7S:/SS,O"?/>.*L9>)?&=7,?/4Q.)2:WE.'>*BS\WOV*O^"6_[,/[$\4.N>$/#\OCC MXK26[P7WQ7\;+%J'B&.*4V[26?AVP51:>%K(O;AB;2(74GF,L]U-&(T3](,$ M8`[]2?;Z5C:]XC\/>%M+O-9\2Z[I'AW1M/A-Q?ZMK>I6>E:;8VZD!I[N_OID MBMH02,L[JHSUKX)^)7_!4W]B_P"'VHW7AG2?B;=?&'Q[`+L6_P`/O@1X9U[X MM>)]0FL&@-U;PGPG9S6-DRQ3>8'O+ZUA=(9-DC,NVMTJ=&*C[M*"V5TE^A^A M82/!'A]E5/+<)+`\,Y9A5[M)2ITKMV]YJ_/4G)V7,^:&/A_X2TQ"]YKWBK6;+1M/C;^"WBFO9E^TWCMM6." M(/-*[A(T9V53^*WC;]O#_@IE^T'NT3]C#]A'Q/\`#[1-2@::S^*O[0,NG>'[ MA;#[4;5KZP\/^(-0TVRL[E0T$OE2W&ISM&952P9D60^#Z;_P11_:?_:?\4VO MQ!_X*#_M?Z[XENC+YK>#?`<]UKRZ?$GVZW6QT+4?$%K;Z3X2M?+6QFQ8Z'(L MANKE71)W:Y?*=:335"C*K+NURP^^5F_^W4UYGQN9^)N<9BI83PZX*QW$^+GI M'%XFE/+LLA>UINOBE3J5HJ]W&A3E=?;6AX_^W9_P7GU_QC+J7P?_`&%M-UFR M74))M(N?C/?Z2TWB/53*]U:SV_PU\)SVLLEB'A\AH=2NT%X#*WV>QMGCCN6^ M:?V-O^"'W[2/[2.O0?$S]JJ\\1?!KP+J=Z=8U6R\3+/=?&?QL]RZW%P7TS5' M:3PLTQ=C+=:J&NU8%1I[EC+'_4'^S/\`\$]OV2?V3((9OA'\)/#]MXH2,PS? M$'Q)`GB?Q[<*TBR/$GB;5TDFTRV,D<):"S^S0,UNCO&SH&K[6``Z5@L'*O-5 M,9/VC6T(W4(_J_7KUN?%8?P,SGC7.*'$OC1Q'_K%6P[YL/E&#YZ.689.SY&_ M=G5V2F[0<[6G.HM_$O@%^SK\'?V8OAYIOPO^"G@K3/!?A+3BL\EO9B6XO]7U M(P0V\^LZ_JMW(]QK6L3);P^;<7$CNPC500BHB^V8_P`?KU_3FEZT=*[TE%)1 M2BET2LON1_1V"P6$R["X?`X##4\'@\+%0ITJ45"G3A%6481BDDET204444SJ M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**C\Z+_GK'_WVO^-. M5T;[K*W^ZP/\C19]B5.#=E--^J'4=:1C@$^GK7F&M_&WX-^&M4NM$\1?%;X; MZ!K-BZQWFDZSXV\-:9J5I(R+(L=S97FI)+;N8W4@,@X8$<&@QKXK"X6*GBL3 M3PT).R=2<8)OLG)I-^1ZAD9Q_G_ZW6DR,X[]O?WJK8WUEJ5I;7^G7EK?V5Y! M%=6EY9SQ7-K\VEKTUU.SN8A/;W$+?=FAEB;Z2(R']#7^.G\=_!]A\/ M/C?\8_`&ED_V;X'^*?Q!\'Z?N5D8V'AKQ;J^C69*LQ*_Z/91<9..F37^PAX: M\7>%?&>G#5_"/B30?%.D/+);IJ?A[5[#6=/:>';YT`O-.N)(VF0LNY0V5W#( M&:_RQ?\`@L7\.KGX6_\`!3G]LSPI<:7:Z-'+\8M3\6Z=86>/L\>A_$+2]*\? M:#.H'W&FT;Q+8SLO\+7)4\@U_1OT(<`Y\OUK"TZJ5UJZ-7EVW=E6> MW1N_0_#_`!MI4\3D^1YA1E&M3I5ZD%.+4E:K34DU)75FZ:]3\T_ZU_0?_P`& MW7[85O\`LV_MZV/PK\4:I#8>`?VJM&M/A3<"\GMK>TA^)-OJ`U#X6WHFN&7_ M`$V?5)M5T6")9!Y\OC)$$$_$.@^*?#M_IS7G"HHR^1^"Y!FU;(LXR_-:-^?!U(R:_FC>TXORE M!M?,_P!F\$'I_G-%?"O_``3<_;`T7]N;]C?X,_M`V,]LOB37?#=OHGQ*TJWD MC=M!^)GAM$TKQEIKI$JB.WDU.%KNU^5"UEJ=LY2-F,:_=7/X_3^F:_S@QV"Q M&78W%Y?BZ;I8K!5)TJD7NIPDXR7WK1]4?W/@L71Q^$PV-PTU4P^+A&I!KK&2 M37YZ^84F1T[YQ_6L^ZU;2[*ZT^RO-1L;6\U:YDL]+M;F[@@N-1NXK6>^EM;& M&60-=W"V5K>F*`4HN]FG;303G_)_ M^M2X[_U/\JIK?6+7DM@MY:M?P0Q3S68N(S=Q6]P\J032V^_='"[PS!&(`8Q. M%/RD"Y1:P1E&5^62E;1V>WDSEO%6@:QK]K;V^C^-_$G@B>&`UOX):7XH:UF\2^._BSJ%W;PM!- M/IGQ&\1>"[?4(V(+"_T;P!<:5I\K8`7D:;%Y M&G:7H.D6&CZ=809+>39V6GV\<5M%DL=J*HRQXY.>AHH22V5KF5'*\MPTN?#X M"C1FM>:-*"EW^)*_1=1,=#W'X_7]*6BB@[P_S^/^='^ M`_AOXFS>"-7UK0/%&NV^O:S+K6IZ?$/#>EOJ3VDUM97J2`S!-@<$A"=Q5NA_ M0G]H+]G'_@H__P`$CM+\(?%/PY^TEJ&I_#J_\42:%:OX-\6^*[_PQ9:]=02W ML-OXK^'?BRU.F%+ZTL;@1RJMRS&UEC9HCL:3\X_V(?VH_%'[&_Q[TCX[^$/! M5CX^U;P_X=\3:5_8&IW&H6UBUIXBTYM+GO;BYTR-Y(1$)E*\;2S`$C(K[F_: MN_;^_;`_X*J:5X'^"/A#X#/;:!;>*X]8@\,_#'1_$WB:[\1>)(["Z@TZ35]8 MNT,5E:6=E)J\N<0Q(CR33R".%B/EZ$J"P\FI36+N^1Q@6O@/P]I6H^)Y?`]W) M??:='O-6MO&'@^6WN1)/)8P3ZA;)*+M(;I/(?V.O^"$7B/\`:?\`@;X2^/GQ M;^.UYX%N_BEI=GXN\*Z)I'A^/QAJ;^&=522;2]5\2:MJ.LVZI?WMJ;:Y2&+S MC'#=()I!/OBC^SM4_P""*'B/Q+_P3.^'?P3&I:-HG[3W@OQ;XF^-@GGN+EM" MO_$_C+3H-/UKX;:A&5!';7%T)/S.^&O[;?_ M``4]_P""6O\`8?PC^*_@379_A/X8NIM,T/P7\5?"9F\-FQ2:26:V\`_%'2(% MDN-/,EPGE+'?ZA96X3RH+:$^:M=U1-5:=3'0E.E[.*TO:,[+FYE&UFW?OT^7 M[/GN&QF#XFX>S_Z0629EG?#-;),%3HU,.JLL-@\,O&6J:=I%IXS\5^#]7BGATSQ#9ZA)810?8+IH+FW2_$OXZ_&#X]:YI&DZ7XDBT/4/%>M6U[XW\9>*?$LNEPW+-&O/LZPZ_H2:[9!K:Y5()9/[/ECG MALY705_.];>'_P#@J9_P1T\4>++3P?I6M'X47VL1:IJ^OZ=X2M_B#\%?&R6E MF\-KJM]>M8R7/@[4/LN5E4SZ3?-]@VR-/:Q(SUB(4XO#24)59S1R_'\6>`>%PM>7)@*V(Q/L<95J5)>TQ*=:-5 M4H7IQ492BX*G.G\3<)?KK^RQ_P`$5?BW^R=^U+X#^(?@O]JOQ!<_!71Q>:GX MQT711K'@SQ)XGN;&*(Z5X5UC2+'4KG3M7\.W=]/-)**PV1Q^=.LT/\` M.Q_P=`_"$>!/^"C5M\1[;3%L[+XV_!;P%XBN;X7`E?5O$?@U;[X?:C<-"!FU M6+0/#WA.``\.;^E\*W%Y$DUAK4$*323:7,TTA@@:YM[B=%GBMOR?_`.#M M;X/17OPR_9+^/EE9V*7/ASQQXY^$GB"\$6K:O.GSQ6KNFZE."MW?F MF?JU/)O#W$^$N98_PUK.ODD\3#%\KK5JCHU8N%.K2Y*\I3HIZ=K6C7UUI>K:1?V>J:7J5C-);7NGZCI]Q'=V-]:7$1#074-U M%%)&ZD,CQA@00*_U(?\`@CW_`,%!](_X*%?LA>$_'>J:C8GXT_#]+3X?_'+0 MXS96UXGC#2["W,/B^/2K23%KH>NV12]MW6.*W^T?;;6%$-I)&G\D>/O!4L'C MJ7&.`H_[+CW&EBU%:0K))4ZKMTJQ7))Z6G!7NYG](>#?%2Q&%J\+XRK:MA4Z MF&;>LJ;=YTU?K"3YDOY9/I$_G"_:AU_Q[^Q1_P`%C(O&?B/QCXLUC0?#GQF\ M*?$/0M2\1^*-6U)S\+/':1IJ>B_VCK-_>RV^DV>@ZSXET7YCG[-ISF...-T4 M?VX:YXKT/0/"&K>-]3U*TL_#FB^';_Q/?ZM=31VUC;:-I^FS:K-_B M7X'\-_LUS78O;Z2^O/%-NMWX2\97,][-:L9]0F\+>%/$M[<^8!'(TLL0F)9& M;^7*53ZK6QM.;O&/[V-^S6J^^RMY'YYPAGO_`!"SC+QVR#,Z\G@<'2EQ%@54 MDWS4JE-\\(.3UM.=&C=-V<%YG\Q'Q&^./Q0^(/QI^(/[3VGWVO1)>?&9/%_V MN6[F@LM*USQ+K'B#Q7X3TB]M["Z1(YGL?#.I_)#A6729MK#*Y_T8/@?\2M+^ M,?P:^%?Q8T:0OI?Q&^'O@_QK:%UCBECC\2Z!I^K&"XABFD6VNHI+MXY8O,3.ZU]\?\$K_`-L_3O!O_!)?XH^+->N[ M:75?V3(_B%H4&G3FV1KBWGL$\6^`XWMK`^>-.NM4\1FP$\B^9)+IUUL+"'C/ M`\]&IRUI6^L0]KKT=W=6_P`+3?IYH^8\!\9FO`7$F+I<68VK5A%-V36&FIS?=+1*Q^9?[2GQ,^)'[7O\`P6DL_"7P8\>>*O"-O9?$ MKP?\%=%\2>"O$%WH=_I/@WP&J_\`"RM734=$U*W:]M1=)X[O`C2J\L$D=FP+ M`)7[[?M>?\%@OV7OV0]=G^&$!\2?&OXMZ6D=G?>"?AZ;2]BT6]B;R7LO%OBR M\N/)T[5`L,IDMH(KZ^1]@GMHE?S%_FF_X)[2>+/A1\&?VY?^"@LUS-<>-?AW M\/9?AQ\,/$.I3R27A^+WQGUBUL=9\8B9RXO-3TO2[P70BN()8;M]6=6DAD0. M?V`_X(!_LL_#Z^^$/B7]L+QIIMIXS^,'CGQ]XJT/0_$FN)+J-]X5T;1Y;:+5 MGLC>.Z)KNI:Y/?W%S?*/M#0>3`KHOVCSYPU6M-V@[5,4Y5&Y:J$$^6-HZ7;= M[7TVNK'-X5<2\9YEF6(P7#^)IX'B3Q5Q..SRMB\5&>(I9=E%"O+#T7A\*Y1A M.O6J^TC!2M!05-R3BE;>U'_@O-K_`(`EL=3^-7[!?[0/PU\&:OJ<,.F^(=5A MOM,:736`FGELT\4^%M.MM8U!+,F588[R)7`YEC4[Q^N?[*/[:GP`_;-\#7OC M;X'>+)-6716M(?%/A;6+4:/XQ\(WE[;-<6]IK^B-/)Y*N([A8KF"2>RN'M)A M;7,PC=A]+>(?#7A_Q;HFH^'/%.B:5XBT'5[2:QU/1M9L+;4=,U"SF7;+;7=C M=QO'/$PZJRD9`]!7\=VB>#)O^">/_!;SPU\-_@]-_9?PR^)7BSP[HR>$(KJ^ MN;.+X>_&*Q$$GAV\$P>6<:1XC=KO3R7>11H]FDLSAKA7['*MAY4G4FJU*I*, M&W%1<7)V3NG:W>ZTZ'['Q!Q!XA>%F9<.XS/^(Z7&W"6?8REE]><\%1P>,P5? M$W5&M!X=^RJT>=/GC./,DDHN[N?I%/\`\'"GP$'B36/"NF?L^?'G7M4T;4-5 ML)XM&M_"FH33#2+J6UNKJ*W@UMI/LP:+<6*C:KC=BO:/V>/^"Y?[)GQT^)NA M?"77-!^)?P:\5>*-3BT;0;SXC:5H5OX6N=6N62*PTN]UK2]=F?1[^XN',<1N MK6*U+[4:Z61T0_SF_P#!,;]HKX0?LO\`[>_C[XJ_&[Q./"O@JU\-?%_1AJ!T MG5M8ENM8U'Q'ITNGZ9;V6CV,\IN)EL[G8S*D0,>'D7(S[;^V5\1;;_@K?^VU M\*-'_8O^&'B>V3PYINE^']<^*DVB-HMY+')J2:O+XR\2O#($T+2=%M(+I+*2 M\GCN[J2!X8-Q:TBKBIXRM*FJGM8SJ\_+[)1]Z2NE=-.ZT>[5C\;R?QQX^Q&3 MTLYAQ;@"_&/C2U^(VM:UHNF0>#VT=9[*?1+"TU">:]_MB_ M@4PO'>(J["S;E.0!S7U;\$OBII/QQ^$GP[^+^@Z??Z3HOQ&\)Z-XNTS3-5-N M=2L;/6K..]@MKTVDKQFY2.4*^QF7*\$BOYU_^#CRSET[X*?LD:?/3V'C# MQI9S7;[@]S-;>%/#T,EP^YB=[NA8Y).6ZFOVT_X)[_\`)D/[+7_9$_`7ZZ%: M5WPJ3EBZ])OW*<8-::WE:^I_0_#G&>?9EXQ<<<'8RI!9)D67Y?BO@'Q^&STQ_PDGA[CBOZB;GX!_`W5=/-GJ7P<^%M]:W,"K-;W7@'PK-'(&C M()*/I1^;#-@]1U!S6*GB:N(Q%.G6C2A1<$O\TE;R>*^LC)&R M&ZL+F\M%D(0SAV53Z_\`M-^/T^%7[.GQW^)7EQ3OX$^$7Q%\5PVTURMHMY=Z M'X2U?4;.Q%PS#RI9[NWAA0@AM\ZA,L0#_*M^U#\-M(_X)L_\%?\`X`^(_P!G M>&'PMX3^*5[X*\1GP-IKR1:/INC_`!'\6ZM\-_''A.-+U;A5T*Z-K?W=O`B; M+!KF$6(MC:VI@_;3_@MM\1!X`_X)X?&"",6KW'CW4/!W@&%)KP6DS+K7B6PO M+QK)0,W=REAIEW(8A]Z*&1FPBL:TAB).E7=5)5<-?FM\+LN9-7[KH_,]C)O$ MO.:W!OB=#BFA1PW%?AO'%4,5/#76&Q$OJTJN%Q%)3YI0]LKZ9>^(5GU&^NH[OPUJ8FT7Q=:S)() MC*9O#.JZLAQ&TG[W*8DVL/\`25T^^MM4L;+4K.59[2_M;>\M9DY26WNH4GA= M3W4QNI!]Z_A<\"_LC_\`"8_\$7OB9\>K&T6_\2^#/VC/^$]@6VLK@ZC#X.TK M3=!^'7B6$M!`S75E`-7?4Y"[+!;V^GW4S,&0U_0O_P`$X?VU_#VI_P#!+.R^ M,_C?4XQ/^S-X*\3>!?&IGDMHIYKGX7Z);S^&;&(R0VL,M[?>%[SPG';*&/FS MWZ0M/)<>:1RY,X?XEQC6"XGRFCQ M)@YU).T*:*A>4G=JG&G4=K)*+;U9^)O\`P7P_:5UKXG_M8Z-\"_!6JZG+ MHG[/GA*\_MF#1+BZ5&\8>*M,L/%OBFXN3:(IG2Q\+:?H`E8O+';?9KI/GDE:XD) M$ANO$]_#'DA=MJOH:_'C_@GU\`?&?[7WAK_@I/\`M8^-(X[CQ#JWP<^+WAOP MUJ%X#+;7/Q(^*F@^(=>\3W<#M=;D33="@M8/WD9+CQ+&8Y@\$RM]0_\`!O5X MXLQ\./VUOAQ)'8WUG2=+D$E@^(FG_#.V\*#0_"8\4$3>%KGQW)K!N5,B_8QLU_3-AY\SYA_!7[L> M+_\`@HG^RE^V1^S%^V+X,^`,/B./Q!X6_9U\<^(M9;6_!(\+P?V3+IL^GIY- MT)6^T2?:I4RF.!S6^%KU*M.-2IB8*34O<2CS:7MUOTOML?=>'?B=Q9Q)D>%S M_-?%#+8YC5IXZ;R58"A'$2EAXXA4HJJI*26<],CK7O/P(_P""]O[%WQ=\ M2:1X0\7VWC_X)ZOJ\B6\.K_$#3=%E\#Q7\LBQQ6=QXIT/6[A].#,6_TB]LK2 MU4+AYU8@'XX_X-T?`7@?Q?\`!O\`:.N?%G@WPIXGN++XF^$X+2?Q%X?TG69; M6&3PM/))%;2ZC:2-#&T@!*J0"1D\U]A_\%AOV#O@'XZ_9#^*?Q>\+_#KP7X$ M^*GP:\/GQQHOBSPSH-IH$VHZ-I%^EYXF\.:Q#HD,,>JP7>DW&I&$SH[PWH@E M5U3S5;D<;:+5JZ>]EII8[>&>(O'+,_#G">*%'BK+,UH/" MUL9/*JN6JBYTL/.HJL(XJC44HU'"E*4'R#)=):\2^U;PUXH\3VVI/)JE]#"^G_8O"UTF4 M=F+W4152NYAT_P`$OVQ_A5\8/V4]`_:^U*>7X7_"S6-(\1ZW>W'CN[T^TF\/ MZ?X;\4ZSX3N9-4GL[F6`O+?Z-(84B=V?[5%&JF5ME?R0?&SXT>*?C'_P0^^` M-MXNN9]0O_A)^VO!\(=-U.XECEGOO#V@_!GXA>(?#R/Y<";1::1XJM=.3>97 M9-'61Y&+D+P_[4'Q]US2?^"7?_!/']F_0=7GL]+\6:5\:/B7\0=/@>>$:E8Z M/\;_`!AH_@:UNGCD$=W8_P!K)XIN'B8-MGTBUD!4J,D\L5LL2RW;V MT\,$9:>Z-O:H]POZ"?L&_LA?"_\`9&_9[\`>"O!GAW14\4W_`(9T75_B-XRM M[0/K'C'QAJ&FV=SK6HW6IW2_:'TU;TLEE;,RQ6UM#'&D:D,3]6W_`("\$ZGX MIT/QQJ/A/P]>^,?#5O?6OA_Q1=:183:]HUKJ4;0ZA;:?JSP&:TMY8I'$B(X1 M@YR.371"&*]R53$*][N/(K=+I.ZEIM>^_0_4>'N'/&+$+*<_SCQ&P]*OBI4: MV)RR&6498.%";C*IAZ=7GCB/:1@W&-9N_,M;K5[&N:WI7AS1=7\0ZY?6VF:+ MH>F7^KZMJ5]-':V6GZ9IMK+>7][=W,[*EO;16L,KR.[*J)&S,0`2/R%_95_X M+4?LZ?M8?'S1?@#X3\%?$/PIK7B<:\/"WB'Q8OAVWT?69]$M+C48[-(+/69; MF"\N=-M;F6&,QD@Q%7VX+#B_^"[O[5A^!O[*'_"H_#6JBS^('[0NHR>%8TM[ MB!=0L?A]IODW?C?4$A*M(8[B.33]+W*JX7797659(T1_PR_:1_8Z\4_L`_`O M_@G=^V)X)L+C3OB)8W6EZ[\4+M0_FQ>/[K7)/BEX#74(I[B>%+8>')K[0Y5^ MRI$T7A^%+Q)I;DQUGB,34IU$J:3IT4I5;KI)I)+SM>7H?,^*'BQQ/P_Q:\%P MK2I8G(N":&%QO$;<(SG['%XJE2A0HR=^2K"@YUY.\;1W?NV?]EW[07QFT3]G MGX*?$KXW>(M+U/6]"^&7A74?%>J:1HWV8:K?VFG*K26UB;R:.);@AN/,=5XY M(KP[]AK]MGP-^W=\+-<^*W@#PGXH\'Z1H7C.^\%7&G>+&TIM0EOM/TO2=6DN MX?[)O9X_LIAUB!5RP;=&V1C&?%?VT?BEX>^-_P#P2A^-GQ=\)W$5QX>^(_[, MT_C#36BD$GD1:YH]E?26,^`#'>6\TLL$\;!7BFMWCD5'1E'Q[_P;I`_\,:_$ M8$8_XOWXCYSUSX-\#_TQ6LJL_K5*E%_NYPE+YJUK,^SQ7'&9R\7N$.%L!B:= M3AG/LCQ&8R2A%RJ5(U+4JD:OQ*/(T^5.SW9]^_MA?MNC]G'6K3P5X5\*V'B7 MQ1%X8TCQWXRU_P`27FMV?@KX=^"M=\=:1\._#EUK$?A30M5UGQ#XDUSQCJT> MF:+I6EZ=<2S7:F2[EM+4>+/`7 M_"2>(O"7CFQT3Q!K7ACQ1IYT[Q3X?T?6O"/C#0=?T9K'6M,U/3XV@N;J/[/- M<1'>/2?VX?V.O'OQ=\8R^.OA]:6_BKP[X[\/?"SP-\:?AR-;LO"_B#5]%^$G MQFT+XR^#O%/@SQ#JUM-9'6(=0TS4--OK"]6".\L-3!MKZSN8O,?XJ\0_\$>? M%O[2]M;6?Q3\5ZI\"?AY\._$'Q`E^"W@/1=1T;QMXMM=&^)?C?6O'WB67QEK M.G1V^G6T,5_J6FV6EV5HUW):VND/]KO[N25'%3EB4Y*G!2M:UU97OJF[K3EU MW^+3;0\CBO,?%VAGF:KA?!K$PIJ*PE*I3A]7G>HKRG4E*$?9_5[SNZBK?6FJ M:_=+E?Y*?\&_^FZ=JW[F17]N>D^'?#_A^*2'0=#TC18965I8M)TZST^.1AD!I$M(4#D!CU'/?B!XEC;1]3FM9[VU_L M_P`3^)[RV4M+8VQWB(2+Y>%906S]X9SC!/4'@'UQ@U&#H3PU%4IR4FF]F[:V M[I/\#T_`WPXS'PVX*AP_GLL-BLSABJ];VM#FE%0JJGRI3G"$KKE=TE8^7/VM MOVO_`(.?L6?#?3?BC\:+[6(?#^K^+-'\':;9^'K==OM5U9+NY+V>F37L' MVJVM=-L-0N[DHY=8+)RB22F.-_ST_:1_X*J?\$Q?B7^S?X_T[Q#\2=!^*6F> M+/"_B'2M/^'+>"?$-SXHU/66TVZ&EH-#U_PW&?#UU]O\AK>_O5MX;>4+-YRE M0:_3/X]?LO?`3]I[0[#PY\=_AGX<^(VF:,^H3:(-;BN!>:'<:K:I:7]WH^H6 M5Q%/IEW)!%$/,AD5P848$,BD?GM!_P`$*/\`@G+!KXUG_A5?BV:R5(5C\,S_ M`!3\?2Z"LD19C<[VUW[?*[DKO22^>$A`!$%+!JJ?6N9JE[/D:2][FNN^VC7D M=/'6$\7L9C,=@^$Z60XKAO,*"H\F8+$^WI2E%JK4DH+V52+O:-.S5DKWNT?B M;_P08L;KX5>*_P!J/]K[QCJ%_P"&O@+\*_@QK'A_Q%J%PMS_`&7JVN3:QH'C M".SMBCA-2URPT70'1(4BEG+>*X(XMC7*I+^Z7@G_`(+._P#!.OXC^!+S7]>^ M+]GX0DAT2&[\1>!O'GA;Q#!KT+W5NQN]%M;&+1I[?Q;<(0\;C3)+V.08P3NV MU]Z1?LT_`2#X.']GV'X4>#(?@N]H+*7X<0Z1%!X9F@^V#4'^T64)!GE:^'G/ M([&227YW8L2:_/CQ3_P0V_X)T>)](?#?^G3WM]I'ACXB^-=-T/4? M/9&^QOI]QK$PTRQ0J_EQZ3=]+;)= MKZ^1\?P_P#XH^&W"V1<-\#8K)LYPU"G7GCEF*Q-/VF+Q%5U)2H*G=1H4D^6, M).\]7)1;/YV_V/\`1_"W[0W_``64T/QO^RYX-FT'X.:9\8M5^*EC86FF?V!I M_AOP!HUJ[ZIJ3:8L;1Z!8WFJRL+2QVQK&VLP64<4.%BC_H-_X+W?!*7XW?\` M!+K]I&&QL[F\UCX7:5H_QHTV*V:T1EM_AOJUMJ_B6YFDNU^6T@\&MXDN9%C* MRR"SV(6+;&_07]G;]DW]GS]E'PU<>%?@)\,]"\!:??2I-JMY:&]U+7];EC58 MXGUKQ)K5UVD=_9RZ;XHT6^T2]2ZLIB$O(#;WTF^)B%D4%"0#FO9X9Q53(UP>*I8A\JLER5(R:BNUDUT/HO#?PLQ7!_!W%&49MC*.-S?B[$8K&8E8:# MIX6E5Q%-05+#QDD_9PY4TVEJ]%9*_P#C9'Z8HKOOBK\/]9^$WQ/^(OPM\1VM MW9>(/AMXZ\6^`]+K M/2Q=1PS^)]"NXS=VS[J2NI+JFT?ZRG[ M=/PH\-?MF?L)_%;PWX,O-*\6V_C7X<0_$'X6^(-*DM]2M;_6-$@M?&G@W5-# MOH+6X+07K6-O;L]NOFS6>JS0(Z><37\(O@SQM\5_B]X'^$7[$FE!KC1KO]H& M]\0>&+.XO-3\^'Q=\2;/PGX&_L^>%YW@L=$LWTNZNP5MMT$VO:C.Y_>R`_K? M_P`&U?\`P5/2>&S_`."=GQW\1,TR)=7'[,/B'5;F>9IH(X]0U3Q#\);R[N96 M6-8H(GO-!0;$\M;O3T&191-_2'X`_P""8/[$/PP^+.F?&_P/\$]-T/XD:+XA MOO%.D:U!XC\836NFZWJ#7;3W=GHESX@>QA4&]N!%$MN(H0P$2(%4#_./CK@O M,>%N(<1E&,ER^POR5+-*OAI24H3A9/5V:E':,U*-]#]*X^\-\1XV8GA;BWAO M-:64VH_V?G5.1AM"GC_/$O MOB)\1O@)X1_:;_9-D>[T_3O&7Q"\/>'?B#I]PUN)(M1^"OB[Q`#93P1H^+PZ MY':AY(I@%73Y(LR),U?Z5YY)&`>!G/H<^W/_`->OSI\>_P#!*#]@KXF_$+Q) M\4?&?P&TW5?&?C#Q%=^*_$>HQ^)_&NFVVIZ]?W/VW4-0N-(TWQ%#:"2XO&DE MN`L*K-)/(\BLTC$_,8O#5*ZINE-4YPYEK_+))-:)_P"1]/XU^#N<7" M&8T,CQ^14\3@YSJ.<8RP&*HQHU*,>2$V[04HJ+LN6C_`!"^,WPXO_B3J.H2BW#1?$KQ+<6GC;P?'J#2F5(K.U33_"FE MW)C\J1K.QE_U%P[N/S9_X)&_M^>&_P!AF]^)G[%W[9#ZO\*%TCQ[?:AX9UGQ M#INH'3_"'B.Z6"Q\3>%O$7V:.1M,TFXN+2UO[&^$1M7-W.+V"S-A9>()H;K2? M%>G6?F^<+?3_`!5H5S;:A9PB4N0J7`53-)M`\Q]U3P\DZ,Z$E"=%*"33<7'3 M1VUWUNCU,W\)\PR[$<%Y_P"'V8T,JXBX*P$`O$*6ED]Y;Z'X.N[GQ/X MDU8D`0VNF:1IENTDER\K(H\PQQQ[]\TD42O(OX`_L;:!\1O^"F__``5-UO\` M;1O/#NNZ#\$_A7XNMO%-O>7+-'#IL'A+1Y++X5^!;:[E>:*XUR6_MM.U/5H( M&DC1'OMAMUN;8C]N=!_X(I?\$WO#VKV&LV_[/YU"?3YA/%9Z_P#$3XG^(-)G M9>B7VCZOXRFMK^'DY2:)T/<&OTL\'^!_!_P\\+Z7X*\">&=$\(^$M#M39Z1X M=\.Z=::3I.G6S2/*\=I96<2)%OFDEDQSX[@/Q!X]S;(:_B'C)&^+/@+3]+UO2KFUGCGLM5BTZ[UM(YHF^5+F1'^63 M:WJ5MJOQD_X(.?MHWVFW%I=>//V7/C3,+J&!9"MQXJ\$Z3>-'#>6+R,L=C\2 MO#;ZZ(YD?=#>6]\JN\:7L,UK_3W\`?V$OV7/V8O'7BGXE?!3X9P^#?&?C/3; MS2/$>LKX@\4ZQ)?Z??ZM;:Y>6P@UW6;F*V234[.VE8Q1HV857(48KU;XX?L\ M_!?]I'PQI_@SXW?#[0?B'X:TO7],\2Z?IFNPRO':ZQI4QEMKB&:VFCD1'1I8 MKB(.([FWGEM[A)(9'1L(8)PI0Y91AB*+DI? MS??\'`'Q1\#_`!J_9H_8P^*7PWURV\1^"?&OB?QMKF@:O:[E6XL[OPQH+>7/ M!(H>SO8I-\4\$BK)#-"\4BJZD#]$_P!B?_@HE^Q#X`_9)_9W\%>,_P!IGX6> M'/%?ACX3>#=%\0:%J>O-)U6PT>V@O+&\B$!\NXCF1E89."M?;_P`;?V&/ MV6?VAO!G@/X>?%#X3:+JG@GX937T_@;PSHEYJ_@_2/#SZC!';W@L;3PEJ-DJ MQ2111_(P90V7`W,Q/S-_PY:_X)O<'_AGJ#/&<>/OB5Q^7B[_`#FM?98B.(JU MZ;IM58QBTW)6Y;=D^W=GT=3@CQ2RCQ&XAXZX>JY)C9<18'`86M#&2QE-1J86 MC3C4G3C1BVHRJQER*4Y/DM?6Y^&'_!P9\1O`WQ8\5?L??$3X;^)]+\9>"/$G MPY^(MYH7B71)S=:7JMM;^+M%LIYK.?:/,1;NUN(SP,-"1VK]O=1_X+8_\$X= M)TN6\'QXGU)[:WRMCI?P\^)-S?7,R1$I!;1GPHJ[VP>- M/^"7?[$7Q"\(?#'P%XN^#4.K>%?@WHFK^'?AWIA\7^.+7_A'](U[5FUW5;07 M5GXDCFO_`#=4=I=]R\SKG:C*F%'GVG?\$:/^"<>FWUIJ,7[.FEW$EG,D\<&H M^,/B!J5C*T9#*EW87WBEX;J$D?-'(C(PX((J51Q4*U:I3=-^WY;J7/=.,;.U MK)J[>_D<>&X)\9,CXQXRXIX*=$M]!_#/P^\*6!W6VA>%M*M=)L1*5CC:XF MCMHU-U=M''$KRREY7"*&K>"]-O] M(\/75IXR\:^%OL6GZE=1WEW`\7A3Q#9)=AKB&-@TRR,N,*0"13EA)O#UZ?.I M5L1K*3NE?39)-V25D:XWP;XA_P"(;\=9%2SVCF?&_B'7AB,PQM6,J.';=2GS M4J4(QG*-*E1C*%)--MR=^5-)>`_L`?L]:'J'_!*SX._!+Q0L5WI/Q4^!>JW7 MB'S]+@W1Q_&`:SXHFCN;&Y7;=7-E#XGA@!E!WG34+?+P/XM[OXO?%K]GGX=? MM-_L6M/+I^G^,/BGH>E^.X(;G<\5]\)]:\1:=JNGVTMMCSXK[4XM$$CJYAEM M]),9CE6<-'_H[^'-`TGPIX?T3POH-J+/1/#FD:?H>D68DEE%KINE6<5C8VWG MSNSR[+:")=SLSMMW,Q))KX4^(?\`P2U_8;^*GQ0UWXR>//@G9Z]\0O$VOP^) MMZ6GSUN6UZTW4A&K@:^%A M0KTTX1G)W<9^(_@76? M%7Q'9,)ZUO=Q:4;)>B;U:NSW^)?"7&U\?X2UN&:V'P>%\/%.A4C M5'IT91@X1E>4G!RDI6YG*[EJS^9+_`((2_'3]E[X)ZS^TS-^TMXW^ M&W@RW\1Z9\)8O!S?$1+)TU";2[KXBMKJZ3]LM)LOBKX-N_`'CN$>+?&M__;?A2_?S+K2R^I>(IFLM MS\^;;F*8=I!2P]+$T:4:#E3=)75TY7]YM[`O#OQ.X3X7P_!.*H< M/U\FITL=2EBX2Q;QW^UO$5$TW3C3O&I64=5_#3W9_.__`,$0/VZOV7OV2?A? M\M9/#WBC6VO]-L?#\MC=7`DT#1;I(0MRRKM MD96.>%_#=AK-E;WFN:WJC6D5G(R6DEM]BU*5('EN94-O\`JL/^"+/_ M``3>Z_\`#/<'_A>_$H<_^%?TKZ)^!?\`P3__`&//V;]8M?$GP>^!'@OPQXIL MDN8[+Q7/!>Z_XFLTNU9)Q9Z[XBO+NYM2T3R1[HY%;RI&B!\MF4YT\/BXT5AG M4IQII6;2DY6ZI7LNNYYF1^&?C5@N!L'X:3X@R3*>'(49X6KB\/3Q=;'/#UIS ME6C!5%3I<\U4G!2M&T>J>I_,9^VA^RWXD_9,_P"",?[.'@;QO8RZ5X_\9?M: MZ9\4/'&D3OF;1]:\5_"3XI6UEI$\6XBVN[7PSH^@6]S&"0MU!,3AB5''_&[] MDGQ9\6O^"/'[$?[1?@+16UC4?@9IWQJTSQ_9V%JDNJS_``_\4?&CQ5/;ZSB- M3+>6ND:UITCM$FX0P>([RZ8!(I&']='[1G[+OP0_:P\&:3\/_CSX,3QQX3T/ MQ/:>,=,TMM7US1!;>(K'2]8T6UU`77A_4K6:0IIFOZM%Y;R-$1=;F0NB,O7_ M``<^"_PV^`?PR\.?![X5^'8_#7P\\)PZE!H/A_[;J&J1V<.L:OJ.NZBAO-7N MY[BX$NJ:K?R'S97QYY1<(%45+!1E.2NE2=)4TNJ<9*2EM;I?>[?D=.+^CMA\ M9G>`_"?Q>^)/ASX4_''PUH>D^%O%&D^.M0MM`TOQ5?:-IEO M;'Q=X>U^YCAT^2TOQ#+-):F2&>SG66%H?(^S3W'W5:?M^?L=ZG\7?"WP,T;] MH'X=Z]\2_&4]U:>']#\/ZRNN6EY?VUO;7,6F2>(-+CETZTU2YCNXQ96TUVDU M[(DD5JDLL;HOS_\`%W_@CG_P3]^,OB#4O%6N?!*+PMX@U27SKV^^'GB3Q'X* MM)IFGFN)I_[`T?4DTL7$DD[>9)]BWD*H#`*N/0_V:TNIHI_L,%L)8SM< M$9SM#ZVG&,W"45:\KRNUZ6^)]7>U^A][P[A_&O+8Y7DN:O(L?@<`Z=.IF//B MU7KX>G:+?U5048XF<%K+VOLU)WY6?S._M!1:S_P5]_X*MWWPE\)>+;OP[\-_ M!T'B'P%X=\7V^G-KUCH/@CX9#5[WQ!XPM].MKN**9-5\72SK9S/<1"<:KIR/ M,@\J*/\`0K]HK_@C!^T5KWP5^('_``D7_!1S]H/XXP^&O"NM^+="^&/Q(E\6 MZIX2\1^)/#.DWNJ:%87B:[\6]0M]-=[V!(DNQ9S/;>>9(T8C:?VK^%/[$O[+ MGP/^*_B'XV?"7X/^&O`/Q$\5:%<>'-:U7P\=0L[*?3+W5UUR_2#05OC86-Q< M:G';O/-!;12RK:0QNYCBC5?JEU5D9&Y5E*L#CD,""#GZUE3P<6JCKOVDZS;; M3DE;3E5DTM%M==>Q\SD?@'EF+P_%F.X_G_;?$W%6,Q5:I7PV+QU"C&A42CAJ M/LH5:,)JBKM*K3J)7Y;RBM?XZ_V(/VEY_'/_``2'_;R_9M\2W\LGB#X*_#;Q M3KOA.WN7N&E/@#Q@?.FLXQ-*_E_8?%D6JAT`B14UNW5$9Q,U>_\`_!#7]LC] MEW]GO]ECQQX/^-?QP\!?#;Q-J/QFUW7;'1/%&K?8;^YT>X\+>$K.#4(X1$VZ MV:ZLKM`Q/+0,.U?MCX,_X)O?L9^`/#'Q2\)>&/@IHMEI_P`9M/UK2/B1J,VJ M^(+[Q'XATCQ!>+J&J:0?$M[J[WVF:4]VJN+:SN+>&,H/+10`!XJ/^"+/_!-X M?\V]0]N?^$^^)1Y^G_"7<5"PV(@\-*,X2G1@XOFYE>[5MDWHK)GS^4^%7BIP M[F7`>>9?F&49KF?!^4XG*7];GBXTZE&IB9SHN]*GSN5*@Z=-OF2YH]5J?8/P M6_:Z_9I_:)UG5_#WP/\`C/X'^)VMZ!IJ:SK6F^%=3-]=Z=IZ3#>Q:C':&'Q!K=U'"!=P1/NC17^7!;:<5]AUW0Y^5>T24 M^O+>WRND_P#@G]'\.RXCGE5&7%5/!TLZ^L]-&F^'OCG9Z'\=M#$5G#9VEU<^,XKBS\87=L(KB M0W,DOCS1/$\UQ,XC:6ZN9VV;=K-^)-?W!_\`!V1^SPNJ_#;]FG]J73+!!>># MO$NO?!CQ9J$45E')-HWBZU?Q7X2AO;DC[1_4_BWQ$ MRK^R>+\XH*/+2Q%3V\/\-9<[MY*3DNRM;H%%%%?HQ\2;7ASQ'KWA#Q!HOBKP MOJ^H:!XD\.:K8:WH.N:3=2V.IZ1J^EW45[I^HZ?>0,'M;R&ZABDC=2&5HP17 M^FG_`,$8/^"I'AS_`(*,?L]VUIXNU'2=*_:;^%%G9Z+\7O"5L+BW;7+..**U MT?XHZ+#.I231]699!=0PRR&PU*WGBDCAMYK!KC_,2KZ>_8]_:V^+O[$OQ[\% M_M`?!C7)M+\2^%KQ(=5TIYIET;QIX3NKBV?7_!?B>UC<"^T&^M[=`Z-EH9H8 M+N`I,:CB*:[7TJQ7\\/_`":-X]FO]>C&3D_AZCK_`/6IV.GM MTKY"_8>_;2^#_P"WI^S[X2_:`^#M_/\`V7KD,_!MM$DKW;^,/AO>VGCSP_#9"VM9II+F>]\/K:^5"ADN$ MOGMAA9VK_*/(P2#U!(/&.A].U?[0K*&!!&01@^N#UK\(]8_X-OO^"5FLZOJF MKR?"7Q[82:KJ-]J3V.D_%SQQI^EV3WUS+=/::980ZELL=/C:4I#"GRQ1HJ+P MHK]Q\)O%++N!L%FV6YQ0KXC"8NK"M2]A&,G&?+R5>93G"RE&-.S3>SN?D/B3 MX?X_BS&9=C\JJ4J=>A3E2J^UDX\T>92IM-1E>S<]^Y_FJT5_I,_\0UG_``2I M_P"B8?$W_P`/1X]_^65'_$-9_P`$J?\`HF'Q-_\`#T>/?_EE7Z]_Q,-P9_T` M8_\`\%4?_EY^9_\`$%N*_P#H(PG_`(,G_P#*S_-FHK_29_XAK/\`@E3_`-$P M^)O_`(>CQ[_\LJ/^(:S_`()4_P#1,/B;_P"'H\>__+*C_B8;@S_H`Q__`(*H M_P#R\/\`B"W%?_01A/\`P9/_`.5G\5/_``2J_P""F/Q-_P"";?Q_L/&.DW>I MZ]\$_&M[IFE?'#X8Q3H;3Q+X>AD>*+Q!I$-P"EGXSTJ.YN)K"X3RVE4RV4[_ M`&:XD`_T\/@E\;/AC^T5\+?!GQF^#GB[2O''P[\>:-:ZWX>U_2)Q+%+!YBBFC=%_&7_`(AK/^"5/_1+_B:?^ZT> M/?Z:E7Z*_L6_\$__`-GS]@3PWXK\&_LY1?$#1?!_C#5;?7=3\+>*OB)XE\9Z M!::Y#;K:3:QHFFZ]=RQZ)J-Q:1VT=W);",W26-N)]_D1%?Q#Q0XKX)XRJT\W MR;!XK+\\C:-5U*5-4\1!:)S<*LFJL%I&7*^:/NRVBU^K^'W#W%W"T9Y;FE:A MBLGG>4%&K)SHS>Z@G!)PD]XW5G[RW:/MJBDQZXZ>G_U_:EK\?/U,****`"BB MB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**** M`"BBB@`HHHH`****`"BBB@`HHHR.N>/6@!"<`_Y_/%&<],>_T.<4'KG/&.G; MZU^,_P`%(_VB?VG_`-H?]N'0[K]KWXU_"SPO\#OCT/`/@?PS\/-#^#+Z9;:! M=:+_`&D(KJX\8_"[5;JYFCF&U&-QG:WS[C@CNP>!EBZ6-KNM"A2P,(SFY*3N MIU(4DDH1DV^::\K7=^AQXK%_5YX>E&C*M4Q4I1BDXKX8N3NY-):)_,_9FD&> M<_ACT_QKY*^&G[.?Q3\!^-M$\5^(_P!L?]H'XJ:-I?\`:/VSP%XWTKX(6WAC M7OMVDW^FV_\`:D#QOX$^T(WB'X6:O//#,C&3:J+<7FE3"[8,(R34,`ZRQ+PN(AB98:'M'%*<92BG:;@I1BY.FFI3 M6ZA>2NHRLGC'3=)8BA*@JTN1-N+2;7N\S3=N9W2\]'JT?HF,]\>__P!;]*,G MD\8_7OG\^'OV0O@^VM_#?P?%96NER0? MM$_$N.9'&8QXA\"/#W[0G[ M3_C+]K36[_\`;)^.GPRTKX6_M:?$KX-^$/"7@#1/@DVAV/A/PSX<\":]I@>7 MQ=\*-4O)KX3^*[V)F>Z(,=M%\H?>S[O)ZM-8CZSB:="6$A2E53YY.$JK]VG) M1@[32UFOL/W9-23BLO[2C/V7L:$ZOMY3C#6*4E!7CP"? M:E_#^7^-?E=J>O?M#_L?_M"_L]^'?&_[0'B#]HSX(?M+>.KCX02V_P`2?#/@ M[2/B'\-_B!)X9U3Q#X7UK1-9^'7AK3+77_#]]-HM]:W<%S8PFT$T'?AMI'PEN+:6\\=>%]5U M#79[^Z\=_#?6;F5S=Z;&Z!)D5?.<;2-H5_V/*RJ_7*3PLJ+KJJE4Y7&-2-*4 M.7V?.IQJ22:<;6]Y-Q:;7]HZ\GU:?MU4]FX-PNFX\Z=^9Q<7%76M[Z-)W/U( M_P`_YS17QGX/_9A^+OACQ7X=\0:O^W!^TEXVTS1M7L=1O_"'B/1_@%%H/B6T MM9UFGT;6)=!^#%E>QZ=<1JT%I>UG-QJI)>TITK).GS.3E4CTM:^NA MI4QE6G&ES862J5I\D8\T&V^64[WYK))1>[OY'ZC4F?"W@+6O#J_$GX1?&SPS\+X+#Q5X.U[Q+HNA7\WA7Q/ M\.O`FBW?A[Q1;"^WVS217\,IER\.V,QS?87Q0^`WQ*^)_B=?%OA3]K/X\_!K M1[S2=-AB\$>!-)^#.?A9JU^M]-YJF=6O#&K1XCC3D$J9?"G M2P]?Z]2EA\0YQ4TJONSI\O-"4734T[3C)-)Q:?Q732(8R)?V\OVDM'O/"GQY^ M.'PJLH-"T#]GJ.VN-$^&'Q%UOP=HVH78U'X*7#G5)[#3(9;HHR1&9V,44280 M?5?BKQU\0O!W[9'[)GP8A\;ZOJO@SQ3\#OC_`*KXUAU*UT,77C#Q%X";X3VG MA[Q#JLUEI47V748VUO6I&2R^RVS/J#Y@*I&J;5\HG1Q6(P<<73K5L+"K.?*J MB25&FZDDG*$;MJ+2MUWL9TLQ=2C2Q$\-*E2K2A&+;B]:DU!:)NUF[N_2_H?< M7.>V/US2_P"?\^E?F'X[U#XS?M0_M7?&#]GOPK\>/%7[.WPK^`7@WX>7?B&? MX6#P_#\6/B3XI^)=A=ZY'UT/XJ?%W]K/X"?%+QO;?#GX@:)\2=,T7Q#X_^#+:P+V? M1/B79>/-"TJSGU/P=#>LMOJT>JI/);V_E2PW#\)&+*%R0A/'TH8VI25949]:^-GQ!_P""A/P]_9M\%_M"?$7X M(_#[4?V4?$?QG&,=>>.:XCXE>.- M-^&/PY\>_$?6TN)](\`>#?$_C35(;01_:YM.\+Z+>ZW>06HE=5:Z>WL9%C#, M`7<`D#FOX"/V5OVUO^#@_P#;KU'QY'^RI\9/&WQ)3P$VF77BI%C_`&8_!-KH M<'B*?41HT"77Q#TW2X]0D<:;>?N[:2XEB6`-,J*Z,WT'"W!&.XIP>:YC3S+" M91E^3NDJU?&U94:2E6;4$I*$U>\;6=MU:]SY_B7C'"<-XK+<#4R_$YEC7PK_`&ZM M$_8!_P""D=B-?UWQ7XVL/AK-K>K:-X6TWQY\/?'NOVIO/";W.H^!3%H_BGP? MJ.-"N$M+6;P]XE\#6SS3W5K M96SV4\LQBC26:O9CX5<12XAH\/O$X1/$X.6/I8M5G+!U,+%7=6-6,&[7TUBK M:/9IORI>)F1K(JF=QPV)DZ.)C@ZF&=-1Q,,1+[#A*26VNDGVM?0_LH_S]:3Z M^O&!_.OXF?\`A"/^#L__`*"/C'H<_P#%P/V$./P_X2'K^M>A_P#!77_@H3^W MY^PY\&O^"?'P/TCX]:OX:_:C\6?!BX^(O[3'B!--^&&K^)Y_%.IMI.GQ>'-0 MM+/P_?:)_9%IXG;Q?86M]I>V&[_X11Y$EFC)=E2\,\9B\SRS*&.']WA%" MXK^6+_@JY_P41_;2TC_@J[\(OV+?V4?C=XL^%/A;5;7X*^`O%ECX2T#P%XKN M-1\4?$3Q/>:EKGBF"'Q+X5OIK:^M/">O:5"UL9A%C0!,47S7)^:X=X5Q_$V: M8K*\OKT82P5&O7J5:DI*DJ6'UE+F492M+[/NZW5['T6>\38/(,LPF98RA5FL M94HTH4H).HYUK6C9M*\?M:Z6=KG]?((.1W';_P#72U_(-\/?^"C'[:T?_!?O M5?V0/%7QE\07W[/=U\<_'G@[3/AA<^'_``5#IMKX:B\!:UXA\-B+5(/#D>I/ M"DEK9SQNUZSN&&]G4XKL_P#@M-_P4V_:O\.?MG?`O]@__@G]\1[SPA\4+R72 M+'XA7NA:3X:UR[U;QS\2[W3[?P1X.N!XB\-ZBNF6FGZ&1J-Y)`C2,GB*/>J" MT(F]VGX:9]5S;*,IC7PZEFN7+-%6V78WZA[&T75JXB\4HTH\UI)\U]6G9/38_K%ST!ZG\O>E_ M#^7^-?PW?MV_M]?\%2M"_P""@7AK]@;]D/\`:2\1^,/''@_P1\*?A1*]8N_&?AU+#PKJ#ZMJ]_:-;?;(+"TM/#<&6\TRR2= M6/`__!V>>/[2\8C)Z_\`"P?V$2<>P_X2*NW_`(A=BZ6"R[&YAQ3E&4+-*,<1 M1IXK%3HU949_!/DE2O:2V?RWT.)^)6&GB\;A,'PYF68RP%1T:DZ%&-2"J1MS M0YE/=-V_'8_MF_7Z?_7-(<\=,=\_TK^,?_@KY_P4,_X*'_LR_%C]B/\`9+^# M7QJ\1>'OCK?_`+,WPJO_`(WWWAS2OA]XD?XB_'#X@ZS/X.>U2VOO"-TEG>+X MA\*:G+"EDL,,T7BB`QP[5C)\I_;/\8?\'&'[`WPIL?CM\;?VL_#.L?#Q?%6D M>&+^Z\#S?"C7[C3M3U<3R:2NJ:3JGPFTR>>PN9;26(M:?:'1N95BC/F4\O\` M"O,L?A\DK2X@RS`U>(G/ZG1KUZD*M=0J.FG!*C)-3?*X._O*45N[)XWQ+P.# MK9M2CD>/Q=+(U!XJK2IPE3HN4%-J;?MT/X(0^,O!UGHLUM'K'A/Q)K5[X MH\7V_A[Q'I][;6]MJOA;P-J<$]LL4J6USXA#6YAC$:I\"?`OQU_P=`_M)?"G MPA\;?@UXR\=^*_AEX]L[S4/"7B.[UW]CGPE+J]A9:G?:1+>IH7C2?3M2M;5K MW3[KR9)[2);B()%V;5<'C,=F.6I_>`/\`'^=%?RT_"/XL_P#!7;]C_P#8=_X*"_M&?\%'O'.LZ-XT\%_# M3PUIO[-%GXBU?X!>)-)C\8^);G5]`DUF-?@R+T)K">)M3\%6]K'J;BWD>]/[ MEXUE=/R9_9A_:'_X.2OVR_AKJ?Q>_9L^)WC?XD_#W1_$FJ>$+_7HK[]DWPL\ M?B31M.TK5M1TN'1O&D&G7U])'I^M:8X>"UDCD-V(XW>1617@O#'&8VEFF+AQ M+E5'*\KKT\/+&5,3*.%JU:E*-51HU?9-3LIJ,KVM)-:V#%^(^%PDLNH2X?S" MKC\QHSKK#0HQ=>G3A4=-RJ0Y[QNXN2M>\;-VNC^_S^IX_+_]=%?RD?\`!%+_ M`(++_M&?'C]HO5/V%/VW+2RN_BQ'I_BFW\#^,[G0HO"/C.3Q?\.+/4;_`,;> M`?'>@:?:16ESK*Z/I.LWD<\5O8M`WAZ\AGCG,T'D?U;U\GQ/PSFG">:SRG-8 MP]MR0JPG2ESTJU*I?DJTIV7-"5FKV33336A]3P[Q%EW$^7+,LMO_25KXF?^(S?`+_Y74?\,8_MZ_\` M25KXF?\`B,WP"_\`E=7ZF45A_;^8_P#4/_X283_Y3Y%_ZOY?WK_^%6)_^6GY M9_\`#&/[>O\`TE:^)G_B,WP"_P#E=1_PQC^WK_TE:^)G_B,WP"_^5U?J911_ M;^8_]0__`(283_Y3Y!_J_E_>O_X58G_Y:?EG_P`,8_MZ_P#25KXF?^(S?`+_ M`.5U'_#&/[>O_25KXF?^(S?`+_Y75^IE%']OYC_U#_\`A)A/_E/D'^K^7]Z_ M_A5B?_EI^6?_``QC^WK_`-)6OB9_XC-\`O\`Y6UUO@/]DW]M3PUXW\(>(O%G M_!2OXA>/_"V@^)M#UCQ'X%OOV>_@EH=EXRT/3M2MKO5?"]WK6D:>MWI-M?V, M,UJ]S;,+B!;DR0D2*I'Z/T8_QZFIGGN83C*$O8G7TK\#/V8_@!XE^,G[ M5/\`P4EU+0?VC?CK\$(M&_:?CLKG3/A'K7A?2].UV6X\/"=+_6(_$'A74'EO M8T'EQM&\:A&(*D\U^^0X.W'&,_K7\L_Q;^*/QB_9Q_:L_:O?X*?%GQ3X%M_B M3\8;_P`3^*K&VT7X=ZY:W6K6MG'96\MLWBGP/?36D2VQ*A%EP=V6R<&O>X,P M6-S#^W,'E]6G1Q57#4W&56*E!*.*H2E=.%35I.WN/7JMSES^M0P\\MKXF$IT M*=2=U!M2=ZOO+3N?O3\&?V:/%WPF\8_\)5K?[5'[1GQBLVTF^TL> M$/BCK_@_4_#`FO)+61-6%MHG@VPG_M*`6[+"WG[`MS)N1B5(^(/^"DFB:C^U MWXQ\"?L1_!`6$'QHT.7_`(73XQ^+HEU*)/V>_"-GI6IZ5IL#:MX?N8;BQ\4^ M*[C4DT^*Q-S"TNERW-U)#+%Y,T/S3^R#^V#^U)XW_:"\%^'?'?QLU_QCX7N= M+^(=]J/AO5?"OPRL-/U.71/AGXRU[3$NKOPUX%L+Z**+5]+L)L07D)`-&TKX-:E\7[NYU/Q)\4/C[XO\1>/_B=XY\23VU_XAUS4CJMY MIFE:/'=P6<(L_"VF:9906VF:>BB&TB+[,O([MOC,%F/#68U,SQ]6EB5JGQ2\+^+_@)I/PLM/!NG_"KXB?LYF#X. M_%KX/63$CP)XK\.H]M'>,?'W[\2?'& MP\7_``L^+NGV,\*>'?B!X>\*Z38ZIX3O_$.F&V+7'B+3+B\F6SO$FC=(3Y$B MR190]Q^Q!X6T_P`,7?[83V$UY,?$G[:?Q5\37PO)('6*_O\`P;\,[::*T$%O M'Y=H(]/A*J_F."S9D8$!>:I76#PN8YEAZ<)0S:G0K*%:G"LH2=>I&K&U5332 MJTYNG)WER./,^;F-8TG6K8'!UI-/`SJT^:G*5/F2IQ<&G%II\LDI+;F3MI8P M_AQ^QS\4;_XO>`/CE^U-^T=J?QX\7?"1=?D^%OA;0?!'A_X:?#GPEK'B33Y] M%U3Q//H>C&6;Q!XA;1;B6WAFNIC]F$TGEY5PJ_.O_"B_$?QE_P""@_[9KZ!^ MT!\:O@>-"\&_LV"Y'PBUCPWI:^(?MW@O6S&VMC7_``QJ/G-;_9F$'E^5C[3+ MN#97;^QY['W`_`D`U_.=^VS\4_BY\!/VT_C#XC^#?Q/\1>`;SX@^%/A5%XI@ ML-&\!ZU9WP\,^&&M])>-/%G@[4)+5T2^NMWER*',O(P%`KAMYIGF8XK#8>M1 MI8EX2<*7-3A&C3BJU*;BJ<:4H13?,]*;]YWW=PS:&#R[#X:I4ISG1]NI3M*3 MJ2;@XIN;DI.VF\M$K(_6CX7_`+*7C7X=>.-$\8:K^V!^U!\3+#27NFG\$_$# MQ)X)OO">L_:;.XM$35;72?`UI<2I%).LT8CN(\2VZ%L@%3\F+\//C+X\_P"" MAW[8/_"I?V@]2^!1TSX9_LRG6SI_PU\"?$+_`(2,7.A^-A8B;_A-;27^R_LW MDW6/L^WS?MI\S/EICX;^`?[9W[7'BKXY_!SPOXE_:`\4ZUX<\0_%+P'H>O:/ M<^$/A%;0:KHVJ>*=+L=2TZ>ZTSX<07-O%/9SS1L]O/#,@D+12QN%8?L?\*_# M=C8?MJ_M8>)X9;MM0\0>`OV>[6]BE>%K2*/1](\9QVIM8U@#H["YD\S?(X)` MVA<'/5F&`S3(JV9+,:V'Q&(KX#W72IP<%%8O#:2A*C3BWOKR-[:Z*V6'KX/, MH8186G4HTJ>(7-S3?,W[&H])*&]/\`%/['GQGTK47N(H1I MGAW489[1H4N;:\TOQEX>U"TGA:X@D3<)[=,AD8%21@$Y'UEX3O;G4_"WAO4K MQQ)=ZAH&CWMU(%5`]Q=:?;SS.$0`*#+(QP!@9P.*^:QV)GB\IRR1^UW_P"KS\74?%P?\;(?V-O^R"_M8]LG M_C]^"F3QT-=O^PUX:L?"WPV^*%CI\MW-%?\`[3G[2>NS->20R2+=ZW\6O$>H MW<<9@@C`MEGG<1@@L$`#.YRQ3XD>&[&]_;E_9B\4RS7:ZAH7P=_:,T^SACDA M6SD@UFZ^%;737,;0%WE4V$/EE9$`W-N5\C;Z%6:_M[.II:2H8W\<-47ZG/"+ M_LS+H]8U&]M&BEN[&Z!;36M8; MA!;,B^0_$7QE^UQ_P3^E^&_C+XB_'>P_:G_9NUOQ]X.^&?C*U\;>#-)\+_&_ MP=)XTUJ33=+\2>&_$/AMXK7QJ$NKR,7=MJ8$K16<2VTD2O(T?BW_``52O/$7 M[$^I:C^VS^S=XMU_X?\`Q8\<-X8\*?$GP_&VDZQ\,?B59Z7?Q0:?J?B[P=K. MDS_\5#%9&*W2^T^ZL+@0PE=^Z:Y:?YL_X)T?&GXG?\%2OB]'XA_:T\5W>O>' M/V>_$GASQOX%^%G@ZTTWPA\-+_QE;6M]=Z9XC\8Z3:V4M]XIO+.]LK::UAN- M2^Q1NKJUJ\4T\,9XF*A&,*L*,N3]W^]; M=*4:T.6%G*+:<9>37QM&.-J8.G2E0S656T:E-N-)\T[Q=2/-[SY5::<'=[-7 MNOM[]HSX7ZQ\6_\`@JW\*_"^A_%CXE?!J\A_8;\7:P?%OPLU'1M+\33P6?QH MMK9]&FN-\0:-K=WX6\2^*?`,_AWQ+;Z5J-M?3Z#K]M9?#Z":?1;R.![>Z2*>*1 MH+B18Y8V(8?GK_P4Q\2^./A-^UU\,?C%\+?'6O>!/'$M5M MY?#>I_$#5-8O;:6P\5^&=1B\Y[[3K)O-5595MPJD!GW?)6A?MS_MFW6N:-;7 M/[1WBV:WN-5TZ">%O!7P75989KN&.6)FC^%ZLJLC,"58,,\$'FNNAP]GN:Y) ME&)R_%X6C@_JG(XU81=2\:E7G][ZO4=G?W??NO(SEF.783,,=1Q-&K.O[=RO M"34;.,+:>TCVU]T_37_@NC\7H_@U_P`$NOVH]7CNK:+6/&OAWP_\*=!MKB^D ML9[Z\^)/BS0_#&JC3'A(>;4+7PM>^(=16-3AH]%EW_NPU?F=_P`&TEM\-?@! M^P'\6?CG\4_'OA+X=V/Q+^,FNZC<:MXW\8^'/#VBP>"_AYHFE>'+'67FU6^A M&FQ'Q)-XPMY&F=0[:=&4&TJ7^EO^#A#P;;_%/]ECX+?#[7M9UO3_``[K7Q:M M]>U:/0WTJWNK[4-`\'ZJ=,:6?4-*N1'$CZM>L5C5-QD&3@`5_*#\,O\`@GA\ M%?&?C_PEX6U3Q/\`%]?UNRTV\FL-:\)Q7D4%S(8W>VDN/!,J),`,@O&XS MU4U]]P'PGA^(/"W&Y;5Q\\O68YD\37J4Z4:LI4<+&,(T4I5*:3V@O?AS\";6#6/% MOQ#U&ZQ-';:?DVY2*[NT@'SGJWPE\:_\%0_^"T7[2FD M_#KXO6_P3G/Q*^+?B'3?C"NH7FJV/A+PQ\)KI/!6@:QIFHZ9KVGS);ZC=VFA M0V;VUVGE-XAC*;XU.?[)/V(/^"?'[,O_``3Z_9V\7>+OV>_"5[!\1?$OPSOM M=\1?$[QG?0>)O'.K36/AR75+'3I-0^P6]MI^A1:A$LPLK*TMK>20[YDE8*5_ MAEU#]A_X4WM_>WD_B+XB&>[N+F[F*ZKX953-<3/+)M7_`(1'Y5WNV!V!K['@ MS-,/GF99[AJFYU)5<15I<_LI-RI0M#F<6D^96?* M?)<499BLLP&3XK-G3S"IQ#CZN:8JG3G4I0:4:<:=&%3E]HK*I+FE9--KEU5S M^C+X"?\`!$/]H[P1\;OA)XR\;?\`!6'6?B=X0\)_$3PAXC\3?#JS\4?$NUNO M'&BZ+KMEJ.H^%H;E_C%.()+ZVMY+<,8)E'G_`#1N,J?SI_X*BZCIW[7_`/P< M"_"KX,:EJ&CW?A#P)XP_9^^"^I0>)(_[+TB+P[H.H#XE>/=%U&Z#YN+>>[\4 M^*D28E01J,<>5501E_\`!)O]BWX0>'_^"AW[,?B)[GQ;KTWAOQ=KWB/3M.U^ M_P!#N=+_`+:T'P#XMUC0M0FALO#MO(T]GK5G87EN5F7;<6$3-N52C>'_`+<7 M[)7@/X@_MF?M5^,O$WBWXCWNM:Y^T-\8+BZE.LZ`\<,,'CS7;.PT^U^T^%Y) M(]/M=.MK2VMD:1S'!:1QEFVY)E649C2XYQM'-<]68XNCD=58>M3P.'POL)XR MM*CSJE1FHSTM91:37-8_P!#FT\;>#;^>&RL/%OAF]NYV$5O:6FNZ95B!T4$\5_"G^Q-'#^VM_P$/A%9ZC\./A1K]FD@9KN6;54^'4]S%\OFBZN7PJ#;7(?\`!+_]D#X; M^`OVS/AS\0="\0^//^$B\"^&_BGXG\/27FI>')K6WUNT^&'BZTL;V2&/PLC2 M26[WAGAPZ[9[>)SD*5/Z4?\`!O;^SGX"^'G[2?[0_P`1+*ZU_7_%VJ_#.T@? M5O$T^CWEQ:#7?&<.H:T]@^G:):M;O=7-K;&;+,KBW3Y1M!KXBGPO1\.,M\0Y M4L?+,\35RBA1A4=&-+D6.KSI5-/:U'HJ<9*2EO\`9T3/L9\15^/,QX(HUL'# M`4*68U*LX*I*HI?5J4:D-7"._-)--;/?<^'?^"@/Q7T']CW_`(.-IOVD/B)9 MR6O@CPQI/@GXF1K:0[9]9T^V_9?/A$)8Q[%%Q?W7B[2+ZTC`;$MP0C2*S,5^ MH/\`@WV_9U\:?M5_M1_M"?\`!67X^V]W?:OJ'C?QKIOPJGU%6>&[\<>-H;U? M'&N:2TT(5-(T3PCJD&@:>(`D$::K<6T*Q+8B)>6_X+^?LS^!/BY^W+H?BKQ) MJ_BZQU"'X!^`=(6'0[_1K:R-M:^*_B%/&[1W^@W,GGEKR4,1(%(5<*#DG^DS MX/?!OP9^SQ_P3@T7X4_"2*_\)Z!X3_9BU=M(U*RN84\0KK>H>`;_`%G4O%D^ MHQVJI+XGN->O+J_EN!"J?:IRR0I&%C5\2Y[2POAMPE+"494LXXCR_"Y35K:< ML,%AIRE.$+.]Z\IQ532S@FKZ(C(08S%9E"CK>>*KJ,82 MEI:U)1;CO:5GW/X3/@C\$O&W_!6+_@J/^TWKO@']H/3O@#J5YX@^+_QTT+XM M:G!J.EW]KX5TSQ]HO@WPM9:5;:/K^GSV>O3:-XKT%7,=ZA6*WNG8R$%6_H3_ M`&2_^",'[2'PB_:4^"OQ3\9?\%5=:^+WA?X>^/M$\8:O\,K37/'TLGC>W\/R MG4D\/31:K\5K^WEL)[BWA%RDMG.KVPE78"0P_F8?]AGX3R.TDGB3XC.[AI'= MM7\,EF=SEB2?"/.37ZI_\$6OV-OA;X+_`."AOP>\>Z=J_C>^UCP1HGQ(UW1; M?5=3T&?3&U"]\`>(/#+O>V]KX:ADF1+#Q!?/&%E0K,D4F2$*M^C<SEEUZ_P!1 MTW1=2N8-0T[5?!=_DP6%RQN[(`1%237F_P#P5-L?^"DO[/?Q!^&/[.O_``4F M_:/\2?'GX8^()=#^*4&D_#GXBW6H^']?T33]3N=&U.72[CQ'X(TR6R\36J_V MG#!_:6E/!%/(D\:31E9#^QW_``12_9]\&V?_``4P^,OQPU;4O$GBWXA:W\._ MC9XMN-4\3W&BW,5OXJ\:_$OP3)XA\0V,6G:%:M:ZG-!K>N6^X.5%OK%Q'L.\ M%=[_`(.*/V=?!/QC_:&^`^N^)]4\4V%WI?P=U'2;>/0;W2+6W>W'C+5[W?,F MH:'=,TWFW#C*NJ[0!MSDGR,#Q#'"<=\*<'?4*%;*\JRBE&-6>'I2Q5.M'#2J M*I0KOWZ5I*-N5Q7Q.W,TST\7D4\5PAQ'Q3]=K4\PS#,ZCE3C6G'#SINM&+A6 MI)BW MNH+>>+U3Q3+I>B:-KWBN>$(FI7^JZDGC&66[:)1)=:;<+`(X8Q$ONWP\_P"" M!_[5UCX#\'6UK_P5G_X5Q$GAG17/@#2M;\>1:=X+N)]/@N+KPQ:+H_QB@M3# M97,LUN&MX8HG\@NB*K`#SW_@M+^S_P"&/C1^U]HE[XQ\2^,U7P/\`?@WX'\- M66E7N@6MGI_A^#09O$IMPMSX;GDEE?7/$^M7#NTA^:\*J%154?D>?V%_A(,_ M\5%\1>"/^8OX9[@G_H4:]3AW+:5VES25<=D_U^DO8X?#PIXJMA%1IT*<86M0 M7O)V5DW9):*[9^_'_!9;1?$/[%?_``1@^`7[(NO?_C1XR^(_Q=L[+QE\5 M'N-1U*#XAZ7X6UGQ)\2KF2]N?$&N:C=6J1:O'X&6$+=2C=X>*AD1BA_1;_@C MWXV_9[_8@_X)&?`WQ7\9/BU\+OAW9Z[H7C;XQ^+M2UKQ!I.@ZCJ%_P"+-=UK M7K'3WTN\N4N]?\6P^$[;0=.AM;:&:[N_[*MX+6*4F)6_*+_@J9^S/X!\0_LM M?\$K?AA_:/BG1/"?PX_99LGTFRT"]T:P_M34=9\-?#8:GK>OPR:%);WFM37% ME/<23Q06Y>?5[R1@?.POYG?LT_\`!,/X!?&'XDP^$?$_BSXNV>EG3+B_:30] M?\'6EXTL%W91+&9KWP%<*(BEQ)G"!NF&&.?F)R'C6KB\'E]*O*.7X7! MX:%6M4Y:*E2I5G)RY)2GK/E>JE*UV[GTM_P2$+?M3?\`!<;XP?ML>'86\,?! MSP'XN_:C_:+\4:WXA>.TT[0?#'Q6TCXC>%?#EAKNK7)AATJX\CQY+>O+-LC2 M#P[=E]@4D?V[>`_VI_V9/BDNJ-\,OVBO@7\11H9LUUL^!/BWX`\7#1VU'[6= M.75#H'B"X^P&X%C?>1YNSS?L