(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Exhibit No. | Exhibit | |||||||
Press Release dated October 24, 2023 of Polaris Inc. | ||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL) |
Date: | October 24, 2023 | |||||||
POLARIS INC. | ||||||||
/s/ Robert P. Mack | ||||||||
Robert P. Mack | ||||||||
Chief Financial Officer |
![]() | Third Quarter 2023 Earnings Results October 24, 2023 |
(in millions, except per share data) | ||||||||||||||||||||||||||
Quarter ended September 30, 2023 | Reported | YOY % Chg. | Adjusted* | YOY % Chg. | ||||||||||||||||||||||
Sales | $ | 2,248.9 | (4)% | $ | 2,248.9 | (4)% | ||||||||||||||||||||
Gross profit margin | 22.6 | % | -127 bps | 22.6 | % | -127 bps | ||||||||||||||||||||
Total operating expenses | $ | 328.2 | 4% | |||||||||||||||||||||||
Net income from continuing operations attributable to Polaris | $ | 151.7 | (20)% | $ | 156.6 | (20)% | ||||||||||||||||||||
Net income from continuing operations attributable to Polaris margin | 6.7 | % | -139 bps | |||||||||||||||||||||||
Adjusted EBITDA Margin* | 12.6 | % | -110 bps | |||||||||||||||||||||||
Diluted EPS from continuing operations attributable to Polaris | $ | 2.62 | (17)% | $ | 2.71 | (17)% | ||||||||||||||||||||
*Note: the results and guidance in this release, including the highlights above, include references to non-GAAP operating measures, which are identified by the word “adjusted” preceding the measure. A reconciliation of GAAP / non-GAAP measures can be found at the end of this release. |
Investor Contact: J.C. Weigelt 763-542-0525 | Media Contact: Jess Rogers 763-513-3445 | Page 1 |
![]() | Third Quarter 2023 Earnings Results |
Sales (in millions) | Gross Profit Margin | ||||||||||||||||||||||||||||||||||
Q3 2023 | Q3 2022 | Change | Q3 2023 | Q3 2022 | Change | ||||||||||||||||||||||||||||||
Off Road | $ | 1,844.4 | $ | 1,746.4 | 6 | % | 23.1 | % | 25.7 | % | -265 bps | ||||||||||||||||||||||||
On Road | $ | 270.3 | $ | 334.0 | (19) | % | 21.3 | % | 18.0 | % | +335 bps | ||||||||||||||||||||||||
Marine | $ | 134.2 | $ | 260.2 | (48) | % | 18.1 | % | 21.5 | % | -338 bps | ||||||||||||||||||||||||
Investor Contact: J.C. Weigelt 763-542-0525 | Media Contact: Jess Rogers 763-513-3445 | Page 2 |
![]() | Third Quarter 2023 Earnings Results |
Investor Contact: J.C. Weigelt 763-542-0525 | Media Contact: Jess Rogers 763-513-3445 | Page 3 |
![]() | Third Quarter 2023 Earnings Results |
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||||||
(In Millions, Except Per Share Data) (Unaudited) | |||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Sales | $ | 2,248.9 | $ | 2,340.6 | $ | 6,645.2 | $ | 6,184.9 | |||||||||||||||
Cost of sales | 1,740.1 | 1,781.4 | 5,162.2 | 4,798.4 | |||||||||||||||||||
Gross profit | 508.8 | 559.2 | 1,483.0 | 1,386.5 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Selling and marketing | 145.1 | 120.7 | 415.3 | 347.8 | |||||||||||||||||||
Research and development | 91.8 | 98.5 | 281.5 | 266.1 | |||||||||||||||||||
General and administrative | 91.3 | 97.8 | 285.9 | 258.7 | |||||||||||||||||||
Total operating expenses | 328.2 | 317.0 | 982.7 | 872.6 | |||||||||||||||||||
Income from financial services | 20.5 | 12.1 | 57.9 | 33.7 | |||||||||||||||||||
Operating income | 201.1 | 254.3 | 558.2 | 547.6 | |||||||||||||||||||
Non-operating expense: | |||||||||||||||||||||||
Interest expense | 32.5 | 20.1 | 92.2 | 46.8 | |||||||||||||||||||
Other (income) expense, net | (13.1) | (7.4) | (33.6) | (13.9) | |||||||||||||||||||
Income from continuing operations before income taxes | 181.7 | 241.6 | 499.6 | 514.7 | |||||||||||||||||||
Provision for income taxes | 30.2 | 50.9 | 100.2 | 107.9 | |||||||||||||||||||
Net income from continuing operations | 151.5 | 190.7 | 399.4 | 406.8 | |||||||||||||||||||
Loss from discontinued operations, net of tax | — | (3.5) | — | (11.9) | |||||||||||||||||||
Loss from sale of discontinued operations, net of tax | — | (0.6) | — | (142.8) | |||||||||||||||||||
Net income | 151.5 | 186.6 | 399.4 | 252.1 | |||||||||||||||||||
Net (income) loss attributable to noncontrolling interest | 0.2 | (0.3) | — | (0.5) | |||||||||||||||||||
Net income attributable to Polaris Inc. | $ | 151.7 | $ | 186.3 | $ | 399.4 | $ | 251.6 | |||||||||||||||
Amounts attributable to Polaris Inc. common shareholders: | |||||||||||||||||||||||
Net income from continuing operations | $ | 151.5 | $ | 190.7 | $ | 399.4 | $ | 406.8 | |||||||||||||||
Less net (income) loss attributable to noncontrolling interest | 0.2 | (0.3) | — | (0.5) | |||||||||||||||||||
Net income from continuing operations attributable to Polaris Inc. common shareholders | 151.7 | 190.4 | 399.4 | 406.3 | |||||||||||||||||||
Net loss from discontinued operations attributable to Polaris Inc. common shareholders | — | (4.1) | — | (154.7) | |||||||||||||||||||
Net income attributable to Polaris Inc. | $ | 151.7 | $ | 186.3 | $ | 399.4 | $ | 251.6 | |||||||||||||||
Net income (loss) per share attributable to Polaris Inc. common shareholders: | |||||||||||||||||||||||
Continuing operations | $ | 2.66 | $ | 3.21 | $ | 6.98 | $ | 6.80 | |||||||||||||||
Discontinued operations | $ | — | $ | (0.06) | $ | — | $ | (2.59) | |||||||||||||||
Basic | $ | 2.66 | $ | 3.15 | $ | 6.98 | $ | 4.21 | |||||||||||||||
Continuing operations | $ | 2.62 | $ | 3.17 | $ | 6.90 | $ | 6.71 | |||||||||||||||
Discontinued operations | $ | — | $ | (0.07) | $ | — | $ | (2.56) | |||||||||||||||
Diluted | $ | 2.62 | $ | 3.10 | $ | 6.90 | $ | 4.15 | |||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||
Basic | 57.0 | 59.2 | 57.2 | 59.8 | |||||||||||||||||||
Diluted | 57.8 | 60.0 | 57.9 | 60.6 |
Investor Contact: J.C. Weigelt 763-542-0525 | Media Contact: Jess Rogers 763-513-3445 | Page 4 |
![]() | Third Quarter 2023 Earnings Results |
CONSOLIDATED BALANCE SHEETS | |||||||||||
(In Millions), (Unaudited) | |||||||||||
September 30, 2023 | September 30, 2022 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 295.3 | $ | 318.9 | |||||||
Trade receivables, net | 477.8 | 329.5 | |||||||||
Inventories, net | 2,051.7 | 1,929.4 | |||||||||
Prepaid expenses and other | 177.3 | 158.3 | |||||||||
Income taxes receivable | 41.2 | 98.7 | |||||||||
Total current assets | 3,043.3 | 2,834.8 | |||||||||
Property and equipment, net | 1,161.5 | 957.9 | |||||||||
Investment in finance affiliate | 109.7 | 58.6 | |||||||||
Deferred tax assets | 247.1 | 150.1 | |||||||||
Goodwill and other intangible assets, net | 907.1 | 907.6 | |||||||||
Operating lease assets | 131.6 | 105.5 | |||||||||
Other long-term assets | 132.7 | 78.9 | |||||||||
Total assets | $ | 5,733.0 | $ | 5,093.4 | |||||||
Liabilities and Equity | |||||||||||
Current liabilities: | |||||||||||
Current financing obligations | $ | 553.9 | $ | 553.5 | |||||||
Accounts payable | 882.4 | 850.8 | |||||||||
Accrued expenses | 967.6 | 772.9 | |||||||||
Other current liabilities | 34.4 | 35.5 | |||||||||
Total current liabilities | 2,438.3 | 2,212.7 | |||||||||
Long-term financing obligations | 1,655.6 | 1,580.9 | |||||||||
Other long-term liabilities | 292.7 | 268.4 | |||||||||
Total liabilities | $ | 4,386.6 | $ | 4,062.0 | |||||||
Deferred compensation | 11.2 | 12.0 | |||||||||
Equity: | |||||||||||
Total shareholders’ equity | 1,332.7 | 1,016.9 | |||||||||
Noncontrolling interest | 2.5 | 2.5 | |||||||||
Total equity | 1,335.2 | 1,019.4 | |||||||||
Total liabilities and equity | $ | 5,733.0 | $ | 5,093.4 |
Investor Contact: J.C. Weigelt 763-542-0525 | Media Contact: Jess Rogers 763-513-3445 | Page 5 |
![]() | Third Quarter 2023 Earnings Results |
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
(In Millions), (Unaudited) | |||||||||||
Nine months ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Operating Activities: | |||||||||||
Net income | $ | 399.4 | $ | 252.1 | |||||||
Loss from discontinued operations, net of tax | — | 11.9 | |||||||||
Loss from sale of discontinued operations, net of tax | — | 142.8 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 186.9 | 169.9 | |||||||||
Noncash compensation | 44.8 | 47.5 | |||||||||
Noncash income from financial services | (29.1) | (8.5) | |||||||||
Deferred income taxes | (36.5) | 11.9 | |||||||||
Other, net | (6.2) | (0.6) | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Trade receivables | (131.5) | (120.7) | |||||||||
Inventories | (151.9) | (442.5) | |||||||||
Accounts payable | 31.4 | 82.9 | |||||||||
Accrued expenses | 71.8 | 12.4 | |||||||||
Income taxes payable/receivable | (18.9) | (49.7) | |||||||||
Prepaid expenses and other, net | 15.8 | 30.0 | |||||||||
Net cash provided by operating activities of continuing operations | 376.0 | 139.4 | |||||||||
Net cash used for operating activities of discontinued operations | — | (25.8) | |||||||||
Net cash provided by operating activities | 376.0 | 113.6 | |||||||||
Investing Activities: | |||||||||||
Purchase of property and equipment | (311.7) | (193.6) | |||||||||
Investment in finance affiliate, net | 12.5 | (0.8) | |||||||||
Investments in and distributions from other affiliates | (21.6) | 0.7 | |||||||||
Acquisitions and disposals of businesses, net of cash acquired | (25.1) | 40.8 | |||||||||
Net cash used for investing activities of continuing operations | (345.9) | (152.9) | |||||||||
Net cash used for investing activities of discontinued operations | — | (5.3) | |||||||||
Net cash used for investing activities | (345.9) | (158.2) | |||||||||
Financing Activities: | |||||||||||
Borrowings under financing obligations | 1,910.5 | 1,364.0 | |||||||||
Repayments under financing obligations | (1,752.8) | (1,028.0) | |||||||||
Repurchase and retirement of common shares | (159.4) | (378.5) | |||||||||
Cash dividends to shareholders | (110.6) | (113.5) | |||||||||
Proceeds from stock issuances under employee plans | 50.9 | 30.7 | |||||||||
Net cash used for financing activities | (61.4) | (125.3) | |||||||||
Impact of currency exchange rates on cash balances | 2.1 | (24.5) | |||||||||
Net decrease in cash, cash equivalents and restricted cash | (29.2) | (194.4) | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 339.7 | 529.1 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 310.5 | $ | 334.7 | |||||||
The following presents the classification of cash, cash equivalents and restricted cash within the consolidated balance sheets: | |||||||||||
Cash and cash equivalents | $ | 295.3 | $ | 318.9 | |||||||
Other long-term assets | 15.2 | 15.8 | |||||||||
Total | $ | 310.5 | $ | 334.7 |
Investor Contact: J.C. Weigelt 763-542-0525 | Media Contact: Jess Rogers 763-513-3445 | Page 6 |
![]() | Third Quarter 2023 Earnings Results |
NON-GAAP RECONCILIATION OF RESULTS | |||||||||||||||||||||||
(In Millions, Except Per Share Data), (Unaudited) | |||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Gross profit | 508.8 | 559.2 | 1,483.0 | 1,386.5 | |||||||||||||||||||
Restructuring & realignment (3) | — | — | — | 0.2 | |||||||||||||||||||
Adjusted gross profit | 508.8 | 559.2 | 1,483.0 | 1,386.7 | |||||||||||||||||||
Income from continuing operations before income taxes | 181.7 | 241.6 | 499.6 | 514.7 | |||||||||||||||||||
Distributions from other affiliates (1) | — | (0.7) | — | (0.7) | |||||||||||||||||||
Acquisition-related costs (2) | 0.7 | — | 0.7 | — | |||||||||||||||||||
Restructuring & realignment (3) | 0.9 | 1.2 | 1.4 | 5.5 | |||||||||||||||||||
Intangible amortization (4) | 4.4 | 4.5 | 13.3 | 14.3 | |||||||||||||||||||
Class action litigation expenses (5) | 0.4 | 1.4 | 5.4 | 2.5 | |||||||||||||||||||
Adjusted Income from continuing operations before income taxes | 188.1 | 248.0 | 520.4 | 536.3 | |||||||||||||||||||
Net income from continuing operations attributable to Polaris Inc. | 151.7 | 190.4 | 399.4 | 406.3 | |||||||||||||||||||
Distributions from other affiliates (1) | — | (0.7) | — | (0.7) | |||||||||||||||||||
Acquisition-related costs (2) | 0.5 | — | 0.5 | — | |||||||||||||||||||
Restructuring & realignment (3) | 0.7 | 0.9 | 1.1 | 4.2 | |||||||||||||||||||
Intangible amortization (4) | 3.4 | 3.5 | 10.1 | 10.9 | |||||||||||||||||||
Class action litigation expenses (5) | 0.3 | 1.0 | 4.1 | 1.9 | |||||||||||||||||||
Adjusted net income from continuing operations attributable to Polaris Inc.(6) | 156.6 | 195.1 | 415.2 | 422.6 | |||||||||||||||||||
Diluted EPS from continuing operations attributable to Polaris Inc. | $ | 2.62 | $ | 3.17 | $ | 6.90 | $ | 6.71 | |||||||||||||||
Distributions from other affiliates (1) | — | (0.01) | — | (0.01) | |||||||||||||||||||
Acquisition-related costs (2) | 0.01 | — | 0.01 | — | |||||||||||||||||||
Restructuring & realignment (3) | 0.01 | 0.01 | 0.02 | 0.07 | |||||||||||||||||||
Intangible amortization (4) | 0.06 | 0.06 | 0.17 | 0.18 | |||||||||||||||||||
Class action litigation expenses (5) | 0.01 | 0.02 | 0.07 | 0.03 | |||||||||||||||||||
Adjusted EPS from continuing operations attributable to Polaris Inc. (6) | $ | 2.71 | $ | 3.25 | $ | 7.17 | $ | 6.98 | |||||||||||||||
Sales | $ | 2,248.9 | $ | 2,340.6 | $ | 6,645.2 | $ | 6,184.9 | |||||||||||||||
Net income from continuing operations | $ | 151.5 | $ | 190.7 | $ | 399.4 | $ | 406.8 | |||||||||||||||
Provision for income taxes | 30.2 | 50.9 | 100.2 | 107.9 | |||||||||||||||||||
Interest expense | 32.5 | 20.1 | 92.2 | 46.8 | |||||||||||||||||||
Depreciation | 62.0 | 51.7 | 173.6 | 155.6 | |||||||||||||||||||
Intangible amortization (4) | 4.4 | 4.5 | 13.3 | 14.3 | |||||||||||||||||||
Distributions from other affiliates (1) | — | (0.7) | — | (0.7) | |||||||||||||||||||
Acquisition-related costs (2) | 0.7 | — | 0.7 | — | |||||||||||||||||||
Restructuring & realignment (3) | 0.9 | 1.2 | 1.4 | 5.5 | |||||||||||||||||||
Class action litigation expenses (5) | 0.4 | 1.4 | 5.4 | 2.5 | |||||||||||||||||||
Adjusted EBITDA | $ | 282.6 | $ | 319.8 | $ | 786.2 | $ | 738.7 | |||||||||||||||
Adjusted EBITDA Margin | 12.6 | % | 13.7 | % | 11.8 | % | 11.9 | % | |||||||||||||||
(1) Represents distributions received related to an impaired investment held by the Company | |||||||||||||||||||||||
(2) Represents adjustments for integration and acquisition-related expenses | |||||||||||||||||||||||
(3) Represents adjustments for corporate restructuring, network realignment costs, and supply chain transformation costs | |||||||||||||||||||||||
(4) Represents amortization expense for acquisition-related intangible assets | |||||||||||||||||||||||
(5) Represents adjustments for certain class action litigation-related expenses | |||||||||||||||||||||||
(6) The Company used its estimated statutory tax rate of 23.8% for the non-GAAP adjustments in 2023 and 2022, except for non-deductible items |
Investor Contact: J.C. Weigelt 763-542-0525 | Media Contact: Jess Rogers 763-513-3445 | Page 7 |
![]() | Third Quarter 2023 Earnings Results |
RECONCILIATION OF GAAP OPERATING CASH FLOW TO NON-GAAP FREE CASH FLOW | ||||||||||||||
(In Millions), (Unaudited) | ||||||||||||||
Nine months ended September 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
Net cash provided by operating activities of continuing operations | $ | 376.0 | $ | 139.4 | ||||||||||
Purchase of property and equipment | (311.7) | (193.6) | ||||||||||||
Investment in finance affiliate, net | 12.5 | (0.8) | ||||||||||||
Adjusted free cash flow | $ | 76.8 | $ | (55.0) | ||||||||||
NON-GAAP RECONCILIATION OF SEGMENT RESULTS | |||||||||||||||||||||||
(In Millions), (Unaudited) | |||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
SEGMENT GROSS PROFIT | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Off Road segment gross profit | $ | 425.5 | $ | 449.2 | $ | 1,122.6 | $ | 1,062.1 | |||||||||||||||
No adjustment | — | — | — | — | |||||||||||||||||||
Adjusted Off Road segment gross profit | 425.5 | 449.2 | 1,122.6 | 1,062.1 | |||||||||||||||||||
On Road segment gross profit | 57.7 | 60.1 | 208.7 | 154.7 | |||||||||||||||||||
No adjustment | — | — | — | — | |||||||||||||||||||
Adjusted On Road segment gross profit | 57.7 | 60.1 | 208.7 | 154.7 | |||||||||||||||||||
Marine segment gross profit | 24.3 | 55.9 | 143.3 | 169.0 | |||||||||||||||||||
No adjustment | — | — | — | — | |||||||||||||||||||
Adjusted Marine segment gross profit | 24.3 | 55.9 | 143.3 | 169.0 | |||||||||||||||||||
Corporate segment gross profit | 1.3 | (6.0) | 8.4 | 0.7 | |||||||||||||||||||
Restructuring & realignment (1) | — | — | — | 0.2 | |||||||||||||||||||
Adjusted Corporate segment gross profit | 1.3 | (6.0) | 8.4 | 0.9 | |||||||||||||||||||
Total gross profit | 508.8 | 559.2 | 1,483.0 | 1,386.5 | |||||||||||||||||||
Total adjustments | — | — | — | 0.2 | |||||||||||||||||||
Adjusted total gross profit | $ | 508.8 | $ | 559.2 | $ | 1,483.0 | $ | 1,386.7 | |||||||||||||||
(1) Represents adjustments for corporate restructuring, network realignment costs, and supply chain transformation |
Investor Contact: J.C. Weigelt 763-542-0525 | Media Contact: Jess Rogers 763-513-3445 | Page 8 |
![]() | Third Quarter 2023 Earnings Results |
NON-GAAP ADJUSTMENTS | ||
Third Quarter 2023 Results & 2023 Full Year Guidance |
Investor Contact: J.C. Weigelt 763-542-0525 | Media Contact: Jess Rogers 763-513-3445 | Page 9 |
6.0Q !*=241!
M5'A>[5T+D!S%>=ZSV9G9.XFS_(J=LHT=[ !$Q,G%:J".<"RD)%N9WKVUCA&
M!A=V"=L!3#F.L<'V.0G8 H-ME70[W;-W.F1,B,\*YN$HKH"3@"P+(T%$"2R9
M2GA(("P)T(.'D'3H\OT]O:>[W=Z9N9O9QRE\55^M=#O=_7?WWU__/=/3FS$<
M_GO#\7:WAOP%T^%/@^LLAR\UG-+',PO%6S,)T&T/O\FT!S]*^9F.=S_RWHJR
MMLBX'[[7H-%7H-&O0N
Cover Page |
Oct. 24, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Oct. 24, 2023 |
Entity Registrant Name | POLARIS INC. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 1-11411 |
Entity Tax Identification Number | 41-1790959 |
Entity Address, Address Line One | 2100 Highway 55 |
Entity Address, City or Town | Medina |
Entity Address, State or Province | MN |
Entity Address, Postal Zip Code | 55340 |
City Area Code | 763 |
Local Phone Number | 542-0500 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $.01 par value per share |
Trading Symbol | PII |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000931015 |
Amendment Flag | false |
J+B 6G)RR9O3!<>?GGZ&8&(*HCH.(@IUT(EY%8F M!"K?R(,K5>5KJU^W0NNB@K?2"KLASWPI7 6!\9%EC6"XSO3I?O0\F9')X_@, MP3JOL,Z/P9K(6.E<:>;W".%%17AQ#.&= M2#EY++(YUTT@N 8]I32B%*&YK&@NCZ%Y8>]DDL!($PL1ETE#V'#%". N>D&O MVT/P>A5>[QB\49+ ## H M?7^'-E7&LI3\+?*#L[-%L=OM1 '&5GL_Q=V[+. (%CZ'47"!BW/,8VGM_Q2W M[7L50TZF*R4QLV@1Z4;A:= -T-34MD]QO_ZJA;5<0F*RK) [LS"-5+C0@J6& M8TBUY5/ CC,K^T2@LL$ M%CM/B\6!^N%ZK62UV5/ "VJ!:'AK_/? MR(S'!8RW32,3KN3&)[S%9E;%KR?DY[. DIQI\L;2@I,<.FM63&/086W_(>[7 M+YHE;O#--ME<-0Z]%H'I9(*!U&X?XL[\D2YR^QZOF%SR@VNR%J''OV;84B?< M6^0?9?*W&==+EZ(_0,&NG'GD3#:6M46P;:B%M<>'N$7OT,8P#31X[ 1FP#OY MS)NA<*D /KT.#2BVG AKTP]QOQ[!U$S*Z7F7LF4C#RYP,$G^WM[1[<,?F"N+ M(2E?@%!P=@&6K;=;VVW#JKS<3LZ5A ;KB#+S"/0#W%TK9CX;;H59_, S_ M!U!+ P04 " !RCE=7GZ ;\+$" #B# #0 'AL+W-T>6QE O%DN7/ZZZ>S;"=I=67= MA['-H N6/O.-%Q[I#)6 M,>=56R=M8SDK6W!2,EG>W&2)8D+38JT[=:=<2PZFTVY#;VA2K"NCSY:4!H-? MRA0GCTQNZ)9)L;=B6,N4D*=@7H+A8*2QQ'DJ?$,78&F? KP(&K XU7=>&18/QA<0&>7=J?$,:\M.B^4M M/3L,/S[)WMB2VSG-@DZF8BUY!72LJ(_PZTR3 .B<45XH!:N-9@.'R6,4?-@# ME_(!6OBMNHK=5R3TXE,);2"PU4GTA$8QA D*Q+^,%F)?A+W]K;"D$8_&?>S\ M;O2@?^^,X_>65Z(?]+Z:\V/1%WATUC3R]$&*6BL>]O[+"8LUF_S(T5CQY+/! MI!R\@5M*'KEUXG!I^6%9L^.]FZ:IKW#.RW^0\Y^M<\TUMTQ>DO:C_S=7^2V, MD_'T7!S1JP,Z6PEY7>>9 ]IV03NA1.XJRY/K%.?7A'=O["_PJOE]? M\HIUTNUF<$//\A=>BD[E\ZI[J,NXZBQ_AOMHD M\%G'!QR>(W?#$T %^@2O M&+(=/EB>N$_NG_A.\SQ-LPRKZ'8;9;#%ZI9E\!>/AG$##RP/9'I;K?%NXQ/R M^AQ@/7UM0K"=XI.([12O-2#QNH%'GL>[C>4!#ZP+V.Q _G@>F*FX3YI"5S%N MV G&D3S'$)C%^(QF&5*=##[Q_F"G)$WS/(X %F>0IA@"IQ%', ; 4/2='@/ M/GL?)=-[*CG_5U/\!%!+ P04 " !RCE=7EXJ[', 3 @ "P %]R M96QS+RYR96QSG9*Y;L,P#$!_Q=">, ?0(8@S9?$6!/D!5J(/V!(%BD6=OZ_: MI7&0"QEY/3P2W!YI0.TXI+:+J1C]$%)I6M6X 4BV)8]ISI%"KM0L'C6'TD!$ MVV-#L%HL/D N&6:WO606IW.D5XA -/E_G;@2=&A(E@6FD7)TZ(=I7\=Q_:0T^FO8R*T>EOH M^7%H5 J.W&,EC'%BM/XU@LD/['X 4$L#!!0 ( '*.5U<9117U-P$ "<" M / >&PO=V]R:V)O;VLN>&ULC5'1;L(P#/R5*A^P%K0A#5%>0-N0I@V- MB??0NM0BB2O'A8VOG]NJ&M)>]I3 1=B;FJ19IZFL:C! MVWA'#02=5,3>BD(^IK%AL&6L <2[=)IEL]1;#&:Y&+6VG-X"$B@$*2C9$7N$ M2_R==S Y8\0#.I3OW/1W!R;Q&-#C% B/%*0:S;%4S.Y68R#/; M@L4?>M>9_+2'V#-B#Q]6C>1FEJE@A1REW^CUK7H\@RX/J!5Z0B? :ROPS-0V M&(Z=C*9(;V+T/8SG4.*<_U,C5146L*:B]1!DZ)'!=09#K+&))@G60VY6= 9. MMO8(72A]95,. 46=W=3%<]0!;\K!XVBLA H#E&^J%977DHHM)]W1ZTSO'R:/ M6D;KW$JY]_!*MAQSCG^T_ %02P,$% @ FZ*M ^ $ !H M !X;"]? +7_OR4Z?:!1W;J"V\R1&:P;*9,OL M[P"D6[2*+L[C,$]J%ZSB688&O-*]:A"2*+I!V#-DGNZ9HIP\_D-T==UI?#C] MLCCP#S"\7>BI160I2A4:Y$S":+8VP5+BRTR6HJ@R&8HJEG!:(.+)(&UI5GVP M3TZTYWD7-_=%KLWC":[?#'!X=/X!4$L#!!0 ( '*.5U=ED'F2&0$ ,\# M 3 6T-O;G1E;G1?5'EP97-=+GAM;*V334[#,!"%KQ)E6R4N+%B@IAM@ M"UUP 6-/&JO^DV=:TMLS3MI*H!(5A4VL>-Z\SYZ7K-Z/$;#HG?78E!U1?!0" M50=.8ATB>*ZT(3E)_)JV(DJUDUL0]\OE@U#!$WBJ*'N4Z]4SM')OJ7CI>1M- M\$V9P&)9/(W"S&I*&:,U2A+7Q<'K'Y3J1*BY<]!@9R(N6%"*JX1<^1UPZGL[ M0$I&0[&1B5ZE8Y7HK4 Z6L!ZVN+*&4/;&@4ZJ+WCEAIC JFQ R!GZ]%T,4TF MGC",S[O9_,%F"LC*30H1.;$$?\>=(\G=560C2&2FKW@ALO7L^T%.6X.^D &PO=&AE;64O=&AE;64Q+GAM M;%!+ 0(4 Q0 ( '*.5U>WFI#B.00 &P0 8 " @0T( M !X;"]W;W)K &PO 7BKL &PO7W)E;',O=V]R:V)O;VLN>&UL M+G)E;'-02P$"% ,4 " !RCE=799!YDAD! #/ P $P M@ &*$@ 6T-O;G1E;G1?5'EP97-=+GAM;%!+!08 "0 ) #X" #4$P " ! end
)I>OCH&H@K>@CD'ELQY
MO+?E#!RDD3O$,3]I""(5!&GR,JD_/&;GH&IDMIQ8AK';F-+Q&"Q&UY(NQ4M:
M+A."C7$32_02*?X$X7Z?^A0GI'8QNMVT;CA65M.E _F'2T(K94@=,-H' (("8IF
M4X :*"#)4QC]F,L"XGFP#0[J.!V/_1?D#C$-4!+!_&"TD4 %?^QHX6W/PWOV
MX&A&BQSPBVB5SAPXC6-RQ$!T5A,MS(_1G;MX!U_Q?@[&UD?T,-4B*(T9D0$0
M@=7IB(,H3G"2)F'TPJKJ(2X(PCXR+:WS5PYJIH0 )LVOY^>W,#
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M4[?MT 'G \CLEK'
("-
M>>3C*/0 9@PH#$@@W9*(]E)^(>PCG_Z8/!/S)WHD893H$^ -9E6!,&1>.QYC
MER8O_!$RZN'H!\R.#8I&0*RT.1[BF*SRZ&$I@!ON3F5S3&B0\I\GWV+KF!L"
M5HL!]"RV,* N_!J31$,/0P*8'0&WOR" %GDF+BR(@038F;VV)""!P%*FCS +
M@!IV^39K D.%T0 ']+]BE@R:@0LF':R&]/O4I21PQ;+[H9O&?(Z]- ;6]
M98$-MS\V88;94)H*U*M O0K45RY0W]T\4/]++_1>X)]A,O(__?]02P$"% ,4
M " !RCE=7B37O.EX/ "I; $ @ $ <&EI+3(P
M,C,Q,#(T+FAT;5!+ 0(4 Q0 ( '*.5U= '*(X< ( &L' 0
M " 8P/ !P:6DM,C R,S$P,C0N>'-D4$L! A0#% @