Connecticut | 1-5224 | 06-0548860 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||
1000 Stanley Drive, New Britain, | 06053 | |||
Connecticut | (Zip Code) | |||
(Address of principal executive offices) |
¨ | 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)) |
Stanley Black & Decker, Inc. | ||||||
January 24, 2018 | By: | /s/ Janet M. Link | ||||
Name: | Janet M. Link | |||||
Title: | Senior Vice President, General Counsel and Secretary |
• | Full Year Revenues Totaled $12.7 Billion, Up 12% Versus Prior Year, As 7% Organic Growth And 7% Growth From Acquisitions Were Partially Offset By The Sale Of The Mechanical Security Business |
• | Full Year Operating Margin Rate Was 14.1%; Excluding M&A Related Charges, Full Year Operating Margin Rate Expanded 40 Basis Points To A Record 14.8% |
• | Full Year Diluted GAAP EPS Was $8.04; Excluding M&A Related Charges, Full Year Diluted EPS Was $7.45, Up 14% Versus Prior Year, Reflecting Strong Operational Performance And Accretive Acquisitions |
• | 2017 Free Cash Flow Conversion Was Approximately 100% |
• | 4Q’17 Revenues Totaled $3.4 Billion, Up 17% Versus Prior Year, Including Robust Organic Growth Of 8% |
• | 4Q’17 Diluted GAAP EPS Was $1.84; Excluding M&A Related Charges, 4Q’17 Diluted EPS Was $2.18, Up 27% Versus Prior Year |
• | Signed Agreement To Acquire Nelson Fastener Systems ($200 Million Revenues) For $440 Million |
• | Expect 2018 Full Year Diluted GAAP EPS Of $7.80 To $8.00; Adjusted EPS Of $8.30 - $8.50, Up 11% - 14% Versus Prior Year; 2018 Free Cash Flow Conversion Expected To Approximate 100% |
• | Net sales for the quarter were $3.4 billion, up 17% versus prior year, as acquisitions (+9%), volume (+9%) and currency (+3%) more than offset divestitures (-3%) and price (-1%). |
• | Gross margin rate for the quarter was 36.6%. Excluding charges, the gross margin rate was 36.7% compared to 36.9% in 4Q’16, as volume leverage and productivity were more than offset by the impact from the Mechanical Security business divestiture and continued commodity inflation. |
• | SG&A expenses were 23.2% of sales. Excluding charges, SG&A expenses were 22.9% of sales, down 50 basis points versus 4Q’16, as tight cost management offset the impact from investments in growth initiatives. |
• | Operating margin rate was 13.3%. Excluding charges, operating margin rate was 13.8%, a 30 basis point expansion versus 4Q’16. |
• | Restructuring charges for the quarter were $8.6 million. Excluding M&A related charges, restructuring charges for the quarter were $4.9 million compared to $21.7 million in 4Q’16. |
• | Tax rate was 17.8%, which reflects a one-time net charge of $23.6 million related to the recently enacted U.S. tax legislation. Excluding M&A related charges and one-time tax charge, tax rate was 9.4%, no change from 4Q’16. |
• | Average diluted shares outstanding for the quarter were 153.4 million versus 149.4 million a year ago, due primarily to share issuances in 4Q’16 associated with the Company’s 2013 Equity Units. |
• | Working capital turns for the quarter were 8.9, down 1.7 turns from prior year as a result of recent acquisitions. Excluding acquisitions, turns were flat versus prior year. |
($ in M) | ||||||
Sales | Profit | Charges1 | Profit Ex- Charges1 | Profit Rate | Profit Rate Ex- Charges1 | |
Tools & Storage | $2,430 | $391.9 | $13.6 | $405.5 | 16.1% | 16.7% |
Industrial | $473 | $75.8 | N/A | $75.8 | 16.0% | 16.0% |
Security | $510 | $55.5 | $1.1 | $56.6 | 10.9% | 11.1% |
• | Tools & Storage net sales increased 26% versus 4Q’16 as acquisitions (+13%), volume (+12%) and currency (+2%) more than offset the impact from price to support holiday promotions (-1%). Organic growth was strong across all regions with emerging markets +17%, Europe +17% and North America +8%. The strong emerging market organic growth was supported by mid-price-point product releases, higher e-commerce volumes and benefits from changes to our distribution models in Russia & Turkey. All markets across Europe contributed to another quarter of above-market organic growth in that region, enabled by successful commercial actions and new product launches. North America growth was supported by share gains from strong commercial execution and market-leading innovation, including sales from the DEWALT FlexVolt system, as well as a healthy U.S. tool market. Overall Tools & Storage segment profit rate, excluding charges, was 16.7%, up 50 basis points versus 4Q’16 as volume leverage and productivity more than offset growth investments, price, and increased commodity inflation. |
• | Industrial net sales increased 4% versus 4Q’16 as volume (+2%) and currency (+3%) were moderated by divestitures (-1%). Engineered Fastening organic revenues increased 1% as automotive fastener penetration gains, which enabled growth in excess of light vehicle production, and strong volume growth in general industrial markets more than offset the impact from lower self-piercing rivet system shipments in automotive and lower volumes within electronics. Infrastructure organic revenues were up 8% on increased Hydraulic Tools volumes from successful commercial actions and supportive market conditions, as well as low-single digit growth within Oil & Gas from higher inspection and onshore project activity in North America. Overall Industrial segment profit rate was 16.0%, as volume leverage, productivity gains and cost control resulted in an 80 basis point expansion versus the 4Q’16 rate. |
• | Security net sales decreased 4% versus 4Q’16 as bolt-on commercial electronic security acquisitions (+4%), currency (+3%) and volume (+2%) were more than offset by the sale of the Mechanical Security business (-13%). North America expanded organically (+2%) on higher installation volumes within commercial electronic security and growth within healthcare. Europe organic growth (+1%) was due to strength within the UK and the Nordics partially offset by anticipated ongoing weakness in France. Overall Security segment profit rate of 11.1% was consistent with the prior two quarters. Versus the prior year, the rate reflects a decline of approximately 90 basis points related to the sale of the Mechanical Security business, as well as impacts from mix and funding growth investments. |
• | Organic growth of approximately 5% (+$0.50 to +$0.60 EPS) |
• | Commodity inflation of ~$150 million partially offset by price actions (approximately -$0.25 to -$0.30 EPS) |
• | Net impact from closed acquisitions, cost actions and improved productivity partially offset by higher share count (approximately +$0.45 to +$0.50 EPS) |
• | Tax rate to approximate 18% reflecting the recently enacted U.S. tax legislation (approximately +$0.20 EPS) |
• | Embedded core restructuring charges (~$50 million) |
Fourth Quarter | Year-to-Date | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
NET SALES | $ | 3,413.5 | $ | 2,920.4 | $ | 12,747.2 | $ | 11,406.9 | |||||||
COSTS AND EXPENSES | |||||||||||||||
Cost of sales | 2,165.1 | 1,843.8 | 7,969.2 | 7,139.7 | |||||||||||
Gross margin | 1,248.4 | 1,076.6 | 4,778.0 | 4,267.2 | |||||||||||
% of Net Sales | 36.6 | % | 36.9 | % | 37.5 | % | 37.4 | % | |||||||
Selling, general and administrative | 793.3 | 683.8 | 2,980.1 | 2,623.9 | |||||||||||
% of Net Sales | 23.2 | % | 23.4 | % | 23.4 | % | 23.0 | % | |||||||
Operating margin | 455.1 | 392.8 | 1,797.9 | 1,643.3 | |||||||||||
% of Net sales | 13.3 | % | 13.5 | % | 14.1 | % | 14.4 | % | |||||||
Other - net | 57.7 | 46.3 | 289.7 | 196.9 | |||||||||||
Loss (gain) on sales of businesses | 1.0 | — | (264.1 | ) | — | ||||||||||
Pension settlement | (0.6 | ) | — | 12.2 | — | ||||||||||
Restructuring charges | 8.6 | 21.7 | 51.5 | 49.0 | |||||||||||
Income from operations | 388.4 | 324.8 | 1,708.6 | 1,397.4 | |||||||||||
Interest - net | 46.6 | 42.5 | 182.5 | 171.3 | |||||||||||
EARNINGS BEFORE INCOME TAXES | 341.8 | 282.3 | 1,526.1 | 1,226.1 | |||||||||||
Income taxes | 60.7 | 26.5 | 300.5 | 261.2 | |||||||||||
NET EARNINGS | 281.1 | 255.8 | 1,225.6 | 964.9 | |||||||||||
Less: net (loss) earnings attributable to non-controlling interests | (0.4 | ) | 0.3 | (0.4 | ) | (0.4 | ) | ||||||||
NET EARNINGS ATTRIBUTABLE TO COMMON SHAREOWNERS | $ | 281.5 | $ | 255.5 | $ | 1,226.0 | $ | 965.3 | |||||||
EARNINGS PER SHARE OF COMMON STOCK | |||||||||||||||
Basic | $ | 1.88 | $ | 1.74 | $ | 8.19 | $ | 6.61 | |||||||
Diluted | $ | 1.84 | $ | 1.71 | $ | 8.04 | $ | 6.51 | |||||||
DIVIDENDS PER SHARE | $ | 0.63 | $ | 0.58 | $ | 2.42 | $ | 2.26 | |||||||
WEIGHTED-AVERAGE SHARES OUTSTANDING (in thousands) | |||||||||||||||
Basic | 150,080 | 147,145 | 149,629 | 146,041 | |||||||||||
Diluted | 153,412 | 149,440 | 152,449 | 148,207 |
December 30, 2017 | December 31, 2016 | |||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 637.5 | $ | 1,131.8 | ||||
Accounts and notes receivable, net | 1,635.9 | 1,302.8 | ||||||
Inventories, net | 2,018.4 | 1,478.0 | ||||||
Assets held for sale | — | 523.4 | ||||||
Other current assets | 274.3 | 352.5 | ||||||
Total current assets | 4,566.1 | 4,788.5 | ||||||
Property, plant and equipment, net | 1,742.5 | 1,451.2 | ||||||
Goodwill and other intangibles, net | 12,283.5 | 8,993.5 | ||||||
Other assets | 487.8 | 401.7 | ||||||
Total assets | $ | 19,079.9 | $ | 15,634.9 | ||||
LIABILITIES AND SHAREOWNERS’ EQUITY | ||||||||
Short-term borrowings | $ | 5.3 | $ | 4.3 | ||||
Current maturities of long-term debt | 983.4 | 7.8 | ||||||
Accounts payable | 2,021.0 | 1,640.4 | ||||||
Accrued expenses | 1,352.1 | 1,101.5 | ||||||
Liabilities held for sale | — | 53.5 | ||||||
Total current liabilities | 4,361.8 | 2,807.5 | ||||||
Long-term debt | 2,843.0 | 3,815.3 | ||||||
Other long-term liabilities | 3,575.2 | 2,638.5 | ||||||
Stanley Black & Decker, Inc. shareowners’ equity | 8,297.1 | 6,367.0 | ||||||
Non-controlling interests’ equity | 2.8 | 6.6 | ||||||
Total liabilities and shareowners' equity | $ | 19,079.9 | $ | 15,634.9 |
Fourth Quarter | Year-to-Date | ||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||
Net earnings | $ | 281.1 | $ | 255.8 | $ | 1,225.6 | $ | 964.9 | |||||||||
Depreciation and amortization | 122.7 | 102.8 | 460.7 | 408.0 | |||||||||||||
Loss (gain) on sales of businesses | 1.0 | — | (264.1 | ) | — | ||||||||||||
Changes in working capital1 | 523.1 | 450.5 | (261.1 | ) | 57.2 | ||||||||||||
Other | 22.9 | 26.1 | 257.5 | 55.1 | |||||||||||||
Net cash provided by operating activities | 950.8 | 835.2 | 1,418.6 | 1,485.2 | |||||||||||||
INVESTING AND FINANCING ACTIVITIES | |||||||||||||||||
Capital and software expenditures | (164.5 | ) | (125.3 | ) | (442.4 | ) | (347.0 | ) | |||||||||
Premium paid on equity option | — | — | (25.1 | ) | — | ||||||||||||
Proceeds from issuances of common stock | 43.3 | 367.2 | 90.8 | 418.5 | |||||||||||||
Proceeds from issuance of preferred stock | — | — | 727.5 | — | |||||||||||||
Proceeds from sales of businesses, net of cash sold | 11.6 | 24.0 | 756.9 | 24.0 | |||||||||||||
Business acquisitions, net of cash acquired | (19.0 | ) | — | (2,601.1 | ) | (59.3 | ) | ||||||||||
Net short-term (repayments) borrowings | (575.9 | ) | (90.5 | ) | (76.7 | ) | 1.9 | ||||||||||
Net investment hedge settlements | 8.3 | 41.4 | (23.3 | ) | 104.7 | ||||||||||||
Non-controlling interest buyouts | — | (12.5 | ) | (3.2 | ) | (12.5 | ) | ||||||||||
Cash dividends on common stock | (95.0 | ) | (87.0 | ) | (362.9 | ) | (330.9 | ) | |||||||||
Cash settlement on forward stock purchase contracts | — | (147.4 | ) | — | (147.4 | ) | |||||||||||
Purchases of common stock for treasury | (12.5 | ) | (11.4 | ) | (28.7 | ) | (374.1 | ) | |||||||||
Effect of exchange rate changes on cash | (0.5 | ) | (78.9 | ) | 81.0 | (101.7 | ) | ||||||||||
Other | 7.6 | (3.8 | ) | (5.7 | ) | 5.0 | |||||||||||
Net cash used in investing and financing activities | (796.6 | ) | (124.2 | ) | (1,912.9 | ) | (818.8 | ) | |||||||||
Increase (decrease) in Cash and Cash Equivalents | 154.2 | 711.0 | (494.3 | ) | 666.4 | ||||||||||||
Cash and Cash Equivalents, Beginning of Period | 483.3 | 420.8 | 1,131.8 | 465.4 | |||||||||||||
Cash and Cash Equivalents, End of Period | $ | 637.5 | $ | 1,131.8 | $ | 637.5 | $ | 1,131.8 | |||||||||
Free Cash Flow Computation2 | |||||||||||||||||
Operating cash flow | $ | 950.8 | $ | 835.2 | $ | 1,418.6 | $ | 1,485.2 | |||||||||
Less: capital and software expenditures | (164.5 | ) | (125.3 | ) | (442.4 | ) | (347.0 | ) | |||||||||
Free cash flow (before dividends) | $ | 786.3 | $ | 709.9 | $ | 976.2 | $ | 1,138.2 | |||||||||
1 | Working capital is comprised of accounts receivable, inventory, accounts payable and deferred revenue. | ||||||||||||||||
2 | Free cash flow is defined as cash flow from operations less capital and software expenditures. Management considers free cash flow an important measure of its liquidity, as well as its ability to fund future growth and to provide a return to the shareowners. Free cash flow does not include deductions for mandatory debt service, other borrowing activity, discretionary dividends on the Company’s common stock and business acquisitions, among other items. | ||||||||||||||||
Fourth Quarter | Year-to-Date | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
NET SALES | ||||||||||||||||
Tools & Storage | $ | 2,430.2 | $ | 1,933.8 | $ | 8,862.4 | $ | 7,469.2 | ||||||||
Industrial | 473.5 | 453.8 | 1,946.0 | 1,840.3 | ||||||||||||
Security | 509.8 | 532.8 | 1,938.8 | 2,097.4 | ||||||||||||
Total | $ | 3,413.5 | $ | 2,920.4 | $ | 12,747.2 | $ | 11,406.9 | ||||||||
SEGMENT PROFIT | ||||||||||||||||
Tools & Storage | $ | 391.9 | $ | 312.4 | $ | 1,450.1 | $ | 1,266.9 | ||||||||
Industrial | 75.8 | 69.2 | 352.3 | 304.4 | ||||||||||||
Security | 55.5 | 69.9 | 212.3 | 269.2 | ||||||||||||
Segment Profit | 523.2 | 451.5 | 2,014.7 | 1,840.5 | ||||||||||||
Corporate Overhead | (68.1 | ) | (58.7 | ) | (216.8 | ) | (197.2 | ) | ||||||||
Total | $ | 455.1 | $ | 392.8 | $ | 1,797.9 | $ | 1,643.3 | ||||||||
Segment Profit as a Percentage of Net Sales | ||||||||||||||||
Tools & Storage | 16.1 | % | 16.2 | % | 16.4 | % | 17.0 | % | ||||||||
Industrial | 16.0 | % | 15.2 | % | 18.1 | % | 16.5 | % | ||||||||
Security | 10.9 | % | 13.1 | % | 11.0 | % | 12.8 | % | ||||||||
Segment Profit | 15.3 | % | 15.5 | % | 15.8 | % | 16.1 | % | ||||||||
Corporate Overhead | (2.0 | )% | (2.0 | )% | (1.7 | )% | (1.7 | )% | ||||||||
Total | 13.3 | % | 13.5 | % | 14.1 | % | 14.4 | % |
Fourth Quarter 2017 | |||||||||||||||||
Reported | Acquisition- Related Charges & Other1 | Normalized2 | FOURTH QUARTER 2016 | ||||||||||||||
Gross margin | $ | 1,248.4 | $ | 4.3 | $ | 1,252.7 | $ | 1,076.6 | |||||||||
% of Net Sales | 36.6 | % | 36.7 | % | 36.9 | % | |||||||||||
Selling, general and administrative | 793.3 | (10.9 | ) | 782.4 | 683.8 | ||||||||||||
% of Net Sales | 23.2 | % | 22.9 | % | 23.4 | % | |||||||||||
Operating margin | 455.1 | 15.2 | 470.3 | 392.8 | |||||||||||||
% of Net Sales | 13.3 | % | 13.8 | % | 13.5 | % | |||||||||||
Earnings before income taxes | 341.8 | 27.1 | 368.9 | 282.3 | |||||||||||||
Income taxes | 60.7 | (26.1 | ) | 34.6 | 26.5 | ||||||||||||
Net earnings attributable to common shareowners | 281.5 | 53.2 | 334.7 | 255.5 | |||||||||||||
Diluted earnings per share of common stock | $ | 1.84 | $ | 0.34 | $ | 2.18 | $ | 1.71 | |||||||||
Year-to-Date 2017 | |||||||||||||||||
Reported | Acquisition- Related Charges & Other1 | Normalized2 | YEAR-TO-DATE 2016 | ||||||||||||||
Gross margin | $ | 4,778.0 | $ | 46.8 | $ | 4,824.8 | $ | 4,267.2 | |||||||||
% of Net Sales | 37.5 | % | 37.8 | % | 37.4 | % | |||||||||||
Selling, general and administrative | 2,980.1 | (37.7 | ) | 2,942.4 | 2,623.9 | ||||||||||||
% of Net Sales | 23.4 | % | 23.1 | % | 23.0 | % | |||||||||||
Operating margin | 1,797.9 | 84.5 | 1,882.4 | 1,643.3 | |||||||||||||
% of Net Sales | 14.1 | % | 14.8 | % | 14.4 | % | |||||||||||
Earnings before income taxes | 1,526.1 | (107.8 | ) | 1,418.3 | 1,226.1 | ||||||||||||
Income taxes | 300.5 | (17.3 | ) | 283.2 | 261.2 | ||||||||||||
Net earnings attributable to common shareowners | 1,226.0 | (90.5 | ) | 1,135.5 | 965.3 | ||||||||||||
Diluted earnings per share of common stock | $ | 8.04 | $ | (0.59 | ) | $ | 7.45 | $ | 6.51 | ||||||||
1 | Acquisition-related charges and other relates primarily to inventory step-up, integration and consulting costs, gains or losses on sales of businesses, and a one-time net tax charge related to the recently enacted U.S. tax legislation. | ||||||||||||||||
2 | The normalized 2017 information, as reconciled to GAAP above, is considered relevant to aid analysis of the Company’s margin and earnings results aside from the material impact of the acquisition-related charges, gains or losses on sales of businesses, and a one-time net tax charge related to the recently enacted U.S. tax legislation. |
Fourth Quarter 2017 | |||||||||||||||||
Reported | Acquisition- Related Charges1 | Normalized2 | FOURTH QUARTER 2016 | ||||||||||||||
SEGMENT PROFIT | |||||||||||||||||
Tools & Storage | $ | 391.9 | $ | 13.6 | $ | 405.5 | $ | 312.4 | |||||||||
Industrial | 75.8 | — | 75.8 | 69.2 | |||||||||||||
Security | 55.5 | 1.1 | 56.6 | 69.9 | |||||||||||||
Segment Profit | 523.2 | 14.7 | 537.9 | 451.5 | |||||||||||||
Corporate Overhead | (68.1 | ) | 0.5 | (67.6 | ) | (58.7 | ) | ||||||||||
Total | $ | 455.1 | $ | 15.2 | $ | 470.3 | $ | 392.8 | |||||||||
Segment Profit as a Percentage of Net Sales | |||||||||||||||||
Tools & Storage | 16.1 | % | 16.7 | % | 16.2 | % | |||||||||||
Industrial | 16.0 | % | 16.0 | % | 15.2 | % | |||||||||||
Security | 10.9 | % | 11.1 | % | 13.1 | % | |||||||||||
Segment Profit | 15.3 | % | 15.8 | % | 15.5 | % | |||||||||||
Corporate Overhead | (2.0 | )% | (2.0 | )% | (2.0 | )% | |||||||||||
Total | 13.3 | % | 13.8 | % | 13.5 | % | |||||||||||
Year-to-Date 2017 | |||||||||||||||||
Reported | Acquisition- Related Charges1 | Normalized2 | YEAR-TO-DATE 2016 | ||||||||||||||
SEGMENT PROFIT | |||||||||||||||||
Tools & Storage | $ | 1,450.1 | $ | 81.8 | $ | 1,531.9 | $ | 1,266.9 | |||||||||
Industrial | 352.3 | — | 352.3 | 304.4 | |||||||||||||
Security | 212.3 | 2.0 | 214.3 | 269.2 | |||||||||||||
Segment Profit | 2,014.7 | 83.8 | 2,098.5 | 1,840.5 | |||||||||||||
Corporate Overhead | (216.8 | ) | 0.7 | (216.1 | ) | (197.2 | ) | ||||||||||
Total | $ | 1,797.9 | $ | 84.5 | $ | 1,882.4 | $ | 1,643.3 | |||||||||
Segment Profit as a Percentage of Net Sales | |||||||||||||||||
Tools & Storage | 16.4 | % | 17.3 | % | 17.0 | % | |||||||||||
Industrial | 18.1 | % | 18.1 | % | 16.5 | % | |||||||||||
Security | 11.0 | % | 11.1 | % | 12.8 | % | |||||||||||
Segment Profit | 15.8 | % | 16.5 | % | 16.1 | % | |||||||||||
Corporate Overhead | (1.7 | )% | (1.7 | )% | (1.7 | )% | |||||||||||
Total | 14.1 | % | 14.8 | % | 14.4 | % | |||||||||||
1 | Acquisition-related charges relate primarily to inventory step-up, integration and consulting costs. | ||||||||||||||||
2 | The normalized 2017 business segment information, as reconciled to GAAP above, is considered relevant to aid analysis of the Company's segment profit results aside from the material impact of the acquisition-related charges. |
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