Delaware | 0-26640 | 36-3943363 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
109 Northpark Boulevard, Covington, Louisiana | 70433-5001 |
(Address of principal executive offices) | (Zip Code) |
985-892-5521 | |
(Registrant's telephone number, including area code) |
(d) | Exhibits |
Press Release issued by Pool Corporation on February 15, 2018, announcing fiscal 2017 results and providing 2018 earnings guidance. |
• | Record annual sales of $2.79 billion up 8% from 2016 including 15% growth in Q4 2017 |
• | Record 2017 operating margin of 10.2% with base business operating margin up 40 bps for the year |
• | Record 2017 diluted EPS of $4.51, an increase of 30% over 2016, 15% excluding tax-related benefits |
• | 2018 diluted EPS guidance range of $5.36 to $5.61, an increase of 27% to 33% over 2017 |
Three Months Ended | Year Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 (1) | |||||||||||||
Net sales | $ | 510,183 | $ | 445,235 | $ | 2,788,188 | $ | 2,570,803 | ||||||||
Cost of sales | 364,785 | 317,458 | 1,982,899 | 1,829,716 | ||||||||||||
Gross profit | 145,398 | 127,777 | 805,289 | 741,087 | ||||||||||||
Percent | 28.5 | % | 28.7 | % | 28.9 | % | 28.8 | % | ||||||||
Selling and administrative expenses | 128,139 | 118,034 | 520,918 | 485,228 | ||||||||||||
Operating income | 17,259 | 9,743 | 284,371 | 255,859 | ||||||||||||
Percent | 3.4 | % | 2.2 | % | 10.2 | % | 10.0 | % | ||||||||
Interest and other non-operating expenses, net | 3,581 | 4,527 | 15,189 | 14,481 | ||||||||||||
Income before income taxes and equity earnings | 13,678 | 5,216 | 269,182 | 241,378 | ||||||||||||
Provision for income taxes (2) (3) | (11,969 | ) | 2,687 | 77,982 | 92,931 | |||||||||||
Equity earnings in unconsolidated investments, net | 18 | 43 | 139 | 156 | ||||||||||||
Net income | 25,665 | 2,572 | 191,339 | 148,603 | ||||||||||||
Net loss attributable to noncontrolling interest | — | 43 | 294 | 352 | ||||||||||||
Net income attributable to Pool Corporation | $ | 25,665 | $ | 2,615 | $ | 191,633 | $ | 148,955 | ||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | 0.64 | $ | 0.06 | $ | 4.69 | $ | 3.56 | ||||||||
Diluted | $ | 0.62 | $ | 0.06 | $ | 4.51 | $ | 3.47 | ||||||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | 40,164 | 41,218 | 40,838 | 41,872 | ||||||||||||
Diluted | 41,715 | 42,310 | 42,449 | 42,984 | ||||||||||||
Cash dividends declared per common share | $ | 0.37 | $ | 0.31 | $ | 1.42 | $ | 1.19 |
(1) | Derived from audited financial statements. |
(2) | Upon adoption of ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, we were required to recognize all excess tax benefits or deficiencies related to share-based compensation as a component of our income tax provision on our Consolidated Statements of Income, rather than a component of stockholders’ equity on our Condensed Consolidated Balance Sheets. We adopted this guidance during the first quarter of 2017 on a prospective basis, and as such, our prior year presentation has not changed. |
(3) | Our income tax provision reflects a benefit realized in the fourth quarter of 2017 related to the enactment of the Tax Cuts and Jobs Act. |
December 31, | December 31, | Change | |||||||||||||
2017 | 2016 (1) | $ | % | ||||||||||||
Assets | |||||||||||||||
Current assets: | |||||||||||||||
Cash and cash equivalents | $ | 29,940 | $ | 21,956 | $ | 7,984 | 36 | % | |||||||
Receivables, net (2) | 76,597 | 61,437 | 15,160 | 25 | |||||||||||
Receivables pledged under receivables facility | 119,668 | 104,714 | 14,954 | 14 | |||||||||||
Product inventories, net (3) | 536,474 | 486,116 | 50,358 | 10 | |||||||||||
Prepaid expenses and other current assets | 19,569 | 15,318 | 4,251 | 28 | |||||||||||
Deferred income taxes (4) | — | 6,016 | (6,016 | ) | (100 | ) | |||||||||
Total current assets | 782,248 | 695,557 | 86,691 | 12 | |||||||||||
Property and equipment, net | 100,939 | 83,290 | 17,649 | 21 | |||||||||||
Goodwill | 189,435 | 184,795 | 4,640 | 3 | |||||||||||
Other intangible assets, net | 13,223 | 13,326 | (103 | ) | (1 | ) | |||||||||
Equity interest investments | 1,127 | 1,172 | (45 | ) | (4 | ) | |||||||||
Other assets (4) | 14,090 | 15,955 | (1,865 | ) | (12 | ) | |||||||||
Total assets | $ | 1,101,062 | $ | 994,095 | $ | 106,967 | 11 | % | |||||||
Liabilities, redeemable noncontrolling interest and stockholders’ equity | |||||||||||||||
Current liabilities: | |||||||||||||||
Accounts payable | $ | 245,249 | $ | 230,728 | $ | 14,521 | 6 | % | |||||||
Accrued expenses and other current liabilities (4) | 65,482 | 64,387 | 1,095 | 2 | |||||||||||
Short-term borrowings and current portion of long-term debt | 10,835 | 1,105 | 9,730 | 881 | |||||||||||
Total current liabilities | 321,566 | 296,220 | 25,346 | 9 | |||||||||||
Deferred income taxes (4) | 24,585 | 34,475 | (9,890 | ) | (29 | ) | |||||||||
Long-term debt, net | 508,815 | 436,937 | 71,878 | 16 | |||||||||||
Other long-term liabilities | 22,950 | 18,966 | 3,984 | 21 | |||||||||||
Total liabilities | 877,916 | 786,598 | 91,318 | 12 | |||||||||||
Redeemable noncontrolling interest | — | 2,287 | (2,287 | ) | (100 | ) | |||||||||
Total stockholders’ equity | 223,146 | 205,210 | 17,936 | 9 | |||||||||||
Total liabilities, redeemable noncontrolling interest and stockholders’ equity | $ | 1,101,062 | $ | 994,095 | $ | 106,967 | 11 | % |
(1) | Derived from audited financial statements. |
(2) | The allowance for doubtful accounts was $3.9 million at December 31, 2017 and $4.1 million at December 31, 2016. |
(3) | The inventory reserve was $6.3 million at December 31, 2017 and $6.5 million at December 31, 2016. |
(4) | Upon adoption of ASU 2015-17, Balance Sheet Classification of Deferred Taxes, we were required to reclassify all of our deferred tax assets and liabilities as noncurrent on our Condensed Consolidated Balance Sheets. We adopted this guidance in the first quarter of 2017 on a prospective basis, and as such, our prior year balances or classifications have not changed. |
Year Ended | ||||||||||||
December 31, | ||||||||||||
2017 | 2016 (1) | Change | ||||||||||
Operating activities | ||||||||||||
Net income | $ | 191,339 | $ | 148,603 | $ | 42,736 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Depreciation | 24,157 | 20,338 | 3,819 | |||||||||
Amortization | 1,568 | 1,639 | (71 | ) | ||||||||
Share-based compensation | 12,482 | 9,902 | 2,580 | |||||||||
Excess tax benefits from share-based compensation (2) | — | (7,370 | ) | 7,370 | ||||||||
Equity earnings in unconsolidated investments, net | (139 | ) | (156 | ) | 17 | |||||||
Net (gains) losses on foreign currency transactions | (171 | ) | 679 | (850 | ) | |||||||
Other (3) | (3,976 | ) | 7,862 | (11,838 | ) | |||||||
Changes in operating assets and liabilities, net of effects of acquisitions: | ||||||||||||
Receivables | (21,903 | ) | (5,666 | ) | (16,237 | ) | ||||||
Product inventories | (35,783 | ) | (8,050 | ) | (27,733 | ) | ||||||
Prepaid expenses and other assets | (4,096 | ) | (3,077 | ) | (1,019 | ) | ||||||
Accounts payable | 5,077 | (17,896 | ) | 22,973 | ||||||||
Accrued expenses and other current liabilities | 6,756 | 18,570 | (11,814 | ) | ||||||||
Net cash provided by operating activities | 175,311 | 165,378 | 9,933 | |||||||||
Investing activities | ||||||||||||
Acquisition of businesses, net of cash acquired | (12,834 | ) | (19,730 | ) | 6,896 | |||||||
Purchase of property and equipment, net of sale proceeds | (39,390 | ) | (34,352 | ) | (5,038 | ) | ||||||
Other investments, net | 4 | 24 | (20 | ) | ||||||||
Payments to fund credit agreement | — | (5,322 | ) | 5,322 | ||||||||
Collections from credit agreement | — | 3,737 | (3,737 | ) | ||||||||
Net cash used in investing activities | (52,220 | ) | (55,643 | ) | 3,423 | |||||||
Financing activities | ||||||||||||
Proceeds from revolving line of credit | 1,067,868 | 1,154,090 | (86,222 | ) | ||||||||
Payments on revolving line of credit | (1,011,977 | ) | (1,072,557 | ) | 60,580 | |||||||
Proceeds from asset-backed financing | 161,600 | 155,000 | 6,600 | |||||||||
Payments on asset-backed financing | (145,100 | ) | (126,500 | ) | (18,600 | ) | ||||||
Proceeds from short-term borrowings and current portion of long-term debt | 27,333 | 18,442 | 8,891 | |||||||||
Payments on short-term borrowings and current portion of long-term debt | (17,603 | ) | (19,037 | ) | 1,434 | |||||||
Payments of deferred acquisition consideration | (324 | ) | — | (324 | ) | |||||||
Payments of deferred financing costs | (1,104 | ) | (69 | ) | (1,035 | ) | ||||||
Purchase of redeemable non-controlling interest | (2,573 | ) | — | (2,573 | ) | |||||||
Excess tax benefits from share-based compensation (2) | — | 7,370 | (7,370 | ) | ||||||||
Proceeds from stock issued under share-based compensation plans | 11,466 | 11,752 | (286 | ) | ||||||||
Payments of cash dividends | (58,029 | ) | (49,749 | ) | (8,280 | ) | ||||||
Purchases of treasury stock | (146,006 | ) | (178,414 | ) | 32,408 | |||||||
Net cash used in financing activities | (114,449 | ) | (99,672 | ) | (14,777 | ) | ||||||
Effect of exchange rate changes on cash and cash equivalents | (658 | ) | (1,344 | ) | 686 | |||||||
Change in cash and cash equivalents | 7,984 | 8,719 | (735 | ) | ||||||||
Cash and cash equivalents at beginning of period | 21,956 | 13,237 | 8,719 | |||||||||
Cash and cash equivalents at end of period | $ | 29,940 | $ | 21,956 | $ | 7,984 |
(1) | Derived from audited financial statements. |
(2) | Upon adoption of ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, the excess tax benefit from share‑based compensation is no longer reclassified out of operating income tax cash flows and no longer reported as a financing activity. We adopted this guidance on a prospective basis, and as such, our prior year presentation has not changed. |
(3) | The Tax Cuts and Jobs Act resulted in an additional $12.0 million of net income in 2017, all of which was non-cash. |
(Unaudited) | Base Business | Excluded | Total | ||||||||||||||||||||
(in thousands) | Three Months Ended | Three Months Ended | Three Months Ended | ||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||
Net sales | $ | 503,226 | $ | 444,218 | $ | 6,957 | $ | 1,017 | $ | 510,183 | $ | 445,235 | |||||||||||
Gross profit | 143,447 | 127,469 | 1,951 | 308 | 145,398 | 127,777 | |||||||||||||||||
Gross margin | 28.5 | % | 28.7 | % | 28.0 | % | 30.3 | % | 28.5 | % | 28.7 | % | |||||||||||
Operating expenses | 124,636 | 117,440 | 3,503 | 594 | 128,139 | 118,034 | |||||||||||||||||
Expenses as a % of net sales | 24.8 | % | 26.4 | % | 50.4 | % | 58.4 | % | 25.1 | % | 26.5 | % | |||||||||||
Operating income (loss) | 18,811 | 10,029 | (1,552 | ) | (286 | ) | 17,259 | 9,743 | |||||||||||||||
Operating margin | 3.7 | % | 2.3 | % | (22.3 | )% | (28.1 | )% | 3.4 | % | 2.2 | % |
(Unaudited) | Base Business | Excluded | Total | ||||||||||||||||||||
(in thousands) | Year Ended | Year Ended | Year Ended | ||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||
Net sales | $ | 2,749,672 | $ | 2,558,368 | $ | 38,516 | $ | 12,435 | $ | 2,788,188 | $ | 2,570,803 | |||||||||||
Gross profit | 793,866 | 737,335 | 11,423 | 3,752 | 805,289 | 741,087 | |||||||||||||||||
Gross margin | 28.9 | % | 28.8 | % | 29.7 | % | 30.2 | % | 28.9 | % | 28.8 | % | |||||||||||
Operating expenses | 508,273 | 481,924 | 12,645 | 3,304 | 520,918 | 485,228 | |||||||||||||||||
Expenses as a % of net sales | 18.5 | % | 18.8 | % | 32.8 | % | 26.6 | % | 18.7 | % | 18.9 | % | |||||||||||
Operating income (loss) | 285,593 | 255,411 | (1,222 | ) | 448 | 284,371 | 255,859 | ||||||||||||||||
Operating margin | 10.4 | % | 10.0 | % | (3.2 | )% | 3.6 | % | 10.2 | % | 10.0 | % |
Acquired | Acquisition Date | Net Sales Centers Acquired | Periods Excluded | |||
Chem Quip, Inc. (1) (2) | December 2017 | 5 | December 2017 | |||
Intermark | December 2017 | 1 | December 2017 | |||
E-Grupa | October 2017 | 1 | October - December 2017 | |||
New Star Holdings Pty. Ltd. | July 2017 | 1 | July - December 2017 | |||
Lincoln Aquatics (1) | April 2017 | 1 | May - December 2017 | |||
Metro Irrigation Supply Company Ltd. (1) | April 2016 | 8 | January - June 2017 and April - June 2016 | |||
The Melton Corporation (1) | November 2015 | 2 | January 2017 and January 2016 | |||
Seaboard Industries, Inc. (1) | October 2015 | 3 | January 2017 and January 2016 |
(1) | We acquired certain distribution assets of each of these companies. |
(2) | We completed this acquisition on December 29, 2017. Thus we reported no results of operations in fiscal 2017 for this acquisition due to the acquisition date; however the related sales centers are included in the sales center count below. |
December 31, 2016 | 344 | |
Acquired locations | 9 | |
New locations | 1 | |
Consolidated locations | (3 | ) |
December 31, 2017 | 351 |
(Unaudited) | Year Ended December 31, | |||||||
(in thousands) | 2017 | 2016 | ||||||
Net income | $ | 191,339 | $ | 148,603 | ||||
Add: | ||||||||
Interest and other non-operating expenses (1) | 15,360 | 13,802 | ||||||
Provision for income taxes | 77,982 | 92,931 | ||||||
Share-based compensation | 12,482 | 9,902 | ||||||
Goodwill impairment | — | — | ||||||
Equity earnings in unconsolidated investments, net | (139 | ) | (156 | ) | ||||
Depreciation | 24,157 | 20,338 | ||||||
Amortization (2) | 976 | 1,012 | ||||||
Adjusted EBITDA | $ | 322,157 | $ | 286,432 |
(1) | Shown net of interest income and net of gains and losses on foreign currency transactions and includes amortization of deferred financing costs as discussed below. |
(2) | Excludes amortization of deferred financing costs of $592 for 2017 and $627 for 2016. This non-cash expense is included in Interest and other non-operating expenses, net on the Consolidated Statements of Income. |
(Unaudited) | Year Ended December 31, | |||||||
(in thousands) | 2017 | 2016 | ||||||
Adjusted EBITDA | $ | 322,157 | $ | 286,432 | ||||
Add: | ||||||||
Interest and other non-operating expenses, net of interest income | (14,768 | ) | (13,175 | ) | ||||
Provision for income taxes | (77,982 | ) | (92,931 | ) | ||||
Net (gains) losses on foreign currency transactions | (171 | ) | 679 | |||||
Excess tax benefits from share-based compensation | — | (7,370 | ) | |||||
Other | (3,976 | ) | 7,862 | |||||
Change in operating assets and liabilities | (49,949 | ) | (16,119 | ) | ||||
Net cash provided by operating activities | $ | 175,311 | $ | 165,378 |
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