Date of Report (Date of Earliest Event Reported): |
(State or other jurisdiction of incorporation) | (Commission File No.) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
NO. | DESCRIPTION | |||||||
99.1 | ||||||||
99.2 | ||||||||
99.3 | ||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document (filed electronically herewith). | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document (filed electronically herewith). | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document (filed electronically herewith). | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
Trinity Industries, Inc. | ||||||||
October 25, 2022 | By: | /s/ Eric R. Marchetto | ||||||
Name: Eric R. Marchetto | ||||||||
Title: Executive Vice President and Chief Financial Officer |
NEWS RELEASE | ![]() |
Three Months Ended September 30, | |||||||||||||||||
2022 | 2021 | Year over Year – Comparison | |||||||||||||||
($ in millions, except per share amounts) | |||||||||||||||||
Revenues | $ | 496.6 | $ | 419.8 | Higher volume of external deliveries and improved pricing in the Rail Products Group | ||||||||||||
Operating profit | $ | 92.7 | $ | 78.3 | Higher deliveries and improved pricing in the Rail Products Group, partially offset by higher fleet operating costs and increased depreciation in the Leasing Group | ||||||||||||
Net income from continuing operations attributable to Trinity Industries, Inc. | $ | 29.2 | $ | 21.6 | |||||||||||||
EBITDA (1) | $ | 164.3 | $ | 147.7 | |||||||||||||
Effective tax expense rate | 22.5 | % | 24.6 | % | |||||||||||||
Diluted EPS – GAAP | $ | 0.35 | $ | 0.22 | Primarily improved operating results and the impact of lower diluted weighted average shares outstanding | ||||||||||||
Diluted EPS – Adjusted (1) | $ | 0.34 | $ | 0.18 | |||||||||||||
Nine Months Ended September 30, | |||||||||||||||||
2022 | 2021 | Year over Year – Comparison | |||||||||||||||
(in millions) | |||||||||||||||||
Net cash provided by (used in) operating activities – continuing operations | $ | (52.6) | $ | 418.8 | 2022 impacted by cyclical shifts in anticipation of higher volumes of railcar deliveries in future periods and continued supply chain challenges. 2021 benefited from the collection of $248 million in income tax refunds. | ||||||||||||
Free Cash Flow (1) | $ | 0.1 | $ | 510.9 | |||||||||||||
Capital expenditures – leasing | $ | 691.1 | $ | 363.9 | |||||||||||||
Returns of capital to stockholders | $ | 122.7 | $ | 473.2 | 2021 included a privately negotiated repurchase agreement totaling $222.5 million |
Three Months Ended September 30, | |||||||||||||||||
2022 | 2021 | Year over Year – Comparison | |||||||||||||||
($ in millions) | |||||||||||||||||
Railcar Leasing and Management Services Group | |||||||||||||||||
Leasing and management revenues | $ | 194.8 | $ | 185.5 | Higher utilization, improved renewal rates, and the effect of net lease fleet investment activities | ||||||||||||
Leasing and management operating profit | $ | 73.6 | $ | 76.4 | Higher fleet operating costs and increased depreciation, partially offset by higher utilization on a larger lease fleet | ||||||||||||
Operating profit on lease portfolio sales | $ | 34.3 | $ | 32.9 | |||||||||||||
Fleet utilization (1) | 97.9 | % | 95.0 | % | |||||||||||||
Future Lease Rate Differential ("FLRD") (2) | +11.0 | % | +1.5 | % | Improvement in current market lease rates compared to the prior year period | ||||||||||||
Owned lease fleet (in units) (1) | 109,195 | 105,915 | Growth in the lease fleet | ||||||||||||||
Investor-owned lease fleet (in units) | 33,245 | 30,060 | Additional sale to Wafra in Q3 2022 | ||||||||||||||
Rail Products Group | |||||||||||||||||
Revenues | $ | 597.3 | $ | 339.9 | Higher volume of deliveries, favorable pricing, and price escalation | ||||||||||||
Revenues eliminations – Lease subsidiary | $ | (295.3) | $ | (105.3) | |||||||||||||
Operating profit (loss) | $ | 26.0 | $ | (3.1) | Higher deliveries, improved pricing and storm-related insurance recoveries, partially offset by disruptions in the transportation network used to deliver our products | ||||||||||||
Operating profit eliminations – Lease subsidiary | $ | (19.6) | $ | (4.5) | |||||||||||||
Operating profit (loss) margin | 4.4 | % | (0.9) | % | |||||||||||||
New railcars: | |||||||||||||||||
Deliveries (in units) | 3,935 | 2,410 | |||||||||||||||
Orders (in units) | 19,500 | 2,530 | 2022 includes long-term supply agreement of 15,000 railcars | ||||||||||||||
Order value | $ | 2,405.5 | $ | 218.6 | 2022 includes $1.8B from long-term supply agreement | ||||||||||||
Backlog value | $ | 4,090.9 | $ | 1,228.4 | |||||||||||||
Sustainable railcar conversions: | |||||||||||||||||
Deliveries (in units) | 300 | 242 | |||||||||||||||
Backlog (in units) | 2,420 | 1,127 | |||||||||||||||
Backlog value | $ | 201.4 | $ | 98.3 | |||||||||||||
Corporate and other | |||||||||||||||||
Selling, engineering, and administrative expenses | $ | 25.1 | $ | 25.9 | |||||||||||||
Gains on dispositions of property | $ | (3.7) | $ | (2.8) | |||||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||||||||
Loan-to-value ratio | |||||||||||||||||
Wholly-owned subsidiaries, including corporate revolving credit facility | 67.4 | % | 62.3 | % | Increased leverage associated with leased assets, partially offset by amortization of debt on encumbered assets |
Investor Contact: | ||
Leigh Anne Mann | ||
Vice President, Investor Relations | ||
Trinity Industries, Inc. | ||
(Investors) 214/631-4420 | ||
Media Contact: | ||
Jack L. Todd | ||
Vice President, Public Affairs | ||
Trinity Industries, Inc. | ||
(Media Line) 214/589-8909 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenues | $ | 496.6 | $ | 419.8 | $ | 1,386.1 | $ | 1,043.8 | |||||||||||||||
Operating costs: | |||||||||||||||||||||||
Cost of revenues | 395.3 | 337.4 | 1,119.4 | 785.8 | |||||||||||||||||||
Selling, engineering, and administrative expenses | 48.0 | 45.8 | 137.7 | 136.7 | |||||||||||||||||||
Gains on dispositions of property: | |||||||||||||||||||||||
Lease portfolio sales | 34.3 | 32.9 | 73.0 | 45.7 | |||||||||||||||||||
Other | 5.1 | 8.7 | 19.5 | 19.5 | |||||||||||||||||||
Restructuring activities, net | — | (0.1) | 1.0 | (1.1) | |||||||||||||||||||
403.9 | 341.5 | 1,165.6 | 856.2 | ||||||||||||||||||||
Operating profit | 92.7 | 78.3 | 220.5 | 187.6 | |||||||||||||||||||
Interest expense, net | 55.0 | 45.2 | 148.2 | 147.5 | |||||||||||||||||||
Loss on extinguishment of debt | — | — | 1.5 | 11.7 | |||||||||||||||||||
Other, net | (0.6) | (0.7) | (2.7) | 1.3 | |||||||||||||||||||
Income from continuing operations before income taxes | 38.3 | 33.8 | 73.5 | 27.1 | |||||||||||||||||||
Provision (benefit) for income taxes: | |||||||||||||||||||||||
Current | (2.6) | 0.5 | 1.2 | 5.7 | |||||||||||||||||||
Deferred | 11.2 | 7.8 | 16.2 | 3.7 | |||||||||||||||||||
8.6 | 8.3 | 17.4 | 9.4 | ||||||||||||||||||||
Income from continuing operations | 29.7 | 25.5 | 56.1 | 17.7 | |||||||||||||||||||
Income (loss) from discontinued operations, net of income taxes | (3.4) | 10.4 | (13.7) | 24.3 | |||||||||||||||||||
Loss on sale of discontinued operations, net of income taxes | — | — | (5.7) | — | |||||||||||||||||||
Net income | 26.3 | 35.9 | 36.7 | 42.0 | |||||||||||||||||||
Net income (loss) attributable to noncontrolling interest | 0.5 | 3.9 | 7.9 | (6.0) | |||||||||||||||||||
Net income attributable to Trinity Industries, Inc. | $ | 25.8 | $ | 32.0 | $ | 28.8 | $ | 48.0 | |||||||||||||||
Basic earnings per common share: | |||||||||||||||||||||||
Income from continuing operations | $ | 0.36 | $ | 0.22 | $ | 0.59 | $ | 0.23 | |||||||||||||||
Income (loss) from discontinued operations | (0.04) | 0.11 | (0.24) | 0.23 | |||||||||||||||||||
Basic net income attributable to Trinity Industries, Inc. | $ | 0.32 | $ | 0.33 | $ | 0.35 | $ | 0.46 | |||||||||||||||
Diluted earnings per common share: | |||||||||||||||||||||||
Income from continuing operations | $ | 0.35 | $ | 0.22 | $ | 0.57 | $ | 0.22 | |||||||||||||||
Income (loss) from discontinued operations | (0.04) | 0.11 | (0.23) | 0.23 | |||||||||||||||||||
Diluted net income attributable to Trinity Industries, Inc. | $ | 0.31 | $ | 0.33 | $ | 0.34 | $ | 0.45 | |||||||||||||||
Weighted average number of shares outstanding: | |||||||||||||||||||||||
Basic | 81.7 | 97.7 | 82.3 | 103.4 | |||||||||||||||||||
Diluted | 83.3 | 99.5 | 84.4 | 105.7 |
September 30, 2022 | December 31, 2021 | ||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | 58.5 | $ | 167.3 | |||||||
Receivables, net of allowance | 280.2 | 227.6 | |||||||||
Income tax receivable | 11.0 | 5.4 | |||||||||
Inventories | 686.5 | 432.9 | |||||||||
Restricted cash | 180.2 | 135.1 | |||||||||
Property, plant, and equipment, net: | |||||||||||
Manufacturing/Corporate | 341.6 | 349.3 | |||||||||
Leasing: | |||||||||||
Wholly-owned subsidiaries | 5,793.1 | 5,706.1 | |||||||||
Partially-owned subsidiaries | 1,533.5 | 1,570.6 | |||||||||
Deferred profit on railcars sold to the Leasing Group | (774.4) | (779.1) | |||||||||
6,893.8 | 6,846.9 | ||||||||||
Goodwill | 159.5 | 154.2 | |||||||||
Other assets | 329.4 | 266.5 | |||||||||
Total assets | $ | 8,599.1 | $ | 8,235.9 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Accounts payable | $ | 286.6 | $ | 206.4 | |||||||
Accrued liabilities | 288.9 | 307.4 | |||||||||
Debt: | |||||||||||
Recourse (1) | 459.0 | 398.7 | |||||||||
Non-recourse: | |||||||||||
Wholly-owned subsidiaries | 3,844.5 | 3,555.8 | |||||||||
Partially-owned subsidiaries | 1,190.2 | 1,216.1 | |||||||||
5,493.7 | 5,170.6 | ||||||||||
Deferred income taxes | 1,128.5 | 1,106.8 | |||||||||
Other liabilities | 140.3 | 147.9 | |||||||||
Stockholders' equity: | |||||||||||
Trinity Industries, Inc. | 1,005.9 | 1,029.8 | |||||||||
Noncontrolling interest | 255.2 | 267.0 | |||||||||
1,261.1 | 1,296.8 | ||||||||||
Total liabilities and stockholders' equity | $ | 8,599.1 | $ | 8,235.9 |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Operating activities: | |||||||||||
Net cash provided by (used in) operating activities – continuing operations | $ | (52.6) | $ | 418.8 | |||||||
Net cash provided by (used in) operating activities – discontinued operations | (15.4) | 8.4 | |||||||||
Net cash provided by (used in) operating activities | (68.0) | 427.2 | |||||||||
Investing activities: | |||||||||||
Proceeds from lease portfolio sales | 514.8 | 404.5 | |||||||||
Proceeds from dispositions of property and other assets | 33.2 | 34.3 | |||||||||
Capital expenditures – leasing | (691.1) | (363.9) | |||||||||
Capital expenditures – manufacturing and other | (25.7) | (16.9) | |||||||||
Acquisitions, net of cash acquired | (9.4) | (16.5) | |||||||||
Proceeds from insurance recoveries | 7.6 | 6.5 | |||||||||
Equity investments | (15.5) | (0.2) | |||||||||
Net cash provided by (used in) investing activities – continuing operations | (186.1) | 47.8 | |||||||||
Payments related to sale of discontinued operations | (2.7) | — | |||||||||
Net cash used in investing activities – discontinued operations | — | (4.2) | |||||||||
Net cash provided by (used in) investing activities | (188.8) | 43.6 | |||||||||
Financing activities: | |||||||||||
Net proceeds from (repayments of) debt | 313.0 | 136.9 | |||||||||
Shares repurchased | (36.8) | (406.5) | |||||||||
Dividends paid to common shareholders | (58.3) | (68.5) | |||||||||
Other | (24.8) | (16.0) | |||||||||
Net cash provided by (used in) financing activities | 193.1 | (354.1) | |||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | (63.7) | 116.7 | |||||||||
Cash, cash equivalents, and restricted cash at beginning of period | 302.4 | 228.4 | |||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 238.7 | $ | 345.1 |
Three Months Ended September 30, 2022 | |||||||||||||||||||||||
GAAP | Gains on dispositions of property – other (1) | Interest expense, net (2) | Adjusted | ||||||||||||||||||||
Operating profit | $ | 92.7 | $ | (1.1) | $ | — | $ | 91.6 | |||||||||||||||
Income from continuing operations before income taxes | $ | 38.3 | $ | (1.1) | $ | (0.3) | $ | 36.9 | |||||||||||||||
Provision (benefit) for income taxes | $ | 8.6 | $ | (0.3) | $ | (0.1) | $ | 8.2 | |||||||||||||||
Income from continuing operations | $ | 29.7 | $ | (0.8) | $ | (0.2) | $ | 28.7 | |||||||||||||||
Net income from continuing operations attributable to Trinity Industries, Inc. | $ | 29.2 | $ | (0.8) | $ | (0.2) | $ | 28.2 | |||||||||||||||
Diluted weighted average shares outstanding | 83.3 | 83.3 | |||||||||||||||||||||
Diluted income from continuing operations per common share attributable to Trinity Industries, Inc. | $ | 0.35 | $ | 0.34 |
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||
GAAP | Gains on dispositions of property – other (1) | Restructuring activities, net | Interest expense, net (2) | Adjusted | |||||||||||||||||||||||||
Operating profit | $ | 220.5 | $ | (7.5) | $ | 1.0 | $ | — | $ | 214.0 | |||||||||||||||||||
Income from continuing operations before income taxes | $ | 73.5 | $ | (7.5) | $ | 1.0 | $ | (1.0) | $ | 66.0 | |||||||||||||||||||
Provision (benefit) for income taxes | $ | 17.4 | $ | (1.9) | $ | 0.3 | $ | (0.3) | $ | 15.5 | |||||||||||||||||||
Income from continuing operations | $ | 56.1 | $ | (5.6) | $ | 0.7 | $ | (0.7) | $ | 50.5 | |||||||||||||||||||
Net income from continuing operations attributable to Trinity Industries, Inc. | $ | 48.2 | $ | (5.6) | $ | 0.7 | $ | (0.7) | $ | 42.6 | |||||||||||||||||||
Diluted weighted average shares outstanding | 84.4 | 84.4 | |||||||||||||||||||||||||||
Diluted income from continuing operations per common share attributable to Trinity Industries, Inc. | $ | 0.57 | $ | 0.50 |
Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||
GAAP | Gains on dispositions of property – other (1)(3) | Restructuring activities, net (3) | Income tax effect of CARES Act | Adjusted | |||||||||||||||||||||||||
Operating profit | $ | 78.3 | $ | (4.7) | $ | (0.1) | $ | — | $ | 73.5 | |||||||||||||||||||
Income from continuing operations before income taxes | $ | 33.8 | $ | (4.7) | $ | (0.1) | $ | — | $ | 29.0 | |||||||||||||||||||
Provision (benefit) for income taxes | $ | 8.3 | $ | (1.2) | $ | — | $ | 0.2 | $ | 7.3 | |||||||||||||||||||
Income from continuing operations | $ | 25.5 | $ | (3.5) | $ | (0.1) | $ | (0.2) | $ | 21.7 | |||||||||||||||||||
Net income from continuing operations attributable to Trinity Industries, Inc. | $ | 21.6 | $ | (3.5) | $ | (0.1) | $ | (0.2) | $ | 17.8 | |||||||||||||||||||
Diluted weighted average shares outstanding | 99.5 | 99.5 | |||||||||||||||||||||||||||
Diluted income from continuing operations per common share attributable to Trinity Industries, Inc. | $ | 0.22 | $ | 0.18 |
Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
GAAP | Gains on dispositions of property – other (1)(3) | Restructuring activities, net (3) | Loss on extinguishment of debt – Controlling Interest (3)(4) | Loss on extinguishment of debt – Noncontrolling Interest (5) | Pension plan settlement (3) | Income tax effect of CARES Act | Adjusted | ||||||||||||||||||||||||||||||||||||||||
Operating profit | $ | 187.6 | $ | (4.7) | $ | (1.1) | $ | — | $ | — | $ | — | $ | — | $ | 181.8 | |||||||||||||||||||||||||||||||
Income from continuing operations before income taxes | $ | 27.1 | $ | (4.7) | $ | (1.1) | $ | 4.6 | $ | 7.1 | $ | 2.2 | $ | — | $ | 35.2 | |||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | $ | 9.4 | $ | (1.2) | $ | (0.3) | $ | 1.0 | $ | — | $ | 0.5 | $ | (3.2) | $ | 6.2 | |||||||||||||||||||||||||||||||
Income from continuing operations | $ | 17.7 | $ | (3.5) | $ | (0.8) | $ | 3.6 | $ | 7.1 | $ | 1.7 | $ | 3.2 | $ | 29.0 | |||||||||||||||||||||||||||||||
Net income from continuing operations attributable to Trinity Industries, Inc. | $ | 23.7 | $ | (3.5) | $ | (0.8) | $ | 3.6 | $ | — | $ | 1.7 | $ | 3.2 | $ | 27.9 | |||||||||||||||||||||||||||||||
Diluted weighted average shares outstanding | 105.7 | 105.7 | |||||||||||||||||||||||||||||||||||||||||||||
Diluted income from continuing operations per common share attributable to Trinity Industries, Inc. | $ | 0.22 | $ | 0.26 |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Net cash provided by (used in) operating activities – continuing operations | $ | (52.6) | $ | 418.8 | |||||||
Proceeds from lease portfolio sales | 514.8 | 404.5 | |||||||||
Adjusted Net Cash Provided by Operating Activities | 462.2 | 823.3 | |||||||||
Capital expenditures – manufacturing and other | (25.7) | (16.9) | |||||||||
Dividends paid to common stockholders | (58.3) | (68.5) | |||||||||
Free Cash Flow (before Capital expenditures – leasing) | 378.2 | 737.9 | |||||||||
Equity CapEx for leased railcars | (378.1) | (227.0) | |||||||||
Total Free Cash Flow After Investments and Dividends | $ | 0.1 | $ | 510.9 | |||||||
Capital expenditures – leasing | $ | 691.1 | $ | 363.9 | |||||||
Less: | |||||||||||
Payments to retire debt | (1,351.5) | (2,256.8) | |||||||||
Proceeds from issuance of debt | 1,664.5 | 2,393.7 | |||||||||
Net proceeds from (repayments of) debt | 313.0 | 136.9 | |||||||||
Equity CapEx for leased railcars | $ | 378.1 | $ | 227.0 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income | $ | 26.3 | $ | 35.9 | $ | 36.7 | $ | 42.0 | |||||||||||||||
Less: Income (loss) from discontinued operations, net of income taxes | (3.4) | 10.4 | (13.7) | 24.3 | |||||||||||||||||||
Less: Loss on sale of discontinued operations, net of income taxes | — | — | (5.7) | — | |||||||||||||||||||
Income from continuing operations | $ | 29.7 | $ | 25.5 | $ | 56.1 | $ | 17.7 | |||||||||||||||
Interest expense | 56.2 | 45.3 | 152.3 | 147.8 | |||||||||||||||||||
Provision (benefit) for income taxes | 8.6 | 8.3 | 17.4 | 9.4 | |||||||||||||||||||
Depreciation and amortization expense | 69.8 | 68.6 | 206.0 | 200.4 | |||||||||||||||||||
EBITDA | $ | 164.3 | $ | 147.7 | $ | 431.8 | $ | 375.3 | |||||||||||||||
Gains on dispositions of property – other | (1.1) | (4.7) | (7.5) | (4.7) | |||||||||||||||||||
Restructuring activities, net | — | (0.1) | 1.0 | (1.1) | |||||||||||||||||||
Interest income | (0.3) | — | (1.0) | — | |||||||||||||||||||
Loss on extinguishment of debt | — | — | — | 11.7 | |||||||||||||||||||
Pension plan settlement | — | — | — | 2.2 | |||||||||||||||||||
Adjusted EBITDA | $ | 162.9 | $ | 142.9 | $ | 424.3 | $ | 383.4 |
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