(State or other jurisdiction of | (Commission File Number) | (I.R.S. Employer | ||
incorporation or organization) | Identification Number) |
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: | |
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)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Exhibit Number | Exhibit Description | |
99.1 | ||
104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL (included as Exhibit 101) |
OVERSTOCK.COM, INC. | ||
By: | /s/ ADRIANNE B. LEE | |
Adrianne B. Lee | ||
Chief Financial Officer | ||
Date: | October 29, 2020 |
• | Total net revenue was $732 million, an increase of 111% year over year |
• | Gross profit was $171 million or 23% of total net revenue, an increase of 330 basis points year over year |
• | Net income attributable to stockholders of Overstock.com, Inc. was $23 million, an improvement of $54 million year over year |
• | Diluted earnings per share was $0.50, an improvement of $1.39 year over year |
• | Adjusted EBITDA (non-GAAP) was $40 million, an improvement of $58 million year over year |
• | YTD net cash provided by operating activities was $199 million, an improvement of $288 million year over year |
• | YTD free cash flow (non-GAAP) improved $291 million year over year |
• | At the end of the third quarter, cash and cash equivalents totaled $530 million |
• | Retail income before income taxes was $43 million, an improvement of $52 million year over year |
• | Retail Adjusted EBITDA (non-GAAP) was $50 million, or 7% of Retail net revenue, an improvement of $51 million (or 720 basis points) year over year |
• | Consolidated G&A expenses increased by $2 million but improved by 470 basis points as a percentage of total net revenue year over year |
• | tZERO net revenue was $11 million, an increase of 97% year over year, primarily due to SpeedRoute trading volume |
• | Newly acquired Retail customers increased 141% year over year |
• | Gross sales from orders placed on a mobile device were 50% of Retail gross sales in the third quarter of 2020 compared to 44% in the third quarter of 2019 |
• | Volume on the tZERO ATS increased 856% to a record 4 million shares (equivalent to $39 million in value of shares traded) |
Contacts Investor Relations: Alexis Callahan 801-947-5126 ir@overstock.com | Media Relations: Megan Herrick 801-947-3564 pr@overstock.com |
September 30, 2020 | December 31, 2019 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 529,710 | $ | 112,266 | |||
Restricted cash | 2,570 | 2,632 | |||||
Marketable securities at fair value | 1,355 | 10,308 | |||||
Accounts receivable, net of allowance for credit losses of $2,053 and $2,474 at September 30, 2020 and December 31, 2019, respectively | 35,403 | 24,728 | |||||
Inventories | 6,867 | 5,840 | |||||
Prepaids and other current assets | 19,704 | 21,589 | |||||
Total current assets | 595,609 | 177,363 | |||||
Property and equipment, net | 125,142 | 130,028 | |||||
Intangible assets, net | 9,009 | 11,756 | |||||
Goodwill | 27,120 | 27,120 | |||||
Equity securities | 48,983 | 42,043 | |||||
Operating lease right-of-use assets | 25,402 | 25,384 | |||||
Other long-term assets, net | 11,717 | 4,033 | |||||
Total assets | $ | 842,982 | $ | 417,727 | |||
Liabilities and Stockholders' Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 119,663 | $ | 75,416 | |||
Accrued liabilities | 145,668 | 88,197 | |||||
Unearned revenue | 78,757 | 41,821 | |||||
Operating lease liabilities, current | 5,959 | 6,603 | |||||
Other current liabilities | 3,803 | 3,962 | |||||
Total current liabilities | 353,850 | 215,999 | |||||
Long-term debt, net | 42,148 | — | |||||
Operating lease liabilities, non-current | 21,640 | 21,554 | |||||
Other long-term liabilities | 6,038 | 2,319 | |||||
Total liabilities | 423,676 | 239,872 | |||||
Commitments and contingencies | |||||||
Stockholders' equity: | |||||||
Preferred stock, $0.0001 par value, authorized shares - 5,000 | |||||||
Series A-1, issued and outstanding - 4,204 and 4,210 | — | — | |||||
Series B, issued and outstanding - 357 and 357 | — | — | |||||
Common stock, $0.0001 par value, authorized shares - 100,000 | |||||||
Issued shares - 46,317 and 42,790 | |||||||
Outstanding shares - 42,758 and 39,464 | 4 | 4 | |||||
Additional paid-in capital | 966,299 | 764,845 | |||||
Accumulated deficit | (537,089 | ) | (580,390 | ) | |||
Accumulated other comprehensive loss | (556 | ) | (568 | ) | |||
Treasury stock at cost - 3,559 and 3,326 | (71,124 | ) | (68,807 | ) | |||
Equity attributable to stockholders of Overstock.com, Inc. | 357,534 | 115,084 | |||||
Equity attributable to noncontrolling interests | 61,772 | 62,771 | |||||
Total stockholders' equity | 419,306 | 177,855 | |||||
Total liabilities and stockholders' equity | $ | 842,982 | $ | 417,727 |
Overstock.com, Inc. Consolidated Statements of Operations (Unaudited) (in thousands, except per share data) | |||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Revenue, net | |||||||||||||||
Retail | $ | 717,695 | $ | 340,798 | $ | 1,824,249 | $ | 1,070,898 | |||||||
Other | 13,956 | 6,301 | 41,519 | 17,639 | |||||||||||
Total net revenue | 731,651 | 347,099 | 1,865,768 | 1,088,537 | |||||||||||
Cost of goods sold | |||||||||||||||
Retail | 548,982 | 272,545 | 1,403,418 | 858,169 | |||||||||||
Other | 11,901 | 5,006 | 35,860 | 13,797 | |||||||||||
Total cost of goods sold | 560,883 | 277,551 | 1,439,278 | 871,966 | |||||||||||
Gross profit | 170,768 | 69,548 | 426,490 | 216,571 | |||||||||||
Operating expenses: | |||||||||||||||
Sales and marketing | 72,010 | 34,215 | 188,562 | 102,252 | |||||||||||
Technology | 34,984 | 32,782 | 101,458 | 101,368 | |||||||||||
General and administrative | 34,225 | 32,681 | 94,022 | 104,877 | |||||||||||
Total operating expenses | 141,219 | 99,678 | 384,042 | 308,497 | |||||||||||
Operating income (loss) | 29,549 | (30,130 | ) | 42,448 | (91,926 | ) | |||||||||
Interest income | 402 | 449 | 1,288 | 1,482 | |||||||||||
Interest expense | (579 | ) | (57 | ) | (1,367 | ) | (289 | ) | |||||||
Other income (expense), net | (7,526 | ) | (4,781 | ) | (5,014 | ) | (14,048 | ) | |||||||
Income (loss) before income taxes | 21,846 | (34,519 | ) | 37,355 | (104,781 | ) | |||||||||
Provision for income taxes | 620 | 23 | 1,313 | 279 | |||||||||||
Net income (loss) | 21,226 | (34,542 | ) | 36,042 | (105,060 | ) | |||||||||
Less: Net loss attributable to noncontrolling interests | (2,165 | ) | (3,604 | ) | (7,372 | ) | (10,197 | ) | |||||||
Net income (loss) attributable to stockholders of Overstock.com, Inc. | $ | 23,391 | $ | (30,938 | ) | $ | 43,414 | $ | (94,863 | ) | |||||
Net income (loss) per share of common stock: | |||||||||||||||
Net income (loss) attributable to common shares—basic | $ | 0.50 | $ | (0.89 | ) | $ | 1.00 | $ | (2.74 | ) | |||||
Net income (loss) attributable to common shares—diluted | $ | 0.50 | $ | (0.89 | ) | $ | 0.99 | $ | (2.74 | ) | |||||
Weighted average shares of common stock outstanding: | |||||||||||||||
Basic | 41,595 | 35,241 | 40,697 | 34,289 | |||||||||||
Diluted | 42,202 | 35,241 | 41,030 | 34,289 |
Overstock.com, Inc. Consolidated Statements of Cash Flows (Unaudited) (in thousands) | |||||||
Nine months ended September 30, | |||||||
2020 | 2019 | ||||||
Cash flows from operating activities: | |||||||
Consolidated net income (loss) | $ | 36,042 | $ | (105,060 | ) | ||
Adjustments to reconcile consolidated net income (loss) to net cash provided by (used in) operating activities: | |||||||
Depreciation and amortization | 22,709 | 23,033 | |||||
Non-cash operating lease cost | 4,379 | 4,940 | |||||
Stock-based compensation to employees and directors | 8,356 | 13,623 | |||||
Impairment of equity securities | 813 | 6,964 | |||||
Losses on equity method securities | 11,909 | 4,922 | |||||
Gain on disposal of business | (10,705 | ) | — | ||||
Impairments on intangible assets | — | 1,406 | |||||
Other non-cash adjustments | 2,587 | 1,978 | |||||
Changes in operating assets and liabilities, net of acquisitions: | |||||||
Accounts receivable, net | (15,715 | ) | 12,858 | ||||
Inventories | (1,027 | ) | 6,864 | ||||
Prepaids and other current assets | (42 | ) | 5,473 | ||||
Other long-term assets, net | 26 | (1,046 | ) | ||||
Accounts payable | 44,101 | (42,110 | ) | ||||
Accrued liabilities | 59,657 | (8,683 | ) | ||||
Unearned revenue | 37,161 | (10,066 | ) | ||||
Operating lease liabilities | (4,954 | ) | (4,086 | ) | |||
Other long-term liabilities | 3,413 | (205 | ) | ||||
Net cash provided by (used in) operating activities | 198,710 | (89,195 | ) | ||||
Cash flows from investing activities: | |||||||
Purchase of equity securities | (1,553 | ) | (5,106 | ) | |||
Proceeds from sale of equity securities and marketable securities | 6,306 | 7,082 | |||||
Acquisitions of businesses, net of cash acquired | — | 4,886 | |||||
Expenditures for property and equipment | (15,067 | ) | (17,902 | ) | |||
Deconsolidation of cash of Medici Land Governance, Inc. | (4,056 | ) | — | ||||
Other investing activities, net | (1,061 | ) | (3,219 | ) | |||
Net cash used in investing activities | (15,431 | ) | (14,259 | ) | |||
Cash flows from financing activities: | |||||||
Payments on long-term debt | (1,566 | ) | (3,141 | ) | |||
Proceeds from long-term debt | 47,500 | — | |||||
Proceeds from sale of common stock, net of offering costs | 195,540 | 52,112 | |||||
Payments of taxes withheld upon vesting of restricted stock | (2,317 | ) | (1,373 | ) | |||
Other financing activities, net | (5,054 | ) | (1,161 | ) | |||
Net cash provided by financing activities | 234,103 | 46,437 | |||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 417,382 | (57,017 | ) | ||||
Cash, cash equivalents and restricted cash, beginning of period | 114,898 | 142,814 | |||||
Cash, cash equivalents and restricted cash, end of period | $ | 532,280 | $ | 85,797 |
Three months ended September 30, | |||||||||||||||||||
Retail | tZERO | MVI | Other | Total | |||||||||||||||
2020 | |||||||||||||||||||
Net revenue | $ | 717,695 | $ | 11,151 | $ | 2,805 | $ | — | $ | 731,651 | |||||||||
Cost of goods sold | 548,982 | 9,098 | 2,803 | — | 560,883 | ||||||||||||||
Gross profit | 168,713 | 2,053 | 2 | — | 170,768 | ||||||||||||||
Operating expenses | 125,458 | 10,613 | 2,923 | 2,225 | 141,219 | ||||||||||||||
Interest and other expense, net | (205 | ) | (3,848 | ) | (3,650 | ) | — | (7,703 | ) | ||||||||||
Income (loss) before income taxes | $ | 43,050 | $ | (12,408 | ) | $ | (6,571 | ) | $ | (2,225 | ) | 21,846 | |||||||
Provision for income taxes | 620 | ||||||||||||||||||
Net income | $ | 21,226 | |||||||||||||||||
2019 | |||||||||||||||||||
Net revenue | $ | 340,798 | $ | 5,662 | $ | 639 | $ | — | $ | 347,099 | |||||||||
Cost of goods sold | 272,545 | 4,367 | 639 | — | 277,551 | ||||||||||||||
Gross profit | 68,253 | 1,295 | — | — | 69,548 | ||||||||||||||
Operating expenses | 77,641 | 14,114 | 4,427 | 3,496 | 99,678 | ||||||||||||||
Interest and other income (expense), net | 137 | (475 | ) | (4,057 | ) | 6 | (4,389 | ) | |||||||||||
Loss before income taxes | $ | (9,251 | ) | $ | (13,294 | ) | $ | (8,484 | ) | $ | (3,490 | ) | (34,519 | ) | |||||
Provision for income taxes | 23 | ||||||||||||||||||
Net loss | $ | (34,542 | ) | ||||||||||||||||
Nine months ended September 30, | |||||||||||||||||||
Retail | tZERO | MVI | Other | Total | |||||||||||||||
2020 | |||||||||||||||||||
Net revenue | $ | 1,824,249 | $ | 34,127 | $ | 7,230 | $ | 162 | $ | 1,865,768 | |||||||||
Cost of goods sold | 1,403,418 | 28,634 | 7,226 | — | 1,439,278 | ||||||||||||||
Gross profit | 420,831 | 5,493 | 4 | 162 | 426,490 | ||||||||||||||
Operating expenses | 333,284 | 34,087 | 8,374 | 8,297 | 384,042 | ||||||||||||||
Interest and other income (expense), net | (621 | ) | (6,898 | ) | 2,423 | 3 | (5,093 | ) | |||||||||||
Income (loss) before income taxes | $ | 86,926 | $ | (35,492 | ) | $ | (5,947 | ) | $ | (8,132 | ) | 37,355 | |||||||
Provision for income taxes | 1,313 | ||||||||||||||||||
Net income | $ | 36,042 | |||||||||||||||||
2019 | |||||||||||||||||||
Net revenue | $ | 1,070,898 | $ | 15,709 | $ | 1,930 | $ | — | $ | 1,088,537 | |||||||||
Cost of goods sold | 858,169 | 11,867 | 1,930 | — | 871,966 | ||||||||||||||
Gross profit | 212,729 | 3,842 | — | — | 216,571 | ||||||||||||||
Operating expenses | 244,571 | 41,410 | 11,583 | 10,933 | 308,497 | ||||||||||||||
Interest and other income (expense), net | 312 | (1,098 | ) | (12,068 | ) | (1 | ) | (12,855 | ) | ||||||||||
Loss before income taxes | $ | (31,530 | ) | $ | (38,666 | ) | $ | (23,651 | ) | $ | (10,934 | ) | (104,781 | ) | |||||
Provision for income taxes | 279 | ||||||||||||||||||
Net loss | $ | (105,060 | ) |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Net income (loss) | $ | 21,226 | $ | (34,542 | ) | $ | 36,042 | $ | (105,060 | ) | |||||
Depreciation and amortization (1) | 7,592 | 7,518 | 22,709 | 21,596 | |||||||||||
Stock-based compensation | 2,623 | 4,467 | 8,356 | 13,623 | |||||||||||
Interest (income) expense, net | 177 | (392 | ) | 79 | (1,193 | ) | |||||||||
Other expense, net | 7,526 | 4,781 | 5,014 | 14,048 | |||||||||||
Provision for income taxes | 620 | 23 | 1,313 | 279 | |||||||||||
Special items (see table below) | 288 | 185 | (8,087 | ) | 1,942 | ||||||||||
Adjusted EBITDA | $ | 40,052 | $ | (17,960 | ) | $ | 65,426 | $ | (54,765 | ) | |||||
Segment Adjusted EBITDA | |||||||||||||||
Retail | $ | 50,249 | $ | (575 | ) | $ | 101,395 | $ | (1,452 | ) | |||||
tZERO | (5,675 | ) | (11,233 | ) | (20,977 | ) | (33,169 | ) | |||||||
MVI | (2,470 | ) | (2,691 | ) | (7,053 | ) | (9,285 | ) | |||||||
Other | (2,052 | ) | (3,461 | ) | (7,939 | ) | (10,859 | ) | |||||||
Adjusted EBITDA | $ | 40,052 | $ | (17,960 | ) | $ | 65,426 | $ | (54,765 | ) | |||||
Special items: | |||||||||||||||
Special legal charges (2) | $ | — | $ | (1,221 | ) | $ | (9,773 | ) | $ | (1,221 | ) | ||||
Severance | 288 | — | 1,686 | 1,757 | |||||||||||
Impairment on Intangible Assets | — | 1,406 | — | 1,406 | |||||||||||
$ | 288 | $ | 185 | $ | (8,087 | ) | $ | 1,942 |
Nine months ended September 30, | |||||||
2020 | 2019 | ||||||
Net cash provided by (used in) operating activities | $ | 198,710 | $ | (89,195 | ) | ||
Expenditures for property and equipment | (15,067 | ) | (17,902 | ) | |||
Free cash flow | $ | 183,643 | $ | (107,097 | ) |
Three months ended September 30, | |||||||
2020 | 2019 | ||||||
Retail: | |||||||
Net revenue | $ | 717,695 | $ | 340,798 | |||
Cost of goods sold | 548,982 | 272,545 | |||||
Gross profit | 168,713 | 68,253 | |||||
Less: Sales and marketing expense | 71,231 | 33,551 | |||||
Contribution | $ | 97,482 | $ | 34,702 | |||
Contribution margin | 13.6 | % | 10.2 | % |
=NSCK]Q:^EJ]6A6C7IJI#9GYGF^5U\EQM3 8FW/"U[;:I
M/RZ,6BBBMSQPHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHKYA_X*)_&[Q?\ L_?LXW/B
MWP1J,>EZXFJ6ML+B6VCG'EN6W#;(I7G YQ0!]/45^1W["?\ P4#^-WQN_:J\
M$>"O%_BBVU'P[JGV[[5;1Z5:PL_EV-Q,GSI&&&'C0\'G&*_7&@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH *2EI* /R[_:P_P"3A/&/_7>'_P!)XZ\F
M_"O6?VL/^3A/&/\ UVA_]$1UY+Q7YOBOX]3U?YG^@?#7_(DP?_7N'_I*%HI.
M*.*Y#Z4**0XKM/!OP7\$((WA_PS?7T+@LMP4\J!L>DK[5)]LUI"G.H[05S
MAQ6-PN!A[3%5%"/>327XG&?A17T;H_[!OQ%U"&"6\N-'TP.,O#+<.\L?MA$*
MDCV:NH_X=YZYY&[_ (2ZR\W^Y]C?'7UW>GM7-/$UN7
MT*UE_P!!LY =MW(IY=O6-2,8_B8$'@$-4\?_ LN?C!^V5K^@)NCL_/BGOIU
MZQ6ZP1;B#ZG(4>[ ],U][Z+I%IH&DVFFV%O':V5K$L,,,8PJ(H ]@*^9PN
M"57$SK3V3=OO/Z+XFXMGEO#^"RG!2M4G2AS-?9CRK3U?X+U*'C+Q5IW@/PIJ
M6N:E((K'3X&FDQ@$X'"KGJQ. !W) K\H/'_CC4/B1XQU/Q%JCEKJ^E+[,Y$:
M=%C'LJX'OC-?97[?_CJ32_!^B>%[>1E.K3M/<[3P8H<$*?J[(?\ @!KX3X[5
MRYQB'*HJ*V6Y]#X4Y''#X&>;55[]1VCY13U^]_DAU%)Q1Q7SA^^"T4G%'% !
M^=?HQ^QI\9)?B1\/7TC4IS-KFA;()9')+30$?NI"2.3\K*>2?DR?O5^P?
MLH>.F\!_&W0G9RMIJC_V9<*!G=YA 3_R((^>PS7K9;B'0KI=):'YIQ_D<,YR
M6I)+]Y2]^+]-U\U^-C]/ZBN(5N(7B&Q51WDXV
M?K'W6_P/LO\ X)S_ /'Q\0/]VP_G<5]JU\5?\$Y_^/CX@?[MA_.XK[5K['+?
M]TA\_P V?RAXB?\ )3XO_MW_ -(B
OY\?@_P#$W4/@U\1=
M(\::2BOJVD^;+9F0 JDYA=(W8$$$*S*Q4]=I'&
Cover Page |
Oct. 29, 2020 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Oct. 29, 2020 |
Entity Registrant Name | Overstock.com, Inc. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 000-49799 |
Entity Tax Identification Number | 87-0634302 |
Entity Address, Address Line One | 799 W. Coliseum Way |
Entity Address, City or Town | Midvale |
Entity Address, State or Province | UT |
Entity Address, Postal Zip Code | 84047 |
City Area Code | 801 |
Local Phone Number | 947-3100 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.0001 par value per share |
Trading Symbol | OSTK |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001130713 |
Amendment Flag | false |
-8?20$3;8T.P
M6BP^0"X99K>]9!:G
,W;ZJF^#S.4/-,4:*JCNJ:AG&Z#;CCL.(P:#@GK59:$51
M.@;PO[WGPCT7BKG07'/AV-;[7E]7AH9CF(HW=I7!R!MY$&AX TTWO-M<>$%O
MCJO"2?FPWFZ6M 8=I:\;NJ+=G2=?FID#IX_;&HS^^3DS\@=$V5D0EFF![53
M7BY__/WVDOD\S/ V'(*JFY2"\OJ9K'F_T4^VT=L^YYEXSFBRA9LO2GT&9A
MTXOF2BV]I''X'_YYS^/[1>\7_6,*]J9SUV*TGKZ._ S/%>)PK*
M+!E+6;!!^M4#L]S^5%DS(/?1TR;.7V+RV;*ZBF4^_C$H?6<*VE#E#RVIEAS6
M[/=,3<+#.)L/&3"_.AAYQ%4&\@V,=8&7;I4/E?HSXD PQ='G$XS/V\>E7VUKRMEB*-=>=-2V*1N1>Z+>NU
M&EXMJ[[Y3_2E8@ASF2+&*:4$.BK5LH3].\+TRWM&/UO':T&)$L@XRQCA*?$)
M<&>I@8&X*@,S%+5)ESNVFKMZ&$!\<_Q0>5#
M\M]*%^\*(PN:DBL:%8PL\'JQV=,\V/?"-F?]U+FN.)HZ'(XM75/-D>LZZA <
M(L^RAI8S[@_TYN94.J!4 6T[ QF+?_+%KW6#U2O<9R_GUZS_- B6
MOVVX']BL3*(PK9L _?RUL [,(BKH[KZN59)5K]2G7?4R*],YMVYO_466]RQ
MM?#^\%W?<7HOUTR.VX/R]/V5L[J'WE[>47*NPX*L*B>4A)G0W<"*+:0*9-OV
M,W+#PIP( TG^M6&P$"4M0LFO.2\*,LOY*"D50.S G@.$@!+@N,\$-.ZHS'?
MX[H6&89% D_C208J! *I2T!ZM[0#P[+,DV&E%M:2$ZD.3T"# ,U8(&63BBRA
MM[3Y%+JF@,LK)EUM<-OWOK< )F*K2]AZDZ25,%-@JC-X-# ,3'PQ"?-Z3;-.
M?6LC8NQ3=X!8Z116SN-_5H4 R]N?+R[?G)/CC&
P.9P:;NR[D%8M7U>CNZ"JVYP,7MV+G#:K1[8)FOT_M@98+UC1DMDJ-_B-C
M82X.LL_9%WJ6-B(3D;E?TWO@(# 1F 8"TW%T\FH1F C,/=Z1P[(I<1SP.9,?6.'((HB$A-$$V12#;'B!D)&W'W](@QQ:&-O!%86 :,H%D2D1*9*^'6\$T8;
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M=2N3A<183C%F3BLD".7WLZ%."3,,\, 9R5%&+B-T*6:"YE]:R9=@(X8S$2
MNF,\>&6]X2-IR4);,A<7#HHF'NX'Q@O9%P>.>LZU@9#==NQ 20O^O3Y2VD@B
M;[6F:B/F:#:[SHK'0Q*8&FPY@L2:ZHESG(K5HQT"(!U\ ^K^@3PMC<^($6V)
M$$JXZJ\*,*3]]DM0WO6S,QM-LU#8#G5JV!K-GFX=;4B@,[ -&&-V$XJF_I
MFX-2@U1VHZFI/T%;HFQX[7=?=Q"=?AN7DZQO'%'*I"GC/ 64& ?40^< $WR?
MQT9@@#FA)J6>KH8@2!5GRD(CJ 56*6L[!M!<1)*?)1#]\_1?R4I>Q)8HVJF
M#5&7)L4Q)=:?5K9$3]+?M2&JZ]+K8Z*^]+R%*@G'P+=B4/T=QI.[R]-\TD]I
M6CUARB471EHMK,!P6=G2:!6\^UF/*HGBW"K+H=\8*,J50"G'P&(!%/0+K*X!
ML!"3+-2$]WVD-?N;OCM7(CL^S) V>MY1U=7L^6UV_QFKKSI@41/\?;V^&%
M+X!L_M<")/+[<^:(0(XP!+'07*P*V8%4QL[S:\&A\&A*!:+,0()1JJPBJ<
M0@)]FW1]H72E*5F)BOQ;'_4,"Y_N._,J\@QHG$UMSOB/'=@SZ]