(State or other jurisdiction of incorporation or organization) | (I.R.S. employer identification number) | ||
(Address of principal executive offices) | (Zip Code) |
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 Class | Trading Symbol(s) | Name of each exchange on which registered |
(d) | Exhibits. |
EVERTEC, Inc. | ||
(Registrant) | ||
Date: October 30, 2019 | By: | /s/ Joaquin A. Castrillo-Salgado |
Name: Joaquin A. Castrillo-Salgado | ||
Title: Chief Financial Officer |
• | Revenue grew 6% to $118.8 million |
• | GAAP Net Income attributable to common shareholders was $24.8 million or $0.34 per diluted share |
• | Adjusted EBITDA increased 6% to $55.5 million |
• | Adjusted earnings per common share was $0.47, an increase of 4% |
• | Revenue grew 7% to $360.2 million |
• | GAAP Net Income attributable to common shareholders was $78.5 million or $1.07 per diluted share |
• | Adjusted EBITDA increased 7% to $170.9 million |
• | Adjusted earnings per common share was $1.48, an increase of 7% |
• | Total consolidated revenue is now expected to be between $479 million and $482 million representing growth of 5% to 6%, compared with $477 million to $482 million previously estimated. |
• | Adjusted earnings per common share is expected to be between $1.95 and $1.98 representing growth of 6% to 8% from $1.84 in 2018, compared with $1.92 to $1.98 previously estimated. |
• | Capital expenditures continue to be anticipated to range between $50 million and $55 million. |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
(Dollar amounts in thousands, except share data) | ||||||||||||||||
Revenues | $ | 118,804 | $ | 112,017 | $ | 360,188 | $ | 335,638 | ||||||||
Operating costs and expenses | ||||||||||||||||
Cost of revenues, exclusive of depreciation and amortization shown below | 51,878 | 49,464 | 154,498 | 146,015 | ||||||||||||
Selling, general and administrative expenses | 15,152 | 14,404 | 45,355 | 45,684 | ||||||||||||
Depreciation and amortization | 16,972 | 15,788 | 50,440 | 47,383 | ||||||||||||
Total operating costs and expenses | 84,002 | 79,656 | 250,293 | 239,082 | ||||||||||||
Income from operations | 34,802 | 32,361 | 109,895 | 96,556 | ||||||||||||
Non-operating income (expenses) | ||||||||||||||||
Interest income | 348 | 205 | 864 | 526 | ||||||||||||
Interest expense | (7,267 | ) | (7,557 | ) | (22,191 | ) | (22,901 | ) | ||||||||
Earnings of equity method investment | 371 | 238 | 726 | 612 | ||||||||||||
Other income (expenses) | 252 | 1,130 | (619 | ) | 1,878 | |||||||||||
Total non-operating expenses | (6,296 | ) | (5,984 | ) | (21,220 | ) | (19,885 | ) | ||||||||
Income before income taxes | 28,506 | 26,377 | 88,675 | 76,671 | ||||||||||||
Income tax expense | 3,720 | 3,302 | 10,018 | 10,349 | ||||||||||||
Net income | 24,786 | 23,075 | 78,657 | 66,322 | ||||||||||||
Less: Net income attributable to non-controlling interest | 32 | 78 | 201 | 251 | ||||||||||||
Net income attributable to EVERTEC, Inc.’s common stockholders | 24,754 | 22,997 | 78,456 | 66,071 | ||||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||
Foreign currency translation adjustments | (576 | ) | (4,325 | ) | 3,714 | (6,225 | ) | |||||||||
(Loss) gain on cash flow hedges | (2,922 | ) | 219 | (13,019 | ) | 2,109 | ||||||||||
Total comprehensive income attributable to EVERTEC, Inc.’s common stockholders | $ | 21,256 | $ | 18,891 | $ | 69,151 | $ | 61,955 | ||||||||
Net income per common share: | ||||||||||||||||
Basic | $ | 0.34 | $ | 0.32 | $ | 1.09 | $ | 0.91 | ||||||||
Diluted | $ | 0.34 | $ | 0.31 | $ | 1.07 | $ | 0.89 | ||||||||
Shares used in computing net income per common share: | ||||||||||||||||
Basic | 71,942,403 | 72,721,414 | 72,148,312 | 72,590,679 | ||||||||||||
Diluted | 73,314,704 | 74,657,100 | 73,530,865 | 74,123,431 |
(In thousands) | September 30, 2019 | December 31, 2018 | ||||||
Assets | ||||||||
Current Assets: | ||||||||
Cash and cash equivalents | $ | 102,535 | $ | 69,973 | ||||
Restricted cash | 13,399 | 16,773 | ||||||
Accounts receivable, net | 92,195 | 100,323 | ||||||
Prepaid expenses and other assets | 36,405 | 29,124 | ||||||
Total current assets | 244,534 | 216,193 | ||||||
Investment in equity investee | 12,257 | 12,149 | ||||||
Property and equipment, net | 43,179 | 36,763 | ||||||
Operating lease right-of-use asset | 30,920 | — | ||||||
Goodwill | 395,848 | 394,644 | ||||||
Other intangible assets, net | 244,672 | 259,269 | ||||||
Deferred tax asset | 2,020 | 1,917 | ||||||
Net investment in lease | 780 | 1,060 | ||||||
Other long-term assets | 5,856 | 5,297 | ||||||
Total assets | $ | 980,066 | $ | 927,292 | ||||
Liabilities and stockholders’ equity | ||||||||
Current Liabilities: | ||||||||
Accrued liabilities | $ | 64,226 | $ | 57,006 | ||||
Accounts payable | 24,966 | 47,272 | ||||||
Unearned income | 14,596 | 11,527 | ||||||
Income tax payable | 4,595 | 6,650 | ||||||
Current portion of long-term debt | 14,250 | 14,250 | ||||||
Current portion of operating lease liability | 5,704 | — | ||||||
Total current liabilities | 128,337 | 136,705 | ||||||
Long-term debt | 514,217 | 524,056 | ||||||
Deferred tax liability | 4,565 | 9,950 | ||||||
Unearned income - long term | 29,722 | 26,075 | ||||||
Operating lease liability - long-term | 25,686 | — | ||||||
Other long-term liabilities | 28,283 | 14,900 | ||||||
Total liabilities | 730,810 | 711,686 | ||||||
Stockholders’ equity | ||||||||
Preferred stock, par value $0.01; 2,000,000 shares authorized; none issued | — | — | ||||||
Common stock, par value $0.01; 206,000,000 shares authorized; 71,947,563 shares issued and outstanding at September 30, 2019 (December 31, 2018 - 72,378,710) | 719 | 723 | ||||||
Additional paid-in capital | 3,058 | 5,783 | ||||||
Accumulated earnings | 274,518 | 228,742 | ||||||
Accumulated other comprehensive loss, net of tax | (33,094 | ) | (23,789 | ) | ||||
Total EVERTEC, Inc. stockholders’ equity | 245,201 | 211,459 | ||||||
Non-controlling interest | 4,055 | 4,147 | ||||||
Total equity | 249,256 | 215,606 | ||||||
Total liabilities and equity | $ | 980,066 | $ | 927,292 |
Nine months ended September 30, | ||||||||
2019 | 2018 | |||||||
Cash flows from operating activities | ||||||||
Net income | $ | 78,657 | $ | 66,322 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 50,440 | 47,383 | ||||||
Amortization of debt issue costs and accretion of discount | 1,256 | 3,410 | ||||||
Operating lease amortization | 3,966 | — | ||||||
Provision for doubtful accounts and sundry losses | 3,224 | 1,065 | ||||||
Deferred tax benefit | (4,197 | ) | (2,734 | ) | ||||
Share-based compensation | 10,168 | 9,692 | ||||||
Loss on disposition of property and equipment and other intangibles | 691 | 12 | ||||||
Earnings of equity method investment | (726 | ) | (612 | ) | ||||
Dividend received from equity method investment | 485 | 390 | ||||||
(Increase) decrease in assets: | ||||||||
Accounts receivable, net | 6,475 | (64 | ) | |||||
Prepaid expenses and other assets | (7,268 | ) | (4,462 | ) | ||||
Other long-term assets | (1,450 | ) | (280 | ) | ||||
Increase (decrease) in liabilities: | ||||||||
Accounts payable and accrued liabilities | (6,834 | ) | (3,674 | ) | ||||
Income tax payable | (2,080 | ) | 4,278 | |||||
Unearned income | 6,718 | 7,655 | ||||||
Operating lease liabilities | (4,825 | ) | — | |||||
Other long-term liabilities | 1,467 | 62 | ||||||
Total adjustments | 57,510 | 62,121 | ||||||
Net cash provided by operating activities | 136,167 | 128,443 | ||||||
Cash flows from investing activities | ||||||||
Additions to software | (27,969 | ) | (15,385 | ) | ||||
Property and equipment acquired | (21,994 | ) | (9,620 | ) | ||||
Proceeds from sales of property and equipment | 101 | 15 | ||||||
Net cash used in investing activities | (49,862 | ) | (24,990 | ) | ||||
Cash flows from financing activities | ||||||||
Statutory withholding taxes paid on share-based compensation | (6,304 | ) | (2,128 | ) | ||||
Net decrease in short-term borrowings | — | (12,000 | ) | |||||
Repayment of short-term borrowings for purchase of equipment and software | (852 | ) | (686 | ) | ||||
Dividends paid | (10,824 | ) | (3,636 | ) | ||||
Repurchase of common stock | (28,449 | ) | — | |||||
Repayment of long-term debt | (10,688 | ) | (41,374 | ) | ||||
Net cash used in financing activities | (57,117 | ) | (59,824 | ) | ||||
Net increase in cash, cash equivalents and restricted cash | 29,188 | 43,629 | ||||||
Cash, cash equivalents and restricted cash at beginning of the period | 86,746 | 60,367 | ||||||
Cash, cash equivalents and restricted cash at end of the period | $ | 115,934 | $ | 103,996 | ||||
Reconciliation of cash, cash equivalents and restricted cash | ||||||||
Cash and cash equivalents | $ | 102,535 | $ | 91,310 | ||||
Restricted cash | 13,399 | 12,686 | ||||||
Cash, cash equivalents and restricted cash | $ | 115,934 | $ | 103,996 |
Three months ended September 30, 2019 | |||||||||||||||||||||||
(In thousands) | Payment Services - Puerto Rico & Caribbean | Payment Services - Latin America | Merchant Acquiring, net | Business Solutions | Corporate and Other (1) | Total | |||||||||||||||||
Revenues | $ | 30,411 | $ | 20,596 | $ | 26,436 | $ | 52,945 | $ | (11,584 | ) | $ | 118,804 | ||||||||||
Operating costs and expenses | 15,821 | 11,943 | 15,978 | 32,259 | 8,001 | 84,002 | |||||||||||||||||
Depreciation and amortization | 3,093 | 2,650 | 457 | 3,780 | 6,992 | 16,972 | |||||||||||||||||
Non-operating income (expenses) | 410 | (3,824 | ) | 8 | 67 | 3,962 | 623 | ||||||||||||||||
EBITDA | 18,093 | 7,479 | 10,923 | 24,533 | (8,631 | ) | 52,397 | ||||||||||||||||
Compensation and benefits (2) | 284 | 109 | 285 | 549 | 2,228 | 3,455 | |||||||||||||||||
Transaction, refinancing and other fees (3) | — | — | — | — | (372 | ) | (372 | ) | |||||||||||||||
Adjusted EBITDA | $ | 18,377 | $ | 7,588 | $ | 11,208 | $ | 25,082 | $ | (6,775 | ) | $ | 55,480 |
(1) | Corporate and Other consists of corporate overhead, certain leveraged activities, other non-operating expenses and intersegment eliminations. Intersegment revenue eliminations predominantly reflect the $10.0 million processing fee from the Payments Services - Puerto Rico & Caribbean segment to the Merchant Acquiring segment and intercompany software sale and developments of $1.6 million from the Payment Services - Latin America segment charged to the Payment Services - Puerto Rico & Caribbean segment. Corporate and Other was impacted by the intersegment elimination of revenue recognized in the Payment Services - Latin America segment and capitalized in the Payment Services - Puerto Rico & Caribbean segment; excluding this impact, Corporate and Other Adjusted EBITDA would be $5.2 million. |
(2) | Primarily represents share-based compensation. |
(3) | Primarily represents the elimination of non-cash equity earnings from our 19.99% equity investment in Consorcio de Tarjetas Dominicanas S.A., net of cash dividends received. |
Three months ended September 30, 2018 | |||||||||||||||||||||||
(In thousands) | Payment Services - Puerto Rico & Caribbean | Payment Services - Latin America | Merchant Acquiring, net | Business Solutions | Corporate and Other (1) | Total | |||||||||||||||||
Revenues | $ | 28,951 | $ | 18,907 | $ | 24,486 | $ | 48,831 | $ | (9,158 | ) | $ | 112,017 | ||||||||||
Operating costs and expenses | 13,021 | 18,890 | 14,160 | 30,983 | 2,602 | 79,656 | |||||||||||||||||
Depreciation and amortization | 2,505 | 2,337 | 427 | 3,398 | 7,121 | 15,788 | |||||||||||||||||
Non-operating income (expenses) | 602 | 3,834 | — | 12 | (3,080 | ) | 1,368 | ||||||||||||||||
EBITDA | 19,037 | 6,188 | 10,753 | 21,258 | (7,719 | ) | 49,517 | ||||||||||||||||
Compensation and benefits (2) | 207 | 363 | 196 | 485 | 1,117 | 2,368 | |||||||||||||||||
Transaction, refinancing and other fees (3) | — | — | (1 | ) | 1 | 215 | 215 | ||||||||||||||||
Adjusted EBITDA | $ | 19,244 | $ | 6,551 | $ | 10,948 | $ | 21,744 | $ | (6,387 | ) | $ | 52,100 |
(1) | Corporate and Other consists of corporate overhead, certain leveraged activities, other non-operating expenses and intersegment eliminations. Intersegment revenue eliminations predominantly reflect the $9.2 million processing fee from the Payments Services - Puerto Rico & Caribbean segment to the Merchant Acquiring segment. |
(2) | Primarily represents share-based compensation. |
(3) | Primarily the elimination of non-cash equity earnings from our 19.99% equity investment in Consorcio de Tarjetas Dominicanas S.A., net of cash dividends received and fees and expenses associated with corporate transactions as defined in the Credit Agreement. |
Nine months ended September 30, 2019 | |||||||||||||||||||||||
(In thousands) | Payment Services - Puerto Rico & Caribbean | Payment Services - Latin America | Merchant Acquiring, net | Business Solutions | Corporate and Other (1) | Total | |||||||||||||||||
Revenues | $ | 92,910 | $ | 62,533 | $ | 79,203 | $ | 159,492 | $ | (33,950 | ) | $ | 360,188 | ||||||||||
Operating costs and expenses | 43,666 | 47,170 | 45,926 | 101,128 | 12,403 | 250,293 | |||||||||||||||||
Depreciation and amortization | 8,476 | 7,393 | 1,348 | 12,113 | 21,110 | 50,440 | |||||||||||||||||
Non-operating income (expenses) | 1,461 | 411 | 39 | 287 | (2,091 | ) | 107 | ||||||||||||||||
EBITDA | 59,181 | 23,167 | 34,664 | 70,764 | (27,334 | ) | 160,442 | ||||||||||||||||
Compensation and benefits (2) | 778 | 448 | 760 | 1,632 | 6,774 | 10,392 | |||||||||||||||||
Transaction, refinancing and other fees (3) | — | 2 | — | — | 37 | 39 | |||||||||||||||||
Adjusted EBITDA | $ | 59,959 | $ | 23,617 | $ | 35,424 | $ | 72,396 | $ | (20,523 | ) | $ | 170,873 |
(1) | Corporate and Other consists of corporate overhead, certain leveraged activities, other non-operating expenses and intersegment eliminations. Intersegment revenue eliminations predominantly reflect the $29.0 million processing fee from the Payments Services - Puerto Rico & Caribbean segment to the Merchant Acquiring segment, intercompany software sale and developments of $4.9 million from the Payment Services - Latin America segment charged to the Payment Services - Puerto Rico & Caribbean segment. Corporate and Other was impacted by the intersegment elimination of revenue recognized in the Payment Services - Latin America segment and capitalized in the Payment Services - Puerto Rico & Caribbean segment; excluding this impact, Corporate and Other Adjusted EBITDA would be $15.6 million. |
(2) | Primarily represents share-based compensation, other compensation expense and severance payments. |
(3) | Primarily represents the elimination of non-cash equity earnings from our 19.99% equity investment in Consorcio de Tarjetas Dominicanas S.A., net of cash dividends received and fees and expenses associated with corporate transactions as defined in the Credit Agreement. |
Nine months ended September 30, 2018 | |||||||||||||||||||||||
(In thousands) | Payment Services - Puerto Rico & Caribbean | Payment Services - Latin America | Merchant Acquiring, net | Business Solutions | Corporate and Other (1) | Total | |||||||||||||||||
Revenues | $ | 84,162 | $ | 58,534 | $ | 73,829 | $ | 145,985 | $ | (26,872 | ) | $ | 335,638 | ||||||||||
Operating costs and expenses | 39,084 | 55,357 | 41,413 | 90,349 | 12,879 | 239,082 | |||||||||||||||||
Depreciation and amortization | 7,230 | 7,035 | 1,268 | 10,437 | 21,413 | 47,383 | |||||||||||||||||
Non-operating income (expenses) | 1,969 | 7,048 | 8 | 378 | (6,913 | ) | 2,490 | ||||||||||||||||
EBITDA | 54,277 | 17,260 | 33,692 | 66,451 | (25,251 | ) | 146,429 | ||||||||||||||||
Compensation and benefits (2) | 885 | 1,080 | 746 | 1,609 | 6,350 | 10,670 | |||||||||||||||||
Transaction, refinancing and other fees (3) | (250 | ) | — | — | 1 | 2,986 | 2,737 | ||||||||||||||||
Adjusted EBITDA | $ | 54,912 | $ | 18,340 | $ | 34,438 | $ | 68,061 | $ | (15,915 | ) | $ | 159,836 |
(1) | Corporate and Other consists of corporate overhead, certain leveraged activities, other non-operating expenses and intersegment eliminations. Intersegment revenue eliminations predominantly reflect the $26.9 million processing fee from the Payments Services - Puerto Rico & Caribbean segment to the Merchant Acquiring segment. |
(2) | Primarily represents share-based compensation, other compensation expense and severance payments. |
(3) | Primarily represents fees and expenses associated with corporate transactions as defined in the Credit Agreement and the elimination of non-cash equity earnings from our 19.99% equity investment in Consorcio de Tarjetas Dominicanas S.A., net of cash dividends received. |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(Dollar amounts in thousands, except share data) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Net income | $ | 24,786 | $ | 23,075 | $ | 78,657 | $ | 66,322 | ||||||||
Income tax expense | 3,720 | 3,302 | 10,018 | 10,349 | ||||||||||||
Interest expense, net | 6,919 | 7,352 | 21,327 | 22,375 | ||||||||||||
Depreciation and amortization | 16,972 | 15,788 | 50,440 | 47,383 | ||||||||||||
EBITDA | 52,397 | 49,517 | 160,442 | 146,429 | ||||||||||||
Equity income (1) | (372 | ) | (238 | ) | (241 | ) | (179 | ) | ||||||||
Compensation and benefits (2) | 3,455 | 2,368 | 10,392 | 10,670 | ||||||||||||
Transaction, refinancing and other fees (3) | — | 453 | 280 | 2,916 | ||||||||||||
Adjusted EBITDA | 55,480 | 52,100 | 170,873 | 159,836 | ||||||||||||
Operating depreciation and amortization (4) | (8,673 | ) | (7,365 | ) | (25,516 | ) | (21,909 | ) | ||||||||
Cash interest expense, net (5) | (6,644 | ) | (6,473 | ) | (20,774 | ) | (19,396 | ) | ||||||||
Income tax expense (6) | (5,509 | ) | (4,558 | ) | (15,454 | ) | (15,492 | ) | ||||||||
Non-controlling interest (7) | (63 | ) | (121 | ) | (287 | ) | (385 | ) | ||||||||
Adjusted net income | $ | 34,591 | $ | 33,583 | $ | 108,842 | $ | 102,654 | ||||||||
Net income per common share (GAAP): | ||||||||||||||||
Diluted | $ | 0.34 | $ | 0.31 | $ | 1.07 | $ | 0.89 | ||||||||
Adjusted Earnings per common share (Non-GAAP): | ||||||||||||||||
Diluted | $ | 0.47 | $ | 0.45 | $ | 1.48 | $ | 1.38 | ||||||||
Shares used in computing adjusted earnings per common share: | ||||||||||||||||
Diluted | 73,314,704 | 74,657,100 | 73,530,865 | 74,123,431 |
1) | Represents the elimination of non-cash equity earnings from our 19.99% equity investment in Consorcio de Tarjetas Dominicanas S.A., net of cash dividends received. |
2) | Primarily represents share-based compensation and other compensation expense of $3.5 million and $2.4 million for the quarters ended September 30, 2019 and 2018, respectively. Primarily represents share-based compensation and other compensation expense of $10.2 million and $9.7 million for the nine months ended September 30, 2019 and 2018 and severance payments of $0.2 million and $1.0 million for the same periods, respectively. |
3) | Represents fees and expenses associated with corporate transactions as defined in the Credit Agreement, recorded as part of selling, general and administrative expenses and cost of revenues. |
4) | Represents operating depreciation and amortization expense, which excludes amounts generated as a result of merger and acquisition activity. |
5) | Represents interest expense, less interest income, as they appear on our consolidated statements of income and comprehensive income, adjusted to exclude non-cash amortization of the debt issue costs, premium and accretion of discount. |
6) | Represents income tax expense calculated on adjusted pre-tax income using the applicable GAAP tax rate, adjusted for certain discreet items. |
7) | Represents the 35% non-controlling equity interest in Evertec Colombia, net of amortization for intangibles created as part of the purchase. |
2019 Outlook | 2018 Actual | ||||||||||||
(Dollar amounts in millions, except per share data) | |||||||||||||
Revenues | $ | 479 | to | $ | 482 | $ | 454 | ||||||
Earnings per Share (EPS) - Diluted (GAAP) | $ | 1.39 | to | $ | 1.42 | $ | 1.16 | ||||||
Per share adjustment to reconcile GAAP EPS to Non-GAAP Adjusted EPS: | |||||||||||||
Share-based comp, non-cash equity earnings and other (1) | $ | 0.19 | $ | 0.19 | $ | 0.29 | |||||||
Merger & acquisition related depreciation and amortization (2) | $ | 0.45 | $ | 0.45 | $ | 0.45 | |||||||
Non-cash interest expense (3) | $ | 0.01 | $ | 0.01 | $ | 0.05 | |||||||
Tax effect of non-GAAP adjustments (4) | $ | (0.08 | ) | $ | (0.08 | ) | $ | (0.10 | ) | ||||
Non-controlling interest (5) | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.01 | ) | ||||
Total adjustments | $ | 0.56 | $ | 0.56 | 0.68 | ||||||||
Adjusted Earnings per common share (Non-GAAP) | $ | 1.95 | to | $ | 1.98 | $ | 1.84 | ||||||
Shares used in computing adjusted earnings per share (in millions) | 73.4 | 74.4 |
1) | Represents share based compensation, the elimination of non-cash equity earnings from our 19.99% equity investment in Consorcio de Tarjetas Dominicanas S.A., and other adjustments to reconcile GAAP EPS to Non-GAAP EPS. |
2) | Represents depreciation and amortization expenses and intangibles generated as a result of merger and acquisition activity. |
3) | Represents non-cash amortization of the debt issue costs, premium and accretion of discount. |
4) | Represents income tax expense calculated on adjusted pre-tax income using the applicable GAAP tax rate, adjusted for certain discreet items of approximately 12% . |
5) | Represents the 35% non-controlling equity interest in Evertec Colombia, net of amortization of intangibles created as part of the purchase. |
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