Delaware | 001-36218 | 13-3486363 |
(State or Other Jurisdiction | (Commission | (I.R.S. Employer |
of Incorporation) | File No.) | Identification No.) |
225 Liberty Street |
New York, NY 10281 |
(Address of Principal Executive Offices, including zip code) |
(212) 522-1212 |
(Registrant's telephone number, including area code) |
Not Applicable |
(Former Name or Former Address, if Changed Since Last Report) |
Exhibit | Description |
99.1 | Press Release issued by Time Inc. on November 9, 2017 |
99.2 | Presentation Deck issued by Time Inc. on November 9, 2017 |
TIME INC. (Registrant) | |
By: | /s/ Susana D'Emic |
Susana D'Emic | |
Executive Vice President and Chief Financial Officer |
Results Summary | |||||||||||||||||
In millions (except per share amounts) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||
GAAP Measures | |||||||||||||||||
Revenues | $ | 679 | $ | 750 | $ | 2,009 | $ | 2,209 | |||||||||
Operating income (loss) | 51 | (167 | ) | (13 | ) | (120 | ) | ||||||||||
Net income (loss) attributable to Time Inc. | 13 | (112 | ) | (59 | ) | (104 | ) | ||||||||||
Diluted EPS | 0.14 | (1.13 | ) | (0.59 | ) | (1.05 | ) | ||||||||||
Cash provided by (used in) operations | 88 | 79 | 139 | 106 | |||||||||||||
Non-GAAP Measures | |||||||||||||||||
Adjusted OIBDA | $ | 115 | $ | 100 | $ | 226 | $ | 232 | |||||||||
Adjusted Net income (loss) | 37 | 33 | 32 | 44 | |||||||||||||
Adjusted Diluted EPS | 0.36 | 0.31 | 0.32 | 0.42 | |||||||||||||
Free cash flow | 73 | 62 | 83 | 28 | |||||||||||||
Revenues Summary | |||||||||||||||||||||||
In millions | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2017 | 2016 | % Change | 2017 | 2016 | % Change | ||||||||||||||||||
Print and other advertising | $ | 237 | $ | 288 | (18 | )% | $ | 698 | $ | 857 | (19 | )% | |||||||||||
Digital advertising | 132 | 129 | 2 | % | 376 | 346 | 9 | % | |||||||||||||||
Advertising revenues | 369 | 417 | (12 | )% | 1,074 | 1,203 | (11 | )% | |||||||||||||||
Subscription | 135 | 148 | (9 | )% | 416 | 463 | (10 | )% | |||||||||||||||
Newsstand | 55 | 68 | (19 | )% | 169 | 210 | (20 | )% | |||||||||||||||
Other circulation | 7 | 7 | — | % | 24 | 24 | — | % | |||||||||||||||
Circulation revenues | 197 | 223 | (12 | )% | 609 | 697 | (13 | )% | |||||||||||||||
Other revenues | 113 | 110 | 3 | % | 326 | 309 | 6 | % | |||||||||||||||
Total revenues | $ | 679 | $ | 750 | (9 | )% | $ | 2,009 | $ | 2,209 | (9 | )% | |||||||||||
Sources of Revenues | |||||||||||||||||||||||
In millions | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2017 | 2016 | % Change | 2017 | 2016 | % Change | ||||||||||||||||||
Magazines | $ | 433 | $ | 506 | (14 | )% | $ | 1,300 | $ | 1,560 | (17 | )% | |||||||||||
Digital | 165 | 160 | 3 | % | 480 | 429 | 12 | % | |||||||||||||||
Brand Extensions & Other | 81 | 84 | (4 | )% | 229 | 220 | 4 | % | |||||||||||||||
Total revenues | $ | 679 | $ | 750 | (9 | )% | $ | 2,009 | $ | 2,209 | (9 | )% | |||||||||||
CONTACTS: | |
Investor Relations | |
Roger Clark (212) 522-1795 | |
Tanya Levy-Odom (212) 522-9225 |
September 30, 2017 | December 31, 2016 | ||||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 332 | $ | 296 | |||
Short-term investments | — | 40 | |||||
Receivables, less allowances of $185 and $203 at September 30, 2017 and December 31, 2016, respectively | 409 | 543 | |||||
Inventories, net of reserves | 29 | 31 | |||||
Prepaid expenses and other current assets | 125 | 110 | |||||
Total current assets | 895 | 1,020 | |||||
Property, plant and equipment, net | 311 | 304 | |||||
Intangible assets, net | 799 | 846 | |||||
Goodwill | 2,048 | 2,069 | |||||
Other assets | 65 | 66 | |||||
Total assets | $ | 4,118 | $ | 4,305 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities | |||||||
Accounts payable and accrued liabilities | $ | 535 | $ | 598 | |||
Deferred revenue | 386 | 403 | |||||
Current portion of long-term debt | 7 | 7 | |||||
Total current liabilities | 928 | 1,008 | |||||
Long-term debt | 1,216 | 1,233 | |||||
Deferred tax liabilities | 185 | 210 | |||||
Deferred revenue | 76 | 86 | |||||
Other noncurrent liabilities | 333 | 328 | |||||
Redeemable noncontrolling interests | 1 | — | |||||
Stockholders' equity | |||||||
Common stock, $0.01 par value, 400 million shares authorized; 99.61 million and 98.95 million shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively | 1 | 1 | |||||
Preferred stock, $0.01 par value, 40 million shares authorized; none issued | — | — | |||||
Additional paid-in capital | 12,531 | 12,548 | |||||
Accumulated deficit | (10,791 | ) | (10,732 | ) | |||
Accumulated other comprehensive loss, net | (362 | ) | (377 | ) | |||
Total Time Inc. stockholders' equity | 1,379 | 1,440 | |||||
Equity attributable to noncontrolling interests | — | — | |||||
Total stockholders' equity | 1,379 | 1,440 | |||||
Total liabilities and stockholders' equity | $ | 4,118 | $ | 4,305 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues | |||||||||||||||
Advertising | |||||||||||||||
Print and other advertising | $ | 237 | $ | 288 | $ | 698 | $ | 857 | |||||||
Digital advertising | 132 | 129 | 376 | 346 | |||||||||||
Total advertising revenues | 369 | 417 | 1,074 | 1,203 | |||||||||||
Circulation | |||||||||||||||
Subscription | 135 | 148 | 416 | 463 | |||||||||||
Newsstand | 55 | 68 | 169 | 210 | |||||||||||
Other circulation | 7 | 7 | 24 | 24 | |||||||||||
Total circulation revenues | 197 | 223 | 609 | 697 | |||||||||||
Other | 113 | 110 | 326 | 309 | |||||||||||
Total revenues | 679 | 750 | 2,009 | 2,209 | |||||||||||
Costs of revenues | |||||||||||||||
Production costs | 141 | 154 | 422 | 478 | |||||||||||
Editorial costs | 78 | 101 | 243 | 289 | |||||||||||
Other | 60 | 71 | 198 | 185 | |||||||||||
Total costs of revenues | 279 | 326 | 863 | 952 | |||||||||||
Selling, general and administrative expenses | 293 | 326 | 938 | 1,048 | |||||||||||
Amortization of intangible assets | 20 | 22 | 59 | 63 | |||||||||||
Depreciation | 14 | 14 | 42 | 41 | |||||||||||
Restructuring and severance costs | 26 | 43 | 73 | 54 | |||||||||||
Asset impairments | — | 188 | 5 | 189 | |||||||||||
Goodwill impairment | — | — | 50 | — | |||||||||||
(Gain) loss on operating assets, net | (4 | ) | (2 | ) | (8 | ) | (18 | ) | |||||||
Operating income (loss) | 51 | (167 | ) | (13 | ) | (120 | ) | ||||||||
Bargain purchase (gain) | — | — | — | (3 | ) | ||||||||||
Interest expense, net | 16 | 16 | 50 | 51 | |||||||||||
Other (income) expense, net | 6 | 2 | 10 | 9 | |||||||||||
Income (loss) before income taxes | 29 | (185 | ) | (73 | ) | (177 | ) | ||||||||
Income tax provision (benefit) | 16 | (73 | ) | (14 | ) | (73 | ) | ||||||||
Net income (loss) | 13 | (112 | ) | $ | (59 | ) | $ | (104 | ) | ||||||
Less: Net income (loss) attributable to noncontrolling interests | — | — | — | — | |||||||||||
Net income (loss) attributable to Time Inc. | $ | 13 | $ | (112 | ) | $ | (59 | ) | $ | (104 | ) | ||||
Per share information attributable to Time Inc. common stockholders: | |||||||||||||||
Basic net income (loss) per common share | $ | 0.14 | $ | (1.13 | ) | $ | (0.59 | ) | $ | (1.05 | ) | ||||
Weighted average basic common shares outstanding | 99.86 | 99.64 | 99.74 | 99.43 | |||||||||||
Diluted net income (loss) per common share | $ | 0.14 | $ | (1.13 | ) | $ | (0.59 | ) | $ | (1.05 | ) | ||||
Weighted average diluted common shares outstanding | 100.12 | 99.64 | 99.74 | 99.43 | |||||||||||
Cash dividends declared per share of common stock | $ | 0.04 | $ | 0.19 | $ | 0.27 | $ | 0.57 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Cash provided by (used in) operations | $ | 88 | $ | 79 | $ | 139 | $ | 106 | |||||||
Cash provided by (used in) investing activities | (19 | ) | (112 | ) | (46 | ) | (276 | ) | |||||||
Cash provided by (used in) financing activities | (6 | ) | (43 | ) | (58 | ) | (229 | ) | |||||||
Effect of exchange rate changes on Cash and cash equivalents | — | — | 1 | (8 | ) | ||||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 63 | (76 | ) | 36 | (407 | ) | |||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 269 | 320 | 296 | 651 | |||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 332 | $ | 244 | $ | 332 | $ | 244 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Operating income (loss) | $ | 51 | $ | (167 | ) | $ | (13 | ) | $ | (120 | ) | ||||
Depreciation | 14 | 14 | 42 | 41 | |||||||||||
Amortization of intangible assets | 20 | 22 | 59 | 63 | |||||||||||
OIBDA(1) | 85 | (131 | ) | 88 | (16 | ) | |||||||||
Asset impairments | — | 188 | 5 | 189 | |||||||||||
Goodwill impairment | — | — | 50 | — | |||||||||||
Restructuring and severance costs | 26 | 43 | 73 | 54 | |||||||||||
(Gain) loss on operating assets, net(2) | (4 | ) | (2 | ) | (8 | ) | (18 | ) | |||||||
Other costs(3) | 8 | 2 | 18 | 23 | |||||||||||
Adjusted OIBDA(4) | $ | 115 | $ | 100 | $ | 226 | $ | 232 |
(1) | OIBDA is defined as Operating income (loss) excluding Depreciation and Amortization of intangible assets. |
(2) | (Gain) loss on operating assets, net reflects primarily the recognition of a gain on sale of certain of our titles and of the deferred gain from the sale-leaseback of the Blue Fin Building that was completed in the fourth quarter of 2015. |
(3) | Other costs related to mergers, acquisitions, investments and dispositions, and integration and transformation costs during the periods presented are included within Selling, general and administrative expenses within the Statements of Operations. |
(4) | Adjusted OIBDA is defined as OIBDA adjusted for impairments of Goodwill, intangible assets, fixed assets and investments; Restructuring and severance costs; (Gain) loss on operating assets, net; Pension settlements/curtailments; and Other costs related to mergers, acquisitions, investments and dispositions, and integration and transformation costs. |
Three Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | ||||||||||||||||||||||
Gross Impact | Tax Impact | Net Impact | Gross Impact | Tax Impact | Net Impact | ||||||||||||||||||
Net income (loss) attributable to Time Inc. | $ | 29 | $ | (16 | ) | $ | 13 | $ | (185 | ) | $ | 73 | $ | (112 | ) | ||||||||
Asset impairments | — | — | — | 188 | (72 | ) | 116 | ||||||||||||||||
Restructuring and severance costs | 26 | (9 | ) | 17 | 43 | (14 | ) | 29 | |||||||||||||||
(Gain) loss on operating assets, net(1) | (4 | ) | 1 | (3 | ) | (2 | ) | — | (2 | ) | |||||||||||||
Cost-method investment impairment | 4 | — | 4 | — | — | — | |||||||||||||||||
Other costs(4) | 8 | (2 | ) | 6 | 2 | — | 2 | ||||||||||||||||
Adjusted Net income (loss)(5) | $ | 63 | $ | (26 | ) | $ | 37 | $ | 46 | $ | (13 | ) | $ | 33 | |||||||||
Nine Months Ended September 30, 2017 | Nine Months Ended September 30, 2016 | ||||||||||||||||||||||
Gross Impact | Tax Impact | Net Impact | Gross Impact | Tax Impact | Net Impact | ||||||||||||||||||
Net income (loss) attributable to Time Inc. | $ | (73 | ) | $ | 14 | $ | (59 | ) | $ | (177 | ) | $ | 73 | $ | (104 | ) | |||||||
Asset impairments | 5 | (2 | ) | 3 | 189 | (72 | ) | 117 | |||||||||||||||
Goodwill impairment | 50 | (19 | ) | 31 | — | — | — | ||||||||||||||||
Restructuring and severance costs | 73 | (25 | ) | 48 | 54 | (18 | ) | 36 | |||||||||||||||
(Gain) loss on operating assets, net(1) | (8 | ) | 1 | (7 | ) | (18 | ) | 4 | (14 | ) | |||||||||||||
Bargain purchase (gain)(2) | — | — | — | (3 | ) | — | (3 | ) | |||||||||||||||
(Gain) loss on extinguishment of debt(3) | — | — | — | (4 | ) | 2 | (2 | ) | |||||||||||||||
Cost-method investment impairment | 4 | — | 4 | — | — | — | |||||||||||||||||
Other costs(4) | 18 | (6 | ) | 12 | 23 | (9 | ) | 14 | |||||||||||||||
Adjusted Net income (loss)(5) | $ | 69 | $ | (37 | ) | $ | 32 | $ | 64 | $ | (20 | ) | $ | 44 |
(1) | (Gain) loss on operating assets, net reflects primarily the recognition of a gain on sale of certain of our titles and of the deferred gain from the sale-leaseback of the Blue Fin Building that was completed in the fourth quarter of 2015. |
(2) | Bargain purchase (gain) relates to the acquisition of certain assets of Viant in the first quarter of 2016. |
(3) | (Gain) loss on extinguishment of debt in connection with repurchases of our Senior Notes is included within Other (income) expense, net within the Statements of Operations. |
(4) | Other costs related to mergers, acquisitions, investments and dispositions, and integration and transformation costs during the periods presented are included within Selling, general and administrative expenses within the Statements of Operations. |
(5) | Adjusted Net income (loss) is defined as Net income (loss) attributable to Time Inc. adjusted for impairments of Goodwill, intangible assets, fixed assets and investments; Restructuring and severance costs; Gain (loss) on operating and/or non-operating assets; Pension settlements/curtailments; Bargain purchase (gain); (Gain) loss on extinguishment of debt; and Other costs related to mergers, acquisitions, investments and dispositions, and integration and transformation costs; as well as the impact of income taxes on these items. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Diluted net income (loss) per common share | $ | 0.14 | $ | (1.13 | ) | $ | (0.59 | ) | $ | (1.05 | ) | ||||
Asset impairments | — | 1.16 | 0.03 | 1.17 | |||||||||||
Goodwill impairment | — | — | 0.31 | — | |||||||||||
Restructuring and severance costs | 0.17 | 0.28 | 0.48 | 0.35 | |||||||||||
(Gain) loss on operating assets, net(1) | (0.03 | ) | (0.02 | ) | (0.07 | ) | (0.14 | ) | |||||||
Bargain purchase (gain)(2) | — | — | — | (0.03 | ) | ||||||||||
(Gain) loss on extinguishment of debt(3) | — | — | — | (0.03 | ) | ||||||||||
Cost-method investment impairment | 0.03 | — | 0.03 | — | |||||||||||
Other costs(4) | 0.05 | 0.02 | 0.13 | 0.15 | |||||||||||
Adjusted Diluted EPS(5)(6) | $ | 0.36 | $ | 0.31 | $ | 0.32 | $ | 0.42 |
(1) | (Gain) loss on operating assets, net reflects primarily the recognition of a gain on sale of certain of our titles and of the deferred gain from the sale-leaseback of the Blue Fin Building that was completed in the fourth quarter of 2015. |
(2) | Bargain purchase (gain) relates to the acquisition of certain assets of Viant in the first quarter of 2016. |
(3) | (Gain) loss on extinguishment of debt in connection with repurchases of our Senior Notes is included within Other (income) expense, net within the Statements of Operations. |
(4) | Other costs related to mergers, acquisitions, investments and dispositions, and integration and transformation costs during the periods presented are included within Selling, general and administrative expenses within the Statements of Operations. |
(5) | Adjusted Diluted EPS is defined as Diluted EPS adjusted for impairments of Goodwill, intangible assets, fixed assets and investments; Restructuring and severance costs; Gain (loss) on operating and/or non-operating assets; Pension settlements/curtailments; Bargain purchase (gain); (Gain) loss on extinguishment of debt; and Other costs related to mergers, acquisitions, investments and dispositions, and integration and transformation costs; as well as the impact of income taxes on these items. |
(6) | For periods in which we were in Net loss and Adjusted Net loss positions, we used the diluted shares from Diluted net income (loss) per common share in the calculation of Adjusted Diluted EPS, without giving effect to the impact of participating securities. For periods in which we were in Net loss and Adjusted Net income positions, we have used the expected diluted shares in the calculation of Adjusted diluted EPS as if we were in a Net income position. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Cash provided by (used in) operations | $ | 88 | $ | 79 | $ | 139 | $ | 106 | |||||||
Less: Capital expenditures | (15 | ) | (17 | ) | (56 | ) | (78 | ) | |||||||
Free cash flow(1) | $ | 73 | $ | 62 | $ | 83 | $ | 28 |
(1) | Free cash flow is defined as Cash provided by (used in) operations, less Capital expenditures. Capital expenditures for the three and nine months ended September 30, 2017 reflect lower capital spending primarily due to the completion of the construction of our corporate headquarters in early 2016. |
Full Year 2017 Outlook Range | |||
Adjusted OIBDA(1) | $400 | to | $414 |
Asset impairments, Goodwill impairment, Restructuring and severance costs, (Gains) losses on operating assets, net; Pension settlements/curtailments; and Other costs related to mergers, acquisitions, investments and dispositions, and integration and transformation costs | Unable to estimate beyond the $138 recognized from January 1, 2017 through September 30, 2017 | ||
OIBDA(2) | Unable to estimate | ||
Amortization of intangible assets | ~$75 | ||
Depreciation | ~$60 | ||
Operating income (loss) | Unable to estimate |
(1) | Adjusted OIBDA is defined as OIBDA adjusted for impairments of Goodwill, intangible assets, fixed assets and investments; Restructuring and severance costs; (Gain) loss on operating assets, net; Pension settlements/curtailments; and Other costs related to mergers, acquisitions, investments and dispositions, and integration and transformation costs. Management's Outlook does not include the impact of potential divestitures. |
(2) | OIBDA is defined as Operating income (loss) excluding Depreciation and Amortization of intangible assets. |
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