(Exact Name of Registrant as Specified in its Charter) | |||||||||||
(State of Incorporation) | |||||||||||
(Commission File Number) | (IRS Employer Identification Number) | ||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
(d) | Exhibits. | |||||||||||||
Exhibit | Description | |||||||||||||
Press Release dated May 3, 2023. | ||||||||||||||
104 | Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document |
ALTICE USA, INC. | |||||||||||
Dated: May 3, 2023 | By: | /s/ Michael E. Olsen | |||||||||
Michael E. Olsen | |||||||||||
EVP, General Counsel and Secretary |
Exhibit 99.1 | ||||||||
Earnings Release | ||||||||
Q1-23 Summary Financials | Three Months Ended March 31, | ||||||||||
(in thousands) | 2023 | 2022 | |||||||||
Revenue | $2,293,978 | $2,421,897 | |||||||||
Net income attributable to Altice USA, Inc. stockholders | 25,865 | 196,551 | |||||||||
Adjusted EBITDA(1) | 868,391 | 991,730 | |||||||||
Capital Expenditures (cash) | 582,897 | 392,371 |
Earnings Release | ||||||||
Revenue Growth and Adjusted EBITDA Detail | Q1-23 | |||||||
Total Revenue YoY | (5.3)% | |||||||
Residential Revenue YoY | (5.6)% | |||||||
Business Services Revenue YoY | (1.1)% | |||||||
excluding Sprint early termination revenue | (0.2)% | |||||||
News & Advertising Revenue YoY | (13.9)% | |||||||
excluding political revenue | (11.0)% | |||||||
Adjusted EBITDA YoY | (12.4)% | |||||||
Adjusted EBITDA Margin | 37.9% |
Earnings Release | ||||||||
Customer Metrics (in thousands, except per customer amounts) | |||||||||||||||||||||||
FY-21(4) | Q1-22 | Q2-22 | Q3-22 | Q4-22 | FY-22 | Q1-23 | |||||||||||||||||
Total Passings(6) | 9,263.3 | 9,304.9 | 9,363.1 | 9,414.9 | 9,463.8 | 9,463.8 | 9,512.2 | ||||||||||||||||
Total Passings additions | 140.7 | 41.6 | 58.2 | 51.8 | 48.8 | 200.5 | 48.4 | ||||||||||||||||
Total Customer Relationships: | |||||||||||||||||||||||
Residential | 4,632.8 | 4,612.1 | 4,564.2 | 4,514.7 | 4,498.5 | 4,498.5 | 4,472.4 | ||||||||||||||||
SMB | 381.9 | 382.9 | 383.1 | 382.5 | 381.2 | 381.2 | 380.9 | ||||||||||||||||
Total Unique Customer Relationships(2)(3) | 5,014.7 | 4,995.0 | 4,947.3 | 4,897.2 | 4,879.7 | 4,879.7 | 4,853.3 | ||||||||||||||||
Residential net additions (losses) | (50.8) | (20.7) | (47.9) | (49.5) | (16.2) | (134.3) | (26.1) | ||||||||||||||||
Business Services net additions (losses) | 3.6 | 1.0 | 0.2 | (0.6) | (1.3) | (0.7) | (0.3) | ||||||||||||||||
Total customer net additions (losses) | (47.2) | (19.8) | (47.7) | (50.1) | (17.5) | (135.0) | (26.4) | ||||||||||||||||
Residential PSUs: | |||||||||||||||||||||||
Broadband | 4,386.2 | 4,373.2 | 4,333.6 | 4,290.6 | 4,282.9 | 4,282.9 | 4,263.7 | ||||||||||||||||
Video | 2,732.3 | 2,658.7 | 2,574.2 | 2,491.8 | 2,439.0 | 2,439.0 | 2,380.5 | ||||||||||||||||
Telephony | 2,005.2 | 1,951.5 | 1,886.9 | 1,818.9 | 1,764.1 | 1,764.1 | 1,703.5 | ||||||||||||||||
Broadband net additions (losses) | (3.3) | (13.0) | (39.6) | (43.0) | (7.7) | (103.3) | (19.2) | ||||||||||||||||
Video net additions (losses) | (241.0) | (73.6) | (84.5) | (82.4) | (52.8) | (293.2) | (58.6) | ||||||||||||||||
Telephony net additions (losses) | (211.0) | (53.7) | (64.7) | (68.0) | (54.8) | (241.1) | (60.6) | ||||||||||||||||
Residential ARPU ($)(7) | 141.08 | 137.92 | 140.13 | 138.12 | 134.76 | 137.70 | 134.16 | ||||||||||||||||
SMB PSUs: | |||||||||||||||||||||||
Broadband | 349.3 | 350.4 | 350.7 | 350.2 | 349.1 | 349.1 | 349.0 | ||||||||||||||||
Video | 104.3 | 102.6 | 101.0 | 99.1 | 97.3 | 97.3 | 95.3 | ||||||||||||||||
Telephony | 218.8 | 216.8 | 215.3 | 214.0 | 212.3 | 212.3 | 210.0 | ||||||||||||||||
Broadband net additions (losses) | 4.5 | 1.1 | 0.3 | (0.5) | (1.1) | (0.2) | (0.1) | ||||||||||||||||
Video net additions (losses) | (7.1) | (1.6) | (1.6) | (1.9) | (1.8) | (6.9) | (2.0) | ||||||||||||||||
Telephony net additions (losses) | (4.4) | (2.0) | (1.6) | (1.3) | (1.7) | (6.5) | (2.3) | ||||||||||||||||
Total Mobile Lines: | |||||||||||||||||||||||
Mobile ending lines | 186.4 | 198.3 | 231.3 | 236.1 | 240.3 | 240.3 | 247.9 | ||||||||||||||||
Mobile ending lines excluding free service(5) | 186.4 | 190.0 | 195.5 | 202.7 | 208.7 | 208.7 | 223.3 | ||||||||||||||||
Mobile line net additions | 17.3 | 11.9 | 33.0 | 4.8 | 4.1 | 53.8 | 7.6 | ||||||||||||||||
Mobile line net additions ex-free service(5) | 17.3 | 3.6 | 5.5 | 7.2 | 6.0 | 22.3 | 14.6 |
Fiber (FTTH) Customer Metrics (in thousands) | |||||||||||||||||||||||
FY-21 | Q1-22 | Q2-22 | Q3-22 | Q4-22 | FY-22 | Q1-23 | |||||||||||||||||
FTTH Total Passings(8) | 1,171.0 | 1,316.6 | 1,587.1 | 1,908.2 | 2,158.7 | 2,158.7 | 2,373.0 | ||||||||||||||||
FTTH Total Passing additions | 270.9 | 145.7 | 270.4 | 321.2 | 250.5 | 987.8 | 214.2 | ||||||||||||||||
FTTH Residential | 69.3 | 80.4 | 103.7 | 134.2 | 170.0 | 170.0 | 207.2 | ||||||||||||||||
FTTH SMB | 0.3 | 0.6 | 0.7 | 1.2 | 1.7 | 1.7 | 2.7 | ||||||||||||||||
FTTH Total customer relationships(9) | 69.7 | 81.0 | 104.4 | 135.3 | 171.7 | 171.7 | 209.9 | ||||||||||||||||
FTTH Residential net additions | 43.3 | 11.1 | 23.3 | 30.5 | 35.8 | 100.7 | 37.2 | ||||||||||||||||
FTTH SMB net additions | 0.3 | 0.2 | 0.2 | 0.4 | 0.6 | 1.4 | 0.9 | ||||||||||||||||
FTTH Total customer net additions | 43.6 | 11.3 | 23.5 | 30.9 | 36.4 | 102.1 | 38.1 |
Earnings Release | ||||||||
Earnings Release | ||||||||
Altice USA Consolidated Operating Results (In thousands, except per share data) (Unaudited) | |||||||||||
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Revenue: | |||||||||||
Broadband | $ | 957,045 | $ | 985,517 | |||||||
Video | 770,601 | 841,887 | |||||||||
Telephony | 77,681 | 85,234 | |||||||||
Residential revenue | 1,805,327 | 1,912,638 | |||||||||
Business services and wholesale | 363,536 | 367,522 | |||||||||
News and Advertising | 98,737 | 114,675 | |||||||||
Mobile | 23,601 | 24,035 | |||||||||
Other | 2,777 | 3,027 | |||||||||
Total revenue | 2,293,978 | 2,421,897 | |||||||||
Operating expenses: | |||||||||||
Programming and other direct costs | 771,719 | 828,793 | |||||||||
Other operating expenses | 651,245 | 641,906 | |||||||||
Restructuring expense and other operating items | 29,672 | 3,378 | |||||||||
Depreciation and amortization (including impairments) | 416,212 | 435,349 | |||||||||
Operating income | 425,130 | 512,471 | |||||||||
Other income (expense): | |||||||||||
Interest expense, net | (389,278) | (303,362) | |||||||||
Gain (loss) on investments, net | 192,010 | (150,773) | |||||||||
Gain (loss) on derivative contracts, net | (166,489) | 101,074 | |||||||||
Gain (loss) on interest rate swap contracts, net | (14,429) | 123,147 | |||||||||
Gain on extinguishment of debt and write-off of deferred financing costs | 4,393 | — | |||||||||
Other income, net | 10,205 | 2,430 | |||||||||
Income before income taxes | 61,542 | 284,987 | |||||||||
Income tax expense | (30,372) | (82,846) | |||||||||
Net income | 31,170 | 202,141 | |||||||||
Net income attributable to noncontrolling interests | (5,305) | (5,590) | |||||||||
Net income attributable to Altice USA stockholders | $ | 25,865 | $ | 196,551 | |||||||
Basic net income per share | $ | 0.06 | $ | 0.43 | |||||||
Diluted net income per share | $ | 0.06 | $ | 0.43 | |||||||
Basic weighted average common shares | 454,686 | 453,229 | |||||||||
Diluted weighted average common shares | 455,594 | 453,229 |
Earnings Release | ||||||||
Altice USA Consolidated Statements of Cash Flows (in thousands) (Unaudited) | |||||||||||
March 31, | |||||||||||
2023 | 2022 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 31,170 | $ | 202,141 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization (including impairments) | 416,212 | 435,349 | |||||||||
Loss (gain) on investments | (192,010) | 150,773 | |||||||||
Loss (gain) on derivative contracts, net | 166,489 | (101,074) | |||||||||
Gain on extinguishment of debt and write-off of deferred financing costs | (4,393) | — | |||||||||
Amortization of deferred financing costs and discounts (premiums) on indebtedness | 10,719 | 20,342 | |||||||||
Share-based compensation expense | (2,623) | 40,532 | |||||||||
Deferred income taxes | (57,248) | (16,149) | |||||||||
Decrease in right-of-use assets | 11,324 | 10,955 | |||||||||
Provision for doubtful accounts | 20,259 | 14,737 | |||||||||
Other | 316 | (287) | |||||||||
Change in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||||||||||
Accounts receivable, trade | 26,364 | 9,112 | |||||||||
Prepaid expenses and other assets | (45,931) | (19,462) | |||||||||
Amounts due from and due to affiliates | 10,084 | (8,992) | |||||||||
Accounts payable and accrued liabilities | (20,577) | (13,477) | |||||||||
Deferred revenue | 13,833 | 14,613 | |||||||||
Interest rate swap contracts | 32,858 | (138,894) | |||||||||
Net cash provided by operating activities | 416,846 | 600,219 | |||||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | (582,897) | (392,371) | |||||||||
Other, net | (198) | 888 | |||||||||
Net cash used in investing activities | (583,095) | (391,483) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from long-term debt | 350,000 | 150,000 | |||||||||
Repayment of debt | (268,936) | (329,688) | |||||||||
Proceeds from derivative contracts in connection with the settlement of collateralized debt | 38,902 | — | |||||||||
Principal payments on finance lease obligations | (37,861) | (28,941) | |||||||||
Other, net | (700) | — | |||||||||
Net cash provided by (used in) financing activities | 81,405 | (208,629) | |||||||||
Net increase (decrease) in cash and cash equivalents | (84,844) | 107 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (190) | (170) | |||||||||
Net decrease in cash and cash equivalents | (85,034) | (63) | |||||||||
Cash, cash equivalents and restricted cash at beginning of year | 305,751 | 195,975 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 220,717 | $ | 195,912 |
Earnings Release | ||||||||
Earnings Release | ||||||||
Reconciliation of net income to Adjusted EBITDA and Operating Free Cash Flow (unaudited): | |||||||||||
(in thousands) | Three Months Ended March 31, | ||||||||||
2023 | 2022 | ||||||||||
Net income | $ | 31,170 | $ | 202,141 | |||||||
Income tax expense | 30,372 | 82,846 | |||||||||
Other income, net | (10,205) | (2,430) | |||||||||
Loss (gain) on interest rate swap contracts, net | 14,429 | (123,147) | |||||||||
Loss (gain) on derivative contracts, net | 166,489 | (101,074) | |||||||||
Loss (gain) on investments | (192,010) | 150,773 | |||||||||
Gain on extinguishment of debt and write-off of deferred financing costs | (4,393) | — | |||||||||
Interest expense, net | 389,278 | 303,362 | |||||||||
Depreciation and amortization (including impairments) | 416,212 | 435,349 | |||||||||
Restructuring expense and other operating items | 29,672 | 3,378 | |||||||||
Share-based compensation | (2,623) | 40,532 | |||||||||
Adjusted EBITDA | 868,391 | 991,730 | |||||||||
Capital Expenditures (cash) | 582,897 | 392,371 | |||||||||
Operating Free Cash Flow | $ | 285,494 | $ | 599,359 |
Reconciliation of net cash flow from operating activities to Free Cash Flow (unaudited): | |||||||||||
Net cash flows from operating activities | $ | 416,846 | $ | 600,219 | |||||||
Capital Expenditures (cash) | 582,897 | 392,371 | |||||||||
Free Cash Flow (Deficit) | $ | (166,051) | $ | 207,848 |
Earnings Release | ||||||||
CSC Holdings, LLC Restricted Group (in $m) | Principal Amount | Coupon / Margin | Maturity | ||||||||||||||
Drawn RCF | $1,700 | S+2.350% | 2025(11) | ||||||||||||||
Term Loan | 1,532 | L+2.250% | 2025 | ||||||||||||||
Term Loan B-3 | 526 | L+2.250% | 2026 | ||||||||||||||
Term Loan B-5 | 2,910 | L+2.500% | 2027 | ||||||||||||||
Term Loan B-6 | 2,002 | S+4.500% | 2028(12) | ||||||||||||||
Guaranteed Notes | 1,310 | 5.500% | 2027 | ||||||||||||||
Guaranteed Notes | 1,000 | 5.375% | 2028 | ||||||||||||||
Guaranteed Notes | 1,750 | 6.500% | 2029 | ||||||||||||||
Guaranteed Notes | 1,100 | 4.125% | 2030 | ||||||||||||||
Guaranteed Notes | 1,000 | 3.375% | 2031 | ||||||||||||||
Guaranteed Notes | 1,500 | 4.500% | 2031 | ||||||||||||||
Senior Notes | 750 | 5.250% | 2024 | ||||||||||||||
Senior Notes | 1,046 | 7.500% | 2028 | ||||||||||||||
Legacy unexchanged Cequel Notes | 4 | 7.500% | 2028 | ||||||||||||||
Senior Notes | 2,250 | 5.750% | 2030 | ||||||||||||||
Senior Notes | 2,325 | 4.625% | 2030 | ||||||||||||||
Senior Notes | 500 | 5.000% | 2031 | ||||||||||||||
CSC Holdings, LLC Restricted Group Gross Debt | 23,205 | ||||||||||||||||
CSC Holdings, LLC Restricted Group Cash | (132) | ||||||||||||||||
CSC Holdings, LLC Restricted Group Net Debt | $23,072 | ||||||||||||||||
CSC Holdings, LLC Restricted Group Undrawn RCF | $644 | ||||||||||||||||
Cablevision Lightpath LLC (in $m) | Principal Amount | Coupon / Margin | Maturity | ||||||||||||||
Drawn RCF | $— | L+3.250% | 2025 | ||||||||||||||
Term Loan | 587 | L+3.250% | 2027 | ||||||||||||||
Senior Secured Notes | 450 | 3.875% | 2027 | ||||||||||||||
Senior Notes | 415 | 5.625% | 2028 | ||||||||||||||
Cablevision Lightpath Gross Debt | 1,452 | ||||||||||||||||
Cablevision Lightpath Cash | (63) | ||||||||||||||||
Cablevision Lightpath Net Debt | $1,389 | ||||||||||||||||
Cablevision Lightpath Undrawn RCF | $100 |
Earnings Release | ||||||||
CSC Holdings Restricted Group(13) | Cablevision Lightpath LLC | CSC Holdings Consolidated(14) | Altice USA Consolidated | ||||||||||||||||||||
Gross Debt Consolidated(15) | $23,205 | $1,452 | $24,656 | $24,656 | |||||||||||||||||||
Cash | (132) | (63) | (220) | (220) | |||||||||||||||||||
Net Debt Consolidated | $23,072 | $1,389 | $24,436 | $24,436 | |||||||||||||||||||
LTM EBITDA | $3,509 | $228 | $3,743 | $3,743 | |||||||||||||||||||
L2QA EBITDA | $3,331 | $229 | $3,563 | $3,563 | |||||||||||||||||||
Net Leverage (LTM) | 6.6x | 6.1x | 6.5x | 6.5x | |||||||||||||||||||
Net Leverage (L2QA) | 6.9x | 6.1x | 6.9x | 6.9x | |||||||||||||||||||
WACD (%) | 5.8% | 5.5% | 5.8% | 5.8% |
Reconciliation to Financial Reported Debt | |||||
Actual | |||||
Total Debenture and Loans from Financial Institutions (Carrying Amount) | $24,587 | ||||
Unamortized financing costs and discounts, net of unamortized premiums | 20 | ||||
Fair value adjustments | 49 | ||||
Gross Debt Consolidated(15) | 24,656 | ||||
Finance leases and other notes | 410 | ||||
Total Debt | 25,066 | ||||
Cash | (220) | ||||
Net Debt | $24,846 |
Earnings Release | ||||||||
Earnings Release | ||||||||
,[37T+^PRJGXX@MU&F7&WZY3^
MF:8C]#:***HD**** "BBB@ HHHH **** "BBB@ HHHH *^8_%UG&GB+6+9D5
MX?M,R%&&05+'@CTQ7TY7S9XWX\7ZQSG_ $J3^= 'Y@?M&?"5_A+\0KBUMXV&
MB7^;K3W[!"?FCSZH>/H5/>O+2:_2?]HCX4)\6/AW=V<$:G6;+-UI[]S(!S'G
MT<97Z[3VK\UYE>*1HY%9'4[65A@@]P1636IHF(S4VBBD,***:S4@/I;]@O\
M:%_X4;\9K>SU.Y\GPKXD*6&H;VPD,F?W,Y]-K,5)[*['L*_92OYTB:_8O_@G
M[^T-_P +L^#<.E:I<^;XJ\,!+&\+MEYX,$03^Y*J58]=R$G[PK2/8F7<^HJ*
M**L@**** "BBB@ HHHH **** /R+\;6+:=XSU^T88:#4+B(C_=D8?TK%V\\&
MO2_VB-#.A?'#QG;%=N_49+D#VEQ*/T>O.Q&?2I+(=IHV?YS5@14X0T@*PCKV
MS]CG4AI?Q\T%7.U;N*XMR?GVL5G;)]V.)<#ZGU/N:NT$A1110 4444 %%%% !1110!\A?M=?
ML Z%\=/M?BCPB;?PYXZ8%Y
,[37T+^PRJGXX@MU&F7&WZY3^
MF:8C]#:***HD**** "BBB@ HHHH **** "BBB@ HHHH *^8_%UG&GB+6+9D5
MX?M,R%&&05+'@CTQ7TY7S9XWX\7ZQSG_ $J3^= 'Y@?M&?"5_A+\0KBUMXV&
MB7^;K3W[!"?FCSZH>/H5/>O+2:_2?]HCX4)\6/AW=V<$:G6;+-UI[]S(!S'G
MT<97Z[3VK\UYE>*1HY%9'4[65A@@]P1636IHF(S4VBBD,***:S4@/I;]@O\
M:%_X4;\9K>SU.Y\GPKXD*6&H;VPD,F?W,Y]-K,5)[*['L*_92OYTB:_8O_@G
M[^T-_P +L^#<.E:I<^;XJ\,!+&\+MEYX,$03^Y*J58]=R$G[PK2/8F7<^HJ*
M**L@**** "BBB@ HHHH **** /R+\;6+:=XSU^T88:#4+B(C_=D8?TK%V\\&
MO2_VB-#.A?'#QG;%=N_49+D#VEQ*/T>O.Q&?2I+(=IHV?YS5@14X0T@*PCKV
MS]CG4AI?Q\T%7.U;N*XMR?GVL5G;)]V.)<#ZGU/N:NT$A1110 4444 %%%% !1110!\A?M=?
ML Z%\=/M?BCPB;?PYXZ8%Y
Cover page Document |
May 03, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | May 03, 2023 |
Entity Registrant Name | Altice USA, Inc. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-38126 |
Entity Tax Identification Number | 38-3980194 |
Entity Address, Address Line One | 1 Court Square West |
Entity Address, City or Town | Long Island City, |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 11101 |
City Area Code | 516 |
Local Phone Number | 803-2300 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Class A Common Stock, par value $0.01 per share |
Trading Symbol | ATUS |
Security Exchange Name | NYSE |
Entity Central Index Key | 0001702780 |
Amendment Flag | false |
Entity Emerging Growth Company | false |
-8?20$3;8T.P6BP^0"X99K>]9!:G
M#J2*C$(,?7[W%_G[CZ__0\X^.4]$E]BBS\E%OH*]SF1#ZI&(M.JZ8:\@T
MW=GGOV_>_?B#:5V2J]MO-^ 9NQ!@!O*_(^HE?.I"' XG#G],
M_(#W$:6$2<=[A7R6*9L%TKR:A5 E^+ ,IMRA5MP1TYNLV2[V]DFN0U=
MK>[J3+.%++2"))!\"4&(9-T\7TT%1M&V2X-;_YUNKW[IMLEU:.[5SOZQ)2"?
MA N28-H":5UJK2I&R3NE;MVV3,@5@%F]FF2?]]L0-+22]KI#V,%\PYWW?N
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MC9 :\5>Y?3F")$F\K ('WE?3NYLFW@@_H#Q^?\7RA:['"GLQ)>",L*?>?_D'9]-J\]YH['@1
MJTY_W@8GP5 [DJ9NJA2$DW 4VNBFI!N;AF[5=SFCHX1EO-L0 Y_IEBUI76O)N1V%_B:!5&JK4F*JH@ MX*T.5--1>IV]?)"+X+;C84>?%WOGM56
M9PT9(\?=1?KK9E;43D
UB\9VWFAZ
*9M2[II"\$K9ZM7=CK1J=X-<"H*>M=L\J.5U40->M;"3^E
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M[=L[4<1FRG%.VZOGG6Q=I!!^QC&K2;J+':I).:T5S0ET25-JZ-E4
>&$=TY*6CIO>,T?9;)/: VJ["G/;>\2)R[_@I
M:+P^EFH= 74;W[MLOZ77J[ 3=J@;X9MZLR>Y*[[?(BH[W17/R%CK'/(CW4YM
M@7)EIIL25G*26^XP&=*(!&UH$*F>W#X?:_.KNF;A^.'3=DU=GE.;==&3S4_]
(:9(8<^>"1L?*S/2Y ?L?P+Q@
MN-+;T A0"#D#]9CR'G;=&.?3YT[X;D/TL91A_026T!\:N")28CA4EB;\W.2J
MBM\!I,.5*EVI2FVA 3J.*X[<"S=^+7>WW*E1^\Z3R"_,+OTU/@+TW''7CC_J
MOV$F?L?+>-[BUV&J99Y!VPU#I@W)&Y;S'I;@I"'*
MOAA83^5HP1I;F,!K9"F@UN!4I.R/N%P7P*EOG:$6FY][\C"Q?9 2"W<.#LBI
M)>OB ]ZG#=K#D,4_FVUMP$1B@.8][K^G?WNO\6G)D93)O/ $Z-F*_8'7SS]-
M(>LW?.7U=^[%ZX$>KW)N)O35P\JP=EUTE-;7&;+42=7T\'CP6MS\:LYV$^ 9
M_J#"8_$_@?9_& /O>(7JQ-_I&5TAPMZ%1(-"\V\;>B?>!HLFCA]9D_Q@O94X
M3_/TWG90_0L-T MY>3GS
6\9T/'BJ[LF(VC!F$:5*2 C2U])MQ6=B-M&Z\L_^
MT.:6T*(]?IHX-AFD%9[@T7^BILS-+B9F-V/(LJ9I=">]0O7J^6GA1/;U70NI
MW$\;TL[;%B6E4>8Q
&B=WRM8-989ZW3#4
MTB[QLNM7.I?\P&$W!7)BA:_[;"7?;Q&6'QUM>ZCP1/^_U^LMM'>GJ/!OA;6CS^H]]$_8$^K]"N1A8>T7 H=;,6
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M'=G/TYN:'Y'O]D^Y:C[C^/K]*V/9U2