2019-Q4 (Winter).pub - Publisher...^W / > s Ed ~^ U Khd/E' ~^ E tKZ µ v E Á z o } v ] u ^ µ u < ]...
Transcript of 2019-Q4 (Winter).pub - Publisher...^W / > s Ed ~^ U Khd/E' ~^ E tKZ µ v E Á z o } v ] u ^ µ u < ]...
^W/>sEd;^ͿKhd/E';^ͿEtKZ<^,KW;^Ϳ
&ƌŝĚĂLJ :ĂŶϯϭ >ƵŶĂƌEĞǁzĞĂƌĞůĞďƌĂƟŽŶ Ăƚŝŵ^Ƶŵ<ŝŶŐ
ϭϭϯϬĂŵ–ϯϬϬƉŵ DĞŵďĞƌΨϭϬEŽŶ-ŵĞŵďĞƌΨϮϬ ;dŝĐŬĞƚƐĂǀĂŝůĂďůĞŽŶ:ĂŶϭϬͿ
dƵĞƐĚĂLJ &Ğďϰ DĞŵďĞƌƐDĞĞƟŶŐ ϭϬϰϱĂŵ–ϭϭϰϱƉŵ ůůĂƌĞtĞůĐŽŵĞ
tĞĚŶĞƐĚĂLJ &ĞďϭϮ sĂůĞŶƟŶĞƐĂLJĂŶĐĞWĂƌƚLJ ϭϬϬƉŵ–ϰϬϬƉŵ DĞŵďĞƌΨϮEŽŶ-ŵĞŵďĞƌΨϯ ;dŝĐŬĞƚƐĂǀĂŝůĂďůĞŽŶ&ĞďϮϮͿ
&ƌŝĚĂLJ DĂƌϮϬ :ĂŶ&ĞďDĂƌŝƌƚŚĚĂLJƐΘ^ƚWĂƚƌŝĐŬƐĂLJĞůĞďƌĂƟŽŶ
ϭϭϯϬĂŵ–ϭϯϬƉŵ DĞŵďĞƌΨϲEŽŶ-ŵĞŵďĞƌΨϭϬ ;dŝĐŬĞƚƐĂǀĂŝůĂďůĞŽŶ&ĞďϮϴͿ
d ƌƵŵŵŝŶŐtŽƌŬƐŚŽƉ d &ƌĞĞĨŽƌŵĞŵďĞƌƐ
tŽŽĚ'ƌĞĞŶĐƟǀĞ>ŝǀŝŶŐĞŶƚƌĞDĞŵďĞƌƐŚŝƉ;ŐĞϱϱнͿƌƵŶƐĂŶŶƵĂůůLJĨƌŽŵƉƌŝůϭƚŽDĂƌĐŚϯϭĂŶĚŽīĞƌƐĂĐƟǀŝƟĞƐĨƌĞĞŽĨĐŚĂƌŐĞŽƌĂƚĂƐƵďƐŝĚŝnjĞĚƌĂƚĞĂƚĂůůůŽĐĂƟŽŶƐ
/ĨLJŽƵƌĞŐŝƐƚĞƌďĞƚǁĞĞŶ DĞŵďĞƌƐŚŝƉ&ĞĞ DĞŵďĞƌƐŚŝƉdĞƌŵ;ƐͿ
Ɖƌŝůϭ–^ĞƉƚĞŵďĞƌϯϬ ΨϮϬ
;ŶŶƵĂůͿ
īĞĐƟǀĞŝŵŵĞĚŝĂƚĞůLJĂŶĚǀĂůŝĚƵŶƟů DĂƌĐŚϯϭŽĨƚŚĞĨŽůůŽǁŝŶŐLJĞĂƌ
KĐƚŽďĞƌϭ–DĂƌĐŚϭ ΨϭϬ
;,ĂůĨ-zĞĂƌůLJͿ
īĞĐƟǀĞŝŵŵĞĚŝĂƚĞůLJĂŶĚǀĂůŝĚƵŶƟů DĂƌĐŚϯϭŽĨƚŚĞĨŽůůŽǁŝŶŐLJĞĂƌ
DDZ^,/W/E&KZDd/KE
&-^WZK'ZD;^Ϳ
ĂŶĐŝŶŐǁŝƚŚWĂƌŬŝŶƐŽŶƐ :ĂŶ–DĂƌ;dŚƵƌͿ ϭϭϬϬĂŵ–ϭϮϬϬƉŵ
ŽƐƚƉĞƌĐůĂƐƐΨϱ
,>d,Z^Zs/;^Ϳ
&ŽŽƚĐĂƌĞůŝŶŝĐ LJ&ŝƌƐƚŚŽŝĐĞ&ŽŽƚĐĂƌĞ
dŚƵƌƐĚĂLJƐ:ĂŶϵϯϬ&ĞďϮϬDĂƌϭϮ;ƉƉŽŝŶƚŵĞŶƚKŶůLJͿ ŽƐƚΨϰϬϬϬWůĞĂƐĞĐĂůůϰϭϲ-ϱϭϮ-ϬϵϴϮĨŽƌŬŝŶŐ
,ĞĂƌŝŶŐ^ĐƌĞĞŶŝŶŐ LJĂŶĂĚŝĂŶ ,ĞĂƌŝŶŐ^ŽĐŝĞƚLJ
dƵĞƐĚĂLJƐ:ĂŶϮϭ&ĞďϭϴDĂƌϭϳ;ƉƉŽŝŶƚŵĞŶƚKŶůLJͿ &ƌĞĞĨŽƌ^ĞŶŝŽƌƐϲϱн
:,17(5&$/(1'$5 :RRG*UHHQ&RPPXQLW\6HUYLFHV-6HQLRUV$FWLYH/LYLQJ&HQWUH
%URDGYLHZ$YH/RZHU/HYHO7RURQWR210.- 0RQGD\-)ULGD\DP-SP
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287,1*6$1'63(&,$/(9(176(YHQWWLFNHWVZLOOEHDYDLODEOHWREHSXUFKDVHGDWVSHFLILF:RRG*UHHQ6HQLRUV$FWLYH/LYLQJ&HQWUHORFDWLRQZHHNVEHIRUHDFWXDOWKHHYHQWGDWH &$1&(//$7,2132/,&<&DQFHOODWLRQRUDQ\UHIXQGIRUDQHYHQWRXWLQJRUFODVVLVDFFHSWHGXSWREXVLQHVVGD\VLQDGYDQFHXQOHVVRWKHUZLVHQRWHG ,PSRUWDQW0HGLFDOFRQVXOWDWLRQLVKLJKO\UHFRPPHQGHGEHIRUHHQUROPHQWLQDQ\SK\VLFDODFWLYLWLHV
tKK'ZE^E/KZ^d/s>/s/E'EdZ>Kd/KE^
%URDGYLHZ$YH 0RQ–)ULDPWRSP -H[W
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4XHHQ6W( 0RQ–)ULDPWRSP -H[W
-$18$5<720$5&+:RRG*UHHQ6HQLRUV$FWLYH/LYLQJ&HQWUH_/RFDWLRQ%URDGYLHZ$YH/RZHU/HYHO_&DOO
DKEz dh^z tE^zϬϵϯϬ-ϭϬϯϬdĂŝŚŝϮϰΘϰϮ ϬϵϯϬ-ϭϮϬϬWŝŶŐWŽŶŐůƵď ϭϬϯϬ-ϭϮϬϬDĂŶĚĂƌŝŶŚŽŝƌ ϬϭϬϬ-ϬϭϯϬzƵĂŶũŝĂŶĐĞ ϬϭϯϬ-ϬϯϯϬ>ŝŶĞĂŶĐĞ>Ϯ>ϯ ϬϭϯϬ-ϬϰϬϬŚŝŶĞƐĞ&ŽůŬĂŶĐĞ ϬϯϰϬ-ϬϰϰϬ>ĞƚƐ'ĞƚDŽǀŝŶŐ
ϬϵϯϬ-ϭϬϯϬ>ĞƚƐ'ĞƚDŽǀŝŶŐ ϭϮϬϬ-ϬϰϬϬĂŶƚŽŶĞƐĞ KƉĞƌĂ<ĂƌĂŽŬĞ;Ϳ ϬϭϬϬ-ϬϯϬϬ^ŽĐŝĂůĂŶĐĞ
ϬϵϯϬ-ϭϬϯϬ'ĞŶƚůĞzŽŐĂ;:ĂŶϴ—ϬϵϯϬ-ϬϮϬϬĂŶƚŽŶĞƐĞKƉĞƌĂ<ĂƌĂŽŬĞ;ͿϭϬϯϬ-ϭϭϯϬdĂŝŚŝĞŐŝŶŶĞƌϭϮϬϬ-ϬϮϯϬĂůůƌŽŽŵĂŶĐĞůƵďϬϮϯϬ-ϬϯϯϬDĂŶĚĂƌŝŶϭϬϭ ;:ĂŶϭϱ ĂůůƌŽŽŵĂŶĐĞůƵďĐĂŶĐĞůůĞĚŽŶ&ĞďϭϮ
EdZ>K^hZ>>Wh>/,K>/z^ΘхххххххххWůĞĂƐĞŶŽƚĞZĞŐƵůĂƌƉƌŽŐƌĂŵŵŝŶŐŵĂLJďĞĐĂŶĐĞůůĞĚĚƵƌŝŶŐƚŚĞƐĞƐƉĞĐŝĂůĞǀĞŶƚƐффффффффф
t&ϭϮ;ϭϬϬsĂůĞŶƟŶĞΖƐĂLJĂŶĐĞWĂƌƚLJΎ
ΎΎ>^^^,h>/^^h:ddK,E't/d,KhdEKd/ΎΎ
:EϮϭ&ϭϴΘDZϭϳ
,ĞĂƌŝŶŐ^ĐƌĞĞŶŝŶŐ ;LJƉƉƚKŶůLJͿ
dh&ϰ
;ϭϬϯϬ–ϭϭϯϬͿ DĞŵďĞƌƐDĞĞƟŶŐ
dh:EϮϭ ;ϭϭϬϬ–ϭϮϬϬͿ
ĂŶĐĞƌWƌĞǀĞŶƟŽŶtŽƌŬƐŚŽƉ
ůĂĐŬDƵůƟƉƵƌƉŽƐĞ,Ăůů ůƵĞĐƟǀŝƚLJZŽŽŵ WƵƌƉůĞ^ƉĞĐŝĂůǀĞŶƚƐΘtŽƌŬƐŚŽƉƐ
;ΎWĂLJŵĞŶƚĚĞƚĂŝůƐŽŶƌĞǀĞƌƐĞͿ
-$18$5<720$5&+ :RRG*UHHQ6HQLRUV$FWLYH/LYLQJ&HQWUH_/RFDWLRQ%URDGYLHZ$YH/RZHU/HYHO_&DOO--H[W/XOX<DR
tE^z d,hZ^z &Z/z
'ĞŶƚůĞzŽŐĂ ;:ĂŶϴ—DĂƌϭϭͿ ĂŶƚŽŶĞƐĞ KƉĞƌĂ<ĂƌĂŽŬĞ;Ϳ dĂŝŚŝĞŐŝŶŶĞƌ ĂůůƌŽŽŵĂŶĐĞůƵď DĂŶĚĂƌŝŶϭϬϭ ;:ĂŶϭϱ–DĂƌϭϴͿ
ĂůůƌŽŽŵĂŶĐĞůƵďĐĂŶĐĞůůĞĚŽŶ
ϬϵϯϬ-ϭϬϯϬ>ĞƚƐ'ĞƚDŽǀŝŶŐ ϭϬϯϬ-ϭϭϯϬŽŶǀĞƌƐĂƟŽŶĂů ŶŐůŝƐŚ ϭϭϬϬ-ϭϮϬϬĂŶĐŝŶŐǁŝƚŚ WĂƌŬŝŶƐŽŶƐΎ ;:ĂŶ—DĂƌͿ ϭϭϯϬ-ϬϰϬϬDĂŚ:ŽŶŐ ϬϭϬϬ-ϬϯϬϬ>ŝŶĞĂŶĐĞ>ϭ>Ϯ
ϬϵϯϬ-ϭϬϯϬƵŵďĂ'ŽůĚ ϭϬϯϬ-ϭϮϬϬŶŐůŝƐŚ ^ŽŶŐ^ŚĂƌŝŶŐ ϭϮϬϬ-ϬϭϬϬŚŝŶĞƐĞ&ŽůŬĂŶĐĞ ϬϭϬϬ-ϬϰϬϬDĂŚ:ŽŶŐ ůůĐůĂƐƐĞƐĐĂŶĐĞůůĞĚŽŶ:ĂŶϯϭ
EdZ>K^hZ>>Wh>/,K>/z^ΘDZϮϯ—Ϯϳ хххххххххWůĞĂƐĞŶŽƚĞZĞŐƵůĂƌƉƌŽŐƌĂŵŵŝŶŐŵĂLJďĞĐĂŶĐĞůůĞĚĚƵƌŝŶŐƚŚĞƐĞƐƉĞĐŝĂůĞǀĞŶƚƐффффффффф
t&ϭϮ;ϭϬϬ–ϰϬϬͿ sĂůĞŶƟŶĞΖƐĂLJĂŶĐĞWĂƌƚLJΎ
:Eϵ:EϯϬ&ϮϬΘDZϭϮ
&ŽŽƚĐĂƌĞůŝŶŝĐ ;LJƉƉƚKŶůLJͿ
&Z/:Eϯϭ;ϭϭϯϬ–ϯϬϬͿ >ƵŶĂƌEĞǁzĞĂƌĞůĞďƌĂƟŽŶ
Ăƚŝŵ^Ƶŵ<ŝŶŐΎ
&Z/DZϮϬ;ϭϭϯϬ–ϭϯϬͿ
:ĂŶ&ĞďDĂƌŝƌƚŚĚĂLJƐĞůĞďƌĂƟŽŶΘ^ĞĂƐŽŶƐ'ƌĞĞƟŶŐƐΎ
ΎΎ>^^^,h>/^^h:ddK,E't/d,KhdEKd/ΎΎ
WƵƌƉůĞ^ƉĞĐŝĂůǀĞŶƚƐΘtŽƌŬƐŚŽƉƐ ZĞĚĂŶĐĞůůĂƟŽŶ
;ΎWĂLJŵĞŶƚĚĞƚĂŝůƐŽŶƌĞǀĞƌƐĞͿ