expedia group, inc. (expe) november 13, 2020 · 2020. 11. 18. · trivago five percent of...
TRANSCRIPT
Important disclosures appear on the last page of this report.
The Henry Fund
Henry B. Tippie College of Business
Yun-Hsin (Jocelyn) Liu [[email protected]]
Expedia Group, Inc. (EXPE) November 13, 2020
Consumer Discretionary – Online Travel Agencies Stock Rating NO ACTION
Investment Thesis Target Price $111-136
We recommend No Action for Expedia Group due to its 16% potential upside. Our
recommendation is based on the current market conditions where uncertainties
remained since COVID-19 outbreak. The pandemic has made direct impacts to the
travel industry due to a steep decline in consumer spending, and increasing
competition in the industry. Most importantly, depending on how long the effective
vaccine would be made available to the general public, traveling industry could
return to norm slower than expected. In addition to the vaccine, we are also closely
monitoring other potential factors that might expedite the recovery for global
economy such as firm’s ongoing expansion in Chinese market.
Drivers of Thesis
• Direct Impact of the Covid-19 Outbreak: Lack of effective vaccine and the long
duration of pandemic has materially impacted consumer’s demand for traveling
and the usage of Expedia’s platform as a result. With the expectation of slower
recovery, we are forecasting a lower-than-historical average annual growth rate
of -25% in 2020 fiscal year, 20% in 2021 fiscal year, and 9% afterwards (2022-
2024) in retail revenue segment [3].
• Significant Decline in Consumer Spending: EXPE has underperformed the
industry by 37x and the sector by 34x in ROE ratio [2]. Since COVID-19 outbreak,
there is significant decline in consumer spending. EXPE holds 90% revenue from
direct travel booking, hence it has been affected the most when compared to
its peers.
• Increasing Competition in Online Travel Industry: Online travel industry has
seen increased competition over the past few years. Large companies such as
Google has also penetrated the industry offering a lower cost alternative [4].
Operating margin has decreased by 55% since 2017 because of higher
competition in the industry [3].
Risks to Thesis
• Economic Rebound Following Effective Vaccine Being Widely Available: If the
effective vaccines have been verified and started to become widely available for
people across countries, we expect a quick and significant improvement in
consumer demands in traveling. This would strengthen Expedia’s core online
booking revenue and overall financial health.
• Competitive Position in the Industry with Strong Network and Leading Digital
Platform: Expedia’s strong network effect has contributed to its uniqueness and
competitive advantage. For this reason, we modeled a better-than-peers annual
average growth rate of 9% in retail revenue segment after fiscal year 2021 [3].
• Further Growth in Chinese Market: Expedia could benefit from further
expansion in China, in-destination, and vacation rental markets.
Henry Fund DCF $111
Henry Fund DDM $136
Price Data
Current Price $117.5
52wk Range $40.76 – $119.9
Consensus 1yr Target $111.8
Key Statistics
Market Cap (M) 13,296
Shares Outstanding (M) 147.2
Institutional Ownership 98.7%
Five Year Beta 1.66
Dividend Yield 0.0%
Est. 5yr Growth (EPS) 4.5%
Price/Earnings (TTM) 24.3x
Price/Earnings (FY1) 46.3x
Price/Sales (TTM) 1.5x
Price/Book (mrq) 7.7x
Profitability
Operating Margin -12.7%
Profit Margin -30.6%
Return on Assets (TTM) -2.7%
Return on Equity (TTM) -45.6%
Source: Yahoo! Finance, Net Advantage
Earnings Estimates Year 2017 2018 2019 2020E 2021E 2022E
EPS $2.49 $2.71 $3.84 $-13.93 $-0.45 $3.88
Consensus $-8.65 $-0.38 $3.96
Growth +9% +41% -463% -97% -968%
12 Month Performance Company Description
Source: Yahoo! Finance
Expedia is the world’s largest online travel agency by
bookings, offering services for lodging, air tickets, rental
cars, cruises, in-destination, and other and advertising
revenue. The company operates through three business
segments: Retail, B2B, and Trivago. Transaction fees for
online bookings account for the bulk of sales and profits
of Expedia. Expedia was founded in 1994 and is
headquartered in Seattle, WA.
24.3
-32.5
-0.9
28.4
4.22.1
34.6
1.6 0.2
-40
-30
-20
-10
0
10
20
30
40
P/E ROE ROA
EXPE Industry Sector
-150%
-100%
-50%
0%
50%
N D J F M A M J J A S O N
EXPE S&P 500
Page 2
COMPANY DESCRIPTION
Expedia Group, Inc. is an online travel company. The company is
one of the world largest travel agency, with nearly 25,400
employees. The company’s offerings primarily include airline
tickets, hotel reservations, car rentals, cruise arrangements, and
destination services [6].
The company used to operate in four major business segments
which are Core Online Travel Agency, Vrbo, Trivago, and Egencia.
Core Online Travel Agency generates revenue by providing a full
range of traveling and advertising services to the customers.
Vrbo generates revenue by operating an online marketplace for
the alternative accommodations industry. Trivago segment
generates revenue by advertising, primarily from sending
referrals to online travel companies and travel service providers
from its hotel metasearch websites [6].
However, at the beginning of the first quarter this year as an
effort to keep its revenue stream clear to investors, Expedia has
changed its reportable segments into: Retail (Core online travel
agency, and Vrbo revenue segment combined), B2B (Egencia
segment before), and Trivago. We have also incorporated this
revenue segment change into our model. The retail segment
provides a full range of traveling and advertising services to its
customers. B2B revenue segment provides booking services to
the corporate customers. On the other hand, Trivago segment
generates advertising revenue primarily from sending referrals
to online travel companies and travel service providers from its
hotel metasearch websites [10].
In particular, the retail revenue segment has started to face
increasing competition from other players. Its competitors
include Booking Holdings. (Ticker: BKNG) and its subsidiaries
Booking.com and Agoda.com, Trip.com (Ticker: TCOM), and
TripAdvisor (Ticker: TRIP) which in some cases may have more
favorable offerings for travelers or suppliers such as better
pricing and wider options.
We have adjusted the revenue segment that was reported for
fiscal year 2019 so that it would reflect the change that the firm
has made this year. The following shows the revenue breakdown
by segment:
Source: EXPE FY 2019 10K
The following sections detail further information about each
revenue segment and firm’s profitability:
Retail
Ninety percent of Expedia’s revenue is generated by the Retail
revenue segment. This revenue provides a full range of traveling
and advertising services for customers around the world. The
variety of brands include Expedia.com and Hotels.com in the
U.S., and localized Expedia and Hotels.com websites throughout
the world: Vrbo, Orbitz, Travelocity, Wotif Group, ebookers,
CheapTickets, Hotwire.com, CarRentals.com, CruiseShipCenters,
Classic Solutions and SilverRail Techonologies,Inc. [10].
This revenue segment has experienced the largest drawdown
since the COVID-19 outbreak. Since the pandemic, many people
have cancelled their travel plans in order to minimize the
chances of getting infected. The chart below shows a 78% drop
in tourist arrivals around the world when compared to prior
year. Fifty seven percent of Expedia sales comes within the U.S.,
and forty three percent comes from international [5]. As a
result, Expedia’s retail segment dropped 80% YoY as of Q2 2020
[10].
Source: UNWTO
We expect the demand in traveling will only start to pick up
again when an effective vaccine is approved and able to be made
90%
5%5%
Fiscal Year 2019 Sales Breakdown by Segment
Retail
B2B
Trivago
Historical International Tourists Arrivals
Page 3
available to the general public. As a result, we projected a 25%
decline in this revenue segment in 2020, 20% growth rate in
fiscal year 2021, and an annual average growth rate 9% from
2022 - 2024 to reflect a slower recovery from pandemic [3].
Source: EXPE HF Model
B2B
Five percent of Expedia’s revenue comes from the B2B revenue
segment. This revenue segment generates revenue by providing
traveling services to businesses and their corporate customers.
The B2B segment is comprised of the company’s Expedia
Business Services organization such as Expedia Partner
Solutions [10].
Since the pandemic, many companies are now working from
home and has reduced the frequency of business trips to cut
costs. As a result, in the most recent quarterly report, Expedia
reported a -13% YoY in this revenue segment.
We expect the pandemic to continue to worsen since the flu
season is just around the corner. On the other hand, as the
situation has lasted for more than six months now, people
started to become more relaxed and less cautious about social
distancing. For this reason, we project a 25% drop in B2B
revenue segment which is aligned with the industry average
estimate based on the data gathered from Statists [11]. In
addition, we also project the travel industry to recover gradually
from 2021-2024 as more companies continue to work from
home and lower costs on businesses travels. We believe for
business travel to return back to normal; it will take another two
to three years. Therefore, we project a lower than the historical
average annual growth rate of 6% in B2B revenue segment [3].
The chart below shows historical and projected revenue growth
for B2B:
Source: Henry Fund Model
Trivago
Five percent of Expedia’s revenue comes from Trivago, which is
a hotel metasearch website. Trivago revenue segment generates
advertising revenue from sending referrals to online travel
companies and traveling service providers from Trivago’s
websites [10]. Even though Trivago has been spending a
significant amount of advertising fees worldwide to increase its
search traffic, Google has become the largest hotel metasearch
engine. According to Fornova, Google earns 79% of all hotel
metasearch bookings, while Trivago earns 30% [23]. The chart
below shows each key player’s market share hotel metasearch
industry.
Source: Fornova
In addition, given the decline in traveling demand post COVID-
19 outbreak, online travel agencies have dramatically reduced
marketing speed, including on trivago. As a result, in Q1 2020,
trivago revenue segment reported a drop of 23% year-over-
year. The management team indicated in the Q2 2020
announcement that it expects trivago revenue segment to
continue to experience significant pressure on revenue and
profit until online travel agencies and other hotel suppliers begin
to see the consumer demand pick up again, which will then
increase their marketing demand [10]. Moreover, we expect
hotel metasearch revenue from Trivago to continue to decline
as Google continues to dominate and increase its market share
in hotel metasearch. Therefore, we expect the firm’s revenue to
Page 4
drop -25% in 2020, which is aligned with recent travel industry
growth. From 2021 through 2024, it is expected to deliver an
annual average growth rate of 1% (lower than the historical
average annual growth rate) to reflect more competition in hotel
metasearch [3].
The chart below shows historical and projected revenue growth
for Trivago:
Source: Henry Fund Model
Cost Structure
EXPE incurs costs in relation to the operation of the business,
including direct costs to support its customers as well as fees to
air ticket fulfillment vendors, credit card processing fees, fraud
and chargebacks, and other costs that are related to data center
and cloud costs to support its websites. Expedia also incurs
transactional level taxes, personnel and overhead costs [10].
As of Q1 2020, cost of revenue has increased $139mm year-
over-year. This was driven by an increase in bad debt expense
as a result of higher booking cancellation and refunds due to
COVID-19 [10].
Thus, we project an average 18% direct cost as a percentage of
total sales from 2021 – 2024 as we expect COVID-19 effect
continues to be in place [3].
The following chart shows EXPE’s cost breakdown:
Source: EXPE FY2019 10K
Expedia’s gross margin as of 2019 is at the middle range when
compared to its peers including TripAdvisor (Ticker: TRIP),
Booking Holdings (Ticker: BKNG), and Trip.com (Ticker: TCOM).
Source: FactSet
Below is a line graph of our model margin projection:
Source: HF Model
We expect the margin growth to maintain at historical level of
82% from 2021-2024, and 78% gross margin in 2020 to reflect
lower travel demand.
ESG
According to FactSet, EXPE ranked a score of 23.4, which is in
the third percentile compared to other companies in the
market, and at 32th percentiles for the ESG score. FactSet also
ranked EXPE as a medium risk company. The company is
committed to include qualified candidates with a diversity of
race/ethnicity and gender in the selection of employees. In
addition, Expedia has committed to socially or physically
exclude bullying in the workplace to ensure its employees are
working in a safe environment. Partnered with 3 Degrees,
Expedia has purchased Green-e® climate certified carbon
82%
86%
82%
79%
75%
80%
85%
90%
EXPE TRIP BKNG TCOM
Gross Margin as of Fiscal Year 2019
Gross Margin FY 2019
Page 5
offsets that focus on methane capture, which is 21x more
potent than the Co2 in terms of its global warming impact [21].
RECENT DEVELOPMENTS
& INDUSTRY TRENDS
EXPE Third Quarter Earnings
The table below shows EXPE’s analyst’s consensus and actual
EPS and Revenue that were announced on 11/4/2020:
Actual Street
Consensus
Miss/
Beat?
EPS $-0.22 $-0.79 Beat
Revenue $1.50 billion $1.38 billion Beat Source: Benziga
In Expedia Group’s 3Q 2020 report, EXPE reported a better than
expected financial results. The company’s losses from the
impact of COVID-19 moderated in Q3 2020, but gross bookings
and revenues still dropped 68% and 58% respectively year over
year [12]. Vrbo’s revenue was reported better than expected,
while all other revenue segment continue to decline as an effect
from COVID-19.
• EPS: $-0.22 per share, -107% YoY
• Revenue: $1.50 billion, -58% YoY driven by lower demand in
travel. However, comparing with June, the revenue has
declined less since. [20]
• Retail revenue growth -52% YoY:
Though negative, the retail revenue growth rate is less
negative than originally expected. The decline in Retail
segment revenue was offset by the growth at Vrbo. Similar
to Q2, Vrbo remains the bright spot for the company. Vrbo
saw both bookings and revenue increase compared to the
third quarter of 2019. The Management team indicated they
have been trying to push Vrbo globally since many people
are now using it to find nice vacation houses, condos, cabins,
cottages, and apartments.
• B2B revenue growth -72% YoY driven by slower recovery for
corporate travel demand.
• Trivago revenue growth -75% YoY driven by slower
recovery for travel demands.
• Air revenue -87% YoY: with a -74% YoY in plane ticket sold
The Management team’s guidance includes “keenly focus on
driving margin expansion” through resetting the fixed cost base,
reduce variable costs of revenue and improve marketing
efficiency. In addition, the Management team also indicated that
the company is working on “retool and recalibrate all the
algorithms…to optimize for multi-brand instead of brand against
brand“ [12]. Thus, we expect an annualized rate of 18%
technology and content expenses as a percentage of total
revenue from 2021-2024 which is higher than the historical
average of 17% in the technology and content expense [3].
According to the Management team’s guidance on both EPS and
repurchase program, we expect the Company to continue to
suspend its share repurchase program like it announced in Q1
2020 in order to maintain financial liquidity. For this reason, we
expect no share repurchase in 2020 fiscal year and will slowly
buy back the shares as the economy gradually recover from
2021-2024.
Overall, we believe Q3 2020 for Expedia does show some
improvement from last quarter, though it is still hardly the same
level of growth that we’ve seen a year ago. Amid the pandemic
in the U.S. has worsened recently (the total number of COVID-
19 cases topped 92,660 as of 11/4/2020), we expect COVID-19
cases to continue to worsen as we approach to flu season and
colder weather. Therefore, we see the recovery of this industry
to be a long path and expect Expedia to continue to see slow and
gradual recovery.
Decrease in Consumer Spending
Consumer Spending decreased sharply since the start of the
pandemic in March. The graph below shows historical consumer
spending level from 201 through August 2020. Although
consumer spending rebounded back in July 2020, we do not
expect to see quick recovery from here. We project consumer
spending to continue to maintain at current level or even lower
when flu season starts. For this reason, we project an annual
average total revenue growth rate of 18.3% growth rate in 2021
to reflect slow recovery, and 8.5% going forward from 2022
through 2024 [3].
Source: Trading Economics
Moreover, nine percent of Expedia’s revenue comes from
advertising and media that provides a platform for travel
companies to post their advertisement [10]. The chart below
shows the travel industry digital ad spending has decreased 41%
year over year since the pandemic started. The chart also
projects a slow recovery of 2.3%, which is sustained at the 2020
level but way lower than 2019’s growth rate. Therefore, even
Historical Consumer Spending
Page 6
though we do expect the travel industry to recover going
forward, it will take some time for this industry to go back to
what we have seen in 2019.
Source: eMarketer
COVID-19 Impact
According to FactSet, the impact score indicates that Expedia
Group is directly impacted by the COVID-19.
Source: CNBC
Since March when the pandemic started, air travel has been
significantly hit. Even though the travel demand climbs back
after May 2020, the passenger traffic volume is still relatively
low when compared to 2019’s data.
Many Countries Issue Travel Restrictions and Limit Tourism
Businesses Result in Higher Cancellations and Refunds: On
March 11, 2020, the World Health Organization declared the
COVID-19 outbreak a global pandemic. Ninety percent of
Expedia’s revenue comes from booking trips, hotels, cruises, and
other travel related activities. In addition, many countries have
issued travel restrictions and quarantine orders, as well as
limited operations for hotel and airline suppliers. This has had a
significant impact on the travel industry [10]. Throughout Q2
2020, Expedia’s revenue dropped 15% accordingly. Expedia has
also taken action to cut costs and reserve liquidity. For example,
Expedia Group has deferred some capital expenditures, and
temporarily suspended construction on several real estate
projects [21]. However, in the near term, we expect travel
industry to continue to decline as we expect more COVID-19
cases to be reported going forward in the U.S.
Source: HF Model
MARKETS AND COMPETITION
Travel agencies offer a service that is primarily related to helping
customers find the most economical way to travel. Thus, this
industry has become largely price base. Due to this fact, many
smaller travel websites has been entering into the industry and
making the industry competition fiercer [15]. In addition, the
ease of online services have led to an increasing number of
customers browsing various types of travel websites that are
similar to Expedia Group in order to find the best available price.
However, there are also some other elements that are non-price
competition in this industry such as providing good quality of
service, providing detailed knowledge of destinations and
products, and providing good recommendations to clients and
being part of franchise [15]. From regulatory perspective, this
industry also has low barriers to enter since there are no
obstructive licensing requirements that would otherwise
preclude new travel agents from starting a new business. As a
result, Expedia and other larger travel companies could face
strong competition from the smaller companies who might offer
better services and better algorithm in helping customers find
the best option available.
As a result, we expect more players to enter into this industry
over the next five years. According to IBIS world, over the next
Historical and Projected Travel Industry Digital Ad Spending
2019 vs. 2020 Air Travel Daily Passenger Traffic
Page 7
five years, the travel agencies industry will likely experience
changes to its structure due to increasing competition in this
industry [15].
The chart below shows IBIS World expects this industry to enter
into a slow growth mode going forward:
Source: IBIS World
The chart below shows the major players in this industry and
their respective market shares. The largest player in this industry
is Booking Holding with 66% of the market share, according to
FactSet. Expedia Group takes 14% stake of market share in the
industry, while TripAdvisor takes 18%, and Trip.com takes 3%.
Source: FactSet, data as of FY 2019
Future Growth Prospects: Overall, our view is that the market
uncertainties and weaker economy post COVID-19 could
potentially affect this industry’s performance moving forward.
Therefore, we forecast an average annualized growth rate of
2.5% in CV NOPLAT in our model which is aligned with IBIS
forecasted industry growth rate over the next five years [15].
Peer Comparisons
In the following paragraphs, we conduct a competitive analysis
between Expedia Group, Trip Advisor, Booking Holding, and
Trip.com.
The chart below details firm’s revenue breakdown by segments,
across EXPE’s competitors:
Source: FactSet
Similar to its peers, Expedia holds 90% of its revenue from retail
revenue segment. Booking Holding has only 67% revenue comes
from retail revenue segment, and 25% in B2B revenue segment.
Among competitors, BKNG exhibits a more diverse revenue
stream and larger focus on B2B revenue.
The chart below details firm’s revenue breakdown by regions,
across EXPE’s competitors:
Source: Bloomberg
Compared with its peers, Expedia along with TripAdvisor have
the most balanced exposure to both domestic and international
markets, which could reduce the impacts if the U.S. COVID-19
cases worsen going forward.
14% 3%
66%
18%
Travel Agencies Industry Major Players in U.S. By
Market Share
Expedia Group
TripAdvisor
Booking Holding
Trip.com
90% 89%
67%
90%
5%0%
25%
0%5%
11%7% 10%
0%
20%
40%
60%
80%
100%
EXPE TRIP BKNG TCOM
Revenue Breakdown by Segment
Retail B2B Other
57% 53%
10%0%
43%47%
90%100%
0%
20%
40%
60%
80%
100%
120%
EXPE TRIP BKNG TCOM
Revenue Breakdown By Geographics
U.S. International
Netherland / and Europe
China, and
other Asain
Countries
Page 8
Source: FactSet, Data as of Fiscal Year of 2019
Compared to its peers, Expedia has the second highest hotel
reservation revenue breakdown. Expedia also has the second
highest exposure to airline booking. Since Trip.com operates
100% of its business in China and other Asian countries where
the pandemic has recovered faster than the western world, we
expect high exposure to airline services will have less effect on
Trip.com.
Relative Metrics: From the table below, we see TripAdvisor has
the highest EV/EBIDA, and Booking Holding has the highest
return on equity, and operating margin. Expedia has the lowest
return on equity and the second lowest operating margin among
its peers.
Ticker EXPE TRIP BKNG TCOM
EV/EBITDA -31.7x 100.6x 16.0x -451.4x
Dividend Yield 0.0% 0.0% 0.0% 0.0%
ROE -32.5% -8.3% 54.7% -3.1%
Operating
Margin (ttm) -3.3% -5.1% 29.0% 0.0%
Source: Yahoo! Finance, data as of 11/5/2020
• EV/EBITDA Ratio: TripAdvisor has the highest EV/EBITDA
because the majority of its revenue stream comes from
hotel advertisements. Thus, when comparing to other key
players in this industry, they are subject to lesser risk in
cancellation or refund pressure from customers who are
worried about travelling due to COVID-19. On the other
hand, Trip.com faces the most pressure on cancellation on
trips and refund pressure because 90% of its revenue comes
from transportation ticketing, accommodation reservation,
and packaged tour bookings. Hence, Trip.com has the
lowest year-to-date EV/EBITDA.
• Dividend Yield: All the key players in the industry currently
has 0% dividend yield amid the effect from the pandemic.
Many travel industry companies are trying to reserve
financial liquidity, so the key players in this industry has cut
their dividend payout to zero. However, we expect this
dividend payout to slowly recover for the next five year.
Therefore, we project a 6% decline in dividend payout for
2020 fiscal year in our model [3].
• ROE and Operating Margin: Booking Holdings has the
highest ROE and operating margin because it has the least
exposure to the U.S. market where number of COVID-19 is
the highest. In addition, it is also the least exposed to
booking cancellation and refund risk. Therefore, Booking
Holding outperformed the industry in both of these metrics.
Target Market: EXPE has similar target customers as its
competitors. Its target market includes retail customers with
travel needs, corporate travel customers, and travel companies
who need a platform for their advertisement.
Industry Life Cycles: This industry is at mature stage, according
to IBIS World [15]. In addition, it is expected that this industry’s
revenues to decrease at an annualized rate of 4.2% over the next
5 years, which is also the assumption captured in our financial
model. As a result, this industry is expected to slow down
compared to US GDP over the next 5 years. Moreover, this
industry faces heavily price-based competition, even big
companies like Expedia can be replaced by smaller companies
who offer cheaper prices to customers. In addition, companies
in this industry also have high expense ratio that is correlated to
the services they are providing to clients. Therefore, we see
Expedia to increase its cost structure in order to compete with
smaller companies in this industry. This will materially reduce
the company’s profit and reduce the benefit of holding Expedia’s
shares.
On the other hand, this industry is also heavily based on
consumer disposable income and demand in travel. For the
recent activity of COVID-19, we see a sharp decline in the
number of international and domestic trips as various countries
have imposed strict travel regulations and limited the number of
flights. According to IBIS World, the number of international and
domestic trips will decrease 61% and 45% respectively in 2020
[15]. This impact of COVID-19 on the travels are unknown: the
longer the pandemic lives with us, the slower the demand for
traveling would be returned to pre-pandemic level.
Overall, on the relative metrics, we see Booking Holdings
standout in the industry with its least exposure to U.S. and as a
result less cancellation and refund risk.
70%
60%
91%
40%
7%5%
1%
39%
13%
6%8%
0%
10%
29%
0%
10%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
EXPE TRIP BKNG TCOM
Revenue Breakdown by Services
Hotel
Airline
Rental Car
Other (adviertising, experiences & dining, and packaged tour & corporate travel)
Page 9
ECONOMIC OUTLOOK
Expedia’s business comprises of mostly travel booking
reservations. Therefore, during this unprecedented time, it will
be crucial to monitor the macro environment measured by
unemployment rate, consumer sentiment , and availability of
effective COVID-19 vaccines.
Unemployment Rate
The official unemployment rate fell to 6.9% in October as
businesses continue its gradual recovery out of the broad
shutdowns that were imposed following the COVID-19
pandemic. Starting from April 2020, economy hit the peak of
unemployment rate of 14.7% [22]. The unemployment rate has
been trending downwards but remaining high. Even though the
unemployment number is lower than the level in April 2020, the
current unemployment rate is still considerable higher than last
year.
The chart below shows the unemployment rate from 2008 to
October 2020:
Source: CNBC
The GDP growth accelerated at a 33.1% annualized pace in the
third quarter of 2020 which was better than the 32% estimate,
and the prior quarter was negative 31.4% growth.
Source: CNBC
Therefore, we believe that we are now in a recession with slow
recovery. If the unemployment rate remained elevated, we
expect to see more people losing jobs and saving more. For this
reason, we believe the travel industry will take longer than
expected to recover.
Consumer Sentiment
Source: Trading Economics
From the graph above, we can see consumer sentiment has
dropped sharply after March 2020. The pandemic has added
tremendous fears in people’s lives, and the recent rising cases of
COVID-19 infection and death rates has further lowered the
demand for people to travel. However, we do see the economy
to rebound back to 2019’s level on the foreseeable future. If the
number of COVID-19 cases continues to rise in U.S., we expect
the economy to take longer time than expected to catch up. In
order to track the economy, it is critical to follow consumer
sentiment since this industry is heavily based on how consumers
believe in the market and their confidence on travelling.
Effective COVID-19 Vaccination
We believe the availability of COVID-19 vaccines will improve the
traveling demand in this industry. Vaccine development is a
lengthy and expensive process. It usually takes multiple
candidates and many years to produce a licensed vaccine.
According to the New England Journal of Medicine, when a
pandemic started, the vaccination development time shorten
and increase risk to developers on whether the vaccine will work.
In addition, as the coronavirus is a virus that the world has not
yet seen before until this year, it is difficult to develop effective
vaccines to public. Even if the vaccines are developed, it is
difficult to know how long the immunity will last. Usually, when
a vaccine is licensed and readily available to the public, we will
only have information about the immune response up to 5
months after vaccination. So, it is possible that even after
vaccination, people could soon lose immunity after 5 months or
less. On 11/9/2020, Pfizer has just announced its COVID-19 is
more than 90% effective, but the actual date of availability to
the public is still unknown [22].
Historical Consumer Sentiment
Page 10
Furthermore, we are seeing more health care companies now
rushing the COVID-19 vaccine development. We worried even if
the COVID-19 vaccines are developed over the next few months,
people will be hesitant to get it.
The graph below shows people have become less willing to get
vaccinated across all different groups of people:
Source: Pew Research Center
Therefore, even though we expect COVID-19 vaccine to be
available next year, we are not expecting people to start getting
it until they have seen a majority of people getting vaccinated
and show effectiveness. For this reason, we believe it is critical
to track people’s wiliness in taking COVID-19 vaccines and the
effectiveness of COVID-19 vaccines. If the vaccines become
available, and people are willing to take it, then we expect more
improvement in the travel industry as people will have less fear
in traveling then.
VALUATION
According to DCF and DDM models, it is estimated that the stock
price target for Expedia Group, Inc. is between $111 - 136
According to Relative Valuation analysis, comparing with EXPE’s
key competitors including TripAdvisor (Ticker: TRIP), Booking
Holdings (Ticker: BKNG),and Trip.com (Ticker: TCOM), the
conclusion is below DCF and DDM models because most of
EXPE’s peers have negative estimate EPS for 2020 - 2021.
Within the industry, the average company’s P/E multiple for
2020 is 9.6x, and 39.1x for 2021. EXPE is currently trading at –
8.4x P/E of 2020 and -263x P/E of 2021, which is undervalued
than its peers [3]. However, given most of EXPE’s peers have
negative P/E multiple, the relative valuation model is not an
accurate presentation of EXPE’s target price. Therefore, in our
target price consideration, we used both DCF and DDM models.
Both DDM and DCF models estimate approximately 16%
potential upside. We believe the potential reward from holding
Expedia Group is less than the risk of prolonged weak economy
around the world.
Therefore, we recommend a No Action rating for Expedia Group,
Inc.
Assumptions
When building the DCF model, several assumptions were made
based on the key economic trends and industry outlook.
CV NOPLAT Growth Rate: In our model, we projected a 2.5% CV
year net operating profit less adjusted taxes (NOPLAT) as we
expect the economy to be slowly recovering from COVID-19
outbreak. This estimate has also incorporated the forecasted
annual average consumer spending growth rate of 2.5% that we
researched from IBIS World [15].
Retail Revenue Growth Rate from 2021-2024: We forecasted an
annual average growth rate of 9% in the retail revenue which is
lower than the historical annual average growth rate due to slow
recovery in consumer spending. EXPE, as one of the large
players in this industry, will benefit from its well reputation in
travel recommendation once the economy fully recovers from
the pandemic. In addition, the company also has 43% of its
revenue comes from international markets such as Asian market
where the pandemic has been improved and under control. This
will pose a better position compared to its peers as Asian
economy recovers faster than the western countries. Hence, we
forecasted a 9% annual average growth rate, which is 4% lower
than the company’s historical average growth rate.
B2B Revenue Growth Rate from 2021-2024: We forecast this
segment revenue to grow at a rate of 6% lower than the
company’s historical average of 10% as most companies are now
working from home and cutting travel costs. This will result in
less demand in business trips bookings going forward.
Cost and Margin Growth: In general, we projected an average
annual growth rate in gross margin of 82% driven by 8.5%
growth in total revenue going forward from 2022 – 2024. In
2020, we forecasted a 25% decline in total revenue to reflect
sharp decline in travel demand. In 2021 forecast, we projected a
18% growth rate to reflect slow recovery. We expect the
economy continues to stay in slow recovery going forward, thus
we expect total revenue to grow at slower than historical
Page 11
average annual growth rate of 8%. On the other hand, as the
company continues to face slower revenue growth, we expect
the company to cut costs in order to preserve cash. Though we
expect the company will still have to incur necessary cost such
as software maintenance, restructuring, and others, this will not
sum up to a large amount. As a result, we expect lower growth
rate of 9% which is lower than the historical annual average
growth rate in operating expense going forward [3].
Cost of Capital Assumptions: Driven by low interest rate
environment and using Henry Fund estimated equity risk
premium, we calculated a 9.3% cost of equity, after tax cost of
debt of 3.19%, and 7.8% weighted average cost of capital. The
Company has 76% common equity , and 24% debt in its market
value.
Technology & Content Expenses as % of Sales: We forecasted a
3% higher than historical average growth rate of 17% annual
growth rate in technology and content expense. Given the
intense price-based competition in this industry, we expect
there will be needs to upgrade Expedia’s software and algorithm
in order to provide competitive and comprehensive price search
experiences for customers [3].
Earnings Estimates Relative to Consensus: We forecasted a $-
13.9 EPS in 2020, $-0.45 EPS in 2021, $3.88 EPS in 2022. In the
meanwhile, the consensus’s projected a $-8.65 EPS in 2020, $-
0.38 EPS in 2021, and $3.96 EPS in 2022. Our estimates slightly
lower than the consensus because we are more pessimistic on
the economy recovery. We expect not a lot of people will be
willing to get vaccinated when the vaccines are widely available
to public since people are afraid the risk of the vaccine not
working.
Debt Maturity: EXPE has total debt of $9,766mm with average
maturity of 4.67 years. Each year from 2022-2030, the average
debt at maturity is around $1221mm [5]. Average debt rating is
BBB- /Baa3 rated by S&P, Moody’s and Fitch. The chart below
shows Expedia debt maturity each year from 2020-2050:
Source: Bloomberg
From all of assumptions above, we estimate a target price of
$111 using DCF/EP, and $136 using DDM models [3]. Particularly,
we believe that DCF model shows more perspectives on EXPE’s
fundamental metrics. While DDM, based on the operating
metrics, shows more growth in EXPE’s dividends. We relied more
on both DCF and DDM since most of EXPE’s peers have negative
P/E multiple causing the target price of EXPE to be negative. To
summarize, the target price for Expedia Group is between $111
to $136 with a potential upside of 16% [3].
KEYS TO MONITOR
Overall, we recommend No Action for Expedia due to its 16%
potential upside driven by slow economy recovery post the
pandemic, steep decline in consumer spending, and intensified
industry competition.
Bull Case $136 : We project a $136 target price in the case when
the economy starts to recover from the COVID-19 outbreak and
demands in travelling services pick up again. For example, in
the next 12 months, effective vaccine could be available to the
public and the majority of people are willing to be vaccinated.
In addition, Expedia’s leading digital platform has positioned
well in the industry, along with its ongoing growth in Chinese
traveling market (faster economy recovery than the U.S.
market).
Bear Case $111: We project a $111 target price in the case
when number of COVID-19 cases continues to increase and
holds back the economy recovery. On the other hand, the
industry faces more price-based competition. If this industry
continues to see more companies entering into the market,
Expedia will have to improve its algorithm that captures better
deals and booking information, which will result in higher
technological cost in order to maintain its current position in
the industry.
REFERENCES
1. Yahoo! Finance
2. Net Advantage, Online Travel Agencies Industry Metrics
3. HF EXPE Financial Model
4. Forbes Website, How Google has become the biggest travel
company
5. Bloomberg Terminal
6. EXPE’s FY 2019 10K
7. FactSet
8. eMarketer, Travel Industry Digital
9. Trading Economics, U.S. Consumer Spending
10. EXPE’s 10Q, 2Q 2020
11. Statista, Travel & Tourism Statistics
Debt Maturity
Page 12
12. PhocusWire, Expedia Group Q3 “Better than Expected” Vrbo
up YoY
13. Hospitality Net, travel spending in U.S. to plunge 45% This
Year
14. The New England Journal of Medicine
15. IBIS World, Travel Agencies in the US
16. Bureau of Economic Analysis
17. MarketWatch
18. NASDAQ.com for Consensus EPS
19. Bureau of Labor Statistics
20. Expedia Group’s Q3 2020 Results
21. Expedia’s Website
22. CNN Business
23. Fornova, Percentage of Metasearch
IMPORTANT DISCLAIMER
Henry Fund reports are created by graduate students enrolled in
the Applied Securities Management program at the University of
Iowa’s Tippie College of Business. These reports provide
potential employers and other interested parties an example of
the analytical skills, investment knowledge, and communication
abilities of our students. Henry Fund analysts are not registered
investment advisors, brokers or officially licensed financial
professionals. The investment opinion contained in this report
does not represent an offer or solicitation to buy or sell any of
the aforementioned securities. Unless otherwise noted, facts
and figures included in this report are from publicly available
sources. This report is not a complete compilation of data, and
its accuracy is not guaranteed. From time to time, the University
of Iowa, its faculty, staff, students, or the Henry Fund may hold
an investment position in the companies mentioned in this
report.
!"#$%&'()*+,#-(./01(
!"#"$%"&'"()*+),-.-)$/&011&2-3%4",&-$&.5)%,6$7,
!"#$%&'()%*#'+,-",.'/)$0'12 2345 2346 2347 2323! 2324! 2322! 2328! 2329!
!"#"$%" &'(')*(+,,---- &&(../('''---- &.('01('''---- !!!!!!"#$$%#&'$! !!($#%')#*%'! !!((#'%$#&&+! !!(,#')&#'$*! !!(*#%,(#&(*!
!"#$"%&#'()"&*(+ ,-.//! ,,.0/! 1.02! 320.4/! ,5.26! 5.0,! 5.0-! 5.0/!
!"#"$%"-23-4"56"$7
-./012 !!!!!!!!!+#&+&#$$$! !!!!!!!!!"#"*(#$$$! !!!!!!($#&%&#$$$! !!!!!!+#$&'#,'$! !!!!!"#%"$#*$$! !!($#'%,#),&! !!((#'(*#$)'! !!(,#')"#,,$!
!"#$"%&#'()"&*(+ ,0.21! ,4.72! 5.-2! 320.77! 27.77! 6.77! 6.77! 6.77!
3,3 !!!!!!!!!!!!!!',(#$$$! !!!!!!!!!!!!!!%$(#$$$! !!!!!!!!!!!!!!%,$#$$$! !!!!!!!!!!)%'#$$$! !!!!!!!!!)",#"$$! !!!!!!!!!',,#)&)! !!!!!!!!!''*#+,,! !!!!!!!!!'+&#$',!
!"#$"%&#'()"&*(+ ,2.11! ,0.4/! 4.,/! 320.77! /.77! /.77! /.77! /.77!
4516078 !!!!!!!!!!!!!!&',#$$$! !!!!!!!!!!!!!!%"(#$$$! !!!!!!!!!!!!!!%,,#$$$! !!!!!!!!!!)%%#'$$! !!!!!!!!!)&(#(%'! !!!!!!!!!)&'#+&&! !!!!!!!!!)+$#%*'! !!!!!!!!!)+'#)),!
!"#$"%&#'()"&*(+ 46.02! 35.,,! 36.66! 320.77! ,.77! ,.77! ,.77! ,.77!
!"#$%&'()*+,#-(./01(
8$()*"&9.6."*"$.&/&011&2-3%4",&-$&.5)%,6$7,
!"#$%&'()%*#'+,-",.'/)$0'12 2345 2346 2347 2323! 2324! 2322! 2328! 2329!
!"#"$%" &'(')*(+,,-- &&(../('''---- &.('01('''---- !!!!!!!!!"#$$%#&'$! !!!($#%')#*%'! !!!((#'%$#&&+! !!!!!!(,#')&#'$*! !!!!(*#%,(#&(*!
89:"$;";
89&+:(":#;(; ,<10/<04,"""" ,<6/0<777"""""" 2<,/4<777"""""" !!!!!!!!!(#"+(#)+'! !!!!!!(#"(&#&+%! !!!!!!,#$+$#")$! !!!!!!!!!,#,'+#''(! !!!!!!!,#)'(#"$+!
<=>;;-?=>@A7 +(/'/(/&/---- *(.)+('''------ *(*',('''------ 1('.)(.0)------ +(1/0()1*--- *(,1*(+/+--- &'(.++(*)/--- &&(&0*(+')--
=+>>9?@"%+?+&*>"A"BCD9?9;(&*(9E+ 0<614<164"""" /<010<777"""""" /<652<777"""""" !!!!!!!!!%#'%*#$+$! !!!!!!%#'"'#+"'! !!!!!!%#%,+#+&'! !!!!!!!!!%#%%,#$("! !!!!!!!%#%"'#*,"!
BD#&(9F*(9#?"#$"9?(*?@9G>+"*;;+(; 210<--0""""""" 254<777""""""""" ,65<777""""""""" !!!!!!!!!!!!!!(""#"+$! !!!!!!!!!!,$(#"+$! !!!!!!!!!!,$)#$$$! !!!!!!!!!!!!!,$%#$)$! !!!!!!!!!!!!,$+#($$!
H+;(&I:(I&9?@"A"JDK*9&; ,/<145""""""""" ,25<777""""""""" 2-<777""""""""""" !!!!!!!!!!!!!!!!!,)#$$$! !!!!!!!!!!!!!,)#$$$! !!!!!!!!!!!!!,)#$$$! !!!!!!!!!!!!!!!!,)#$$$! !!!!!!!!!!!!!!!,)#$$$!
L+:)?#>#@M"A":#?(+?("+NK+?;+; ,<45/<151"""" ,</,1<777"""""" ,<1/4<777"""""" !!!!!!!!!(#+$(#*'$! !!!!!!(#+((#,),! !!!!!!(#"%'#**,! !!!!!!!!!,#(**#$&%! !!!!!!!,#*('#%"(!
O+@*>"&+;+&E+;<"#::IK*?:M"(*N"A"#()+&"+NK+?;+; 20<-,2""""""""" P06<777Q"""""""""" 4-<777""""""""""" )$#'*$!!!!!!!!!!!!!!!! )&#")'!!!!!!!!!!!! ',#$,*!!!!!!!!!!!! '%#)%)!!!!!!!!!!!!!!! %(#,"+!!!!!!!!!!!!!!
B>7CD-A$EA="F7-"9:"$;"; 1(01+(&1)---- +(),,('''------ *(''&('''------ +(0.+(*,'------ +(0+&('0.--- +(+1,(./'--- *('+&()*+----- *(/',(,&+----
G:"=C7A$5-A$F>6"-HD>;;I 0.)(&/+------- 1&,('''--------- *'/('''--------- :4-;38-;5<=((((((( <<-<45(((((((((((( ;3<-;35((((((((( 4-235-8<<(((((((( 4-6;<-86;((((((
J?(+&+;("9?:#D+R+NK+?;+ P,-1<010Q"""""" P,,6<777Q"""""""" P,,-<777Q"""""""" 9(,)#%'':!!!!!!!!!!! 9(,$#+&+:!!!!!!!! 9(',#"(,:!!!!!!!! 9(),#*'&:!!!!!!!!!!! 9(%"#)'):!!!!!!!!!
%*9?"#?";*>+"#$"*;;+(; P,-<4,5Q"""""""" 3""""""""""""""""" 3""""""""""""""""" ;!!!!!!!!!!!!!!!!!!!!!!!!! ;!!!!!!!!!!!!!!!!!!!!! ;!!!!!!!!!!!!!!!!!!!!! ;!!!!!!!!!!!!!!!!!!!!!!!! ;!!!!!!!!!!!!!!!!!!!!!!!
S#&+9@?"+N:)*?@+"&*(+"@*9?;"P>#;;+;Q P-0</,-Q"""""""" 4<777""""""""""""" P4-<777Q"""""""""" ;!!!!!!!!!!!!!!!!!!!!!!!!! ;!!!!!!!!!!!!!!!!!!!!! ;!!!!!!!!!!!!!!!!!!!!! ;!!!!!!!!!!!!!!!!!!!!!!!! ;!!!!!!!!!!!!!!!!!!!!!!!
T()+&"?#?3#K+&*(9?@"9?:#D+ P2<111Q"""""""""" P2<777Q"""""""""""" ,2<777""""""""""" :42-333=(((((((((((((( 42-333(((((((((((( :42-333=((((((((((( 42-333((((((((((((((( :42-333=((((((((((((
B>7CD-$>$J>:"=CA$5-A$F>6" H.&'(.+,I------ H&&+('''I-------- H&/0('''I-------- H&/0(0))I-------- H&'+(+1+I----- H&0,(*&.I----- H&/'(/)1I------- H&+&(,),I------
J?:#D+"P>#;;Q"G+$#&+"9?:#D+"(*N+; -,-<50-""""""" 06/<777""""""""" 1/1<777""""""""" P,<1-7<44,Q""""" P04<4/,Q""""""" --7</6/"""""" ,<71/<665""""" ,</54<642""""
U&#E9;9#?"$#&"9?:#D+"(*N+; P-0<-70Q"""""""" P51<777Q"""""""""" P274<777Q"""""""" 9*%'#)%":!!!!!!!!!!! 9((#,$%:!!!!!!!!!!! ",#')%!!!!!!!!!!!! ,,%#(&$!!!!!!!!!!!! *'*#%,%!!!!!!!!!!!
V9?#&9(M"J?(+&+;( P5<254Q"""""""""" ,74<777""""""""" P,<777Q"""""""""""" ;!!!!!!!!!!!!!!!!!!!!!!!!! ;!!!!!!!!!!!!!!!!!!!!! ;!!!!!!!!!!!!!!!!!!!!! ;!!!!!!!!!!!!!!!!!!!!!!!! ;!!!!!!!!!!!!!!!!!!!!!!!
WXI9(M"W*&?9?@ 242"""""""""""""" 3""""""""""""""""" 3""""""""""""""""" ;!!!!!!!!!!!!!!!!!!!!!!!!! ;!!!!!!!!!!!!!!!!!!!!! ;!!!!!!!!!!!!!!!!!!!!! ;!!!!!!!!!!!!!!!!!!!!!!!! ;!!!!!!!!!!!!!!!!!!!!!!!
K"7-A$F>6"-HD>;;I-C77=A2%7C2D"-7>-89:"EAC-<=>%:(-L$FM /11(*0,------- ,'0('''--------- )0)('''--------- (((((((:2-43<-633= (((((((((((:;9-<;5= ((((((((((<88-292( (((((((((4-838-4;5( (((((((2-385-<<6(
Y+9@)(+C"G*;9:"*E+&*@+";)*&+;"#I(;(*?C9?@" ,0,</,6""""""" ,-6<6/,""""""""" ,-1<,6-""""""""" !!!!!!!!!!!!!!('(#(%+! !!!!!!!!!!())#'%)! !!!!!!!!!!(*&#)&'! !!!!!!!!!!!!!(,&#$"&! !!!!!!!!!!!!(,&#$"&!
Z*;9:"WU= 2.-6""""""""""""" 2.1,""""""""""""""" 4.5-""""""""""""""" 9(*<"*:!!!!!!!!!!!!!!!!! 9$<)':!!!!!!!!!!!!!!!!! *<++!!!!!!!!!!!!!!!!!! ($<,'!!!!!!!!!!!!!!!!!! (%<$*!!!!!!!!!!!!!!!!!
89E9C+?C;"K+&":#DD#?";)*&+ 3""""""""""""""" ,.2-""""""""""""""" ,.42""""""""""""""" 9*<"$:!!!!!!!!!!!!!!!!!!!! 9$<(*:!!!!!!!!!!!!!!!!! (<$"!!!!!!!!!!!!!!!!!! ,<+&!!!!!!!!!!!!!!!!!!!!! )<)"!!!!!!!!!!!!!!!!!!!!
=161>.?>!@01> ;!!!!!!!!!!!!!!!!!!!!!! (+'#"',!!!!!!!!!!!!!! (")#,"%!!!!!!!!!!!!!! 9'+"#%,):!!!!!!!!!!! 9(+#$&":!!!!!!!!!!! ()"#*$+!!!!!!!!! *%)#++&!!!!!!!!!!!! '&$#'(%!!!!!!!!!!!
!"#$%&'()*+,#-(./01(
:616$("&95""./&011&2-3%4",&-$&.5)%,6$7,
!"#$%&'()%*#'+,-",.'/)$0'12 2345 2346 2347 2323! 2324! 2322! 2328! 2329!
N;;"7;O
[*;)"A":*;)"+XI9E*>+?(; 2<5-/<126""" 2<--4<777""" 4<4,0<777""" !!!!!!*#"&"#&($! !!!!!!,#+"+#,"'! !!!!!!,#,)&#+"%! !!!!!!(#"))#&%&! !!!!!!(#"''#"&+!
=)#&(3(+&D"9?E+;(D+?(; -/5<075"""""" 25<777"""""""" 02/<777"""""" !!!!!!!!!!',$#&)$! !!!!!!!!!!'('#'**! !!!!!!!!!!'($#*&&! !!!!!!!!!!'$'#,&)! !!!!!!!!!!'$$#,,(!
B::#I?(;"&+:+9E*G>+; ,<5/0<660""" 2<,0,<777""" 2<02-<777""" !!!!!!(#%,)#(%"! !!!!!!(#",(#,+$! !!!!!!,#$+)#&*,! !!!!!!,#,%,#%%%! !!!!!!,#)'%#*&%!
J?:#D+"(*N"&+:+9E*G>+ 27</44"""""""" 2-<777"""""""" 17<777"""""""" !!!!!!!!9(&%#()": !!!!!!!!!!!!!!9'#)$(: !!!!!!!!!!!!!))#%$'! !!!!!!!!!!($"#$($! !!!!!!!!!!(&$#))(!
U&+K*9C"+NK+?;+;"A"#()+&":I&&+?("*;;+(; 441<12-"""""" 00,<777"""""" ,<477<777""" !!!!!!!!!!)*)#)$%! !!!!!!!!!!'(*#+&,! !!!!!!!!!!''&#'+"! !!!!!!!!!!%$'#(+$! !!!!!!!!!!%'%#""(!
B>7CD-F%=="$7-C;;"7; )()/*()+*--- )(&*1('''--- 1(1/)('''--- ((((((;-862-65;( ((((((<-698-<57( ((((((<-99<-233( ((((((<-92;-67;( ((((((<-593-335(
<=>;;-:=>:"=73-P-"Q%A:6"$7 /(0/'(*1+--- ,(,.*('''--- )('/&('''--- ((((((9-4;4-447( ((((((9-;65-724( ((((((<-36;-592( ((((((<-<23-734( ((((((<-778-<<9(
O*?C ,26<7-6""" ,26<777""" ,26<777""" !!!!!!!!!!(+$#(*'! !!!!!!!!!!,(*#$+&! !!!!!!!!!!,*(#,(%! !!!!!!!!!!,'$#"'$! !!!!!!!!!!,&,#)*)!
[#DKI(+&"+XI9KD+?( /05<74,"""""" 061<777"""""" /-4<777"""""" !!!!!!!!!!%*$#)&*! !!!!!!!!!!&)'#+$%! !!!!!!!!!!+$"#,')! !!!!!!!!!!+&+#*,'! !!!!!!!!!!"'*#',$!
SI&?9(I&+"A"#()+&"+XI9KD+?( 5-<076"""""""" 6-<777"""""""" ,,-<777"""""" !!!!!!!!!!($+#$+(! !!!!!!!!!!($%#'))! !!!!!!!!!!(('#%$+! !!!!!!!!!!(,'#)&'! !!!!!!!!!!(*%#,(&!
ZI9>C9?@;"A">+*;+)#>C"9DK&#E+D+?(; 3"""""""""""""" -40<777"""""" /55<777"""""" ')$#)$'!!!!!!!!! ),%#(&'!!!!!!!!! )%,#)*(!!!!!!!!! '$(#"$$!!!!!!!!! '))#+%"!!!!!!!!!
[*K9(*>9F+C";#$('*&+"C+E+>#KD+?( 2<,,,<2/2""" 2</-4<777""" 2<6-1<777""" ,#*)(#&''!!!!! ,#&&$#(*'!!!!! *#$$'#+$,!!!!! *#,%,#*'(!!!!! *#')(#%)'!!!!!
U&#\+:(;"9?"K&#@&+;; 4/0<2/2"""""" 04,<777"""""" 0,7<777"""""" *%$#,&$!!!!!!!!! ),%#(&'!!!!!!!!! )%,#)*(!!!!!!!!! '$(#"$$!!!!!!!!! '))#+%"!!!!!!!!!
O+;;]"*::IDI>*(+C"C+K&+:9*(9#? 2<700<127""" 2<002<777""" 2<544<777""" *#((%#*$$!!!!! *#),&#"*$!!!!! *#&&$#&,*!!!!! )#()&#&"'!!!!! )#'%,#'&'!!!!!
?=>:"=73-P-"Q%A:6"$7(-$"7 &()1)(.)+--- &(+11('''--- .(+'*('''--- 4-399-647((((( 4-2<7-774((((( 4-84;-347((((( 4-858-43;((((( 4-983-757(((((
J?(*?@9G>+"*;;+(; 2<475<04/""" ,<662<777""" ,<57-<777""" (#&+'#"%$!!!!! (#&%+#($$!!!!! (#&'$#)("!!!!! (#&*,#"('!!!!! (#&('#'+%!!!!!
%##C'9>> 5<225<5/0""" 5<,27<777""" 5<,21<777""" +#(,&#$$$!!!!! +#(,&#$$$!!!!! +#(,&#$$$!!!!! +#(,&#$$$!!!!! +#(,&#$$$!!!!!
8+$+&&+C"9?:#D+"(*N+; ,1<647"""""""" /6<777"""""""" ,-0<777"""""" 9,*(#&),:!!!!!!!! 9&#($':!!!!!!!!!!!!!! '+#%+*!!!!!!!!!!!! ()*#)(*!!!!!!!!! ,,)#,*,!!!!!!!!!
T()+&"B;;+(;]
O+*;+)#>C"9DK&#E+D+?(; 252<5/0"""""" 3"""""""""""""" 3"""""""""""""" ;!!!!!!!!!!!!!!!!!!!!! ;!!!!!!!!!!!!!!!!!!!!! ;!!!!!!!!!!!!!!!!!!!!! ;!!!!!!!!!!!!!!!!!!!!! ;!!!!!!!!!!!!!!!!!!!!!
TK+&*(9?@">+*;+"&9@)(3#$3I;+"*;;+(; 3"""""""""""""" 3"""""""""""""" /,,<777"""""" %((#$$$!!!!!!!!! %((#$$$!!!!!!!!! %((#$$$!!!!!!!!! %((#$$$!!!!!!!!! %((#$$$!!!!!!!!!
O#?@3(+&D"9?E+;(D+?(;"A"#()+&"*;;+(; 5-0<-07"""""" 115<777"""""" 16/<777"""""" &++#$)$!!!!!!!!! &+$#(%$!!!!!!!!! &&,#*'+!!!!!!!!! &%)#%*)!!!!!!!!! &'%#"++!!!!!!!!!
B>7CD-C;;"7; &+()&)(0.+- &+('//('''- .&(,&0('''- 46-<35-7<8(( 45-935-65;(( 46-926-843(( 23-389-8<;(( 22-463-92;((
RAC2ADA7A";O
ABB8C?/D!@0E0F2. 2<040<-6/""" 2<-51<777""" 2<521<777""" ,#,'(#%++!!!!! ,#%%*#'"(!!!!! ,#+"$#(")!!!!! *#(*%#+&%!!!!! *#)$'#),+!!!!!
GC55.?/!=.F/ 077<777"""""" 3"""""""""""""" 1-6<777"""""" &)"#$$$!!!!!!!!! ;!!!!!!!!!!!!!!!!!!!!! &,'#$$$!!!!!!!!! ;!!!!!!!!!!!!!!!!!!!!! )"&#$$$!!!!!!!!!
B::&I+C"+NK+?;+;"A"#()+&":I&&+?(">9*G9>9(9+; -<5-4<,6-""" 0<014<777""" 1<,45<777""" )#&%%#&$'!!!!! '#%*+#%+)!!!!! %#((+#*"(!!!!! %#%)$#%$*!!!!! &#,$"#(()!!!!!
B>7CD-F%=="$7-DAC2ADA7A"; 1(+1+(0*'--- +('0'('''--- &'(1&,('''- 5-5;5-878((((( 6-832-25<((((( 7-588-<6<((((( 7-555-957((((( 44-444-<98((
O#?@3(+&D"C+G( 4<1-6<70-""" 4<1,1<777""" -<,56<777""" *#)$%#(&&!!!!! )#$,"#,&,!!!!! )#*&,#$%$!!!!! )#&)'#,,$!!!!! '#('(#)%'!!!!!
8+$+&&+C"9?:#D+"(*N+; 425</72"""""" /6<777"""""""" 0/<777"""""""" 9("'#**&:!!!!!!!! 9'#"+":!!!!!!!!!!!!!! )"#)%)!!!!!!!!!!!! (,$#++)!!!!!!!!! (+"#$$&!!!!!!!!!
V9?#&9(M"J?(+&+;( ,</25<0/1""" ,<011<777""" ,<05-<777""" (#,"&#$%*!!!!! (#'*)#**%!!!!! (#%%)#+%+!!!!! (#+$%#"%&!!!!! (#"%(#%%)!!!!!
T()+&">9*G9>9(9+; -75<457"""""" 07/<777"""""" 41-<777"""""" )'$#**+!!!!!!!!! '*,#&(+!!!!!!!!! '&+#$*"!!!!!!!!! %,&#*&'!!!!!!!!! %+(#$+%!!!!!!!!!
B>7CD-DAC2ADA7A"; &/(**/(.*/- &/(*.*('''- &0(*&1('''- 4<-;99-657(( 4<-<23-4;<(( 45-2;4-;23(( 47-28;-<88(( 24-9<9-546((
8Q%A73O
S>66>$-"Q%A73O *(&0.(*/.--- *(),*('''--- &.(*1+('''- 48-873-2<3(( 48-64<-<7<(( 49-2<9-9<4(( 49-535-295(( 4<-459-925((
[#DD#?";(#:^ 24""""""""""""""" 3"""""""""""""" 3"""""""""""""" ;!!!!!!!!!!!!!!!!!!!!! ;!!!!!!!!!!!!!!!!!!!!! ;!!!!!!!!!!!!!!!!!!!!! ;!!!!!!!!!!!!!!!!!!!!! ;!!!!!!!!!!!!!!!!!!!!!
BCC9(9#?*>"K*9C39?":*K9(*> 6<,/2<676""" 6<0-6<777""" ,2<615<777" (*#*"$#,'$!! (*#+('#'"'!! ()#,')#)'(!! ()#&$&#,)&!! ('#(&)#),&!!
H+(*9?+C"+*&?9?@;" 44,<715"""""" 0,1<777"""""" 516<777"""""" 9%*&#(&%:!!!!!!!! 9%+*#%%):!!!!!!!! 9,""#&*$:!!!!!!!! %*+#''(!!!!!!!!! ,#($'#'"*!!!!!
B::IDI>*(+C"#()+&":#DK&+)+?;9E+"9?:#D+"P>#;;Q P,-5<644Q""""" P227<777Q""""" P2,1<777Q""""" 9,(&#$$$:!!!!!!!! 9,(&#$$$:!!!!!!!! 9,(&#$$$:!!!!!!!! 9,(&#$$$:!!!!!!!! 9,(&#$$$:!!!!!!!!
L&+*;I&M";(#:^ -<522<1-4""" 0<1-2<777""" 6</14<777""" "#%&*#$$$!!!!! ((#$,&#,,$!! (,#'&(#$*(!! ()#**$#"&'!! (%#**&#*(,!!
>+?'@($A,&?B -<022<440""" -<,7-<777""" -<-66<777""" ,#+%*#$&)!!!!! (#++&#&((!!!!! (#(%%#%"$!!!!! &"&#+,*!!!!!!!!! &,'#&$+!!!!!!!!!
>+?'@(@&'C&@&?&$D(E($A,&?B 46-<4<-;26(( 46-388-333(( 24-94;-333(( 46-<35-7<8(( 45-935-65;(( 46-926-843(( 23-389-8<;(( 22-463-92;((
!"#$%&'()*+,#-(./01(
;-,.)4-(61&<6,5&=1)>&9.6."*"$./&011&2-3%4",&-$&.5)%,6$7,
!"#$%&'()%*#'+,-",.'/)$0'12 2345 2346 2347
K"7-A$F>6"-HD>;;I /1&(/)*----- /*+('''----- )1.('''-----
NET%;76"$7-7>-FC;UO
8+K&+:9*(9#?"#$"K&#K+&(M"A"+XI9KD+?(<"9?:>IC9?@"9?(+&?*>3I;+";#$('*&+"A"'+G;9(+"C+E+>#KD+?( /,-<766""""" /1/<777""""" 1,2<777"""""
BD#&(9F*(9#?"#$";(#:^3G*;+C":#DK+?;*(9#? ,-6<407""""" 274<777""""" 2-,<777"""""
BD#&(9F*(9#?"A"9DK*9&D+?("#$"9?(*?@9G>+"*;;+(; 3 420<777""""" ,65<777"""""
JDK*9&D+?("#$"@##C'9>> 3 5/<777""""""" 3
BD#&(9F*(9#?"#$"9?(*?@9G>+"*;;+(; 210<--0""""" 3 3
JDK*9&D+?("#$"9?(*?@9G>+"*;;+(; 3 3 3
H+*>9F+C">#;;"P@*9?Q"#?"$#&+9@?":I&&+?:M"$#'*&C; P/<440Q"""""""" P4,<777Q"""""" P22<777Q""""""
O#;;"#?"D9?#&9(M"+XI9(M"9?E+;(D+?(;<"?+( 3 ,,,<777""""" P5<777Q""""""""
8+$+&&+C"9?:#D+"(*N+; P,74<475Q"""" P475<777Q"""" P6,<777Q""""""
T()+&"?+("9?:#D+"*C\I;(D+?(; P,4<//7Q"""""" 22<777""""""" P2,<777Q""""""
S#&+9@?"+N:)*?@+"P@*9?Q">#;;"#?":*;)<"&+;(&9:(+C":*;)"A";)#&(3(+&D"9?E+;(D+?(;<"?+( 3 ,,,<777""""" P0<777Q""""""""
B>7CD-CET%;76"$7-7>-FC;UO 540<76-""""" ,<,60<777"" ,<77-<777""
SUC$5"->@-V>=WA$5-SC:A7CDO
B::#I?(;"&+:+9E*G>+ P-00<//5Q"""" P252<777Q"""" P4/5<777Q""""
U&+K*9C"+NK+?;+;"A"#()+&"*;;+(; P,,/<1/5Q"""" P26<777Q"""""" P,64<777Q""""
B::#I?(;"K*M*G>+<"D+&:)*?( 4,0<656""""" P,4-<777Q"""" 22-<777"""""
B::#I?(;"K*M*G>+<"#()+&<"*::&I+C"+NK+?;+;"A"#()+&":I&&+?(">9*G9>9(9+; 20/<125""""" ,6/<777""""" 20-<777"""""
8+$+&&+C"D+&:)*?("G##^9?@; 062<6,2""""" -56<777""""" ,<4-2<777""
8+$+&&+C"&+E+?I+ 47<750""""""" -7<777""""""" P-0<777Q""""""
>+?'@(0F'/G$(&/(H+*I&/G(0'#&?'@ ;28-256((((((( 263-333((((((( 4-249-333(((
T()+&"#K+&*(9?@":*;)"$>#'; P47<011Q"""""" ,72<777""""" P24<777Q""""""
K"7-FC;U-@D>X;-@=>6->:"=C7A$5-CF7A#A7A"; &(1**(&),-- &(*1)('''-- .(101('''--
./J$D?&/GK
UI&:)*;+;"#$"9?E+;(D+?(; P,<5,,<400Q" P,<574<777Q" P,<4-/<777Q"
UI&:)*;+"#$"K&#K+&(M"K>*?("A"+XI9KD+?( P1,7<447Q"""" P515<777Q"""" P,<,/7<777Q"
89;K#;*>"#$"9?E+;(D+?( ,<76/<-7-"" 2<,41<777"" 502<777"""""
GH0?7.!1?!FCD1?.DD!0B1/161/.D P,17</46Q"""" P04<777Q"""""" 57<777"""""""
T()+&"9?E+;(9?@"*:(9E9(9+; ,4<047""""""" 45<777""""""" 2,<777"""""""
K"7-FC;U-@D>X;-@=>6-A$#";7A$5-CF7A#A7A"; H&()+.(/*'I- H))*('''I---- H&())/('''I-
SUC$5"-A$-D>$5-7"=6-E"27 *+*(0''----- H)''('''I---- +/&('''-----
U&#:++C;"$&#D"9;;I*?:+"#$">#?@3(+&D"C+G(<"?+("#$"9;;I*?:+":#;(; 3""""""""""""" 3""""""""""""" ,<24,<777""
U*MD+?("#$"O9G+&(M"WNK+C9*"WN:)*?@+*G>+"8+G+?(I&+; 3""""""""""""" 3""""""""""""" P-77<777Q""""
U*MD+?("#$">#?@3(+&D"C+G( 3"""""""""" P077<777Q" 3""""""""""
U&#:++C;"$&#D"PK*MD+?(;"#$Q"9;;I*?:+"#$">#?@3(+&D"C+G(<"?+("#$"9;;I*?:+":#;(; 656</77"" 3"""""""""" 3""""""""""
U*MD+?("#$"_#D+B'*M":#?E+&(9G>+"?#(+; 3"""""""""" 3"""""""""" 3""""""""""
SUC$5"-A$-"Q%A73O :68-336=((((((((( :52;-333=(((((( :992-333=((((((
U&#:++C;"$&#D"+N+&:9;+"#$"+XI9(M"*'*&C;"A"+DK>#M++";(#:^"KI&:)*;+"K>*? 226<75,"" ,//<777"" 47,<777""
UI&:)*;+;"#$"(&+*;I&M";(#:^ P4,2<756Q" P624<777Q" P1-4<777Q"
U&#:++C;"$&#D"9;;I*?:+"#$"(&+*;I&M";(#:^ 3"""""""""" 4,<777"""" 3""""""""""
WN:+;;"(*N"G+?+$9("#?"+XI9(M"*'*&C; 3""""""""""""" 3""""""""""""" 3"""""""""""""
U*MD+?("#$"C9E9C+?C;"(#";(#:^)#>C+&; P,10<110Q"""" P,5/<777Q"""" P,60<777Q""""
G7U"=-@A$C$FA$5-CF7A#A7A"; H,/(/'/I------ H11('''I------ H&*('''I------
K"7-FC;U-@D>X;-@=>6-@A$C$FA$5-CF7A#7A"; 0+1()&,----- H&(,+*('''I- &1)('''-----
IJJ.B/!8J!.KBH0?7.!50/. ()'#%)$!!!!!!! 9(*"#$$$:!!!!!! *#$$$!!!!!!!!!!!!!
[)*?@+"9?":*;) ,<7-6<6,5"" P2,2<777Q"""" ,<462<777""
[*;)"A":*;)"+XI9E*>+?(;"*("G+@9??9?@"#$"M+*& ,<16/<5,,"" 2<6,1<777"" 2<170<777""
[*;)"A":*;)"+XI9E*>+?(;"*("+?C"#$"M+*& 2<5-/<126"" 2<170<777"" -<761<777""
!"#$%&'()*+,#-(./01(
=)4"(6,."7&<6,5&=1)>&9.6."*"$./&011&2-3%4",&-$&.5)%,6$7,
!"#$%&'()%*#'+,-",.'/)$0'12 2323! 2324! 2322! 2328! 2329!
L./!M?B8N. !!9,#($'#+$$: !!!!!!!!!9%)#'%&: !!!!!!!!'**#,),! !!!!(#*$*#(%&! !!!!,#$*&#''+!
A>>O!=.P5.B10/18?!0?>!0N85/1Q0/18? !!!!!!!!(""#"+$! !!!!!!!!,$(#"+$! !!!!!!!!,$)#$$$! !!!!!!!!,$%#$)$! !!!!!!!!,$+#($$!
GH0?7.D!1?!R85S1?7!B0P1/02!0BB8C?/DO
M?B5.0D.!1?!!0BB8C?/!5.B.160F2.D !!!!!!!!+""#+*(! !!!!!!9,"&#(((: !!!!!!9(%*#)',: !!!!!!9(&&#"*): !!!!!!9("*#&($:
M?B5.0D.!1?!!1?B8N.!/0K!5.B.5160F2.D !!!!!!!!,)%#()"! !!!!!!9(&$#&)+: !!!!!!!!!9'$#$$%: !!!!!!!!!9%)#)$): !!!!!!!!!9%(#)*,:
M?B5.0D.!1?!P5.P01>!.KP.?D.D!0?>!8/H.5!BC55.?/!0DD./ !!!!!!!!+%'#'")! !!!!!!!!!9&"#)%%: !!!!!!!!!9)*#&(&: !!!!!!!!!9)&#'"(: !!!!!!!!!9'(#+($:
M?B5.0D.!1?!0BB8C?/D!P0E0F2. 9'&'#*(*:!!!!!! )((#"$)!!!!!!! ,,%#%$*!!!!!!! ,)%#%+(!!!!!!! ,%+#'',!!!!!!!
M?B5.0D.!1?!0BB5C.>!.KP.?D.D!0?>!8/H.5!BC55.?/!210F121/1.D 9,#*&(#,"':! +&(#"&"!!!!!!! )&"#&$&!!!!!!! ',,#,(,!!!!!!! '%+#'(,!!!!!!!
M?B5.0D.!1?!>.J.55.>!/0K.D (,'#)$'!!!!!!! 9*'#,++:!!!!!!!!! 9($#**':!!!!!!!!! 9(*#*($:!!!!!!!!! 9(,#%"%:!!!!!!!!!
L$?(0'DF(#*+J&%$%(CB(+#$*'?&/G('0&?&J&?&$D :2-54<-997=( 686-;64((((((( 4-45;-392((( 4-759-6;4((( 2-5;8-359(((
M'DF(N*+O(&/J$D?&/G('0?&J&?&$DK
=.B5.0D.!1?!DH85/;/.5N!1?6.D/N.?/ '#,%$!!!!!!!!!!!!! '#,$&!!!!!!!!!!!!! '#(''!!!!!!!!!!!!! '#($)!!!!!!!!!!!!! '#$'*!!!!!!!!!!!!!
=.B5.0D.!1?!28?7;/.5N!1?6.D/N.?/D!T!8/H.5!0DD./D &#"%$!!!!!!!!!!!!! &#++$!!!!!!!!!!!!! &#+$,!!!!!!!!!!!!! &#&,)!!!!!!!!!!!!! &#%)%!!!!!!!!!!!!!
G0P1/02!.KP.?>1/C5.D (#'%)#,$,!!! 9)(&#(',:!!!!!! 9,%$#$,+:!!!!!! 9,%*#(,&:!!!!!! 9,%'#"&*:!!!!!!
GH0?7.!1?!1?/0?71F2.!0DD./D (+#$)$!!!!!!!!!! (&#+%$!!!!!!!!!! (&#%+(!!!!!!!!!! (&#'$)!!!!!!!!!! (&#*,"!!!!!!!!!!
=.B5.0D.!1?!2.0D.H82>!1NP586.N.?/D ;!!!!!!!!!!!!!!!!!!! ;!!!!!!!!!!!!!!!!!!! ;!!!!!!!!!!!!!!!!!!! ;!!!!!!!!!!!!!!!!!!! ;!!!!!!!!!!!!!!!!!!!
=.B5.0D.!1?!8P.50/1?7!2.0D.!517H/;8J;CD.!0DD./D ;!!!!!!!!!!!!!!!!!!! ;!!!!!!!!!!!!!!!!!!! ;!!!!!!!!!!!!!!!!!!! ;!!!!!!!!!!!!!!!!!!! ;!!!!!!!!!!!!!!!!!!!
L$?(0'DF(#*+J&%$%(CB(&/J$D?&/G('0&?&J&?&$D 4-<7<-9;2((( :86;-239=(((((( :227-873=(((((( :282-57<=(((((( :28<-79<=((((((
M'DF(N*+O(N&/'/0&/G('0?&J&?&$DK
GH0?7.!1?!B8NN8?!D/8BS ;!!!!!!!!!!!!!!!!!!! ;!!!!!!!!!!!!!!!!!!! ;!!!!!!!!!!!!!!!!!!! ;!!!!!!!!!!!!!!!!!!! ;!!!!!!!!!!!!!!!!!!!
GH0?7.!1?!0>>1/18?02!P01>!1?!B0P1/02 )(,#,'$!!!!!!! ),'#*)'!!!!!!! )*+#+'%!!!!!!! )',#&"%!!!!!!! )%&#(+$!!!!!!!
GH0?7.!1?!28?7!/.5N!>.F/ &+,#+,*!!!!!!! 9%,*#$"%:!!!!!! 9*),#&++:!!!!!! 9*&*#(%$:!!!!!! 9)$%#,)':!!!!!!
@0EN.?/D!8J!>161>.?>D '+"#%,)!!!!!!! (+#$&"!!!!!!!!!! 9()"#*$+:!!!!!! 9*%)#++&:!!!!!! 9'&$#'(%:!!!!!!
-.PC5BH0D.!8J!B8NN8?!D/8BS ;!!!!!!!!!!!!!!!!!!! 9(#*')#,,$:! 9(#')*#+((:! 9(#&'"#")):! 9,#$$%#**&:!
L$?(0'DF(#*+J&%$%(CB(N&/'/0&/G('0&?&J&?&$D 4-569-;75((( :4-<88-672=( :4-<75-3<3=( :2-39<-47<=( :2-<4<-746=(
L$?(./0*$'D$P%$0*$'D$(&/(0'DF %%)#&($!!!!!!! 9(#$+(#)(':! 9%'$#*"":!!!!!! 9*$*#(,":!!!!!! ((#,((!!!!!!!!!!
G0DH#!3.71??1?7!8J!E.05 *#*('#$$$!!! *#"&"#&($!!! ,#+"+#,"'!!! ,#,)&#+"%!!! (#"))#&%&!!!
M'DF-(!/%(+N(B$'* *#"&"#&($!!! ,#+"+#,"'!!! ,#,)&#+"%!!! (#"))#&%&!!! (#"''#"&+!!!
!"#$%&'()*+,#-(./01(
<)**)$&9-?"&8$()*"&9.6."*"$.&/&0,&@&)2&,61",
!"#$%&'()%*#'+,-",.'/)$0'12 2345 2346 2347 2323! 2324! 2322! 2328! 2329!
!"#"$%" ($$<$$U ($$<$$U ($$<$$U ($$<$$U ($$<$$U ($$<$$U ($$<$$U ($$<$$U
89:"$;";
89&+:(":#;(; (&<)%U (&<'(U (&<",U ,,<$$U (+<$$U (+<$$U (+<$$U (+<$$U
<=>;;-?=>@A7 +,<')U +,<)"U +,<$+U &+<$$U +,<$$U +,<$$U +,<$$U +,<$$U
=+>>9?@"%+?+&*>"A"BCD9?9;(&*(9E+ '"<*+U '+<'"U '&<+%U &,<+&U %(<"(U '&<*)U '*<$"U )"<('U
BD#&(9F*(9#?"#$"9?(*?@9G>+"*;;+(; ,<&)U ,<',U (<%)U ,<,,U (<"$U (<&%U (<%)U (<'*U
H+;(&I:(I&9?@"A"JDK*9&; $<(&U (<()U $<,$U $<,&U $<,*U $<,(U $<("U $<(+U
L+:)?#>#@M"A":#?(+?("+NK+?;+; (*<&"U ()<)(U ()<%(U ,$<$$U (&<$$U (&<$$U (&<$$U (&<$$U
O+@*>"&+;+&E+;<"#::IK*?:M"(*N"A"#()+&"+NK+?;+; $<,'U ;$<'*U $<,+U $<)'U $<)'U $<)'U $<)'U $<)'U
B>7CD-A$EA="F7-"9:"$;"; &%<*,U &%<(*U &)<'"U "'<+(U +(<)+U &%<&%U &,<*+U %+<*(U
G:"=C7A$5-A$F>6"-HD>;;I %<,(U %<*%U &<)+U ;(&<+(U $<',U '<,)U "<%,U (*<%"U
J?(+&+;("9?:#D+ ;(<)&U ;(<$%U ;$<")U ;(<*+U ;(<(*U ;(<*,U ;(<(*U ;(<,)U
%*9?"#?";*>+"#$"*;;+(; ;$<()U $<$$U $<$$U $<$$U $<$$U $<$$U $<$$U $<$$U
S#&+9@?"+N:)*?@+"&*(+"@*9?;"P>#;;+;Q ;$<)'U $<$*U ;$<,+U $<$$U $<$$U $<$$U $<$$U $<$$U
T()+&"?#?3#K+&*(9?@"9?:#D+ ;$<$*U ;$<$,U $<($U ;$<(*U $<((U ;$<($U $<($U ;$<$"U
B>7CD-$>$J>:"=CA$5-A$F>6" ;,<$"U ;(<$'U ;(<(*U ;(<',U ;(<$,U ;(<)*U ;(<$)U ;(<**U
J?:#D+"P>#;;Q"G+$#&+"9?:#D+"(*N+; )<(,U '<*(U %<*%U ;("<*,U ;$<'$U *<+(U +<'+U (,<*%U
U&#E9;9#?"$#&"9?:#D+"(*N+; ;$<)'U ;$<&+U ;(<%+U ;)<$%U ;$<((U $<+$U (<+$U ,<%$U
V9?#&9(M"J?(+&+;( ;$<$+U $<",U ;$<$(U $<$$U $<$$U $<$$U $<$$U $<$$U
WXI9(M"W*&?9?@ $<$$U $<$$U $<$$U $<$$U $<$$U $<$$U $<$$U $<$$U
K"7-A$F>6"-HD>;;I-C77=A2%7C2D"-7>-89:"EAC-<=>%:(-L$FM *<&%U *<%,U )<%+U ;,*<*+U ;$<%(U )<%(U ($<*"U ()<"%U
!"#$%&'()*+,#-(./01(
<)**)$&9-?"&:616$("&95"".&/&0,&@&)2&.).61&6,,".,
!"#$%&'()%*#'+,-",.'/)$0'12 2345 2346 2347 2323! 2324! 2322! 2328! 2329!
N;;"7;O
[*;)"A":*;)"+XI9E*>+?(; ('<*&U (*<''U ('<)+U ,(<'$U (%<%'U (,<,$U "<&(U +<+,U
=)#&(3(+&D"9?E+;(D+?(; ,<'*U $<(%U ,<)%U ,<+(U ,<"%U ,<&&U ,<',U ,<,%U
B::#I?(;"&+:+9E*G>+; ($<$+U ((<"*U ((<&"U +<&+U ((<$)U ((<*(U ((<,"U ((<$&U
J?:#D+"(*N"&+:+9E*G>+ $<((U $<(*U $<**U ;$<"'U ;$<$*U $<,)U $<')U $<&&U
U&+K*9C"+NK+?;+;"A"#()+&":I&&+?("*;;+(; (<+,U *<$%U %<$&U ,<*'U ,<"'U *<$*U *<$,U ,<"%U
B>7CD-F%=="$7-C;;"7; ,"<",U ,+<+,U *%<(,U *)<)"U **<'&U ,"<''U ,&<$"U ,'<++U
<=>;;-:=>:"=73-P-"Q%A:6"$7 ("<%(U ,)<'%U ,*<)"U ,,<)+U ,%<"*U ,&<%$U ,&<'%U ,&<$,U
O*?C $<&$U $<&,U $<%$U $<"&U (<,,U (<,'U (<,'U (<,*U
[#DKI(+&"+XI9KD+?( *<''U *<*(U *<$$U *<)(U )<,+U )<*"U )<*+U )<*$U
SI&?9(I&+"A"#()+&"+XI9KD+?( $<)%U $<',U $<'*U $<'+U $<%(U $<%*U $<%*U $<%(U
ZI9>C9?@;"A">+*;+)#>C"9DK&#E+D+?(; $<$$U ,<)(U *<,(U ,<",U ,<)'U ,<'(U ,<'(U ,<)%U
[*K9(*>9F+C";#$('*&+"C+E+>#KD+?( ((<)$U ()<%%U (*<&%U (,<%'U ('<"(U (%<*(U (%<,+U ('<"&U
U&#\+:(;"9?"K&#@&+;; (<"&U ,<")U ,<*+U (<"'U ,<)'U ,<'(U ,<'(U ,<)%U
O+;;]"*::IDI>*(+C"C+K&+:9*(9#? ((<($U ()<('U (*<,*U (%<+)U ("<%"U ,$<)%U ,$<&$U ,$<'&U
?=>:"=73-P-"Q%A:6"$7(-$"7 +<'(U ($<)(U (*<(,U '<%'U &<,)U &<()U %<+'U %<)'U
J?(*?@9G>+"*;;+(; (,<)&U ((<$'U +<),U "<%'U ($<(%U "<'$U +<%'U &<&*U
%##C'9>> ))<))U )'<$*U *&<"'U )*<"(U )%<%"U ))<($U )$<'&U *%<%)U
8+$+&&+C"9?:#D+"(*N+; $<($U $<*+U $<%+U ;(<,'U ;$<$)U $<*,U $<&,U (<$(U
T()+&"B;;+(;] $<$$U $<$$U $<$$U $<$$U $<$$U $<$$U $<$$U $<$$U
O+*;+)#>C"9DK&#E+D+?(; (<'*U $<$$U $<$$U $<$$U $<$$U $<$$U $<$$U $<$$U
TK+&*(9?@">+*;+"&9@)(3#$3I;+"*;;+(; $<$$U $<$$U ,<+'U *<*$U *<'(U *<*,U *<$'U ,<&'U
O#?@3(+&D"9?E+;(D+?(;"A"#()+&"*;;+(; )<'&U )<*(U *<&,U )<,%U )<)+U )<("U *<+,U *<)(U
B>7CD-C;;"7; ($$<$$U ($$<$$U ($$<$$U ($$<$$U ($$<$$U ($$<$$U ($$<$$U ($$<$$U
RAC2ADA7A";O
ABB8C?/D!@0E0F2. (*<%"U (*<&"U (*<,$U (,<(&U ('<*$U ('<%+U ('<%%U ('<*'U
GC55.?/!=.F/ ,<&$U $<$$U *<'$U )<$'U $<$$U *<"*U $<$$U ,<,)U
B::&I+C"+NK+?;+;"A"#()+&":I&&+?(">9*G9>9(9+; ,%<(%U *$<"$U **<**U ,'<&'U *,<*"U **<,$U **<('U *,<'$U
B>7CD-F%=="$7-DAC2ADA7A"; ),<''U ))<&$U '$<$*U )(<"&U )&<%"U ',<+,U )+<+$U '$<($U
O#?@3(+&D"C+G( ,$<,'U ,$<%(U ("<'%U (+<)$U ,*<('U ,*<&,U ,*<%"U ,*<,*U
8+$+&&+C"9?:#D+"(*N+; (<&&U $<*+U $<,%U ;(<$%U ;$<$*U $<,&U $<%$U $<+'U
V9?#&9(M"J?(+&+;( +<+$U +<&'U &<)$U &<$(U +<+(U "<$*U "<$,U +<+)U
T()+&">9*G9>9(9+; ,<,(U ,<+(U (<&'U ,<)*U *<$%U *<()U *<(*U *<$&U
B>7CD-DAC2ADA7A"; &'<'+U &&<,)U &+<""U +)<'*U +"<(%U "*<%&U "%<$,U "%<&*U
8Q%A73O
S>66>$-"Q%A73O )"<)"U ',<"'U %$<%$U &,<*'U &"<*%U &&<*'U &*<)(U %+<)(U
[#DD#?";(#:^ $<$$U $<$$U $<$$U $<$$U $<$$U $<$$U $<$$U $<$$U
BCC9(9#?*>"K*9C39?":*K9(*> )"<)"U ',<"'U %$<%$U &,<*'U &"<*%U &&<*'U &*<)(U %+<)(U
H+(*9?+C"+*&?9?@;" (<&"U ,<+&U )<($U ;*<))U ;*<"*U ;(<%*U *<("U "<)"U
B::IDI>*(+C"#()+&":#DK&+)+?;9E+"9?:#D+"P>#;;Q ;$<+$U ;(<,,U ;(<$(U ;(<(&U ;(<,'U ;(<(+U ;(<$+U ;$<"+U
L&+*;I&M";(#:^ ,%<$'U *(<+)U )'<(&U ',<,%U %*<*'U %+<,,U &(<'*U &*<%%U
>+?'@($A,&?B ,)<),U ,,<&%U ,(<$(U ('<)&U ($<+)U %<**U *<"+U *<,&U
>+?'@(@&'C&@&?&$D(E($A,&?B ($$<$$U ($$<$$U ($$<$$U ($$<$$U ($$<$$U ($$<$$U ($$<$$U ($$<$$U
!"#$%&'()*+,#-(./01(
A61%"&'4-#"4&B,.-*6.-)$
!"#$%&'()%*#'+,-",.'/)$0'12 2345 2346 2347 2323! 2324! 2322! 2328! 2329!
-.6.?C. !($#$'"#+))! !((#,,*#$$$! !(,#$%&#$$$! !!!!"#$$%#&'$! !($#%')#*%'! !((#'%$#&&+! !(,#')&#'$*! !!!!(*#%,(#&(*!
Q#$*'?&/G(!"#$/D$DK
;=15.B/!B8D/ !!9(#&'%#'*(: !!9(#"%'#$$$: !!9,#(%*#$$$: !!9(#"+(#)+': !!9(#"(&#&+%: !!9,#$+$#")$: !!9,#,'+#''(: !!!!!9,#)'(#"$+:
;VWTA !!9'#"&*#&"*: !!9%#'&'#$$$: !!9%#"+,#$$$: !!9%#'%*#$+$: !!9%#'"'#+"': !!9%#%,+#+&': !!9%#%%,#$(": !!!!!9%#%"'#*,":
;-.D/5CB/C51?7 !!!!!!!!!9(%#&*+: !!!!!!9(,+#$$$: !!!!!!!!!9,)#$$$: !!!!!!!!!9,)#$$$: !!!!!!!!!9,)#$$$: !!!!!!!!!9,)#$$$: !!!!!!!!!9,)#$$$: !!!!!!!!!!!!!9,)#$$$:
3L+:)?#>#@M"A":#?(+?("+NK+?;+; !!9(#*+%#&+&: !!9(#%(&#$$$: !!9(#&%*#$$$: !!9(#+$(#*'$: !!9(#+((#,),: !!9(#"%'#**,: !!9,#(**#$&%: !!!!!9,#*('#%"(:
3O+@*>"&+;+&E+;<"#::IK*?:M"(*N"A"#()+&"+NK+?;+; !!!!!!!!!9,'#)(,: !!!!!!!!!!!'"#$$$! !!!!!!!!!9*)#$$$: !!!!!!!!!9)$#'*$: !!!!!!!!!9)&#")': !!!!!!!!!9',#$,*: !!!!!!!!!9'%#)%): !!!!!!!!!!!!!9%(#,"+:
;AN85/1Q0/18?!IKP.?D. !!!!!!9,&'#))': !!!!!!9,+*#$$$: !!!!!!9("+#$$$: !!!!!!9(""#"+$: !!!!!!9,$(#"+$: !!!!!!9,$)#$$$: !!!!!!9,$%#$)$: !!!!!!!!!!9,$+#($$:
XMNP21.>!1?/.5.D/!8?!8P.50/1?7!2.0D.D ()#)++!!!!!!!!!! ,,#%%%!!!!!!!!!! ,)#)"$!!!!!!!!!! ,$#),(!!!!!!!!!! (,#*$"!!!!!!!!!! ()#+))!!!!!!!!!! ('#'$)!!!!!!!!!! (%#(&&!!!!!!!!!!!!!!
!R.>S %*"#%,%!!!!!!! &*%#%%%!!!!!!! ",&#)"$!!!!!!! 9(#'+*#,'):! %&#+,&!!!!!!!!!! %,$#)',!!!!!!! (#,,,#+'"!!! (#++(#'%*!!!!!!
S%T,D?$%(>'"$D
M?B8N.!/0K!P5861D18? 9)'#)$':!!!!!!!!! 9+&#$$$:!!!!!!!!! 9,$*#$$$:!!!!!! 9*%'#)%":!!!!!! 9((#,$%:!!!!!!!!! ",#')%!!!!!!!!!! ,,%#(&$!!!!!!! *'*#%,%!!!!!!!!!!!
X/0K!DH1.2>!8?!1?/.5.D/!1?B8N. *$#""(!!!!!!!!!! ,)#""$!!!!!!!!!! ,*#")$!!!!!!!!!! ,%#(&+!!!!!!!!!! ,'#*+)!!!!!!!!!! *,#(((!!!!!!!!!! ,"#+"'!!!!!!!!!! *'#'+'!!!!!!!!!!!!!!
X/0K!8?!J85.17?!.KBH0?7.!50/.!701?D!928DD.D: 9"#'&":!!!!!!!!!!!! %*$!!!!!!!!!!!!!!!!!! 9&#()$:!!!!!!!!!!!! ;!!!!!!!!!!!!!!!!!!! ;!!!!!!!!!!!!!!!!!!! ;!!!!!!!!!!!!!!!!!!! ;!!!!!!!!!!!!!!!!!!! ;!!!!!!!!!!!!!!!!!!!!!!!
X/0K!8?!8P.50/1?7!2.0D.D *#$),!!!!!!!!!!!!! )#&%$!!!!!!!!!!!!! '#()*!!!!!!!!!!!!! )#,++!!!!!!!!!!!!! ,#'+'!!!!!!!!!!!!! *#((&!!!!!!!!!!!!! *#,'%!!!!!!!!!!!!! *#*"&!!!!!!!!!!!!!!!!!
X/0K!8?!?8?8P.50/1?7!1?B8N. 9'+*:!!!!!!!!!!!!!!!! 9),$:!!!!!!!!!!!!!!!! ,#',$!!!!!!!!!!!!! 9,#',$:!!!!!!!!!!!! ,#',$!!!!!!!!!!!!! 9,#',$:!!!!!!!!!!!! ,#',$!!!!!!!!!!!!! 9,#',$:!!!!!!!!!!!!!!!
>+?'@('%T,D?$%(?'"$D 9,(#'*):!!!!!!!!! 9'&#$)$:!!!!!!!!! 9(&+#'*&:!!!!!! 9**&#',*:!!!!!! ("#,+)!!!!!!!!!! (,'#,''!!!!!!! ,%(#+)$!!!!!!! *"$#$++!!!!!!!!!!!
LQUVS>(M'@0,@'?&+/K
I3M4A %*"#%,%!!!!!!! &*%#%%%!!!!!!! ",&#)"$!!!!!!! 9(#'+*#,'):! %&#+,&!!!!!!!!!! %,$#)',!!!!!!! (#,,,#+'"!!! (#++(#'%*!!!!!!
;/8/02!0>YCD/.>!/0K.D ,(#'*)!!!!!!!!!! '&#$)$!!!!!!!!!! (&+#'*&!!!!!!! **&#',*!!!!!!! 9("#,+):!!!!!!!!! 9(,'#,'':!!!!!! 9,%(#+)$:!!!!!! 9*"$#$++:!!!!!!!!!
XBH0?7.!1?!>.J.55.>!/0K.D 9('$#%)$:!!!!!! 9*($#%&,:!!!!!! 9+"#$$$:!!!!!!!!! (,'#)$'!!!!!!! 9*'#,++:!!!!!!!!! 9($#**':!!!!!!!!! 9(*#*($:!!!!!!!!! 9(,#%"%:!!!!!!!!!!!!
LQUVS> <43-<23((((((( 968-389((((((( 4-345-325((( :4-423-82;=( 48-2<<(((((((((( 969-6;2((((((( 795-536((((((( 4-956-557((((((
L$?(Q#$*'?&/G(W+*I&/G(M'#&?'@
?85N02!B0DH (#)))#',$!!! (#%((#')(!!! (#&*,#&**!!! (#,"*#*$*!!! (#',"#++"!!! (#%%$#$)*!!! (#+$(#&*$!!! (#"''#"&+!!!!!!
X0BB8C?/!5.B.160F2. (#+%'#""'!!! ,#('(#$$$!!! ,#',)#$$$!!! (#%,)#(%"!!! (#",(#,+$!!! ,#$+)#&*,!!! ,#,%,#%%%!!! ,#)'%#*&%!!!!!!
X1?B8N.!/0K!5.B.160F2. ,$#%**!!!!!!!!!! ,)#$$$!!!!!!!!!! &$#$$$!!!!!!!!!! 9(&%#()":!!!!!! 9'#)$(:!!!!!!!!!!!! ))#%$'!!!!!!!!!! ($"#$($!!!!!!! (&$#))(!!!!!!!!!!!
X!P5.P01>!.KP.?D.D!T!8/H.5!BC55.?/!0DD./D **&#&,)!!!!!!! ''(#$$$!!!!!!! (#*$$#$$$!!! )*)#)$%!!!!!!! '(*#+&,!!!!!!! ''&#'+"!!!!!!! %$'#(+$!!!!!!! %'%#""(!!!!!!!!!!!
;0BB8C?/!P0E0F2. 9,#'*'#)"%:! 9,#)+&#$$$:! 9,#+,&#$$$:! 9,#,'(#%++:! 9,#%%*#'"(:! 9,#+"$#("):! 9*#(*%#+&%:! 9*#)$'#),+:!!!!!
;0BB5C.>!.KP.?D.D!T!8/H.5!BC55.?/!210F121/1.D 9)#+)*#("):! 9'#'&*#$$$:! 9&#(*+#$$$:! 9)#&%%#&$':! 9'#%*+#%+):! 9%#((+#*"(:! 9%#%)$#%$*:! 9&#,$"#(():!!!!!
L$?(Q#$*'?&/G(W+*I&/G(M'#&?'@ 9*#&$"#+(+:! 9*#&,,#)'":! 9)#**+#,%&:! 9*#+),#%%):! 9)#*),#%*':! 9)#%%(#%(%:! 9)#""+#+"*:! 9'#*&)#&'%:!!!!!
./J$D?$%(M'#&?'@
L./!8P.50/1?7!R85S1?7!B0P1/02 9*#&$"#+(+:! 9*#&,,#)'":! 9)#**+#,%&:! 9*#+),#%%):! 9)#*),#%*':! 9)#%%(#%(%:! 9)#""+#+"*:! 9'#*&)#&'%:!!!!!
XL./!@@I !!!!(#'&'#,'+! !!!!(#+&&#$$$! !!!!,#+$"#$$$! !!!!(#$))#+("! !!!!(#,'"#""(! !!!!(#*(%#$("! !!!!(#*&*#($%! !!!!!!!(#)*$#"&"!
X?./!1?/0?71F2.!0DD./D !!!!,#*$+#'*%! !!!!(#"",#$$$! !!!!(#+$)#$$$! !!!!(#&+'#"%$! !!!!(#&%+#($$! !!!!(#&'$#)("! !!!!(#&*,#"('! !!!!!!!(#&('#'+%!
;8/H.5!210F121/1.D 9)$+#*+$:!!!!!! 9'$%#$$$:!!!!!! 9*&)#$$$:!!!!!! 9)'$#**+:!!!!!! 9'*,#&(+:!!!!!! 9'&+#$*":!!!!!! 9%,&#*&':!!!!!! 9%+(#$+%:!!!!!!!!!
X@Z!8J!8P.50/1?7!2.0D. &($#(&'!!!!!!! &%&#*,$!!!!!!! %*"#+)+!!!!!!! *+'#%&&!!!!!!! )%'#($'!!!!!!! )+'#&+&!!!!!!! '$%#+'"!!!!!!! ',+#,,,!!!!!!!!!!!
./J$D?$%(M'#&?'@ )&'#&&(!!!!!!! )$&#+%$!!!!!!! ')$#'+(!!!!!!! 9(#$&%#')':! 9(#*+,#('&:! 9(#%+&#),":! 9,#$(*#*+&:! 9,#*+(#$'':!!!!!
X*$$(M'DF(X@+H(:XMX=K
L[@\A4 '($#',$!!!!!!! )+*#$*)!!!!!!! (#$(&#$,&!!! 9(#(,$#*,%:! (*#,''!!!!!!!!!! )+)#+%,!!!!!!! ")&#&$+!!!!!!! (#)&+#&&"!!!!!!
GH0?7.!1?!MG 9,,$#'"(:!!!!!! 9%&#"((:!!!!!!!!! (*,#&,$!!!!!!! 9(#%(&#(,%:! 9*$'#%(,:!!!!!! 9*$'#,&,:!!!!!! 9*,'#"'+:!!!!!! 9*%&#%%&:!!!!!!!!!
XMX 267-726((((((( 94<-428((((((( 4-497-595((( :2-585-9<2=( :272-8<5=(((((( 457-<73((((((( ;24-5<3((((((( 4-444-442((((((
Y$?,*/(+/(./J$D?$%(M'#&?'@(:YQ.M=K
L[@\A4 '($#',$!!!!!!! )+*#$*)!!!!!!! (#$(&#$,&!!! 9(#(,$#*,%:! (*#,''!!!!!!!!!! )+)#+%,!!!!!!! ")&#&$+!!!!!!! (#)&+#&&"!!!!!!
]3.7<!MG %"%#*%*!!!!!!! )&'#&&(!!!!!!! )$&#+%$!!!!!!! ')$#'+(!!!!!!! 9(#$&%#')':! 9(#*+,#('&:! 9(#%+&#),":! 9,#$(*#*+&:!!!!!
YQ.M 58Z 432Z 297Z [235Z [4Z [8<Z [<;Z [58Z
!0+/+O&0(U*+N&?(:!U=K
3.7<!MG !!!!!!!!%"%#*%*! !!!!!!!!)&'#&&(! !!!!!!!!)$&#+%$! !!!!!!!!')$#'+(! !!9(#$&%#')': !!9(#*+,#('&: !!9(#%+&#),": !!!!!9,#$(*#*+&:
K!9-[MG!;!̂ AGG: %'<)&U "*<%"U ,)(<',U ;,('<$+U ;"<$&U ;),<",U ;%)<$$U ;+(<,"U
!U ((((((((9<<-727( ((((((((99<-58;( ((((((((76<-3<8( ((:4-4;2-539= (((((((((((75-;<3( ((((((((<78-24<( ((((4-357-778( (((((((4-;8;-;45(
!"#$%&'()*+,#-(./01(
C"-35."7&0#"463"&<),.&)2&<6+-.61&DC0<<E&B,.-*6.-)$
M+D?(+N(!A,&?BK
-1DS;_5..!-0/. $<&"U
3./0 (<%%!!!!!!!!!!!!!!!!!!!!!!!!!!!
I`C1/[email protected] '<('U
M+D?(+N(!A,&?B 7189Z
M+D?(+N(\$C?K
@5.;40K!G8D/!8J!=.F/ )<$)U
a0571?02!40K!-0/. ,(U
SN?$*[>'"(M+D?(+N(\$C? 8147Z
]'*I$?(̂ '@,$(+N(M+OO+/(!A,&?BK ]^(W$&GF?D
48/02!VH05.D![C/D/0?>1?7 ()&#(")!!!!!!!!!!!!!!!!!!
GC55.?/!V/8BS!@51B. b((&<)'
]^(+N(!A,&?B 45-265-78<(((((((((( &'<%(U
]'*I$?(̂ '@,$(+N(\$C?K
VH85/;4.5N!=.F/ &)"#$$$!!!!!!!!!!!!!!!!!!
\8?7;4.5N!=.F/ )#(+"#$$$!!!!!!!!!!!!!
@Z!8J![P.50/1?7!\.0D.D %*"#+)+!!!!!!!!!!!!!!!!!!
]^(+N(>+?'@(\$C? <-<55-696((((((((((((( ,)<*"U
]'*I$?(̂ '@,$(+N(?F$(X&*O 22-6;<-568129((( ($$<$$U
!D?&O'?$%(WSMM 5169Z
!"#$%&'()*+,#-(./01(
'-,()%$."7&<6,5&=1)>&D'<=E&6$7&B()$)*-(&F4)2-.&DBFE&A61%6.-)$&G)7"1,
c.E!M?PC/DO
!!!!!GZ!W58R/H!8J!L[@\A4 ,<'$U
!!!!!GZ!d.05!-[MG ;&*U
!!!!!̂ AGG &<+)U
!!!!!G8D/!8J!I`C1/E "<*)U
GZ!L[@\A4 (#)&+#&&"!!!!!!!!
!"#$%&'()%*#'+,-",.'/)$0'12 2323! 2324! 2322! 2328! 2329!
\MX(]+%$@K
_5..!G0DH!_28R!9_G_: !!!!!!!9,#&*&#)',: !!!!!!9,",#*'&: !!!!!!!!(&"#'"$! !!!!!!!!%,(#&'$! !!!!!!!(#(((#((,!
G8?/1?C1?7!Z02C.!9GZ: !!!!,+#%*+#,)'!
@Z!8J!_G_ !!!!!!!9,#'*+#)',: !!!!!!9,'(#*"%: !!!!!!!!()*#,$*! !!!!!!!!)'"#&**! !!!!,(#(&'#%*(!
Z02C.!8J![P.50/1?7!ADD./DO (+#"++#&(+!!!!!
L8?;[P.50/1?7!A>YCD/N.?/D
XV4!M?6.D/N.?/!V.BC51/1.D ',%#$$$!!!!!!!!!!!!
X\8?7!/.5N!1?6.D/N.?/ &"%#$$$!!!!!!!!!!!!
XIKB.DD!B0DH (#'+,#,%&!!!!!!!!
;@Z!8J!8P.50/1?7!2.0D. %*"#+)+!!!!!!!!!!!!
;IV[@ 9+%'#)&&:!!!!!!!!!!!
Xa1?851/E!1?/.5.D/ 9(#$$$:!!!!!!!!!!!!!!!!!
;=.F/ 9)#"*+#$$$:!!!!!!
;a1?851/E!1?/.5.D/!210F121/E 9(#'+)#$$$:!!!!!!
;\.702!5.D.56.D#!8BBCP0?BE!/0K!T!8/H.5!.KP.?D.D 9*)#$$$:!!!!!!!!!!!!!!
Z02C.!8J!I`C1/E ('#(($#*'%!!!!!
VH05.D![C/D/0?>1?7 ()&#(")!!!!!!!!!!!!
M?/51?D1B!Z02C.!8J!\0D/!_dI ($,<%%b!!!!!!!!!!!!
.O#@&$%(U*&0$('D(+N(>+%'B (($<")b!!!!!!!!!!!!
!U(]+%$@K
IB8?8N1B!@58J1/!9I@: !!!!!!!9(#(%,#&$): !!!!!!!!!!!"&#%'$! !!!!!!!!'"*#,('! !!!!(#$&"#""*! !!!!!!!(#%*%#%(&!
G8?/1?C1?7!Z02C.!9GZ: !!!!*$#%'(#%*,!
@Z!8J!I@ !!!!!!!9(#$&+#(+(: !!!!!!!!!!!+*#"%+! !!!!!!!!)&*#$,$! !!!!!!!!&"+#'%%! !!!!,,#%%)#*%'!
48/02!@Z!8J!I@ !!!!!!(+#))+#(*+! !!!!!!!!!!!!!!!!!!!!!!!!!$!
M?6.D/.>!G0P1/02!920D/!_dI: !!!!!!!!!!!!!')$#'+(!
Z02C.!8J![P.50/1?7!ADD./DO (+#"++#&(+!!!!!
L8?;[P.50/1?7!A>YCD/N.?/D
XV4!M?6.D/N.?/!V.BC51/1.D ',%#$$$!!!!!!!!!!!!
X\8?7!/.5N!1?6.D/N.?/ &"%#$$$!!!!!!!!!!!!
XIKB.DD!B0DH (#'+,#,%&!!!!!!!!
;@Z!8J!8P.50/1?7!2.0D. %*"#+)+!!!!!!!!!!!!
;IV[@ 9+%'#)&&:!!!!!!!!!!!
Xa1?851/E!1?/.5.D/ 9(#$$$:!!!!!!!!!!!!!!!!!
;=.F/ 9)#"*+#$$$:!!!!!!
;a1?851/E!1?/.5.D/!210F121/E 9(#'+)#$$$:!!!!!!
;\.702!5.D.56.D#!8BBCP0?BE!/0K!T!8/H.5!.KP.?D.D 9*)#$$$:!!!!!!!!!!!!!!
Z02C.!8J!I`C1/E ('#(($#*'&!!!!!
VH05.D![C/D/0?>1?7 ()&#(")!!!!!!!!!!!!
M?/51?D1B!Z02C.!8J!\0D/!_dI ($,<%%b!!!!!!!!!!!!
.O#@&$%(U*&0$('D(+N(>+%'B (($<")b!!!!!!!!!!!!
!"#$%&'()*+,#-(./01(
'-#-7"$7&'-,()%$.&G)7"1&D''GE&)4&=%$76*"$.61&FHB&A61%6.-)$&G)7"1
!"#$%&'()%*#'+,-",.'/)$0'12 2323! 2324! 2322! 2328! 2329!
I@V 9(*<"*:b!!!!!!!!! 9$<)':b!!!!!!!! *<++b!!!!!!!!! ($<,'b!!!!!! (%<$*b!!!!!!!!!!!!!!!
3)4'5##6789":,#
!!!GZ!758R/H!8J!I@V $<'$U
!!!GZ!d.05!-[I ,%&<)+U
!!!G8D/!8J!I`C1/E "<*)U
!696*)';%#<'!&:=#
!!!!!@]I!aC2/1P2.!9GZ!d.05: ((<,"!!!!!!!!!!!!!!!!!!
!!!!!I@V!9GZ!d.05: (%<$*b!!!!!!!!!!!!!!!
!!!!!_C/C5.!V/8BS!@51B. (+(<$*b!!!!!!!!!!!!
!!!!!=161>.?>[email protected]!VH05. 9*<"$:!!!!!!!!!!!!!!! 9$<(*:!!!!!!!!!!! (<$"!!!!!!!!!!!! ,<+&!!!!!!!!!!!! )<)"!!!!!!!!!!!!!!!!!!!!!
!!!!!=1DB8C?/.>!G0DH!_28RD 9*<'&:!!!!!!!!!!!!!!! 9$<($:!!!!!!!!!!! $<+*!!!!!!!!!!!! ,<$(!!!!!!!!!!!! (,%<%&!!!!!!!!!!!!!!!
M?/51?D1B!Z02C.!0D!8J!\0D/!_dI (,'<+*b!!!!!!!!
.O#@&$%(U*&0$('D(+N(>+%'B (*'<"+b!!!!!!!!
!"#$%&'()*+,#-(./01(
!"16.-#"&A61%6.-)$&G)7"1,
!U_ !U_
>&0I$* M+O#'/B U*&0$ 2323! 2324! UP!(23 UP!(24
4-M@ 451PA>61D85 b,$<'' 9b(<$*: b$<''! 9("<"':!!!!!!!! *&<*%!!!!!!!!!
3cLW 388S1?7!e82>1?7D b(#%,,<'$ b,$<$)! b($(<)"! +$<"%!!!!!!!!! ('<""!!!!!!!!!
4G[a 451P<B8N!W58CP!A=- b,+<&% 9b$<+": b$<)'! 9*,<*(:!!!!!!!! %*<"(!!!!!!!!!
A6.507. 71<5(((((((((((( 87137(((((((((
If@I IKP.>10!W58CP#!M?B<! b((&<)' !!!!!!!!9(*<"*: !!!!!!!!!!!9$<)': 9+<):!!!!!!!!!!!!!! 9,%*<$:!!!!!!!!
.O#@&$%(Y$@'?&J$(̂ '@,$K
(((UP!(:!U_23= (̀ (:48812<=
(((UP!(:!U_24= :4519;=`(((((
!"#$%&'()*+,#-(./01(
I"J&G6$63"*"$.&!6.-),
!"#$%&'()%*#'+,-",.'/)$0'12 2345 2346 2347 2323! 2324! 2322! 2328! 2329! 232<!
>"?6"-"94'@%9":#A
GC55.?/!50/18!9BC55.?/!0DD./D]BC55.?/!210F121/1.D: $<&$!!!!!!!!!!!! $<%)!!!!!!!!!!!! $<&,!!!!!!!!!!!! $<+,!!!!!!!!!!!! $<&$!!!!!!!!!!!! $<'%!!!!!!!!!!!! $<'%!!!!!!!!!!!! $<',!!!!!!!!!!!!
gC1BS!50/18!9B0DHXD.BC51/1.DX5.B.160F2.D:]BC55.?/!210F121/1.D: $<%%!!!!!!!!!!!! $<'+!!!!!!!!!!!! $<%$!!!!!!!!!!!! $<&&!!!!!!!!!!!! $<%)!!!!!!!!!!!! $<'$!!!!!!!!!!!! $<)"!!!!!!!!!!!! $<)%!!!!!!!!!!!!
[P.50/1?7!G_!50/18!98P.50/1?7!B0DH!J28R]!BC55.?/!210F121/1.D: $<,*!!!!!!!!!!!! $<,'!!!!!!!!!!!! $<,%!!!!!!!!!!!! 9$<*':!!!!!!!!!!! $<($!!!!!!!!!!!! $<(,!!!!!!!!!!!! $<,$!!!!!!!!!!!! $<,'!!!!!!!!!!!!
5##)9BC%,%.)7),9'@%9":#A
48/02!0DD./!/C5?86.5!9/8/02!5.6.?C.]067!0DD./D: $<'(!!!!!!!!!!!! $<''!!!!!!!!!!!! $<'&!!!!!!!!!!!! $<%$!!!!!!!!!!!! $<'$!!!!!!!!!!!! $<'"!!!!!!!!!!!! $<%$!!!!!!!!!!!! $<'"!!!!!!!!!!!!
ABB8C?/D!5.B.160F2.!/C5?86.5!9/8/02!5.6.?C.]!067!5.B.160F2.D: %<,&!!!!!!!!!!!! '<'"!!!!!!!!!!!! '<(%!!!!!!!!!!!! )<*)!!!!!!!!!!!! %<$(!!!!!!!!!!!! '<&&!!!!!!!!!!!! '<&&!!!!!!!!!!!! '<&&!!!!!!!!!!!!
L./!R85S1?7!B0P1/02!/C5?86.5!9?./!D02.D]!R85S1?7!B0P1/02: 9,<&(:!!!!!!!!!!! 9*<$(:!!!!!!!!!!! 9,<&+:!!!!!!!!!!! 9,<*):!!!!!!!!!!! 9,<)':!!!!!!!!!!! 9,<)+:!!!!!!!!!!! 9,<'(:!!!!!!!!!!! 9,<'*:!!!!!!!!!!!
!",%,$"%&'>)D)*%.)'@%9":#A
=.F/!50/18!9/8/02!>.F/]/8/02!0DD./D: $<,*!!!!!!!!!!!! $<,(!!!!!!!!!!!! $<,*!!!!!!!!!!!! $<,,!!!!!!!!!!!! $<,*!!!!!!!!!!!! $<,+!!!!!!!!!!!! $<,)!!!!!!!!!!!! $<,'!!!!!!!!!!!!
=.F/!/8!.`C1/E!50/18!9>.F/]067!.`C1/E: $<&*!!!!!!!!!!!! $<""!!!!!!!!!!!! $<+%!!!!!!!!!!!! (<*)!!!!!!!!!!!! (<&'!!!!!!!!!!!! ,<%)!!!!!!!!!!!! '<("!!!!!!!!!!!! %<,*!!!!!!!!!!!!
\4!=.F/!/8!ADD./D!9\4!>.F/]067!0DD./D: $<,,!!!!!!!!!!!! $<,$!!!!!!!!!!!! $<,(!!!!!!!!!!!! $<(&!!!!!!!!!!!! $<,,!!!!!!!!!!!! $<,)!!!!!!!!!!!! $<,'!!!!!!!!!!!! $<,)!!!!!!!!!!!!
E*:F"9%G"&"94'@%9":#A
W58DD!N0571?!9/8/02!5.6.?C.!;!G[WV]/8/02!5.6.?C.: +,<')U +,<)"U +,<$+U &+<$$U +,<$$U +,<$$U +,<$$U +,<$$U
_5..!G0DH!_28R!N0571?!9J5..!B0DH!J28R]D02.D: ,<++U *<&$U "<'*U ;*$<*"U ;,<&)U (<''U )<"%U +<(%U
-[A!9?./!1?B8N.]!067!0DD./D: ,<,$U ,<,,U ,<+%U ;($<''U ;$<*%U ,<"+U %<&+U "<%'U
-[I!9?./!1?B8N.]!067!/8/02!.`C1/E: +<&*U "<)(U (*<(*U ;'&<,(U ;,<&,U *)<",U (*,<%&U ,%&<)+U
E%4:69'E:&"$4'@%9":#A
=161>.?>!@0E8C/!-0/18!9=161>.?>]I@V: $<$$U )'<&%U *)<*+U ,+<$$U ,+<$$U ,+<$$U ,+<$$U ,+<$$U
48/02!@0E8C/!-0/18!9=16D<]LM: $<$$U )'<+$U *)<*"U ,+<$$U ,+<$$U ,+<$$U ,+<$$U ,+<$$U
!"#$%&'()*+,#-(./01(
F4","$.&A61%"&)2&K+"46.-$3&L"6,"&KM1-36.-)$,&/&011&N$-.,&-$&O5)%,6$7,
X&D0'@(a$'*D(!/%&/G(\$01(84 2349 234< 234; 2345 2346 2347
d.05 ( &'#%,"!!!!!!!!!!! (((#%)'!!!!!!!! (("#&&$!!!!!!!! (*+#&+'!!!!!!!! ('%#$$$!!!!!!!! (*"#$$$!!!!!!!!
d.05 , %%#*('!!!!!!!!!!! ($(#+&+!!!!!!!! ((%#$$$!!!!!!!! (,(#$(&!!!!!!!! (,"#$$$!!!!!!!! (,(#$$$!!!!!!!!
d.05 * %(#(*+!!!!!!!!!!! ",#%,(!!!!!!!!!!! "%#(')!!!!!!!!!!! ($*#%"'!!!!!!!! ($%#$$$!!!!!!!! ")#$$$!!!!!!!!!!!
d.05 ) )+#,",!!!!!!!!!!! %'#+),!!!!!!!!!!! ')#)$&!!!!!!!!!!! &"#(",!!!!!!!!!!! "*#$$$!!!!!!!!!!! %&#$$$!!!!!!!!!!!
d.05 ' ,)#,((!!!!!!!!!!! )'#,*%!!!!!!!!!!! *&#)(+!!!!!!!!!!! &,#"$(!!!!!!!!!!! &)#$$$!!!!!!!!!!! '*#$$$!!!!!!!!!!!
4H.5.0J/.5 ,)#),(!!!!!!!!!!! ($"#$&'!!!!!!!! "$#(**!!!!!!!!!!! ***#&",!!!!!!!! *%(#$$$!!!!!!!! ,"(#$$$!!!!!!!!
48/02!a1?1NCN!@0EN.?/D *$$#$$%!!!!!!!! ',%#,"&!!!!!!!! '(*#++,!!!!!!!! +)"#*+,!!!!!!!! "("#$$$!!!!!!!! &%'#$$$!!!!!!!!
\.DDO!GCNC20/16.!M?/.5.D/ *(#),"!!!!!!!!!!! %'#%'&!!!!!!!!!!! '"#")&!!!!!!!!!!! (*"#,$&!!!!!!!! ('(#%+$!!!!!!!! (,'#(',!!!!!!!!
U^(+N(]&/&O,O(U'BO$/?D 2;6-<55(((((((( 9;3-;93(((((((( 9<8-78<(((((((( 543-45<(((((((( 5;5-823(((((((( ;87-696((((((((
.O#@&$%(./?$*$D?(&/(a$'*(4(U'BO$/? 436<31< 46;3716 4688713 26;7414 8377715
@5.;40K!G8D/!8J!=.F/ )<$)U )<$)U )<$)U )<$)U )<$)U )<$)U
d.05D!MNP21.>!FE!d.05!%!@0EN.?/ (<$ ,<) ,<) )<% )<" '<'
IKP.B/.>![F2170/18?!1?!d.05!%!T!3.E8?> ,),(( )',*% *&)(+ &,"$( &)$$$ '*$$$
@5.D.?/!Z02C.!8J!\.0D.!@0EN.?/D
@Z!8J!d.05!( &,%",<, ($&*$"<& (('(("<, (***"'<+ ()""),<* (**%$,<'
@Z!8J!d.05!, %(,%)<+ ")(("<' ($&(%%<( (((+$(<$ (("(&%<( (((&+'<*
@Z!8J!d.05!* '),++<+ +,,))<+ +'*+,<$ ",$&+<, ")(,'<$ +*)%"<*
@Z!8J!d.05!) )(,(%<+ '%("'<' )%)*'<" %&'+"<% &"*&)<% '&(+*<"
@Z!8J!d.05!' ("+%(<' *&($"<* *$%"'<+ '"+$)<, %$&$'<+ )*)&+<'
@Z!8J!%!T!F.E8?> (",',<' +*%%(<$ %"(*'<% ,)''$%<' ,%*""%<$ ,($*,+<%
G0P1/021Q.>!@Z!8J!@0EN.?/D ,%+'&%<% )%$%*"<+ )'*"*)<' &($(&'<* &%&*("<& %*"+)&<"
!"#$%&'()*+,#-(./01(
B22"(.,&)2&B9KF&BP"4(-,"&6$7&9564"&!"+%4(56,",&)$&<)**)$&9.)(Q&0(()%$.&6$7&R%*M"4&)2&9564",&K%.,.6$7-$3
LCNF.5!8J![P/18?D![C/D/0?>1?7!9DH05.D:O! (*#(('
A6.507.!41N.!/8!a0/C51/E!9E.05D:O *<*$
IKP.B/.>!A??C02!LCNF.5!8J![P/18?D!IK.5B1D.>O *#"&)
GC55.?/!A6.507.!V/[email protected] ($,<"&b!!!!!!!!!!
G8D/!8J!I`C1/EO "<$$U
GC55.?/!V/[email protected] b((&<)'
!"#$%&'()%*#'+,-",.'/)$0'12 2323! 2324! 2322! 2328!
M?B5.0D.!1?!VH05.D![C/D/0?>1?7O *#"&) *#"&) *#"&) (#(",
A6.507.!V/[email protected] ($,<"&b!!!!!!!!!! ($,<"&b!!!!!!!!!! ($,<"&b!!!!!!!!!! ($,<"&b!!!!!!!!!!
./0*$'D$(&/(M+OO+/(_?+0I(S00+,/?K 937-226(((((((((( 937-226(((((((((( 937-226(((((((((( 422-5;6((((((((((
GH0?7.!1?!45.0DC5E!V/8BS $ (#*')#,,$ (#')*#+(( (#&'"#"))
IKP.B/.>!@51B.!8J!-.PC5BH0D.>!VH05.DO ((&<)'b!!!!!!!!!! (,+<$,b!!!!!!!!!! (*"<')b!!!!!!!!!! (',<($b!!!!!!!!!!
L,OC$*(+N(_F'*$D(Y$#,*0F'D$%K [(((((((((((((((((((((( 43-<56((((((((((((( 44-3;8((((((((((((( 44-<54(((((((((((((
VH05.D![C/D/0?>1?7!9F.71??1?7!8J!/H.!E.05: ()&#(") ('(#(%+ ())#'%) (*&#)&'
@2CDO!VH05.D!MDDC.>!4H58C7H!IV[@ *#"&) *#"&) *#"&) (#(",
\.DDO!VH05.D!-.PC5BH0D.>!1?!45.0DC5E ;!!!!!!!!!!!!!!!!!!!!!! ($#'&+!!!!!!!!!!!!! ((#$%*!!!!!!!!!!!!! ((#'&(!!!!!!!!!!!!!
_F'*$D(Q,?D?'/%&/G(:$/%(+N(?F$(B$'*= 4<4-4;6 499-<;9 485-95< 425-375
A61%6.-)$&)2&K+.-)$,&S46$."7&%$7"4&B9KF
GC55.?/!V/8BS!@51B. b((&<)'
-1DS!_5..!-0/. $<&"U
GC55.?/!=161>.?>!d1.2> $<$$U
A??C021Q.>!V/<!=.6<!8J!V/8BS!-./C5?D &+<%$U
SJ$*'G$ SJ$*'G$ R[_ ^'@,$
Y'/G$(+N L,OC$* !"$*0&D$ Y$O'&/&/G Q#?&+/ +N(Q#?&+/D
Q,?D?'/%&/G(Q#?&+/D+N(_F'*$D:(&/(?F+,D'/%D= U*&0$ V&N$(:B*D= U*&0$ )*'/?$%
-0?7.!( (*#((' ($,<"& *<*$ %'<""b!!!!!!!!!!! +%'#)&&b!!!!!!!!!!!!!!!
48/02 (*#((' ($,<"&b!!!!!!!! *<*$ %'<""b!!!!!!!!!!! 6;<-955`(((((((((((((((
!"#$%&'()*+,#-(./01(
9"$,-.-#-.J&O6M1",
=G_O
3./0
(($<")!!!!!! (<,%!!!!!!!!!!!! (<*%!!!!!!!!!!!! (<)%!!!!!!!!!!!! (<'%!!!!!!!!!!!! 20HH'''''''''''' (<&%!!!!!!!!!!!! (<+%!!!!!!!!!!!! (<"% ,<$% ,<(%
)<%'U ,,(<'(!!!!!! ("*<%(!!!!!! (&$<%$!!!!!! ('(<*$!!!!!! (*)<+&!!!!!!! (,$<&*!!!!!! ($+<)*!!!!!! "&<%,!!!!!!!!! ++<$'!!!!!!!!! &"<'*!!!!!!!!!
)<&'U ,(*<*+!!!!!! (+%<)*!!!!!! (%)<(+!!!!!! ()'<'$!!!!!! (,"<'"!!!!!!! (('<++!!!!!! ($*<")!!!!!! "*<)'!!!!!!!!! +)<(%!!!!!!!!! &'<+&!!!!!!!!!
)<+'U ,$'<%"!!!!!! (&"<%)!!!!!! ('+<($!!!!!! ()$<$$!!!!!! (,)<'&!!!!!!! (((<,&!!!!!! ""<%+!!!!!!!!! +"<)+!!!!!!!!! +$<)'!!!!!!!!! &,<)$!!!!!!!!!
)<"'U ("+<)(!!!!!! (&*<,$!!!!!! (',<**!!!!!! (*)<&+!!!!!! (("<+$!!!!!!! ($%<++!!!!!! "'<%,!!!!!!!!! +'<&(!!!!!!!!! &%<",!!!!!!!!! %"<$+!!!!!!!!!
'<$'U ("(<'(!!!!!! (%&<$+!!!!!! ()%<+'!!!!!! (,"<+(!!!!!! (('<,%!!!!!!! ($,<&$!!!!!! "(<&'!!!!!!!!! +,<($!!!!!!!!! &*<''!!!!!!!!! %'<",!!!!!!!!!
I02IJ (+)<"'!!!!!! (%(<,&!!!!!! ()(<%*!!!!!! (,'<$+!!!!!! 443179((((((( "+<&,!!!!!!!!! ++<$'!!!!!!!!! &+<%&!!!!!!!!! &$<*)!!!!!!!!! %,<+"!!!!!!!!!
'<,'U (&+<&,!!!!!! (''<&*!!!!!! (*%<%'!!!!!! (,$<'%!!!!!! ($%<+(!!!!!!! ")<",!!!!!!!!! +)<'*!!!!!!!!! &'<*+!!!!!!!!! %&<,%!!!!!!!!! %$<$$!!!!!!!!!
'<*'U (&,<&+!!!!!! ('$<)%!!!!!! (*(<"(!!!!!! ((%<,%!!!!!! ($,<+&!!!!!!! "(<,+!!!!!!!!! +(<(%!!!!!!!!! &,<,)!!!!!!!!! %)<*,!!!!!!!!! '&<,)!!!!!!!!!
'<)'U (%&<(*!!!!!! ()'<)*!!!!!! (,&<*+!!!!!! ((,<()!!!!!! ""<($!!!!!!!!!! +&<+$!!!!!!!!! &&<"*!!!!!!!!! %"<,*!!!!!!!!! %(<'$!!!!!!!!! ')<'"!!!!!!!!!
'<''U (%(<&*!!!!!! ()$<%,!!!!!! (,*<$'!!!!!! ($+<,$!!!!!! "'<)"!!!!!!!!!! +)<)&!!!!!!!!! &)<+)!!!!!!!!! %%<*'!!!!!!!!! '+<+$!!!!!!!!! ',<$'!!!!!!!!!
'<%'U ('%<'&!!!!!! (*%<$,!!!!!! ((+<"(!!!!!! ($)<))!!!!!! ",<$*!!!!!!!!!! +(<,+!!!!!!!!! &(<++!!!!!!!!! %*<'+!!!!!!!!! '%<,(!!!!!!!!! )"<%(!!!!!!!!!
GZ!L[@\A4!W58R/H
(($<")!!!!!! ,<,$U ,<*$U ,<)$U ,<'$U 21<3Z ,<%$U ,<&$U ,<+$U ,<"$U *<$$U
&<"$U ($$<,$!!!!!! ($,<"+!!!!!! ($'<+%!!!!!! ($+<+'!!!!!! ($+<+'!!!!!!! (((<"'!!!!!! (('<(&!!!!!! ((+<'(!!!!!! (,(<""!!!!!! (,'<%(!!!!!!
&<+$U ($*<**!!!!!! ($%<,,!!!!!! ($"<,(!!!!!! ((,<*,!!!!!! ((,<*,!!!!!!! (('<''!!!!!! ((+<"$!!!!!! (,,<*"!!!!!! (,%<$,!!!!!! (,"<+$!!!!!!
&<+(U ($*<$(!!!!!! ($'<+"!!!!!! ($+<+&!!!!!! (((<"&!!!!!! (((<"&!!!!!!! (('<(+!!!!!! ((+<',!!!!!! (,(<""!!!!!! (,'<%(!!!!!! (,"<*&!!!!!!
&<+,U ($,<&$!!!!!! ($'<'%!!!!!! ($+<'*!!!!!! (((<%,!!!!!! (((<%,!!!!!!! (()<+,!!!!!! ((+<()!!!!!! (,(<%$!!!!!! (,'<,$!!!!!! (,+<"'!!!!!!
&<+*U ($,<*+!!!!!! ($'<,*!!!!!! ($+<("!!!!!! (((<,%!!!!!! (((<,%!!!!!!! (()<)'!!!!!! ((&<&&!!!!!! (,(<,(!!!!!! (,)<&"!!!!!! (,+<',!!!!!!
K0LMJ ($,<$+!!!!!! ($)<"*!!!!!! ($&<++!!!!!! (($<")!!!!!! 443179((((((( (()<((!!!!!! ((&<)(!!!!!! (,$<+)!!!!!! (,)<)(!!!!!! (,+<(*!!!!!!
&<+'U ($(<&'!!!!!! ($)<'"!!!!!! ($&<',!!!!!! (($<'&!!!!!! (($<'&!!!!!!! ((*<&*!!!!!! ((&<$,!!!!!! (,$<)*!!!!!! (,*<"+!!!!!! (,&<%+!!!!!!
&<+%U ($(<))!!!!!! ($)<,%!!!!!! ($&<("!!!!!! (($<,,!!!!!! (($<,,!!!!!!! ((*<*&!!!!!! ((%<%)!!!!!! (,$<$)!!!!!! (,*<'+!!!!!! (,&<,&!!!!!!
&<+&U ($(<(*!!!!!! ($*<")!!!!!! ($%<+'!!!!!! ($"<++!!!!!! ($"<++!!!!!!! ((*<$(!!!!!! ((%<,&!!!!!! (("<%%!!!!!! (,*<(+!!!!!! (,%<+'!!!!!!
&<++U ($$<+,!!!!!! ($*<%,!!!!!! ($%<',!!!!!! ($"<'*!!!!!! ($"<'*!!!!!!! ((,<%%!!!!!! (('<"$!!!!!! (("<,+!!!!!! (,,<&+!!!!!! (,%<))!!!!!!
&<+"U ($$<'(!!!!!! ($*<*$!!!!!! ($%<("!!!!!! ($"<("!!!!!! ($"<("!!!!!!! ((,<*$!!!!!! (('<')!!!!!! ((+<+"!!!!!! (,,<*"!!!!!! (,%<$,!!!!!!
A??C021Q.>!A6.507.!5./012!5.6.?C.!D.7N.?/!758R/H!50/.!
(($<")!!!!!! (%<$$U (&<$$U (+<$$U ("<$$U 23133Z ,(<$$U ,,<$$U ,*<$$U ,)<$$U ,'<$$U
(*<'$U (*,<(&!!!!!! (*&<"(!!!!!! ())<(&!!!!!! ('$<"(!!!!!! ('&<%%!!!!!!! (%)<)$!!!!!! (&(<()!!!!!! (&&<+"!!!!!! (+)<%*!!!!!! ("(<*+!!!!!!
()<'$U (,,<)(!!!!!! (,+<$'!!!!!! (**<&(!!!!!! (*"<*"!!!!!! ()'<%)!!!!!!! (',<,"!!!!!! ('+<")!!!!!! (%'<%$!!!!!! (&,<,'!!!!!! (&+<"$!!!!!!
('<'$U ((*<)"!!!!!! ((+<%$!!!!!! (,*<&%!!!!!! (,"<*)!!!!!! (*)<")!!!!!!! ()$<'&!!!!!! ()%<&)!!!!!! ('*<*$!!!!!! ('"<+%!!!!!! (%%<),!!!!!!
(%<'$U ($)<%*!!!!!! ($"<%)!!!!!! (()<%&!!!!!! (("<&)!!!!!! (,)<+*!!!!!!! (*$<*,!!!!!! (*'<+&!!!!!! ()(<)*!!!!!! ()&<)+!!!!!! ('*<")!!!!!!
(&<'$U "'<&&!!!!!!!!! ($$<%&!!!!!! ($'<%(!!!!!! (($<'&!!!!!! (('<'&!!!!!!! (,$<'"!!!!!! (,'<%)!!!!!! (*$<""!!!!!! (*%<)&!!!!!! ()(<"+!!!!!!
2L0NNJ "(<*)!!!!!!!!! "%<("!!!!!!!!! ($(<$+!!!!!! ($'<""!!!!!! 443179((((((( (('<"(!!!!!! (,$<"(!!!!!! (,'<")!!!!!! (*(<,$!!!!!! (*%<%%!!!!!!
(+<'$U +%<"(!!!!!!!!! "(<&(!!!!!!!!! "%<''!!!!!!!!! ($(<)(!!!!!! ($%<*(!!!!!!! (((<,*!!!!!! ((%<(+!!!!!! (,(<(%!!!!!! (,%<(%!!!!!! (*(<*)!!!!!!
("<$$U +,<)+!!!!!!!!! +&<,*!!!!!!!!! ",<$,!!!!!!!!! "%<+*!!!!!!!!! ($(<%&!!!!!!! ($%<''!!!!!! (((<)'!!!!!! ((%<*&!!!!!! (,(<**!!!!!! (,%<*(!!!!!!
("<'$U &+<$'!!!!!!!!! +,<&'!!!!!!!!! +&<)"!!!!!!!!! ",<,'!!!!!!!!! "&<$)!!!!!!!!!! ($(<+%!!!!!! ($%<&(!!!!!! (((<'"!!!!!! ((%<'$!!!!!! (,(<)*!!!!!!
,$<$$U &*<%,!!!!!!!!! &+<,&!!!!!!!!! +,<"%!!!!!!!!! +&<%&!!!!!!!!! ",<)(!!!!!!!!!! "&<(+!!!!!!!!! ($(<"+!!!!!! ($%<+(!!!!!! (((<%%!!!!!! ((%<')!!!!!!
,$<'$U %"<("!!!!!!!!! &*<&"!!!!!!!!! &+<),!!!!!!!!! +*<$"!!!!!!!!! +&<&+!!!!!!!!!! ",<'$!!!!!!!!! "&<,'!!!!!!!!! ($,<$*!!!!!! ($%<+*!!!!!! (((<%%!!!!!!
GZ!-[MG!-0/.
(($<")!!!!!! ;%"<)'U ;&$<)'U ;&(<)'U ;&,<)'U [5819<Z ;&)<)'U ;&'<)'U ;&%<)'U ;&&<)'U ;&+<)'U
$<,'U (,%<("!!!!!! (,%<($!!!!!! (,%<$,!!!!!! (,'<")!!!!!! (,'<+&!!!!!!! (,'<&"!!!!!! (,'<&,!!!!!! (,'<%'!!!!!! (,'<'+!!!!!! (,'<'(!!!!!!
$<*'U (,*<,*!!!!!! (,*<('!!!!!! (,*<$&!!!!!! (,,<""!!!!!! (,,<",!!!!!!! (,,<+)!!!!!! (,,<&&!!!!!! (,,<&$!!!!!! (,,<%*!!!!!! (,,<'&!!!!!!
$<)'U (,$<*&!!!!!! (,$<,"!!!!!! (,$<,(!!!!!! (,$<(*!!!!!! (,$<$%!!!!!!! (("<"+!!!!!! (("<"(!!!!!! (("<+)!!!!!! (("<&+!!!!!! (("<&(!!!!!!
$<''U ((&<'"!!!!!! ((&<'(!!!!!! ((&<)*!!!!!! ((&<*'!!!!!! ((&<,+!!!!!!! ((&<,(!!!!!! ((&<()!!!!!! ((&<$&!!!!!! ((&<$(!!!!!! ((%<")!!!!!!
$<%"U ((*<+*!!!!!! ((*<&'!!!!!! ((*<%&!!!!!! ((*<%$!!!!!! ((*<'*!!!!!!! ((*<)%!!!!!! ((*<*"!!!!!! ((*<*,!!!!!! ((*<,%!!!!!! ((*<,$!!!!!!
N0KOJ (((<,*!!!!!! (((<('!!!!!! (((<$+!!!!!! (((<$(!!!!!! 443179((((((( (($<+&!!!!!! (($<+$!!!!!! (($<&)!!!!!! (($<%&!!!!!! (($<%(!!!!!!
$<+"U ($+<&(!!!!!! ($+<%*!!!!!! ($+<'%!!!!!! ($+<)"!!!!!! ($+<),!!!!!!! ($+<*'!!!!!! ($+<,+!!!!!! ($+<,,!!!!!! ($+<(%!!!!!! ($+<($!!!!!!
$<""U ($%<,'!!!!!! ($%<(+!!!!!! ($%<((!!!!!! ($%<$)!!!!!! ($'<"&!!!!!!! ($'<"$!!!!!! ($'<+)!!!!!! ($'<&&!!!!!! ($'<&(!!!!!! ($'<%'!!!!!!
(<$"U ($*<+&!!!!!! ($*<&"!!!!!! ($*<&,!!!!!! ($*<%'!!!!!! ($*<'"!!!!!!! ($*<',!!!!!! ($*<)%!!!!!! ($*<*"!!!!!! ($*<**!!!!!! ($*<,&!!!!!!
(<("U ($(<')!!!!!! ($(<)&!!!!!! ($(<)$!!!!!! ($(<**!!!!!! ($(<,&!!!!!!! ($(<,$!!!!!! ($(<()!!!!!! ($(<$+!!!!!! ($(<$,!!!!!! ($$<"%!!!!!!
(<,"U ""<,+!!!!!!!!! ""<,(!!!!!!!!! ""<()!!!!!!!!! ""<$&!!!!!!!!! ""<$(!!!!!!!!!! "+<")!!!!!!!!! "+<++!!!!!!!!! "+<+,!!!!!!!!! "+<&%!!!!!!!!! "+<&(!!!!!!!!!
==aO
GZ!I@V!W58R/H
(*'<"+!!!!!! $<($U $<,$U $<*$U $<)$U 31<3Z $<%$U $<&$U $<+$U $<"$U (<$$U
+<+)U (*"<&+!!!!!! ()(<*'!!!!!! (),<"%!!!!!! ())<%(!!!!!! ()%<*$!!!!!!! ()+<$*!!!!!! ()"<+(!!!!!! ('(<%,!!!!!! ('*<)"!!!!!! (''<)$!!!!!!
+<")U (*&<&+!!!!!! (*"<*,!!!!!! ()$<++!!!!!! (),<)"!!!!!! ())<(*!!!!!!! ()'<+,!!!!!! ()&<')!!!!!! ()"<*(!!!!!! ('(<(,!!!!!! (',<"+!!!!!!
"<$)U (*'<+*!!!!!! (*&<*,!!!!!! (*+<+'!!!!!! ()$<),!!!!!! (),<$,!!!!!!! ()*<%%!!!!!! ()'<*)!!!!!! ()&<$'!!!!!! ()+<+,!!!!!! ('$<%,!!!!!!
"<()U (**<",!!!!!! (*'<*+!!!!!! (*%<+&!!!!!! (*+<*"!!!!!! (*"<"'!!!!!!! ()(<''!!!!!! ()*<(+!!!!!! ())<+'!!!!!! ()%<'&!!!!!! ()+<*,!!!!!!
"<,)U (*,<$%!!!!!! (**<)+!!!!!! (*)<"*!!!!!! (*%<),!!!!!! (*&<"*!!!!!!! (*"<)"!!!!!! ()(<$+!!!!!! (),<&(!!!!!! ())<*+!!!!!! ()%<$+!!!!!!
O01MJ (*$<,'!!!!!! (*(<%)!!!!!! (**<$%!!!!!! (*)<'$!!!!!! 48<176((((((( (*&<'$!!!!!! (*"<$'!!!!!! ()$<%*!!!!!! (),<,%!!!!!! ()*<",!!!!!!
"<))U (,+<)'!!!!!! (,"<+$!!!!!! (*(<("!!!!!! (*,<%$!!!!!! (*)<$)!!!!!!! (*'<'(!!!!!! (*&<$,!!!!!! (*+<'&!!!!!! ()$<('!!!!!! ()(<&&!!!!!!
"<')U (,%<&(!!!!!! (,+<$*!!!!!! (,"<*+!!!!!! (*$<&'!!!!!! (*,<(%!!!!!!! (**<%$!!!!!! (*'<$&!!!!!! (*%<'&!!!!!! (*+<((!!!!!! (*"<%"!!!!!!
"<%)U (,'<$$!!!!!! (,%<,"!!!!!! (,&<%(!!!!!! (,+<"'!!!!!! (*$<*,!!!!!!! (*(<&,!!!!!! (**<('!!!!!! (*)<%,!!!!!! (*%<(,!!!!!! (*&<%'!!!!!!
"<&)U (,*<*)!!!!!! (,)<'"!!!!!! (,'<+&!!!!!! (,&<(+!!!!!! (,+<',!!!!!!! (,"<+"!!!!!! (*(<,"!!!!!! (*,<&,!!!!!! (*)<(+!!!!!! (*'<%&!!!!!!
"<+)U (,(<&$!!!!!! (,,<"*!!!!!! (,)<(+!!!!!! (,'<)%!!!!!! (,%<&%!!!!!!! (,+<($!!!!!! (,"<)%!!!!!! (*$<+'!!!!!! (*,<,+!!!!!! (**<&*!!!!!!
-1DS!_5..!-0/.
G8D/!8J!I`C1/E
I`C1/E!-1DS!
@5.N1CN
^AGG
>15.B/!B8D/!0D!U!8J!D02.D!J85!,$,,;
,$,)