0%%1/-2$3#-&)456/$(%7$8./5,50)%...
TRANSCRIPT
!"#$%#&'()*#&"+,-#.-/0%"%1/-2$3#-&)456/$(%7$8./5,50)%
!599$38-",-#"&-5/%!59:"/)%
!"#$%&'(()*%+(,"-)+./0%1)2#(34'#5%+'"6()%7!489%:4;
<
;<=%>?*%;*@;<A%B<=1CD%A=1%7?1B7%1B@
=
E-##-5/
>
7*!<F=C=GA%!=EE*?!H>CHB>7H=F
HF7*?FB<HIB
/5)%23??#"42%4@)%#4@)"
.,6@%*),23");%'5;)?)5;)54(8
H/&$3J"8$%E5($,
A
B#6',(%1)2?#52'C'('48
!"#$'42
/?)",4'#52
HFD1B7?A?*B=C17H=F%!H?!C*%KI7AL%C7D
+#**35'48%.5D,D)*)54
1)2),"6@
E),6@'5D%F%:),"5'5D
1FHM*?BH7A
!599$38-",%3$,"&-5/#.-:B$9-48599$38-",%3$,"&-5/#.-:
1)(,4'#52@'?%?");#*'5,54(8%;'64,4);%C8%'5;324"8G%6#**)"6',(%2824)*%;"'H)5%C8%?"#$'4G((%'54)",64'#52%,")%4",52,64'#52%C,2);%#5%$3((I6#24'5D%2)"H'6)2
&'(()*%+(,"-)%J%=K<L
?$8$:&-5/%($#N%J53%-/('#&3)
H/8-($/&",#%E5($,%KD?>O7L
M
N8?
#4@)
2'2
1)2)
,"6@
%O
3)24
'#5
1)2)
,"6@
)"%
P5Q3
'2'4'
H)5)
221)
2),"
6@%
R)4
@#;#
(#D8
.S?,5;'5D%T5#U();D)
B4,432
P;),
4'#5
+#*
*)"
6',(
%#?
?#"4
35'48
M+3
24#*
)"%
5));
2V)2
'D5%
F%
.5D'
5))"
'5D
.$$'6')568%F%.$$)64'H)5)22
.6#5#*'6W,'52
P5Q3
'2'4'
H)5)
22R
)4@#
;#(#
D8
.S?,5;'5D%
+#*
*)"
6',(
%#?
?#"4
35'48
.$$'6')568%F%
G6,;)*'6!,?)"2
!,4)542
E##(2
G6,;)*'6G6,;)*'6B4,"43?2
!"#;3642
!"#6)22)2
B4,"43?2
!"#;3642
!"#6)22)2
!"#;3642
!#24D",;3,4)%V)D"))2
:'6)52'5D
!#24D",;3,4)%
:'6)52'5D
1,5-'5D2 !"#$'4
&'(()*%+(,"-)%J%=K<L
D3-2
$3=
3-0-/
#I3
5+,$
9E
$&.5
(5,5
0)
>8"(
$9-8
%I35
8$##
!59
9$3
8-",
%I35
8$##
?$#5,'&-5/%!-38,$%H/&35('8&-5/!=EI>FA
! B4,"4);%'5%=K<=! +#**)"6',(%#?)",4'#52%2'56)%=K<M! X3((%6#**)"6',(Y%$#"I?"#$'4%6#*?,58! <KKZ%[\I#U5);%! P5;)?)5;)54%C#,";%7MKZ%[\Y%MKZ%P5;324"89! B4"'64%+#"?#",4)%W#H)"5,56)
HFM*B7E*F7! +(#2)%4#%1AKK*
=I*?>7H=F>C! P5;)?)5;)54! ]#%23C2';')2! ]#%?3C('6,4'#52! P5;324"8I#"')54,4);%24,$$
" B4,$$%")6"3'4);%#5%$"#*%'5;324"8" MKK^%#5%?,8I"#((%7<MK^%24,$$9
_
>II?=>!<
PQ =F*4B7=I4B<=I%O=?%!=EE*?!H>CHBHFG%7*!<F=C=GA%7P;),I4#I`,"6#;)a9! ]#%4",52,64'#5,(%#H)"@),;2%#"%$"'64'#5
=b O=!1B%=F%R=S%!?*>7H=F! +"),4)%c#C2%$#"%4@)%?"'*,"'(8%?"#$)22'#5,(%8#34@
TQ B1II=?7%7<*%G?=;7<%=O%HFD1B7?A! !,"45)"2@'?%",4@)"%4@,5%6#*?)4'5D! :#6,('2,4'#5! B));%'5;324"8%4@"#3D@%6#**)"6',('2,4'#5
UQ I?=D1!7B%7<>7%C*>D%7=%E>F1O>!71?HFG! ]#4%?3")%PE
VQ I?=R*!7B%7<>7%!>F%B<=;%W1H!X%!=EE*?!H>C%?*71?FB! G??(');%1FV%7E)6@5#(#D8%1),;'5)22%:)H)(%M^9! ]#%?3C('6,4'#52Y%",4@)"%?,4)542! 1)H)53)%2@,"'5D%$#"%>I8),"%?)"'#;%,$4)"%?"#;364%(,356@%7U@)")%U)%;#%$35;'5D%,??('6,4'#59
YQ !=EE*?!H>C%7*?EB! X3((%6#24'5D%?,8*)54! :'6)52'5D! B@,")2
L
73"8N%?$853(" HF7*?FB
! /H)"%dKK%)5D'5))"'5D%&P:%'54)"52%6#*?()4);%'5%4@)%?,24%A%8),"2%75,4'#5,((89! B4,"4'5D%U'4@%<<M%D",;3,4)%'54)"52%'5%=K<L
" HFF=M>7H=F! W",22"##42%)54")?")5)3"2@'?%23??#"4%7';),4'#5%?"#D",**)2Y%M_%'563C,4'#59! !,4)54%?#"4$#('#%7?"#H'2'#5,(Y%$3((9! R,5,D);%H,"'#32%'55#H,4'#5%6#*?)4'4'#52%74#4,(%1MK*%'5H)24);9! B3??#"4);%>=%5)U%'55#H,4'#5%?"#;3642%,2%?,"4%#$%6#*?)4'4'#52
" I?=D1!7%D*M*C=IE*F7! dK^%?"#;364%;)H)(#?);%$#"%6324#*)"2
" :#6,('2'5DY%])U%?"#;364%;)H)(#?*)54Y%B4,"43?2! B6#?'5D%;#63*)54%(),;2%4#%$35;'5D%$#"%)54")?")5)3"2! 1)43"5%6324#*)"2
" E>F1O>!71?HFG! e,"'#32%?"#;364%('5)2
" HF!1S>7H=F! P563C,4'5D%5),"(8%<KK^%24,"43?2! E)6@5'6,(%,"*%#$%B4,5;,";%`,5-%P563C,4#"Y%BG`%'563C,4'#5%?"#D",**)! ])4$('SI48?)%6@,55)(%$#"%)54")?")5)3"2%7=I@#3"2%?)"%;,8Y%A%(,5D3,D)29
" A=17<%D*M*C=IE*F7%>FD%*F7?*I?*F*1?H>C%I?=R*!7B! R,5,D'5D%5),"(8%1=KK*%'5%?"#c)642! E",'5);%,5;%*,5,D);%<dKK%8#34@%*'6"#I)54)"?"'2)2%'5%4#U52@'?2
" IM%D*BHGF%>FD%HFB7>CC>7H=F! T"3D)"%],4'#5,(%!,"-! VBE%7B6@##(29! MKK^%'524,(()"2%4",'5);
d
H/J3"#&3'8&'3$%H" 7;=%S1HCDHFG%BH7*B
! 1)2#(34'#5%+'"6()%E#U)"2%7V)2'D5Y%!"#4#48?'5DY%E)24'5DY%P563C,4'#59! !)"2-#" 7&#"-2@#?%E",'5'5DY%B*,((I26,()%*,53$,643"'5D9
" 7?>HFHFG%;=?XB<=I! +,?,6'48%$#"%>KK%?)#?()! +,"?)54"8Y%.()64"'6,(Y%.()64"#5'62Y%X'44'5DI,5;IE3"5'5DY%! `#'()"%*,-'5DY%&)(;'5DY%!(3*C'5DY%P5;324"',(%G34#*,4'#5
" D*BHGF%HFO?>B7?1!71?*! B3??#"4%P5;324"',(%V)2'D5Y%.5D'5))"'5D%7.()64"'6,(Y%R)6@,5'6,(9! B?)6',('2);%;)2'D5%,5;%2'*3(,4'#5%2#$4U,")
" BE>CC4B!>C*%E>F1O>!71?HFG! +344'5DY%?"#6)22'5DY%+]+Y%,(3*'5'3*%?"#6)22'5DY%?(,24'62%'5c)64'#5Y%?,'54'5D%,5;%$'5'2@'5D%
" 7*!<F=C=GA%B7>7H=FB! !"#4#48?'5D
" >V%?"'54'5DY%+#*?#2'4)2Y%+,"?)54"8Y%%E)S4'()2Y%!+`Y%+@)*'6,(%7],5#I,5;%`'#4)6@9Y%P5;324"',(%.()64"#5'62Y%G22)*C(8Y%+,24'5DY%W)5)",(%&#"-2@#?2Y%N'D@I2?));%)()64"#5'62Y%!eY%>V%26,55'5D
! E)24'5D%7?")I6#*?(',56)9" .RPY%N,(4fN,22%,5;%)5H'"#5*)54,(Y%gI",8Y%]VEY%B'D5,(%*),23")*)54Y%e';)#%7@'D@%2?));Y%4@)"*,(9Y%.()64"'6,(%'524,((,4'#5
h
H/J3"#&3'8&'3$%HH" HF!1S>7H=F
! E'5-)"%B?,6)! B),42%,5;%"##*2
" 7?>HFHFG%>FD%<=BIH7>CH7A! `#,";"##*2Y%*))4'5D%"##*2! d%H)53)2%74",'5'5D%4#%?"#;364%(,356@)29! P5;324"',(%-'46@)5
" E>?X*7HFG! X3((%,D)568%75)U9
" B>C*B%>FD%S1BHF*BB%D*M*C=IE*F7! B,()2%'5$",24"3643")%7#?)",4'#5,(9! `32'5)22%*#;)(f?(,5%;)H)(#?*)54%75)U9! !#"4$#('#%R,5,D)*)54%75)U9! X35;'5D%,??('6,4'#52%75)U9
" E*DH>%I?=D1!7H=F%%KH/&$,,-C"+L! G3;'#%,5;%e';)#%")6#";'5D%243;'#2%,5;%)Q3'?*)54! .;'4'5DY%,5'*,4'#5Y%*#4'#5%4",6-'5D
" H!7%B1II=?7! +#*?34)"%:,C2! e,"'#32%+GVY%+GR%,5;%2'*3(,4'#5%,5;%4",'5'5D%?,6-,D)2! &#"-$(#UY%+1RY%G66#354'5DY%
<K
<<
;*%>?*%F=;%O?>F!HBHFGZG%1)2#(34'#5%+'"6()%#U5);%C8%)H)"8%35'H)"2'48
B*?MH!*B[%<=;%!>F%;*%B*?M*%A=1@
<=
<>
O1CC%!=EE*?!H>CHB>7H=F%B*?MH!*
B4,5;,";'2);%?"#6)22
.5;I4#I)5;%$'S);%?"'6)
W3,",54));%;)('H)"8
;$%&"N$%52$3%&.$%&$8./5,50)%3-#N
.S6)(()54%4",6-%")6#";
]#%P!%'223)2
<A
H/8'+"&-5/
H/('#&3-",-#"&-5/
D$#-0/%\%I35&5&):-/0
S'#-/$##%D$2$,5:9$/&%\%B'::53&%KSDBL
" E)6@%B4,"43?%E",'5'5D" E)6@%+#**)"6',('2,4'#5 E",'5'5D" E)6@%P;),4'#5" +#56)?4%V)H)(#?*)54" P!%R,5,D)*)54" E)6@5'6,(%B6#?'5D" `32'5)22%V)H)(#?*)54" !'46@%V)H)(#?*)54
" V'D'4,(%!"#4#48?'5D" X35;'5D%G??('6,4'#5" `32'5)22%X#"*,4'#5" R,"-)4'5D%R,4)"',(2" e';)#%F%R);'," .S@'C'4'#5%B4,5;2" !"#;364%:,356@" !"#;364%E",'5'5D
" P5;324"',(%V)2'D5" N'D@I()H)(%.5D'5))"'5D%V)2'D5%F%!"#4#48?'5D" V)4,'();%.5D'5))"'5D%V)2'D5%F%!"#4#48?'5D
" V)2'D5%$#"%P5;324"',('2,4'#5" E)24'5D" !")I6#*?(',56)%E)24'5D" E##('5D" B*,((I26,()%R,53$,643"'5D
" !,6-,D'5D%V)2'D5" G22)*C(8" !"#;364%V#63*)54,4'#5
" /$$'6)%2),42" +#523(4'5D" `32'5)22%+)54")" ])4U#"-'5D
" E",'5'5D" :'24'5D" R)54#"2@'?%,5;%E34#"2" E'5-)"%B?,6)
Stages Services
P;),
I4#I
X35;
);%!
(,5
!(,5
I4#I
!"#4
#48?
)!"
#4#4
8?)I
4#I!
"#;3
64!"
#;36
4I4#
IR,"
-)4
J%&G%+(,"-)%=K<_
7$8.%H//52"&-5/%!599$38-",-#"&-5/ I358$##
<M
.BV
R,"-)4.54")?")5)3"2
B43;)542W",;3,4)2
!"#;364%V)2'D5%F%!"#4#48?)+#56)?43,('2)
!'46@%E",'5'5D
;53N#.5:#P;),4'#5
E)6@%!"#6)22%.54")?")5)3"2@'?
P!%!"#4)64'#5B#(34'#5%B6#?'5D
V'D'4,(%!"#4#48?'5D`VB
!'46@%e';)#X35;'5D%G??('6,4'#5
B4,"43?%e#(3*)2
+#*?,58%e,(3)%+"),4'#5%F%P5H)24*)54
!"#;364I4#IR,"-)4P;),%V)H P;),I4#I!'46@ !'46@I4#IX35;'5D X35;'5DI4#I!"#;364
B)()64'#5 !'[email protected],(3,4'#5
!"#4#48?'5D%X35;'5D
.H,(3,4'#5
!"#;364%P5;324"',('2)
P5;324"',('2,4'#5X35;'5D
.H,(3,4'#5
E)6@5#(#D8%P563C,4'#5
P;), X35;'5D !"#;364
+(')54%?#'542%#$%)54"8
B6,('5DX35;'5D
.H,(3,4'#5
J%&G%+(,"-)%=K<_
B,()2%F%R,"-)4'5D
!,"45)"2Y%\#'54%e)543")2Y%B)"H'6)%!"#H';)"2Y%+#54",64#"2
!(,4$#"*2
<_
G`
+V
P;),I4#I!'46@ !'46@I4#IX35;'5D V)2'D5%F%!"#4#48?'5D P5;324"',('2,4'#5 F%:,356@ B6,()
<M%i >A%*#54@2
1%<bd*%i 1%>bM*
M%i <M%*#54@2
1%>KKT%i 1%<*
=%i >%*#54@21%<MKT
<%*#54@
1%=M-%i 1%_KT
<KKK%';),2
MK%24,"43?2
<K%24,"43?2
h%6#*?,5')2
AKK%';),2
J%&G%+(,"-)%=K<_
P5;'6,4'H)%?)"%24,"43?
P5;'6,4'H)%?'?)('5)
P]%C*BB=FB%C*>?F*D%K>FD%B7HCC%C*>?FHFG%=7<*?BL
<L
<d
*85#)#&$9#%"3$%85/&$^&'",
*85#)#&$9#%"3$%,58",
*85#)#&$9#%9'#&%+$%859:,$&$
H//52"&-5/%."&$#%(-#&"/8$ "/(%($,")#
+,5%#5(8%C#""#U%,2?)642%,4%C)24
+,55#4%U#"-%")*#4)(8
R'22'5D%,2?)642%U'((%24,"H)%'4
_P
<h
1#$%P_^%&5%#5,2$%:35+,$9#B#(H)%I?=SC*EB $#"%B!>C*
_]
=K
B7>A%!>CEZI5,-&-8#%6-,,%+$%&.-8N
7.$%J-3#&%5/$%"/03)`%,5#$#%&.$%0"9$
!(,8%4@)%?#('4'62
`)%?,4')54
*"3/%&3'#&%6-&.%#9",,%6-/#%3$0',"3,)
_T
=<
D=Fa7a%7?A%7=%DH!7>7*%7<*%E>?X*7E"3N$&%",6")#%6-/#Z
j#3"%?(,52%U'((%5#4%23"H'H)%4@)%$'"24%2@#4
E@'2%$#"6)%'2%U'4@%8#3Y%*,8%)H)5%C)%,D,'524%8#3
E"3N$&%-#%/5&%#&"&'# (3-2$/
+,55#4%,223*)%4@'5D2%,U,8%,2%'5%")2),"6@
7.$53) 5/,)%:3$(-8&#%O>HC1?*B`%$^:$3-9$/& &5%B1!!*BB*B
_U
==
D5/a&%N-,,%&.$%8"#.%856Z
1/-2$3#-&)%#)#&$9 !599$38-",%#)#&$9
E'*)%$",*)2Y%6324#*)"2Y%2)"H'6)2Y%?"#6)22)2
I35&$8&%&.$%859:"/)%J359%&.$%"8"($9-8#
_V
V#5k4%-'((%4@)%6,($%)'4@)"l
=>
I>?7F*?B<HI%F=7%!=EI*7H7H=F<56%-/('#&3)%#$$#%)5'
B));%8#3"%(#6,(%'5;324"8
X'5;%4@)%5'6@)2
j#3%U'((%,(U,82%(#2)%'5%6#*?)4'4'#5
.,"5%4@)'"%4"324
S$%&.$%9"&8.9"N$3
_Y
=A
1)2#(34'#5%+'"6()%7!489%:4;
B@,")@#(;)"%GD"))*)54
`#,";%#$%V'")64#"2
[\f1+%R#[
V)()D,4'#5%#$%G34@#"'48
EGg%B4"3643")
```..%B4"3643")
1'2-%R,5,D)*)54m P523",56)Y%
(',C'('4')2
!"#63")*)54%B824)*m V#3C()%B824)*
N1%B824)*
P!%R,5,D)*)54
1)?#"4'5D%'54#%[5'H B4"3643")
*^$8'&-2$%+')4-/
V_b%H/('#&3)V_b%#$/-53%9"/"0$9$/&
B&"3&%6-&.%&.-#%J-3#&Z
_c
G=M*?F>F!*
7.$%$/$9)%&."&%:35&$8&# )5'
&'(()*%+(,"-)%J%=K<L
I*=IC*
=M
" e,(3)2" !,22'#5" +#**'4*)54" .S?)"')56);
7.$%3-0.&%:$5:,$%J53%&.$%3-0.&%d5+
?-0.&%I$5:,$ ?-0.&%R5+
" +(),"(8%;)$'5);%")2?#52'C'('4')2
" +@,5D)2%U'4@%4'*)
!"#$%&""'%($"()$%*+",-'%,-./)%.0$1%2/.
3$-$+*)/4.45%4($6/*)/4.45%&$-$+*)/4.%4($6/*)/4.7
_e
7HE*47=4!?*DHSHCH7A
=_
H&%&"N$#%U4V%)$"3#%5J%#'32-2",%
85/#-#&$/8)%@5&.$3%255(55@
&5%:355J%&."&%)5'%"3$%"%#'3$%&.-/0
P5;)?)5;)56)%*),52%$"3/-/0%)5'%56/%N$$:
1/-f'$%S?>FDHFG`%(-JJ$3$/&%J359%'/-2$3#-&)
P4%,(U,82%6#*)2%;#U5%4#%E"/"0$9$/&%>885'/&#
_g
B<>?*D%HFO?>B7?1!71?*
=L
E",'5'5D 1)2),"6@ !"#4#48?'5D !"#;364'#5
!599$38-",%E-##-5/>8"($9-8%E-##-5/
D5/a&%9-^%9-##-5/#
*f'-:9$/& (5$#%/5&%"%#$32-8$%9"N$
P_
;-,,$9%!,"3N$%h%]_Pc
=d
1,4@)"%$,'(%*#")%#$4)5Y%$,24)"%,5;%6@),?)"l
>25-(%,58N-/0%-/%3-#N#Z
>M=HD%C=!XHFG%HF%?HBXBZ
>25-(%,58N-/0%-/%3-#N#Z
X'S%*'22'#5Y%6@,5D)%24",4)D8%,5;%4,64'62
&@,4%8#3%;#5k4%35;)"24,5;Y%U'((%C'4)%8#3
!"#4#48?)%?"#6)22)2%*,53,((8%C)$#")%8#3%;'H)%'5%U'4@%2824)*2
?$f'-3$#%G17B
PP
=h
S'-,(%&.$%+$#&%#",$#%$/0-/$
D$,-2$3%6."&%)5'%:359-#$
!1B7=E*?%*iI*?H*F!*Z
`)%6(),"%#5%U@#%4@)%6324#*)"%'2
R,5,D)%6324#*)"%)S?)64,4'#52
G$&%&.$%95/$)%-/:'$)%,5#4@)"%;,8
P]
7."/N%A5'
I35J%;-,,$9%!,"3N$+./0%1)2#(34'#5%+'"6()%7!489%:4;U'(()*6(,"-)n")2#(34'#56'"6()b6#bo,Kd>%_dK%MA>_
>K