General Dynamics Reports Fourth-Quarter and Full-Year 2019 ......$22.2 billion contract for...

16
11011 Sunset Hills Road Reston, Virginia 20190 www.gd.com News Contact: Jeff A. Davis Tel: 703 876 3483 [email protected] January 29, 2020 General Dynamics Reports Fourth-Quarter and Full-Year 2019 Financial Results Fourth-quarter net earnings of $1 billion, up 12.2% Fourth-quarter diluted EPS of $3.51, up 14.3% Fourth-quarter operating margin of 12.3%, up 50 basis points Full-year diluted EPS from continuing operations of $11.98, up 6.8% Backlog grew 28.1% to record-high $86.9 billion, for book-to-bill of 1.5-to-1 for the year RESTON, Va. – General Dynamics (NYSE: GD) today reported quarterly net earnings of $1 billion on $10.8 billion in revenue. Full-year earnings from continuing operations were $3.5 billion on revenue of $39.4 billion. Full-year revenue and operating earnings grew in all five segments. Fourth-quarter’s net earnings grew 12.2% over fourth-quarter 2018. On a per share basis, diluted earnings per share (EPS) were $3.51, a 14.3% increase over the year-ago quarter. For the year, diluted EPS from continuing operations were $11.98, a 6.8% increase from 2018. “We continue to improve performance and focus on lines of business that will deliver value for our customers and sustained superior results for our shareholders,” said Phebe N. Novakovic, chairman and chief executive officer. “Our fourth-quarter and full-year performance, coupled with strong order intake, leaves us well positioned to create enduring value.” SEGMENT HIGHLIGHTS Aerospace Aerospace revenue was $2.9 billion for the quarter, up 8.4% over the year-ago quarter, for full-year revenue of $9.8 billion. Operating earnings were $480 million for the quarter, up 25.7% over the year-ago quarter, and $1.5 billion for the year. Operating margin was 16.4% for the quarter, up 230 basis points over the year-ago quarter, and 15.6% for the year. Backlog grew during the fourth quarter to $13.3 billion, up 17.4% from the end of 2018. Book-to-bill was 1.7-to-1 for the quarter and 1.2-to-1 for the year. Gulfstream received FAA type and production certification of its G600 in the second quarter and deliveries began in

Transcript of General Dynamics Reports Fourth-Quarter and Full-Year 2019 ......$22.2 billion contract for...

11011 Sunset Hills Road Reston, Virginia 20190 www.gd.com

News

Contact: Jeff A. Davis

Tel: 703 876 3483 [email protected]

January 29, 2020

General Dynamics Reports Fourth-Quarter and Full-Year 2019 Financial Results

• Fourth-quarter net earnings of $1 billion, up 12.2% • Fourth-quarter diluted EPS of $3.51, up 14.3% • Fourth-quarter operating margin of 12.3%, up 50 basis points • Full-year diluted EPS from continuing operations of $11.98, up 6.8% • Backlog grew 28.1% to record-high $86.9 billion, for book-to-bill of 1.5-to-1 for the year

RESTON, Va. – General Dynamics (NYSE: GD) today reported quarterly net earnings of $1 billion on

$10.8 billion in revenue. Full-year earnings from continuing operations were $3.5 billion on revenue of

$39.4 billion. Full-year revenue and operating earnings grew in all five segments.

Fourth-quarter’s net earnings grew 12.2% over fourth-quarter 2018. On a per share basis, diluted earnings

per share (EPS) were $3.51, a 14.3% increase over the year-ago quarter. For the year, diluted EPS from

continuing operations were $11.98, a 6.8% increase from 2018.

“We continue to improve performance and focus on lines of business that will deliver value for our

customers and sustained superior results for our shareholders,” said Phebe N. Novakovic, chairman and

chief executive officer. “Our fourth-quarter and full-year performance, coupled with strong order intake,

leaves us well positioned to create enduring value.”

SEGMENT HIGHLIGHTS

Aerospace

Aerospace revenue was $2.9 billion for the quarter, up 8.4% over the year-ago quarter, for full-year

revenue of $9.8 billion. Operating earnings were $480 million for the quarter, up 25.7% over the year-ago

quarter, and $1.5 billion for the year. Operating margin was 16.4% for the quarter, up 230 basis points over

the year-ago quarter, and 15.6% for the year. Backlog grew during the fourth quarter to $13.3 billion, up

17.4% from the end of 2018. Book-to-bill was 1.7-to-1 for the quarter and 1.2-to-1 for the year. Gulfstream

received FAA type and production certification of its G600 in the second quarter and deliveries began in

the third quarter. In the fourth quarter, Gulfstream unveiled the G700 and announced the first orders for the

new aircraft, scheduled to begin customer deliveries in 2022.

Combat Systems

Combat Systems reported fourth-quarter revenue of $2 billion, up 13.1% over the year-ago quarter, for full-

year revenue of $7 billion. Operating earnings were $284 million, up 8.8% over the year-ago quarter, for

full-year operating earnings of $996 million. Operating margin was 14.4% for the quarter and 14.2% for the

year. The segment was selected in 2019 to produce light armored vehicles for the Canadian Army. It

continues to develop new platforms to meet future customer needs, including Mobile Protected Firepower

and new variants of the Stryker.

Information Technology

Information Technology reported fourth-quarter revenue of $2 billion and $8.4 billion for the year.

Operating earnings were $172 million for the fourth quarter and $628 million for the year. Operating

margin was 8.5% for the quarter, up 40 basis points over the year-ago quarter, and 7.5% for the year. Total

backlog was $9.1 billion, up 14.7% from the end of 2018. Total estimated contract value, which includes

management’s estimate of value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and

unexercised options, was $28.1 billion, up 12.4% from the end of 2018. Book-to-bill was 1-to-1 for the

quarter and 1.1-to-1 for the year.

Mission Systems

Mission Systems reported fourth-quarter revenue of $1.3 billion, up 2.5% from the year-ago quarter, for

full-year revenue of $4.9 billion. Operating earnings were $188 million for the quarter, up 3.9% from the

year-ago quarter, and $683 million for the year. Operating margin was 14.7% for the quarter, up 20 basis

points from the year-ago quarter, and 13.8% for the year. Backlog was $5.4 billion. Book-to-bill was 1-to-1

for the year. Significant awards included a contract from the U.S. Navy to modernize ground stations for

satellite communications systems with a maximum potential value of $730 million.

Marine Systems

Marine Systems reported quarterly revenue of $2.6 billion, up 11.7% from the year-ago quarter, for full-

year revenue of $9.2 billion. Operating earnings were $199 million for the quarter and $785 million for the

year. Operating margin was 7.8% for the quarter and 8.5% for the year. The award in the fourth quarter of a

$22.2 billion contract for Virginia-class submarines expanded the segment’s backlog to $44.2 billion, up

66.1% from the end of 2018. Book-to-bill was 8.1-to-1 for the quarter and 2.9-to-1 for the year.

About General Dynamics

Headquartered in Reston, Virginia, General Dynamics is a global aerospace and defense company that

offers a broad portfolio of products and services in business aviation; combat vehicles, weapons systems

and munitions; IT services; C4ISR solutions; and shipbuilding and ship repair. General Dynamics employs

more than 100,000 people worldwide and generated $39.4 billion in revenue in 2019. More information is

available at www.gd.com.

Certain statements made in this press release, including any statements as to future results of operations and financial

projections, may constitute “forward-looking statements” within the meaning of the Private Securities Litigation

Reform Act of 1995, as amended. Forward-looking statements are based on management’s expectations, estimates,

projections and assumptions. These statements are not guarantees of future performance and involve risks and

uncertainties that are difficult to predict. Therefore, actual future results and trends may differ materially from what

is forecast in forward-looking statements due to a variety of factors. Additional information regarding these factors is

contained in the company’s filings with the Securities and Exchange Commission, including, without limitation, its

Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. All forward-looking statements speak only as

of the date they were made. The company does not undertake any obligation to update or publicly release any

revisions to forward-looking statements to reflect events, circumstances or changes in expectations after the date of

this press release.

WEBCAST INFORMATION: General Dynamics will webcast its fourth-quarter and full-year 2019 financial results

conference call at 9 a.m. EST on Wednesday, January 29, 2020. The webcast will be a listen-only audio event

available at www.gd.com. An on-demand replay of the webcast will be available by 12 noon on January 29 and will

continue for 12 months. To hear a recording of the conference call by telephone, please call 877-344-7529

(international: 412-317-0088); passcode 10137702. The phone replay will be available through January 29, 2020.

Charts furnished to investors and securities analysts in connection with General Dynamics’ announcement of its

financial results for the quarter and year ended December 31, 2019, are available on its website at www.gd.com.

General Dynamics intends to supplement those charts on its website after its earnings call today to include

information about 2020 guidance presented on its earnings call.

***

����������� ������������������������������������������ ��������� ����������������������������� ��������������� � ���!�"#���$% &'�('�!�� )*%+ ,-./ 0 12343563 0 %*�77$ 8 .-9:;/ 8 :<= :>/?@A3BCDE5F�GHIDI�C5J�3KA35I3I �+�LLM� N<9.=,O N,<:O@A3BCDE5F�3CB5E5FI %�$)P .9,,Q .-, />:?R5D3B3ID9�53D �%%*� N..,O ,@DS3B9�53D �L� ./ N,,OTCB5E5FI�U3VHB3�E5GHW3�DCK %�)%L .9.:, /, ;>,?XBH4EIEH5�VHB�E5GHW3�DCK9�53D �%+L� N,,:O ,<Y3D�3CB5E5FI 0 %�*)* 8 <-< 8 ... .,>,?TCB5E5FI�A3B�ISCB3ZUCIEG 0 $[M$ 8 :>.- 8 ->\: .:><?]CIEG�3EFSD3J�C43BCF3�ISCB3I�H6DIDC5JE5F )PP[P ,<:>,TCB5E5FI�A3B�ISCB3ZJE_6D3J 0 $[M% 8 :>-; 8 ->\\ .\>:?E_6D3J�3EFSD3J�C43BCF3�ISCB3I�H6DIDC5JE5F )+*[+ ,<Q>\

a�WHB3�a

������������� ��� ������������������������� ��� � ���������������������������������������� ����������� ��� !���"# $��%����� &'#( )*+,- . /0121341 . "(�"5' 6 789+:7 6 79+;< ,=<>?@1ABCD3E�FGHCH�B3I�1J@13H1H �"K�L'&� M7+9<78N M)9:88N?@1ABCD3E�1BA3D3EH K�OKP Q9Q;< +:+ Q=7>R3C1A1HC9�31C �KO'� M7;8N M+*QN?CS1A9�31C #K M+8N 7*TBA3D3EH�UAGV�FG3CD34D3E�G@1ABCDG3H�W1UGA1�D3FGV1�CBJ K�&'& Q9*,; ++< )=:>XAG2DHDG3�UGA�D3FGV1�CBJ9�31C �L#P� M<)<N :TBA3D3EH�UAGV�FG3CD34D3E�G@1ABCDG3H "�KPK 797;, +)8 7=,>YDHFG3CD341I�G@1ABCDG3H9�31C�GU�CBJ Z M+7N +7[1C�1BA3D3EH� . "�KPK 6 797Q; 6 +7: Q=)>TBA3D3EH�@1A�HSBA1\WBHDF]G3CD34D3E�G@1ABCDG3H� . #&'( 6 ++=7< 6 *=<) 8=7>YDHFG3CD341I�G@1ABCDG3H Z M*=*QN *=*Q[1C�1BA3D3EH . #&'( 6 ++=77 6 *=<8 8=<>_BHDF�1DESC1I�B21ABE1�HSBA1H�G4CHCB3ID3E &PP" ):;=7TBA3D3EH�@1A�HSBA1\IDa4C1I]G3CD34D3E�G@1ABCDG3H . ##(P 6 ++=)) 6 *=<8 8=,>YDHFG3CD341I�G@1ABCDG3H Z M*=*QN *=*Q[1C�1BA3D3EH . ##(P 6 ++=+, 6 *=,* <=)>YDa4C1I�1DESC1I�B21ABE1�HSBA1H�G4CHCB3ID3E &('P )::=)- )*+,�A1H4aCH�D3Fa4I1�CS1�43UB2GABWa1�DV@BFC�GU�G31bCDV1�FSBAE1H�GU�B@@AGJDVBC1ac�6<;�BHHGFDBC1I�DCS�FGHCH�CG�FGV@a1C1�CS1�BFd4DHDCDG3�GU�]e0f�R3F=�R3�CS1�CBWa1�BWG219�B@@AGJDVBC1ac�6Q;�GU�FGV@13HBCDG3bA1aBC1I�FGHCH�BH�A1@GAC1I�D3�G@1ABCD3E�FGHCH�B3I�1J@13H1H9�B3I�B@@AGJDVBC1ac�67*�GU�CAB3HBFCDG3�FGHCH�BH�A1@GAC1I�D3�GCS1A9�31C=��g�VGA1�g

��������������� ������ ������ ���������������������� ����������� ��������������� ��������������� � ���!�"#���$% &�'&�!�� ()%* +,-. / 0�1��2�3456789:;5 / (<*$) = +>?,@ = ++A .B@CD7EF:G�HI8G5E8 %<*J( ->?@@ ++. -KB-CLMN76E:GO7M�P5;QM7R7SI (<)(T +>K.+ UKV.W U-VB,WCXO88O7M�HI8G5E8 %<(Y( ->+V- K- +BVCX:6OM5�HI8G5E8 (<Z[Z +>+\? +A. --B?C���&] / %)<JJ$ = -,>K?. = K\V KB.C� ��&�'�_��&��'�_�3456789:;5 / TY) = K.+ = \. +VB?CD7EF:G�HI8G5E8 (YT +A- +K .B.CLMN76E:GO7M�P5;QM7R7SI %J( -\@ U++W U--BKWCXO88O7M�HI8G5E8 %YY -.- ? KB\CX:6OM5�HI8G5E8 %** +-K U-@W UABAWCD76976:G5 Z UVW -, U+,,B,WC���&] / %<$(Y = ->++A = -,+ .BKC� ��&�'�_�"&�_'�3456789:;5 %[T0 -@B-CD7EF:G�HI8G5E8 %TT0 -VB,CLMN76E:GO7M�P5;QM7R7SI YZ0 .B-CXO88O7M�HI8G5E8 %TJ0 -@BVCX:6OM5�HI8G5E8 JY0 \BKC���&] %($0 --B.C

a�E765�a

��������������� ������ ������ ���������������������� ����������� ��������������� �������������������� ! ��"����� #$!% &'()* + ,�-��.�/012345671 + %89$! : );<== : (;><? (=@ABC3DE6F�GH4F1D4 I8$$I ?;&<( J?? (&@>BKLM32D6FN3L�O17PL3Q3RH 98S## );&?A (=> (@ABTN44N3L�GH4F1D4 S8% I <;J&? &(( <@=BT62NL1�GH4F1D4 %8!9 );='& ?)( )@'B�UV�W + %8 X$ : >?;(A> : >;(=J )@JB�Y���V"�Z�����"�Z[/012345671 + !8X # : (;<A' : <& &@)BC3DE6F�GH4F1D4 %%\ A?& >< >@=BKLM32D6FN3L�O17PL3Q3RH \#9 ?') &' >@>BTN44N3L�GH4F1D4 \9 ?=A &< >@?BT62NL1�GH4F1D4 I9X J?( &< >@&BC325326F1 #S ]&> <J &'<@>B�UV�W + S8\S9 : <;<=J : (A( <@>B�Y���V"�Z����Z"�/012345671 !X_\, (J@?BC3DE6F�GH4F1D4 !S_#, (=@<BKLM32D6FN3L�O17PL3Q3RH I_X, J@<BTN44N3L�GH4F1D4 ! _9, (>@ABT62NL1�GH4F1D4 9_X, A@'B�UV�W !!_9, (&@>B* &'()�214QF4�NL7Qa1�FP1�LM6b326EQ1�ND567F�3M�65523cND6F1QH�:<=�3M�73D51L46FN3Ld21Q6F1a�3L1dFND1�7P62R14�64437N6F1a�eNFP�734F4�F3�73D5Q1F1�FP1�67fN4NFN3L�3M�CGg0�KL7@�OPN4�6D3LF�e64�21532F1a�64�6�21a7FN3L�3M�C325326F1�35126FNLR�162LNLR4�NL�FP1�F6EQ1�6E3b1@��h�D321�h

������������� ��� ������������� ��������������� ����������� ��������� !�"# $ %&'&()&*�+,-�./,0���������������11��123456�478�&9:;<4=&7>5 ? $#" @ AB+C''D:7>5�*&'&;<4)=& �!EFF +-GHAI7);==&8�*&'&;<4)=&5 J!KEJ B-HGBL7<&7>D*;&5 M!�#M H-AGGN>6&*�':**&7>�455&>5 ! J A,OPD>4=�':**&7>�455&>5 $!JK# ,0-,0AQ����������11��12R*DS&*>T-�S=47>�478�&9:;S(&7>-�7&> F!FJE +-AG0L7>47U;)=&�455&>5-�7&> "!� E .-H0HVDD8W;== $!MJJ ,A-HAON>6&*�455&>5 "!E$F ,-/B.PD>4=�7D7':**&7>�455&>5� "$!#M .G-.,A�Q��X��11��1 ? FK!KF @ OH-O/0������������� �������� ���Y��Z���[��������X����X����12\6D*>]>&*(�8&)>�478�':**&7>�SD*>;D7�D�=D7U]>&*(�8&)> ? "!$"# @ AG+C''D:7>5�S4T4)=& �! M" +-,GA3:5>D(&*�48<47'&5�478�8&SD5;>5 J! FK G-.G/N>6&*�':**&7>�=;4);=;>;&5 �!EJ +-+,GPD>4=�':**&7>�=;4);=;>;&5 M!K# ,O-G+AQ���������X����X����12_D7U]>&*(�8&)> $!# # ,,-OOON>6&*�=;4);=;>;&5 $!FE� G-OA+PD>4=�7D7':**&7>�=;4);=;>;&5 K!FM� ,0-A+G����QX���1Y��a���b23D((D7�5>D'c FK" O0.\:*S=:5 �!#�$ .-AOBd&>4;7&8�&4*7;7U5 � !M�� .A-+.BP*&45:*T�5>D'c � J!�EK� e,G-.OOfC'':(:=4>&8�D>6&*�'D(S*&6&75;<&�=D55 �F!" $� e+-GG0fPD>4=�564*&6D=8&*5g�&9:;>T �!EJJ ,,-G+.�Q��X�X����X����1�����1���QX���1Y��a���b ? FK!KF @ OH-O/0�h�(D*&�h

����������� ������������������������ ����������������� ��������� ������ �������������������� !� "#!$ %&'(�)*�+,-.)�+�-��-/���01�2���013101�)4�-�01�51�2�-/���01-�)6789�8:;<=<>? @ ABCB D EFEGHIJKL?9M8<9?�9N�;8ON<O=P8�<89�8:;<=<>?�9N�<89�O:?Q�R;NM�NS8;:9=<>�:O9=T=9=8?UV8S;8O=:9=N<�NR�S;NS8;9WF�SP:<9�:<J�8XL=SM8<9 BYY GEZIMN;9=[:9=N<�NR�=<9:<>=\P8�:<J�R=<:<O8�P8:?8�;=>Q9]NR]L?8�:??89? Y E%_XL=9W]\:?8J�ONMS8<?:9=N<�8S8<?8 ! 'G&V8R8;;8J�=<ONM8�9:�S;NT=?=N<�a\8<8R=9b $" aEbV=?ON<9=<L8J�NS8;:9=N<?F�<89�NR�9: c 'Ead<O;8:?8b�J8O;8:?8�=<�:??89?F�<89�NR�8RR8O9?�NR�\L?=<8??�:OXL=?=9=N<?UIOONL<9?�;8O8=T:\P8 !eY G'f<\=PP8J�;8O8=T:\P8? �!A # � a(&&bd<T8<9N;=8? � eY� aHg'bh9Q8;�OL;;8<9�:??89? C E'&d<O;8:?8�aJ8O;8:?8b�=<�P=:\=P=9=8?F�<89�NR�8RR8O9?�NR�\L?=<8??�:OXL=?=9=N<?UIOONL<9?�S:W:\P8 Y a'gbiL?9NM8;�:JT:<O8?�:<J�J8SN?=9? �!#j� EZh9Q8;F�<89 e a%(Hb789�O:?Q�S;NT=J8J�\W�NS8;:9=<>�:O9=T=9=8? "A$C! EF'G(�)*�+,-.)�+�-��1�3�)01�2���013101�)6i:S=9:P�8S8<J=9L;8? �$Ce� aZg&bkL?=<8??�:OXL=?=9=N<?F�<89�NR�O:?Q�:OXL=;8J �!$� a'&F&ggbl;NO88J?�R;NM�?:P8?�NR�:??89? !B HZ%h9Q8;F�<89 �"� ab789�O:?Q�L?8J�\W�=<T8?9=<>�:O9=T=9=8? �$$B� a'&F%EGb�)*�+,-.)�+�-��+1����1�2���013101�)6V=T=J8<J?�S:=J �!A!j"� a'F&Hbam8S:WM8<9?�NRb�S;NO88J?�R;NM�ONMM8;O=:P�S:S8;F�<89 �Cj#� (H&lL;OQ:?8?�NR�ONMMN<�?9NOn �" !� a'FZgbl;NO88J?�R;NM�R=8J];:98�<N98? 4 ZFGZ'l;NO88J?�R;NM�RPN:9=<>];:98�<N98? 4 'F&&&m8S:WM8<9�NR�iomI�:OONL<9?�;8O8=T:\P8�SL;OQ:?8�:>;88M8<9 4 aGH&bh9Q8;F�<89 " Y Zg789�O:?Q�aL?8Jb�S;NT=J8J�\W�R=<:<O=<>�:O9=T=9=8? �!A$$e� HF&(Z789�O:?Q�L?8J�\W�J=?ON<9=<L8J�NS8;:9=N<? �j!� a%&b��0�������)��1����)*������p513�,��0) �Y!� a%F&%&b�)*������p513�,��0)��0���21��1�2�-+�q��� $Y %Fg(E�)*������p513�,��0)��0�����-+�q��� @ $#" D gZE� r�MN;8�r

�������������� ����� � ������ ������� ����� ���������������� ������� �������������������� ������������ �!� "���#$�% ��$�&� ��!�%'���()��*+), -./.01.2�345�6748 �-.19:9;:.<=>9?�@AB CDE,F 47GH8I-.19:9;:/AJ>9AK�@1B LMECF G4HNIO;;P�QAK=.�J.2�RSA2.�@/B T LMECC U N7HVNWSA2.R�;=9R9AXY>XZ *C,�M)+�((M 6885V[854N[�$\����]\ ���� � �"_���$���*+), 6748 *+), 6748aX/;0.�9Ab�JA?0.X9R5�X.9 T Cc U 66d T cD* U G36e;0JAX?:RJ;XR;2.Y�2.R.A2/S�AXY�Y.Q.K;J0.X9�@YB T ))L U 4NV T LMM U G76f.9=2X�;X�RAK.R�@.B ,EcF 8H8I CE,F [H3If.9=2X�;X�.<=>9?�@gB *DE*F 68H4I $��������� �!� "��� \��& �$\����]\ ���� � �"_���$���� *+), 6748 *+), 6748� ����h�'�#$������������� i���j�k��!� ��$�� �j� %$���l ��$�&�mA2X>XZR�g2;0�/;X9>X=>XZ�;J.2A9>;XR T )�+*+ U [7[ T (�LCL U 353G8aX9.2.R95�X.9 ))+ 446 LM+ 3GVn2;Q>R>;X�g;2�>X/;0.�9Ab5�X.9 ),L 663 D)C d6d-.J2./>A9>;X�;g�J2;J.29?5�JKAX9�AXY�.<=>J0.X9 ))L 464 LMM N3Vo0;29>pA9>;X�;g�>X9AXZ>1K.�AXY�g>XAX/.�K.AR.�2>ZS9:;g:=R.�ARR.9R ,+ 477 (M( 36dmA2X>XZR�1.g;2.�>X9.2.R95�9Ab.R5�Y.J2./>A9>;X�AXY�A0;29>pA9>;X�@ZB T )�c*C U 45NVG T c�L,) U G567N�����! ��#"$�#�$%�$k�� ��$�&q.9�/ARS�J2;Q>Y.Y�1?�;J.2A9>XZ�A/9>Q>9>.R T *�(,L U 657Vd T *�,C) U 354N8eAJ>9AK�.bJ.XY>9=2.R �(C)� @6N3B �,CD� @V[7Br2..�/ARS�gK;s�g2;0�;J.2A9>;XR�@SBT *�+)( U 4586N T )�,,L U 65NG8��\���$����_���j�! k�� "&mA2X>XZR�g2;0�/;X9>X=>XZ�;J.2A9>;XR T (�LCL U 353G8og9.2:9Ab�>X9.2.R9�.bJ.XR. (D( 6[Gog9.2:9Ab�A0;29>pA9>;X�.bJ.XR. *CD 6G8q.9�;J.2A9>XZ�J2;g>9�Ag9.2�9Ab.R L�)LL 35[44oQ.2AZ.�>XQ.R9.Y�/AJ>9AK *,�M*+ 6G53Vdf.9=2X�;X�>XQ.R9.Y�/AJ>9AK�@>B )LE+F 4GHNI�q;9.R�Y.R/2>1>XZ�9S.�/AK/=KA9>;X�;g�9S.�;9S.2�g>XAX/>AK�>Xg;20A9>;X�AXY�A�2./;X/>K>A9>;X�;g�X;X:toon�g>XAX/>AK�0.AR=2.R�A2.�;X�9S.�g;KK;s>XZ�JAZ.H u�0;2.�u

������������ ��������������������������������������������������������������������������������������������� !"#$%$&%"'()$*�+�$)&�),�-�.-(.�$"/��,�$&$�.�/"#$�/)0)/"/�#*�$&$�.�"'()$*��,�&1�*"�+�"2/3�# !"#$%$&%-�4)$�.�+�$)&�),�-�.-(.�$"/��,�$&$�.�/"#$�/)0)/"/�#*�$5"�,(6�&1�$&$�.�/"#$�4.(,�$&$�.�"'()$*��,�&1�*"�+�"2/3�- 7&&8�0�.("�4"+�,5�+"�),�-�.-(.�$"/��,�$&$�.�"'()$*�/)0)/"/�#*�$&$�.�&($,$�2/)29�,5�+",��,�&1�*"�+�"2/3��/ :2-.(/",�)2/"4"2/"2$�+","�+-5��2/�/"0".&46"2$��2/�;"+&,4�-"�4+&/(-$%/"0".&46"2$�-&,$,3�" <"$(+2�&2�,�.",�),�-�.-(.�$"/��,�"�+2)29,�1+&6�-&2$)2()29�&4"+�$)&2,�/)0)/"/�#*�+"0"2("3� �1 <"$(+2�&2�"'()$*�),�-�.-(.�$"/�#*�/)0)/)29�"�+2)29,�1+&6�-&2$)2()29�&4"+�$)&2,�#*�&(+��0"+�9"�"'()$*�/(+)29�$5"�*"�+3�9 ="�#".)"0"�"�+2)29,�#"1&+"�)2$"+",$>�$�?",>�/"4+"-)�$)&2��2/��6&+$)@�$)&2��A7:B!; �),���(,"1(.�6"�,(+"�1&+�)20",$&+,�#"-�(,"�)$�4+&0)/",��2&$5"+�6"�,(+"�&1�&(+�4+&1)$�#).)$*��2/�&(+��#).)$*�$&�,"+0)-"�&(+�/"#$3�="�-�.-(.�$"�A7:B!;�#*��//)29�#�-8�)2$"+",$>�$�?",>�/"4+"-)�$)&2��2/��6&+$)@�$)&2�$&�"�+2)29,�1+&6�-&2$)2()29�&4"+�$)&2,3�B5"�6&,$�/)+"-$.*�-&64�+�#."�C;;D�6"�,(+"�$&�A7:B!;�),�"�+2)29,�1+&6�-&2$)2()29�&4"+�$)&2,3�� �5 ="�#".)"0"�1+""�-�,5�1.&E�1+&6�&4"+�$)&2,�),���(,"1(.�6"�,(+"�1&+�)20",$&+,�#"-�(,"�)$�4&+$+�*,�&(+��#).)$*�$&�9"2"+�$"�-�,5�1+&6�&(+�#(,)2",,",�1&+�4(+4&,",�,(-5��,�+"4�*)29�6�$(+)29�/"#$>�1(2/)29�#(,)2",,��-'(),)$)&2,>�+"4(+-5�,)29�&(+�-&66&2�,$&-8��2/�4�*)29�/)0)/"2/,3�="�(,"�1+""�-�,5�1.&E�1+&6�&4"+�$)&2,�$&��,,",,�$5"�'(�.)$*�&1�&(+�"�+2)29,��2/��,���8"*�4"+1&+6�2-"�6"�,(+"�)2�"0�.(�$)29�6�2�9"6"2$3�B5"�6&,$�/)+"-$.*�-&64�+�#."�C;;D�6"�,(+"�$&�1+""�-�,5�1.&E�1+&6�&4"+�$)&2,�),�2"$�-�,5�4+&0)/"/�#*�&4"+�$)29��-$)0)$)",3�) ="�#".)"0"�+"$(+2�&2�)20",$"/�-�4)$�.��<F:G �),���(,"1(.�6"�,(+"�1&+�)20",$&+,�#"-�(,"�)$�+"1."-$,�&(+��#).)$*�$&�9"2"+�$"�+"$(+2,�1+&6�$5"�-�4)$�.�E"�5�0"�/"4.&*"/�)2�&(+�&4"+�$)&2,3�="�(,"�<F:G�$&�"0�.(�$"�)20",$6"2$�/"-),)&2,��2/��,���4"+1&+6�2-"�6"�,(+"�)2�"0�.(�$)29�6�2�9"6"2$3�="�/"1)2"�<F:G��,�2"$�&4"+�$)29�4+&1)$��1$"+�$�?",�/)0)/"/�#*��0"+�9"�)20",$"/�-�4)$�.3�H"$�&4"+�$)29�4+&1)$��1$"+�$�?",�),�/"1)2"/��,�"�+2)29,�1+&6�-&2$)2()29�&4"+�$)&2,�4.(,��1$"+%$�?�)2$"+",$��2/��6&+$)@�$)&2�"?4"2,">�-�.-(.�$"/�(,)29�$5"�,$�$($&+*�1"/"+�.�)2-&6"�$�?�+�$"3�;0"+�9"�)20",$"/�-�4)$�.�),�/"1)2"/��,�$5"�,(6�&1�$5"��0"+�9"�/"#$��2/�,5�+"5&./"+,I�"'()$*�"?-.(/)29��--(6(.�$"/�&$5"+�-&64+"5"2,)0"�.&,,3�<F:G�"?-.(/",�9&&/E)..�)64�)+6"2$,��2/�2&2%"-&2&6)-��--&(2$)29�-5�29",��,�$5"*��+"�2&$�+"1."-$)0"�&1�-&64�2*�4"+1&+6�2-"3�B5"�6&,$�/)+"-$.*�-&64�+�#."�C;;D�6"�,(+"�$&�2"$�&4"+�$)29�4+&1)$��1$"+�$�?",�),�"�+2)29,�1+&6�-&2$)2()29�&4"+�$)&2,3�

J�6&+"�J

������������� ���������������������������������� ������ �������� ���� ��!" �# �$�%&����'�����%� ���(�!��)� ��* ���� ��$�%&�������(�!��)� �����(�+�,��(��(�-./01234567893 : ;<=;>? : ;?; : ;<=<@A : B=A?A : ;>=<<?C5DE8F�GH6F3D6 ;@=@I@ @<A ;@=A;< @=<BB ;A=B<JKLM54D8FN5L�O39PL5Q5RH @=?<A @=BA@ A=;<< ;A=SS< B?=;<>TN66N5L�GH6F3D6 J=S<I <B> J=<>< I=@?B ;B=?@JT84NL3�GH6F3D6 BS=S;B B@=;IJ @@=;?I J=@J< @A=>@S���� U VWXVY. U -0XZ/V U [\X0ZV U Y0X-Z0 U /-\X/0Z�+%(��,��(��(�-./01234567893 : ;;=;AJ : ;?? : ;;=<?< : B=S>J : ;<=@@?C5DE8F�GH6F3D6 ;J=S>A @@A ;J=J;? @=BJJ ;A=II<KLM54D8FN5L�O39PL5Q5RH @=I?B @=<?; A=;>< ;?=S>< BI=BB>TN66N5L�GH6F3D6 J=;JB <SI J=@JA >=I>@ ;B=BB<T84NL3�GH6F3D6 ;I=?S; ?=SIB BJ=?I< @=@AI <S=<IS���� U VYX000 U /YXY0W U \WXY0\ U YVX\ZZ U /.YX.Z.���(�+�,��(��(�-./[1234567893 : ;;=BS? : ;>I : ;;=<IJ : <=;<S : ;@=JSJC5DE8F�GH6F3D6 ;>=;I@ @B@ ;>=JA? @=;?I BS=I?JKLM54D8FN5L�O39PL5Q5RH @=I;I <=B@? I=A>J ;I=S>> BJ=S<;TN66N5L�GH6F3D6 @=?AS @@J J=<<J I=@SA ;B=I@@T84NL3�GH6F3D6 ;?=?<I I=I>; B>=JA? <=IS< <S=<S;���� U VVX[-\ U /-X.ZV U \WX[W/ U YVXZ0V U /.YXY\\*���OP3�36FND8F3]�75F3LFN8Q�95LF489F�8Q_3�NL9Q_]36�54a�884]3]�5L�_LM_L]3]�NL]3MNLNF3�]3QN34H=�NL]3MNLNF3�b_8LFNFH�cKdKef�95LF489F6�8L]�_L3g349N63]�57FN5L6�86659N8F3]�NFP�3gN6FNLR�MN4D�95LF489F6=�NL9Q_]NLR�57FN5L6�8L]�5FP34�8R433D3LF6�NFP�3gN6FNLR�9_6F5D346�F5�7_49P863�L3�8N4948MF�8L]�8N4948MF�634N936h�i3�4395RLNj3�57FN5L6�NL�E89aQ5R�P3L�FP3�9_6F5D34�3g349N636�FP3�57FN5L�8L]�36F8EQN6P36�8�MN4D�54]34h�k54�KdKe�95LF489F6=�3�38Q_8F3�FP3�8D5_LF�5M�M_L]NLR�3�3g739F�F5�4393N3�8L]�NL9Q_]3�FPN6�8D5_LF�NL�5_4�36FND8F3]�75F3LFN8Q�95LF489F�8Q_3h�OP3�89F_8Q�8D5_LF�5M�M_L]NLR�4393N3]�NL�FP3�M_F_43�D8H�E3�PNRP34�54�Q534�FP8L�5_4�36FND8F3�5M�75F3LFN8Q�95LF489F�8Q_3h��� l�D543�l

������������� ����������������� �������� ����������� ������ ����!"! ����# � ��"�#�" ����"!� ��!��"! �� �� # ��!�"�� �� ���� �� ��!�

����!��

#$# "$# �$# �$# #$#� "$#� �$#� �$#� #$#! "$#! �$#! �$#!���#������"���������������������������������� �������������!������#������

%&'()(�*+,-./0 1'2&'()(�*+,-./03�4/5)�3

������������� ���������������������������� �������� ������������������ �� ��!" �� ��#� �����"� �����#$#%�" �%�$ %�$ �%�$ #%�$�&���&&&��&�&&&����&&& ���������������!��$" ����$$& ���� � ������" ��#�$��

#%�" �%�$ %�$ �%�$ #%�$�&���&&&��&�&&&����&&&� &�&&&��'�������������� ������$!� �"���# �"�"�� �$��!� �$����#%�" �%�$ %�$ �%�$ #%�$�&���&&&��&�&&&����&&& ��������������������� ������ ����"� ���#�$ ����!�

#%�" �%�$ %�$ �%�$ #%�$�&���&&&��&�&&&�������������� !��$" � ���"� � !� #� � ��"�� �##��"�

#%�" �%�$ %�$ �%�$ #%�$�&��&�&&&� &�&&&��&�&&&�#&�&&&��&�&&&()*+,+�-./0123 4*5)*+,+�-./01236�728,�6

��������������� ������������������ ������������� ��������� �������������������� !�"�#$��%&''&( )*�+ *) % �,)#��&)#�,�#�,(,�"+�"-� )*�#$��%&-�#$�.-,�#���&%�/0123�45678��9:8;5:<= >?@A�%�&B�#$��CDED�F�BG�#&�-H*�,"��FI�,B+�#,)J+�#&�#$��K1F/�EG+#�B�L)$,)��B�)#�M,�J,*��N��+ &)�O��&)% *-�,# &)D���= >1@0�%�&B�#$��F�BG�%&��!,� &-+�B-) # &)+�,)"�&�"),)��D= >1A0�%&��#$��H�&"-�# &)�&%�L,*'��!�$ �'�+�,)"���',#�"�+H,��+�%&��E( #P��',)"D��= >OA�%�&B�#$��F�BG�#&�H�&! "��+G+#�B+�#��$) �,'�+-HH&�#�%&��FI�,B+�B, )�I,##'��#,)J+D�QR4S578T4Q��;UVQ4W4X9<= >Y00�#&�+-HH&�#�#$��&H��,# &)+�,)"��)$,)��B�)#�&%�+�!��,'�+#,#��$�,'#$� )+-�,)���H�&*�,B+D�= >OAA�%&��+�!��,'�J�G��&)#�,�#+�#&�H�&! "�� )#�'' *�)���+��! ��+�#&��',++ % �"��-+#&B��+D= >1A0�#&�H�&! "��&H��,# &)+�,)"�B, )#�),)���+-HH&�#�+��! ��+�%&��,�Z�H,�#B�)#�&%�[&B�',)"�E��-� #G�\Z[E]�",#,���)#��D= >10A�%�&B�#$��,# &),'�_�&+H,# ,'a)#�'' *�)���F*�)�G�\_F]�%&��)�#(&�J�+#&�,*��,)"�",#,���)#���+��! ��+D�= F��&)#�,�#�%�&B�#$��CDED�Z�H,�#B�)#�&%�L"-�,# &)�%&��"�!�'&HB�)#b�&H��,# &)�,)"�B, )#�),)���&%�#$��c�"��,'�E#-"�)#�F "�FHH' �,# &)�,)"�L' * I ' #G�Z�#��B ),# &)�EG+#�B�\FLZE]D�d$���&)#�,�#�$,+�,�B,e B-B�H&#�)# ,'�!,'-��&%�>20D= >fA�#&�H�&! "��K ' #,�G�a)%&�B,# &)�E-HH&�#�gH��,# &)+�\KaEg]�#&�#$��CDED�Z�H,�#B�)#�&%�Z�%�)+�D��T::T4Q��9:8;5:<= F�+&'�+&-�����&)#�,�#�%�&B�#$��CDED�,!G�#&�H�&! "��+-+#, )B�)#�+��! ��+�%&��#$��,!Gh+�)�e#*�)��,# &)�K&I '��C+���gIi��# !��EG+#�B�\KCgE]�+,#�'' #���&BB-) �,# &)+�+G+#�BD�d$���&)#�,�#�$,+�,�B,e B-B�H&#�)# ,'�!,'-��&%�>fO0D��= >20�%�&B�#$��,!G�#&�H�&! "��+-+#, )B�)#�+��! ��+�%&��j ##&�,'�k&BI,#�E$ H+�\jkE]b� )�'-" )*�B, )#�),)���&%� )+��! ���+$ H+h�a)#�*�,#�"�k&BI,#�K,),*�B�)#�EG+#�B�\akKE]D�d$���&)#�,�#�$,+�,�B,e B-B�H&#�)# ,'�!,'-��&%�>O2AD�= >@0�%�&B�#$��,!G�#&�B&"��) P��,)"�B, )#, )�% ���&)#�&'�+G+#�B+�%&��I,'' +# �B ++ '��+-IB,� )�+D�d$���&)#�,�#�$,+�,�B,e B-B�H&#�)# ,'�!,'-��&%�>O00D= >Y0�%�&B�#$��F�BG�%&���&BH-# )*�,)"��&BB-) �,# &)+��.- HB�)#�-)"���#$��k&BB&)�[,�"(,���EG+#�B+A�H�&*�,BD�= >@0�#&�H��%&�B�E#�,#�* ��EG+#�B+�M�&*�,B�F'#��,# &)�\EMFjd]�,�# ! # �+�#&���I- '"�,)"���H, ��Kl@�B ++ '��*- ",)���+G+#�B+�%&��#$��,!GD�7STQ;��9:8;5:<= >//D/�I '' &)��&)#�,�#�%�&B�#$��,!G�%&��#$���&)+#�-�# &)�&%�) )��+-IB,� )�+� )�m'&�J�N�&%�#$��N �* ) ,�',++�+-IB,� )��H�&*�,B�,)"�+H,���B,#�� ,'+D�d$���&)#�,�#� )�'-"�+�>OD/�I '' &)�&%�H��! &-+'G,(,�"�"�&�"��+�%&��,"!,)���B,#�� ,'+D�d$���&)#�,�#� )�'-"�+�,)�&H# &)�%&��,�#�)#$�+-IB,� )��#$,#� %��e��� +�"�(&-'"�I� )*�#$��#&#,'��&)#�,�#�!,'-��#&�>/?D1�I '' &)D= >?OA�%�&B�#$��,!G�#&�H�&! "��"�+ *)�,)"�"�!�'&HB�)#�,�# ! # �+�%&��N �* ) ,�',++�+-IB,� )�+D��= >O00�%�&B�#$��,!G�#&�H�&! "��B, )#�),)���,)"���H, ��+��! ��+�%&��#$��F�'� *$�m-�J��',++�\ZZ_A1]�*- "�"B ++ '��"�+#�&G��b�a)"�H�)"�)��!,� ,)#�jkE�,)"�[,�H��+�c���G�',++�"&�J�',)" )*�+$ H�\jEZ]�H�&*�,B+D= >Y0�%�&B�#$��,!G�#&�H�&! "��H',)) )*�G,�"�+��! ��+�%&��#$��ZZ_A1�"�+#�&G���H�&*�,BD= >?A�%�&B�#$��,!G�#&�H�&! "��)&))-�'�,��B, )#�),)���,)"���H, ��+��! ��+�%&��+-IB,� )�+�'&�,#�"�,#�#$��,!,'�E-IB,� )��E-HH&�#�c,� ' #G� )��(�j&)"&)b�k&))��# �-#D�n�B&���n

������������ ����� ������������������������ �������������� � �!"����#��$� %&'( )*+, %&'( )*+,-�!.$����/�0�1��.����!0"��0�$���#0�$�234567894:;<�4;5954=> ?@ AB ''C D)E;F894:;<�4;5954=> ( , ?? )D����! CC B) 'CG +)+ ���� #�H�0�1��.����!0"��0�$���#0�$�2 I A '@ J���$K�1�����L�����0!!2M5F75N�O4P Q CRI@% S )T++J Q ''RIGC S JTUDVW7X7<Y7�O7Z9[YF;<6�\578]<7F�4;5954=>�N4[7NP %RGGC )TVU* (R@&( ,TA))���L�����0!!���0���_� 'Iab *c,*Z '%?b *cD+ZO4Pd]7N�<]>�;<9[YF7�9YN>]e75�F7=4Y[>NT�[;fY;F4>7F�F4e467NT�94<97[[4>;]<NT�=]57;6<�7Z9g4<67�=[Y9>Y4>;]<N�4<F�]>g75�:49h[]6�4FiYN>e7<>NcO:PjY[=N>574e�<7�4;5954=>�:]]h8>]8:;[[�OX4[Y7�]=�<7�4;5954=>�]5F75N�X75NYN�<7�4;5954=>�F7[;X75;7NP�4N�)c*Z�;<�>g7�=]Y5>g�fY45>75�4<F�+cBZ�=]5�>g7�=Y[[�k745�)*+Dc���������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������

l�l�l