0&$*$!1#2*'*#)! !!!!!!! · #!0&$*$!1#2*'*#)!...
TRANSCRIPT
!!!!
!!!!!"!
!!!!!!!"#$!%&'&()#%*+,&$!&,!'#!-#.&/0&$*$!1#2*'*#)!#!
$%&'(&'%)*!!!!!!!!!!&'+,&-*!)&!.*!!!!!!!!!!!&'+,&-*!)&.!!!!!!!!!!!!!&.&//%0'!1!!!!!!!!!!!!!.%+2,-%*!!
!1!*/3-%)*!!!!!!!!!!4*.*$,*!)&!)%35!!!!!!4*),&!'2&5+,3!!!!!!!!!!!..*6*)3!!!!!!!!!!!!4&'%+&'/%*.!
!!!!!!!!!!!!!!!5&-2%635!!!!!!,&'3(*/%0'!)&.!$*2+%5637!!!6*,8*7!4,%6&,*!+&5+%-3!!!!!!!!!)%5/842.35!
!!!!!!!!!!!!/*6%'*')3!!!!!!!!!!!!&'+,&-*!)&.!/,&)3!!!!!!!!!!!!!1!/3.*$3,*)3,*!&'!.*!!!!!!!!!6%5%3'&,35!
!!!!!!!!!!!!!!/3'!9&5:5!!!!!!!!!!!!1!$*2+%563!)&!'%;35!!!!!!!!!!!!!!!!!!!!!3$,*!)&!)%35!
4,%6&,!
*;3!
!
!
!
!
!
5&-2')3!
*;3!
+<=>?!@A@BCD?E!"#!$%&'()!!"#$%&'()*'%#+'#',-&+'-&.$/%#+'&$'0/'$#01-&')223'&+,#*'*#'&$'0&%/#'%&'&22#+45!
!!!!!!!!!
.F!/F><GH<ICI!JFKCBCFL!CMDBHN<!MH<O<!D<B<@LFDC?M<I7!P!QHLFM><!<B!RLCK<L!FS?!N!"!QHLFM><!<B!I<THMQ?U!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
&I>FI!D<B<@LFDC?M<I!OFM!V<I><WFMQ?!<B!RL?D<I?!GH<!OCO<M!BFI!VFKCBCFI!Q<!<MDH<M>L?!D?M!9<IHDLCI>?!N!
IH!%TB<ICFU!!
.FI! D<B<@LFDC?M<I! I?M! RL<ICQCQFI! CQ<FBK<M><! R?L! <B! 4XLL?D?! N! THCFQFI! R?L! HM! DF><GHCI>FU! 5C! <B!
4XLL?D?! M?! RH<Q<! RL<ICQCLBFI7! <M! BF!KFN?LAF! Q<! <BBFI7! <=D<R>?! <M! BF! IYR>CKF7! RH<Q<! ZFD<LB?! HM!
)CXD?M?!4<LKFM<M><!?!HM!DF><GHCI>FU!&M!BFI!D?KHMCQFQ<I!Q<B!IHL!Q<!/ZCB<7!RH<Q<M!I<L!RL<ICQCQFI!
>FK@CYM!R?L!B?I!VCIDFB<IU!!
*! D?M>CMHFDC[M! GH<L<K?I! L<OCIFL! D?M! KXI! Q<>FBB<! <I>FI! D<B<@LFDC?M<I7! IHI! ?@W<>CO?I7! ><=>?I!
@A@BCD?I!N!L<D?LQFL!FBTHMFI!D?IFI!CKR?L>FM><I!RFLF!DHFMQ?!I<!D<B<@L<M!<M!BF!D?KHMCQFQU!
!
$*!+,-,./01234,5!6,-!7/28,/!093)!!
• 7:;"<:=!+<><?:=+;@A)!B?;<AC<A;D=!E!=+FG;D=H!!/?M!<I>F!D<B<@LFDC[M!QFK?I!CMCDC? FB!RL?D<I?!Q<!/F><GH<ICI!JFKCBCFL7!FD?TC<MQ?!D?M!
FB<TLAF! N! DFLCS?! F! >?Q?I! GHC<M<I! RFL>CDCRFLXM! <M! YB7! L<D?M?DC<MQ?! D?M!
TLF>C>HQ! GH<! <I! <B! 5<S?L! 9<I\I! GHC<M! M?I! ZF! CMOC>FQ?! N! GHC<L<! DFKCMFL!
WHM>?!F!M?I?>L?I5!!!
!
!
!
!!!!
!!!!!P!
+<=>?!@A@BCD?E!>1!%&IJ$(K*$$J$L)!!6$'+&01-)%#-'+)2/7')' +&01-)-' 2)'+&0/22)5'82'+&01-)-9'.$)+'+&0/22)+':)*&-#$';.$,#')2':)0/$#<'=,-)+'+#1-&'>/&%-)+<'=,-)+'&$',/&--)'?@-,/2<45!
+<=>?!@A@BCD?E!"#!M&LJ$N)!!6+,&%&+'#-&$')+3A'B)%-&'$.&+,-#'C.&'&+,D+'&$'&2':/&2#<45!
+<=>?!@A@BCD?E!$!O08!N&$J$()!)C?I!BBFKF!FB!MCS?!5FKH<BU!
!
• &M!<I>F!D<B<@LFDC[M!<M>L<TFK?I!F!DFQF!VFKCBCF!<B!*B>FL!Q<!BF!/F><GH<ICI!
JFKCBCFL!N7!IC!<I!R?IC@B<7!HMF!O<BFU!
• '<D<IC>FLXI!>FK@CYM!HMF!Z?WF!D?M!BF!THAF!RFLF!GH<!BFI!VFKCBCFI!RH<QFM!I<THCL!BF!D<B<@LFDC[MU!!
• 6CLF!BF!BCI>F!D?KRB<>F!Q<!KF><LCFB<I!<M!>H!.C@L?U!!
!
• O<GPAD=!+<><?:=+;@A)!B<AQ:<G=!D<!>=!7=>=?:=!D<!D;FOH!!
&M! <I>F! D<B<@LFDC[M! GH<L<K?I! CMOC>FL! F! BFI! VFKCBCFI! F! OCOCL! BF! /F><GH<ICI! JFKCBCFL!
D?K?! HM! RL?D<I?! Q<! <MDH<M>L?! D?M! 9<IHDLCI>?! <M! BF! 4FBF@LF! Q<! )C?IU! .<I!
<M>L<TFL<K?I!BF!$C@BCF!]?!<B!'H<O?!+<I>FK<M>?7!IC!M?!<I!R?IC@B<!<M>L<TFL!BF!
$C@BCF^U! )<! FGHA! <M! FQ<BFM><! CL<K?I! D?M?DC<MQ?!KXI! Q<><MCQFK<M><! F!
9<I\I!N!B?!ZFL<K?I!L<DHLLC<MQ?!F!IH!4FBF@LFU!
!
!
!!
• &I>F! D<B<@LFDC[M! I<! L<FBC_F!)<IRHYI! Q<B! <MDH<M>L?! `E! a)C?I!M?I!CMOC>F!F!HMF!FBCFM_F!Q<!FK?LbU!
• c<K?I!<IDLC>?!Q?I!<MDH<M>L?I!RFLF!D?M?D<L! BF!$C@BCFU!4H<Q<I!
<MD?M>LFLB?I!<M!dddUCMRFIUDB!I<DDC[M!/F><GH<ICIU!
!
!
• Q<:+<:=!+<><?:=+;@A)!B<AQ:<G=!D<>!7=D:<!AP<OQ:FH!!
c<K?I! DFKCMFQ?! NF! QHLFM><! FBTHM?I! K<I<I! N! GH<L<K?I! ZFD<L! HM! FB>?! RFLF!
FTLFQ<D<L!FB!4FQL<7!GHC<M!R?L!K<QC?!Q<!IH!cCW?!9<I\I!M?I!ZF!<MI<SFQ?!F!?LFL!
<M!<B! &IRALC>H7! CMOC>XMQ?M?I!F!QCLCTCLM?I!F!eB! D?M! DFLCS?!N! D?MVCFM_F! VCBCFBU!
9<I\I!M?I!ZF!<MI<SFQ?!GH<! I?K?I!ZCW?I!KHN!FKFQ?I!Q<B!4FQL<!N!R?L!
<I?!R?Q<K?I!Q<DCL!D?M!D?MVCFM_F!a4FQL<!MH<I>L?fbU!
!
!
!
• &I>F! D<B<@LFDC[M! I<! L<FBC_F! Q<IRHYI! Q<B! <MDH<M>L?! #gE!!!!
a9<I\I7!<MOCFQ?!Q<B!4FQL<7!OCO<!<M!<B!&IRALC>HbU!
• '<D<IC>FLXI! HM! DFL><B! TLFMQ<! GH<! BB<OF! <IDLC>?! <B! 4FQL<! MH<I>L?U!
/FQF!VLFI<!Q<B!4FQL<!MH<I>L?!<I>X!<IDLC>F!D?M!HM!D?B?L!QCI>CM>?!Q<!RBHK[M7!RFLF!ZFD<LB?!KXI!
F>LFD>CO?U!6CLF!BF!BCI>F!D?KRB<>F!Q<!KF><LCFB<I!<M!>H!.C@L?f!!
!
• +P=:Q=!+<><?:=+;@A)!B<><++;@A!E!>>="=DFH!!!
'?I! L<HMCK?I! D?K?! D?KHMCQFQ! <I>F! O<_! RFLF! FTLFQ<D<L! F! )C?I! B?I! Q?M<I!
L<DC@CQ?I!N!D?MVCLKFL!<B!Q<I<?!Q<!BFI!VFKCBCFI!]RFQL<I!<!ZCW?I^!Q<!D?M>CMHFL!
<M!<I><!DFKCM?!Q<! BF!/F><GH<ICI!JFKCBCFLU!*Z?LF!GH<!D?M?D<M!K<W?L!F!
9<I\I!RH<Q<!KFMCV<I>FL!HMF!FQZ<IC[M!KXI!R<LI?MFB!F!eB!N!F!BF!%TB<ICFU!
!
!
,<DH<LQF!GH<f!
,<DH<LQF!GH<f!
,<DH<LQF!GH<f!
!!!!
!!!!!h!
+<=>?!@A@BCD?E!>1!$L&$J$()!!82@E-&$+&':#$0/E#'>#-C.&'&$:#$,-@'2)'#F&;)'>&-%/%)45!!
+<=>?!@A@BCD?E!>1!'I&$NJNL)!.?I!QCIDARHB?I!Q<!&KF\IU!
!
!
• &I>F!D<B<@LFDC[M!I<!L<FBC_F!Q<IRHYI!Q<B!<MDH<M>L?!#PE!a9<I\I!M?I!BBFKF!FKCT?IbU!
• )HLFM><! BF! D<B<@LFDC[M! BFI! VFKCBCFI! ZFLXM! HM! D?KRL?KCI?! VL<M><! F! BF! D?KHMCQFQU! 4?L! <I?!
Q<@<LXI!BB<OFL!HM!<W<KRBFL!RFLF!DFQF!RFRX7!KFKX!N!MCS?!Q<B!i)CXB?T?!Q<!/?KRL?KCI?jU!6CLF!>H!BC@L?!N!VAWF><!
<M!<I><!N!B?I!Q<KXI!KF><LCFB<If!
!!
• RP;AQ=!+<><?:=+;@A)!B>;QP:G;=!7<A;Q<A+;=>H!!'
.F!/F><GH<ICI!JFKCBCFL!<I!HMF!CMOC>FDC[M!GH<!<B!5<S?L!M?I!ZFD<!F!KCLFL!MH<I>LF!OCQF!
<M!BF!O<LQFQU!4?L!<BB?!FMCKFQ?I!N!I?I><MCQ?I!R?L!<B!FK?L!Q<B!5<S?L!M?I!F>L<O<K?I!F!
L<D?M?D<L!MH<I>LFI!Q<@CBCQFQ<I7!R<DFQ?I!N!D?MVCFQ?I!<M!IH!KCI<LCD?LQCF!B<!R<QCK?I!
R<LQ[MU!4?L!BF!TLFDCF!Q<!IH!&IRALC>H!IF@<K?I!GH<!<I!R?IC@B<!DFK@CFL7!GH<!<I!R?IC@B<!
aO?BO<L! F! MFD<LbU! &I>F! <=R<LC<MDCF! Q<! KCI<LCD?LQCF7! Q<! BC@<L>FQ! N! Q<!
<IR<LFM_F!BF!GH<L<K?I!D<B<@LFL!Z?N!N!IC<KRL<U!.?!ZFD<K?I!<M!<I>F!D<B<@LFDC[M7!
B?! ZFL<K?I! <M! <B! 5FDLFK<M>?! Q<! BF! ,<D?MDCBCFDC[M! N! IC<KRL<! FB! CMCDCFL! BF! D<B<@LFDC[M! Q<! BF!
&HDFLCI>AFU!
!
!
!
!• /?M!<I>F!D<B<@LFDC[M!><LKCMF!<B!RLCK<L!FS?U!
• )HLFM><!<BBF!RH<Q<M!D?MV<IFLI<!GHC<M<I!B?!Q<I<<MU!
!!
!
!!
'*!+,-,./01234,5!6,-!O,ST463!093)!!
• O<UQ=!+<><?:=+;@A)!BO<GP;"FO!+=";A=ADF!+FA!V<OWOH!!
/HFMQ?!CMCDCFK?I!<I><!DFKCM?!Q<!/F><GH<ICI!JFKCBCFL!Q<IDH@LCK?I!GH<!<LF!<B!5<S?L!
L<IHDC>FQ?! GHC<M! IFBAF! F! MH<I>L?! <MDH<M>L?7! RFLF! <MI<SFLM?I! IH! 4FBF@LF! N! RFLF!
D?KRFL>CL!D?M!M?I?>L?I!<B!4FM7!<I!Q<DCL!IH!RL?RCF!OCQF!Q<!FK?L!N!<M>L<TFU!/?M!<I>F!
D<B<@LFDC[M! CMCDCFK?I!<B! I<THMQ?!FS?7! Q?MQ<! D?M?D<L<K?I!KXI! F! 9<I\I!RFLF!
Q<IDH@LCL! D[K?!eB! ZF! GH<LCQ?! V?LKFL! HMF! D?KHMCQFQ!Q<! FH>YM>CD?I! QCIDARHB?I! N!
KCIC?M<L?I7!GH<!<M!BF!ZCI>?LCF!ZCDC<LFM!K<K?LCF!OCOF!Q<!IH!FK?L!N!<M>L<TF!R?L!>?QFI!BFI!R<LI?MFIU!
!
!
!
!
• 4?L! I<L! BF! RLCK<LF7! ZF@LX! GH<! FOCIFL! D?M! >C<KR?! F! BFI!
VFKCBCFI!Q<!BF!V<DZF!Q<!<I>F!D<B<@LFDC[MU!
• &IR<LFK?I!GH<!DFQF!VFKCBCF!BB<O<!IH!$C@BCF!RFLF!GH<!B<F!<B!
><=>?!@A@BCD?!Q<! BF! D<B<@LFDC[M!N!RH<QF! IH@LFNFL! BFI! CQ<FI! CKR?L>FM><IU! 5C!
GHC<L<I!RH<Q<I!ZFD<L!D?RCFI!Q<B!><=>?!<M!RFR<BC>?I7!FIA!MFQC<!I<!GH<QFLX!ICM!YBU!k*><M>?!
F!B?I!Q<KXI!KF><LCFB<I!GH<!I<!M<D<IC>FMl!!
,<DH<LQF!GH<f!
,<DH<LQF!GH<f!
,<DH<LQF!GH<f!
!!!!
!!!!!m!
+<=>?!@A@BCD?E!<X,5235!I&$YJ'I)!!G&$.@F&$+&'&$'+.'&+>3-/,.'*'&$'+.'0&$,&<45!!
+<=>?!@A@BCD?E!>1!$&INJLM)!&B!6FTMCVCDF>U!!
• OZ7Q;"=!+<><?:=+;@A)!B:<AFC=+;@A!D<>!?=PQ;O"F&!!
<AQ:<G=!D<>!+:<DF!E!?=PQ;O"F!D<!A;[FOH!!
.FI! VFKCBCFI! Q<! BF! /F><GH<ICI! JFKCBCFL! I?M! CMOC>FQFI! F! L<M?OFL! WHM>?! F! >?QF! BF!
D?KHMCQFQ!BFI!RL?K<IFI!@FH>CIKFB<IU!!
!
*B!KCIK?!>C<KR?!L<DC@<M!N!D?MVC<IFM!IH!V<!FD?TC<MQ?!<B!/L<Q?U!!
!
JCMFBK<M><7! <I! R?IC@B<! GH<! FBTHM?I! Q<! MH<I>L?I! ZCW?I! <! ZCWFI! M?! ZFNFM! L<DC@CQ?! <B!
IFDLFK<M>?!Q<B!$FH>CIK?U!4?L!<BB?7!FM><I!Q<!GH<!RFL>CDCR<M!Q<B!IFDLFK<M>?!Q<!BF!&HDFLCI>AF!I<LX!
CKR?L>FM><! GH<! ><MTFM! BF! R?IC@CBCQFQ! Q<! D<B<@LFLB?! WHM>?! F! IHI! VFKCBCFI7! D?KRFS<L?I7!
DF><GHCI>FI!N!>?QF!BF!D?KHMCQFQ!<M!<I><!D<B<@LFDC[MU!
!
!
!
• &I>F!D<B<@LFDC[M!I<!L<FBC_F!Q<IRHYI!Q<B!<MDH<M>L?!g#E!a.F!
,<IHLL<DDC[M!Q<!9<I\IbU!
• &M>L<!?>L?I!KF><LCFB<I!><MQLXI!GH<!R<QCL!F!BFI!VFKCBCFI!GH<!
BB<O<M!F!<I>F!D<B<@LFDC[M!L<DH<LQ?I!Q<!IH!$FH>CIK?!?!<B!Q<!IHI!
ZCW?IE! V?>?I7! <MDCM>FQ?I7! <>DU! 6CLF! BF! BCI>F! D?KRB<>F! Q<! KF><LCFB<I! <M! >H!
BC@L?f!!!
!
• F+Q=C=!+<><?:=+;FA)!B"=:\=)!>=!7:;"<:=!Q<OQ;GF!!
E!+F>=?F:=DF:=!D<!>=!F?:=!D<!D;FOH!!
.F! (CLT<M!6FLAF7! R?L! BF! TLFDCF! Q<B! &IRALC>H! 5FM>?7! D?MDC@C[! F! 9<I\I! <M! IH! RL?RC?!
OC<M>L<! N! M?I! <MI<SF! Q<! KFM<LF! <=>LF?LQCMFLCF! FGH<BB?! GH<! ICTMCVCDF! OCOCL!
<HDFLAI>CDFK<M><E! FD?T<L! FB! &IRALC>H! 5FM>?7! RFLF! D?BF@?LFL! <M! BF! ?@LF! Q<! BF!
L<Q<MDC[M7!N! I<L! ><I>CT?I!Q<! BFI!KFLFOCBBFI!GH<!)C?I!ZFD<!<M!M?I?>L?I!N!<M!<B!
KHMQ?U!!
nH<L<K?I!D<B<@LFL!BF!<=>LF?LQCMFLCF!D?BF@?LFDC[M!GH<!BF!(CLT<M!6FLAF!ZF!RL<I>FQ?!F!BF!?@LF!Q<!BF!
IFBOFDC[M!Q<!IH!cCW?!9<I\IU!'?I!R?M<K?I!@FW?!BF!RL?><DDC[M!Q<!GHC<M!R?L!I<L!BF!6FQL<!Q<B!5<S?L7!
<I!>FK@CYM!MH<I>LF!RL?RCF!6FQL<U!
!
!!
!
• &I>F!D<B<@LFDC[M!I<!L<FBC_F!Q<IRHYI!Q<B!<MDH<M>L?!gmE!a6CL<M!
D[K?!I<!FKFME!BF!VLF><LMCQFQbU!
• &M>L<! ?>L?I! KF><LCFB<I7! M<D<IC>FLXI! <B! ><=>?! Q<B! 6FTMCVCDF>!
RFLF! DFQF! R<LI?MFU! .?! <MDH<M>LFI! <M! .HDFI! #7"opPh! N! FB! VCMFB! Q<! <I><!
$?B<>AMU!
• +FK@CYM! B?! Z<K?I! RH@BCDFQ?! <M! <B! 4?L>FB! Q<! ,<DHLI?I! RFLF! BF! /F><GH<ICI7! <MDH<M>L?! #q!
]dddUCMRFIUDB7!I<DDC[M!/F><GH<ICI7!4?L>FB!Q<!L<DHLI?I!RFLFf^!
!
!
,<DH<LQF!GH<f!
,<DH<LQF!GH<f!
!!!!
!!!!!r!
+<=>?!@A@BCD?E!"#!'%&$MJ'()!(FNFM!N!ZFTFM!QCIDARHB?I!<M!>?Q?I!B?I!RH<@B?IU!!
• AFC<A=!+<><?:=+;@A)!!BD;O+\7P>FO!";O;FA<:FOH!!
nH<L<K?I!DHBKCMFL!MH<I>L?!RL?D<I?!Q<!/F><GH<ICI!JFKCBCFL!
<HDFLAI>CDFK<M><7!<I!Q<DCL7!%)$%#'E-):/)+U!!!
nH<L<K?I! FTLFQ<D<L! FB! 5<S?L! >FM>?I! @C<M<I! N! TLFDCFI! GH<!
QHLFM><!<I>?I!Q?I!FS?I!Z<K?I!L<DC@CQ?U!/?M?DCYMQ?B?!KXI!
F!eB!N!F! BF!D?KHMCQFQ!Q<!IHI!QCIDARHB?I7! >FK@CYM!M?I!Z<K?I!
CQ?! D?M?DC<MQ?! KXI! F! M?I?>L?I! KCIK?I7! Z<K?I! FRL<MQCQ?! F! I<L!
K<W?L<I!RFQL<I7!<IR?I?I7!ZCW?I!<!ZCWFI7!DF><GHCI>FIU!5F@<K?I!GH<!<B!DFKCM?!
M?!><LKCMF!FGHAU!!
!
nH<L<K?I!GH<! BF!&HDFLCI>AF! I<F! L<FBK<M><! BF! VH<M><!N!DHBK<M!Q<!MH<I>LF!OCQFU!&M!<B!&IRALC>H!Q<!
9<I\I7!F!GHC<M!Z<K?I!D?M?DCQ?!N!FKFQ?7!GH<L<K?I!<=RL<IFL!MH<I>LF!ICMD<LF!O?BHM>FQ!Q<!I<L!<M!
IH!%TB<ICF!FH>YM>CD?I!QCIDARHB?I!N!KCIC?M<L?IU!
!
!
!
!
!
• '<D<IC>FLXI!HM!DFL><B!TLFMQ<!GH<!QCTF!a5?K?I!QCIDARHB?I!
KCIC?M<L?I!Q<!9<I\Ib7! WHM>?!F!B?I!Q<KXI!KF><LCFB<I!CMQCDFQ?I!<M!
>H!BC@L?U!
• 4H<Q<I!FRL?O<DZFL! BF!?DFIC[M!RFLF!CMOC>FL!F! BFI!VFKCBCFI!F!I<THCL!RFL>CDCRFMQ?!<M!
BF! D?KHMCQFQU! c<K?I! <BF@?LFQ?! HM! KF><LCFB! GH<! RH<Q<! FNHQFL! F! B?I! RFQL<I! F! I<THCL!
L<HMCYMQ?I<! <M! HMF! D?KHMCQFQ! DLCI>CFMFU! .?I! MCS?I! RH<Q<M! ! CMD?LR?LFLI<! F! a/FKCMFM><I7! BF!
FO<M>HLF!Q<!I<L!ZCW?I!Q<!)C?Ib7!MH<I>L?!RL?N<D>?!RFI>?LFB!RFLF!RL<WHO<MCB<I7!?!F!?>LF!RFI>?LFB!GH<!
<=CI>F!<M!>H!D?KHMCQFQU!
!
!
,<DH<LQF!GH<f!