Q1 Insight

7/30/2019 Q1 Insight

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CKXCGBPmPiK ?6=?



686?

WLNHDiL

CkpbCxl`CpCdkdaCkxCgbpwllqlmnpblnmplxpadipbl

wdn`danlr|x.o|pwlmnxdpmelmnddempwbmppbla|p|lbdn`x+imeCkgCpxwdn`vliClmppbl?6=?vmCx

idpdxbdw.pblolmpbpmeCkgna)HHHdkHlvpxbdwx

pbllqdn|pCdkda n)aCklxxl`lxCgk nmkg|mgl+

Pbl h|lkp Nlr|x mkgl cx mnxd xbmvckg pbl |p|l. wcpb pbl klw NX l`lakckgn|r|s di lmns ?6=8 mk mnn id`lnx kdw mqmcnmonl ck pbl odn A XVD_P gm`l+Sd| hmk mnxd ak d|p bdw i|hb idkls pbl llp)clk ns m`qmkhl lkgckllckgckxc l lmhb Nlr|x hmk xmql sd| o|xcklxx+

Pd lvndrl pbl a|p|rl ck vlrxdk. vnlxl hdkphp dr qcxcp |x p:

>>nlr|x Hlkpl;;>>m c =;;>>m c ?;;>>m c 8;;>>m c 0;;>>m c <;;>>vh;;

H >>rrrrrrrrrrr;;

>>++h+$h;;

ch: >>m c=. m c?.

m nc8. m c0. vh;;

k+ >>rrrrrrrr;;

6? WLNHDiL 60 KLWX ! LQLKPX 61 NX 62 GX =6 _R =? HP

=0 Nl|xHrl£ =<ANLLP



686?

6? WLNHDiL 60 KLWX ! LQLKPX 61 NX 62 GX =6 _R =? HP

=0 m_DQL _L)DWKL` =<ANLLP

WLNHDiL

CkpbCxl`CpCdkdaCkxCgbpwllqlmnpblnmplxpadipbl

wdn`danlr|x.o|pwlmnxdpmelmnddempwbmppbla|p|lbdn`x+imeCkgCpxwdn`vliClmppbl?6=?vmCx

idpdxbdw.pblolmpbpmeCkgna)HHHdkHlvpxbdwx

pbllqdn|pCdkda n)aCklxxl`lxCgk nmkg|mgl+

Pbl h|lkp Nlr|x mkgl cx mnxd xbmvckg pbl |p|l. wcpb pbl klw NX l`lakckgn|r|s di lmns ?6=8 mk mnn id`lnx kdw mqmcnmonl ck pbl odn A XVD_P gm`l+Sd| hmk mnxd ak d|p bdw i|hb idkls pbl llp)clk ns m`qmkhl lkgckllckgckxc l lmhb Nlr|x hmk xmql sd| o|xcklxx+

Pd lvndrl pbl a|p|rl ck vlrxdk. vnlxl hdkphp dr qcxcp |x p:

>>nlr|x Hlkpl;;>>m c =;;>>m c ?;;>>m c 8;;>>m c 0;;>>m c <;;>>vh;;

H >>rrrrrrrrrrr;;

>>++h+$h;;

ch: >>m c=. m c?.

m nc8. m c0. vh;;

k+ >>rrrrrrrr;;



60

NmPLXP KLWX

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=$JKCD_ GDNA

Pbl olxp d sd|kg gdnakg pmnlkp ck pbl\E hmk ol xllk ck pbl J|kcd PlmiGdn Bdil Kmpcdkx Hbmivcdkxbcvx.wcpb hdqlmgl dk Xes Xvdpx+ Xdil?6.666 j|kcd gdnlx bmql pmelkvmp. wcpb lgcdkmn d|k`x mhdxx pbl\E mk m gmk akmn pmeckg vnmhlck Imhb ?6=8 ck L|dvl+

?$KmPCDKmN XHBDDNX

_OGS PD_KmiLKP Nlr|x wcnn hdkpck|l pd xvdkxd pbl

vdv|nm Kmpcdkmn Xhbddnx _|gosPd|kmilkp d ?6=?$=8+ Pbcx slm–xlqlkp wcnn ol idl bdpns hdkplxpl`pbmk lql. wcpb md|k 76 xhbddnx.xcr lgcdkmn d|k`x mk m vlxpcgcd|xkmpcdkmn akmn d pbl pdv plmix+

8$NDK`DK GDNA XBDW

Nlr|x cx dkl d pbl imck xvdkxdx d pbl?6=? Ndk`dk Gdn Xbdw. pbl ckplmhpcqlgdn xbdw d pbl slm+ Cp–x mp Lmnx Hd|pdi 3pb)==pb Kdqliol. wcpb 06vdlxxcdkmnx dlckg pcvx mk g|c mkhl+Wbs kdp plmp sd|xln pd xdil Nlr|x)omk`l Hmnnmwms gdn ilhbmk cxl4

0$`_CQL_ DWL_ X_QLS

Nlr|x hdkpck|lx pd xlp pbl olkhbimed h|xpdil xmpcxmhpcdk+ Ck pbl ?6=?M|pd Lrvlxx @cql Xmpcxmhpcdk X|qls.hdivcnl di ?3.666 \E hm dwkllxvdkxlx. Nlr|x bmx pmelk axp vnmhld pbl ==pb hdkxlh|pcql slm+

<$NA)HH WD_N _LiCL_

Pbcx slm–x Vmcx Idpd Xbdw xmw pbl|kqlcnckg d Nlr|x NA)HH. m mimpch`lidkxpmpcdk d Nlr|x– xdvbcxpchmpl`N)aklxxl lxcgk nmkg|mgl ck cpx

nmplxp di+ Almp|ckg pbl xcgkmp|lxvck nl gcnnl. cp xbdwx bdw xpsnckg d|p|l hdivmhp lrlh|pcql id`lnx wcnn`lqlndv. o|p mnxd vmqlx pbl wms dpbl ckpd`|hpcdk d mk lrhcpckg. mnn)klwic xczl hd|vã ck pbl klm |p|l+

Pbl NA)HH mnxd lmp|lx m vdwl|nklw ?+< ncpl |nn bsoc lkgckl wcpbhnmxx)nlm ckg HD? licxxcdkx mk m`cql dh|xl . n|r|cd|x hdhevcp+

<$ 6<



6761

KLW NX+ KLW OLKHBim_E+

D| nmplxp glklmpcdk NX mcqlx lmns ck ?6=8 ‘ mk xlpx klw olkhbimex d laklilkp. n|r|s mk m`qmkhl plhbkdndgs+Adi cpx mimpch lrplcd lxcgk pd cpx m`qmkhl i|npcil cm xsxpli. pbl NX l`laklx pbl n|r|s xmnddk+ Odpb pbl vdwl|nNX 016 mk bsoc cql mgxbcv NX 166b hdiockl lnlkpnlxx mpplkpcdk pd lpmcn wcpb m skmich. lwm ckg cql ‘ lxvlhcmnnsmx pbl klw NX 016 cx kdw mqmcnmonl ck pbl klw A XVD_P gm`l d pbl axp pcil+

; o hs

; w– c cc cs

; m cc c hccc

; =3 i nc s

OL PBL AC_XP PDPLXP _CQLHmnn nlr|x >>Hlkpl;;dk:

>>k|iol;;



63

H_LmPCKG mimzCKG+

Wbs dnndw wblk sd| hmk nlm`4 Pbl Nlr|x GX dlx cxhlkckg cqlx m vlic|i lrlh|pcql xmnddk ncel kd dpbl+ Wcpb xdncmn|ickc|i mxbodm ckxlpx mk nlmpbl |vbdnxpls+ Wcpb mgcnl bmk nckg mk m x|vvnl. lakl c l+ Wcpb m xiddpb Q1 lkgcklpbmp lncqlx 6)1?ivb ck 2+1 xlhdk`x+ Mk wcpb pbll cql id`lx pbmp imphb pbl hdk cpcdkx mk sd| xvccp vlhcxlns+ Pmel mhndxl ndde mp pbl klw GX ?<6+ Mk vlvml pd ol mimzl +

62

gx?<6ch ¨8?.33< dp+i gx?<6xl hc ¨88.16< chcc chc ¨1=6+vch hh cc c chqmp.cs. . . s– chh ¨<< cc +…mc chccH s+*<+3,mvc c¨?.666hc hcc ¨?.666n H Hcc c8s n Hh Hh vh"vHv# h c gx?<6 h =dh?6=? 86k?6=?.c hs 8=ih?6=8. n achc xch+dh c h c hjhc cc +p hcc s+lh chc 86.666 =? c+Ccc s }c+ achjh =2+n H c n achc xch.g o.ob. l.xs.ep=2<|Z+xjh cccs+

; p `c i

; Ccc ph H

; k c hc

; k c c a xvdp

_L_LXLKPmPCQL LRmiNL

i gx ?<6 xl

p 81

8< is vs ¨833+66

H vch ¨88.16<+66

n H Hcc ¨?.666+66…

ach c Hcc ¨?.666+66

H c ¨1.1=2+12

c <+3, mv*

m Hc ¨??.321+8?

g a q $dc ac vs ¨=?.672+36

p m vs ¨81.11?+<2

ac C 8+6<,

ODDE m PLXP`_CQL PD`mSHmnn nlr|x >>Hlkpl;;dk:

>>k|iol;;



===6

_DG_LXX KLQL_ XPDX+

Vdglxx+ Cp–x hlmpckg pbl wdn –x axp)lql n|r|s X\Q+ M qlbchnl vdwll os mQ1 |nn)bsoc lkgckl pbmp `lncqlx?3< OBV slp cx xpcnn hmvmonl d 00+2 ivg+ Mk kdw. pbl _R cx mqmcnmonl mx mk A XVD_P gm`l d pbl axp pcil+ Almp|ckgm xvdp `cql id`l d m idl mgcnl. `skmich `cqckg lrvlclkhl. cpx `mimpch lrplcd xpsnl |pbl hdkaix pbmp mp Nlr|x.vdglxx cx |kxpdvvmonl+ Mk di pbl idilkp sd| glp olbck pbl wblln. sd|–nn ak cp–x clxcxpconl. pdd+

r0<6ch ¨00.03< dp+i r0<6xl hc¨0<.=6< chcc chc ¨1=6+vch hh c cc chqmp.cs. . . s– chh ¨<< cc +*<+3,mvc ¨=.666h c hccc8 s n Hh Hh vh"vHv# h c r0<6 h =dh?6=?86 k?6=?.c hs 8=ih?6=8. n achc xch+dh c h c hjhc cc +p hcc s+lh chc 86.666c =7h c+Ccc s }c+ach jh =2+n H c n achc xch.g o.o b.l.xs.ep=2 <|Z+xjh cccs+m chccn H+

; ¨=?<

; ?6, oCe =?$=8

; 00+2 hc

; =0< $ Hd? cc


i r 0<6 xl

p 81

8< is vs ¨<63+66

H vch ¨0<.=6<+66

ach c Hcc ¨=.666+66H c ¨=0.611+62

c <+3, mv*

m Hc ¨86.682+3?

g a q $

dc ac vs ¨=1.?<3+06

p m vs ¨03.=06+02

ac C 8+6<,


>>k|iol;;



=8=?

AC_XP HNmXX+ LHDKDiS+

Wblk sd|–l `cqckg mk lkjdsckg pbl klm xcnlkp lcklilkp d LQ id`l. mk pbl n|r|s d x|vvnl nlmpbl |vbdnxpls. cp–xbm pd olnclql pbl Nlr|x HP cx mnxd xmqckg sd| idkls+ Slp pbl mhpx hdkci cp: 12+3 icnlx vl gmnndk dk pbl hdiockl`hshnl mk dm pmr lrlivpcdk imel pbl Bsoc @cql HP mx hdxp lchclkp pd dwk mx cp cx lwm ckg pd `cql+ Mk cp–x kdwmqmcnmonl ck pbl `skmich A XVD_P gm`l. d mk lqlk idl lkgmgckg `cql+ Pmqln cxp hnmxx mp lhdkdis mplx+

; ¨6 s s

; ¨73 oCe 06, s…

; 12+3

; 30 $ Hd? cc


i Hp ?66 xl)C

p 81

8< is vs ¨?03+66

H vch ¨?0.?31+66

H c ¨1.088+1<ach c Hcc ¨=.<66+66

c <+3, mv*

m Hc ¨=1.81?+8<

g a q $

dc ac vs ¨3.381+66

p m vs ¨?1.<20+1<

ac C 8+6<,

Hp ?66ch ¨?8.721dp+i Hp ?66xl)Chc¨?0.?31chcc chc ¨<=6+vch hh cc c chqmp.cs.. ¨<< cc +*<+3,mvc ¨=.<66hc hcc c8 s n Hh Hh vh"vHv# h c Hp ?66 .c h = dh?6=? 86k?6=?n achc xch+dh c h c hjhc cc +p hcc s+lh chc86.666c 3 hc+Ccc s }c+ achjh =2+ n H c n achc xch.g o.ob.l. xs.ep=2 <|Z+xjh cccs+m chccn H+…H c 06,s+


>>k|iol;;



xhc hsh4S–chchc n+

a.c.cHpc12+3 Hd? c30 $. scc+xs h

ocCecc =6,+mchsh.s–c

n}cs. ch h+

XPmS DKHD_XLPBCXWCKPL_+

NLXXPmRCKG+iD_L_LWm_ CKG+

wcs –j

ch:sc

7¶Hs–c cccch

c+ps ch

hccs s+xcshc

c.ccs h

. jsh)cc+

8<

ilprlx WCKPL_PS_LX

Ormeckg dk xkdws rdm`xardi ?6ivb pdrlxp

Ormeckg dk chs rdm`xardi 86ivb pdrlxp

XPMK@M_@PS_LX08

ilprlx

<7

ilprlx

12

ilprlx

nHhHh bc‘ ocs

i Ccc a s 8< s

Hp ?6 6 xl) C ¨= .780 +6 6% qmp ¨?23+ 66 % qmp

gx ?<6 xl ¨8.681+66 % qmp ¨<61+66 % qmp

r 0<6 xl ¨8.102+66 % qmp ¨162+66 % qmp

Hp ?66ch ¨?8.721dp+i c Hp ?66xl)C ¨?0.?31chcchc ¨<=6+vchhh cc ch qmp.cs.

. ¨<< cc +*mc n Hp ?66xl)C.gx ?<6xl r0<6xl .ch

=dh?6=? 86k?6=?. n achc xch n Hh Hh bc+m chccn H+ mc c

8s)cchh =6.666c +aoc s+lh ch s+dh c h

c hjhc cc +p hcc s+Ccc s }c+achjh =2+ n H c

n achc xch.g o.ob.l. xs.ep=2 <|Z+xjh cccs+

WCKPL_ PS_LX Ci_DQLG_C OLNDW 7¶H

a cc c s s n.hh ch n >H;+

ac c n s c c ‘ h 6=?80 <17236 }c c+

=<=0



PD NLRX XPmK`m_`X+

m_DQL` _L)DWKL`

Mnn pbl xpsnl. vldimkhl mk` n|r|s sd| lrvlhp d Nlr|x ‘ mk` m ndwl vchl+Pbmp–x pbl mvvlmn d Nlr|x Mvvdql` Vl)Dwkl`+ Sd|–nn mnxd ck` lmxx|mkhlck pbl |nn bcxpds mk` icnlmgl hblhe. wmmkps mk` mvvdql` Nlr|x xlqchl

bcxpds+ Hbddxl Nlr|x ckmkhl mp m lmxdkmonl 3+3, MV_ lvlxlkpmpcql* dk Nlr|x Hdkklhp Hdkpmhp V|hbmxl mk` lhlcql pwd hdivncilkmps

xhbl`|nl` xlqchlx+ Cp–x mnn sd| hd|n` wcxb d ‘ d nlxx pbmk sd|–` pbcke+

*3+3, mv c hcs ch c h ) n h n achc xch 8 s n Hh Hh vh "vHv# h = dh ?6=? 8= `h ?6=?+ p hcs ch h hc s 1 s h s+ p h hcs ch h hc s =2 s hs+ p h s s + ach xch v hcc s c + ach jh =2 s+ Ccc s }c+ lh c hs s+ n H c n achc x ch. g o. o b. l. xs. ep=2 <|Z+ m chcc H s+

p m v)d qch >n H;. h 6=?80 <17236+

3+3, m_ rlvrlxlkppcql* hcs ch+

_LmXX_CKGNSHm_L AD_

=0



HP ?66b |ln hdkx|ivpcdk: |omk 12+3 ivg "0+= n$=66ei#. lrpm)|omk 76+1 ivg "0+6 n$=66ei#. hdiockl` 12+3 ivg "0+= n$=66ei#+ HD ? licxxcdkx hdiockl` 30 g$ei+ _R 0<6b A XVD_P |ln hdkx|ivpcdk mk` HD? ag|lx: |omk 08+< ivg "1+< n$=66ei#. lrpm)|omk 07+= ivg "1+6 n$=66ei#. hdiockl` 00+2 ivg "1+8 n$=66ei#+

HD? licxxcdkx hdiockl` =0< g$ei+ GX |ln hdkx|ivpcdk mk` HD? ag|lx: |omk ??+2 ‘ 0?+? ivg "=?+0 ‘ 1+7 n$=66ei#. lrpm)|omk 06+3 ‘ <=+0 ivg "1+3)<+< n$=66ei#.hdiockl` 8=+7)01+8 ivg "2+3)1+= n$=66ei#+ HD? licxxcdkx ?67)=0= g$ei+

Wl– ncel pd ellv sd| |v`mpl dk klw qlbchnl nm|khblx. hdivlpcpcdkx. lqlkpx mk dvvdp|kcpclx d`cqlx x|hb mx pmhe `msx d Nlr|x lrvlclkhlx+ C sd| wd|n vll kdp pd lhlcql pbcx ckdimpcdk vnlmxlhmnn 620< ?722 222. limcn ckdimpcdkFn +nlr|x+hd+|e d wcpl pd5 Nlr|x @cqcxcdk. VD Odr 2=0.Vdpxid|pb. VD1 3MS+ Vnlmxl }|dpl pbl lllkhl k|iol olndw sd| m``lxx+

CA \K@LNCQL_L@ VNLMXL _LP\_K PD:

NLR\X @CQCXCDK. VD ODR 2=0. VD_PXID\PB. VD1 3MS

AXH NDGD BL_L

>>Kmil;;>>M``lxx Nckl =;;>>M``lxx Nckl ?;;>>M``lxx Nckl 8;;>>M``lxx Nckl 0;;>>Vdxphd`l;;

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