8/9/2019 Inc Issue 20

1/7

!"#$%'&($#)*++&,*-#)*../"!)0$!*"#!"#$%)*/"$1234

####5%&1)/11&"$+2#.*1$%0"#67#8!--&1&"$#+*)0$!*"(#01*/"8#9:;(#)0.

=/(#-*1#>)1!==(#)+0((&(#0"8#*-?)&(3#5%$%&.!")*1=*10$&8#!"#$%=+0"

"!",#*-#$%"&@#'/!+8!",#!(#'1!",!",#0++#*-#$%*(+*)0$!*"(#$*,&$%&1#'&"&0$%

*"**-#$*#=1*A$%0$#&0)%#8&=01$.&"$#!(#&B/0++2#$0+&"$&8#0"8#1&)*,"!C&8

@%!)%#>%&=%&18#)0++&8#E"*"%&=%&18#0+(*#@0"$(# $%"&@#-0)!+!$2# $*#&")*/10,!0+*,/.*",>)1!==(#($/8&"$(#0"8#-0)/+$2#-1*.#$%?A!--&1&"$#()%**+(3#F=+0"(#*"

0)%!&A!",#$%!(#,*0+#'2#=1*A!8!",#0#E.&8!0%&=

%&18#(0!83#

####5%?1($#M**1#*-#$%>)%**"*A&1#J&"$&1#@!++#)*"$0!"#0#)*--&(%*=D#

+*/",-*1#N7#=&*=+&D#0#"&@(($0"8D#0#OP7)1!==(#

J*++&, *-# J*../"!)0$!*"#

L# 5% >)%**"*A&1# J&"$&1#

-*1#J*../"!)0$!*"3

####U*)0$&8#!"#$%*+8#S0Q&1#

J&"$&1D#$%>)%**"*A&1#J&")1!==(# 0"8# )*""&)$# *"#

&0)%# *-# $% -*/1# M**1(# $*#

$%V08!*$&A>)%**"*A&1D#@%*#8*%&=%&18#%*($&8#0#E>)1!==(#50+Q4#*"#

^=1!+#ON#0"8#8!()/((&8#$%!.=*1$0")"8#.!((!*"#*-#$%"&@#'/!+8!",#

@!$%# ($/8&"$(#

0"8#-0)/+$23

####EW#@*/+8#01,/

$%0$#@%0A$%'&($# )*++&, *-#

)*../"!)0$!*"#

!"# $% )*/"$12#

0"8# W# )0"# 8&.$4':("?(1;"?466$"#89(C"",,4#'8;:+

0#6$D4)>%9?@(&")AB)6(91%#"7%+F$:)>%G.)

@(&")HB)I=JKLK)MF(:#"7)N8(7=

@(&")OB)0@P)!""#$%&)@7"3$"8

@(&")QB)67.2)#F")@7"+$="%#

!"#$%&'%()$%*)$+#&,$

8/9/2019 Inc Issue 20

2/7

####G/"!*1#U&0%#a!,%$.0($&1D#0#.0,0C!"H*/1"0+!(.#(&B/&")&D#1&)*,"!C&(#

$%=*(!$!A&(#!"#'*$%#)!1)/.($0")&(3

# # # # # E5% ($/8&"$(# @%*# ($/82# bH*/1"0+!(.

.!,%$#%0A!--&1&"$#(&B/&")&(D#'/$#@+

)*../"!)0$!*"#($/8&"$(#0"8#@)0"#1&+0$$

*""*$%&1#$%0$#@02D4#a!,%$.0($&1#(0!83#EW;.

,+08#@)0"#8*#$%!(D#'/$#W#$%!"Q#!$#@*/+8#'

,1&0$# $*# %0A 0++#)*../"!)0$!*"# .0H*1(# $*

,&$%&1#!"#*"'/!+8!",34

####F*@&A&1D#a!,%$.0($&1#!(#(088&"&8#$%0$#(%&

@!++#"*$#''+$*#,1&&$#$%"&@#'/!+8!",3

####ES&!",#0"#/==&1)+0((.0"D#W#0.#8!(0==*!"$)1!==(#($/8&"$(#01&0,&1#0"8#1&082#

$*#$&($#*/$#$%"&@#'/!+8!",D#@%!+(*.

8!(%&01$&"&8#Q"*@!",#$%&2#@!++#"*#+*",&1#'

0"#9:#($/8&"$#@%&"#!$#*=&"(3

# # # # ^+&R# K%!$&+&0$%&1D# 0# -1&(%.0"# ($/82!",#

*1,0"!C0$!*"0+# )*../"!)0$!*"D# %0(# %08# -*/1#

)*/1(&(#$%!(#2&01#!"#(&A&10+#8!--&1&"$#+*)0$!*"(#

*"#)0.=/(3

####EK%&"#$%"&@#>)1!==(#%0++#*=&"(D#!$#@!++#'

"!)$*#%0A++#*-#.2#.0H*1#)+0((&(#!"#*"%0++#

10$%&1#$%0"#!"#.0"2#8!--&1&"$#'/!+8!",(#+!Q!$#

%0(#'&&"#(*#-01D4#K%!$&+&0$%&1#(0!83#

# # # # 9$%&1# /==&1)+0((.&"#%0A &"H*2&8# $%&!1#

$!.'/!+8!",# %*==!",#$%1*/,%*/$# $%&!1#802(#

!"#^$%&"(3#>&"!*1#'1*08)0($#.0H*1#^+&R0"81!0#

`*--#(0!8#$%0$#(%%0(#0==1&)!0$&8#$%EA01!eG3

!"#$%&@-ABCB&.,565")*2-&5"&F2;&G.,=H&(.;&3."6&()1&5*&?22"&)()+*2,&

(2,2&)*&I(5.&J"5>2,15*/8>0+*"$02h#K($01$&8#8&A&+*=!",#!$#+0($#(=1!",3#W#,*$#$*,&$%&1#@!$%#0#(.0++#

,1*/=#*-# =&*=+&3# d*($# *-#$%&.#W# Q"&@D# '/$# (*. @&1 H/($# -1!&"8(# *-#

-1!&"8(3#^#+*$#*-#=&*=+)0.-1*.#S0)Q81*=#0"8#*$%&1#$%!",(3#K!8#"*$#

%!$#$%,1*/"8#1/""!",#/"$!+#$%!(#-0++#@%&"#@!8#$%($/8&"$#!"A*+A&.&"$#

-0!13#W$#%0(#H/($#'&&"#01*/"8#-*1#0'*/$#0#2&01D#@%!)%#!(#@%2#@&)&!A&8#$%

0@018#-*1#ES&($#f&@#J%0=$&134

!"#$%&K.;&-5-&/.0&62*&5">.3>2-&5"&@-ABCB8

>0+*"$02h#W"#$%@!"$&1D#W#@0(#H/($#=/$C!",#01*/"8#$%W"$&1"&$D#0"8#W#H/($#

($/.'+&8#/=*"#$%&!1#(!$&3#W#$1!&8#$*#,*#$*#$%&!1#)*"A&"$!*"D#@%!)%#$%&2#%08#

+0($#2&013#W#@0(#!"$&1&($&8#!"#$%(!$&D#0"8#W#-*++*@&8#$%&!1#"&@(3#W#$%&"#

$%*/,%$#0'*/$#8*!",#0#)0.=/(#)%0=$&13#W"#+0$-0++D#&01+2#(=1!",#@H/($#

Q!"8#*-#(&$#!$#/=D#8&)!8&8#@@0"$&8#$*#8*#!$D#0"8#@!83

!"#$%&'()*&51&/.0,&9)5"&5"*2,21*&)1&4),&)1&;(2,2&*(2&9)6):5"2&5"-017

*,/&51&(2)-5"68

>0+*"$02h#K++#Q"*@#$%0$#$%.0,0C!"!"8/($12#!(#%/1$!",#0#'!$3#K

$12!",#$*#?"8#0#"&@#$%!",3# 8#(0+&(#01*@"3#333#W#0.#0#+!$$+'!$#@*11!&8#

$%0$#!$#@!++#'%018#$*#,&$#0#H*'3#W#0.#8*!",#&A&12$%!",#W#)0"D#0"8#W#$%!"Q#

$%0$#!(#@%0$#\8#!(#0'*/$3#W-#2*/#@0"$#0# H*'#!"#$%!(#?&+8#"*@D#!$#!(#.*1

)*.=&$!$!A$%0"#&A&13#g*/#%0A$*#'&"$1&=1&"&/1!0+3#5%)+/'#!(#0'*/$#

&.'10)!",#$%0$3#5%&"$%/(!0(.#$%!",#!(#0'*/$#@%2#@,*$#!"$*#$%!(#.0H*13#

K)0"#0++#8*#(*.&$%!",#$%0$#=02(#.*1&D#'/$#@*";$#'&)0/(@+*A

.0,0C!"&(3#^#+!$$+'!$#0'*/$#!$#!(#H/($#,!A!",#=&*=+%*=&3#W#$%!"Q#$%0$#!(#0#

,**8#(&1A!)$%0$#!$;(#($01$!",#$*#=1*A!8$%0$#W#0.#=1&$$2#=1*/8#*-3#^"8#!$#

%0(#Q!"8#*-#?++&8#!"$*#$%!(#1*+*-D#2*/#Q"*@D#H/($#%0A!",#-/"D#H/($#'&!",#

0#)+/'#$%0$;(#A&12#)%!++3#5%0$#!(#@%2#$%@018#(/1=1!(&8#/(D#'&)0/(@

0MD>@@0

3IJ-

7(*8'$"#("?('&4(@&$"(A#$B4;6$':

-">$4':("?(1;"?466$"#89(C"",,4#'8;:+

XY5+)I=JKLK)-(2"=);"+#)-"8)MF(:#"7).G)#F")Z"(7)1;46$D4#'(3$L9"6(-89"#'8:('4996(0#>+(&4(8'';$=&8*'4;M6(6>466('"($'6(98$DR=8>L(8',"6*&4;4+

3+"*$.3*:&!&;($(

8/9/2019 Inc Issue 20

6/7

7(*8'$"#("?('&4(@&$"(A#$B4;6$':

-">$4':("?(1;"?466$"#89(C"",,4#'8;:+

3IJ-!"#$%&L(2&IJ()+*2,& .4&@-ABCB& M01*& ;."& *(2& N21*&F2;&O()+*2,&);),-$&&'(/&-.&/.0&4223&5*&-212,>2-&*(51&);),-8>0+*"$02h#K%0$#1&0++2#%0==&"&8#!(#$%0$#@@&1'+$*#8&=+*2#*/1#)%0=5#2&-.&/.0&65>2&

*(298

>0+*"$02h#W#@0"$#=&*=+$*#%0A-/"3#W#@0"$#$%&.#$*#&"H*2#!$3#W$#!(#"*$#0#=/'eG#>&)1&$012#G0.!V0$&1.0""#!(#=+&0(&8#'2#$%*1,0"!C0$!*";(#0'!+!$2

$*#'1!",#/"!B/&A&"$(#$*#!$(#.&.'&1(3

####EK-*1$/"0$$*#%0A-0)/+$2#)*++0'*10$!*"#$*#=1*A!8/(#@!$%#

=1*,10.(#+!Q$*"!,%$;(#0'*/$#0"0+2C!",#./+$!.&8!0D4#(%(0!83

####5*"!,%$;(#.&&$!",#@!++#'&,!"#0$#Ph77#=3.3#!"#>)1!==(#666#0"8#@!++#+0($#

/"$!+#[hT7#=3.3#"

8/9/2019 Inc Issue 20

7/7

####5@*#$1/$%(#W#%0A-*/"8#0$#$%%&01$#*-#.2#/"8&1($0"8!",#*-#H*/1"0+!(.#

01o$%&1!(#0+@02(#.*1$*#Q"*@D;#0"8#o.*1Q"*@+&8,!(#0+@02(#'&$