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PulteGroup Reports Fourth Quarter 2019 Financial Results

January 28, 2020 GMT

ATLANTA--(BUSINESS WIRE)--Jan 28, 2020--

PulteGroup, Inc. (NYSE: PHM) announced today financial results for its fourth quarter ended December 31, 2019. For the quarter, the Company reported net income of $336 million, or $1.22 per share. Adjusted net income for the period was $312 million, or $1.14 per share, after excluding $31 million of pre-tax benefit from an insurance reserve adjustment.

Reported net income for the fourth quarter of 2018 was $238 million, or $0.84 per share. Adjusted net income for the fourth quarter of 2018 was $314 million, or $1.11 per share, after excluding $85 million of pre-tax land charges and a $16 million pre-tax charge for a Financial Services reserve adjustment.

“As demonstrated by our 33% increase in orders, the recovery in housing demand that began earlier this year gained momentum through the fourth quarter as we realized strong sales across all buyer groups,” said Company President and CEO Ryan Marshall. “The quarter completes an outstanding year during which we continued to invest in growing our business, generated $1.1 billion in operating cash flow, returned $397 million to shareholders, paid down $310 million of homebuilder debt, and realized a 20.0% return on equity.”

“Strong demand for new homes is benefitting from favorable market dynamics including improved affordability in part due to low mortgage rates, high employment and consumer confidence, and a generally balanced inventory of new homes,” added Marshall. “The sustained strength in housing demand allowed us to deliver strong fourth quarter and full-year results, and has PulteGroup well positioned to increase delivery volumes, revenues, homebuilding gross margins and earnings in 2020.”

Fourth Quarter Results

Home sale revenues for the fourth quarter increased 1% over the fourth quarter of 2018 to $2.9 billion. Higher revenues for the period reflect a 2% increase in closings to 6,822 homes, partially offset by a less than 1% decrease in average sales price to $429,000.

Home sale gross margin for the fourth quarter was 22.8%, compared with prior year reported and adjusted gross margins of 21.5% and 23.8%, respectively.

Reported fourth quarter SG&A expense of $262 million, or 8.9% of home sale revenues, included a $31 million pre-tax benefit from an insurance reserve adjustment recorded in the period. Exclusive of this benefit, adjusted SG&A expense for the quarter was $293 million, or 10.0% of home sale revenues. SG&A expense for the fourth quarter of 2018 was $292 million, or 10.1% of home sale revenues.

Net new orders for the quarter increased 33% over the fourth quarter of 2018 to 5,691 homes as results benefitted from both increased community count and higher absorption pace. The value of net new orders increased 35% to $2.5 billion, up from $1.8 billion in the fourth quarter of 2018. Average community count for the fourth quarter was 865 communities, compared with 825 communities in the fourth quarter of 2018.

Unit backlog is up 20% over last year to 10,507 homes, while the backlog dollar value increased 18% to $4.5 billion. The decrease in the average price of homes in backlog reflects the Company’s efforts to modestly expand its first-time buyer business which typically carries a lower sales price.

Pre-tax income for the Company’s Financial Services operations was $34 million compared with $5 million in the fourth quarter of 2018. Results for the fourth quarter of 2018 included a $16 million pre-tax charge for a reserve adjustment recorded in the period. The increase in pre-tax income for the period also reflects a strong margin environment, higher loan volumes resulting from growth in the Company’s homebuilding operations and a higher mortgage capture rate. Capture rate for the fourth quarter increased to 84% from 77% last year.

During the quarter, the Company repurchased 0.8 million of its common shares for $30 million, or an average price of $39.16 per share. For the year, the Company repurchased 8.4 million common shares, or 3% of its outstanding shares, for $274 million, or an average price of $32.52 per share.

At year end, the Company had $1.2 billion of cash and a debt-to-total capitalization of 33.6%, which is down from 38.6% at the end of 2018.

Company Acquires Off-site Framing-Shell Manufacturer

In a separate press release, PulteGroup also announced today that it has acquired the assets of Innovative Construction Group (ICG), a leading off-site solutions provider focused on single family and multifamily wood framed construction. Based in Jacksonville, Florida, ICG’s comprehensive framing solutions include design services, manufactured wall panels, roof trusses and floor systems, and onsite installation to provide a full frame shell construction process. ICG will remain a stand-alone operation and continue serving its existing customer base and builder clients.

“In response to ongoing labor constraints which are impacting construction trades throughout the country, we have made the strategic decision to acquire off-site manufacturing capabilities that we believe can help us drive greater production efficiencies,” said Marshall. “We view this acquisition as a logical next step in the common plan management platform we have been advancing for years and see the potential to open comparable production plants in future years.”

A conference call discussing PulteGroup’s fourth quarter 2019 results is scheduled for Tuesday, January 28, 2020, at 8:30 a.m. Eastern Time. Interested investors can access the live webcast via PulteGroup’s corporate website at www.pultegroupinc.com.

Forward-Looking Statements

This press release includes “forward-looking statements.” These statements are subject to a number of risks, uncertainties and other factors that could cause our actual results, performance, prospects or opportunities, as well as those of the markets we serve or intend to serve, to differ materially from those expressed in, or implied by, these statements. You can identify these statements by the fact that they do not relate to matters of a strictly factual or historical nature and generally discuss or relate to forecasts, estimates or other expectations regarding future events. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “plan,” “project,” “may,” “can,” “could,” “might,” “should”, “will” and similar expressions identify forward-looking statements, including statements related to any impairment charge and the impacts or effects thereof, expected operating and performing results, planned transactions, planned objectives of management, future developments or conditions in the industries in which we participate and other trends, developments and uncertainties that may affect our business in the future.

Such risks, uncertainties and other factors include, among other things: interest rate changes and the availability of mortgage financing; competition within the industries in which we operate; the availability and cost of land and other raw materials used by us in our homebuilding operations; the impact of any changes to our strategy in responding to the cyclical nature of the industry, including any changes regarding our land positions and the levels of our land spend; the availability and cost of insurance covering risks associated with our businesses; shortages and the cost of labor; weather related slowdowns; slow growth initiatives and/or local building moratoria; governmental regulation directed at or affecting the housing market, the homebuilding industry or construction activities; uncertainty in the mortgage lending industry, including revisions to underwriting standards and repurchase requirements associated with the sale of mortgage loans; the interpretation of or changes to tax, labor and environmental laws which could have a greater impact on our effective tax rate or the value of our deferred tax assets than we anticipate; economic changes nationally or in our local markets, including inflation, deflation, changes in consumer confidence and preferences and the state of the market for homes in general; legal or regulatory proceedings or claims; our ability to generate sufficient cash flow in order to successfully implement our capital allocation priorities; required accounting changes; terrorist acts and other acts of war; and other factors of national, regional and global scale, including those of a political, economic, business and competitive nature. See the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018, and the Company’s other public filings with the Securities and Exchange Commission for a further discussion of these and other risks and uncertainties applicable to our businesses. The Company undertakes no duty to update any forward-looking statement, whether as a result of new information, future events or changes in PulteGroup’s expectations.

About PulteGroup

PulteGroup, Inc. (NYSE: PHM), based in Atlanta, Georgia, is one of America’s largest homebuilding companies with operations in more than 40 markets throughout the country. Through its brand portfolio that includes Centex, Pulte Homes, Del Webb, DiVosta Homes, American West and John Wieland Homes and Neighborhoods, the company is one of the industry’s most versatile homebuilders able to meet the needs of multiple buyer groups and respond to changing consumer demand. PulteGroup conducts extensive research to provide homebuyers with innovative solutions and consumer inspired homes and communities to make lives better.

For more information about PulteGroup, Inc. and PulteGroup brands, go to pultegroup.com; www.pulte.com; www.centex.com; www.delwebb.com; www.divosta.com; www.jwhomes.com and www.americanwesthomes.com. Follow PulteGroup, Inc. on Twitter: @PulteGroupNews.

 
 
 
 

  PulteGroup, Inc.

Consolidated Results of Operations

($000's omitted, except per share data)

(Unaudited)

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Year Ended

 

December 31,

 

December 31,

 

2019

 

2018

 

2019

 

2018

Revenues:

 

 

 

 

 

 

 

Homebuilding

 

 

 

 

 

 

 

Home sale revenues

$

2,925,288

 

 

$

2,884,557

 

 

$

9,915,705

 

 

$

9,818,445

 

Land sale and other revenues

21,828

 

 

59,534

 

 

62,821

 

 

164,504

 

 

2,947,116

 

 

2,944,091

 

 

9,978,526

 

 

9,982,949

 

Financial Services

69,797

 

 

55,059

 

 

234,431

 

 

205,382

 

Total revenues

3,016,913

 

 

2,999,150

 

 

10,212,957

 

 

10,188,331

 

 

 

 

 

 

 

 

 

Homebuilding Cost of Revenues:

 

 

 

 

 

 

 

Home sale cost of revenues

(2,259,131

)

 

(2,264,704

)

 

(7,628,700

)

 

(7,540,937

)

Land sale cost of revenues

(20,484

)

 

(54,769

)

 

(56,098

)

 

(126,560

)

 

(2,279,615

)

 

(2,319,473

)

 

(7,684,798

)

 

(7,667,497

)

 

 

 

 

 

 

 

 

Financial Services expenses

(35,906

)

 

(50,772

)

 

(130,770

)

 

(147,422

)

Selling, general, and administrative expenses

(261,545

)

 

(292,318

)

 

(1,044,337

)

 

(1,012,023

)

Other expense, net

(3,896

)

 

(7,096

)

 

(13,476

)

 

(13,849

)

Income before income taxes

435,951

 

 

329,491

 

 

1,339,576

 

 

1,347,540

 

Income tax expense

(100,153

)

 

(91,842

)

 

(322,876

)

 

(325,517

)

Net income

$

335,798

 

 

$

237,649

 

 

$

1,016,700

 

 

$

1,022,023

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

Basic

$

1.23

 

 

$

0.84

 

 

$

3.67

 

 

$

3.56

 

Diluted

$

1.22

 

 

$

0.84

 

 

$

3.66

 

 

$

3.55

 

Cash dividends declared

$

0.12

 

 

$

0.11

 

 

$

0.45

 

 

$

0.38

 

 

 

 

 

 

 

 

 

Number of shares used in calculation:

 

 

 

 

 

 

 

Basic

270,843

 

 

278,964

 

 

274,495

 

 

283,578

 

Effect of dilutive securities

632

 

 

1,248

 

 

802

 

 

1,287

 

Diluted

271,475

 

 

280,212

 

 

275,297

 

 

284,865

 

 
 
 
 
 

PulteGroup, Inc.

Condensed Consolidated Balance Sheets

($000's omitted)

(Unaudited)

 

 

December 31,

2019

 

December 31,

2018

 

 

 

 

ASSETS

 

 

 

 

 

 

 

Cash and equivalents

$

1,217,913

 

 

$

1,110,088

 

Restricted cash

33,543

 

 

23,612

 

Total cash, cash equivalents, and restricted cash

1,251,456

 

 

1,133,700

 

House and land inventory

7,680,614

 

 

7,253,353

 

Land held for sale

24,009

 

 

36,849

 

Residential mortgage loans available-for-sale

508,967

 

 

461,354

 

Investments in unconsolidated entities

59,766

 

 

54,590

 

Other assets

895,686

 

 

830,359

 

Intangible assets

124,992

 

 

127,192

 

Deferred tax assets, net

170,107

 

 

275,579

 

 

$

10,715,597

 

 

$

10,172,976

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

Liabilities:

 

 

 

Accounts payable

$

435,916

 

 

$

352,029

 

Customer deposits

294,427

 

 

254,624

 

Accrued and other liabilities

1,399,368

 

 

1,360,483

 

Income tax liabilities

36,093

 

 

11,580

 

Financial Services debt

326,573

 

 

348,412

 

Notes payable

2,765,040

 

 

3,028,066

 

Total liabilities

5,257,417

 

 

5,355,194

 

Shareholders' equity

5,458,180

 

 

4,817,782

 

 

$

10,715,597

 

 

$

10,172,976

 

 
 
 
 
 

PulteGroup, Inc.

Consolidated Statements of Cash Flows

($000's omitted)

(Unaudited)

 

Year Ended

 

December 31,

 

2019

 

2018

Cash flows from operating activities:

 

 

 

Net income

$

1,016,700

 

 

$

1,022,023

 

Adjustments to reconcile net income to net cash from operating activities:

 

 

 

Deferred income tax expense

105,438

 

 

362,777

 

Land-related charges

27,101

 

 

99,446

 

Depreciation and amortization

53,999

 

 

49,429

 

Share-based compensation expense

28,368

 

 

28,290

 

Loss on debt retirements

4,927

 

 

76

 

Other, net

1,155

 

 

(3,688

)

Increase (decrease) in cash due to:

 

 

 

Inventories

(237,741

)

 

(50,362

)

Residential mortgage loans available-for-sale

(48,261

)

 

107,330

 

Other assets

(15,125

)

 

(64,174

)

Accounts payable, accrued and other liabilities

140,984

 

 

(101,400

)

Net cash provided by (used in) operating activities

1,077,545

 

 

1,449,747

 

Cash flows from investing activities:

 

 

 

Capital expenditures

(58,119

)

 

(59,039

)

Investments in unconsolidated entities

(9,515

)

 

(1,000

)

Business acquisition

(163,724

)

 

 

Other investing activities, net

5,129

 

 

18,097

 

Net cash provided by (used in) investing activities

(226,229

)

 

(41,942

)

Cash flows from financing activities:

 

 

 

Debt issuance costs

 

 

(8,164

)

Repayments of notes payable

(309,985

)

 

(82,775

)

Borrowings under revolving credit facility

 

 

1,566,000

 

Repayments under revolving credit facility

 

 

(1,566,000

)

Financial Services borrowings (repayments), net

(21,841

)

 

(89,393

)

Stock option exercises

6,399

 

 

6,555

 

Share repurchases

(274,333

)

 

(294,566

)

Cash paid for shares withheld for taxes

(11,450

)

 

(7,910

)

Dividends paid

(122,350

)

 

(104,020

)

Net cash provided by (used in) financing activities

(733,560

)

 

(580,273

)

Net increase (decrease)

117,756

 

 

827,532

 

Cash, cash equivalents, and restricted cash at beginning of period

1,133,700

 

 

306,168

 

Cash, cash equivalents, and restricted cash at end of period

$

1,251,456

 

 

$

1,133,700

 

 

 

 

 

Supplemental Cash Flow Information:

 

 

 

Interest paid (capitalized), net

$

5,605

 

 

$

557

 

Income taxes paid, net

$

137,119

 

 

$

89,204

 

 

 
 
 
 
 

PulteGroup, Inc.

Segment Data

($000's omitted)

(Unaudited)

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Year Ended

 

December 31,

 

December 31,

 

2019

 

2018

 

2019

 

2018

HOMEBUILDING:

 

 

 

 

 

 

 

Home sale revenues

$

2,925,288

 

 

$

2,884,557

 

 

$

9,915,705

 

 

$

9,818,445

 

Land sale and other revenues

21,828

 

 

59,534

 

 

62,821

 

 

164,504

 

Total Homebuilding revenues

2,947,116

 

 

2,944,091

 

 

9,978,526

 

 

9,982,949

 

 

 

 

 

 

 

 

 

Home sale cost of revenues

(2,259,131

)

 

(2,264,704

)

 

(7,628,700

)

 

(7,540,937

)

Land sale cost of revenues

(20,484

)

 

(54,769

)

 

(56,098

)

 

(126,560

)

Selling, general, and administrative expenses

(261,545

)

 

(292,318

)

 

(1,044,337

)

 

(1,012,023

)

Other expense, net

(3,549

)

 

(7,362

)

 

(13,130

)

 

(14,625

)

Income before income taxes

$

402,407

 

 

$

324,938

 

 

$

1,236,261

 

 

$

1,288,804

 

 

 

 

 

 

 

 

 

FINANCIAL SERVICES:

 

 

 

 

 

 

 

Income before income taxes

$

33,544

 

 

$

4,553

 

 

$

103,315

 

 

$

58,736

 

 

 

 

 

 

 

 

 

CONSOLIDATED:

 

 

 

 

 

 

 

Income before income taxes

$

435,951

 

 

$

329,491

 

 

$

1,339,576

 

 

$

1,347,540

 

 
 
 
 
 

PulteGroup, Inc.

Segment Data, continued

($000's omitted)

(Unaudited)

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Year Ended

 

December 31,

 

December 31,

 

2019

 

2018

 

2019

 

2018

 

 

 

 

 

 

 

 

Home sale revenues

$

2,925,288

 

 

$

2,884,557

 

 

$

9,915,705

 

 

$

9,818,445

 

 

 

 

 

 

 

 

 

Closings - units

 

 

 

 

 

 

 

Northeast

487

 

 

556

 

 

1,443

 

 

1,558

 

Southeast

1,067

 

 

1,123

 

 

3,982

 

 

4,220

 

Florida

1,459

 

 

1,509

 

 

5,045

 

 

4,771

 

Midwest

1,091

 

 

1,063

 

 

3,583

 

 

3,716

 

Texas

1,366

 

 

1,193

 

 

4,528

 

 

4,212

 

West

1,352

 

 

1,265

 

 

4,651

 

 

4,630

 

 

6,822

 

 

6,709

 

 

23,232

 

 

23,107

 

Average selling price

$

429

 

 

$

430

 

 

$

427

 

 

$

425

 

 

 

 

 

 

 

 

 

Net new orders - units

 

 

 

 

 

 

 

Northeast

322

 

 

265

 

 

1,562

 

 

1,516

 

Southeast

956

 

 

814

 

 

4,237

 

 

4,114

 

Florida

1,316

 

 

1,018

 

 

5,462

 

 

4,982

 

Midwest

827

 

 

651

 

 

3,721

 

 

3,631

 

Texas

1,094

 

 

767

 

 

4,886

 

 

4,278

 

West

1,176

 

 

752

 

 

5,109

 

 

4,312

 

 

5,691

 

 

4,267

 

 

24,977

 

 

22,833

 

Net new orders - dollars

$

2,450,095

 

 

$

1,809,352

 

 

$

10,615,363

 

 

$

9,675,529

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

 

 

 

2019

 

2018

Unit backlog

 

 

 

 

 

 

 

Northeast

 

 

 

 

589

 

 

470

 

Southeast

 

 

 

 

1,865

 

 

1,610

 

Florida

 

 

 

 

2,306

 

 

1,889

 

Midwest

 

 

 

 

1,540

 

 

1,402

 

Texas

 

 

 

 

1,850

 

 

1,492

 

West

 

 

 

 

2,357

 

 

1,859

 

 

 

 

 

 

10,507

 

 

8,722

 

Dollars in backlog

 

 

 

 

$

4,535,805

 

 

$

3,836,147

 

 
 
 
 
 

PulteGroup, Inc.

Segment Data, continued

($000's omitted)

(Unaudited)

 

 

Three Months Ended

 

Year Ended

 

December 31,

 

December 31,

 

2019

 

2018

 

2019

 

2018

MORTGAGE ORIGINATIONS:

 

 

 

 

 

 

 

Origination volume

4,802

 

 

4,145

 

 

15,821

 

 

14,464

 

Origination principal

$

1,534,416

 

 

$

1,286,154

 

 

$

4,976,973

 

 

$

4,456,360

 

Capture rate

84.1

%

 

76.8

%

 

82.4

%

 

76.2

%

 

 
 

Supplemental Data

($000's omitted)

(Unaudited)

 

 

Three Months Ended

 

Year Ended

 

 

December 31,

 

December 31,

 

 

2019

 

2018

 

2019

 

2018

 

 

 

 

 

 

 

 

 

 

Interest in inventory, beginning of period

$

228,562

 

 

$

242,787

 

 

$

227,495

 

 

$

226,611

 

 

Interest capitalized

40,191

 

 

42,335

 

 

164,114

 

 

172,809

 

 

Interest expensed

(58,370

)

 

(57,627

)

 

(181,226

)

 

(171,925

)

 

Interest in inventory, end of period

$

210,383

 

 

$

227,495

 

 

$

210,383

 

 

$

227,495

 

 

 
 
 
 
 

PulteGroup, Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

This report contains information about our operating results reflecting certain adjustments, including adjustments to cost of revenues, selling general, and administrative expenses, income before income taxes, income tax expense, net income, diluted earnings per share, and operating margin. These measures are considered non-GAAP financial measures under the SEC’s rules and should be considered in addition to, rather than as a substitute for, the comparable GAAP financial measures as measures of our profitability. We believe that reflecting these adjustments provides investors relevant and useful information for evaluating the comparability of financial information presented and comparing our profitability to other companies in the homebuilding industry. Although other companies in the homebuilding industry report similar information, the methods used may differ. We urge investors to understand the methods used by other companies in the homebuilding industry to calculate these measures and any adjustments thereto before comparing our measures to those of such other companies.

The following tables set forth a reconciliation of the non-GAAP financial measures to the GAAP financial measures that management believes to be most directly comparable ($000′s omitted):

   

Reconciliation of Adjusted Net Income and Adjusted EPS

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

December 31,

 

 

Results of Operations Classification

 

2019

 

2018

 

 

 

 

 

 

 

 

 

Net income, as reported

 

 

 

$

335,798

 

 

$

237,649

 

Adjustments to income before income taxes:

 

 

 

 

 

 

 

 

Land impairments

 

Home sale cost of revenues

 

*

 

 

66,911

 

Net realizable value adjustments - land held for sale

 

Land sale cost of revenues

 

*

 

 

8,968

 

Write-offs of pre-acquisition costs

 

Other income (expense)

 

*

 

 

9,595

 

Insurance reserve adjustments

 

SG&A

 

(31,099

)

 

*

 

Financial Services reserve adjustments

 

Financial Services expense

 

*

 

 

16,224

 

Income tax effect of the above items

 

Income tax expense

 

7,672

 

 

(25,719

)

Adjusted net income

 

 

 

$

312,371

 

 

$

313,628

 

 

 

 

 

 

 

 

 

 

EPS (diluted), as reported

 

 

 

$

1.22

 

 

$

0.84

 

Adjusted EPS (diluted)

 

 

 

$

1.14

 

 

$

1.11

 

 

 

 

 

 

 

 

 

 

*Item not meaningful for the period presented

 
 
 
 

Other Reconciliations

 

 

 

 

 

 

 

Three Months Ended

 

December 31,

 

2019

 

2018

Home sale revenues

$

2,925,288

 

 

 

$

2,884,557

 

 

 

 

 

 

 

 

Gross margin, as reported

$

666,157

 

22.8

%

 

$

619,853

 

21.5

%

Land impairments

*

*

 

66,911

 

2.3

%

Adjusted gross margin

$

666,157

 

22.8

%

 

$

686,764

 

23.8

%

 

 

 

 

 

 

SG&A, as reported

$

261,545

 

8.9

%

 

$

292,318

 

10.1

%

Insurance reserve adjustments

31,099

 

1.1

%

 

*

*

Adjusted SG&A

$

292,644

 

10.0

%

 

$

292,318

 

10.1

%

 

 

 

 

 

 

Operating margin, as reported**

 

13.8

%

 

 

11.4

%

Adjusted operating margin***

 

12.8

%

 

 

13.7

%

 

 

 

 

 

 

*Item not meaningful for the period presented

**Operating margin represents gross margin less SG&A divided by home sale revenues

***Adjusted operating margin represents adjusted gross margin less adjusted SG&A divided by home sale revenues

 
 
 

 

View source version on businesswire.com:https://www.businesswire.com/news/home/20200128005146/en/

CONTACT: Investors: Jim Zeumer

(404) 978-6434

Email:jim.zeumer@pultegroup.com

KEYWORD: GEORGIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: BUILDING SYSTEMS OTHER CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY

SOURCE: PulteGroup, Inc.

Copyright Business Wire 2020.

PUB: 01/28/2020 06:30 AM/DISC: 01/28/2020 06:30 AM

http://www.businesswire.com/news/home/20200128005146/en