☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Washington | 91-1223280 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, $.005 Par Value | COST | The Nasdaq Global Select Market |
Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||
Emerging growth company | ☐ |
Page | ||||||||
PART I | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
12 Weeks Ended | |||||||||||
November 20, 2022 | November 21, 2021 | ||||||||||
REVENUE | |||||||||||
Net sales | $ | 53,437 | $ | 49,417 | |||||||
Membership fees | 1,000 | 946 | |||||||||
Total revenue | 54,437 | 50,363 | |||||||||
OPERATING EXPENSES | |||||||||||
Merchandise costs | 47,769 | 43,952 | |||||||||
Selling, general and administrative | 4,917 | 4,718 | |||||||||
Operating income | 1,751 | 1,693 | |||||||||
OTHER INCOME (EXPENSE) | |||||||||||
Interest expense | (34) | (39) | |||||||||
Interest income and other, net | 53 | 42 | |||||||||
INCOME BEFORE INCOME TAXES | 1,770 | 1,696 | |||||||||
Provision for income taxes | 406 | 351 | |||||||||
Net income including noncontrolling interests | 1,364 | 1,345 | |||||||||
Net income attributable to noncontrolling interests | — | (21) | |||||||||
NET INCOME ATTRIBUTABLE TO COSTCO | $ | 1,364 | $ | 1,324 | |||||||
NET INCOME PER COMMON SHARE ATTRIBUTABLE TO COSTCO: | |||||||||||
Basic | $ | 3.07 | $ | 2.99 | |||||||
Diluted | $ | 3.07 | $ | 2.98 | |||||||
Shares used in calculation (000s): | |||||||||||
Basic | 443,837 | 443,377 | |||||||||
Diluted | 444,531 | 444,604 |
12 Weeks Ended | |||||||||||
November 20, 2022 | November 21, 2021 | ||||||||||
NET INCOME INCLUDING NONCONTROLLING INTERESTS | $ | 1,364 | $ | 1,345 | |||||||
Foreign-currency translation adjustment and other, net | (96) | (72) | |||||||||
Comprehensive income | 1,268 | 1,273 | |||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | 23 | |||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO COSTCO | $ | 1,268 | $ | 1,250 |
November 20, 2022 | August 28, 2022 | ||||||||||
ASSETS | |||||||||||
CURRENT ASSETS | |||||||||||
Cash and cash equivalents | $ | 10,856 | $ | 10,203 | |||||||
Short-term investments | 817 | 846 | |||||||||
Receivables, net | 2,312 | 2,241 | |||||||||
Merchandise inventories | 18,571 | 17,907 | |||||||||
Other current assets | 1,594 | 1,499 | |||||||||
Total current assets | 34,150 | 32,696 | |||||||||
OTHER ASSETS | |||||||||||
Property and equipment, net | 25,144 | 24,646 | |||||||||
Operating lease right-of-use assets | 2,787 | 2,774 | |||||||||
Other long-term assets | 3,946 | 4,050 | |||||||||
TOTAL ASSETS | $ | 66,027 | $ | 64,166 | |||||||
LIABILITIES AND EQUITY | |||||||||||
CURRENT LIABILITIES | |||||||||||
Accounts payable | $ | 18,348 | $ | 17,848 | |||||||
Accrued salaries and benefits | 4,317 | 4,381 | |||||||||
Accrued member rewards | 1,959 | 1,911 | |||||||||
Deferred membership fees | 2,322 | 2,174 | |||||||||
Current portion of long-term debt | 71 | 73 | |||||||||
Other current liabilities | 6,050 | 5,611 | |||||||||
Total current liabilities | 33,067 | 31,998 | |||||||||
OTHER LIABILITIES | |||||||||||
Long-term debt, excluding current portion | 6,472 | 6,484 | |||||||||
Long-term operating lease liabilities | 2,503 | 2,482 | |||||||||
Other long-term liabilities | 2,509 | 2,555 | |||||||||
TOTAL LIABILITIES | 44,551 | 43,519 | |||||||||
COMMITMENTS AND CONTINGENCIES | |||||||||||
EQUITY | |||||||||||
Preferred stock $0.005 par value; 100,000,000 shares authorized; no shares issued and outstanding | — | — | |||||||||
Common stock $0.005 par value; 900,000,000 shares authorized; 443,841,000 and 442,664,000 shares issued and outstanding | 2 | 2 | |||||||||
Additional paid-in capital | 6,982 | 6,884 | |||||||||
Accumulated other comprehensive loss | (1,925) | (1,829) | |||||||||
Retained earnings | 16,412 | 15,585 | |||||||||
Total Costco stockholders’ equity | 21,471 | 20,642 | |||||||||
Noncontrolling interests | 5 | 5 | |||||||||
TOTAL EQUITY | 21,476 | 20,647 | |||||||||
TOTAL LIABILITIES AND EQUITY | $ | 66,027 | $ | 64,166 |
12 Weeks Ended November 20, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Total Costco Stockholders’ Equity | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||||||||||||||||||
Shares (000s) | Amount | ||||||||||||||||||||||||||||||||||||||||||||||
BALANCE AT AUGUST 28, 2022 | 442,664 | $ | 2 | $ | 6,884 | $ | (1,829) | $ | 15,585 | $ | 20,642 | $ | 5 | $ | 20,647 | ||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 1,364 | 1,364 | — | 1,364 | |||||||||||||||||||||||||||||||||||||||
Foreign-currency translation adjustment and other, net | — | — | — | (96) | — | (96) | — | (96) | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 403 | — | — | 403 | — | 403 | |||||||||||||||||||||||||||||||||||||||
Release of vested restricted stock units (RSUs), including tax effects | 1,462 | — | (301) | — | — | (301) | — | (301) | |||||||||||||||||||||||||||||||||||||||
Repurchases of common stock | (285) | — | (4) | — | (137) | (141) | — | (141) | |||||||||||||||||||||||||||||||||||||||
Cash dividend declared | — | — | — | — | (400) | (400) | — | (400) | |||||||||||||||||||||||||||||||||||||||
BALANCE AT NOVEMBER 20, 2022 | 443,841 | $ | 2 | $ | 6,982 | $ | (1,925) | $ | 16,412 | $ | 21,471 | $ | 5 | $ | 21,476 | ||||||||||||||||||||||||||||||||
12 Weeks Ended November 21, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Total Costco Stockholders’ Equity | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||||||||||||||||||
Shares (000s) | Amount | ||||||||||||||||||||||||||||||||||||||||||||||
BALANCE AT AUGUST 29, 2021 | 441,825 | $ | 4 | $ | 7,031 | $ | (1,137) | $ | 11,666 | $ | 17,564 | $ | 514 | $ | 18,078 | ||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 1,324 | 1,324 | 21 | 1,345 | |||||||||||||||||||||||||||||||||||||||
Foreign-currency translation adjustment and other, net | — | — | — | (74) | — | (74) | 2 | (72) | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 389 | — | — | 389 | — | 389 | |||||||||||||||||||||||||||||||||||||||
Release of vested RSUs, including tax effects | 1,686 | — | (355) | — | — | (355) | — | (355) | |||||||||||||||||||||||||||||||||||||||
Repurchases of common stock | (77) | — | (1) | — | (34) | (35) | — | (35) | |||||||||||||||||||||||||||||||||||||||
Cash dividend declared | — | — | — | — | (350) | (350) | — | (350) | |||||||||||||||||||||||||||||||||||||||
BALANCE AT NOVEMBER 21, 2021 | 443,434 | $ | 4 | $ | 7,064 | $ | (1,211) | $ | 12,606 | $ | 18,463 | $ | 537 | $ | 19,000 |
12 Weeks Ended | |||||||||||
November 20, 2022 | November 21, 2021 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net income including noncontrolling interests | $ | 1,364 | $ | 1,345 | |||||||
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 447 | 432 | |||||||||
Non-cash lease expense | 111 | 72 | |||||||||
Stock-based compensation | 402 | 388 | |||||||||
Other non-cash operating activities, net | 123 | 111 | |||||||||
Deferred income taxes | (2) | (2) | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Merchandise inventories | (737) | (2,760) | |||||||||
Accounts payable | 487 | 3,389 | |||||||||
Other operating assets and liabilities, net | 415 | 283 | |||||||||
Net cash provided by operating activities | 2,610 | 3,258 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
Purchases of short-term investments | (253) | (258) | |||||||||
Maturities of short-term investments | 274 | 444 | |||||||||
Additions to property and equipment | (1,057) | (1,055) | |||||||||
Other investing activities, net | (21) | (43) | |||||||||
Net cash used in investing activities | (1,057) | (912) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
Tax withholdings on stock-based awards | (301) | (355) | |||||||||
Repurchases of common stock | (141) | (37) | |||||||||
Cash dividend payments | (400) | (350) | |||||||||
Other financing activities, net | (21) | (97) | |||||||||
Net cash used in financing activities | (863) | (839) | |||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (37) | (14) | |||||||||
Net change in cash and cash equivalents | 653 | 1,493 | |||||||||
CASH AND CASH EQUIVALENTS BEGINNING OF YEAR | 10,203 | 11,258 | |||||||||
CASH AND CASH EQUIVALENTS END OF PERIOD | $ | 10,856 | $ | 12,751 | |||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||||||||||
Cash paid during the first 12 weeks of the year for: | |||||||||||
Interest | $ | 52 | $ | 64 | |||||||
Income taxes, net | $ | 214 | $ | 206 | |||||||
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES: | |||||||||||
Financing lease assets obtained in exchange for new or modified leases | $ | 49 | $ | 118 | |||||||
Operating lease assets obtained in exchange for new or modified leases | $ | 68 | $ | 61 |
November 20, 2022: | Cost Basis | Unrealized Losses, Net | Recorded Basis | ||||||||||||||
Available-for-sale: | |||||||||||||||||
Government and agency securities | $ | 570 | $ | (12) | $ | 558 | |||||||||||
Held-to-maturity: | |||||||||||||||||
Certificates of deposit | 259 | — | 259 | ||||||||||||||
Total short-term investments | $ | 829 | $ | (12) | $ | 817 |
August 28, 2022: | Cost Basis | Unrealized Losses, Net | Recorded Basis | ||||||||||||||
Available-for-sale: | |||||||||||||||||
Government and agency securities | $ | 534 | $ | (5) | $ | 529 | |||||||||||
Held-to-maturity: | |||||||||||||||||
Certificates of deposit | 317 | — | 317 | ||||||||||||||
Total short-term investments | $ | 851 | $ | (5) | $ | 846 |
Available-For-Sale | Held-To-Maturity | ||||||||||||||||
Cost Basis | Fair Value | ||||||||||||||||
Due in one year or less | $ | 220 | $ | 217 | $ | 259 | |||||||||||
Due after one year through five years | 264 | 259 | — | ||||||||||||||
Due after five years | 86 | 82 | — | ||||||||||||||
Total | $ | 570 | $ | 558 | $ | 259 |
Level 2 | |||||||||||
November 20, 2022 | August 28, 2022 | ||||||||||
Investment in government and agency securities | $ | 558 | $ | 529 | |||||||
Forward foreign-exchange contracts, in asset position(1) | 19 | 34 | |||||||||
Forward foreign-exchange contracts, in (liability) position(1) | (25) | (2) | |||||||||
Total | $ | 552 | $ | 561 |
November 20, 2022 | August 28, 2022 | ||||||||||
2.750% Senior Notes due May 2024 | $ | 1,000 | $ | 1,000 | |||||||
3.000% Senior Notes due May 2027 | 1,000 | 1,000 | |||||||||
1.375% Senior Notes due June 2027 | 1,250 | 1,250 | |||||||||
1.600% Senior Notes due April 2030 | 1,750 | 1,750 | |||||||||
1.750% Senior Notes due April 2032 | 1,000 | 1,000 | |||||||||
Other long-term debt | 574 | 590 | |||||||||
Total long-term debt | 6,574 | 6,590 | |||||||||
Less unamortized debt discounts and issuance costs | 31 | 33 | |||||||||
Less current portion(1) | 71 | 73 | |||||||||
Long-term debt, excluding current portion | $ | 6,472 | $ | 6,484 |
Shares Repurchased (000s) | Average Price per Share | Total Cost | |||||||||||||||
First quarter of 2023 | 285 | $ | 495.94 | $ | 141 | ||||||||||||
First quarter of 2022 | 77 | $ | 455.08 | $ | 35 | ||||||||||||
Number of Units (in 000s) | Weighted-Average Grant Date Fair Value | ||||||||||
Outstanding at August 28, 2022 | 3,449 | $ | 338.41 | ||||||||
Granted | 1,678 | 470.47 | |||||||||
Vested and delivered | (2,090) | 352.56 | |||||||||
Forfeited | (20) | 385.02 | |||||||||
Outstanding at November 20, 2022 | 3,017 | $ | 401.75 |
12 Weeks Ended | |||||||||||
November 20, 2022 | November 21, 2021 | ||||||||||
Stock-based compensation expense | $ | 402 | $ | 388 | |||||||
Less recognized income tax benefits | 89 | 85 | |||||||||
Stock-based compensation expense, net | $ | 313 | $ | 303 |
12 Weeks Ended | |||||||||||
November 20, 2022 | November 21, 2021 | ||||||||||
Net income attributable to Costco | $ | 1,364 | $ | 1,324 | |||||||
Weighted average basic shares | 443,837 | 443,377 | |||||||||
RSUs | 694 | 1,227 | |||||||||
Weighted average diluted shares | 444,531 | 444,604 | |||||||||
United States Operations | Canadian Operations | Other International Operations | Total | ||||||||||||||||||||
12 Weeks Ended November 20, 2022 | |||||||||||||||||||||||
Total revenue | $ | 40,145 | $ | 7,356 | $ | 6,936 | $ | 54,437 | |||||||||||||||
Operating income | 1,236 | 288 | 227 | 1,751 | |||||||||||||||||||
12 Weeks Ended November 21, 2021 | |||||||||||||||||||||||
Total revenue | $ | 36,317 | $ | 7,121 | $ | 6,925 | $ | 50,363 | |||||||||||||||
Operating income | 1,118 | 293 | 282 | 1,693 | |||||||||||||||||||
52 Weeks Ended August 28, 2022 | |||||||||||||||||||||||
Total revenue | $ | 165,294 | $ | 31,675 | $ | 29,985 | $ | 226,954 | |||||||||||||||
Operating income | 5,268 | 1,346 | 1,179 | 7,793 | |||||||||||||||||||
12 Weeks Ended | |||||||||||
November 20, 2022 | November 21, 2021 | ||||||||||
Foods and Sundries | $ | 21,448 | $ | 19,563 | |||||||
Non-Foods | 14,032 | 14,162 | |||||||||
Fresh Foods | 6,717 | 6,439 | |||||||||
Warehouse Ancillary and Other Businesses | 11,240 | 9,253 | |||||||||
Total net sales | $ | 53,437 | $ | 49,417 |
12 Weeks Ended | |||||||||||
November 20, 2022 | November 21, 2021 | ||||||||||
Net Sales | $ | 53,437 | $ | 49,417 | |||||||
Changes in net sales: | |||||||||||
U.S | 11 | % | 16 | % | |||||||
Canada | 3 | % | 19 | % | |||||||
Other International | — | % | 17 | % | |||||||
Total Company | 8 | % | 17 | % | |||||||
Changes in comparable sales: | |||||||||||
U.S | 9 | % | 15 | % | |||||||
Canada | 2 | % | 17 | % | |||||||
Other International | (3) | % | 13 | % | |||||||
Total Company | 7 | % | 15 | % | |||||||
E-commerce | (4) | % | 14 | % | |||||||
Changes in comparable sales excluding the impact of changes in foreign-currency and gasoline prices: | |||||||||||
U.S | 7 | % | 10 | % | |||||||
Canada | 8 | % | 8 | % | |||||||
Other International | 9 | % | 11 | % | |||||||
Total Company | 7 | % | 10 | % | |||||||
E-commerce | (2) | % | 13% |
12 Weeks Ended | |||||||||||
November 20, 2022 | November 21, 2021 | ||||||||||
Membership fees | $ | 1,000 | $ | 946 | |||||||
Membership fees increase | 6 | % | 10 | % | |||||||
Total paid members (000s) | 66,900 | 62,500 | |||||||||
Total cardholders (000s) | 120,900 | 113,100 |
12 Weeks Ended | |||||||||||
November 20, 2022 | November 21, 2021 | ||||||||||
Net sales | $ | 53,437 | $ | 49,417 | |||||||
Less merchandise costs | 47,769 | 43,952 | |||||||||
Gross margin | $ | 5,668 | $ | 5,465 | |||||||
Gross margin percentage | 10.61 | % | 11.06 | % |
12 Weeks Ended | |||||||||||
November 20, 2022 | November 21, 2021 | ||||||||||
SG&A expenses | $ | 4,917 | $ | 4,718 | |||||||
SG&A expenses as a percentage of net sales | 9.20 | % | 9.55 | % |
12 Weeks Ended | |||||||||||
November 20, 2022 | November 21, 2021 | ||||||||||
Interest expense | $ | 34 | $ | 39 |
12 Weeks Ended | |||||||||||
November 20, 2022 | November 21, 2021 | ||||||||||
Interest income | $ | 54 | $ | 8 | |||||||
Foreign-currency transaction gains (losses), net | (9) | 26 | |||||||||
Other, net | 8 | 8 | |||||||||
Interest income and other, net | $ | 53 | $ | 42 |
12 Weeks Ended | |||||||||||
November 20, 2022 | November 21, 2021 | ||||||||||
Provision for income taxes | $ | 406 | $ | 351 | |||||||
Effective tax rate | 23.0 | % | 20.7 | % |
12 Weeks Ended | |||||||||||
November 20, 2022 | November 21, 2021 | ||||||||||
Net cash provided by operating activities | $ | 2,610 | $ | 3,258 | |||||||
Net cash used in investing activities | (1,057) | (912) | |||||||||
Net cash used in financing activities | (863) | (839) | |||||||||
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Programs(1) | Maximum Dollar Value of Shares that May Yet be Purchased Under the Programs(1) | |||||||||||||||||||
August 29, 2022 — September 25, 2022 | 89,000 | $ | 513.91 | 89,000 | $ | 2,762 | |||||||||||||||||
September 26, 2022 — October 23, 2022 | 101,000 | 473.85 | 101,000 | 2,714 | |||||||||||||||||||
October 24, 2022 — November 20, 2022 | 95,000 | 502.66 | 95,000 | 2,667 | |||||||||||||||||||
Total first quarter | 285,000 | $ | 495.94 | 285,000 |
Incorporated by Reference | ||||||||||||||||||||||||||||||||
Exhibit Number | Exhibit Description | Filed Herewith | Form | Period Ending | Filing Date | |||||||||||||||||||||||||||
3.1 | 10-K | 8/28/2022 | 10/5/2022 | |||||||||||||||||||||||||||||
3.2 | 10-Q | 5/8/2022 | 6/2/2022 | |||||||||||||||||||||||||||||
10.1* | 8-K | 11/9/2022 | ||||||||||||||||||||||||||||||
10.2* | x | |||||||||||||||||||||||||||||||
10.3 | x | |||||||||||||||||||||||||||||||
10.4 | x | |||||||||||||||||||||||||||||||
31.1 | x | |||||||||||||||||||||||||||||||
32.1 | x | |||||||||||||||||||||||||||||||
101.INS | Inline XBRL Instance Document | x | ||||||||||||||||||||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | x | ||||||||||||||||||||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | x | ||||||||||||||||||||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | x | ||||||||||||||||||||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | x | ||||||||||||||||||||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | x | ||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) | x |
COSTCO WHOLESALE CORPORATION (Registrant) | |||||||||||
December 29, 2022 | By | /s/ W. CRAIG JELINEK | |||||||||
Date | W. Craig Jelinek Chief Executive Officer and Director | ||||||||||
December 29, 2022 | By | /s/ RICHARD A. GALANTI | |||||||||
Date | Richard A. Galanti Executive Vice President, Chief Financial Officer and Director |
By: /s/ W. Craig Jelinek | ||
W. Craig Jelinek | ||
Chief Executive Officer | ||
Costco Wholesale Corporation | ||
By: /s/ Hamilton James | ||
Hamilton E. James | ||
Chairman of the Board | ||
COSTCO WHOLESALE CORPORATION | CITIBANK, N.A. | ||||||||||
By: | /s/ Sandy Torrey | By: | /s/ Matthew Brem | ||||||||
Name: | Sandy Torrey | Name: | Matthew Brem | ||||||||
Title: | SVP, Corporate Marketing | Title: | Vice President, Citibank N.A. |
COSTCO WHOLESALE CORPORATION | CITIBANK, N.A. | ||||||||||
By: | /s/ Sandy Torrey | By: | /s/ Jennifer Longino | ||||||||
Name: | Sandy Torrey | Name: | Jennifer Longino | ||||||||
Title: | SVP, Corporate Marketing | Title: | Vice President |
Car Rental | No country exclusions. No vehicle exclusions | ||||
Damage & Theft Purchase Protection | Up to 120 days post purchase. Up to $1,000 per claim, $50,000 per year. | ||||
Travel Accident | Up to $250,000 | ||||
Travel & Emergency Assistance | Emergency travel arrangements, cash transfers, medical referrals, etc. | ||||
Roadside Assistance | Dispatch service for roadside support. |
/s/ W. CRAIG JELINEK | |||||
W. Craig Jelinek | |||||
Chief Executive Officer and Director |
/s/ RICHARD A. GALANTI | |||||
Richard A. Galanti | |||||
Executive Vice President, Chief Financial Officer and Director |
/s/ W. CRAIG JELINEK | Date: December 29, 2022 | |||||||
W. Craig Jelinek | ||||||||
Chief Executive Officer and Director |
/s/ RICHARD A. GALANTI | Date: December 29, 2022 | |||||||
Richard A. Galanti | ||||||||
Executive Vice President, Chief Financial Officer and Director |