ASAN Shareholder/Stockholder Letter Transcript:
012345 738347
7490 23247 815
4
9
81
4
9 2
7
7
2
1
5 9
81108/ 40 3 00 70813 3 74932 1 !1 ! 234 3 4 7490 23247 4 9 81 4 893 ! 1
6
3 817232 1 40 3 00 70813 3 74932 1 !1 ! 234 3 4 7490 23247 4 9 81 4 893 ! 1
5
5 7 8 9 :7 5 4 373 ; < 5= 1! >
9 ?? @ 97 "1 ! F
27 7 5 75 G<5 3 8 @ 8 5D 5 5 5 H 4
22 7 7?D9 =75 37 @ 8 4
>11 9 ? 7 577 7< 7 !
7 5 8 8 98 ! I
JKLLMNOO QR SMTUVTSWX NYNVZ[T\N QRRTVNO WUL ]TS ^QLN_
2 ! 4 "1FFF
J`NaTO[MWU[bO [NXNScQUN UZdeNMf TUVXZLTUa WMNW VQLN_
g,hi'jkj,l ',mjlk,',n oi'li&+k kp g,hkjp+ qr$s- pt ku, vhkw
3 97 @ 7 8 89
xy&ll v xpzzp+ gkplhu(&{ '|,}~}}}}q o&' &yi, o,'
35 3 7=?A 92 4
vgv
1 ?7 @ 7 8 7C8 7 E 8 57 7573
( gkkpphh((
hhuu&&++mm,,
p+
m p
,''zg
+njh&k, s hu,h( z&'( jt ku, ',mjlk'&+k jl & ,yy (+p + l,&lp+,n jlli,'{ &l n,tj+,n j+ iy, } pt ku, g,hi'jkj,l vhk~ ,l p 6
+njh&k, s hu,h( z&'( jt ku, ',mjlk'&+k jl +pk ', ij',n kp tjy, ',op'kl oi'li&+k kp g,hkjp+ q p' g,hkjp+ q $n- pt ku, vhk~ ,l 6 p
+njh&k, s hu,h( z&'( u,ku,' ku, ',mjlk'&+kw $q- u&l tjy,n &yy ',op'kl ', ij',n kp s, tjy,n s g,hkjp+ q p' q $n- pt ku, g,hi'jkj,l hu&+m, vhk pt q ni'j+m ku, o',h,nj+m qr zp+kul $p' tp' lihu lup'k,'
o,'jpn ku&k ku, ',mjlk'&+k &l ', ij',n kp tjy, lihu ',op'kl-{ &+n $r- u&l s,,+ lis ,hk kp lihu tjyj+m ', ij',z,+kl tp' ku, o&lk } n& l~ ,l p 6
+njh&k, s hu,h( z&'( u,ku,' ku, ',mjlk'&+k u&l liszjkk,n ,y,hk'p+jh&yy , ,' +k,'&hkj , &k& jy, ', ij',n kp s, liszjkk,n oi'li&+k kp iy, } pt ,miy&kjp+ g $ r r~ } pt kujl hu&ok,'- ni'j+m ku,
o',h,nj+m qr zp+kul $p' tp' lihu lup'k,' o,'jpn ku&k ku, ',mjlk'&+k &l ', ij',n kp liszjk lihu tjy,l-~ ,l p 6
+njh&k, s hu,h( z&'( u,ku,' ku, ',mjlk'&+k jl & y&'m, &hh,y,'&k,n tjy,'{ &+ &hh,y,'&k,n tjy,'{ & +p+ &hh,y,'&k,n tjy,'{ & lz&yy,' ',op'kj+m hpzo&+ { p' &+ ,z,'mj+m m'p ku hpzo&+ ~ g,, ku, n,tj+jkjp+l pt
y&'m, &hh,y,'&k,n tjy,'{ &hh,y,'&k,n tjy,'{ lz&yy,' ',op'kj+m hpzo&+ { &+n ,z,'mj+m m'p ku hpzo&+ j+ iy, qrs r pt ku, hu&+m, vhk~
&'m, &hh,y,'&k,n tjy,'
vhh,y,'&k,n tjy,'
p+ &hh,y,'&k,n tjy,'
gz&yy,' ',op'kj+m hpzo&+
z,'mj+m m'p ku hpzo&+
t &+ ,z,'mj+m m'p ku hpzo&+ { j+njh&k, s hu,h(z&'( jt ku, ',mjlk'&+k u&l ,y,hk,n +pk kp il, ku, , k,+n,n k'&+ljkjp+ o,'jpn tp' hpzoy j+m jku &+ +, p' ', jl,n tj+&+hj&y &hhpi+kj+m lk&+n&'nl o'p jn,n
oi'li&+k kp g,hkjp+ q $&- pt ku, hu&+m, vhk~
+njh&k, s hu,h( z&'( u,ku,' ku, ',mjlk'&+k u&l tjy,n & ',op'k p+ &+n &kk,lk&kjp+ kp jkl z&+&m,z,+k l &ll,llz,+k pt ku, ,tt,hkj ,+,ll pt jkl j+k,'+&y hp+k'py p ,' tj+&+hj&y ',op'kj+m i+n,' g,hkjp+ } $s- pt
ku, g&'s&+,l * y, vhk $q ~g~x~ r r$s-- s ku, ',mjlk,',n oisyjh &hhpi+kj+m tj'z ku&k o',o&',n p' jlli,n jkl &injk ',op'k~
t l,hi'jkj,l &', ',mjlk,',n oi'li&+k kp g,hkjp+ qr$s- pt ku, vhk{ j+njh&k, s hu,h( z&'( u,ku,' ku, tj+&+hj&y lk&k,z,+kl pt ku, ',mjlk'&+k j+hyin,n j+ ku, tjyj+m ',ty,hk ku, hp'',hkjp+ pt &+ ,''p' kp o', jpily
jlli,n tj+&+hj&y lk&k,z,+kl~ 6
+njh&k, s hu,h( z&'( u,ku,' &+ pt kupl, ,''p' hp'',hkjp+l &', ',lk&k,z,+kl ku&k ', ij',n & ',hp ,' &+&y ljl pt j+h,+kj , s&l,n hpzo,+l&kjp+ ',h,j ,n s &+ pt ku, ',mjlk'&+k l , ,hikj , pttjh,'l ni'j+m
ku, ',y, &+k ',hp ,' o,'jpn oi'li&+k kp r }~q} q$s-~ 6
+njh&k, s hu,h( z&'( u,ku,' ku, ',mjlk'&+k jl & lu,yy hpzo&+ $&l n,tj+,n j+ iy, qrs r pt ku, vhk-~ ,l 6 p .
u, &mm',m&k, z&'(,k &yi, pt ku, ',mjlk'&+k l lu&',l pt xy&ll v hpzzp+ lkph( u,yn s +p+ &ttjyj&k,l pt ku, ',mjlk'&+k &l pt iy q{ r}r { ku, y&lk silj+,ll n& pt ku, ',mjlk'&+k l zplk ',h,+ky hpzoy,k,n
l,hp+n tjlh&y i&'k,'{ &l &oo'p jz&k,y |q~ sjyyjp+{ s&l,n p+ ku, hyplj+m o'jh, ',op'k,n tp' lihu n&k, p+ ku, , p'( gkph( hu&+m,~ gu&',l pt hpzzp+ lkph( u,yn s ,&hu , ,hikj , pttjh,'{ nj',hkp'
&+n upyn,' pt p' zp', pt ku, piklk&+nj+m hpzzp+ lkph( u& , s,,+ , hyin,n j+ ku&k lihu o,'lp+l z& s, n,,z,n kp s, &ttjyj&k,l~ ujl n,k,'zj+&kjp+ pt &ttjyj&k, lk&kil np,l +pk ',ty,hk & n,k,'zj+&kjp+
ku&k lihu o,'lp+l &', &ttjyj&k,l pt ku, ',mjlk'&+k tp' &+ pku,' oi'opl,~
vl
{ p t} %&
{r '}h~u { r}r { ku, +izs,' pt lu&',l pt ku, ',mjlk'&+k l xy&ll v hpzzp+ lkph( piklk&+nj+m &l q r{q { &+n ku, +izs,' pt lu&',l pt ku, ',mjlk'&+k l xy&ll hpzzp+ lkph( piklk&+nj+m &l
012345678 621 1 75 5 55625
! " #$ % & ' ( ) ' * % +, '! + - ! .$ + /// ( ) ' 0 - 1 & 2345 6 ! + !7 %)+
! " #$ % & 6 '' . ' ! 6 % +) ! 8#+ 9 && 6 2:3 ! $ ! + ' $ ! ! ; ) $ <2= :3:>7
01234 67 8690490
0 $1
2 3 4 ' $# ) 4
5 6 * + . 7 #'$
- 6 ! +$ 4 8 ,$ $ 9: .; ' ) * $#!<$') 6 ) #< $+
9:
6 4 8 7 # $ ) '. $+ " # ' ,$ ) $ ) ' $+ ?1 $
A ( ) A ' ( 7 #'$ /$ 6 ! !
@ " # ' * ) * 11' . 7
B ,< 4 ) 7 4 C < ##$ $ ##$ 4 ) " # ' 7 #'$
B ,$ $' ) $# )
B ? < +$ $
B, 7 #'$ 4 ) 4 "$ 4 D ) # $ E< ( 1 # $
F 7 # $ ; 9G # ( ?++ # ) ,$ 1$ H$( #
9G # ( ,$ 1 $
0 * # . ?I < 1 $+ , + # ' ?I ) 6 4 ) ' ) * $#!<$')
6
2 , ' $ < 1 ) ' ) E # $ ; ) 7 # $ ) 1 ) #
5 # 1 ' ##$ 4 " ) * ( #
J
- 9G< / ) " # ' * *#< ) '
% "$ FKL * .
* 4
2
-0
-5
-5
2
5
0
0
2
2
5
5
B
0F
0123456 89 2 2 5 48 9 5 699 48 0 5 2 28 0
!" #!$ %&'( ) " *!+ !,' - . " " $ " + " " $ . * / )" 01 *
" / ) ! " )" * %2334 $ , , 5" 6/ ) ! " )"784 , / )" 0%9 * " / ) ! " 9:) . )" *
%23;4 $ , , 5" 69:) . )"784 + ) " " $ " < < = " " ! - , ) !" " > " " $ "
" ! " " " $ " * "! ) * )" ) " , " !" #!$ %&'(4 ) , . " " $ "
! . !, . ! * " ! ! " * ! " ! * ) ) , " ? = "! " .@ , ? , =A )" < *
$ . $ " *! * " ! ! " ! *!+ !,' - . " " $ " > B $ ) 4 @ ) , " *@ *!+ !,' - .
" " $ " = ) " @ ) " + !, ) 6 " ) " 47 6= < 47 6) " $ " 47 6) " 47 6) ,47
6 " $ " 47 6 : )"47 6 " ,47 6$ @47 6 47 6 " " 47 6 ! , )"47 6 !A )"47 6 ,47 6" !. "47 6+ 47 !
6+ ,7 ! " . " < * " + !, ! " ! $ ! " !$ ! : ! > #!+ !,' - . " " $ " ) " ,
" !" #!$ %&'( ) , 4 = " ! " $ " , "4 " " $ " = "C ! = "@ " .!+ ! $ "
! , !'= , " ! " " ! " 4 : , . * ! "*!$ + " !. D " 4 , = )! " " !
"*!$? ! = "@ " ) < !" , < , 4 " $ 4 , !. D " ! *! , "! < ! " @ .
) "$ ! ? " " $ . , )) * + * " ! 4 " .! " 4 ) = " 4 , ) $ " =@ 4 ! =@ !
)$ " "! " " ! !, )" 4 ) , . " )) * , @$ " * !" * ) " . ) 56 B784 ! @ " !
: , " ! 4 + "!@ " ! " . 4 " " + $ @ ) ! " $ " , : , ! = ,
: )" " ! . !, . ! ) " * ! < 4 .! $ !. 4 , ! " . : ? " ** )" * ) !" " ! " ,
" . . $ )! ) $ ) ) , " 4 ) , . < " E "@ ) " $ !- " 4 ! = 4 ! " *
! " 4 , * ) ) , " ? !*!$ ) * ! , $ !- " . )" < " ? ! !" )" . "
) ! "@ =! ) 4 " ) ) , ** ) " 4 ! " !! " " ! "*!$? ! = "@ " )) * @ , * , " . "
=! . " . " 4 " " , " '! " , "" $ " @$ " 4 ! " ! " . " '! " , ) " ? " " ! ) .
" " ) " , " " ) " , " $ . * : ! " , " " )E " * = 4 " "4 " ) . 4 !
" )" ! !"@4 ) , . " " @ . * ) " $ !" D " ) " , = +! " ',+ ? . !
) $ ) ) , " ** )" . ,$ " ) ! " ! " $ !- " 4 , " ! " * . = *!$ " " ) .@
56B 78 , .4 ) , . ! " * ,+ " ! ! ! ) 4 * " , * )" " . " ! " ! " 4 ,
F , " ! @ *!+ !,' - . " " $ " ! , )" * * " ! < " > G < = , " *!+ !,'
!A )" = " * " ! < " , "! , " " + = < $ @ ** )" ! = 4 * ) ) , " 4 , ! " .
! " > ")$ * " < " , )! = , " *!+ !,' - . " " $ " =A )" " ! - 4 ) !" " 4
, " ! * )"! , )! = , " )" " " , HIJK MNOPQRJ , + ! " !" #!$ %&'(>
S ! < !4 + ! " < !@ )$ " " < , ! , @ ) . . < ! $ "> T + ! - , ) !" " $ !.
*!$ " $ " " $ 4 , " " = *! " ! , )" ! - , ) !" " " " ) , < $ )" "
*!+ !,' - . " " $ " ) " , " !" #!$ %&'(> ! " 4 < " 4 , ) !) $ " )
! * )" , " *!+ !,' - . " " $ " $ @ " = ) < , ! )) !4 , )" ! " 4 < " 4 !
B ,, " 4 " " $ " " " 6+ = < 7 , $ ! " " $ " ! * )" ! = * , " ! < "
=A )"> " " $ " ! = , *!$ " < = " * " , " * " !" #!$ %&'
(>G + = < " " ) *!$ " !< , ! = = *! " " " $ " 4 " " *!$ " $ @ =
$ " , ! )$ " > U ! " " $ " , " = ! , " , ) " " " + < ) , )" , : " < E !@
"4 ! ! < + *4 ! < " *!$ " > " " $ " ! ! " @ ) !" 4 , < "! ! ) " ,
+ ) " " " $ " ! $ , > G , !" - = . " " , " @ *!+ !,' - . " " $ " $ ,
" !" #!$ %&'( ! " ! * )" + *!$ " ! " )) !! ) * " ) " , < " 4 :) "
! E ! , =@ +> G $ @ " )" @ ) < " 4 " " 4 ! : )" " , ) , ! *!+ !,' - .
" " $ " 4 , @ , " ) , ! ) ! *!+ !,' - . " " $ " > U ! *!+ !,' - .
0121343510 78 581 9331 13 81351 2 4 21 8 25 1 93 2 0 1 850 439 390 7 0 80 1 850 8 51 351 930
93019 1 9 5 0 89 5 30143510
8 08 7 9327 1 0 55 2 3 891 85 894 257 13 78 43510 121 3 9339353 5 1 0 55 2 3 891
85 894 257 2 3 37 1 13 !3 9 1 30 257 "# 25 3 $844 00 85 %13 &!"$'( 20 3# ) 10 18 1 0 55 2
3 891 85 894 1 13 573901257 5 121 8 9 21 2 1 93 930 10 3 30 8 21 1 39894253 257
3 3510 257 9 4012530 42 )3 42139 2 7 39351 984 21 3 3# 31
*++,-,./01 3/4.560-,./
75300 13 8513#1 8139 03 93 930 2 93393530 5 1 0 55 2 3 891 85 894 18 & 3 ' & 0 ' &8 9 '
&8 9 84 25 ' 257 & 0252' 9339 18 0252 85 257 10 8508 72137 0 )0 7 29 30 9 3 0252 8 8 & 0252 ' &:89;
<92 ' 257 8 9 8139 93 013937 89 84485 2 19273429;0 039 3 429;0 89 19273 52430 2 329 5 5 1 0 55 2
3 891 85 894 293 13 98 391 8 0252 85 =139 19273 52430 19273429;0 257 039 3 429;0 037 5 1 0
55 2 3 891 85 894 293 13 98 391 8 13 9 930 31 3 8 5390
>?@@*AB CD A3>E> *DDFGH3IJ C?A K?>3IF>>
85 301 5 5 8 9 $200 84485 018; 5 8 30 5 4398 0 9 0;0 5 7 5 13 9 0;0 7309 )37 5 LMNO QRQOST
UVW XYZ[ \M]O^NZ 8 1 0 55 2 3 891 85 894 _38 293 0843 8 1303 9 0;0 25 853 8 8 7
42139 2 27 3903 2 31 8 9 ) 0 5300 525 2 857 1 85 930 10 8 8 3921 850 257 980 310
` = 9 9 89 98 1 92130 42 581 )3 57 21 3 8 8 9 1 93 98 1
` :3 2 3 2 4 137 8 3921 5 0189 21 8 9 99351 023 42;30 1 7 1 18 3 2 213 8 9 1 93
980 310 257 42 593203 13 9 0; 121 3 581 )3 0 300
` :3 2 3 2 0189 8 80030 257 3 42 581 )3 2)3 18 2 3 3 98 12) 1 89 2 3 37 0 012 5
98 12) 1
` :3 )3 3 3 8 9 85 1394 2 3 20 2 84 25 )3 932139 3 8 0 85 98 1 42 53 21 3
4 21 8 9 98 12) 1 5 13 5329 257 437 4 1394
` = 9 29139 257 255 2 930 10 42 1 213 0 5 251 257 42 581 4331 8 9 3# 3121 850 89 1803 8
5 301890 89 03 9 1 30 252 010
` 8 3 293 52)3 18 211921 53 0184390 85 391 57 7 20 13240 257 89 25 a21 850 0 5 8 9 933 257
19 2 390 850 518 2 5 0184390 257 3# 257 02 3 1 5 89 25 a21 850 89 73 38 53 321 930
513 921 850 2 2) 1 30 257 3525343510 121 2 3 3 429;31 2 3 1253 8 9 93 35 3 98 1 8 7 )3
29437
` 8 13 429;31 89 89; 4252 34351 08 1 850 73 38 0 4893 08 125 3 3# 31 89 73 530 8 9
) 0 5300 8 7 )3 27 3903 2 3137
` :3 8 39213 5 2 84 31 1 3 57 019 257 84 31 1 85 9303510 25 85 8 5 19321 18 13 0 300 8
8 9 ) 0 5300 = 9 2) 1 18 84 313 257 350 93 8 9 0 300 93 930 73 38 43510 5 8 9 13 588
5 7 5 13 0 300 73 8 4351 8 8 5 8 9 987 10
` 2 93 18 3 31 3 73 38 257 3 392 3 8 9 0230 2 2) 1 30 8 7 294 8 9 2) 1 18 3# 257 02 3 8
8 9 21894 1 5 8 9 018439 )203 257 2 3 3 )982739 429;31 2 3 1253 8 8 9 21894
` 8 8 9 589421 85 13 588 0 01340 89 1803 8 1 97 291 30 1 84 3 89; 89 8 9 7212 293
84 984 037 89 8 39213 5 25 5 5135737 2 3 8 7 3# 39 353 27 3903 8503 3530 5 7 5 ) 1
581 4 137 18 93 2189 5 301 21 850 89 21 850b 1 21 85b 530 257 3521 30b 7 09 1 850 8 8 9 ) 0 5300
8 3921 850b 93 121 852 294b 800 8 93 35 3 89 98 10b 257 8139 27 3903 8503 3530
` 8 3 2 18 4252 3 8 9 13 5 2 8 3921 850 592019 1 93 89 3# 39 353 039 3 8 12 30 51399 1 850 89
732 0 5 13 73 8 4351 8 8 9 21894 8 9 930 10 8 8 3921 850 42 )3 29437
c
4/20/2026 Letter Continued (Full PDF)