AMERICAN EQUITY INVESTMENT LIFE HOLDING CO - FORM 8-K - EX-99.2 - FINANCIAL SUPPLEMENT - May 6, 2020

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Exhibit 99.2



AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement

March 31, 2020


A.
Financial Highlights
 
 
 
 
 
Non-GAAP Financial Measures
 
 
 
 
 
 
 
 
 
 
B.
Product Summary
 
 
 
 
 
 
 
 
 
C.
Investment Summary
 
 
 
 
 
 
 
 
 
D.
 
 
 
E.





AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - March 31, 2020
Unaudited (Dollars in thousands)


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
 
March 31, 2020
 
December 31, 2019
Assets
 
 
 
Investments:
 
 
 
Fixed maturity securities, available for sale, at fair value
$
47,704,867

 
$
51,580,490

Mortgage loans on real estate
3,668,625

 
3,448,793

Derivative instruments
207,265

 
1,355,989

Other investments
497,598

 
492,301

Total investments
52,078,355

 
56,877,573

 
 
 
 
Cash and cash equivalents
1,833,099

 
2,293,392

Coinsurance deposits
4,933,992

 
5,115,013

Accrued investment income
472,667

 
472,826

Deferred policy acquisition costs
3,615,101

 
2,923,454

Deferred sales inducements
2,414,533

 
1,966,723

Deferred income taxes
90,384

 
—

Income taxes recoverable
46,324

 
—

Other assets
65,101

 
47,571

Total assets
$
65,549,556

 
$
69,696,552

 
 
 
 
Liabilities and Stockholders' Equity
 
 
 
Liabilities:
 
 
 
Policy benefit reserves
$
60,619,047

 
$
61,893,945

Other policy funds and contract claims
248,178

 
256,105

Notes payable
495,251

 
495,116

Subordinated debentures
77,893

 
157,265

Amounts due under repurchase agreements
186,105

 
—

Deferred income taxes
—

 
177,897

Income taxes payable
—

 
429

Other liabilities
400,325

 
2,145,676

Total liabilities
62,026,799

 
65,126,433

 
 
 
 
Stockholders' equity:
 
 
 
Preferred stock
16

 
16

Common stock
91,498

 
91,107

Additional paid-in capital
1,215,464

 
1,212,311

Accumulated other comprehensive income
219,974

 
1,497,921

Retained earnings
1,995,805

 
1,768,764

Total stockholders' equity
3,522,757

 
4,570,119

Total liabilities and stockholders' equity
$
65,549,556

 
$
69,696,552




Page 1


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - March 31, 2020
Unaudited (Dollars in thousands, except per share data)


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
 
Three Months Ended 
 March 31,
 
2020
 
2019
Revenues:
 
 
 
Premiums and other considerations
$
7,664

 
$
5,410

Annuity product charges
59,549

 
52,966

Net investment income
573,318

 
558,438

Change in fair value of derivatives
(941,874
)
 
384,469

Net realized gains (losses) on investments, excluding credit losses on fixed maturity securities, available for sale
11,035

 
(563
)
Credit losses on fixed maturity securities, available for sale
(31,371
)
 
—

Loss on extinguishment of debt
(2,024
)
 
—

Total revenues
(323,703
)
 
1,000,720

 
 
 
 
Benefits and expenses:
 
 
 
Insurance policy benefits and change in future policy benefits
10,072

 
9,299

Interest sensitive and index product benefits
400,219

 
136,674

Amortization of deferred sales inducements
73,591

 
33,309

Change in fair value of embedded derivatives
(1,250,061
)
 
766,323

Interest expense on notes payable
6,385

 
6,379

Interest expense on subordinated debentures
1,588

 
4,088

Amortization of deferred policy acquisition costs
120,702

 
45,132

Other operating costs and expenses
43,626

 
38,979

Total benefits and expenses
(593,878
)
 
1,040,183

Income (loss) before income taxes
270,175

 
(39,463
)
Income tax expense (benefit)
27,228

 
(9,453
)
Net income (loss)
242,947

 
(30,010
)
Less: Preferred stock dividends
6,611

 
—

Net income (loss) available to common stockholders
$
236,336

 
$
(30,010
)
 
 
 
 
 
 
 
 
Earnings (loss) per common share
$
2.58

 
$
(0.33
)
Earnings (loss) per common share - assuming dilution
$
2.57

 
$
(0.33
)
 
 
 
 
Weighted average common shares outstanding (in thousands):
 
 
 
Earnings (loss) per common share
91,644

 
90,883

Earnings (loss) per common share - assuming dilution
92,021

 
91,744



Page 2


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - March 31, 2020
Unaudited (Dollars in thousands, except per share data)


Quarterly Summary - Most Recent 5 Quarters
 
Q1 2020
 
Q4 2019
 
Q3 2019
 
Q2 2019
 
Q1 2019
Revenues:
 
 
 
 
 
 
 
 
 
Traditional life insurance premiums
$
823

 
$
762

 
$
778

 
$
799

 
$
829

Life contingent immediate annuity considerations
6,841

 
8,084

 
4,374

 
3,327

 
4,581

Surrender charges
19,705

 
15,092

 
20,537

 
19,480

 
16,456

Lifetime income benefit rider fees
39,844

 
47,630

 
43,110

 
41,220

 
36,510

Net investment income
573,318

 
588,217

 
590,412

 
570,568

 
558,438

Change in fair value of derivatives
(941,874
)
 
466,434

 
(20,042
)
 
76,045

 
384,469

Net realized gains (losses) on investments, excluding credit losses on fixed maturity securities, available for sale
11,035

 
7,029

 
4,328

 
(3,832
)
 
(563
)
Credit losses on fixed maturity securities, available for sale
(31,371
)
 
—

 
—

 
—

 
—

Net OTTI losses recognized in operations
—

 
(17,412
)
 
(101
)
 
(1,213
)
 
—

Loss on extinguishment of debt
(2,024
)
 
(2,001
)
 
—

 
—

 
—

Total revenues
(323,703
)
 
1,113,835

 
643,396

 
706,394

 
1,000,720

 
 
 
 
 
 
 
 
 
 
Benefits and expenses:
 
 
 
 
 
 
 
 
 
Traditional life insurance policy benefits and change in future policy benefits
621

 
835

 
758

 
576

 
878

Life contingent immediate annuity benefits and change in future policy benefits
9,451

 
10,718

 
6,869

 
6,363

 
8,421

Interest sensitive and index product benefits (a)
400,219

 
399,514

 
500,285

 
251,103

 
136,674

Amortization of deferred sales inducements (b)
73,591

 
91,260

 
(55,769
)
 
19,785

 
33,309

Change in fair value of embedded derivatives (c)
(1,250,061
)
 
147,879

 
212,278

 
327,562

 
766,323

Interest expense on notes payable
6,385

 
6,384

 
6,382

 
6,380

 
6,379

Interest expense on subordinated debentures
1,588

 
3,651

 
3,968

 
4,057

 
4,088

Amortization of deferred policy acquisition costs (b)
120,702

 
133,573

 
(120,934
)
 
29,946

 
45,132

Other operating costs and expenses
43,626

 
39,194

 
38,554

 
37,426

 
38,979

Total benefits and expenses
(593,878
)
 
833,008

 
592,391

 
683,198

 
1,040,183

Income (loss) before income taxes
270,175

 
280,827

 
51,005

 
23,196

 
(39,463
)
Income tax expense (benefit) (d)
27,228

 
60,677

 
13,645

 
4,606

 
(9,453
)
Net income (loss) (a)(b)(c)(d)
242,947

 
220,150

 
37,360

 
18,590

 
(30,010
)
Less: Preferred stock dividends
6,611

 
—

 
—

 
—

 
—

Net income (loss) available to common stockholders (a)(b)(c)(d)
$
236,336


$
220,150


$
37,360


$
18,590


$
(30,010
)
 
 
 
 
 
 
 
 
 
 
Earnings (loss) per common share
$
2.58

 
$
2.41

 
$
0.41

 
$
0.20

 
$
(0.33
)
Earnings (loss) per common share - assuming dilution (a)(b)(c)(d)
$
2.57

 
$
2.40

 
$
0.41

 
$
0.20

 
$
(0.33
)
 
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding (thousands):
 
 
 
 
 
 
 
 
 
Earnings (loss) per common share
91,644

 
91,314

 
91,252

 
91,103

 
90,883

Earnings (loss) per common share - assuming dilution
92,021

 
91,883

 
91,711

 
91,785

 
91,744

(a)
Q3 2019 includes expense from the revision of assumptions used in determining reserves held for lifetime income benefit riders. The impact increased interest sensitive and index product benefits by $315.4 million and decreased both net income and net income available to common stockholders by $247.3 million and decreased earnings per common share - assuming dilution by $2.70 per share.
(b)
Q3 2019 includes a benefit from unlocking which reduced amortization of deferred sales inducements and deferred policy acquisition costs by $104.7 million and $193.0 million, respectively, and increased both net income and net income available to common stockholders by $233.4 million and increased earnings per common share - assuming dilution by $2.54 per share.
(c)
Q3 2019 includes expense from the revision of assumptions used in determining the embedded derivative component of our fixed index annuity policy benefit reserves. The impact increased change in fair value of embedded derivatives by $28.2 million and decreased both net income and net income available to common stockholders by $22.1 million and decreased earnings per common share - assuming dilution by $0.24 per share.
(d)
Q1 2020 includes a tax benefit related to the provision of the Coronavirus Aid, Relief, and Economic Security Act, (“the CARES ACT”)  which was signed into legislation on March 27, 2020 and allows net operating losses for 2018 through 2020 to be carried back to previous tax years in which a 35% statutory tax rate was in effect. The impact reduced income tax expense and increased both net income and net income available to common stockholders by $30.8 million and increased earnings per common share - assuming dilution by $0.33 per share.

Page 3


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - March 31, 2020
Unaudited (Dollars in thousands, except per share data)


NON-GAAP FINANCIAL MEASURES
In addition to net income (loss) available to common stockholders, we have consistently utilized non-GAAP operating income available to common stockholders and non-GAAP operating income available to common stockholders per common share - assuming dilution, non-GAAP financial measures commonly used in the life insurance industry, as economic measures to evaluate our financial performance. Non-GAAP operating income available to common stockholders equals net income (loss) available to common stockholders adjusted to eliminate the impact of items that fluctuate from quarter to quarter in a manner unrelated to core operations, and we believe measures excluding their impact are useful in analyzing operating trends. The most significant adjustments to arrive at non-GAAP operating income available to common stockholders eliminate the impact of fair value accounting for our fixed index annuity business. These adjustments are not economic in nature but rather impact the timing of reported results. We believe the combined presentation and evaluation of non-GAAP operating income available to common stockholders together with net income (loss) available to common stockholders provides information that may enhance an investor’s understanding of our underlying results and profitability.
Reconciliation from Net Income (Loss) Available to Common Stockholders to Non-GAAP Operating Income Available to Common Stockholders
 
Three Months Ended 
 March 31,
 
2020
 
2019
Net income (loss) available to common stockholders
$
236,336

 
$
(30,010
)
Adjustments to arrive at non-GAAP operating income available to common stockholders: (a)
 
 
 
Net realized gains/losses on financial assets, including credit losses
16,349

 
305

Change in fair value of derivatives and embedded derivatives - fixed index annuities
(120,454
)
 
150,944

Change in fair value of derivatives - interest rate caps and swap
(848
)
 
636

Income taxes
22,702

 
(32,473
)
Non-GAAP operating income available to common stockholders
$
154,085

 
$
89,402

 
 
 
 
Per common share - assuming dilution:
 
 
 
Net income (loss) available to common stockholders
$
2.57

 
$
(0.33
)
Adjustments to arrive at non-GAAP operating income available to common stockholders:
 
 
 
Net realized gains/losses on financial assets, including credit losses
0.17

 
—

Change in fair value of derivatives and embedded derivatives - fixed index annuities
(1.31
)
 
1.64

Change in fair value of derivatives - interest rate caps and swap
(0.01
)
 
0.01

Income taxes
0.25

 
(0.35
)
Non-GAAP operating income available to common stockholders
$
1.67

 
$
0.97

(a)
Adjustments to net income (loss) available to common stockholders to arrive at non-GAAP operating income available to common stockholders are presented net of related adjustments to amortization of deferred sales inducements (DSI) and deferred policy acquisition costs (DAC) where applicable.

Page 4


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - March 31, 2020
Unaudited (Dollars in thousands)


NON-GAAP FINANCIAL MEASURES
Summary of Adjustments to Arrive at Non-GAAP Operating Income Available to Common Stockholders
 
Three Months Ended 
 March 31,
 
2020
 
2019
Net realized gains/losses on financial assets, including credit losses:
 
 
 
Net realized gains/losses on financial assets, including credit losses
$
21,657

 
$
563

Amortization of DAC and DSI
(5,308
)
 
(258
)
Income taxes
(3,531
)
 
(66
)
 
$
12,818

 
$
239

Change in fair value of derivatives and embedded derivatives:
 
 
 
Fixed index annuities
$
(209,891
)
 
$
241,120

Interest rate caps and swap
(848
)
 
636

Amortization of DAC and DSI
89,437

 
(90,176
)
Income taxes
26,233

 
(32,407
)
 
$
(95,069
)
 
$
119,173



Page 5


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - March 31, 2020
Unaudited (Dollars in thousands, except per share data)


NON-GAAP FINANCIAL MEASURES
Quarterly Summary - Most Recent 5 Quarters
Reconciliation from Net Income (Loss) Available to Common Stockholders to Non-GAAP Operating Income Available to Common Stockholders
 
Q1 2020
 
Q4 2019
 
Q3 2019
 
Q2 2019
 
Q1 2019
Net income (loss) available to common stockholders
$
236,336

 
$
220,150

 
$
37,360

 
$
18,590

 
$
(30,010
)
Adjustments to arrive at non-GAAP operating income available to common stockholders: (a)
 
 
 
 
 
 
 
 
 
Net realized gains/losses on financial assets, including credit losses
16,349

 
7,606

 
(3,175
)
 
2,625

 
305

Change in fair value of derivatives and embedded derivatives -
fixed index annuities
(120,454
)
 
(127,777
)
 
250,186

 
99,868

 
150,944

Change in fair value of derivatives - interest rate caps and swap
(848
)
 
(167
)
 
(76
)
 
854

 
636

Income taxes
22,702

 
26,023

 
(50,940
)
 
(22,346
)
 
(32,473
)
Non-GAAP operating income available to common stockholders (b)(c)(d)
$
154,085

 
$
125,835

 
$
233,355

 
$
99,591

 
$
89,402

 
 
 
 
 
 
 
 
 
 
Per common share - assuming dilution:
 
 
 
 
 
 
 
 
 
Net income (loss) available to common stockholders
$
2.57

 
$
2.40

 
$
0.41

 
$
0.20

 
$
(0.33
)
Adjustments to arrive at non-GAAP operating income available to common stockholders:
 
 
 
 
 
 
 
 
 
Net realized gains/losses on financial assets, including credit losses
0.17

 
0.08

 
(0.04
)
 
0.03

 
—

Change in fair value of derivatives and embedded derivatives - fixed index annuities
(1.31
)
 
(1.39
)
 
2.73

 
1.09

 
1.64

Change in fair value of derivatives - interest rate caps and swap
(0.01
)
 
—

 
—

 
0.01

 
0.01

Income taxes
0.25

 
0.28

 
(0.56
)
 
(0.24
)
 
(0.35
)
Non-GAAP operating income available to common stockholders (b)(c)(d)
$
1.67

 
$
1.37

 
$
2.54

 
$
1.09

 
$
0.97

(a)
Adjustments to net income (loss) available to common stockholders to arrive at non-GAAP operating income available to common stockholders are presented net of related adjustments to amortization of deferred sales inducements and deferred policy acquisition costs where applicable.
(b)
Q3 2019 includes expense from the revision of assumptions used in determining reserves held for lifetime income benefit riders. The impact increased interest sensitive and index product benefits by $315.4 million and decreased non-GAAP operating income available to common stockholders and non-GAAP operating income available to common stockholders per common share - assuming dilution by $247.3 million and $2.70 per share, respectively.
(c)
Q3 2019 includes a benefit from unlocking which reduced amortization of deferred sales inducements and deferred policy acquisition costs by $184.9 million and $288.3 million, respectively, and increased non-GAAP operating income available to common stockholders and non-GAAP operating income available to common stockholders per common share- assuming dilution by $371.0 million and $4.05 per share, respectively.
(d)
Q1 2020 includes a tax benefit related to the provision of the CARES ACT which was signed into legislation on March 27, 2020 and allows net operating losses for 2018 through 2020 to be carried back to previous tax years in which a 35% statutory tax rate was in effect. The impact reduced income tax expense and increased non-GAAP operating income available to common stockholders and non-GAAP operating income available to common stockholders per common share - assuming dilution by $30.8 million and $0.33 per share, respectively.

Page 6


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - March 31, 2020
Unaudited (Dollars in thousands)


NON-GAAP FINANCIAL MEASURES
Summary of Adjustments to Arrive at Non-GAAP Operating Income Available to Common Stockholders
 
Q1 2020
 
Q4 2019
 
Q3 2019
 
Q2 2019
 
Q1 2019
Net realized (gains) losses on investments
$
(11,035
)
 
$
(7,029
)
 
$
(4,328
)
 
$
3,832

 
$
563

Credit losses on fixed maturity securities, available for sale
31,371

 
—

 
—

 
—

 
—

Net OTTI losses recognized in operations
—

 
17,412

 
101

 
1,213

 
—

Change in fair value of derivatives
1,039,322

 
(370,973
)
 
(79,943
)
 
(108,662
)
 
(524,567
)
Increase (decrease) in total revenues
1,059,658

 
(360,590
)
 
(84,170
)
 
(103,617
)
 
(524,004
)
 
 
 
 
 
 
 
 
 
 
Amortization of deferred sales inducements
(29,683
)
 
(37,374
)
 
(57,408
)
 
49,101

 
35,494

Change in fair value of embedded derivatives
1,250,061

 
(147,879
)
 
(212,278
)
 
(327,562
)
 
(766,323
)
Interest sensitive and index product benefits (a)
(1,321
)
 
—

 
—

 
—

 
—

Amortization of deferred policy acquisition costs
(54,446
)
 
(54,999
)
 
(61,419
)
 
71,497

 
54,940

Increase (decrease) in total benefits and expenses
1,164,611

 
(240,252
)
 
(331,105
)
 
(206,964
)
 
(675,889
)
Increase in income (loss) before income taxes
(104,953
)
 
(120,338
)
 
246,935

 
103,347

 
151,885

Increase (decrease) in income tax expense (benefit)
(22,702
)
 
(26,023
)
 
50,940

 
22,346

 
32,473

Increase (decrease) in net income (loss) available to common stockholders
$
(82,251
)
 
$
(94,315
)
 
$
195,995

 
$
81,001

 
$
119,412

(a)
Interest sensitive and index product benefits adjustment reflects the change in the allowance for credit losses on our reinsurance recoverable/coinsurance deposits under a revised impairment model for financial assets measured at amortized cost which we were required to adopt on January 1, 2020. The change in this allowance is reflected in the net realized gains/losses of financial assets, including credit losses line in the other Non-GAAP financial measures tables in this financial supplement.

Page 7


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - March 31, 2020
Unaudited (Dollars in thousands, except share and per share data)


Capitalization/Book Value per Common Share
 
Q1 2020
 
Q4 2019
 
Q3 2019
 
Q2 2019
 
Q1 2019
Capitalization:
 
 
 
 
 
 
 
 
 
Notes payable
$
500,000

 
$
500,000

 
$
500,000

 
$
500,000

 
$
500,000

Subordinated debentures payable to subsidiary trusts
77,893

 
159,272

 
247,362

 
247,294

 
247,227

Total debt
577,893

 
659,272


747,362


747,294


747,227

Total stockholders’ equity
3,522,757

 
4,570,119

 
4,126,716

 
3,497,475

 
2,939,537

Total capitalization
4,100,650

 
5,229,391


4,874,078


4,244,769


3,686,764

Accumulated other comprehensive income (AOCI)
(219,974
)
 
(1,497,921
)
 
(1,639,429
)
 
(1,049,984
)
 
(513,697
)
Total capitalization excluding AOCI (a)
$
3,880,676

 
$
3,731,470


$
3,234,649


$
3,194,785


$
3,173,067

 
 
 
 
 
 
 
 
 
 
Total stockholders’ equity
$
3,522,757

 
$
4,570,119


$
4,126,716


$
3,497,475


$
2,939,537

Equity available to preferred stockholders (b)
(400,000
)
 
(400,000
)
 
—

 
—

 
—

Total common stockholders' equity (c)
3,122,757


4,170,119


4,126,716


3,497,475


2,939,537

Accumulated other comprehensive income
(219,974
)
 
(1,497,921
)

(1,639,429
)

(1,049,984
)

(513,697
)
Total common stockholders’ equity excluding AOCI (c)
2,902,783


2,672,198


2,487,287


2,447,491


2,425,840

Net impact of fair value accounting for derivatives and embedded derivatives
353,853

 
448,924

 
549,202

 
353,180

 
274,238

Total common stockholders’ equity excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives (c)
$
3,256,636

 
$
3,121,122

 
$
3,036,489

 
$
2,800,671

 
$
2,700,078

 
 
 
 
 
 
 
 
 
 
Common shares outstanding
91,497,841

 
91,107,555

 
91,006,950

 
90,936,324

 
90,784,123

 
 
 
 
 
 
 
 
 
 
Book Value per Common Share: (d)
 
 
 
 
 
 
 
 
 
Book value per common share (c)
$
34.13


$
45.77


$
45.35


$
38.46


$
32.38

Book value per common share excluding AOCI (c)
$
31.73


$
29.33


$
27.33


$
26.91


$
26.72

Book value per common share excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives (c)
$
35.59

 
$
34.26

 
$
33.37

 
$
30.80

 
$
29.74

 
 
 
 
 
 
 
 
 
 
Debt-to-Capital Ratios: (e)
 
 
 
 
 
 
 
 
 
Senior debt / Total capitalization
12.9
%
 
13.4
%

15.5
%

15.7
%

15.8
%
Total debt / Total capitalization
14.9
%

17.7
%

23.1
%

23.4
%

23.5
%
(a)
Total capitalization excluding AOCI, a non-GAAP financial measure, is based on stockholders' equity excluding the effect of AOCI.
(b)
Equity available to preferred stockholders is equal to the redemption value of outstanding preferred stock plus share dividends declared but not yet issued.
(c)
Total common stockholders' equity, total common stockholder's equity excluding AOCI and total common stockholders' equity excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives, non-GAAP financial measures, exclude equity available to preferred stockholders. Total common stockholders’ equity and book value per common share excluding AOCI, non-GAAP financial measures, are based on common stockholders’ equity excluding the effect of AOCI. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale securities, we believe these non-GAAP financial measures provide useful supplemental information. Total common stockholders' equity and book value per common share excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives, non-GAAP financial measures, are based on common stockholders' equity excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives. Since the net impact of fair value accounting for our derivatives and embedded derivatives fluctuates from quarter to quarter and the most significant impacts relate to fair value accounting for our fixed index annuity business and are not economic in nature but rather impact the timing of reported results, we believe these non-GAAP financial measures provide useful supplemental information.
(d)
Book value per common share including and excluding AOCI and book value per common share excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives are calculated as total common stockholders’ equity, total common stockholders’ equity excluding AOCI and total common stockholders' equity excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives divided by the total number of shares of common stock outstanding.
(e)
Debt-to-capital ratios are computed using total capitalization excluding AOCI.
 

Page 8


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - March 31, 2020
Unaudited (Dollars in thousands)


Spread Results
 
 
 
 
 
 
 
 
 
 
 
Q1 2020
 
Q4 2019
 
Q3 2019
 
Q2 2019
 
Q1 2019
Average yield on invested assets
4.36%
 
4.52%
 
4.59%
 
4.51%
 
4.48%
Aggregate cost of money
1.72%
 
1.75%
 
1.84%
 
1.88%
 
1.90%
Aggregate investment spread
2.64%
 
2.77%
 
2.75%
 
2.63%
 
2.58%
 
 
 
 
 
 
 
 
 
 
Impact of:
 
 
 
 
 
 
 
 
 
Investment yield - additional prepayment income
0.06%
 
0.12%
 
0.11%
 
0.04%
 
0.01%
Cost of money effect of over hedging
0.05%
 
0.05%
 
0.02%
 
0.04%
 
0.02%
 
 
 
 
 
 
 
 
 
 
Weighted average investments
$52,623,239
 
$52,141,459
 
$51,529,850
 
$50,709,966
 
$49,908,718
Weighted average investments include fixed maturity securities at amortized cost and mortgage loans on real estate and other investments at carrying values as reflected in the consolidated balance sheets. The numerator for average yield on invested assets includes net investment income and the tax effect of investment income that is exempt from income taxes.
Summary of Cost of Money for Deferred Annuities
 
 
 
 
 
 
 
 
 
 
 
Q1 2020
 
Q4 2019
 
Q3 2019
 
Q2 2019
 
Q1 2019
Included in interest sensitive and index product benefits:
 
 
 
 
 
 
 
 
 
Index credits
$
278,940

 
$
277,798

 
$
92,343

 
$
161,752

 
$
55,925

Interest credited
48,947

 
49,482

 
49,511

 
50,478

 
47,436

Included in change in fair value of derivatives:
 
 
 
 
 
 
 
 
 
Proceeds received at option expiration
(285,263
)
 
(284,624
)
 
(95,491
)
 
(166,430
)
 
(58,460
)
Pro rata amortization of option cost
187,030

 
188,984

 
195,354

 
199,006

 
198,497

Cost of money for deferred annuities
$
229,654

 
$
231,640


$
241,717


$
244,806


$
243,398

 
 
 
 
 
 
 
 
 
 
Weighted average liability balance outstanding
$
53,274,905

 
$
53,092,419

 
$
52,682,886

 
$
52,009,407

 
$
51,328,715

Annuity Account Balance Rollforward
 
 
 
 
 
 
 
 
 
 
 
Q1 2020
 
Q4 2019
 
Q3 2019
 
Q2 2019
 
Q1 2019
Account balances at beginning of period
$
53,233,898

 
$
52,950,937

 
$
52,414,835

 
$
51,603,979

 
$
51,053,450

Net deposits
681,752

 
838,761

 
1,216,720

 
1,425,325

 
1,180,365

Premium bonuses
24,552

 
36,983

 
46,968

 
48,370

 
45,621

Fixed interest credited and index credits
327,887

 
327,280

 
141,854

 
212,230

 
103,361

Surrender charges
(19,705
)
 
(15,092
)
 
(20,537
)
 
(19,480
)
 
(16,456
)
Lifetime income benefit rider fees
(39,844
)
 
(47,630
)
 
(43,110
)
 
(41,220
)
 
(36,510
)
Surrenders, withdrawals, deaths, etc.
(892,631
)
 
(857,341
)
 
(805,793
)
 
(814,369
)
 
(725,852
)
Account balances at end of period
$
53,315,909

 
$
53,233,898

 
$
52,950,937

 
$
52,414,835

 
$
51,603,979


Page 9


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - March 31, 2020
Unaudited (Dollars in thousands)


Annuity Deposits by Product Type
 
 
 
 
 
 
 
 
 
 
 
Q1 2020
 
Q4 2019
 
Q3 2019
 
Q2 2019
 
Q1 2019
American Equity Life:
 
 
 
 
 
 
 
 
 
Fixed index annuities
$
586,063

 
$
765,180

 
$
1,054,796

 
$
1,211,004

 
$
1,027,658

Annual reset fixed rate annuities
2,331

 
1,843

 
2,340

 
3,614

 
3,448

Multi-year fixed rate annuities
369

 
306

 
593

 
566

 
148

Single premium immediate annuities
5,398

 
4,873

 
3,314

 
1,747

 
2,068

 
594,161

 
772,202

 
1,061,043

 
1,216,931

 
1,033,322

Eagle Life:
 
 
 
 
 
 
 
 
 
Fixed index annuities
106,502

 
67,784

 
166,081

 
235,558

 
177,480

Annual reset fixed rate annuities
41

 
6

 
—

 
66

 
127

Multi-year fixed rate annuities
4,149

 
81,041

 
79,000

 
47,004

 
25,568

 
110,692

 
148,831

 
245,081

 
282,628

 
203,175

Consolidated:
 
 
 
 
 
 
 
 
 
Fixed index annuities
692,565

 
832,964

 
1,220,877

 
1,446,562

 
1,205,138

Annual reset fixed rate annuities
2,372


1,849


2,340


3,680


3,575

Multi-year fixed rate annuities
4,518

 
81,347

 
79,593

 
47,570

 
25,716

Single premium immediate annuities
5,398

 
4,873

 
3,314

 
1,747

 
2,068

Total before coinsurance ceded
704,853

 
921,033

 
1,306,124

 
1,499,559

 
1,236,497

Coinsurance ceded
17,703

 
77,399

 
86,090

 
72,487

 
54,064

Net after coinsurance ceded
$
687,150

 
$
843,634

 
$
1,220,034

 
$
1,427,072

 
$
1,182,433

Surrender Charge Protection and Account Values by Product Type
Annuity Surrender Charges and Net (of Coinsurance) Account Values at March 31, 2020:
 
 
Surrender Charge
 
Net Account Value
Product Type
 
Avg.
Years
At Issue
 
Avg.
Years
Remaining
 
Avg.
%
Remaining
 
Dollars in Thousands
 
%
Fixed Index Annuities
 
12.7
 
6.7
 
10.8%
 
$
51,308,622

 
96.2
%
Annual Reset Fixed Rate Annuities
 
9.6
 
3.2
 
6.0%
 
1,411,303

 
2.7
%
Multi-Year Fixed Rate Annuities
 
4.2
 
0.7
 
1.8%
 
595,984

 
1.1
%
Total
 
12.5
 
6.5
 
10.5%
 
$
53,315,909

 
100.0
%



Page 10


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - March 31, 2020
Unaudited (Dollars in thousands)


Annuity Liability Characteristics
Surrender Charge Percentages:
Fixed
Annuities
Account Value
 
Fixed Index
Annuities
Account Value
No surrender charge
$
809,840

 
$
2,661,886

0.0% < 2.0%
13,309

 
258,393

2.0% < 3.0%
9,250

 
601,548

3.0% < 4.0%
67,465

 
1,702,164

4.0% < 5.0%
64,842

 
1,382,231

5.0% < 6.0%
151,260

 
2,872,164

6.0% < 7.0%
198,274

 
1,050,295

7.0% < 8.0%
72,007

 
5,366,366

8.0% < 9.0%
44,779

 
4,124,986

9.0% < 10.0%
97,941

 
4,138,269

10.0% or greater
478,320

 
27,150,320

 
$
2,007,287

 
$
51,308,622

Surrender Charge Expiration By Year:
Fixed and
Fixed Index
Annuities
Account Value
 
Weighted
Average
Surrender
Charge
Out of Surrender Charge
$
3,471,726

 
0.00
%
2020
641,060

 
2.55
%
2021
1,227,970

 
4.00
%
2022
1,756,414

 
5.11
%
2023
4,212,150

 
5.79
%
2024
5,245,596

 
7.83
%
2025
6,009,680

 
8.90
%
2026
5,295,574

 
10.51
%
2027
4,486,908

 
12.00
%
2028
4,769,910

 
12.90
%
2029
5,983,049

 
14.11
%
2030
2,915,290

 
16.44
%
2031
3,019,076

 
17.92
%
2032
2,055,425

 
18.36
%
2033
1,179,708

 
18.83
%
2034
687,182

 
19.31
%
2035
319,932

 
19.84
%
2036
39,259

 
20.00
%
 
$
53,315,909

 
10.53
%

Page 11


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - March 31, 2020
Unaudited (Dollars in thousands)


Annuity Liability Characteristics
Credited Rate vs. Ultimate Minimum Guaranteed Rate Differential:
Fixed
Annuities
Account Value
 
Fixed Index
Annuities
Account Value
No differential
$
954,405

 
$
1,294,288

› 0.0% - 0.25%
49,679

 
159,787

› 0.25% - 0.5%
238,430

 
5,717

› 0.5% - 1.0%
34,406

 
11,992

› 1.0% - 1.5%
11,690

 
—

› 2.5% - 3.0%
23

 
—

1.00% ultimate guarantee - 2.37% wtd avg interest rate (a)
445,932

 
703,848

1.50% ultimate guarantee - 1.17% wtd avg interest rate (a)
143,905

 
3,336,922

1.75% ultimate guarantee - 1.96% wtd avg interest rate (a)
49,376

 
487,487

2.00% ultimate guarantee - 1.85% wtd avg interest rate (a)
79,441

 
—

2.25% ultimate guarantee - 1.80% wtd avg interest rate (a)
—

 
782,481

3.00% ultimate guarantee - 2.03% wtd avg interest rate (a)
—

 
1,508,495

Allocated to index strategies (see tables that follow)
—

 
43,017,605

 
$
2,007,287

 
$
51,308,622

(a)
The minimum guaranteed interest rate for the fixed rate or the fixed rate strategy is 1.00%. The ultimate guaranteed rate is applied on less than 100% of the premium.
If all crediting rates were reduced to minimum guaranteed rates (subject to limitations imposed by ultimate minimum guaranteed rates where applicable) the weighted average crediting rate as of March 31, 2020 for fixed annuities and funds allocated to the fixed rate strategy for fixed index annuities would decrease by 0.15%.

Page 12


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - March 31, 2020
Unaudited (Dollars in thousands)


Annuity Liability Characteristics
FIXED INDEX ANNUITIES ACCOUNT VALUE - INDEX STRATEGIES
    
Annual Monthly Average and Point-to-Point with Caps
 
Minimum Guaranteed Cap
 
1%
 
3%
 
4%
 
7%
 
8% +
Current Cap
 
 
 
 
 
 
 
 
 
At minimum
$
1,441

 
$
101,682

 
$
4,830,720

 
$
65,006

 
$
151,267

1.75% - 3%
8,391,960

 
—

 
—

 
—

 
—

3% - 4%
272,798

 
3,780

 
—

 
—

 
—

4% - 5%
832,438

 
217,207

 
1,539,010

 
—

 
—

5% - 6%
572,344

 
185,341

 
30,971

 
—

 
—

6% - 7%
—

 
—

 
419

 
—

 
—

>= 7%
10,924

 
6,534

 
697

 
5,647

 
—

Annual Monthly Average and Point-to-Point with Participation Rates
 
Minimum Guaranteed Participation Rate
 
10%
 
20% - 25%
 
35%
 
50% +
Current Participation Rate
 
 
 
 
 
 
 
At minimum
$
12,728

 
$
385,186

 
$
99,552

 
$
104,039

< 20%
842,383

 
—

 
—

 
—

20% - 40%
1,084,271

 
165,157

 
—

 
—

40% - 60%
3,286,370

 
95,700

 
58,161

 
—

60% - 100%
510,927

 
—

 
—

 
—

> 100%
451,373

 
—

 
—

 
—

S&P 500 Monthly Point-to-Point - Minimum Guaranteed Monthly Cap = 1.0%
Current Cap
 
At minimum
$
1,962,439

1.10% - 1.30%
7,355,636

1.40% - 1.60%
2,149,738

1.70% - 2.00%
380,629

>= 2.10%
1,577

Volatility Control Index
 
Current Asset Fee
 
At Maximum
$
—

0.75% - 1.75%
399,738

2.25% - 2.75%
208,295

3.00% - 3.50%
2,776,372

3.75% - 5.00%
2,047,309

If all caps and participation rates were reduced to minimum caps and participation rates and current asset fees were increased to their maximums, the cost of options would decrease by 0.75% based upon prices of options for the week ended April 17, 2020.

Page 13


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - March 31, 2020
Unaudited (Dollars in thousands)


Summary of Invested Assets
 
March 31, 2020
 
December 31, 2019
 
Carrying
Amount
 
Percent
 
Carrying
Amount
 
Percent
Fixed maturity securities:
 
 
 
 
 
 
 
United States Government full faith and credit
$
39,248

 
0.1
%
 
$
161,765

 
0.3
%
United States Government sponsored agencies
338,561

 
0.6
%
 
625,020

 
1.1
%
United States municipalities, states and territories
3,765,163

 
7.2
%
 
4,527,671

 
7.9
%
Foreign government obligations
198,396

 
0.4
%
 
205,096

 
0.3
%
Corporate securities
31,135,319

 
59.8
%
 
32,536,839

 
57.2
%
Residential mortgage backed securities
1,765,033

 
3.4
%
 
1,575,664

 
2.8
%
Commercial mortgage backed securities
5,296,112

 
10.2
%
 
5,786,279

 
10.2
%
Other asset backed securities
5,167,035

 
9.9
%
 
6,162,156

 
10.8
%
Total fixed maturity securities
47,704,867

 
91.6
%
 
51,580,490

 
90.6
%
Mortgage loans on real estate
3,668,625

 
7.0
%
 
3,448,793

 
6.1
%
Derivative instruments
207,265

 
0.4
%
 
1,355,989

 
2.4
%
Other investments
497,598

 
1.0
%
 
492,301

 
0.9
%
 
$
52,078,355

 
100.0
%
 
$
56,877,573

 
100.0
%
Credit Quality of Fixed Maturity Securities - March 31, 2020
NAIC Designation
 
Carrying
Amount
 
Percent
 
Rating Agency Rating
 
Carrying
Amount
 
Percent
1
 
$
27,739,779

 
58.2
%
 
Aaa/Aa/A
 
$
28,334,402

 
59.4
%
2
 
18,999,760

 
39.8
%
 
Baa
 
18,386,135

 
38.5
%
3
 
838,628

 
1.8
%
 
Ba
 
770,834

 
1.6
%
4
 
104,090

 
0.2
%
 
B
 
73,263

 
0.2
%
5
 
18,433

 
—
%
 
Caa
 
63,808

 
0.1
%
6
 
4,177

 
—
%
 
Ca and lower
 
76,425

 
0.2
%
 
 
$
47,704,867

 
100.0
%
 
 
 
$
47,704,867

 
100.0
%
Watch List Securities - March 31, 2020
General Description
 
Amortized
Cost
 
Allowance for Credit Losses
 
Amortized Cost, Net of Allowance
 
Unrealized
Gains (Losses), Net of Allowance
 
Fair Value
 
Months Below Amortized Cost
Below investment grade
 
 
 
 
 
 
 
 
 
 
 
 
Corporate securities:
 
 
 
 
 
 
 
 
 
 
 
 
Energy
 
$
59,078

 
$
(28,332
)
 
$
30,746

 
$
(20,009
)
 
$
10,737

 
1 - 67
Other asset backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
Financials
 
430

 
—

 
430

 
759

 
1,189

 
—
 
 
$
59,508

 
$
(28,332
)
 
$
31,176

 
$
(19,250
)
 
$
11,926

 
 

Page 14


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - March 31, 2020
Unaudited (Dollars in thousands)


Fixed Maturity Securities by Sector
 
March 31, 2020
 
December 31, 2019
 
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
Available for sale:
 
 
 
 
 
 
 
United States Government full faith and credit and sponsored agencies
$
330,223

 
$
377,809

 
$
763,164

 
$
786,785

United States municipalities, states and territories
3,357,142

 
3,765,163

 
4,147,343

 
4,527,671

Foreign government obligations
187,007

 
198,396

 
186,993

 
205,096

Corporate securities:
 
 
 
 
 
 
 
Capital goods
2,544,057

 
2,680,266

 
2,550,750

 
2,794,986

Consumer discretionary
6,132,996

 
6,516,325

 
6,082,974

 
6,658,120

Energy
2,684,838

 
2,337,328

 
2,499,030

 
2,677,646

Financials
6,696,595

 
7,046,008

 
6,737,325

 
7,323,150

Government non-guaranteed
539,422

 
585,723

 
539,639

 
606,308

Industrials
279,913

 
297,855

 
311,269

 
336,537

Information technology
1,836,085

 
1,980,470

 
1,868,131

 
2,051,175

Materials
1,813,196

 
1,862,854

 
1,818,048

 
1,961,033

Other
439,067

 
491,461

 
439,171

 
469,344

Telecommunications
1,486,265

 
1,597,736

 
1,510,836

 
1,664,350

Transportation
1,560,463

 
1,577,187

 
1,486,540

 
1,603,997

Utilities
3,866,623

 
4,162,106

 
3,978,459

 
4,390,193

Residential mortgage backed securities:
 
 
 
 
 
 
 
Government agency
607,480

 
696,014

 
591,100

 
646,787

Prime
971,183

 
961,342

 
793,357

 
815,916

Alt-A
92,803

 
107,677

 
93,281

 
112,961

Commercial mortgage backed securities:
 
 
 
 
 
 
 
Government agency
412,480

 
461,837

 
414,626

 
437,420

Non-agency
5,128,127

 
4,834,275

 
5,176,541

 
5,348,859

Other asset backed securities:
 
 
 
 
 
 
 
Auto
394,523

 
388,643

 
403,860

 
411,371

Energy
7,411

 
8,980

 
7,495

 
8,603

Financials
4,441

 
4,868

 
4,967

 
5,493

Industrials
146,984

 
136,083

 
167,466

 
171,273

Collateralized loan obligations
4,762,537

 
3,619,087

 
4,787,402

 
4,612,694

Military housing
469,816

 
528,335

 
471,621

 
539,029

Other
502,386

 
481,039

 
407,558

 
413,693

 
$
47,254,063

 
$
47,704,867

 
$
48,238,946

 
$
51,580,490



Page 15


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - March 31, 2020
Unaudited (Dollars in thousands)


Mortgage Loans on Commercial Real Estate
 
March 31, 2020
 
December 31, 2019
 
Principal
 
Percent
 
Principal
 
Percent
Geographic distribution
 
 
 
 
 
 
 
East
$
705,459

 
19.1
%
 
$
645,991

 
18.7
%
Middle Atlantic
290,232

 
7.9
%
 
284,597

 
8.2
%
Mountain
393,338

 
10.7
%
 
389,892

 
11.3
%
New England
11,284

 
0.3
%
 
9,152

 
0.3
%
Pacific
730,262

 
19.8
%
 
655,518

 
19.0
%
South Atlantic
809,663

 
21.9
%
 
751,199

 
21.7
%
West North Central
304,069

 
8.2
%
 
302,534

 
8.7
%
West South Central
444,995

 
12.1
%
 
420,031

 
12.1
%
 
$
3,689,302

 
100.0
%
 
$
3,458,914

 
100.0
%
 
 
 
 
 
 
 
 
Property type distribution
 
 
 
 
 
 
 
Office
$
262,446

 
7.1
%
 
$
250,287

 
7.3
%
Medical Office
29,551

 
0.8
%
 
29,990

 
0.9
%
Retail
1,222,985

 
33.2
%
 
1,225,670

 
35.4
%
Industrial/Warehouse
938,104

 
25.4
%
 
896,558

 
25.9
%
Apartment
956,947

 
25.9
%
 
858,679

 
24.8
%
Agricultural
95,606

 
2.6
%
 
51,303

 
1.5
%
Mixed use/Other
183,663

 
5.0
%
 
146,427

 
4.2
%
 
$
3,689,302

 
100.0
%
 
$
3,458,914

 
100.0
%
 
 
 
 
 
 
 
 
 
March 31, 2020
 
December 31, 2019
 
 
 
 
Credit exposure - by payment activity
 
 
 
 
 
 
 
Performing
$
3,685,050

 
$
3,458,914

 
 
 
 
In workout
—

 
—

 
 
 
 
Delinquent
—

 
—

 
 
 
 
Collateral dependent
4,252

 
—

 
 
 
 
Principal outstanding
3,689,302

 
3,458,914

 
 
 
 
 
 
 
 
 
 
 
 
Deferred prepayment fees
(901
)
 
(942
)
 
 
 
 
Amortized cost
3,688,401

 
3,457,972

 
 
 
 
 
 
 
 
 
 
 
 
Valuation allowance
(19,776
)
 
(9,179
)
 
 
 
 
Carrying value
$
3,668,625

 
$
3,448,793

 
 
 
 


Page 16


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - March 31, 2020


Shareholder Information
Corporate Offices:
American Equity Investment Life Holding Company
6000 Westown Parkway
West Des Moines, IA 50266
Inquiries:
Steven Schwartz, Vice President-Investor Relations
(515) 273-3763, sschwartz@american-equity.com
Common Stock and Dividend Information:
New York Stock Exchange symbol: “AEL”
 
High
 
Low
 
Close
 
Dividend Declared
2020
 
 
 
 
 
 
 
First Quarter
$34.16
 
$9.07
 
$18.80
 
$0.00
 
 
 
 
 
 
 
 
2019
 
 
 
 
 
 
 
First Quarter
$33.57
 
$26.34
 
$27.02
 
$0.00
Second Quarter
$30.91
 
$25.84
 
$27.16
 
$0.00
Third Quarter
$27.80
 
$20.16
 
$24.20
 
$0.00
Fourth Quarter
$30.96
 
$21.75
 
$29.93
 
$0.30
 
 
 
 
 
 
 
 
2018
 
 
 
 
 
 
 
First Quarter
$35.79
 
$28.90
 
$29.36
 
$0.00
Second Quarter
$37.16
 
$27.06
 
$36.00
 
$0.00
Third Quarter
$38.57
 
$34.51
 
$35.36
 
$0.00
Fourth Quarter
$36.39
 
$25.27
 
$27.94
 
$0.28
Transfer Agent:
Computershare Trust Company, N.A.
P.O. Box 43010
Providence, RI 02940-0310
Phone: (877) 282-1169
Fax: (781) 575-2723
www.computershare.com
Annual Report and Other Information:
Shareholders may receive when available, without charge, a copy of American Equity’s Annual Report, SEC filings and/or press releases by calling Steven Schwartz, Vice President-Investor Relations, at (515) 273-3763 or by visiting our website at www.american-equity.com.



Page 17


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - March 31, 2020


Research Analyst Coverage
Erik Bass
Autonomous Research US LP
(646) 561-6248
ebass@autonomous.com
Randy Binner
B. Riley FBR, Inc.
(703) 312-1890
rbinner@fbr.com
Daniel Bergman
Citi Research
(212) 816-2132
daniel.bergman@citi.com
Thomas Gallagher
Evercore ISI
(212) 446-9439
thomas.gallagher@evercoreisi.com
Alex Scott
Goldman Sachs & Co. LLC
(917) 343-7160
alex.scott@gs.com
Pablo Singzon II
JP Morgan
(212) 622-2295
pablo.s.singzon@jpmorgan.com

 

Ryan Krueger
Keefe, Bruyette & Woods
(860) 722-5930
rkrueger@kbw.com
C. Gregory Peters
Raymond James & Associates, Inc.
(727) 567-1534
greg.peters@raymondjames.com
Mark A. Dwelle
RBC Capital Markets, LLC
(804) 782-4008
mark.dwelle@rbccm.com
John Barnidge
Piper Sandler & Co.
(312) 281-3412
John.Barnidge@psc.com
Mark Hughes
SunTrust Robinson Humphrey
(615) 748-4422
mark.hughes@suntrust.com



Page 18

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