BUILDING EXCEPTIONAL VALUE
2021 ANNUAL REPORT
15YEARS15YEARS SmartBank, known for its progressive and innovative
style of banking, opened the doors of its first branch
in 2007 with the vision of building a foundation of
strong leadership, forward thinking and a sincere
desire to provide incomparable client service. Fifteen
years later, that very foundation is stronger than ever
and SmartBank is continuing to Build Exceptional
Value for Shareholders, Associates, Clients and
the Communities we serve.
15YEARS WHAT A YEAR our company
had in 2021.
As you know, our mission is to create WOW
experiences every day for our Shareholders,
Clients and Associates and we delivered in
2021.
We begin with a thank you for your support
in helping our company accomplish another
year of outstanding performance. We often
talk about embracing change and this is
yet another year in which we experienced
tremendous positive change. There are
multiple bright spots and highlights for us to
recognize.
Our performance in 2021 was strong with net
income for the year totaling $34.8 million,
equating to an operating earnings per diluted
share of $2.39. We experienced outstanding
growth in 2021 with total assets of $4.6
billion, an increase of over $1.3 billion year
over year. We also increased our quarterly
dividend by 20%, an important part of
shareholder strategy.
We continued the growth of our franchise with
the acquisition of Sevier County Bancshares,
in our East Tennessee region, during the third
quarter. Additionally, we added a new line
of business with the purchase of Fountain
Equipment Finance earlier in the year. Our
team is incredibly enthusiastic about both
of these groups joining our journey as we
continue to build a company with strong
growth and diversified revenue streams.
We also utilized the year to recruit and
onboard 25+ senior bankers and to expand
into several new markets including Auburn,
Birmingham, Dothan, Montgomery and
Mobile, Alabama as well as Nashville,
Tennessee. The positivity with which these
markets have accepted our company has far
exceeded our expectations as they rapidly
learn about SmartFinancial and the integrity
LETTER TO OUR SHAREHOLDERS
and work ethic of our team. This expansion of
our footprint is showing outstanding results
and will prove very valuable as we continue to
scale this company.
Our team remains diligent in growing the
core earnings with a key focus on earnings
per share. We now have a foundation in place
we can leverage to accomplish those goals
and look forward to watching SmartFinancial
become even stronger.
The future continues to shine brightly for
SmartFinancial. Our resilient and growing
markets coupled with our outstanding
associates and loyal clients are to be thanked
for another great year. We appreciate your
continued support, and we commit to strive
daily to continually improve. On behalf of
our fellow board members, our management
team and our associates, thank you for your
loyalty to SmartFinancial and SmartBank.
$4.6+
BILLION
IN ASSETS
40
FULL SERVICE
BRANCHES
551
ASSOCIATES
Billy Carroll
President & CEO
SmartFinancial, Inc.
Miller Welborn
Chairman of the Board
SmartFinancial, Inc.
15 YEARS | BUILDING EXCEPTIONAL VALUE 3
SMARTBANK BOARD OF DIRECTORS
MILLER WELBORN
Chairman
BILL CARROLL
Vice-Chairman
BILLY CARROLL
President & CEO
VIC BARRETT
Co-founder and Partner of
The Track Recreation Center
MONIQUE BERKE
Vice President of Community
and Corporate Engagement
for the United Way
TED MILLER
Business Manager & Partner
of Dolly Parton Productions
STEVE TUCKER
Principal in TriCo Resources
and BTI Real Estate
DAVID OGLE
President and Co-founder of
Five Oaks Development Group
DR. KEITH WHALEY
Founder of Whaley
Family Eyecare
OTTIS PHILLIPS
Managing Partner of Phillips
Properties Partnership and
Eagle Properties
JOHN PRESLEY
Principal, Presley Consulting
GEOFF WOLPERT
Owner of The Park Grill and
The Peddler Steakhouse
4 15 YEARS | BUILDING EXCEPTIONAL VALUE
SMARTBANK SENIOR LEADERSHIP
BILLY CARROLL
President
Chief Executive Officer
BEVERLY ATCHLEY
Senior Vice President
Senior Deposit Operations
& Administrative Officer
BECCA BOYD
Executive Vice President
Chief People Officer
CYNTHIA CAIN
Executive Vice President
Director of Financial
Planning & Analysis
GREG DAVIS
Executive Vice President
Chief Lending Officer
KELLEY FOWLER
Senior Vice President
Director of Marketing
& Public Relations
RON GORCZYNSKI
Executive Vice President
Chief Financial Officer
MONTY HATCHER
CFP®, AAMS®
Executive Vice President
Director of SmartBank
Investment Services
DANIEL HEREFORD
Executive Vice President
Chief Information Officer
“SMART LEADERSHIP
is exhibited when a person becomes
willing to put themselves last in line
for the good of the whole and doesn’t
personally prioritize recognition for
accomplishing the task at hand. It is
also demonstrated by caring more
about others and less about the
outcome. That’s not to say that outcome
isn’t important, because in business it
is! But the priority is the people.”
- Miller Welborn
SmartBank Chairman of the Board
RHETT JORDAN
Executive Vice President
Chief Credit Officer
TRAVIS LYTLE
Senior Vice President
Director of Community
Development & CRA Officer
GARY PETTY
Executive Vice President
Chief Risk Officer
NATE STRALL
Vice President
Director of Strategy
& Corporate Development
BRYAN
STUBBLEFIELD
Senior Vice President
Retail Sales
15 YEARS | BUILDING EXCEPTIONAL VALUE 5
THE BILL CARROLL
LEGACY BANKER AWARD
Bill Carroll, co-founder of SmartBank and
current Vice-Chairman of the Board, was
honored with the inaugural Bill Carroll Legacy
Banker Award. This lifetime achievement
award was given to Mr. Carroll in honor of his
integrity, dedication, entrepreneurial spirit and
business acuity as well as many of his other
exceptional attributes. The Bill Carroll Legacy
Banker Award will be presented in the future
to other exemplary recipients.
CORE
PURPOSE
CREATE
“WOW”
EXPERIENCES
SMARTBANK CULTURE
Bill Carroll with the inaugural Bill Carroll Legacy Banker Award
2021 “WOW” AWARD WINNER
MIKE WOOD
User Support Technician II, Jamestown, TN
• Creating “WOW” experiences
• Exhibiting over-the-top
enthusiasm & positivity
• Delivering exceptional, professional
& knowledgeable service
6 15 YEARS | BUILDING EXCEPTIONAL VALUE
Each month a “WOW” Award Winner is chosen based on submissions from peers.
At the end of each year, associates vote amongst the monthly winners to select
the overall “WOW” Award Winner for the year. Congratulations to Mike Wood
for being named SmartBank’s 2021 “WOW” Award Winner!
CREATING “WOW” EXPERIENCES
CORE
VALUES
Act with Integrity
Be Enthusiastic
Create Positivity
Demonstrate
Accountability
Embrace Change
VISION
In 2021, SmartBank was voted a Top Workplace
by Associates for the fifth year in a row.
Our vision is to build exceptional value for our brand and for our
Shareholders, Associates, Clients, and Communities
by delivering more than they think possible.
MISSION
We build exceptional value for our Shareholders by managing
growth and maximizing profitability, return on investment, stock value,
dividends, and liquidity.
We build exceptional value for our Associates by fostering a more
fulfilling environment that respects individual needs, establishes high
expectations and recognizes achievement.
We build exceptional value for our Clients by demonstrating
incomparable care for their needs and increasing their financial wealth.
We build exceptional value in our Communities by providing lasting
solutions to their problems and protecting their greatest assets.
We’ve achieved this through the integrity and innovation of our
Associates and Directors – it’s the SmartBank Way.
15 YEARS | BUILDING EXCEPTIONAL VALUE 7
15 YEARS OF SMARTBANK
A SMART START
In 2007, SmartBank opened its doors to its first branch
and corporate office in Pigeon Forge, TN. Within the next
year, SmartBank also opened branches in Sevierville
and Gatlinburg, TN. In 2009, SmartBank expanded
into Knoxville, TN with its fourth branch. The next year
Smartfinancial Inc. was formed as SmartBank’s parent
company. By 2011, and only 5 years into this journey,
SmartBank was able to organically grow its assets to over
$325 million.
Pigeon Forge, TN
Chattanooga, TN
FL Panhandle
LET’S GROW
In 2012, SmartBank completed its first acquisition
(GulfSouth Private Bank) and expanded its footprint
by adding branches in the Florida Panhandle. While
continuing to scale markets in Knoxville, TN and Panama
City, FL, SmartBank expanded into the Chattanooga, TN
area through its 2014 announcement to merge with
Chattanooga-based Cornerstone Community Bank and to
operate under SmartFinancial, Inc. The combined company
was fully integrated in 2016. In 2015, SmartFinancial Inc.
announced trading on the NASDAQ Capital Market under
ticker symbol: SMBK. By 2016, SmartBank reached a
tremendous milestone and became a $1 billion company.
8 15 YEARS | BUILDING EXCEPTIONAL VALUE
2007200820092010201120122013201420152016 Tuscaloosa, AL
Cookeville, TN
HERE WE GROW AGAIN
In 2017, SmartBank expanded into Cleveland, TN through the
acquisition of an FSG bank branch. Next, SmartBank went on
to acquire Tuscaloosa, AL-based Capstone Bank, Tullahoma,
TN-based Southern Community Bank and Maryville, TN-
based Foothills Bank and Trust within two and a half years.
The growth didn’t slow there - in 2019, SmartBank was
named to Fortune’s annual 100 Fastest-Growing Companies
List. In 2020, SmartBank continued its growth into Middle
Tennessee with the acquisition of Progressive Savings Bank.
2021 was a year unlike any other. SmartBank opened new
branches in Montgomery, Dothan, and Auburn, AL and added
a new dynamic Wealth Management team to our Mobile,
AL market. Additionally, SmartBank acquired Sevier County
Bank, further scaling presence in one of its strongest markets,
and also added an equipment financing division through the
acquisition of Fountain Equipment Finance. During this time
period, SmartBank was consecutively named a Top Workplace
five years in a row.
15 YEARS | BUILDING EXCEPTIONAL VALUE 9
20172018201920202021 2021 SNAPSHOT OF SMARTBANK
Successfully completed the acquisition
and integration of Sevier County Bank,
adding scale to one of our strongest
markets in East Tennessee.
Strategically scaled presence in the Nashville, TN
MSA. Hired several Senior Relationship Managers
and opened a new location in Murfreesboro.
Heavy emphasis placed on growth in our Alabama
market. Opened new branches in Auburn, Dothan,
Montgomery and Mobile, AL as well as a loan
production office in Birmingham, AL.
Strengthened our coastal market’s presence, particularly
in Mobile, AL with the expansion of our lending team
and the addition of a wealth management division.
10 15 YEARS | BUILDING EXCEPTIONAL VALUE
Successfully completed the acquisition
of Fountain Equipment Finance.
Awarded a Top Workplace designation
for the fifth year in a row.
Received a Bauer 5-Star Rating and Kroll Bond
Rating of BBB+ Stable Outlook.
Named to Fortune’s 100 Fastest-Growing
Companies list for the second time in the
last three years.
15 YEARS | BUILDING EXCEPTIONAL VALUE 11
SMARTBANK MARKETS
FENTRESS
PUTNAM
MORGAN
KNOX
RUTHERFORD
BLOUNT
CUMBERLAND
SEVIER
COFFEE
HAMILTON
BRADLEY
MIKE HONEYCUTT
Regional President
Northeast Tennessee
MADISON
TUSCALOOSA
JEFFERSON
DAVID SCOTT
Regional President
Middle Tennessee
CLARK
LEE
MONTGOMERY
BARRY WATSON
Regional President
Southeast Tennessee
HOUSTON
WASHINGTON
MOBILE
BALDWIN
OKALOOSA
ESCAMBIA
LEON
BAY
ROBERT KUHN
Regional President
Alabama
NATE SOMMER
Regional President
Coastal Market
LEE SMITH
Alabama Chairman
JEFF WILLIAMS
Regional President
South Alabama
12 15 YEARS | BUILDING EXCEPTIONAL VALUE
TENNESSEE
SmartBank opened its first office in January 2007 in Pigeon Forge and has
since expanded its footprint across several of the Southeast’s strongest
and most desired markets. The Middle and East Tennessee regions are
home to 24 of SmartBank’s 40 branches, with the company headquartered
in Knoxville. Key commerce-attracting cities Chattanooga, Knoxville and
Murfreesboro continue to thrive. In Chattanooga alone, Erlanger Health
System, the Hamilton County Board of Education, and Blue Cross Blue
Shield of Tennessee employ a combined 16,500+ TN residents. According
to SmartAsset, Murfreesboro ranks as the #1 Boomtown for growth in the
US (Dec 2021). Knoxville is home to Oak Ridge National Laboratory, Denso
Manufacturing, Discovery Communications, and many others.
BLOUNT COUNTY
Alcoa
Maryville
BRADLEY COUNTY
Cleveland
COFFEE COUNTY
Tullahoma
CUMBERLAND COUNTY
Crossville (2)
FENTRESS COUNTY
Jamestown
HAMILTON COUNTY
Chattanooga (2)
East Ridge
Hixson
Ooltewah
KNOX COUNTY
Knoxville (3)
MORGAN COUNTY
Wartburg
PUTNAM COUNTY
Cookeville
RUTHERFORD COUNTY
Murfreesboro
SEVIER COUNTY
Sevierville (3)
Pigeon Forge
Gatlinburg
Seymour
SmartBank completed the integration of Tuscaloosa-based Capstone Bank
in early 2018, adding eight branches spanning from Tuscaloosa through
Southwest, AL and to the coast. In late 2018, SmartBank acquired Southern
Community Bank, and added a branch in Huntsville. Alabama brings great
banking opportunities with tremendous growth in several of the Southeast’s
most desirable markets. Huntsville’s growth exceeds a population boom,
with the area attracting several high-profile developments including Mazda
Toyota Manufacturing, the MidCity District, Facebook’s Data Center and the
newly built FBI campus on Redstone Arsenal. Tuscaloosa continues to prove
its economic value with the successes of Mercedes-Benz U.S. International
and top employer, The University of Alabama. Fairhope, a vibrant coastal town
in Baldwin County, has long been known for its lovely parks and sweeping
panoramic views of Mobile Bay, but is now also the fourth fastest-growing city
in Alabama (Aug 2021).
ALABAMA
BALDWIN COUNTY
Fairhope
CLARKE COUNTY
Jackson
Thomasville
HOUSTON COUNTY
Dothan
JEFFERSON COUNTY
Birmingham (LPO)
LEE COUNTY
Auburn
MADISON COUNTY
Huntsville
MOBILE COUNTY
Mobile
MONTGOMERY COUNTY
Montgomery
TUSCALOOSA COUNTY
Tuscaloosa (2)
Northport
WASHINGTON COUNTY
Chatom
McIntosh
FLORIDA
OKALOOSA COUNTY
Destin
BAY COUNTY
Panama City
ESCAMBIA COUNTY
Pensacola
LEON COUNTY
Tallahassee (LPO)
SmartBank’s expansion into the Florida Panhandle by way of its first
acquisition of GulfSouth Private Bank in 2012 has proven that growth in this
thriving market continues to be strong with lots of opportunities for continued
success. SmartBank operates full services branches in Pensacola, Destin and
Panama City, and a Loan Production Office in Tallahassee. Northwest Florida
is home to six major military installations, all with aviation/aerospace-related
missions which have huge impact on the industries, R&D and talent pool in
the region. The Panhandle also includes strong tourism markets which account
for one of the state’s biggest economic drivers.
15 YEARS | BUILDING EXCEPTIONAL VALUE 13
CORPORATE SOCIAL RESPONSIBILITY
At SmartBank, we take great pride in our commitment to giving back to our community. This value defines SmartBank and acts
as a driving force behind serving beyond financial needs.
COMMUNITY
PARTNERS
SmartBank supports numerous charitable
causes in all of our markets with a primary
focus on these three areas: financial
literacy, environmental stewardship and
affordable housing.
PARK PARTNERS DONATIONS
SmartBank is committed to building exceptional value in our communities by
providing lasting solutions to their problems and by protecting their greatest
assets. Since 2009, SmartBank has donated nearly $200,000 to organizations
who support local National Parks.
PAYCHECK PROTECTION
PROGRAM
In 2021, SmartBank continued with Round 2 in the Paycheck
Protection Program (“PPP”) and originated 1,801 loans
totaling $138.4 million.
14 15 YEARS | BUILDING EXCEPTIONAL VALUE
FINANCIAL HIGHLIGHTS
$4.6B
Record high total assets of $4.6 billion, net loans of $2.7 billion, and deposits of $4.0 billion
$34.8M
Net income of $34.8 million
13.06%
Annual loan growth of $311.2 million, or 13.06%
$25.56
Book value of common stock, up 8.12% in 2021
0.11%
Asset quality was outstanding with nonperforming assets to total assets of just 0.11%
15 YEARS | BUILDING EXCEPTIONAL VALUE 15
2021 FINANCIAL SUMMARY
SELECTED HISTORICAL CONSOLIDATED FINANCIAL INFORMATION The following selected historical consolidated financial data as
of and for the years ended December 31, 2021 and 2020 is derived from the audited consolidated financial statements of the company.
(Amounts are in thousands, except ratios, per share data.)
YEARS ENDED DECEMBER 31,
2021
2020
$125,232
11,838
133,394
1,633
111,761
23,949
91,391
44,319
9,529
$117,613
16,747
100,866
8,683
92,183
15,426
76,719
30,890
6,558
$ 34,790
$ 24,332
$ 2.23
2.22
25.56
19.26
0.24
16,803
15,573
15,699
$ 1.63
1.62
23.64
17.92
0.20
15,107
14,955
15,019
SUMMARY OF OPERATIONS
Total interest income
Total interest expense
Net interest income
Provision for loan losses
Net interest income after
provision for loan losses
Non-interest income
Non-interest expense
Income before income taxes
Income tax expense
Consolidated net income
SHARE AND PER COMMON
SHARE DATA:
Basic earnings per share
Diluted earnings per share
Common equity per
common share outstanding
Tangible book value per share
Dividends per common share
Actual common shares outstanding
Weighted average common shares outstanding
Diluted weighted average common shares outstanding
16 15 YEARS | BUILDING EXCEPTIONAL VALUE
YEARS ENDED DECEMBER 31,
2021
2020
BALANCE SHEET DATA:
Average total assets
Average gross loans, net of deferred loan fees
Average interest-earning assets
Average deposits
Average interest-bearing deposits
Average interest-bearing liabilities
Average total shareholders’ equity
SELECTED FINANCIAL RATIOS:
Return on average assets
Return on average equity
Average equity to average total assets
Efficiency ratio
Net interest margin1
Net interest spread2
CAPITAL RATIOS:3
Total Capital (to Risk-Weighted Assets)
Tier 1 Capital (to Risk-Weighted Assets)
Common Equity Tier 1 Capital
(to Risk-Weighted Assets)
Tier 1 Capital (to Average Assets)
ASSET QUALITY RATIOS:
Net charge-offs to average loans
Allowance to period end loans
Allowance for loan losses to non-performing loans
Non-performing assets to total assets
OTHER DATA:
Branches
Loan production offices
Operation centers
Total associates
$ 3,839,110
2,535,006
3,521,653
3,304,907
2,463,161
2,586,487
387,688
0.91%
8.97%
10.10%
66.54%
3.24%
3.12%
12.29%
11.66%
11.66%
8.23%
0.02%
0.72%
607.03%
0.11%
40
3
1
551
$3,063,435
2,289,612
2,812,480
2,481,985
1,910,703
2,127,208
341,170
0.79%
7.13%
11.14%
65.97%
3.61%
3.41%
13.57%
12.78%
12.78%
9.58%
0.03%
0.77%
315.16%
0.31%
35
1
1
475
Table Assumptions
1 Net interest margin is the result of net interest income calculated on a tax-equivalent basis divided by average interest earning assets for the period.
2 Net interest spread is calculated as the yields realized on interest-bearing assets less the rates paid on interest-bearing liabilities.
3 For SmartBank
15 YEARS | BUILDING EXCEPTIONAL VALUE 17
INVESTOR RELATIONS
SMARTFINANCIAL, INC. ANNUAL
SHAREHOLDERS’ MEETING
Thursday, May 26, 2022 at 3:00 pm
SmartBank - Bearden
5401 Kingston Pike, #600 | Knoxville, TN 37919
Meeting contact:
Frank Hughes (frank.hughes@smartbank.com)
STOCK SYMBOL
Nasdaq Capital Market:
SMBK
ELECTRONIC VOTING
To vote electronically, please go to www.smartfinancialinc.com.
You may also download a copy of the 2021 SmartFinancial, Inc.
Annual Report.
STOCK TRANSFER AGENT INFO
American Stock Transfer & Trust Company, LLC
6201 15th Avenue | Brooklyn, NY 11219
800.937.5449
ANALYST COVERAGE
Keefe, Bruyette & Woods, Inc
Raymond James & Associates
Hovde Group
Stephens Inc.
Piper Sandler Companies
Janney Montgomery Scott LLC
D.A. Davidson & Co.
INVESTOR RELATIONS CONTACT
Ron Gorczynski
EVP, Chief Financial Officer
5401 Kingston Pike, Suite 600
Knoxville, TN 37919
865.437.5724
ron.gorczynski@smartbank.com
MARKET MAKERS
Virtu Financial
Raymond James & Associates
Credit Suisse
Jonestrading
Wells Fargo Securities
JP Morgan
UBS Investment Bank
Merrill Lynch
Morgan Stanley
Citigroup Global Markets
SMARTFINANCIAL, INC.
5401 Kingston Pike, #600
Knoxville, TN 37919
866.290.2554
18 15 YEARS | BUILDING EXCEPTIONAL VALUE
www.smartbank.com
Forward-Looking Statements
This annual report may contain statements that are based on management’s current estimates or expectations of future events or future results, and that may be deemed to constitute forward-looking
statements as defined under the Private Securities Litigation Reform Act of 1995. These statements, including statements regarding the effects of the COVID-19 pandemic and related variants on the
Company’s business and financial results and conditions, are not historical in nature and can generally be identified by such words as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “may,”
“estimate,” and similar expressions. All forward-looking statements are subject to risks, uncertainties, and other factors that may cause the actual results of SmartFinancial to differ materially from future
results expressed or implied by such forward-looking statements. Such risks, uncertainties, and other factors include, among others, (1) risks associated with our growth strategy, including a failure
to implement our growth plans or an inability to manage our growth effectively; (2) claims and litigation arising from our business activities and from the companies we acquire, which may relate to
contractual issues, environmental laws, fiduciary responsibility, and other matters; (3) the risk that cost savings and revenue synergies from recently completed acquisitions may not be realized or may
take longer than anticipated to realize; (4) disruption from recently completed acquisitions with customer, supplier, employee, or other business relationships; (5) our ability to successfully integrate the
businesses acquired as part of previous acquisitions with the business of SmartBank; (6) risks related to the acquisition of Sevier County Bancshares, Inc. (“SCB”); (7) the risk that the anticipated benefits
from the acquisition of SCB may not be realized in the time frame anticipated; (8) changes in management’s plans for the future; (9) prevailing, or changes in, economic or political conditions, particularly
in our market areas; (10) credit risk associated with our lending activities; (11) changes in interest rates, loan demand, real estate values, or competition; (12) changes in accounting principles, policies,
or guidelines; (13) changes in applicable laws, rules, or regulations, including changes to statutes, regulations or regulatory policies or practices as a result of, or in response to COVID-19 and related
variants; (14) adverse results from current or future litigation, regulatory examinations or other legal and/or regulatory actions, including as a result of the Company’s participation in and execution of
government programs related to the COVID-19 pandemic and related variants; (15) the impact of the COVID-19 pandemic and related variants on the Company’s assets, business, cash flows, financial
condition, liquidity, prospects and results of operations; (16) potential increases in the provision for loan losses resulting from the COVID-19 pandemic and related variants; and (17) other general
competitive, economic, political, and market factors, including those affecting our business, operations, pricing, products, or services. These and other factors that could cause results to differ materially
from those described in the forward-looking statements can be found in SmartFinancial’s most recent annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K, in each
case filed with or furnished to the Securities and Exchange Commission (the “SEC”) and available on the SEC’s website (www.sec.gov). Undue reliance should not be placed on forward-looking statements.
SmartFinancial disclaims any obligation to update or revise any forward-looking statements contained in this release, which speak only as of the date hereof, whether as a result of new information, future
events, or otherwise.
Non-GAAP Financial Measures
We report our results in accordance with United States generally accepted accounting principles (“GAAP”). However, management believes that certain non-GAAP performance measures used in managing
the business may provide meaningful information about underlying trends in its business. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, our reported results
prepared in accordance with GAAP.