It is a particular honor for me be here to address the Utah Bankers Association, which is like coming home in two ways: First, to Sun Valley, which is our family’s deeply rooted second home—my wife’s great grandfather established the first sawmill in the Wood River Valley near Hailey almost 150 years ago—and second, to Utah, the place that, like all of you, I dearly love and where I have always lived, despite a career that seems determined to keep taking me elsewhere.
Given their distinct funding requirements, funding for these acquisitions has been excluded. That is, debt raised to fund takeovers is excluded from the subsequent analysis.