Dear Shareholders,

Thank you for continuing to invest your social capital in Courtney (DBA @TougherThanATwoDollarSteak). The organization has returned to our inconsistent reporting periods and this report includes a summary of activities for the last 365 days.

As ever, we attribute results to adherence to our distinctive values of consistency and hard work.

In the last year, over 1,000 miles were run (zero miles indoors!) While no run PRs were achieved in the reporting period, age adjusted results continue to trend upward. Longtime shareholders may notice a substantial increase in mileage in the second half of the reporting period – the organization is pleased to report multiple breakthroughs not seen since the Great Depression of 2003. While past performance is not indicative of future results, we strive to facilitate ongoing run improvements until outcomes more closely resemble earlier performance metrics.

Running was supported by cycling (5,000+ miles) and swimming (200+ miles). Actually, maybe this year cycling was supported by running any swimming :shrug: This was the organization’s third year focused on triathlon and second focused on the 70.3 distance. Returns include an overall win, 3 overall podiums, and multiple age group podiums including 4 at the 70.3 distance. We credit much of this success to a series of strategic shifts following the appointment of a new advisor.

Shareholders may notice a sharp decline in activity following the new leadership. Unfortunately, an international incident required substantial investment in infrastructure and the installation of new hardware. The complexities of the required installation severely limited the organization’s ability to do anything requiring two arms. Analysts note that employee morale suffered during this decline in activity. The board is pleased to report that many hours on the trainer listening to hip-hop paid dividends when the organization was cleared to resume normal activity. Diplomatic relations have also been restored.

As with previous reporting periods, while noticeable improvements in aerodynamics were made analysts confirm room for growth. No puffy jackets have been spotted since the board’s intervention in 2017.

Long-term investments that continue to include kettlebells, barbells, yoga, hiking, and kooky multi-day adventure races. Rock Climbing has been put on hold but is expected to return in the coming quarter.

While hesitant to make forward looking statements, after a careful review the board expects positive trends to continue.

As ever, the organization would like to thank family and friends for their continued support of the corporate vision and contributions to the growth strategy.