Royal Gold

Live  

Royal Gold is a precious metals royalty and streaming company headquartered in Denver, Colorado. Founded in 1981, the company primarily focuses on acquiring and managing precious metal royalties, streams, and similar interests that provide investors with exposure to gold, silver, copper, nickel, zinc, lead, and molybdenum.
The company's business model involves establishing relationships with mining companies that are looking to finance their operations and development projects. In exchange for providing upfront capital, Royal Gold receives a percentage of the precious metals produced by the mines at a predetermined price. This allows Royal Gold to generate revenue without taking on the operational and financial risks associated with owning and operating a mine.
In addition to their royalty and streaming interests, Royal Gold also holds a portfolio of equity investments in various mining companies. This diverse portfolio helps to mitigate risk and provides potential upside for the company as these mining companies advance their projects.
Royal Gold's main focus is on the Americas, with projects in the United States, Canada, Mexico, Chile, and Brazil. However, the company also has interests in other regions, including Africa, Australia, and Europe.
The company is publicly traded on the NASDAQ under the ticker symbol RGLD and on the Toronto Stock Exchange under RGL. With a market capitalization of over $6 billion, Royal Gold is one of the largest and most established companies in the precious metals royalty and streaming industry. Overall, Royal Gold offers investors a unique way to gain exposure to the precious metals market and potentially benefit from the exploration, development, and production activities of its portfolio of mining companies.

MS4gSGlnaC 1RdWFsaXR5 IFByb2R1Y3 RzOiBSb3lh bCBHb2xkIG lzIGtub3du IGZvciBwcm 9kdWNpbmcg YW5kIHByb3 ZpZGluZyBo aWdoLXF1YW xpdHkgZ29s ZCBhbmQgc2 lsdmVyIHBy b2R1Y3RzLi BUaGV5IHVz ZSBhZHZhbm NlZCByZWZp bmluZyBhbm QgbWludGlu ZyB0ZWNobm lxdWVzIHRv IGVuc3VyZS B0aGUgcHVy aXR5IGFuZC BhY2N1cmFj eSBvZiB0aG VpciBwcm9k dWN0cy48Yn I+Mi4gU3Vz dGFpbmFibG UgTWluaW5n IFByYWN0aW NlczogVGhl IGNvbXBhbn kgaXMgY29t bWl0dGVkIH RvIGVudmly b25tZW50YW xseSByZXNw b25zaWJsZS BtaW5pbmcg cHJhY3RpY2 VzIGFuZCBo YXMgaW1wbG VtZW50ZWQg c3VzdGFpbm FibGUgaW5p dGlhdGl2ZX MgdG8gbWlu aW1pemUgdG hlaXIgZW52 aXJvbm1lbn RhbCBpbXBh Y3QuPGJyPj MuIEdsb2Jh bCBSZWFjaD ogV2l0aCBv cGVyYXRpb2 5zIGluIE5v cnRoIGFuZC BTb3V0aCBB bWVyaWNhLC BFdXJvcGUs IGFuZCBBZn JpY2EsIFJv eWFsIEdvbG QgaGFzIGEg Z2xvYmFsIH JlYWNoIGFu ZCBkaXZlcn NlIHBvcnRm b2xpbywgbW FraW5nIHRo ZW0gYSBsZW FkZXIgaW4g dGhlIHByZW Npb3VzIG1l dGFscyBpbm R1c3RyeS48 YnI+NC4gU3 RlYWR5IERp dmlkZW5kOi BSb3lhbCBH b2xkIGlzIG 9uZSBvZiB0 aGUgZmV3IH ByZWNpb3Vz IG1ldGFsIH N0cmVhbWlu ZyBjb21wYW 5pZXMgdGhh dCBwYXlzIG l0cyBpbnZl c3RvcnMgYS BzdGVhZHkg YW5udWFsIG RpdmlkZW5k LCBtYWtpbm cgaXQgYW4g YXR0cmFjdG l2ZSBpbnZl c3RtZW50IG 9wdGlvbiBm b3IgdGhvc2 Ugc2Vla2lu ZyBzdGFibG UgcmV0dXJu cy48YnI+NS 4gU3Ryb25n IEZpbmFuY2 lhbCBQZXJm b3JtYW5jZT ogVGhlIGNv bXBhbnkgaG FzIGEgc29s aWQgZmluYW 5jaWFsIHRy YWNrIHJlY2 9yZCBhbmQg aGFzIGNvbn Npc3RlbnRs eSByZXBvcn RlZCBzdHJv bmcgcmV2ZW 51ZSBhbmQg ZWFybmluZ3 MgZ3Jvd3Ro LCBwcm92aW RpbmcgaW52 ZXN0b3JzIH dpdGggc3Rh YmlsaXR5IG FuZCBsb25n LXRlcm0gZ3 Jvd3RoIHBv dGVudGlhbC 48YnI+Ni4g VW5pcXVlIE J1c2luZXNz IE1vZGVsOi BSb3lhbCBH b2xkIG9wZX JhdGVzIG9u IGEgdW5pcX VlIGJ1c2lu ZXNzIG1vZG VsIG9mIG1l dGFsIHN0cm VhbWluZywg d2hpY2ggYW xsb3dzIHRo ZW0gdG8gZ2 VuZXJhdGUg Y2FzaCBmbG 93IGZyb20g dXBmcm9udC BmaW5hbmNp bmcgcHJvdm lkZWQgdG8g bWluaW5nIG NvbXBhbmll cyBpbiBleG NoYW5nZSBm b3IgcmlnaH RzIHRvIHB1 cmNoYXNlIH RoZSBwcmVj aW91cyBtZX RhbHMgcHJv ZHVjZWQgYX QgYSBsb3dl ciBjb3N0Lj xicj43LiBF eHBlcmllbm NlZCBNYW5h Z2VtZW50IF RlYW06IFRo ZSBjb21wYW 55J3MgbWFu YWdlbWVudC B0ZWFtIGhh cyBleHRlbn NpdmUgZXhw ZXJpZW5jZS BpbiB0aGUg cHJlY2lvdX MgbWV0YWxz IGluZHVzdH J5IGFuZCBo YXMgYSBwcm 92ZW4gdHJh Y2sgcmVjb3 JkIG9mIHN1 Y2Nlc3MsIH Byb3ZpZGlu ZyBpbnZlc3 RvcnMgd2l0 aCBjb25maW RlbmNlIGlu IHRoZSBjb2 1wYW55J3Mg bGVhZGVyc2 hpcC48YnI+ OC4gU29jaW FsbHkgUmVz cG9uc2libG U6IFJveWFs IEdvbGQgaX MgY29tbWl0 dGVkIHRvIG NvcnBvcmF0 ZSBzb2NpYW wgcmVzcG9u c2liaWxpdH kgYW5kIGFj dGl2ZWx5IG VuZ2FnZXMg aW4gcGhpbG FudGhyb3Bp YyBpbml0aW F0aXZlcyBy ZWxhdGVkIH RvIGVkdWNh dGlvbiwgaG VhbHRoLCBh bmQgZW52aX Jvbm1lbnRh bCBjb25zZX J2YXRpb24u PGJyPjkuIF N0cm9uZyBQ YXJ0bmVyc2 hpcHM6IFRo ZSBjb21wYW 55IGhhcyBl c3RhYmxpc2 hlZCBzdHJv bmcgcGFydG 5lcnNoaXBz IHdpdGggdG 9wIG1pbmlu ZyBjb21wYW 5pZXMsIGFs bG93aW5nIH RoZW0gdG8g YWNjZXNzIG EgZGl2ZXJz ZSByYW5nZS BvZiBwcm9q ZWN0cyBhbm Qgc2VjdXJl IGxvbmctdG VybSBzdXBw bHkgYWdyZW VtZW50cy48 YnI+MTAuIF JlZ2FyZGVk IGFzIFNhZm UgSGF2ZW4g QXNzZXQ6IE dvbGQgaXMg b2Z0ZW4gcm VnYXJkZWQg YXMgYSBzYW ZlIGhhdmVu IGFzc2V0IG FuZCBhIGhl ZGdlIGFnYW luc3QgaW5m bGF0aW9uIG FuZCBlY29u b21pYyB1bm NlcnRhaW50 eS4gQXMgYS BsZWFkaW5n IGdvbGQgY2 9tcGFueSwg Um95YWwgR2 9sZCBwcm92 aWRlcyBpbn Zlc3RvcnMg d2l0aCBleH Bvc3VyZSB0 byB0aGlzIG Fzc2V0IGNs YXNzIGFuZC BhIHBvdGVu dGlhbCBoZW RnZSBhZ2Fp bnN0IG1hcm tldCB2b2xh dGlsaXR5Lg ==

VGhlIFJveW FsIEdvbGQg Y29tcGFueS dzIGJ1c2lu ZXNzIG1vZG VsIGlzIHBy aW1hcmlseS Bmb2N1c2Vk IG9uIHRoZS BhY3F1aXNp dGlvbiBhbm QgbWFuYWdl bWVudCBvZi BwcmVjaW91 cyBtZXRhbC Byb3lhbHRp ZXMgYW5kIH N0cmVhbXMu IFRoaXMgbW VhbnMgdGhh dCB0aGUgY2 9tcGFueSBw cm92aWRlcy B1cGZyb250 IGZpbmFuY2 luZyB0byBt aW5pbmcgY2 9tcGFuaWVz IGluIGV4Y2 hhbmdlIGZv ciB0aGUgcm lnaHQgdG8g cmVjZWl2ZS BhIHBvcnRp b24gb2YgdG hlIGZ1dHVy ZSBwcm9kdW N0aW9uIG9m IHByZWNpb3 VzIG1ldGFs cyBmcm9tIH RoZWlyIG1p bmVzLiBBZG RpdGlvbmFs bHksIFJveW FsIEdvbGQg YWxzbyBoYX MgYSBwb3J0 Zm9saW8gb2 YgZGlyZWN0 IGVxdWl0eS BpbnZlc3Rt ZW50cyBpbi BtaW5pbmcg Y29tcGFuaW VzLCB3aGlj aCBhbGxvd3 MgdGhlbSB0 byBiZW5lZm l0IGZyb20g cG90ZW50aW FsIGNhcGl0 YWwgYXBwcm VjaWF0aW9u LiBUaGUgY2 9tcGFueSdz IHJldmVudW UgaXMgcHJp bWFyaWx5IG dlbmVyYXRl ZCB0aHJvdW doIHRoZSBy ZWNlaXB0IG 9mIHJveWFs dHkgYW5kIH N0cmVhbSBw YXltZW50cy Bmcm9tIGl0 cyB2YXJpb3 VzIG1pbmlu ZyBwYXJ0bm Vycy4=

The sensitivity of Royal Gold’s earnings, cash flow, and valuation to changes in interest rates can be analyzed across several dimensions:
1. Earnings Sensitivity: Royal Gold typically generates revenue from its precious metal royalties, which means that its earnings are more directly influenced by the prices of gold and silver rather than interest rates. However, higher interest rates can impact the broader economic activity and consumer spending, potentially leading to changes in demand for precious metals. If higher rates strengthen the U.S. dollar, this can also put downward pressure on gold prices, indirectly affecting earnings.
2. Cash Flow Sensitivity: Royal Gold’s cash flows are closely related to its revenue, which, as mentioned, is affected by metal prices. While interest rates per se might not have a direct effect on its operational cash flows, if increasing rates lead to lower metal prices, this could result in reduced cash flows from royalties. Additionally, higher interest rates can increase the cost of capital for mining companies, potentially impacting their operations and, in turn, the royalties Royal Gold receives.
3. Valuation Sensitivity: The valuation of Royal Gold is often based on discounted cash flow models, which use interest rates as a key factor in determining the discount rate. Higher interest rates would generally increase the discount rate, which would reduce the present value of future cash flows and could lead to a lower valuation for the company. Conversely, lower interest rates typically result in lower discount rates, enhancing the valuation. Additionally, shifts in interest rates can influence investors’ risk appetite, affecting the attractiveness of gold as an investment.
In summary, while Royal Gold’s direct exposure to interest rate changes is somewhat limited, the company is still indirectly affected through impacts on gold prices, cash flows, and the overall market environment.

CiAgICAgIC AgICAgIDxk aXYgc3R5bG U9J3dpZHRo OiAxMDAlOy BkaXNwbGF5 OiBmbGV4Oy BqdXN0aWZ5 LWNvbnRlbn Q6IGNlbnRl cjsnPgogIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nCiAgIC AgICAgICAg ICAgICAgIC AgZGlzcGxh eTogZmxleD sKICAgICAg ICAgICAgIC AgICAgICBh bGlnbi1pdG VtczogY2Vu dGVyOwogIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICNm MGY0Zjg7Ci AgICAgICAg ICAgICAgIC AgICAgYm9y ZGVyOiAxcH ggc29saWQg I2QxZTNmMD sKICAgICAg ICAgICAgIC AgICAgICBi b3JkZXItcm FkaXVzOiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgIHBhZGRp bmc6IDEwcH g7CiAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luOi AyMHB4IDA7 CiAgICAgIC AgICAgICAg ICAgICAgZm 9udC1mYW1p bHk6ICJTZW dvZSBVSSIs IFJvYm90by wgc2Fucy1z ZXJpZjsKIC AgICAgICAg ICAgICAgIC AgICBib3gt c2hhZG93Oi AwIDJweCA2 cHggcmdiYS gwLCAwLCAw LCAwLjA1KT sKICAgICAg ICAgICAgIC AgICAgICBt YXgtd2lkdG g6IDkwMHB4 OwogICAgIC AgICAgICAg ICAgICAgIH dpZHRoOiAx MDAlOyc+Cg ogICAgICAg ICAgICAgIC AgICAgIDxp bWcgc3JjPS Jhc3NldHMv bG9nb3MvMV BzUnp4dHBk dVNOOFBNd3 JDdEsud2Vi cCIgYWx0PS JSb3lhbCBH b2xkIiB0aX RsZT0iUm95 YWwgR29sZC IgIGNsYXNz PSJpbWctZm x1aWQiIGhl aWdodD05MC B3aWR0aD05 MCBsb2FkaW 5nPSdsYXp5 JyBzdHlsZT 0nYm9yZGVy LXJhZGl1cz ogNnB4Oyc+ CgogICAgIC AgICAgICAg ICAgICAgID xkaXYgc3R5 bGU9J2ZsZX g6IDE7IHRl eHQtYWxpZ2 46IGNlbnRl cjsgbWFyZ2 luLWxlZnQ6 IDVweDsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8cCBzdH lsZT0nZm9u dC1zaXplOi AyNnB4OyBj b2xvcjogIz MzMzsgbWFy Z2luLWJvdH RvbTogMTVw eDsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAg8J+TiC BXYW50IHRv IHJlYWQgbW 9yZSBhYm91 dCBSb3lhbC BHb2xkPwog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L3A+Cgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdpbmRleC 5waHA/cGFn ZT1zaWdudX AnIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJhY2tncm 91bmQtY29s b3I6ICMwMD dCRkY7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBjb2xv cjogI2ZmZj sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH BhZGRpbmc6 IDEwcHggMj BweDsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJvcmRl ci1yYWRpdX M6IDVweDsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHRl eHQtZGVjb3 JhdGlvbjog bm9uZTsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGZvbn Qtd2VpZ2h0 OiBib2xkOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgbW FyZ2luLXJp Z2h0OiAxMH B4OwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdHJhbnNp dGlvbjogYm Fja2dyb3Vu ZC1jb2xvci AwLjNzIGVh c2U7JwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgb25tb3 VzZW92ZXI9 J3RoaXMuc3 R5bGUuYmFj a2dyb3VuZE NvbG9yPSIj MDA1NmIzIi cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG 9ubW91c2Vv dXQ9J3RoaX Muc3R5bGUu YmFja2dyb3 VuZENvbG9y PSIjMDA3Qk ZGIic+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBTaWdu IHVwIGZvci BmcmVlCiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvYT4KCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xzcGFuIHN0 eWxlPSdtYX JnaW46IDAg OHB4OyBjb2 xvcjogIzU1 NTsnPm9yPC 9zcGFuPgoK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGEgaHJl Zj0naW5kZX gucGhwP3Bh Z2U9bG9naW 4nIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGNvbG9yOi AjMDA3QkZG OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dGV4dC1kZW NvcmF0aW9u OiB1bmRlcm xpbmU7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBmb250 LXdlaWdodD ogNTAwOyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBs b2cgaW4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9hPgoKCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxwIHN0eW xlPSdtYXJn aW4tdG9wOi AxNXB4OyBm b250LXNpem U6IDEzcHg7 IGZvbnQtd2 VpZ2h0OiBi b2xkOyBjb2 xvcjogI2Qz MmYyZjsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAg4p yN77iPIFNp Z24gdXAgdG 8gZ2V0IDxp PiJUaGUgQ2 hlY2tsaXN0 IFZhbHVlIE ludmVzdG9y IOKAlCBBIF NtYXJ0ZXIg V2F5IHRvIF BpY2sgU3Rv Y2tzIjwvaT 4gZm9yIGZy ZWUKICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9w PgoKICAgIC AgICAgICAg ICAgICAgIC AgICAgPCEt LQogICAgIC AgICAgICAg ICAgICAgIC AgICA8ZGl2 IHN0eWxlPS dtYXJnaW4t dG9wOiAxMn B4OyBmb250 LXNpemU6ID EzcHg7IGNv bG9yOiAjND Q0Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBTaWdu IHVwIG5vdy BhbmQgZ2V0 IG91ciBmcm VlIGVCb29r IAogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg PGI+VGhlIE NoZWNrbGlz dCBWYWx1ZS BJbnZlc3Rv ciDigJQgQS BTbWFydGVy IFdheSB0by BQaWNrIFN0 b2NrczwvYj 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIC0tPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8IS0tCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxkaXYgc3 R5bGU9J21h cmdpbi10b3 A6IDE2cHg7 IGZvbnQtc2 l6ZTogMTRw eDsgY29sb3 I6ICM0NDQ7 IGZvbnQtZm FtaWx5OiAt YXBwbGUtc3 lzdGVtLCBC bGlua01hY1 N5c3RlbUZv bnQsIFNlZ2 9lIFVJLCBS b2JvdG8sIE hlbHZldGlj YSBOZXVlLC BzYW5zLXNl cmlmOyBsaW 5lLWhlaWdo dDogMS42Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BIYXZlIHlv dSBoZWFyZC BhYm91dCBv dXIgc2hvcn QgPHN0cm9u ZyBzdHlsZT 0nZm9udC13 ZWlnaHQ6ID YwMDsnPkRh aWx5IFZpZG VvIE5ld3Ns ZXR0ZXI8L3 N0cm9uZz4/ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 YSBocmVmPS dodHRwczov L3d3dy5pbn NpZ2h0ZnVs dmFsdWUuY2 9tL25ld3Ns ZXR0ZXIucG hwJyB0YXJn ZXQ9J19ibG Fuaycgc3R5 bGU9J2NvbG 9yOiAjMDA3 QkZGOyB0ZX h0LWRlY29y YXRpb246IG 5vbmU7IGZv bnQtd2VpZ2 h0OiA1MDA7 IG1hcmdpbi 1sZWZ0OiA2 cHg7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BGaW5kIG91 dCBtb3JlCi AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICA8L2 E+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AgICAgICAg ICAgICAtLT 4KICAgICAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg CiAgICAgIC AgCiAgICAg ICAgPHNwYW 4gY2xhc3M9 J2JsdXJyZW QtdGV4dCc+ CiAgICAgIC AgICAgIExT QlVhR1VnVW 0gOTVZV3dn UjI5cyBaQ0 JqYjIxd1lX IDU1SUdsek lHRWcgY0hK bFkybHZkWC BNZ2JXVjBZ V3h6IElITj BjbVZoYlcg bHVaeUJoYm 1RZyBjbTk1 WVd4MGVTIE JqYjIxd1lX NTUgSUdKaG MyVmtJRyBs dUlFUmxibl psIGNpd2dR MjlzYjMgSm haRzhzSUZW VCBRUzQ4WW 5JK0xTIEJK ZENCM1lYTW cgWm05MWJt UmxaQyBCcG JpQXhPVGd4 IElHSjVJR0 pwYkcgeHBi MjVoYVhKbC BJRk4wWVc1 c1pYIGtnUk dWdGNITmwg ZVN3Z2QyaH ZJRyBseklH RnNjMjhnIG RHaGxJR1p2 ZFcgNWtaWE lnWVc1ayBJ R1p2Y20xbG NpIEJEUlU4 Z2IyWWcgVG 1WM2JXOXVk QyBCTmFXNX BibWNnIFEy OXljRzl5WV ggUnBiMjR1 UEdKeSBQaT BnVW05NVlX IHdnUjI5c1 pDQnAgY3lC dmJtVWdiMi BZZ2RHaGxJ R3hoIGNtZG xjM1FnY20g OTVZV3gwZV NCaCBibVFn YzNSeVpXIE Z0YVc1bklH TnYgYlhCaG JtbGxjeSBC cGJpQjBhR1 VnIGQyOXli R1FzSUggZH BkR2dnWVNC dCBZWEpyWl hRZ1kyIEZ3 YVhSaGJHbD YgWVhScGIy NGdiMiBZZ2 IzWmxjaUFr IE9DQmlhV3 hzYVcgOXVJ R0Z6SUc5bS BJREl3TWpF dVBHIEp5UG kwZ1ZHaGwg SUdOdmJYQm hibiBuaWdK bHpJRzFoIG FXNGdabTlq ZFggTWdhWE 1nYjI0ZyBZ V054ZFdseW FXIDVuSUhK dmVXRnMgZE hrZ1lXNWtJ SCBOMGNtVm hiV2x1IFp5 QnBiblJsY2 0gVnpkSE1n YVc0ZyBaMj lzWkN3Z2My IGxzZG1WeU xDQmogYjNC d1pYSXNJRy BGdVpDQnZk R2hsIGNpQn djbVZqYVcg OTFjeUJ0Wl hSaCBiSE1n WVhOelpYIF J6TGp4aWNq NHQgSUZKdm VXRnNJRSBk dmJHUWdaRz lsIGN5QnVi M1FnYjMgQm xjbUYwWlNC aCBibmtnYl dsdVpYIE1n WkdseVpXTj AgYkhrc0lH SjFkQyBCcG JuTjBaV0Zr IElIQnliM1 pwWkcgVnpJ R1pwYm1GdS BZMmx1WnlC MGJ5IEJ0YV c1cGJtY2cg WTI5dGNHRn VhVyBWeklH bHVJR1Y0IF kyaGhibWRs SUcgWnZjaU JoSUhCbCBj bU5sYm5SaF oyIFVnYjJZ Z2RHaGwgSU cxcGJtVno0 byBDWklIQn liMlIxIFkz UnBiMjR1UE cgSnlQaTBn VkdocCBjeU J0WldGdWN5 IEIwYUdGME lGSnYgZVdG c0lFZHZiRy BRZ2NtVmpa V2wyIFpYTW dZU0J6ZEcg VmhaSGtnYz NSeSBaV0Z0 SUc5bUlIIE psZG1WdWRX VWcgWm5Kdm JTQnRkVyB4 MGFYQnNaU0 J0IGFXNWxj eUJoY20gOT FibVFnZEdo bCBJSGR2Y2 14a0xDIEIz YVhSb2IzVj AgSUdoaGRt bHVaeSBCMG J5QjBZV3Rs IElHOXVJSF JvWlMgQnlh WE5yY3lCaC BibVFnWTI5 emRIIE1nYj JZZ2IzQmwg Y21GMGFXNW 5JRyBFZ2JX bHVaU0JwIG RITmxiR1l1 UEcgSnlQaT BnVkdobCBJ R052YlhCaG JuIG5pZ0ps eklIQnYgY2 5SbWIyeHBi eSBCcGJtTn NkV1JsIGN5 QnZkbVZ5SU QgRTVNQ0J5 YjNsaCBiSF JwWlhNZ1lX IDVrSUhOMG NtVmggYlhN Z2IyNGdjMi BsNElHTnZi blJwIGJtVn VkSE1zSUgg ZHBkR2dnYz JsbiBibWxt YVdOaGJuIF FnYjNCbGNt RjAgYVc5dW N5QnBiaSBC T2IzSjBhQ0 JoIGJtUWdV MjkxZEcgZ2 dRVzFsY21s aiBZU3dnUV daeWFXIE5o TENCaGJtUW cgUVhWemRI SmhiRyBsaE xqeGljajR0 IElFbHVJR0 ZrWkcgbDBh Vzl1SUhSdi BJR2R2YkdR Z1lXIDVrSU hOcGJIWmwg Y2l3Z1VtOT VZVyB3Z1Iy OXNaQ0JoIG JITnZJR2ho Y3kgQnBibl JsY21WeiBk SE1nYVc0Z1 ltIEZ6WlNC dFpYUmggYk hNZ2MzVmph QyBCaGN5Qm piM0J3IFpY SXNJRzVwWT IgdGxiQ3dn WVc1ayBJSH BwYm1Nc0lH IEZ6SUhkbG JHd2cgWVhN Z1pXNWxjbS BkNUlISmxj MjkxIGNtTm xjeUJ6ZFcg Tm9JR0Z6SU c5cCBiQ0Jo Ym1RZ1oyIE Z6TGp4aWNq NHQgSUZSb1 pTQmpiMiAx d1lXNTVJR2 hoIGN5QmhJ SE4wY20gOX VaeUJqYjIx dCBhWFJ0Wl c1MElIIFJ2 SUhOMWMzUm ggYVc1aFlt eGxJRyBGdV pDQnlaWE53 IGIyNXphV0 pzWlMgQnRh VzVwYm1jZy BjSEpoWTNS cFkyIFZ6TE NCaGJtUWcg YUdGeklHSm xaVyA0Z2Nt VmpiMmR1IG FYcGxaQ0Jt YjMgSWdhWF J6SUdWbSBa bTl5ZEhNZ1 luIGtnYjNK bllXNXAgZW 1GMGFXOXVj eSBCemRXTm 9JR0Z6IElI Um9aU0JYYj MgSnNaQ0JI YjJ4ayBJRU 52ZFc1amFX IHdnWVc1a0 lIUm8gWlNC RVpXNTJaWC BJZ1RXVjBj bThnIFEyaG hiV0psY2kg QnZaaUJEYj IxdCBaWEpq WlM0OFluIE krTFNCU2Iz bGggYkNCSG IyeGs0byBD WmN5QnlaWF psIGJuVmxJ R052YlcgVn pJSEJ5YVcx aCBjbWxzZV NCbWNtIDl0 SUdkdmJHUW cgYzJGc1pY TXNJRyAxaG EybHVaeUIx IGNDQmhZbT kxZEMgQTRN Q1VnYjJZZy BhWFJ6SUhS dmRHIEZzSU hKbGRtVnUg ZFdVZ2FXNG djbSBWalpX NTBJSGxsIF lYSnpManhp Y2ogNHRJRl JvWlNCaiBi MjF3WVc1NU lHIGhoY3lC aElHUnAgZG 1sa1pXNWtJ SCBCdmJHbG plU0J2IFpp QndZWGxwYm 0gY2dZU0J4 ZFdGeSBkR1 Z5YkhrZ1pH IGwyYVdSbG JtUWcgWW1G elpXUWdiMi A0Z2FYUnpJ R1pwIGJtRn VZMmxoYkMg QndaWEptYj NKdCBZVzVq WlN3Z2QyIG wwYUNCaElI UmggY21kbG RDQnZaaSBC a2FYTjBjbW xpIGRYUnBi bWNnTVQgVX RNakFsSUc5 bSBJR2wwY3 lCdVpYIFFn YVc1amIyMW wgTGc9PQog ICAgICAgID wvc3Bhbj4K ICAgICAgIC AKICAgICAg ICA=
See Company Q&A