Eastman Chemical

-9.39%

More reviews (2)

Live  

The Eastman Chemical company is a global specialty chemicals company headquartered in Kingsport, Tennessee. It was founded in 1920 as a subsidiary of the Eastman Kodak Company and became an independent company in 1994.
The company produces a wide range of chemicals and materials used in consumer products, industrial applications, and agriculture. Its products include additives and adhesives, fibers and plastics, specialty films and coatings, and performance chemicals.
Eastman Chemical operates in more than 100 countries and has approximately 14,500 employees worldwide. Its manufacturing facilities are located in North America, Latin America, Europe, and Asia Pacific. The company has a strong commitment to sustainability and has set ambitious goals to reduce its environmental impact and improve the sustainability of its products.
In addition to its core chemical production business, Eastman Chemical also has a ventures arm that invests in innovative startups in the specialty chemical and material industries. The company also has a focus on community involvement and philanthropy, supporting organizations and initiatives in the areas of education, health and human services, and environmental sustainability.

MS4gSW5ub3 ZhdGl2ZSBw cm9kdWN0cz ogRWFzdG1h biBDaGVtaW NhbCBDb21w YW55IGlzIG tub3duIGZv ciBpdHMgaW 5ub3ZhdGl2 ZSBhbmQgaW 5kdXN0cnkt bGVhZGluZy Bwcm9kdWN0 cy4gVGhleS BpbnZlc3Qg aGVhdmlseS BpbiByZXNl YXJjaCBhbm QgZGV2ZWxv cG1lbnQsIG xlYWRpbmcg dG8gdGhlIG NyZWF0aW9u IG9mIHByb2 R1Y3RzIHRo YXQgc29sdm UgY29tcGxl eCBjaGFsbG VuZ2VzIGFu ZCBtZWV0IH RoZSBldm9s dmluZyBuZW VkcyBvZiB0 aGVpciBjdX N0b21lcnMu PGJyPjIuIF N1c3RhaW5h YmlsaXR5IG ZvY3VzOiBF YXN0bWFuIG lzIGNvbW1p dHRlZCB0by BzdXN0YWlu YWJpbGl0eS BhbmQgaGFz IGltcGxlbW VudGVkIHZh cmlvdXMgaW 5pdGlhdGl2 ZXMgdG8gcm VkdWNlIHRo ZWlyIGVudm lyb25tZW50 YWwgaW1wYW N0LiBUaGV5 IGhhdmUgc2 V0IGFtYml0 aW91cyBnb2 FscyB0byBy ZWR1Y2UgdG hlaXIgZ3Jl ZW5ob3VzZS BnYXMgZW1p c3Npb25zLC B3YXRlciB1 c2FnZSwgYW 5kIHdhc3Rl IGdlbmVyYX Rpb24uPGJy PjMuIERpdm Vyc2UgcHJv ZHVjdCBwb3 J0Zm9saW86 IFRoZSBjb2 1wYW55IG9m ZmVycyBhIH dpZGUgcmFu Z2Ugb2YgcH JvZHVjdHMs IGZyb20gc3 BlY2lhbHR5 IGNoZW1pY2 FscyB0byBw bGFzdGljcy BhbmQgZmli ZXJzLiBUaG lzIGRpdmVy c2UgcG9ydG ZvbGlvIGVu YWJsZXMgdG hlbSB0byBz ZXJ2ZSBtdW x0aXBsZSBp bmR1c3RyaW VzIGFuZCBj dXN0b21lcn MuPGJyPjQu IFN0cm9uZy BjdXN0b21l ciBmb2N1cz ogRWFzdG1h biBwcmlkZX MgaXRzZWxm IG9uIHVuZG Vyc3RhbmRp bmcgdGhlaX IgY3VzdG9t ZXJzJyBuZW VkcyBhbmQg cHJvdmlkaW 5nIHRoZSBi ZXN0IHNvbH V0aW9ucy4g VGhleSB3b3 JrIGNsb3Nl bHkgd2l0aC B0aGVpciBj dXN0b21lcn MgdG8gZGV2 ZWxvcCBwcm 9kdWN0cyB0 aGF0IG1lZX QgdGhlaXIg c3BlY2lmaW MgcmVxdWly ZW1lbnRzLj xicj41LiBH bG9iYWwgcH Jlc2VuY2U6 IEVhc3RtYW 4gaGFzIGEg Z2xvYmFsIH ByZXNlbmNl LCB3aXRoIG 9wZXJhdGlv bnMgaW4gb3 ZlciAxMDAg Y291bnRyaW VzIGFuZCBj dXN0b21lcn MgaW4gbW9y ZSB0aGFuID EwMCBjb3Vu dHJpZXMuIF RoaXMgYWxs b3dzIHRoZW 0gdG8gcmVh Y2ggYSB3aW RlIG1hcmtl dCBhbmQgc2 VydmUgZGl2 ZXJzZSBjdX N0b21lciBu ZWVkcy48Yn I+Ni4gU3Ry b25nIGZpbm FuY2lhbCBw ZXJmb3JtYW 5jZTogVGhl IGNvbXBhbn kgaGFzIGEg c3Ryb25nIG ZpbmFuY2lh bCB0cmFjay ByZWNvcmQg YW5kIGhhcy Bjb25zaXN0 ZW50bHkgZG VsaXZlcmVk IHNvbGlkIG ZpbmFuY2lh bCByZXN1bH RzLCBtYWtp bmcgaXQgYS ByZWxpYWJs ZSBhbmQgc3 RhYmxlIGlu dmVzdG1lbn Qgb3B0aW9u IGZvciBzaG FyZWhvbGRl cnMuPGJyPj cuIENvbW1p dG1lbnQgdG 8gc2FmZXR5 IGFuZCBldG hpY3M6IEVh c3RtYW4gcG xhY2VzIGEg aGlnaCB2YW x1ZSBvbiBz YWZldHksIG JvdGggZm9y IHRoZWlyIG VtcGxveWVl cyBhbmQgdG hlIGNvbW11 bml0aWVzIH RoZXkgb3Bl cmF0ZSBpbi 4gVGhleSBh bHNvIGhhdm UgYSBzdHJv bmcgZXRoaW NhbCBjb2Rl IG9mIGNvbm R1Y3QsIHdo aWNoIGd1aW RlcyB0aGVp ciBidXNpbm VzcyBwcmFj dGljZXMgYW 5kIGRlY2lz aW9uLW1ha2 luZy48YnI+ OC4gRW1wbG 95ZWUgZGV2 ZWxvcG1lbn Q6IFRoZSBj b21wYW55IG ludmVzdHMg aW4gaXRzIG VtcGxveWVl cycgZGV2ZW xvcG1lbnQg YW5kIGdyb3 d0aCB0aHJv dWdoIHRyYW luaW5nIGFu ZCBsZWFkZX JzaGlwIHBy b2dyYW1zLC BjYXJlZXIg YWR2YW5jZW 1lbnQgb3Bw b3J0dW5pdG llcywgYW5k IGFuIGluY2 x1c2l2ZSBh bmQgZGl2ZX JzZSB3b3Jr cGxhY2UgY3 VsdHVyZS48 YnI+OS4gQ2 9tbXVuaXR5 IGludm9sdm VtZW50OiBF YXN0bWFuIG lzIGNvbW1p dHRlZCB0by BtYWtpbmcg YSBwb3NpdG l2ZSBpbXBh Y3QgaW4gdG hlIGNvbW11 bml0aWVzIH doZXJlIHRo ZXkgb3Blcm F0ZS4gVGhl eSBzdXBwb3 J0IHZhcmlv dXMgY29tbX VuaXR5IGlu aXRpYXRpdm VzIGFuZCB2 b2x1bnRlZX IgZWZmb3J0 cywgY29udH JpYnV0aW5n IHRvIHRoZS Bzb2NpYWwg YW5kIGVjb2 5vbWljIGRl dmVsb3BtZW 50IG9mIHRo ZXNlIGFyZW FzLjxicj4x MC4gQXdhcm RzIGFuZCBy ZWNvZ25pdG lvbjogVGhl IGNvbXBhbn kgaGFzIGJl ZW4gY29uc2 lzdGVudGx5 IHJlY29nbm l6ZWQgZm9y IGl0cyBleG NlbGxlbmNl IGFuZCBsZW FkZXJzaGlw LiBJbiAyMD IwLCBpdCB3 YXMgbmFtZW Qgb25lIG9m IHRoZSBXb3 JsZCdzIE1v c3QgRXRoaW NhbCBDb21w YW5pZXMgYn kgdGhlIEV0 aGlzcGhlcm UgSW5zdGl0 dXRlIGFuZC BvbmUgb2Yg QW1lcmljYS dzIE1vc3Qg UmVzcG9uc2 libGUgQ29t cGFuaWVzIG J5IE5ld3N3 ZWVrIG1hZ2 F6aW5lLg==

VGhlIEVhc3 RtYW4gQ2hl bWljYWwgQ2 9tcGFueSBp cyBhIGFkdm FuY2VkIG1h dGVyaWFscy BhbmQgc3Bl Y2lhbHR5IG FkZGl0aXZl cyBjb21wYW 55IHRoYXQg cHJvZHVjZX MgYSB3aWRl IHJhbmdlIG 9mIGNoZW1p Y2FscywgZm liZXJzIGFu ZCBwbGFzdG ljcy4gQSBz aWduaWZpY2 FudCBwb3J0 aW9uIG9mIH RoZWlyIHJl dmVudWUgaX MgZ2VuZXJh dGVkIGZyb2 0gdGhlIHNh bGUgb2YgY2 9hdGluZ3Ms IGFkaGVzaX ZlcywgYW5k IHNwZWNpYW x0eSBwbGFz dGljcyB0by B2YXJpb3Vz IGluZHVzdH JpZXMuIEFk ZGl0aW9uYW xseSwgdGhl eSBoYXZlIG EgZ3Jvd2lu ZyBwb3J0Zm 9saW8gb2Yg c3VzdGFpbm FibGUgcHJv ZHVjdHMgYW 5kIHRlY2hu b2xvZ2llcy wgaW5jbHVk aW5nIGJpby 1iYXNlZCBw bGFzdGljcy BhbmQgcGVy Zm9ybWFuY2 UgZmlsbXMs IHdoaWNoIG NhdGVyIHRv IGluY3JlYX NpbmcgY29u c3VtZXIgZG VtYW5kIGZv ciBlbnZpcm 9ubWVudGFs bHkgZnJpZW 5kbHkgcHJv ZHVjdHMuPG JyPlRoZWly IGJ1c2luZX NzIG1vZGVs IGlzIGNlbn RlcmVkIGFy b3VuZCBpbm 5vdmF0aW9u LCB0ZWNobm 9sb2d5LCBh bmQgc3VzdG FpbmFiaWxp dHkuIFRoZX kgaW52ZXN0 IGhlYXZpbH kgaW4gcmVz ZWFyY2ggYW 5kIGRldmVs b3BtZW50IH RvIGRldmVs b3AgbmV3IH Byb2R1Y3Rz IGFuZCBpbX Byb3ZlIGV4 aXN0aW5nIG 9uZXMuIFRo ZXkgYWxzby Bmb2N1cyBv biBkZXZlbG 9waW5nIHBh cnRuZXJzaG lwcyBhbmQg Y29sbGFib3 JhdGlvbnMg d2l0aCBvdG hlciBjb21w YW5pZXMsIH VuaXZlcnNp dGllcywgYW 5kIHJlc2Vh cmNoIGluc3 RpdHV0aW9u cyB0byBsZX ZlcmFnZSB0 aGVpciBjb2 xsZWN0aXZl IGV4cGVydG lzZSBhbmQg Y2FwYWJpbG l0aWVzLjxi cj5UaGUgRW FzdG1hbiBD aGVtaWNhbC BDb21wYW55 IGFsc28gaG FzIGEgc3Ry b25nIGZvY3 VzIG9uIGlu dGVybmF0aW 9uYWwgZXhw YW5zaW9uLC B3aXRoIG9w ZXJhdGlvbn MgaW4gb3Zl ciAxMDAgY2 91bnRyaWVz LiBUaGV5IG hhdmUgYSBn bG9iYWwgc3 VwcGx5IGNo YWluIGFuZC BkaXN0cmli dXRpb24gbm V0d29yayB0 byByZWFjaC BpbnRlcm5h dGlvbmFsIG 1hcmtldHMg YW5kIHN0YX kgY29tcGV0 aXRpdmUgaW 4gdGhlIGds b2JhbCBlY2 9ub215Ljxi cj5Bbm90aG VyIGtleSBh c3BlY3Qgb2 YgdGhlaXIg YnVzaW5lc3 MgbW9kZWwg aXMgdGhlaX IgY29tbWl0 bWVudCB0by BzdXN0YWlu YWJpbGl0eS 4gVGhleSBo YXZlIHNldC BhbWJpdGlv dXMgZ29hbH MgdG8gcmVk dWNlIHRoZW lyIGVudmly b25tZW50YW wgaW1wYWN0 IGFuZCBwcm 9tb3RlIGNp cmN1bGFyIG Vjb25vbXkg cHJpbmNpcG xlcyBpbiB0 aGVpciBvcG VyYXRpb25z LiBUaGlzIG luY2x1ZGVz IGRldmVsb3 BpbmcgbmV3 IHN1c3RhaW 5hYmxlIHBy b2R1Y3RzLC ByZWR1Y2lu ZyBlbWlzc2 lvbnMgYW5k IHdhc3RlLC BhbmQgaW1w bGVtZW50aW 5nIHJlbmV3 YWJsZSBlbm VyZ3kgc291 cmNlcyBpbi B0aGVpciBm YWNpbGl0aW VzLjxicj5P dmVyYWxsLC B0aGUgRWFz dG1hbiBDaG VtaWNhbCBD b21wYW55J3 MgYnVzaW5l c3MgbW9kZW wgaXMgZm9j dXNlZCBvbi Bkcml2aW5n IGdyb3d0aC B0aHJvdWdo IGlubm92YX Rpb24sIGds b2JhbCBleH BhbnNpb24s IGFuZCBzdX N0YWluYWJp bGl0eSwgd2 hpbGUgYWxz byBjcmVhdG luZyB2YWx1 ZSBmb3IgdG hlaXIgc2hh cmVob2xkZX JzLCBjdXN0 b21lcnMsIG FuZCBjb21t dW5pdGllcy 4=

The sensitivity of Eastman Chemical Company’s earnings, cash flow, and valuation to changes in interest rates can be understood through several key points:
1. Earnings Sensitivity:
Eastman’s earnings can be affected by interest rates in several ways. Higher interest rates typically increase borrowing costs for companies. If Eastman has a significant amount of debt, increased interest expenses could directly reduce net earnings. Additionally, higher interest rates can impact demand for the company’s products, as they might lead to reduced consumer and business spending.
2. Cash Flow Impact:
Cash flow can be significantly affected by interest rate changes, particularly if the company relies on debt for capital expenditures or operational financing. Increased interest rates may lead to higher interest payments, thereby reducing free cash flow. Conversely, lower rates can enhance cash flow by reducing financing costs, allowing more cash to be available for reinvestment or dividends.
3. Valuation Effects:
The valuation of Eastman Chemical is often determined using discounted cash flow (DCF) analysis, where future cash flows are discounted back to present value using a discount rate that incorporates interest rates. An increase in interest rates typically raises the discount rate, leading to a lower present value of future cash flows and subsequently a lower valuation of the company. Conversely, declining interest rates can enhance valuation through lower discount rates.
4. Market Perception:
Interest rates can also influence investor sentiment and market perceptions. Rising rates may lead to a shift in modal preferences among investors towards sectors less sensitive to economic cycles, which could adversely affect Eastman’s stock price if perceived as a higher risk or lower growth option.
5. Competitive Positioning:
If Eastman’s competitors are less leveraged or have stronger balance sheets, rising interest rates may disadvantage Eastman in terms of profitability and growth prospects. This competitive disadvantage could also affect market share and pricing power.
In summary, Eastman Chemical’s earnings, cash flow, and valuation are moderately sensitive to changes in interest rates due to their impact on borrowing costs, cash flow availability, discount rates in valuation models, and overall market and competitor dynamics. The degree of sensitivity would depend on the company’s financial structure, leverage, and overall economic conditions.

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 ZmVzN2bU9E Y2ZuckFNWE ZaZzIud2Vi cCIgYWx0PS JFYXN0bWFu IENoZW1pY2 FsIiB0aXRs ZT0iRWFzdG 1hbiBDaGVt aWNhbCIgIG NsYXNzPSJp bWctZmx1aW QiIGhlaWdo dD05MCB3aW R0aD05MCBs b2FkaW5nPS dsYXp5JyBz dHlsZT0nYm 9yZGVyLXJh ZGl1czogNn B4Oyc+Cgog ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J2ZsZXg6ID E7IHRleHQt YWxpZ246IG NlbnRlcjsg bWFyZ2luLW xlZnQ6IDVw eDsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 cCBzdHlsZT 0nZm9udC1z aXplOiAyNn B4OyBjb2xv cjogIzMzMz sgbWFyZ2lu LWJvdHRvbT ogMTVweDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg 8J+TiCBXYW 50IHRvIHJl YWQgbW9yZS BhYm91dCBF YXN0bWFuIE NoZW1pY2Fs PwogICAgIC AgICAgICAg ICAgICAgIC AgICA8L3A+ CgogICAgIC AgICAgICAg ICAgICAgIC AgICA8YSBo cmVmPSdpbm RleC5waHA/ cGFnZT1zaW dudXAnIHN0 eWxlPScKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJhY2 tncm91bmQt Y29sb3I6IC MwMDdCRkY7 CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBj b2xvcjogI2 ZmZjsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIHBhZGRp bmc6IDEwcH ggMjBweDsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGJv cmRlci1yYW RpdXM6IDVw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHRleHQtZG Vjb3JhdGlv bjogbm9uZT sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG ZvbnQtd2Vp Z2h0OiBib2 xkOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgbWFyZ2lu LXJpZ2h0Oi AxMHB4Owog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgdHJh bnNpdGlvbj ogYmFja2dy b3VuZC1jb2 xvciAwLjNz IGVhc2U7Jw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgb2 5tb3VzZW92 ZXI9J3RoaX Muc3R5bGUu YmFja2dyb3 VuZENvbG9y PSIjMDA1Nm IzIicKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIG9ubW91 c2VvdXQ9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A3QkZGIic+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBT aWduIHVwIG ZvciBmcmVl CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvYT4K CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxzcGFu IHN0eWxlPS dtYXJnaW46 IDAgOHB4Oy Bjb2xvcjog IzU1NTsnPm 9yPC9zcGFu PgoKICAgIC AgICAgICAg ICAgICAgIC AgICAgPGEg aHJlZj0naW 5kZXgucGhw P3BhZ2U9bG 9naW4nIHN0 eWxlPScKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGNvbG 9yOiAjMDA3 QkZGOwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdGV4dC 1kZWNvcmF0 aW9uOiB1bm RlcmxpbmU7 CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBm b250LXdlaW dodDogNTAw Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBsb2cgaW 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9hPg oKCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxwIH N0eWxlPSdt YXJnaW4tdG 9wOiAxNXB4 OyBmb250LX NpemU6IDEz cHg7IGZvbn Qtd2VpZ2h0 OiBib2xkOy Bjb2xvcjog I2QzMmYyZj snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Ag8J+TmCBD bGFpbSB5b3 VyIGZyZWUg ZUJvb2s6ID xpPiJUaGUg Q2hlY2tsaX N0IFZhbHVl IEludmVzdG 9yIOKAlCBB IFNtYXJ0ZX IgV2F5IHRv IFBpY2sgU3 RvY2tzIjwv aT4KICAgIC 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 AgICAgIFJX RnpkRzFoYm kgQkRhR1Z0 YVdOaCBiQ0 JEYjIxd1lX IDU1SUdsek lHRWcgWjJ4 dlltRnNJSC BOd1pXTnBZ V3gwIGVTQm phR1Z0YVcg TmhiQ0J0WV c1MSBabUZq ZEhWeVpYIE lnZEdoaGRD Qm8gWVhNZ1 lTQnlhVyBO b0lHaHBjM1 J2IGNua2dZ VzVrSUcgRW djMmxuYm1s bSBhV05oYm 5RZ2NIIEps YzJWdVkyVW cgYVc0Z2Rt RnlhVyA5MW N5QnBibVIx IGMzUnlhV1 Z6TGkgQkla WEpsSUdGeS BaU0J6YjIx bElHIGx1ZE dWeVpYTjAg YVc1bklHWm hZMyBSeklH RmliM1YwIE lIUm9aU0Jq YjIgMXdZVz U1T2p4aSBj ajR4TGlBOG MzIFJ5YjI1 blBrWnYgZF c1a2FXNW5J RyBGdVpDQk lhWE4wIGIz SjVQQzl6ZE ggSnZibWMr T2lCRiBZWE 4wYldGdUlF IE5vWlcxcF kyRnMgSUhk aGN5Qm1iMy BWdVpHVmtJ R2x1IElERT VNakFnWW4g a2dSMlZ2Y2 1kbCBJRVZo YzNSdFlXID RzSUhSb1pT Qm0gYjNWdV pHVnlJRyA5 bUlFVmhjM1 J0IFlXNGdT MjlrWVcgc2 dRMjl0Y0dG dSBlUzRnU1 c1cGRHIGxo Ykd4NUxDQn AgZENCM1lY TWdZUyBCem RXSnphV1Jw IFlYSjVJRz ltSUUgdHZa R0ZyTENCbS BiMk4xYzJs dVp5IEJ2Ym lCMGFHVWcg Y0hKdlpIVm pkRyBsdmJp QnZaaUJoIF kyVjBZWFJs SUggQnliMl IxWTNSeiBM anhpY2o0eU xpIEE4YzNS eWIyNW4gUG xCMVlteHBZ eSBCVWNtRm thVzVuIFBD OXpkSEp2Ym 0gYytPaUJG WVhOMCBiV0 Z1SUhkbGJu IFFnY0hWaW JHbGogSUds dUlERTVPVC BRZ1lXNWtJ R2x6IElHNX ZkeUIwY20g RmtaV1FnYj I0ZyBkR2hs SUU1bGR5IE JaYjNKcklG TjAgYjJOck lFVjRZMiBo aGJtZGxJSF Z1IFpHVnlJ SFJvWlMgQj BhV05yWlhJ ZyBjM2x0WW 05c0lFIFZO VGk0OFluSS sgTXk0Z1BI TjBjbSA5dV p6NVhhV1Js IElGQnliMl IxWTMgUWdV bUZ1WjJVOC BMM04wY205 dVp6IDQ2SU ZSb1pTQmog YjIxd1lXNT VJSCBCeWIy UjFZMlZ6IE lHRWdaR2wy WlggSnpaU0 JoY25KaCBl U0J2WmlCd2 NtIDlrZFdO MGN5d2cgYV c1amJIVmth VyA1bklHTm 9aVzFwIFky RnNjeXdnY0 cgeGhjM1Jw WTNNcyBJR0 Z1WkNCbWFX IEpsY25NZ1 ptOXkgSUha aGNtbHZkWC BNZ1lYQndi R2xqIFlYUn BiMjV6SUcg bHVJR2x1Wk hWeiBkSEpw WlhNZ2MzIF ZqYUNCaGN5 QmggZFhSdm JXOTBhWCBa bExDQnRaV1 JwIFkyRnNM Q0JqYjIgNX pkVzFsY2lC biBiMjlrY3 l3Z1lXIDVr SUdWc1pXTj AgY205dWFX TnpMaiB4aW NqNDBMaUE4 IGMzUnliMj VuUGwgTjFj M1JoYVc1aC BZbWxzYVhS NUlFIGx1YV hScFlYUnAg ZG1WelBDOX pkSCBKdmJt YytPaUJGIF lYTjBiV0Z1 SUcgbHpJR0 52YlcxcCBk SFJsWkNCMG J5IEJ6ZFhO MFlXbHUgWV dKcGJHbDBl UyBCaGJtUW dhR0Z6IElI TmxkQ0JoYl cgSnBkR2x2 ZFhNZyBaMj loYkhNZ2RH IDhnY21Wa2 RXTmwgSUdk eVpXVnVhRy A5MWMyVWda MkZ6IElHVn RhWE56YVcg OXVjeXdnWl c1byBZVzVq WlNCbGJtIF Z5WjNrZ1pX Wm0gYVdOcF pXNWplUyB3 Z1lXNWtJSE J5IGIyMXZk R1VnWTIgbH lZM1ZzWVhJ ZyBaV052Ym 05dGVTIEJ3 Y21GamRHbG ogWlhNdUlG Um9aWCBrZ2 FHRjJaU0Jr IFpYWmxiRz l3WlcgUWdh VzV1YjNaaC BkR2wyWlNC emIyIHgxZE dsdmJuTWcg YzNWamFDQm hjeSBCdGIy eGxZM1ZzIF lYSWdjbVZq ZVcgTnNhVz VuSUhSbCBZ Mmh1YjJ4dl oyIGxsY3k0 OFluSSsgTl M0Z1BITjBj bSA5dVp6NU hiRzlpIFlX d2dVSEpsYz IgVnVZMlU4 TDNOMCBjbT l1Wno0NklF IFZoYzNSdF lXNGcgYjNC bGNtRjBaWC BNZ2FXNGdi M1psIGNpQX pNQ0JqYjMg VnVkSEpwWl hNZyBZVzVr SUdoaGN5IE J0WVc1MVpt RmogZEhWeW FXNW5JSCBO cGRHVnpJR0 Z5IGIzVnVa Q0IwYUcgVW dkMjl5YkdR cyBJR0ZzYk c5M2FXIDVu SUhSb1pXMG cgZEc4Z2My VnlkbSBVZ1 lTQmljbTlo IFpDQnlZVz VuWlMgQnZa aUJqZFhOMC BiMjFsY25N Z1lXIDVrSU cxaGNtdGwg ZEhNdVBHSn lQaiBZdUlE eHpkSEp2IG JtYytVbVZ6 WlcgRnlZMm dnWVc1ayBJ RVJsZG1Wc2 IzIEJ0Wlc1 MFBDOXogZE hKdmJtYytP aSBCVWFHVW dZMjl0IGNH RnVlU0JwYm 4gWmxjM1J6 SUdobCBZWF pwYkhrZ2FX IDRnVWlaaG JYQTcgUkNC MGJ5QnBibS A1dmRtRjBa U0JoIGJtUW dhVzF3Y20g OTJaU0JwZE hNZyBjSEp2 WkhWamRDIE J2Wm1abGNt bHUgWjNNdU lGUm9aWCBr Z2FHRjJaU0 J6IFpYWmxj bUZzSUggSm xjMlZoY21O byBJR1poWT Jsc2FYIFJw WlhNZ1pHVm sgYVdOaGRH VmtJSCBSdk lHUmxkbVZz IGIzQnBibW NnWVcgUjJZ VzVqWldRZy BiV0YwWlhK cFlXIHh6SU dGdVpDQncg Y205alpYTn paWCBNdVBH SnlQamN1IE lEeHpkSEp2 Ym0gYytRV0 54ZFdseiBh WFJwYjI1el BDIDl6ZEhK dmJtYysgT2 lCUGRtVnlJ SCBSb1pTQj VaV0Z5IGN5 d2dSV0Z6ZE cgMWhiaUJv WVhNZyBaWG h3WVc1a1pX IFFnYVhSek lIQnYgY25S bWIyeHBieS BCMGFISnZk V2RvIElITj BjbUYwWlcg ZHBZeUJoWT NGMSBhWE5w ZEdsdmJuIE 1zSUdsdVky eDEgWkdsdV p5QnViMyBS aFlteGxJSE IxIGNtTm9Z WE5sY3kgQn NhV3RsSUhS byBaU0JoWT NGMWFYIE5w ZEdsdmJpQn YgWmlCVGIy eDFkRyBsaE lHbHVJREl3 IE1USXNJSG RvYVcgTm9J R1Z1YUdGdS BZMlZrSUds MGN5IEJ3Yj NOcGRHbHYg YmlCcGJpQn pjRyBWamFX RnNkSGtnIF kyaGxiV2xq WVcgeHpMan hpY2o0NCBM aUE4YzNSeW IyIDVuUGtW dGNHeHYgZV dWbElFVnVa MiBGblpXMW xiblE4IEwz TjBjbTl1Wn ogNDZJRVZo YzNSdCBZVz RnWlcxd2FH IEZ6YVhwbG N5QmwgYlhC c2IzbGxaUy BCa1pYWmxi Rzl3IGJXVn VkQ0JoYm0g UWdaVzVuWV dkbCBiV1Z1 ZEN3Z2QyIG wwYUNCd2Nt OW4gY21GdG N5QmhhVyAx bFpDQmhkQ0 J3IGNtOXRi M1JwYm0gY2 dZU0JrYVha bCBjbk5sSU dGdVpDIEJw Ym1Oc2RYTn AgZG1VZ2Qy OXlhMyBCc1 lXTmxJR04x IGJIUjFjbV V1UEcgSnlQ amt1SUR4ei BkSEp2Ym1j K1EyIDl0Yl hWdWFYUjUg SUVsdWRtOX NkbSBWdFpX NTBQQzl6IG RISnZibWMr T2kgQlVhR1 VnWTI5dCBj R0Z1ZVNCaF kzIFJwZG1W c2VTQncgWV hKMGFXTnBj RyBGMFpYTW dhVzRnIFky OXRiWFZ1YV ggUjVJR1Z1 WjJGbiBaVz FsYm5RZ2FX IDVwZEdsaG RHbDIgWlhN c0lITjFjSC BCdmNuUnBi bWNnIFpXUj FZMkYwYVcg OXVMQ0JsYm 5acCBjbTl1 YldWdWRHIE ZzSUhOMWMz UmggYVc1aF ltbHNhWCBS NUxDQmhibV FnIFpXTnZi bTl0YVcgTW daR1YyWld4 diBjRzFsYm 5RZ2FXIDRn ZEdobElISm wgWjJsdmJu TWdkMiBobG NtVWdhWFFn IGIzQmxjbU YwWlggTXVQ R0p5UGpFdy BMaUE4YzNS eWIyIDVuUG xOaFptVjAg ZVNCRGIyMX RhWCBSdFpX NTBQQzl6IG RISnZibWMr T2kgQkZZWE 4wYldGdSBJ SEJ5YVc5eW FYIFJwZW1W eklITmggWm 1WMGVTQnBi aSBCcGRITW diM0JsIGNt RjBhVzl1Y3 kgQmhibVFn YUdGeiBJSE psWTJWcGRt IFZrSUdGal kyOXMgWVdS bGN5Qm1iMy BJZ2FYUnpJ SE4wIGNtOX VaeUJ6WVcg WmxkSGtnY0 dWeSBabTl5 YldGdVkyIF VnY21WamIz SmsgY3lCaG JtUWdZMiA5 dGJXbDBiV1 Z1IGRDQjBi eUJ0WVcgbH VkR0ZwYm1s dSBaeUJ6WV dabElIIGR2 Y210cGJtY2 cgWlc1MmFY SnZibSAxbG JuUnpManhp IGNqNVVhR1 Z6WlMgQm1Z V04wY3lCby BhV2RvYkds bmFIIFFnUl dGemRHMWgg YnVLQW1YTW dhVyAxd2Iz SjBZVzVqIF pTQnBiaUIw YUcgVWdZMm hsYldsaiBZ V3dnYVc1a2 RYIE4wY25r c0lHbDAgY3 lCamIyMXRh WCBSdFpXNT BJSFJ2IElH bHVibTkyWV ggUnBiMjRn WVc1ayBJSE 4xYzNSaGFX IDVoWW1sc2 FYUjUgTENC aGJtUWdhWC BSeklISnZi R1VnIGFXNG dkbUZ5YVcg OTFjeUJuYk c5aSBZV3dn YldGeWEyIF YwY3k0OFlu SSsKICAgIC AgICA8L3Nw YW4+CiAgIC AgICAgCiAg ICAgICAg
See Company Q&A