Hydro One

Live  

Hydro One is an electricity transmission and distribution company in Ontario, Canada. It is the largest electricity transmission and distribution utility in the province, serving over 1.4 million customers.
History:
Hydro One was originally established in 1906 as the Hydro-Electric Power Commission of Ontario, with the purpose of building hydroelectric power stations on the Niagara Falls. In 1928, the provincial government formed Ontario Hydro as the new parent company for the Commission. In 1999, Ontario Hydro was divided into several separate entities, including Hydro One, which operates as a Crown corporation under the ownership of the Government of Ontario.
Services:
Hydro One provides electricity transmission and distribution services to both residential and business customers. This includes maintaining and operating the transmission and distribution system, connecting new customers to the grid, and managing power outage and restoration efforts.
Customers:
Hydro One serves customers throughout Ontario, with a majority of its customers located in the southern and central parts of the province. The company also has a small number of customers in northern Ontario, including remote and Indigenous communities.
Corporate Responsibility:
Hydro One is committed to providing reliable and safe electricity services to its customers. The company also places a strong emphasis on environmental sustainability and is working towards reducing its carbon footprint and promoting renewable energy sources. Additionally, Hydro One is committed to supporting and investing in the communities it serves through various charitable initiatives and partnerships.
Controversies:
In recent years, Hydro One has faced some controversies, including criticism over its high executive salaries and customer service issues. In 2018, the provincial government announced plans to partially privatize the company, sparking backlash and concerns over potential increases in electricity prices.
Despite these challenges, Hydro One remains a vital part of the electricity infrastructure in Ontario and continues to provide essential services to its customers.

MS4gTGFyZ2 VzdCBlbGVj dHJpY2l0eS B0cmFuc21p c3Npb24gYW 5kIGRpc3Ry aWJ1dGlvbi BzeXN0ZW0g aW4gT250YX JpbzogSHlk cm8gT25lIG lzIHRoZSBs YXJnZXN0IG VsZWN0cmlj aXR5IHRyYW 5zbWlzc2lv biBhbmQgZG lzdHJpYnV0 aW9uIGNvbX BhbnkgaW4g T250YXJpby wgc2Vydmlu ZyBvdmVyID EuNCBtaWxs aW9uIGN1c3 RvbWVycy48 YnI+Mi4gUH VibGljbHkg b3duZWQ6IF VubGlrZSBt b3N0IGVuZX JneSBjb21w YW5pZXMsIE h5ZHJvIE9u ZSBpcyBhIH B1YmxpY2x5 IG93bmVkIG NvbXBhbnks IHdpdGggdG hlIEdvdmVy bm1lbnQgb2 YgT250YXJp byBhcyBpdH MgbGFyZ2Vz dCBzaGFyZW hvbGRlci4g VGhpcyBtZW FucyB0aGF0 IHRoZSBjb2 1wYW55IGlz IGFjY291bn RhYmxlIHRv IHRoZSBwdW JsaWMgYW5k IGl0cyBkZW Npc2lvbnMg YXJlIGluZm x1ZW5jZWQg YnkgdGhlIG dvdmVybm1l bnQuPGJyPj MuIEVzc2Vu dGlhbCBzZX J2aWNlIHBy b3ZpZGVyOi BIeWRybyBP bmUgaXMgYW 4gZXNzZW50 aWFsIHNlcn ZpY2UgcHJv dmlkZXIsIH Jlc3BvbnNp YmxlIGZvci BlbnN1cmlu ZyB0aGF0IG VsZWN0cmlj aXR5IGlzIH JlbGlhYmx5 IGRlbGl2ZX JlZCB0byBo b21lcywgYn VzaW5lc3Nl cywgYW5kIH B1YmxpYyBm YWNpbGl0aW VzIGluIE9u dGFyaW8uPG JyPjQuIENv bW1pdG1lbn QgdG8gc3Vz dGFpbmFiaW xpdHk6IEh5 ZHJvIE9uZS BpcyBjb21t aXR0ZWQgdG 8gc3VzdGFp bmFiaWxpdH kgYW5kIGhh cyBpbXBsZW 1lbnRlZCBp bml0aWF0aX ZlcyBzdWNo IGFzIGVuZX JneSBjb25z ZXJ2YXRpb2 4gYW5kIGdy ZWVuIGVuZX JneSBwcm9n cmFtcyB0by ByZWR1Y2Ug aXRzIGVudm lyb25tZW50 YWwgaW1wYW N0Ljxicj41 LiBGb2N1cy BvbiBzYWZl dHk6IFRoZS Bjb21wYW55 IGhhcyBhIH N0cm9uZyBz YWZldHkgY3 VsdHVyZSBh bmQgaW52ZX N0cyBpbiBz YWZldHkgdH JhaW5pbmcg YW5kIGVxdW lwbWVudCB0 byBlbnN1cm UgdGhlIHdl bGwtYmVpbm cgb2YgaXRz IGVtcGxveW VlcyBhbmQg dGhlIHB1Ym xpYy48YnI+ Ni4gRW1waG FzaXMgb24g Y3VzdG9tZX Igc2F0aXNm YWN0aW9uOi BIeWRybyBP bmUgc3RyaX ZlcyB0byBw cm92aWRlIG V4Y2VsbGVu dCBjdXN0b2 1lciBzZXJ2 aWNlLCBvZm ZlcmluZyB0 b29scyBhbm QgcmVzb3Vy Y2VzIHRvIG hlbHAgY3Vz dG9tZXJzIH VuZGVyc3Rh bmQgdGhlaX IgZW5lcmd5 IHVzYWdlIG FuZCBzYXZl IG1vbmV5IG 9uIHRoZWly IGJpbGxzLj xicj43LiBD b21tdW5pdH kgaW52b2x2 ZW1lbnQ6IE h5ZHJvIE9u ZSBpcyBhY3 RpdmVseSBp bnZvbHZlZC BpbiB0aGUg Y29tbXVuaX RpZXMgaXQg c2VydmVzLC BzdXBwb3J0 aW5nIGxvY2 FsIGNoYXJp dGllcyBhbm Qgdm9sdW50 ZWVyaW5nIG luIGNvbW11 bml0eSBldm VudHMuPGJy PjguIElubm 92YXRpb24g YW5kIG1vZG Vybml6YXRp b246IFRoZS Bjb21wYW55 IGlzIGNvbn N0YW50bHkg c2Vla2luZy Bpbm5vdmF0 aXZlIHNvbH V0aW9ucyBh bmQgaW52ZX N0aW5nIGlu IG5ldyB0ZW Nobm9sb2dp ZXMgdG8gbW 9kZXJuaXpl IGl0cyBpbm ZyYXN0cnVj dHVyZSBhbm QgaW1wcm92 ZSBlZmZpY2 llbmN5Ljxi cj45LiBEaX ZlcnNlIHdv cmtmb3JjZT ogSHlkcm8g T25lIGVuY2 91cmFnZXMg ZGl2ZXJzaX R5IGFuZCBp bmNsdXNpdm l0eSBpbiBp dHMgd29ya2 ZvcmNlLCB3 aXRoIGluaX RpYXRpdmVz IHRvIHN1cH BvcnQgd29t ZW4sIEluZG lnZW5vdXMg cGVvcGxlcy wgYW5kIGlu ZGl2aWR1YW xzIGZyb20g ZGl2ZXJzZS BiYWNrZ3Jv dW5kcy48Yn I+MTAuIEZp bmFuY2lhbC BzdGFiaWxp dHkgYW5kIG dyb3d0aDog SHlkcm8gT2 5lIGlzIGEg ZmluYW5jaW FsbHkgc3Rh YmxlIGNvbX BhbnkgYW5k IGhhcyBzaG 93biBjb25z aXN0ZW50IG dyb3d0aCBv dmVyIHRoZS B5ZWFycywg cHJvdmlkaW 5nIGVjb25v bWljIHN0YW JpbGl0eSBh bmQgY29udH JpYnV0aW5n IHRvIHRoZS Bncm93dGgg b2YgdGhlIG VuZXJneSBz ZWN0b3IgaW 4gT250YXJp by4=

SHlkcm8gT2 5lIGlzIGEg Q2FuYWRpYW 4gZWxlY3Ry aWNpdHkgdH JhbnNtaXNz aW9uIGFuZC BkaXN0cmli dXRpb24gY2 9tcGFueS4g SXRzIGJ1c2 luZXNzIG1v ZGVsIGlzIG Jhc2VkIG9u IG93bmluZy BhbmQgb3Bl cmF0aW5nIG EgdmFzdCBu ZXR3b3JrIG 9mIHBvd2Vy IGxpbmVzIG FuZCBpbmZy YXN0cnVjdH VyZSB0byBk ZWxpdmVyIG VsZWN0cmlj aXR5IHRvIG 1pbGxpb25z IG9mIGN1c3 RvbWVycyBp biBPbnRhcm lvLCBDYW5h ZGEuIEl0IG 9wZXJhdGVz IGFzIGEgcm VndWxhdGVk IHV0aWxpdH ksIG1lYW5p bmcgaXRzIH ByaWNlcyBh bmQgc2Vydm ljZSBzdGFu ZGFyZHMgYX JlIHNldCBh bmQgbW9uaX RvcmVkIGJ5 IGdvdmVybm 1lbnQgYWdl bmNpZXMuPG JyPlRoZSBj b21wYW55IG dlbmVyYXRl cyByZXZlbn VlIHByaW1h cmlseSBieS BjaGFyZ2lu ZyBjdXN0b2 1lcnMgZm9y IHRoZSBkZW xpdmVyeSBh bmQgZGlzdH JpYnV0aW9u IG9mIGVsZW N0cmljaXR5 LiBUaGlzIG luY2x1ZGVz IGZlZXMgZm 9yIHRoZSB1 c2Ugb2YgaX RzIGluZnJh c3RydWN0dX JlLCBzdWNo IGFzIHBvd2 VyIGxpbmVz IGFuZCB0cm Fuc2Zvcm1l cnMsIGFuZC BhIGZpeGVk IG1vbnRobH kgZmVlIGZv ciBtZXRlci BtYWludGVu YW5jZSBhbm QgY3VzdG9t ZXIgc2Vydm ljZS48YnI+ VG8gZW5zdX JlIHRoZSBy ZWxpYWJsZS BkZWxpdmVy eSBvZiBlbG VjdHJpY2l0 eSwgSHlkcm 8gT25lIGlu dmVzdHMgaW 4gbWFpbnRh aW5pbmcgYW 5kIHVwZ3Jh ZGluZyBpdH MgaW5mcmFz dHJ1Y3R1cm UsIGFzIHdl bGwgYXMgaW 1wbGVtZW50 aW5nIG5ldy B0ZWNobm9s b2dpZXMgYW 5kIGFkdmFu Y2VkIHN5c3 RlbXMuIEl0 IGFsc28gZW 1waGFzaXpl cyBzdXN0YW luYWJpbGl0 eSBhbmQgaX MgYWN0aXZl bHkgaW52b2 x2ZWQgaW4g cmVuZXdhYm xlIGVuZXJn eSBwcm9qZW N0cyBhbmQg c3VwcG9ydG luZyBjbGVh biBlbmVyZ3 kgaW5pdGlh dGl2ZXMuPG JyPkluIGFk ZGl0aW9uIH RvIGl0cyBj b3JlIGVsZW N0cmljaXR5 IHRyYW5zbW lzc2lvbiBh bmQgZGlzdH JpYnV0aW9u IGJ1c2luZX NzLCBIeWRy byBPbmUgYW xzbyBvZmZl cnMgb3RoZX Igc2Vydmlj ZXMgc3VjaC BhcyBtZXRl ciByZWFkaW 5nLCBlbmVy Z3kgY29uc2 VydmF0aW9u IHByb2dyYW 1zLCBhbmQg Y3VzdG9tZX Igc3VwcG9y dC4gSXQgYW xzbyBoYXMg YSBkaXZlcn NpZmllZCBw b3J0Zm9saW 8gb2Ygc3Vi c2lkaWFyaW VzIGFuZCBp bnZlc3RtZW 50cyBpbiB0 aGUgZW5lcm d5IHNlY3Rv ciwgaW5jbH VkaW5nIHJl bmV3YWJsZS BlbmVyZ3kg cHJvamVjdH MgYW5kIHBh cnRuZXJzaG lwcy48YnI+ T3ZlcmFsbC wgSHlkcm8g T25lJ3MgYn VzaW5lc3Mg bW9kZWwgaX MgY2VudGVy ZWQgb24gcH JvdmlkaW5n IHNhZmUsIH JlbGlhYmxl LCBhbmQgYW Zmb3JkYWJs ZSBlbGVjdH JpY2l0eSB0 byBpdHMgY3 VzdG9tZXJz IHdoaWxlIG Fsc28gY29u dHJpYnV0aW 5nIHRvIHRo ZSBncm93dG ggYW5kIHN1 c3RhaW5hYm lsaXR5IG9m IHRoZSBlbm VyZ3kgc2Vj dG9yIGluIE 9udGFyaW8u

The sensitivity of Hydro One’s earnings, cash flow, and valuation to changes in interest rates can be significant due to its nature as a utility company. Here are some key factors to consider:
1. Interest Rate Impact on Financing Costs: Hydro One, like many utility companies, relies on both equity and debt financing to fund its capital expenditures and operational costs. An increase in interest rates can lead to higher borrowing costs, which may adversely affect net income and cash flow.
2. Valuation Sensitivity: The valuation of Hydro One is often assessed using discounted cash flow (DCF) models, where future cash flows are discounted back to present value using a discount rate. An increase in interest rates raises the discount rate, which can decrease the present value of expected future cash flows, potentially leading to a lower valuation.
3. Regulatory Environment: Utilities typically operate in regulated environments where prices and returns are overseen by governmental bodies. If interest rates rise, utilities may seek to adjust rates to maintain profitability, which could lead to regulatory scrutiny or delays.
4. Investor Sentiment: Higher interest rates generally make fixed-income investments more attractive compared to dividend-paying stocks like those of Hydro One. This could lead to stock price pressure as investors shift their portfolios.
5. Operational Cash Flow: While the impact of interest rates on operational cash flow may be less direct, higher rates can lead to reduced consumer spending and economic activity, potentially resulting in lower demand for electricity and affecting overall revenues.
In summary, Hydro One’s earnings, cash flow, and valuation are sensitive to changes in interest rates due to their impact on financing costs, valuation models, regulatory dynamics, investor behavior, and overall economic conditions. The degree of sensitivity will depend on the magnitude of the interest rate change and the company’s specific financial structure and operational strategy.

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 bG9nb3MvMW J6YmtBY3E3 MFVuck02M3 pPaU0ud2Vi cCIgYWx0PS JIeWRybyBP bmUiIHRpdG xlPSJIeWRy byBPbmUiIC BjbGFzcz0i aW1nLWZsdW lkIiBoZWln aHQ9OTAgd2 lkdGg9OTAg bG9hZGluZz 0nbGF6eScg c3R5bGU9J2 JvcmRlci1y YWRpdXM6ID ZweDsnPgoK ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdmbGV4Oi AxOyB0ZXh0 LWFsaWduOi BjZW50ZXI7 IG1hcmdpbi 1sZWZ0OiA1 cHg7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PHAgc3R5bG U9J2ZvbnQt c2l6ZTogMj ZweDsgY29s b3I6ICMzMz M7IG1hcmdp bi1ib3R0b2 06IDE1cHg7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IPCfk4ggV2 FudCB0byBy ZWFkIG1vcm UgYWJvdXQg SHlkcm8gT2 5lPwogICAg ICAgICAgIC AgICAgICAg ICAgICA8L3 A+CgogICAg ICAgICAgIC AgICAgICAg ICAgICA8YS BocmVmPSdp bmRleC5waH A/cGFnZT1z aWdudXAnIH N0eWxlPScK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGJh Y2tncm91bm QtY29sb3I6 ICMwMDdCRk Y7CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bjb2xvcjog I2ZmZjsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIHBhZG Rpbmc6IDEw cHggMjBweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG JvcmRlci1y YWRpdXM6ID VweDsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIHRleHQt ZGVjb3JhdG lvbjogbm9u ZTsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGZvbnQtd2 VpZ2h0OiBi b2xkOwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgbWFyZ2 luLXJpZ2h0 OiAxMHB4Ow ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgdH JhbnNpdGlv bjogYmFja2 dyb3VuZC1j b2xvciAwLj NzIGVhc2U7 JwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg b25tb3VzZW 92ZXI9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA1 NmIzIicKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIG9ubW 91c2VvdXQ9 J3RoaXMuc3 R5bGUuYmFj a2dyb3VuZE NvbG9yPSIj MDA3QkZGIi c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BTaWduIHVw IGZvciBmcm VlCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvYT 4KCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxzcG FuIHN0eWxl PSdtYXJnaW 46IDAgOHB4 OyBjb2xvcj ogIzU1NTsn Pm9yPC9zcG FuPgoKICAg ICAgICAgIC AgICAgICAg ICAgICAgPG EgaHJlZj0n aW5kZXgucG hwP3BhZ2U9 bG9naW4nIH N0eWxlPScK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGNv bG9yOiAjMD A3QkZGOwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgdGV4 dC1kZWNvcm F0aW9uOiB1 bmRlcmxpbm U7CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bmb250LXdl aWdodDogNT AwOyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBsb2cg aW4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9h PgoKCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxw IHN0eWxlPS dtYXJnaW4t dG9wOiAxNX B4OyBmb250 LXNpemU6ID EzcHg7IGZv bnQtd2VpZ2 h0OiBib2xk OyBjb2xvcj ogI2QzMmYy ZjsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAg8J+OgS BGcmVlIGRv d25sb2FkIS A8aT4iVGhl IENoZWNrbG lzdCBWYWx1 ZSBJbnZlc3 RvciDigJQg QSBTbWFydG VyIFdheSB0 byBQaWNrIF N0b2NrcyI8 L2k+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv cD4KCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwh LS0KICAgIC AgICAgICAg ICAgICAgIC AgICAgPGRp diBzdHlsZT 0nbWFyZ2lu LXRvcDogMT JweDsgZm9u dC1zaXplOi AxM3B4OyBj b2xvcjogIz Q0NDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgU2ln biB1cCBub3 cgYW5kIGdl dCBvdXIgZn JlZSBlQm9v ayAKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IDxiPlRoZS BDaGVja2xp c3QgVmFsdW UgSW52ZXN0 b3Ig4oCUIE EgU21hcnRl ciBXYXkgdG 8gUGljayBT dG9ja3M8L2 I+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AgICAgICAg ICAgICAtLT 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPCEtLQ ogICAgICAg ICAgICAgIC AgICAgICAg ICA8ZGl2IH N0eWxlPSdt YXJnaW4tdG 9wOiAxNnB4 OyBmb250LX NpemU6IDE0 cHg7IGNvbG 9yOiAjNDQ0 OyBmb250LW ZhbWlseTog LWFwcGxlLX N5c3RlbSwg QmxpbmtNYW NTeXN0ZW1G b250LCBTZW dvZSBVSSwg Um9ib3RvLC BIZWx2ZXRp Y2EgTmV1ZS wgc2Fucy1z ZXJpZjsgbG luZS1oZWln aHQ6IDEuNj snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgSGF2ZSB5 b3UgaGVhcm QgYWJvdXQg b3VyIHNob3 J0IDxzdHJv bmcgc3R5bG U9J2ZvbnQt d2VpZ2h0Oi A2MDA7Jz5E YWlseSBWaW RlbyBOZXdz bGV0dGVyPC 9zdHJvbmc+ PwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg PGEgaHJlZj 0naHR0cHM6 Ly93d3cuaW 5zaWdodGZ1 bHZhbHVlLm NvbS9uZXdz bGV0dGVyLn BocCcgdGFy Z2V0PSdfYm xhbmsnIHN0 eWxlPSdjb2 xvcjogIzAw N0JGRjsgdG V4dC1kZWNv cmF0aW9uOi Bub25lOyBm b250LXdlaW dodDogNTAw OyBtYXJnaW 4tbGVmdDog NnB4Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgRmluZCBv dXQgbW9yZQ ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9hPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgICAgICAg ICAgICAgLS 0+CiAgICAg ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg IAogICAgIC AgIAogICAg ICAgIDxzcG FuIGNsYXNz PSdibHVycm VkLXRleHQn PgogICAgIC AgICAgICBN UzRnU0hsa2 NtIDhnVDI1 bElHbHogSU c5dVpTQnZa aSBCMGFHVW diR0Z5IFoy VnpkQ0JsYk cgVmpkSEpw WTJsMCBlU0 IwY21GdWMy IDFwYzNOcG IyNGcgWVc1 a0lHUnBjMy BSeWFXSjFk R2x2IGJpQm piMjF3WVcg NXBaWE1nYV c0ZyBUbTl5 ZEdnZ1FXID FsY21sallT d2cgYzJWeW RtbHVaeSBC dmRtVnlJRE V1IE5DQnRh V3hzYVcgOX VJR04xYzNS diBiV1Z5Y3 lCcGJpIEJQ Ym5SaGNtbH YgTENCRFlX NWhaRyBFdV BHSnlQakl1 IElGUm9aU0 JqYjIgMXdZ VzU1SUhkaC BjeUJtYjNW dVpHIFZrSU dsdUlERTUg TURZZ1lYTW dkRyBobElF aDVaSEp2IE xVVnNaV04w Y20gbGpJRk J2ZDJWeSBJ RU52YlcxcG MzIE5wYjI0 Z2IyWWcgVD I1MFlYSnBi eSB3Z1lXNW tJSGRoIGN5 QnNZWFJsY2 kgQnlaVzVo YldWayBJSF J2SUVoNVpI IEp2SUU5dV pTQnAgYmlB eU1EQXhMai B4aWNqNHpM aUJJIGVXUn lieUJQYm0g VWdhWE1nWT NWeSBjbVZ1 ZEd4NUlHID kzYm1Wa0lH SjUgSUhSb1 pTQkhiMyBa bGNtNXRaVz UwIElHOW1J RTl1ZEcgRn lhVzhzSUhk cCBkR2dnY0 d4aGJuIE1n ZEc4Z1ltVm ogYjIxbElH RWdjSCBWaW JHbGpiSGtn IGRISmhaR1 ZrSUcgTnZi WEJoYm5rZy BZbmtnZEdo bElHIFZ1Wk NCdlppQXkg TURFNUxqeG ljaiA0MExp QlVhR1VnIF kyOXRjR0Z1 ZWUgS0FtWE 1nYUdWaCBa SEYxWVhKMF pYIEp6SUds eklHeHYgWT JGMFpXUWdh VyA0Z1ZHOX liMjUwIGJ5 QmhibVFnYV ggUWdhR0Z6 SUc5MiBaWE lnTlN3MU1E IEFnWlcxd2 JHOTUgWldW ekxqeGljai A0MUxpQkpi aUJoIFpHUn BkR2x2Ymkg QjBieUJ3Y2 05MiBhV1Jw Ym1jZ1pXIH hsWTNSeWFX TnAgZEhrZ2 MyVnlkbSBs alpYTXNJRW g1IFpISnZJ RTl1WlMgQm hiSE52SUc5 dyBaWEpoZE dWeklHIEZ1 WkNCdFlXbH UgZEdGcGJu TWdiMyBabG NpQXpNU3d3 IE1EQWdhMm xzYjIgMWxk R1Z5Y3lCdi BaaUJvYVdk b0xYIFp2Yk hSaFoyVWcg ZEhKaGJuTn RhWCBOemFX OXVJR3hwIG JtVnpJR0Z1 WkMgQXhNal FzTURBdyBJ R3RwYkc5dF pYIFJsY25N Z2IyWWcgY0 c5M1pYSWda RyBsemRISn BZblYwIGFX OXVJR3hwYm 0gVnpManhp Y2o0MiBMaU JJZVdSeWJ5 IEJQYm1VZ2 FHRnogSUdF Z1pHbDJaWC BKelpTQndi M0owIFptOX NhVzhnYjIg WWdjbVZ1Wl hkaCBZbXhs SUdWdVpYIE puZVNCd2Nt OXEgWldOMG N5d2dhVyA1 amJIVmthVz VuIElIZHBi bVFzSUggTn ZiR0Z5TENC aCBibVFnYU hsa2NtIDhn Y0c5M1pYSX UgUEdKeVBq Y3VJRiBSb1 pTQmpiMjF3 IFlXNTVJR2 hoY3kgQnla V05sYVhabC BaQ0J1ZFcx bGNtIDkxY3 lCaGQyRnkg WkhNZ1ptOX lJRyBsMGN5 QnBibWwwIG FXRjBhWFps Y3kgQnBiaU JsYm5acCBj bTl1YldWdW RHIEZzSUhO MWMzUmggYV c1aFltbHNh WCBSNUxDQn BibU5zIGRX UnBibWNnWW 0gVnBibWNn Y21WaiBiMm R1YVhwbFpD IEJoY3lCdm JtVWcgYjJZ Z1EyRnVZVy BSaDRvQ1pj eUJIIGNtVm xibVZ6ZEMg QkZiWEJzYj NsbCBjbk1n YVc0Z01qIE F4T1M0OFlu SSsgT0M0Z1 NIbGtjbSA4 Z1QyNWxJR2 x6IElHRnNj MjhnWTIgOX RiV2wwZEdW ayBJSFJ2SU hOMWNIIEJ2 Y25ScGJtY2 cgZEdobElH TnZiVyAxMW JtbDBhV1Z6 IElHbDBJSE 5sY24gWmxj eUIwYUhKdi BkV2RvSUha aGNtIGx2ZF hNZ2FXNXAg ZEdsaGRHbD JaWCBNc0lI TjFZMmdnIF lYTWdjM0J2 Ym4gTnZjbk 5vYVhBZyBi MllnYkc5al lXIHdnWlha bGJuUnogSU dGdVpDQjJi MiB4MWJuUm xaWEpwIGJt Y2diM0J3Yj MgSjBkVzVw ZEdsbCBjeU JtYjNJZ1pX IDF3Ykc5NV pXVnogTGp4 aWNqNDVMaS BCSmJpQXlN REF6IExDQj BhR1VnWTIg OXRjR0Z1ZV NCbSBZV05s WkNCaElHID FoYW05eUlI QnYgZDJWeU lHOTFkRyBG blpTQjBhR0 YwIElHRm1a bVZqZEcgVm tJRzFwYkd4 cCBiMjV6SU c5bUlHIE4x YzNSdmJXVn kgY3lCaFkz SnZjMyBNZ1 QyNTBZWEpw IGJ5QmhibV FnY0cgRnlk SE1nYjJZZy BkR2hsSUZW dWFYIFJsWk NCVGRHRjAg WlhNdUlGUm 9hWCBNZ1pY WmxiblFnIG JHVmtJSFJ2 SUggTnBaMj VwWm1saiBZ VzUwSUdsdG NIIEp2ZG1W dFpXNTAgY3 lCcGJpQjBh RyBVZ1kyOX RjR0Z1IGVl S0FtWE1nYV cgNW1jbUZ6 ZEhKMSBZM1 IxY21VZ1lX IDVrSUdWdF pYSm4gWlc1 amVTQnlaWC BOd2IyNXpa U0J3IGJHRn VjeTQ4WW4g SStNVEF1SU VoNSBaSEp2 SUU5dVpTIE JvWVhNZ1lT QnogZEhKdm JtY2dabSA5 amRYTWdiMj RnIFpHbDJa WEp6YVggUj VJR0Z1WkNC cCBibU5zZF hOcGIyIDRz SUhkcGRHZ2 cgY0hKdloz SmhiWCBNZ1 lXNWtJR2x1 IGFYUnBZWF JwZG0gVnpJ SFJ2SUhCeS BiMjF2ZEdV Z1oyIFZ1Wk dWeUlHRnUg WkNCamRXeD BkWCBKaGJD QmthWFpsIG NuTnBkSGtn ZDIgbDBhR2 x1SUhSbyBa U0JqYjIxd1 lXIDU1SUdG dVpDQnAgYm lCMGFHVWdZ MiA5dGJYVn VhWFJwIFpY TWdhWFFnYz IgVnlkbVZ6 TGc9PQogIC AgICAgIDwv c3Bhbj4KIC AgICAgICAK ICAgICAgIC A=
See Company Q&A