Computershare

Live  

can be found on their corporate website. Computershare is a global financial services company that provides stock transfer, shareholder management, proxy solicitation, and other related services to publicly traded companies. They also provide mortgage and loan servicing, as well as other specialized financial services. Computershare has offices in over 20 countries and serves clients in more than 100 countries. The company was founded in 1978 and is headquartered in Melbourne, Australia. It is listed on the Australian Securities Exchange and the London Stock Exchange. Their core values include integrity, commitment, excellence, and innovation.

MS4gR2xvYm FsIFJlYWNo OiBDb21wdX RlcnNoYXJl IG9wZXJhdG VzIGluIG92 ZXIgMjAgY2 91bnRyaWVz IGFuZCBoYX MgYSBzdHJv bmcgZ2xvYm FsIHByZXNl bmNlLCBwcm 92aWRpbmcg c2VydmljZX MgdG8gY2xp ZW50cyBhbG wgb3ZlciB0 aGUgd29ybG QuPGJyPjIu IERpdmVyc2 lmaWVkIE9m ZmVyaW5ncz ogVGhlIGNv bXBhbnkgb2 ZmZXJzIGEg d2lkZSByYW 5nZSBvZiBz ZXJ2aWNlcy wgaW5jbHVk aW5nIHNoYX JlIHJlZ2lz dHJ5LCBjb3 Jwb3JhdGUg dHJ1c3QsIG NhcGl0YWwg bWFya2V0cy wgYW5kIGVt cGxveWVlIH NoYXJlIHBs YW5zLCBtYW tpbmcgaXQg YSBvbmUtc3 RvcCBkZXN0 aW5hdGlvbi Bmb3IgdmFy aW91cyBmaW 5hbmNpYWwg YW5kIGNvcn BvcmF0ZSBu ZWVkcy48Yn I+My4gQWR2 YW5jZWQgVG VjaG5vbG9n eTogQ29tcH V0ZXJzaGFy ZSBoYXMgaW 52ZXN0ZWQg aGVhdmlseS BpbiB0ZWNo bm9sb2d5IG FuZCBoYXMg ZGV2ZWxvcG VkIGlubm92 YXRpdmUgZG lnaXRhbCBz b2x1dGlvbn MgdG8gc3Ry ZWFtbGluZS Bwcm9jZXNz ZXMgYW5kIG ltcHJvdmUg ZWZmaWNpZW 5jeSBmb3Ig Ym90aCBjbG llbnRzIGFu ZCBpbnZlc3 RvcnMuPGJy PjQuIENsaW VudCBCYXNl OiBXaXRoIG 92ZXIgMTYs MDAwIGNsaW VudHMsIGlu Y2x1ZGluZy Bzb21lIG9m IHRoZSB3b3 JsZCdzIGxh cmdlc3QgY2 9tcGFuaWVz LCBDb21wdX RlcnNoYXJl IGhhcyBhIG hpZ2hseSBk aXZlcnNlIG FuZCBwcmVz dGlnaW91cy BjbGllbnQg YmFzZSwgd2 hpY2ggcmVm bGVjdHMgaX RzIHJlcHV0 YXRpb24gZm 9yIHF1YWxp dHkgYW5kIH JlbGlhYmls aXR5Ljxicj 41LiBFeHRl bnNpdmUgRX hwZXJpZW5j ZTogVGhlIG NvbXBhbnkg aGFzIGJlZW 4gaW4gb3Bl cmF0aW9uIG ZvciBvdmVy IDQ1IHllYX JzIGFuZCBo YXMgYSB3ZW FsdGggb2Yg ZXhwZXJpZW 5jZSBpbiBw cm92aWRpbm cgZmluYW5j aWFsIGFuZC Bjb3Jwb3Jh dGUgc2Vydm ljZXMsIG1h a2luZyBpdC BhIGhpZ2hs eSB0cnVzdG VkIGFuZCBy ZXB1dGFibG UgY29tcGFu eSBpbiB0aG UgaW5kdXN0 cnkuPGJyPj YuIENvbW1p dG1lbnQgdG 8gU3VzdGFp bmFiaWxpdH k6IENvbXB1 dGVyc2hhcm UgaXMgY29t bWl0dGVkIH RvIHN1c3Rh aW5hYmlsaX R5IGFuZCBz b2NpYWwgcm VzcG9uc2li aWxpdHkgYW 5kIGhhcyBp bnRlZ3JhdG VkIGVudmly b25tZW50YW wsIHNvY2lh bCwgYW5kIG dvdmVybmFu Y2UgKEVTRy kgcHJpbmNp cGxlcyBpbn RvIGl0cyBi dXNpbmVzcy BvcGVyYXRp b25zLjxicj 43LiBTdHJv bmcgQ29ycG 9yYXRlIEN1 bHR1cmU6IF RoZSBjb21w YW55IHBsYW NlcyBhIGhp Z2ggZW1waG FzaXMgb24g aXRzIGVtcG xveWVlcywg cHJvbW90aW 5nIGEgY3Vs dHVyZSBvZi Bjb2xsYWJv cmF0aW9uLC BkaXZlcnNp dHksIGFuZC Bpbm5vdmF0 aW9uLCByZX N1bHRpbmcg aW4gYSBtb3 RpdmF0ZWQg YW5kIGRlZG ljYXRlZCB3 b3JrZm9yY2 UuPGJyPjgu IFN0cm9uZy BGaW5hbmNp YWwgUGVyZm 9ybWFuY2U6 IENvbXB1dG Vyc2hhcmUg aGFzIGNvbn Npc3RlbnRs eSBkZWxpdm VyZWQgc3Ry b25nIGZpbm FuY2lhbCBy ZXN1bHRzLC BpbmNsdWRp bmcgcmV2ZW 51ZSBhbmQg cHJvZml0IG dyb3d0aCwg bWFraW5nIG l0IGEgc3Rh YmxlIGFuZC ByZWxpYWJs ZSBjb21wYW 55IGZvciBp bnZlc3Rvcn MuPGJyPjku IEluZHVzdH J5IFJlY29n bml0aW9uOi BUaGUgY29t cGFueSBoYX MgYmVlbiBy ZWNvZ25pem VkIGZvciBp dHMgZXhjZW xsZW5jZSBh bmQgaW5ub3 ZhdGlvbiBp biB2YXJpb3 VzIGluZHVz dHJ5IGF3YX JkcywgZnVy dGhlciBoaW dobGlnaHRp bmcgaXRzIG NyZWRpYmls aXR5IGFuZC BjYXBhYmls aXRpZXMuPG JyPjEwLiBT aGFyZWhvbG RlciBGb2N1 czogQ29tcH V0ZXJzaGFy ZSBwdXRzIG Egc3Ryb25n IGVtcGhhc2 lzIG9uIHNo YXJlaG9sZG VyIHZhbHVl LCBwcm92aW RpbmcgYSBy ZWxpYWJsZS BhbmQgdHJh bnNwYXJlbn Qgc2Vydmlj ZSB0byBpbn Zlc3RvcnMg YW5kIGNyZW F0aW5nIGxv bmctdGVybS B2YWx1ZSBm b3IgaXRzIH NoYXJlaG9s ZGVycy4=

Q29tcHV0ZX JzaGFyZSBp cyBhIGdsb2 JhbCBmaW5h bmNpYWwgc2 VydmljZXMg Y29tcGFueS B0aGF0IHBy b3ZpZGVzIH NoYXJlaG9s ZGVyIG1hbm FnZW1lbnQs IHN0b2NrIH RyYW5zZmVy IGFuZCBlbX Bsb3llZSBl cXVpdHkgcG xhbnMsIGNv cnBvcmF0ZS Bnb3Zlcm5h bmNlIGFuZC Bjb21tdW5p Y2F0aW9uIH NlcnZpY2Vz LiBUaGVpci BidXNpbmVz cyBtb2RlbC BpcyBwcmlt YXJpbHkgYm FzZWQgb24g b2ZmZXJpbm cgdGhlc2Ug c2VydmljZX MgdG8gcHVi bGljIGFuZC Bwcml2YXRl IGNvbXBhbm llcywgYXMg d2VsbCBhcy Bnb3Zlcm5t ZW50cyBhbm QgZmluYW5j aWFsIGluc3 RpdHV0aW9u cywgaW4gZX hjaGFuZ2Ug Zm9yIGZlZX MgYW5kIGNv bW1pc3Npb2 5zLjxicj5U aGUgY29tcG FueSdzIG1h aW4gc291cm NlcyBvZiBy ZXZlbnVlIG luY2x1ZGU6 PGJyPjEuIF NoYXJlaG9s ZGVyIFNlcn ZpY2VzOiBD b21wdXRlcn NoYXJlIGhl bHBzIGNvbX BhbmllcyBt YW5hZ2UgYW 5kIG1haW50 YWluIGFjY3 VyYXRlIHJl Y29yZHMgb2 YgdGhlaXIg c2hhcmVob2 xkZXJzLCBp bmNsdWRpbm cgbWFuYWdp bmcgZGl2aW RlbmQgcGF5 bWVudHMsIG 1haW50YWlu aW5nIHNoYX JlaG9sZGVy IHJlZ2lzdG VycywgYW5k IHByb3ZpZG luZyBjb3Jw b3JhdGUgYW N0aW9uIHBy b2Nlc3Npbm cgc2Vydmlj ZXMuPGJyPj IuIFN0b2Nr IFRyYW5zZm VyIFNlcnZp Y2VzOiBUaG lzIGludm9s dmVzIHRyYW 5zZmVycmlu ZyBzZWN1cm l0aWVzIG93 bmVyc2hpcC Bmcm9tIG9u ZSBwYXJ0eS B0byBhbm90 aGVyLCBhcy B3ZWxsIGFz IG1haW50YW luaW5nIHJl Y29yZHMgb2 Ygc3RvY2sg b3duZXJzaG lwIGNoYW5n ZXMgYW5kIG 1hbmFnaW5n IHRoZSBpc3 N1YW5jZSBh bmQgcmVkZW 1wdGlvbiBv ZiBzZWN1cm l0aWVzLjxi cj4zLiBFbX Bsb3llZSBF cXVpdHkgUG xhbnM6IENv bXB1dGVyc2 hhcmUgYWRt aW5pc3Rlcn MgZW1wbG95 ZWUgZXF1aX R5IHBsYW5z IHN1Y2ggYX Mgc3RvY2sg b3B0aW9ucy wgcmVzdHJp Y3RlZCBzdG 9jayB1bml0 cywgYW5kIH BlcmZvcm1h bmNlIHNoYX JlIHVuaXRz IG9uIGJlaG FsZiBvZiBj b21wYW5pZX MuIFRoaXMg aW52b2x2ZX MgbWFuYWdp bmcgcGFydG ljaXBhbnQg cmVjb3Jkcy wgYWRtaW5p c3RlcmluZy BncmFudHMs IGFuZCBmYW NpbGl0YXRp bmcgdHJhbn NhY3Rpb25z Ljxicj40Li BDb3Jwb3Jh dGUgR292ZX JuYW5jZSBh bmQgQ29tbX VuaWNhdGlv biBTZXJ2aW NlczogQ29t cHV0ZXJzaG FyZSBwcm92 aWRlcyBhIH JhbmdlIG9m IHNlcnZpY2 VzIHRvIGhl bHAgY29tcG FuaWVzIGZ1 bGZpbGwgdG hlaXIgcmVn dWxhdG9yeS BhbmQgY29t cGxpYW5jZS BvYmxpZ2F0 aW9ucywgaW 5jbHVkaW5n IG1hbmFnaW 5nIHByb3h5 IHZvdGluZy wgc2hhcmVo b2xkZXIgbW VldGluZ3Ms IGFuZCBkaX NjbG9zdXJl IHJlcXVpcm VtZW50cy48 YnI+VGhlIG NvbXBhbnkg YWxzbyBnZW 5lcmF0ZXMg cmV2ZW51ZS Bmcm9tIGlu dGVyZXN0IG FuZCBvdGhl ciBpbnZlc3 RtZW50IGlu Y29tZSBlYX JuZWQgb24g dGhlIGNhc2 ggYmFsYW5j ZXMgaGVsZC Bmb3IgdW5p bnZlc3RlZC BzaGFyZWhv bGRlciBmdW 5kcy4gQWRk aXRpb25hbG x5LCBDb21w dXRlcnNoYX JlIG9mZmVy cyB0ZWNobm 9sb2d5IHNv bHV0aW9ucy BhbmQgY29u c3VsdGluZy BzZXJ2aWNl cyB0byBpdH MgY2xpZW50 cywgd2hpY2 ggY29udHJp YnV0ZSB0by BpdHMgb3Zl cmFsbCByZX ZlbnVlLjxi cj5PdmVyYW xsLCBDb21w dXRlcnNoYX JlJ3MgYnVz aW5lc3MgbW 9kZWwgcmV2 b2x2ZXMgYX JvdW5kIHBy b3ZpZGluZy BhIGNvbXBy ZWhlbnNpdm Ugc3VpdGUg b2Ygc2Vydm ljZXMgdG8g c3VwcG9ydC Bjb21wYW5p ZXMgaW4gbW FuYWdpbmcg dGhlaXIgc2 hhcmVob2xk ZXIgYW5kIG ludmVzdG9y IHJlbGF0aW 9ucyBhY3Rp dml0aWVzLC Bjb21wbGlh bmNlIGFuZC Bnb3Zlcm5h bmNlIHJlcX VpcmVtZW50 cywgYW5kIG VtcGxveWVl IGVxdWl0eS BwbGFucy4=

Computershare, like many financial services companies, can be sensitive to changes in interest rates in several ways. Here are the key factors affecting its earnings, cash flow, and valuation:
1. Revenue Impact: Computershare earns a significant portion of its revenue from interest income on the funds it manages. Higher interest rates can lead to increased interest income, positively affecting earnings, while lower rates may reduce this income.
2. Cost of Capital: Changes in interest rates also affect the company’s cost of capital. If interest rates rise, the cost of borrowing increases, which could lead to higher expenses. This increase can pressure net income and cash flow if the company has significant debt.
3. Investment Returns: Computershare’s investment portfolio may be sensitive to interest rate changes. An increase in rates could lead to better returns on fixed-income investments, enhancing cash flow. Conversely, a decline in rates can diminish investment income.
4. Valuation Sensitivity: Interest rates are a critical component in valuation models, particularly discounted cash flow analyses. Higher rates typically lead to lower present values of future cash flows, which can decrease the overall valuation of the company. Conversely, lower rates generally increase valuations.
5. Market Environment: Changes in interest rates can affect the broader market sentiment, impacting Computershare’s stock price. Higher rates might lead to decreased investor appetite for equities, while lower rates may enhance appeal.
In conclusion, Computershare’s earnings, cash flow, and valuation are closely linked to interest rate movements. Higher rates can enhance revenue through increased interest income but may also increase costs. Conversely, lower rates can compress income but potentially increase the valuation of the company through higher cash flow multiples. The interplay of these factors highlights the importance of interest rate trends in shaping Computershare’s financial performance.

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 bG9nb3MvMm FEcEd1aXlX eUFYM0JsR1 BGZlcud2Vi cCIgYWx0PS JDb21wdXRl cnNoYXJlIi B0aXRsZT0i Q29tcHV0ZX JzaGFyZSIg IGNsYXNzPS JpbWctZmx1 aWQiIGhlaW dodD05MCB3 aWR0aD05MC Bsb2FkaW5n PSdsYXp5Jy BzdHlsZT0n Ym9yZGVyLX JhZGl1czog NnB4Oyc+Cg ogICAgICAg ICAgICAgIC AgICAgIDxk aXYgc3R5bG U9J2ZsZXg6 IDE7IHRleH QtYWxpZ246 IGNlbnRlcj sgbWFyZ2lu LWxlZnQ6ID VweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8cCBzdHls ZT0nZm9udC 1zaXplOiAy NnB4OyBjb2 xvcjogIzMz MzsgbWFyZ2 luLWJvdHRv bTogMTVweD snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Ag8J+TiCBX YW50IHRvIH JlYWQgbW9y ZSBhYm91dC BDb21wdXRl cnNoYXJlPw ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L3A+Cg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdpbmRl eC5waHA/cG FnZT1zaWdu dXAnIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICMw MDdCRkY7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBjb2 xvcjogI2Zm ZjsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHBhZGRpbm c6IDEwcHgg MjBweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJvcm Rlci1yYWRp dXM6IDVweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH RleHQtZGVj b3JhdGlvbj ogbm9uZTsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGZv bnQtd2VpZ2 h0OiBib2xk OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luLX JpZ2h0OiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdHJhbn NpdGlvbjog YmFja2dyb3 VuZC1jb2xv ciAwLjNzIG Vhc2U7Jwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgb25t b3VzZW92ZX I9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA1NmIz IicKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IG9ubW91c2 VvdXQ9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA3 QkZGIic+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIGZv ciBmcmVlCi AgICAgICAg ICAgICAgIC AgICAgICAg IDwvYT4KCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxzcGFuIH N0eWxlPSdt YXJnaW46ID AgOHB4OyBj b2xvcjogIz U1NTsnPm9y PC9zcGFuPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPGEgaH JlZj0naW5k ZXgucGhwP3 BhZ2U9bG9n aW4nIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGNvbG9y OiAjMDA3Qk ZGOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdGV4dC1k ZWNvcmF0aW 9uOiB1bmRl cmxpbmU7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBmb2 50LXdlaWdo dDogNTAwOy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bsb2cgaW4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9hPgoK CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxwIHN0 eWxlPSdtYX JnaW4tdG9w OiAxNXB4Oy Bmb250LXNp emU6IDEzcH g7IGZvbnQt d2VpZ2h0Oi Bib2xkOyBj b2xvcjogI2 QzMmYyZjsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg 8J+ZjCBKb2 luIG5vdyB0 byBnZXQgPG k+IlRoZSBD aGVja2xpc3 QgVmFsdWUg SW52ZXN0b3 Ig4oCUIEEg U21hcnRlci BXYXkgdG8g UGljayBTdG 9ja3MiPC9p PiBhdCBuby Bjb3N0CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvcD4KCiAg ICAgICAgIC AgICAgICAg ICAgICAgID whLS0KICAg ICAgICAgIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nbWFyZ2 luLXRvcDog MTJweDsgZm 9udC1zaXpl OiAxM3B4Oy Bjb2xvcjog IzQ0NDsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgU2 lnbiB1cCBu b3cgYW5kIG dldCBvdXIg ZnJlZSBlQm 9vayAKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIDxiPlRo ZSBDaGVja2 xpc3QgVmFs dWUgSW52ZX N0b3Ig4oCU IEEgU21hcn RlciBXYXkg dG8gUGljay BTdG9ja3M8 L2I+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICAgICAgIC AgICAgICAt LT4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPCEt LQogICAgIC AgICAgICAg ICAgICAgIC AgICA8ZGl2 IHN0eWxlPS dtYXJnaW4t dG9wOiAxNn B4OyBmb250 LXNpemU6ID E0cHg7IGNv bG9yOiAjND Q0OyBmb250 LWZhbWlseT ogLWFwcGxl LXN5c3RlbS wgQmxpbmtN YWNTeXN0ZW 1Gb250LCBT ZWdvZSBVSS wgUm9ib3Rv LCBIZWx2ZX RpY2EgTmV1 ZSwgc2Fucy 1zZXJpZjsg bGluZS1oZW lnaHQ6IDEu NjsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgSGF2ZS B5b3UgaGVh cmQgYWJvdX Qgb3VyIHNo b3J0IDxzdH Jvbmcgc3R5 bGU9J2Zvbn Qtd2VpZ2h0 OiA2MDA7Jz 5EYWlseSBW aWRlbyBOZX dzbGV0dGVy PC9zdHJvbm c+PwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGEgaHJl Zj0naHR0cH M6Ly93d3cu aW5zaWdodG Z1bHZhbHVl LmNvbS9uZX dzbGV0dGVy LnBocCcgdG FyZ2V0PSdf YmxhbmsnIH N0eWxlPSdj b2xvcjogIz AwN0JGRjsg dGV4dC1kZW NvcmF0aW9u OiBub25lOy Bmb250LXdl aWdodDogNT AwOyBtYXJn aW4tbGVmdD ogNnB4Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgRmluZC BvdXQgbW9y ZQogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9hPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgICAgIC AgICAgICAg LS0+CiAgIC AgICAgICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgIAogICAg ICAgIAogIC AgICAgIDxz cGFuIGNsYX NzPSdibHVy cmVkLXRleH QnPgogICAg ICAgICAgIC BNUzRnUTI5 dGNIIFYwWl hKemFHRnkg WlNCM1lYTW dabSA5MWJt UmxaQ0JwIG JpQXhPVGM0 SUcgSjVJRU 5vY21seiBJ RTF2Y25KcG N5IEJoYm1R Z2RIZHYgSU c5MGFHVnlJ SCBCaGNuUn VaWEp6IElH bHVJRTFsYk cgSnZkWEp1 WlN3ZyBRWF Z6ZEhKaGJH IGxoTGp4aW NqNHkgTGlC VWFHVWdZMi A5dGNHRnVl U0JpIFpXZG hiaUJoY3kg QmhJSEJ5Yj NacCBaR1Z5 SUc5bUlIIE 5vWVhKbElI SmwgWjJsem RISjVJRyBG dVpDQjBjbU Z1IGMyWmxj aUJoWjIgVn VZM2tnYzJW eSBkbWxqWl hNZ1ptIDl5 SUVGMWMzUn kgWVd4cFlX NGdZMiA5dG NHRnVhV1Z6 IExqeGljaj R6TGkgQkpi aUF4T1RrMC BMQ0JEYjIx d2RYIFJsY2 5Ob1lYSmwg SUdWNGNHRn VaRyBWa0lH bHVkRzhnIG FXNTBaWEp1 WVggUnBiMj VoYkNCdCBZ WEpyWlhSek lIIGRwZEdn Z2RHaGwgSU dGamNYVnBj MiBsMGFXOX VJRzltIElG VkxMV0poYz IgVmtJRXhz YjNsayBjeU JDWVc1cklG IEpsWjJsem RISmggY25N dVBHSnlQai BRdUlFbHVJ REl3IE1ERX NJRU52Ylgg QjFkR1Z5Yz JoaCBjbVVn WVdOeGRXIG x5WldRZ2RH aGwgSUhSeV lXNXpabSBW eUlHRm5aVz VqIGVTQmhi bVFnYzMgUn ZZMnNnZEhK aCBibk5tWl hJZ1luIFZ6 YVc1bGMzTW cgYjJZZ2RH aGxJRSBKaG Jtc2diMlln IFRtVjNJRm x2Y20gc3NJ SE52Ykdsay BhV1o1YVc1 bklHIGwwY3 lCd2IzTnAg ZEdsdmJpQm hjeSBCaElH ZHNiMkpoIG JDQnNaV0Zr WlggSWdhVz RnYzJoaCBj bVVnY21Wbm FYIE4wY25r Z2MyVnkgZG 1salpYTXVQ RyBKeVBqVX VJRlJ2IFpH RjVMQ0JEYj IgMXdkWFJs Y25ObyBZWE psSUdseklI IFJvWlNCc1 lYSm4gWlhO MElIQnliMy BacFpHVnlJ RzltIElITm 9ZWEpsSUgg SmxaMmx6ZE hKNSBJR0Z1 WkNCMGNtIE Z1YzJabGNp QmggWjJWdV kza2djMiBW eWRtbGpaWE 1nIGFXNGdk R2hsSUggZH ZjbXhrTENC MyBhWFJvSU c5d1pYIEpo ZEdsdmJuTW cgYVc0Z2Iz WmxjaSBBeU 1DQmpiM1Z1 IGRISnBaWE 11UEcgSnlQ all1SUZSby BaU0JqYjIx d1lXIDU1SU dGc2MyOGcg YjJabVpYSn pJRyBFZ2Nt RnVaMlVnIG IyWWdiM1Jv WlggSWdabW x1WVc1aiBh V0ZzSUhObG NuIFpwWTJW ekxDQnAgYm 1Oc2RXUnBi bSBjZ2JXOX lkR2RoIFoy VWdjMlZ5ZG 0gbGphVzVu TENCbCBiWE JzYjNsbFpT IEJsY1hWcG RIa2cgY0d4 aGJuTXNJSC BCeWIzaDVJ SE52IGJHbG phWFJoZEcg bHZiaXdnWV c1ayBJRzF2 Y21VdVBHIE p5UGpjdUlF bHUgSUdGa1 pHbDBhVyA5 dUlIUnZJR2 wwIGN5Qm1h VzVoYm0gTn BZV3dnYzJW eSBkbWxqWl hNc0lFIE52 YlhCMWRHVn kgYzJoaGNt VWdhRyBGek lHRnNjMjhn IFpHVjJaV3 h2Y0cgVmtJ SFJsWTJodS BiMnh2WjNr Z2MyIDlzZF hScGIyNXog SUdadmNpQj BhRyBVZ1pt bHVZVzVqIG FXRnNJR2x1 WkggVnpkSE o1TENCeiBk V05vSUdGek lHIGwwY3lC d2NtOXcgY2 1sbGRHRnll UyBCdmJteH BibVVnIGMy aGhjbVZvYj IgeGthVzVu SUhCcyBZWF JtYjNKdExD IEJKYm5abG MzUnYgY2lC RFpXNTBjbS BVdVBHSnlQ amd1IElFTn ZiWEIxZEcg VnljMmhoY2 1YaSBnSmx6 SUdOc2FXIF Z1ZEhNZ2FX NWogYkhWa1 pTQnpiMiAx bElHOW1JSF JvIFpTQnNZ WEpuWlggTj BJR052Y25C diBjbUYwYV c5dWN5IEJo Ym1RZ1ptbH UgWVc1amFX RnNJRyBsdW MzUnBkSFYw IGFXOXVjeU JwYmkgQjBh R1VnZDI5eS BiR1FzSUds dVkyIHgxWk dsdVp5Qkgg YjI5bmJHVX NJRSAxcFkz SnZjMjltIG RDd2dZVzVr SUYgQmhlVk JoYkM0OCBZ bkkrT1M0Z1 ZHIGhsSUdO dmJYQmggYm 5rZ2FHRnpJ SCBKbFkyVn BkbVZrIElH NTFiV1Z5Yj MgVnpJR0Yz WVhKayBjeU JtYjNJZ2FY IFJ6SUhObG NuWnAgWTJW eklHRnVaQy BCMFpXTm9i bTlzIGIyZD VMQ0JwYm0g TnNkV1JwYm 1jZyBZbVZw Ym1jZ2JtIE Z0WldRZ1lY TWcgYjI1bE lHOW1JRSBa dmNuUjFibV hpIGdKbHpJ RmR2Y20geG s0b0NaY3lC TiBiM04wSU VGa2JXIGx5 WldRZ1EyOX QgY0dGdWFX VnpJRyBsdU lIUm9aU0Jt IGFXNWhibU 5wWVcgd2da R0YwWVNCei BaWEoyYVdO bGN5IEJqWV hSbFoyOXkg ZVM0OFluSS tNVCBBdUlF bHVJREl3IE 1UY3NJRU52 YlggQjFkR1 Z5YzJoaCBj bVVnZDJGek lIIEpsWTI5 bmJtbDYgWl dRZ1lYTWdi MiA1bElHOW 1JSFJvIFpT QlhiM0pzWk 8gS0FtWE1n VFc5eiBkQ0 JGZEdocFky IEZzSUVOdm JYQmggYm1s bGN5QmllUy BCMGFHVWdS WFJvIGFYTn dhR1Z5WlMg Qkpibk4wYV hSMSBkR1Vn Wm05eUlIIF JvWlNCelpY WmwgYm5Sb0 lHTnZibiBO bFkzVjBhWF psIElIbGxZ WEl1UEcgSn lQakV4TGlC VSBhR1VnWT I5dGNHIEZ1 ZVNCb1lYTW cgWVNCemRI SnZibSBjZ1 kyOXRiV2ww IGJXVnVkQ0 IwYnkgQmpi M0p3YjNKaC BkR1VnYzI5 amFXIEZzSU hKbGMzQnYg Ym5OcFltbH NhWCBSNUlH RnVaQ0J6IG RYTjBZV2x1 WVcgSnBiR2 wwZVN3ZyBZ VzVrSUdoaG N5IEJwYlhC c1pXMWwgYm 5SbFpDQjJZ WCBKcGIzVn pJR2x1IGFY UnBZWFJwZG 0gVnpJSFJ2 SUhKbCBaSF ZqWlNCcGRI IE1nWlc1Mm FYSnYgYm0x bGJuUmhiQy BCcGJYQmhZ M1FnIFlXNW tJSE4xY0gg QnZjblFnYk c5aiBZV3dn WTI5dGJYIF Z1YVhScFpY TXUgUEdKeV BqRXlMaSBC SmJpQXlNRE U1IExDQkRi MjF3ZFggUm xjbk5vWVhK bCBJR0psWT JGdFpTIEJo SUdadmRXNW sgYVc1bklH MWxiVyBKbG NpQnZaaUIw IGFHVWdWVT RnUjIgeHZZ bUZzSUVOdi BiWEJoWTNR Z1RtIFYwZD I5eWF5QkIg ZFhOMGNtRn NhVyBFc0lH RWdjR3hoIG RHWnZjbTBn Wm0gOXlJR0 52YlhCaCBi bWxsY3lCMG J5IEJqYjJ4 c1lXSnYgY2 1GMFpTQmhi bSBRZ1lXUj JZVzVqIFpT QnlaWE53Yj IgNXphV0pz WlNCaSBkWE 5wYm1WemN5 IEJ3Y21Gam RHbGogWlhN dVBHSnlQai BFekxpQlVh R1VnIFkyOX RjR0Z1ZVMg Qm9ZWE1nWV d4eiBieUJp WldWdUlHIE YwSUhSb1pT Qm0gYjNKbF puSnZibiBR Z2IyWWdjSE p2IGJXOTBh VzVuSUcgZG xibVJsY2lC ayBhWFpsY2 5OcGRIIGtn WVc1a0lHaG ggY3lCeVpX TmxhWCBabF pDQnpaWFps IGNtRnNJR0 YzWVggSmtj eUJoYm1RZy BjbVZqYjJk dWFYIFJwYj I1eklHWnYg Y2lCcGRITW daVyBabWIz SjBjeUJwIG JpQjBhR2x6 SUcgRnlaV0 V1UEdKeSBQ akUwTGlCQm N5IEJ2WmlB eU1ESXggTE NCRGIyMXdk WCBSbGNuTm 9ZWEpsIElH TnZiblJwYm 4gVmxjeUIw YnlCbiBjbT kzSUdGdVpD IEJsZUhCaG JtUWcgYVhS eklHZHNiMi BKaGJDQndj bVZ6IFpXNW paU3dnZDIg bDBhQ0J3Yk dGdSBjeUIw YnlCbWRYIE owYUdWeUlH UmwgZG1Wc2 IzQWdhWCBS eklIUmxZMm h1IGIyeHZa M2tnYzIgOX NkWFJwYjI1 eiBJR0Z1Wk NCelpYIEoy YVdObGN5Qj AgYnlCdFpX VjBJSCBSb1 pTQmxkbTlz IGRtbHVaeU J1WlcgVmtj eUJ2WmlCcC BkSE1nWTJ4 cFpXIDUwY3 k0PQogICAg ICAgIDwvc3 Bhbj4KICAg ICAgICAKIC AgICAgICA=
See Company Q&A