Vici Properties

-14.11%

Live  

Vici Properties is a real estate investment trust (REIT) that specializes in owning, managing, and acquiring gaming, hospitality, and entertainment properties. The company was formed in 2017 as a spin-off from Caesars Entertainment Corporation, and went public in February 2018.
Vici Properties currently owns 28 gaming facilities located in 12 states, including Las Vegas, Atlantic City, and New Orleans. The company's properties include iconic venues such as Caesars Palace Las Vegas, Harrah's Las Vegas, and Bally's Atlantic City. Vici Properties also has agreements to lease properties to well-known gaming companies such as Caesars Entertainment and Hard Rock International. As of June 2021, the company's portfolio had a total market value of approximately $11.5 billion.
Vici Properties operates as a triple-net lease REIT, meaning that its tenants are responsible for all property expenses, including taxes, insurance, and maintenance. This structure allows Vici to generate consistent and predictable cash flows, making it an attractive investment for shareholders.
In addition to its gaming properties, Vici Properties also has a growing presence in the hospitality sector, with ownership of several hotels and restaurants located within its gaming facilities. The company also continually evaluates new opportunities to expand its portfolio through strategic acquisitions.
Overall, Vici Properties is a well-established and rapidly growing REIT that offers investors a strong track record of financial stability and growth potential.

MS4gRm9jdX Mgb24gUmVh bCBFc3RhdG UgSW52ZXN0 bWVudCBUcn VzdCAoUkVJ VCkgbW9kZW w6IFZpY2kg UHJvcGVydG llcyBpcyBh IFJlYWwgRX N0YXRlIElu dmVzdG1lbn QgVHJ1c3Qg KFJFSVQpLC B3aGljaCBt ZWFucyBpdC BpcyBsZWdh bGx5IHJlcX VpcmVkIHRv IGRpc3RyaW J1dGUgYXQg bGVhc3QgOT AlIG9mIGl0 cyB0YXhhYm xlIGluY29t ZSBpbiB0aG UgZm9ybSBv ZiBkaXZpZG VuZHMgdG8g c2hhcmVob2 xkZXJzLiBU aGlzIGFsbG 93cyB0aGUg Y29tcGFueS B0byBwcm92 aWRlIGNvbn Npc3RlbnQg ZGl2aWRlbm RzIHRvIGl0 cyBzaGFyZW hvbGRlcnMg YW5kIG1ha2 Ugc3RyYXRl Z2ljIGludm VzdG1lbnRz IGluIGhpZ2 gtcXVhbGl0 eSByZWFsIG VzdGF0ZSBh c3NldHMuPG JyPjIuIERp dmVyc2lmaW VkIHBvcnRm b2xpbyBvZi Bwcm9wZXJ0 aWVzOiBWaW NpIFByb3Bl cnRpZXMgaG FzIGEgZGl2 ZXJzZSBwb3 J0Zm9saW8g b2YgcHJvcG VydGllcyB0 aGF0IGluY2 x1ZGVzIGlj b25pYyByZX NvcnRzLCBn YW1pbmcsIG FuZCBlbnRl cnRhaW5tZW 50IHByb3Bl cnRpZXMgaW 4gcHJpbWUg bG9jYXRpb2 5zIGFjcm9z cyB0aGUgVW 5pdGVkIFN0 YXRlcy4gSX RzIHByb3Bl cnRpZXMgYX JlIGxlYXNl ZCB0byBsZW FkaW5nIGdh bWluZyBhbm QgaG9zcGl0 YWxpdHkgY2 9tcGFuaWVz LCBwcm92aW RpbmcgYSBz dGFibGUgc2 91cmNlIG9m IHJlbnRhbC BpbmNvbWUu PGJyPjMuIF N0cm9uZyBm aW5hbmNpYW xzOiBWaWNp IFByb3Blcn RpZXMgaGFz IGEgc3Ryb2 5nIGZpbmFu Y2lhbCB0cm FjayByZWNv cmQsIHdpdG ggY29uc2lz dGVudCBncm 93dGggaW4g cmV2ZW51ZS BhbmQgZnVu ZHMgZnJvbS BvcGVyYXRp b25zIChGRk 8pLCBhIGtl eSBtZWFzdX JlIG9mIFJF SVQgb3Blcm F0aW5nIHBl cmZvcm1hbm NlLiBUaGlz IHN0YWJpbG l0eSBhbmQg ZmluYW5jaW FsIHN0cmVu Z3RoIG1ha2 UgdGhlIGNv bXBhbnkgYW 4gYXR0cmFj dGl2ZSBjaG 9pY2UgZm9y IGludmVzdG 9ycy48YnI+ NC4gU3RyYX RlZ2ljIHBh cnRuZXJzaG lwcyB3aXRo IGluZHVzdH J5IGxlYWRl cnM6IFZpY2 kgUHJvcGVy dGllcyBoYX MgcGFydG5l cnNoaXBzIH dpdGggbGVh ZGluZyBnYW 1pbmcgYW5k IGVudGVydG Fpbm1lbnQg Y29tcGFuaW VzLCBzdWNo IGFzIENhZX NhcnMgRW50 ZXJ0YWlubW VudCBhbmQg RWxkb3JhZG 8gUmVzb3J0 cy4gVGhyb3 VnaCB0aGVz ZSBwYXJ0bm Vyc2hpcHMs IFZpY2kgUH JvcGVydGll cyBjYW4gYW NxdWlyZSBo aWdoLXF1YW xpdHkgYXNz ZXRzIGFuZC BzZWN1cmUg bG9uZy10ZX JtIGxlYXNl cyB3aXRoIH RoZXNlIGNv bXBhbmllcy 48YnI+NS4g RXhwZXJpZW 5jZWQgbWFu YWdlbWVudC B0ZWFtOiBU aGUgY29tcG FueSdzIG1h bmFnZW1lbn QgdGVhbSBo YXMgZGVjYW RlcyBvZiBl eHBlcmllbm NlIGluIHRo ZSByZWFsIG VzdGF0ZSBh bmQgZ2FtaW 5nIGluZHVz dHJpZXMuIF RoZXkgaGF2 ZSBhIHByb3 ZlbiB0cmFj ayByZWNvcm Qgb2Ygc3Vj Y2Vzc2Z1bG x5IG1hbmFn aW5nIGFuZC Bncm93aW5n IFJFSVRzLC B3aGljaCBw cm92aWRlcy Bjb25maWRl bmNlIHRvIG ludmVzdG9y cyBpbiB0aG UgY29tcGFu eSdzIGZ1dH VyZSBwcm9z cGVjdHMuPG JyPjYuIENv bW1pdG1lbn QgdG8gc3Vz dGFpbmFiaW xpdHk6IFZp Y2kgUHJvcG VydGllcyBp cyBjb21taX R0ZWQgdG8g c3VzdGFpbm FiaWxpdHkg YW5kIGhhcy BpbXBsZW1l bnRlZCB2YX Jpb3VzIGlu aXRpYXRpdm VzIHRvIHJl ZHVjZSBlbm VyZ3kgY29u c3VtcHRpb2 4gYW5kIGNh cmJvbiBmb2 90cHJpbnQg aW4gaXRzIH Byb3BlcnRp ZXMuIFRoaX Mgbm90IG9u bHkgYmVuZW ZpdHMgdGhl IGVudmlyb2 5tZW50IGJ1 dCBhbHNvIG hlbHBzIGlu IHJlZHVjaW 5nIG9wZXJh dGluZyBjb3 N0cyBhbmQg aW5jcmVhc2 luZyBzaGFy ZWhvbGRlci B2YWx1ZS48 YnI+Ny4gU3 Ryb25nIGNv cnBvcmF0ZS Bnb3Zlcm5h bmNlOiBWaW NpIFByb3Bl cnRpZXMgaG FzIGEgc3Ry b25nIGNvcn BvcmF0ZSBn b3Zlcm5hbm NlIHN0cnVj dHVyZSwgd2 l0aCBhbiBp bmRlcGVuZG VudCBib2Fy ZCBvZiBkaX JlY3RvcnMg YW5kIHRyYW 5zcGFyZW50 IHJlcG9ydG luZyBwcmFj dGljZXMuIF RoaXMgaW5z dGlsbHMgdH J1c3QgYW1v bmcgaW52ZX N0b3JzIGFu ZCBlbnN1cm VzIHJlc3Bv bnNpYmxlIG FuZCBldGhp Y2FsIGRlY2 lzaW9uLW1h a2luZyB3aX RoaW4gdGhl IGNvbXBhbn ku

VmljaSBQcm 9wZXJ0aWVz IGlzIGEgcm VhbCBlc3Rh dGUgaW52ZX N0bWVudCB0 cnVzdCAoUk VJVCkgdGhh dCBvd25zLC BhY3F1aXJl cywgYW5kIG RldmVsb3Bz IGdhbWluZy wgaG9zcGl0 YWxpdHksIG FuZCBlbnRl cnRhaW5tZW 50IHByb3Bl cnRpZXMuIF RoZSBjb21w YW55J3MgYn VzaW5lc3Mg bW9kZWwgaX MgYmFzZWQg b24gZ2VuZX JhdGluZyBz dGVhZHkgYW 5kIHN1c3Rh aW5hYmxlIG Nhc2ggZmxv d3MgYnkgbG Vhc2luZyBp dHMgcHJvcG VydGllcyB0 byBsZWFkaW 5nIGdhbWlu ZyBvcGVyYX RvcnMuPGJy PlZpY2kgUH JvcGVydGll cyB3YXMgY3 JlYXRlZCBp biAyMDE3IG FzIGEgc3Bp bi1vZmYgb2 YgQ2Flc2Fy cyBFbnRlcn RhaW5tZW50 IENvcnBvcm F0aW9uJ3Mg cmVhbCBlc3 RhdGUgYXNz ZXRzLiBBcy BhIFJFSVQs IFZpY2kgUH JvcGVydGll cyBpcyByZX F1aXJlZCB0 byBkaXN0cm lidXRlIGF0 IGxlYXN0ID kwJSBvZiBp dHMgdGF4YW JsZSBpbmNv bWUgdG8gaX RzIHNoYXJl aG9sZGVycy BpbiB0aGUg Zm9ybSBvZi BkaXZpZGVu ZHMuIFRoaX MgYWxsb3dz IHRoZSBjb2 1wYW55IHRv IHJlZHVjZS BpdHMgdGF4 IGJ1cmRlbi BhbmQgYXR0 cmFjdCBpbn Zlc3RvcnMg c2Vla2luZy BpbmNvbWUt Z2VuZXJhdG luZyBpbnZl c3RtZW50cy 48YnI+Vmlj aSBQcm9wZX J0aWVzJyBw b3J0Zm9saW 8gaW5jbHVk ZXMgYSBkaX ZlcnNlIG1p eCBvZiBwcm VtaWVyIHBy b3BlcnRpZX MsIGluY2x1 ZGluZyBjYX Npbm9zLCBo b3RlbHMsIG FuZCBlbnRl cnRhaW5tZW 50IHZlbnVl cywgbG9jYX RlZCBpbiBw b3B1bGFyIH RvdXJpc3Qg ZGVzdGluYX Rpb25zIGFu ZCByZWdpb2 5hbCBtYXJr ZXRzLiBUaG UgY29tcGFu eSBhaW1zIH RvIGluY3Jl YXNlIGl0cy Bwcm9wZXJ0 eSBwb3J0Zm 9saW8gYnkg YWNxdWlyaW 5nIG5ldyBw cm9wZXJ0aW VzIGFuZCBk ZXZlbG9waW 5nIGV4aXN0 aW5nIG9uZX MuPGJyPlZp Y2kgUHJvcG VydGllcycg bWFpbiBzb3 VyY2Ugb2Yg cmV2ZW51ZS Bjb21lcyBm cm9tIGxvbm ctdGVybSB0 cmlwbGUtbm V0IGxlYXNl IGFncmVlbW VudHMgd2l0 aCBpdHMgdG VuYW50cywg d2hpY2ggcm VxdWlyZSB0 aGVtIHRvIH BheSBhbGwg cHJvcGVydH kgZXhwZW5z ZXMsIGluY2 x1ZGluZyB0 YXhlcywgaW 5zdXJhbmNl LCBhbmQgbW FpbnRlbmFu Y2UgY29zdH MuIFRoaXMg YWxsb3dzIF ZpY2kgUHJv cGVydGllcy B0byBnZW5l cmF0ZSBzdG VhZHkgYW5k IHByZWRpY3 RhYmxlIGNh c2ggZmxvdy wgd2l0aCBt aW5pbWFsIH Jpc2sgYW5k IGNhcGl0YW wgZXhwZW5k aXR1cmVzLj xicj5UaGUg Y29tcGFueS BhbHNvIHNl ZWtzIHRvIG VuaGFuY2Ug dGhlIHZhbH VlIG9mIGl0 cyBwcm9wZX J0aWVzIHRo cm91Z2ggc3 RyYXRlZ2lj IGFzc2V0IG 1hbmFnZW1l bnQgaW5pdG lhdGl2ZXMs IHN1Y2ggYX MgcmVub3Zh dGlvbnMsIG V4cGFuc2lv bnMsIGFuZC ByZWRldmVs b3BtZW50IH Byb2plY3Rz LiBUaGVzZS BlZmZvcnRz IGFpbSB0by BpbmNyZWFz ZSB0aGUgcH JvcGVydGll cycgY29tcG V0aXRpdmVu ZXNzIGFuZC BhdHRyYWN0 IG1vcmUgY3 VzdG9tZXJz LCBsZWFkaW 5nIHRvIGhp Z2hlciBvY2 N1cGFuY3kg cmF0ZXMgYW 5kIHJlbnRh bCBpbmNvbW UuPGJyPkFk ZGl0aW9uYW xseSwgVmlj aSBQcm9wZX J0aWVzIG1h eSBlbmdhZ2 UgaW4gc2Fs ZS1sZWFzZW JhY2sgdHJh bnNhY3Rpb2 5zLCB3aGVy ZSBpdCBzZW xscyBpdHMg cHJvcGVydG llcyB0byBn YW1pbmcgb3 BlcmF0b3Jz IGFuZCB0aG VuIGxlYXNl cyB0aGVtIG JhY2suIFRo aXMgYWxsb3 dzIHRoZSBj b21wYW55IH RvIHVubG9j ayB0aGUgdm FsdWUgb2Yg aXRzIHByb3 BlcnRpZXMg YW5kIGdlbm VyYXRlIGlt bWVkaWF0ZS BjYXNoIHdo aWxlIHJldG FpbmluZyBv d25lcnNoaX AgYW5kIGNv bnRyb2wgb2 YgdGhlIGxh bmQuPGJyPk luIHN1bW1h cnksIFZpY2 kgUHJvcGVy dGllcycgYn VzaW5lc3Mg bW9kZWwgaX MgY2VudGVy ZWQgYXJvdW 5kIG93bmlu ZyBhbmQgbG Vhc2luZyBw cmVtaWVyIG dhbWluZyBh bmQgZW50ZX J0YWlubWVu dCBwcm9wZX J0aWVzLCBn ZW5lcmF0aW 5nIHByZWRp Y3RhYmxlIG FuZCBzdGVh ZHkgY2FzaC BmbG93LCBh bmQgZW5oYW 5jaW5nIHRo ZSB2YWx1ZS BvZiBpdHMg cG9ydGZvbG lvIHRocm91 Z2ggc3RyYX RlZ2ljIGFz c2V0IG1hbm FnZW1lbnQg aW5pdGlhdG l2ZXMu

Vici Properties’ earnings, cash flow, and valuation are quite sensitive to changes in interest rates due to several factors inherent in its business model and the broader real estate market.
1. Earnings Sensitivity: Vici Properties earns income primarily through leases with casinos and other gaming establishments. If interest rates rise, borrowing costs for these operators may increase, leading to potential financial strain. This can impact their ability to pay rent consistently, ultimately affecting Vici’s earnings. Furthermore, higher interest rates may also diminish demand for consumer spending in leisure activities, indirectly influencing the revenue of their tenants.
2. Cash Flow Sensitivity: The cash flow of Vici Properties is influenced by the stability and profitability of its tenants. If interest rates increase, financing for tenants could become more expensive, potentially reducing their profit margins. Additionally, tenants may be less inclined to expand or invest in new projects if borrowing costs are high, leading to less rental income or shorter lease terms, which could negatively impact Vici’s cash flow stability.
3. Valuation Sensitivity: Vici’s valuation can be affected by interest rates primarily through the cap rate used in property valuation assessments. Typically, higher interest rates lead to higher cap rates, which can lower property values. Investors may demand higher yields to compensate for increased borrowing costs, leading to potential declines in share price and overall market valuation. Additionally, changes in interest rates may influence investor sentiment around REITs, including Vici, as higher rates can make other fixed-income investments more attractive, leading to capital outflows from REITs.
In summary, Vici Properties’ earnings, cash flow, and valuation are sensitive to interest rate changes, with potential for increased costs for tenants, impacts on consumer spending, and shifts in investor sentiment affecting its overall financial health and market 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 bG9nb3MvNG hoWGFLY1Ji bW82Q0RMZX dsekQud2Vi cCIgYWx0PS JWaWNpIFBy b3BlcnRpZX MiIHRpdGxl PSJWaWNpIF Byb3BlcnRp ZXMiICBjbG Fzcz0iaW1n LWZsdWlkIi BoZWlnaHQ9 OTAgd2lkdG g9OTAgbG9h ZGluZz0nbG F6eScgc3R5 bGU9J2Jvcm Rlci1yYWRp dXM6IDZweD snPgoKICAg ICAgICAgIC AgICAgICAg ICA8ZGl2IH N0eWxlPSdm bGV4OiAxOy B0ZXh0LWFs aWduOiBjZW 50ZXI7IG1h cmdpbi1sZW Z0OiA1cHg7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPHAg c3R5bGU9J2 ZvbnQtc2l6 ZTogMjZweD sgY29sb3I6 ICMzMzM7IG 1hcmdpbi1i b3R0b206ID E1cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIPCf k4ggV2FudC B0byByZWFk IG1vcmUgYW JvdXQgVmlj aSBQcm9wZX J0aWVzPwog 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 ICAgICAg8J +OgSBGcmVl IGRvd25sb2 FkISA8aT4i VGhlIENoZW NrbGlzdCBW YWx1ZSBJbn Zlc3RvciDi gJQgQSBTbW FydGVyIFdh eSB0byBQaW NrIFN0b2Nr cyI8L2k+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvcD4KCi AgICAgICAg ICAgICAgIC AgICAgICAg IDwhLS0KIC AgICAgICAg ICAgICAgIC AgICAgICAg PGRpdiBzdH lsZT0nbWFy Z2luLXRvcD ogMTJweDsg Zm9udC1zaX plOiAxM3B4 OyBjb2xvcj ogIzQ0NDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg U2lnbiB1cC Bub3cgYW5k IGdldCBvdX IgZnJlZSBl Qm9vayAKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIDxiPl RoZSBDaGVj a2xpc3QgVm FsdWUgSW52 ZXN0b3Ig4o CUIEEgU21h cnRlciBXYX kgdG8gUGlj ayBTdG9ja3 M8L2I+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg ICAgICAgIC AtLT4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC EtLQogICAg ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdtYXJnaW 4tdG9wOiAx NnB4OyBmb2 50LXNpemU6 IDE0cHg7IG NvbG9yOiAj NDQ0OyBmb2 50LWZhbWls eTogLWFwcG xlLXN5c3Rl bSwgQmxpbm tNYWNTeXN0 ZW1Gb250LC BTZWdvZSBV SSwgUm9ib3 RvLCBIZWx2 ZXRpY2EgTm V1ZSwgc2Fu cy1zZXJpZj sgbGluZS1o ZWlnaHQ6ID EuNjsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgSGF2 ZSB5b3UgaG VhcmQgYWJv dXQgb3VyIH Nob3J0IDxz dHJvbmcgc3 R5bGU9J2Zv bnQtd2VpZ2 h0OiA2MDA7 Jz5EYWlseS BWaWRlbyBO ZXdzbGV0dG VyPC9zdHJv bmc+PwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPGEgaH JlZj0naHR0 cHM6Ly93d3 cuaW5zaWdo dGZ1bHZhbH VlLmNvbS9u ZXdzbGV0dG VyLnBocCcg dGFyZ2V0PS dfYmxhbmsn IHN0eWxlPS djb2xvcjog IzAwN0JGRj sgdGV4dC1k ZWNvcmF0aW 9uOiBub25l OyBmb250LX dlaWdodDog NTAwOyBtYX JnaW4tbGVm dDogNnB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgRmlu ZCBvdXQgbW 9yZQogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9hPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgLS0+CiAg ICAgICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgIAogIC AgICAgIAog ICAgICAgID xzcGFuIGNs YXNzPSdibH VycmVkLXRl eHQnPgogIC AgICAgICAg ICBNUzRnVm 1samFTIEJR Y205d1pYSj AgYVdWeklI ZGhjeSBCbW IzVnVaR1Zr IElHbHVJRE l3TVQgY2dZ WE1nWVNCeS BaV0ZzSUdW emRHIEYwWl NCcGJuWmwg YzNSdFpXNT BJSCBSeWRY TjBJQ2hTIF JVbFVLU0Jt YjIgTjFjMl ZrSUc5dSBJ SFJvWlNCbl lXIDFwYm1j Z2FXNWsgZF hOMGNua3VQ RyBKeVBqSX VJRlJvIFpT QnVZVzFsSU YgWnBZMmtn YVhNZyBaR1 Z5YVhabFpD IEJtY205dE lIUm8gWlNC TVlYUnBiaS BCM2IzSmtJ SFpwIFkya3 NJRzFsWVcg NXBibWNnWT I5dSBjWFZs Y21Wa0lHID l5SUc5MlpY SmogYjIxbE xpQkpkQyBC eVpXWnNaV0 4wIGN5QjBh R1VnWTIgOX RjR0Z1ZWVL QSBtWE1nWj I5aGJDIEJ2 WmlCa2IyMX AgYm1GMGFX NW5JSCBSb1 pTQm5ZVzFw IGJtY2dhVz VrZFggTjBj bmtnZEdoeS BiM1ZuYUNC emRIIEpoZE dWbmFXTWcg YVc1MlpYTj BiVyBWdWRI TXVQR0p5IF BqTXVJRlpw WTIga2dVSE p2Y0dWeSBk R2xsY3lCM1 lYIE1nWTNK bFlYUmwgWk NCaGN5QmhJ SCBOd2FXNH RiMlptIElH WnliMjBnUT IgRmxjMkZ5 Y3lCRiBibl JsY25SaGFX IDV0Wlc1ME lFTnYgY25C dmNtRjBhVy A5dUxDQnZi bVVnIGIyWW dkR2hsSUcg eGhjbWRsYz NRZyBaMkZ0 YVc1bklHIE 52YlhCaGJt bGwgY3lCcG JpQjBhRyBV Z2QyOXliR1 F1IFBHSnlQ alF1SUYgUm 9aU0JqYjIx dyBZVzU1NG 9DWmN5IEJ3 YjNKMFptOX MgYVc4Z2FX NWpiSCBWa1 pYTWdNak1n IFoyRnRhVz VuSUcgWmhZ MmxzYVhScC BaWE1nWVc1 a0lHIFp2ZF hJZ1oyOXMg WmlCamIzVn ljMiBWeklH RmpjbTl6IG N5QjBhR1Vn VlcgNXBkR1 ZrSUZOMCBZ WFJsY3k0OF luIEkrTlM0 Z1ZtbGogYV NCUWNtOXda WCBKMGFXVn o0b0NaIElI QnliM0JsY2 4gUnBaWE1n WVhKbCBJSE J5YVcxaGNt IGxzZVNCc1 pXRnogWldR Z2RHOGdRMi BGbGMyRnlj eUJGIGJuUm xjblJoYVcg NXRaVzUwTE NCaCBiSFJv YjNWbmFDIE JwZENCaGJI TnYgSUdoaG N5QmhaMyBK bFpXMWxibl J6IElIZHBk R2dnYjMgUm 9aWElnWjJG dCBhVzVuSU c5d1pYIEpo ZEc5eWN5Qn ogZFdOb0lH RnpJRiBCbG JtNGdUbUYw IGFXOXVZV3 dnUjIgRnRh VzVuSUdGdS BaQ0JJWVhK a0lGIEp2WT JzZ1NXNTAg WlhKdVlYUn BiMiA1aGJD NDhZbkkrIE 5pNGdUMjVs SUcgOW1JSF JvWlNCdCBi M04wSUc1dm RHIEZpYkdV Z2NISnYgY0 dWeWRHbGxj eSBCcGJpQl dhV05wIDRv Q1pjeUJ3Yj MgSjBabTlz YVc4ZyBhWE 1nZEdobElH IGxqYjI1cF l5QkQgWVdW ellYSnpJRi BCaGJHRmpa U0JwIGJpQk 1ZWE1nVm0g Vm5ZWE1zSU hkbyBhV05v SUdoaGN5IE JpWldWdUlH WmwgWVhSMW NtVmtJRyBs dUlHNTFiV1 Z5IGIzVnpJ R1pwYkcgMX pJR0Z1WkNC MCBaV3hsZG 1semFXIDl1 SUhOb2IzZH ogTGp4aWNq NDNMaSBCSm JpQmhaR1Jw IGRHbHZiaU IwYnkgQm5Z VzFwYm1jZy BjSEp2Y0dW eWRHIGxsY3 l3Z1ZtbGog YVNCaGJITn ZJRyA5M2Ju TWdZVzVrIE lHOXdaWEpo ZEcgVnpJR0 VnYm5WdCBZ bVZ5SUc5bU lHIDV2Ymkx bllXMXAgYm 1jZ1lYTnpa WCBSekxDQn BibU5zIGRX UnBibWNnYU cgOTBaV3h6 TENCeSBaWE 4wWVhWeVlX IDUwY3l3Z1 lXNWsgSUdF Z1kyOXVkbS BWdWRHbHZi aUJqIFpXNT BaWEl1UEcg SnlQamd1SU ZacCBZMmtn VUhKdmNHIF Z5ZEdsbGN5 QnAgY3lCdm JtVWdiMiBZ Z2RHaGxJR3 hoIGNtZGxj M1FnVWsgVk pWSE1nYVc0 ZyBkR2hsSU dkaGJXIGx1 WnlCcGJtUj EgYzNSeWVT d2dkMiBsMG FDQmhJRzFo IGNtdGxkQ0 JqWVggQnBk R0ZzYVhwaC BkR2x2YmlC dlppIEJ2ZG 1WeUlDUXgg TlNCaWFXeH NhVyA5dUxq eGljajQ1IE xpQlVhR1Vn WTIgOXRjR0 Z1ZVNCcCBj eUJpWVhObF pDIEJwYmlC T1pYY2cgV1 c5eWF5QkRh WCBSNUlHRn VaQ0JvIFlY TWdZU0J6ZE ggSnZibWNn Wm05aiBkWE 1nYjI0Z2Mz IFZ6ZEdGcG JtRmkgYkdV Z1lXNWtJSC BOdlkybGhi R3g1IElISm xjM0J2Ym4g TnBZbXhsSU dKMSBjMmx1 WlhOeklIIE J5WVdOMGFX TmwgY3k0OF luSStNVCBB dUlGWnBZMm tnIFVISnZj R1Z5ZEcgbG xjeUJwY3lC aCBJSEIxWW 14cFkyIHg1 SUhSeVlXUm wgWkNCamIy MXdZVyA1NU lHRnVaQ0Jw IGN5QnNhWE 4wWlcgUWdi MjRnZEdobC BJRTVsZHlC WmIzIEpySU ZOMGIyTnIg SUVWNFkyaG hibSBkbElI VnVaR1Z5IE lIUm9aU0Iw YVcgTnJaWE lnYzNsdCBZ bTlzSUZaSl EwIGt1CiAg ICAgICAgPC 9zcGFuPgog ICAgICAgIA ogICAgICAg IA==
See Company Q&A