Sogeclair

+7.49%

Live  

Sogeclair is a French engineering and aerospace company that was founded in 1986. It specializes in product design and development, engineering, manufacturing, and support services for the aerospace, defense, and transportation industries.
The company's main headquarters are located in Blagnac, France and it has operations and partnerships around the world, including in the United States, Canada, Germany, and the United Kingdom. Sogeclair is a publicly traded company and is listed on the Euronext Paris stock exchange.
Sogeclair has three main divisions: Aerospace, Simulation, and Engineering. The Aerospace division is focused on the design and production of aeronautical structures and systems. The Simulation division provides simulation and training solutions for the aviation, naval, and land sectors. The Engineering division offers services and solutions in the areas of mechanical, electrical, and systems engineering.
Some of Sogeclair's notable projects include the design and production of aircraft interiors for Airbus and Boeing, the development of simulators for military aircraft and air traffic control systems, and the design and manufacture of ground support equipment for various aircraft programs.
In addition to its engineering and aerospace services, Sogeclair also has a strong commitment to sustainability and has implemented various initiatives to reduce its environmental footprint. It also actively supports social responsibility projects and charities in the communities where it operates.
Overall, Sogeclair is a leading company in the aerospace and engineering industries, known for its innovative solutions, global reach, and commitment to environmental and social responsibility.

MS4gSGlzdG 9yeSBhbmQg ZXhwZXJpZW 5jZTogU29n ZWNsYWlyIH dhcyBmb3Vu ZGVkIGluID E5ODYgYW5k IGhhcyBvdm VyIDM1IHll YXJzIG9mIG V4cGVyaWVu Y2UgaW4gdG hlIGFlcm9z cGFjZSBpbm R1c3RyeS4g SXQgaGFzIG Egc3Ryb25n IHRyYWNrIH JlY29yZCBh bmQgYSBwcm 92ZW4gZXhw ZXJ0aXNlIG luIHRoZSBm aWVsZC48Yn I+Mi4gSW50 ZXJuYXRpb2 5hbCBwcmVz ZW5jZTogVG hlIGNvbXBh bnkgaGFzIG EgZ2xvYmFs IHJlYWNoIH dpdGggb2Zm aWNlcyBhbm Qgb3BlcmF0 aW9ucyBpbi BFdXJvcGUs IEFzaWEsIG FuZCBBbWVy aWNhLiBUaG lzIGFsbG93 cyB0aGVtIH RvIHdvcmsg d2l0aCBhIG RpdmVyc2Ug cmFuZ2Ugb2 YgY2xpZW50 cyBhbmQgYW NjZXNzIGRp ZmZlcmVudC BtYXJrZXRz Ljxicj4zLi BGb2N1cyBv biBpbm5vdm F0aW9uIGFu ZCB0ZWNobm 9sb2d5OiBT b2dlY2xhaX IgaW52ZXN0 cyBoZWF2aW x5IGluIHJl c2VhcmNoIG FuZCBkZXZl bG9wbWVudC B0byBzdGF5 IGF0IHRoZS Bmb3JlZnJv bnQgb2YgaW 5ub3ZhdGlv biBpbiB0aG UgYWVyb3Nw YWNlIGluZH VzdHJ5LiBU aGlzIGFsbG 93cyB0aGVt IHRvIHByb3 ZpZGUgY3V0 dGluZy1lZG dlIHNvbHV0 aW9ucyB0by B0aGVpciBj bGllbnRzLj xicj40LiBT dHJhdGVnaW MgcGFydG5l cnNoaXBzOi BTb2dlY2xh aXIgaGFzIG VzdGFibGlz aGVkIHBhcn RuZXJzaGlw cyB3aXRoIG 1ham9yIGFl cm9zcGFjZS Bjb21wYW5p ZXMsIHVuaX ZlcnNpdGll cywgYW5kIH Jlc2VhcmNo IGluc3RpdH V0ZXMgdG8g Y29sbGFib3 JhdGUgYW5k IGRldmVsb3 AgbmV3IHRl Y2hub2xvZ2 llcyBhbmQg c29sdXRpb2 5zLjxicj41 LiBEaXZlcn NpZmllZCBw b3J0Zm9saW 86IFRoZSBj b21wYW55IG 9mZmVycyBh IHdpZGUgcm FuZ2Ugb2Yg cHJvZHVjdH MgYW5kIHNl cnZpY2VzLC BpbmNsdWRp bmcgc2ltdW xhdGlvbiwg dHJhaW5pbm csIGVuZ2lu ZWVyaW5nLC BhbmQgbWFu dWZhY3R1cm luZy4gVGhp cyBkaXZlcn NpZmljYXRp b24gbWFrZX MgdGhlbSBt b3JlIHJlc2 lsaWVudCB0 byBtYXJrZX QgZmx1Y3R1 YXRpb25zIG FuZCBhYmxl IHRvIGFkYX B0IHRvIGNo YW5naW5nIG N1c3RvbWVy IG5lZWRzLj xicj42LiBT dHJvbmcgZm luYW5jaWFs IHBlcmZvcm 1hbmNlOiBT b2dlY2xhaX IgaGFzIGEg c3Ryb25nIG ZpbmFuY2lh bCB0cmFjay ByZWNvcmQg YW5kIGhhcy Bjb25zaXN0 ZW50bHkgZG VsaXZlcmVk IHBvc2l0aX ZlIGZpbmFu Y2lhbCByZX N1bHRzLCBz aG93Y2FzaW 5nIGl0cyBz dGFiaWxpdH kgYW5kIHN1 c3RhaW5hYm lsaXR5IGFz IGEgY29tcG FueS48YnI+ Ny4gQ29tbW l0bWVudCB0 byBzdXN0YW luYWJpbGl0 eTogVGhlIG NvbXBhbnkg aGFzIGEgc3 Ryb25nIGNv bW1pdG1lbn QgdG8gc3Vz dGFpbmFiaW xpdHksIGV2 aWRlbmNlZC BieSBpdHMg SVNPIDE0MD AxIGNlcnRp ZmljYXRpb2 4gYW5kIHZh cmlvdXMgaW 5pdGlhdGl2 ZXMgdG8gcm VkdWNlIHRo ZWlyIGVudm lyb25tZW50 YWwgaW1wYW N0Ljxicj44 LiBDb3Jwb3 JhdGUgc29j aWFsIHJlc3 BvbnNpYmls aXR5OiBTb2 dlY2xhaXIg aXMgYWN0aX ZlbHkgaW52 b2x2ZWQgaW 4gdmFyaW91 cyBjb21tdW 5pdHkgYW5k IHNvY2lhbC Bpbml0aWF0 aXZlcywgaW 5jbHVkaW5n IHN1cHBvcn RpbmcgbG9j YWwgY2hhcm l0aWVzIGFu ZCBvcmdhbm l6YXRpb25z LCBzaG93Y2 FzaW5nIGl0 cyBldGhpY2 FsIGFuZCBy ZXNwb25zaW JsZSBidXNp bmVzcyBwcm FjdGljZXMu PGJyPjkuIF F1YWxpZmll ZCBhbmQgZX hwZXJpZW5j ZWQgdGVhbT ogVGhlIGNv bXBhbnkgZW 1wbG95cyBh IHRlYW0gb2 YgaGlnaGx5 IHNraWxsZW QgYW5kIGV4 cGVyaWVuY2 VkIHByb2Zl c3Npb25hbH MsIGluY2x1 ZGluZyBlbm dpbmVlcnMs IHRlY2huaW NpYW5zLCBh bmQgc3BlY2 lhbGlzdHMs IGVuc3VyaW 5nIHRoZWly IGFiaWxpdH kgdG8gZGVs aXZlciBoaW doLXF1YWxp dHkgcHJvZH VjdHMgYW5k IHNlcnZpY2 VzLjxicj4x MC4gU3Ryb2 5nIGN1c3Rv bWVyIHJlbG F0aW9uc2hp cHM6IFNvZ2 VjbGFpciBo YXMgYnVpbH QgbG9uZy1z dGFuZGluZy ByZWxhdGlv bnNoaXBzIH dpdGggaXRz IGN1c3RvbW Vycywgd2hp Y2ggaXMgYS B0ZXN0YW1l bnQgdG8gdG hlaXIgY29t bWl0bWVudC B0byBjdXN0 b21lciBzYX Rpc2ZhY3Rp b24gYW5kIH RoZSBxdWFs aXR5IG9mIH RoZWlyIHdv cmsu

PGJyPlNvZ2 VjbGFpciBp cyBhIEZyZW 5jaCBjb21w YW55IHRoYX Qgc3BlY2lh bGl6ZXMgaW 4gZW5naW5l ZXJpbmcgYW 5kIHNpbXVs YXRpb24gc2 VydmljZXMg Zm9yIHRoZS BhZXJvc3Bh Y2UsIGF1dG 9tb3RpdmUs IGRlZmVuc2 UsIGFuZCBl bmVyZ3kgaW 5kdXN0cmll cy4gVGhlaX IgYnVzaW5l c3MgbW9kZW wgaW52b2x2 ZXMgcHJvdm lkaW5nIGN1 c3RvbWl6ZW Qgc29sdXRp b25zIGFuZC BzZXJ2aWNl cyB0byB0aG VpciBjbGll bnRzLCB1c2 luZyBhIGNv bWJpbmF0aW 9uIG9mIGVu Z2luZWVyaW 5nIGV4cGVy dGlzZSwgYW R2YW5jZWQg dGVjaG5vbG 9neSwgYW5k IHByb2plY3 QgbWFuYWdl bWVudCBza2 lsbHMuPGJy PlRoZWlyIG J1c2luZXNz IG1vZGVsIG lzIGJhc2Vk IG9uIGZvdX IgbWFpbiBw aWxsYXJzOj xicj4xLiBQ cm9qZWN0LW Jhc2VkIGFw cHJvYWNoOi BTb2dlY2xh aXIgb2ZmZX JzIGl0cyBz ZXJ2aWNlcy BvbiBhIHBy b2plY3QtYn ktcHJvamVj dCBiYXNpcy wgdGFpbG9y aW5nIHNvbH V0aW9ucyB0 byBtZWV0IH RoZSBzcGVj aWZpYyBuZW VkcyBvZiBl YWNoIGNsaW VudC4gVGhp cyBhbGxvd3 MgdGhlbSB0 byBjYXRlci B0byBhIHdp ZGUgcmFuZ2 Ugb2YgaW5k dXN0cmllcy BhbmQgcHJv amVjdCB0eX Blcywgd2hp bGUgbWFpbn RhaW5pbmcg YSBoaWdoIG xldmVsIG9m IHF1YWxpdH kgYW5kIGN1 c3RvbWVyIH NhdGlzZmFj dGlvbi48Yn I+Mi4gRW5n aW5lZXJpbm cgZXhwZXJ0 aXNlOiBUaG UgY29tcGFu eSBoYXMgYS B0ZWFtIG9m IGhpZ2hseS Bza2lsbGVk IGVuZ2luZW VycyBhbmQg dGVjaG5pY2 lhbnMgd2l0 aCBleHBlcn Rpc2UgaW4g YXJlYXMgc3 VjaCBhcyBt ZWNoYW5pY2 FsLCBlbGVj dHJpY2FsLC BhbmQgc29m dHdhcmUgZW 5naW5lZXJp bmcuIFRoZX kgbGV2ZXJh Z2UgdGhlaX IgdGVjaG5p Y2FsIGtub3 dsZWRnZSB0 byBkZXZlbG 9wIGlubm92 YXRpdmUgc2 9sdXRpb25z IGZvciB0aG VpciBjbGll bnRzJyBwcm 9qZWN0cy48 YnI+My4gQW R2YW5jZWQg dGVjaG5vbG 9neTogU29n ZWNsYWlyIH VzZXMgY3V0 dGluZy1lZG dlIHRlY2hu b2xvZ3kgYW 5kIHNvZnR3 YXJlIHRvb2 xzIHRvIHN1 cHBvcnQgdG hlaXIgZW5n aW5lZXJpbm cgYW5kIHNp bXVsYXRpb2 4gc2Vydmlj ZXMuIFRoaX MgYWxsb3dz IHRoZW0gdG 8gZGVsaXZl ciBhY2N1cm F0ZSBhbmQg ZWZmaWNpZW 50IHNvbHV0 aW9ucyB0by B0aGVpciBj bGllbnRzLj xicj40LiBH bG9iYWwgcH Jlc2VuY2U6 IFNvZ2VjbG FpciBoYXMg YSBnbG9iYW wgcHJlc2Vu Y2Ugd2l0aC BvZmZpY2Vz IGFuZCBzdW JzaWRpYXJp ZXMgaW4gRX Vyb3BlLCBO b3J0aCBBbW VyaWNhLCBh bmQgQXNpYS 4gVGhpcyBh bGxvd3MgdG hlbSB0byBz ZXJ2ZSBjbG llbnRzIGZy b20gZGlmZm VyZW50IHJl Z2lvbnMgYW 5kIHRhcCBp bnRvIG5ldy BtYXJrZXRz Ljxicj5Pdm VyYWxsLCBT b2dlY2xhaX IncyBidXNp bmVzcyBtb2 RlbCByZXZv bHZlcyBhcm 91bmQgcHJv dmlkaW5nIG hpZ2gtcXVh bGl0eSwgY3 VzdG9taXpl ZCBzb2x1dG lvbnMgYW5k IHNlcnZpY2 VzIHRvIHRo ZWlyIGNsaW VudHMsIHV0 aWxpemluZy B0aGVpciBl bmdpbmVlcm luZyBleHBl cnRpc2UgYW 5kIGFkdmFu Y2VkIHRlY2 hub2xvZ3ks IHdoaWxlIG 1haW50YWlu aW5nIGEgZ2 xvYmFsIHBy ZXNlbmNlIH RvIGV4cGFu ZCB0aGVpci ByZWFjaC4=

The sensitivity of Sogeclair’s earnings, cash flow, and valuation to changes in interest rates can be assessed through several factors:
1. Earnings Sensitivity: Sogeclair’s earnings may be impacted by interest rate changes primarily through their effect on borrowing costs and capital expenditures. If interest rates rise, the cost of financing projects could increase, leading to reduced profitability. Conversely, lower interest rates could enhance earnings by decreasing financing costs and facilitating growth investments.
2. Cash Flow Sensitivity: Cash flow is directly influenced by interest rates, particularly for companies with significant debt. Higher interest rates lead to increased interest expenses, which can reduce free cash flow available for reinvestment or distribution to shareholders. On the other hand, lower rates can improve cash flow by reducing interest obligations and potentially boosting investment returns.
3. Valuation Sensitivity: Valuation is closely tied to the discount rate used in present value calculations. Higher interest rates typically increase discount rates, reducing the present value of future cash flows and consequently lowering the company’s valuation. Conversely, lower interest rates decrease discount rates, resulting in higher valuations.
Overall, Sogeclair’s sensitivity to interest rate changes will depend on its capital structure, the nature of its business operations, and its exposure to debt. The overall economic environment and how investors respond to interest rate changes will also play significant roles in influencing earnings, cash flow, and valuation.

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 bG9nb3MvQW JWQzBta2hG b2hWdU4zNU djbTcud2Vi cCIgYWx0PS JTb2dlY2xh aXIiIHRpdG xlPSJTb2dl Y2xhaXIiIC 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 U29nZWNsYW lyPwogICAg 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+TpS BHZXQgb3Vy IGZyZWUgZU Jvb2sgbm93 OiA8aT4iVG hlIENoZWNr bGlzdCBWYW x1ZSBJbnZl c3RvciDigJ QgQSBTbWFy dGVyIFdheS B0byBQaWNr IFN0b2Nrcy I8L2k+CiAg 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 BNUzRnUm05 MWJtIFJsWk NCcGJpQXgg T1RnMkxDQl RiMiBkbFky eGhhWElnIG FYTWdZU0JH Y20gVnVZMm dnWlc1biBh VzVsWlhKcG JtIGNnWTI5 dGNHRnUgZV NCM2FYUm9J RyBsMGN5Qm 9aV0ZrIGNY VmhjblJsY2 4gTWdhVzRn UW14aCBaMj VoWXl3Z1Ju IEpoYm1ObE xpQTggWW5J K01pNGdWRy BobElHTnZi WEJoIGJua2 djM0JsWTIg bGhiR2w2Wl hNZyBhVzRn ZEdobElHIF JsZG1Wc2Iz QnQgWlc1ME lHRnVaQyBC d2NtOWtkV0 4wIGFXOXVJ RzltSUggTn BiWFZzWVhS cCBiMjRnWV c1a0lHIFZ1 WjJsdVpXVn kgYVc1bklI UnZiMiB4ek lHWnZjaUJo IFpYSnZjM0 JoWTIgVXNJ R0YxZEc5dC BiM1JwZG1V c0lHIEZ1Wk NCa1pXWmwg Ym5ObElHbH VaSCBWemRI SnBaWE11IF BHSnlQak11 SUYgTnZaMl ZqYkdGcCBj aUJvWVhNZ1 lTIEJuYkc5 aVlXd2cgY0 hKbGMyVnVZ MiBVZ2QybD BhQ0J2IFpt WnBZMlZ6SU cgRnVaQ0J6 ZFdKeiBhV1 JwWVhKcFpY IE1nYVc0Z0 1UQWcgWTI5 MWJuUnlhVy BWeklHbHVZ MngxIFpHbH VaeUIwYUcg VWdWVzVwZE dWayBJRk4w WVhSbGN5IH dnUTJGdVlX UmggTENCQ2 NtRjZhVyB3 c0lGTndZV2 x1IExDQkha WEp0WVcgNT VMQ0JoYm1R ZyBkR2hsSU ZWdWFYIFJs WkNCQmNtRm kgSUVWdGFY SmhkRyBWek xqeGljajQw IExpQlVhR1 VnYm0gRnRa U0JUYjJkbC BZMnhoYVhJ Z2FYIE1nWV NCamIyMWkg YVc1aGRHbH ZiaSBCdlpp QjBkMjhnIG QyOXlaSE10 SUggTnZZMm xsZEdVcyBJ SGRvYVdOb0 lHIDFsWVc1 eklHTnYgYl hCaGJua2dh VyA0Z1JuSm xibU5vIExD QmhibVFnWT IgeGhhWElz SUhkbyBhV0 5vSUcxbFlX IDV6SUdOc1 pXRnkgSUc5 eUlHSnlhVy Bkb2RDNDhZ bkkrIE5TNG dWR2hsSUcg TnZiWEJoYm 5rZyBhR0Z6 SUdScGRtIF Z5YzJsbWFX VmsgSUdsMG N5QnpaWCBK MmFXTmxjeU JpIGVTQmpj bVZoZEcgbH VaeUJtYVha bCBJR0oxYz JsdVpYIE56 SUdScGRtbH ogYVc5dWN5 d2daVyBGam FDQm1iMk4x IGMybHVaeU J2YmkgQmhJ SE53WldOcC BabWxqSUds dVpIIFZ6ZE hKNUxTQkIg WlhKdmMzQm hZMiBVc0lG TnBiWFZzIF lYUnBiMjRz SUUgMVNUeU FvVFdGcCBi blJsYm1GdV kyIFVzSUZK bGNHRnAgY2 l3Z1lXNWtJ RSA5MlpYSm 9ZWFZzIEtT d2dSR2xuYV ggUmhiQ0JU YjJ4MSBkR2 x2Ym5Nc0lH IEZ1WkNCRm JtVnkgWjNr dVBHSnlQai BZdUlGTnZa MlZqIGJHRn BjaUJwY3kg QmhJSEIxWW 14cCBZMng1 SUhSeVlXIF JsWkNCamIy MXcgWVc1NU lHeHBjMyBS bFpDQnZiaU IwIGFHVWdS WFZ5YjIgNW xlSFFnVUdG eSBhWE1nYz NSdlkyIHNn WlhoamFHRn UgWjJVZ2RX NWtaWCBJZ2 RHaGxJSE41 IGJXSnZiQ0 JGVTAgY3VQ R0p5UGpjdS BJRlJvWlNC amIyIDF3WV c1NUlHaGgg Y3lCM2IzSn JaVyBRZ2Iy NGdibTkwIF lXSnNaU0J3 Y20gOXFaV0 4wY3lCeiBk V05vSUdGek lHIFJsZG1W c2IzQnAgYm 1jZ2MybHRk VyB4aGRHOX ljeUJtIGIz SWdRV2x5WW 4gVnpJR0Z1 WkNCRiBkWE p2WTI5d2RH IFZ5TENCa1 pYTnAgWjI1 cGJtY2dkRy BobElHWjFj MlZzIFlXZG xJRzltSUgg Um9aU0JCYV hKaSBkWE1n UVRNNE1DIH dnWVc1a0lH VnUgWjJsdV pXVnlhVyA1 bklIUm9aU0 JqIGIyTnJj R2wwSUcgOW 1JRVJoYzNO aCBkV3gwSU ZKaFptIEZz WlNCbWFXZG 8gZEdWeUlH cGxkQyA0OF luSStPQzRn IFNXNGdNak F4T0Mgd2dV MjluWldOcy BZV2x5SUdG amNYIFZwY2 1Wa0lFVkwg U1U1UFVGTX NJRyBFZ2RH VnNaV052IG JXMTFibWxq WVggUnBiMj V6SUdOdiBi WEJoYm5rc0 lHIGx1SUc5 eVpHVnkgSU hSdklHVnVk RyBWeUlIUm 9aU0JrIGFX ZHBkR0ZzSU ggTnZiSFYw YVc5dSBjeU J0WVhKclpY IFF1UEdKeV Bqa3UgSUZS M2J5QnZaaS BCVGIyZGxZ MnhoIGFYTG lnSmx6SUgg TjFZbk5wWk dsaCBjbWxs Y3l3Z1IyIE Z5Y205dWFT QkUgWlhOcF oyNGdZVyA1 a0lFRmxjbT kwIFpXTWdR Mjl1WTIgVn dkQ3dnYzNC bCBZMmxoYk dsNlpTIEJw YmlCNVlXTm 8gZENCa1pY TnBaMiA0Z1 lXNWtJR0Zw IGNtTnlZV1 owSUcgbHVk R1Z5YVc5eS BJR1JsYzJs bmJpIHdnY2 1WemNHVmog ZEdsMlpXeD VMaiB4aWNq NHhNQzRnIF ZHaGxJR052 YlggQmhibm tnYUdGeiBJ R0VnYzNSeW IyIDVuSUda dlkzVnogSU c5dUlHbHVi bSA5MllYUn BiMjRnIFlX NWtJSEpsYz IgVmhjbU5v TENCMyBhWF JvSUc5MlpY IElnTXpBbE lHOW0gSUds MGN5QmxiWC BCc2IzbGxa WE1nIGQyOX lhMmx1Wnkg QnBiaUJTSm tRZyBaR1Z3 WVhKMGJXIF Z1ZEhNdUlE eGkgY2o0eE 1TNGdVMiA5 blpXTnNZV2 x5IElHaGhj eUJpWlcgVn VJR0YzWVhK ayBaV1FnZG 1GeWFXIDkx Y3lCalpYSj AgYVdacFky RjBhVyA5dW N5Qm1iM0ln IGFYUnpJSE YxWVcgeHBk SGtnYldGdS BZV2RsYldW dWRDIEJ6ZV hOMFpXMXog TENCdlkyTj FjRyBGMGFX OXVZV3dnIG FHVmhiSFJv SUcgRnVaQ0 J6WVdabCBk SGtnYldGdV lXIGRsYldW dWRDd2cgWV c1a0lHVnVk bSBseWIyNX RaVzUwIFlX d2diV0Z1WV cgZGxiV1Z1 ZEM0OCBZbk krTVRJdUlG IFJvWlNCam IyMXcgWVc1 NUlHaGhjeS BCaVpXVnVJ SEpsIFkyOW 5ibWw2Wlcg UWdkMmwwYU NCeiBaWFps Y21Gc0lHIE YzWVhKa2N5 d2cgYzNWam FDQmhjeSBC MGFHVWdTVz V1IGIzWmhk R2x2YmkgQk JkMkZ5WkNC bSBjbTl0SU hSb1pTIEJE UTBrZ1QyTm ogYVhSaGJt bGxJRyBsdU lESXdNVGtn IFptOXlJR2 wwY3kgQkVh V2RwZEdGcy BJRk52YkhW MGFXIDl1Y3 lCa2FYWnAg YzJsdmJpd2 dZVyA1a0lI Um9aU0JIIG NtVmhkQ0JR WVggSjBibV Z5SUVGMyBZ WEprSUdaeW IyIDBnUkdG emMyRjEgYk hRZ1FYWnBZ WCBScGIyNG dhVzRnIE1q QXhPQzQ4WW 4gSStNVE11 SUZOdiBaMl ZqYkdGcGNp IEJwY3lCam IyMXQgYVhS MFpXUWdkRy A4Z2MzVnpk R0ZwIGJtRm liR1VnWkcg VjJaV3h2Y0 cxbCBiblFn WVc1a0lHIG hoY3lCcGJY QnMgWlcxbG JuUmxaQyBC MllYSnBiM1 Z6IElHbHVh WFJwWVggUn BkbVZ6SUhS diBJSEpsWk hWalpTIEJw ZEhNZ1pXNT IgYVhKdmJt MWxibiBSaG JDQnBiWEJo IFkzUXNJSE 4xWTIgZ2dZ WE1nYVc1Mi BaWE4wYVc1 bklHIGx1SU hKbGJtVjMg WVdKc1pTQm xibSBWeVoz a2dZVzVrIE lIQnliMjF2 ZEcgbHVaeU JsWTI4dCBa R1Z6YVdkdU lIIEJ5WVdO MGFXTmwgY3 k0OFluSStN VCBRdUlGUm 9aU0JqIGIy MXdZVzU1SU cgaGhjeUJo SUhOMCBjbT l1WnlCamIz IEp3YjNKaG RHVWcgYzI5 amFXRnNJSC BKbGMzQnZi bk5wIFltbH NhWFI1SUgg QnliMmR5WV cwcyBJSE4x Y0hCdmNuIF JwYm1jZ2FX NXAgZEdsaG RHbDJaWCBN Z2FXNGdaV1 IxIFkyRjBh Vzl1TEMgQm pkV3gwZFhK aCBiQ0JvWl hKcGRHIEZu WlN3Z1lXNW sgSUhOdlky bGhiQyBCaF kzUnBiMjR1 IFBHSnlQak UxTGkgQkpi aUF5TURJdy BMQ0JUYjJk bFkyIHhoYV hJZ2NtVncg YjNKMFpXUW dZUyBCeVpY WmxiblZsIE lHOW1JREU1 TXkgNDFJRz FwYkd4cCBi MjRnWlhWeW IzIE1nWVc1 a0lHaGggWk NCdmRtVnlJ RCBFc05UQX dJR1Z0IGNH eHZlV1ZsY3 kgQjNiM0pz WkhkcCBaR1 V1CiAgICAg ICAgPC9zcG FuPgogICAg ICAgIAogIC AgICAgIA==
See Company Q&A