Schneider Electric

Live  

Schneider Electric S.E. is a multinational company headquartered in France that specializes in energy management and automation solutions. It was founded in 1836 by Adolphe and Joseph-Eugene Schneider and has since grown into a global leader in the electrical industry. Schneider Electric operates in over 100 countries and has a diverse portfolio of products and services, including smart home solutions, building automation, energy efficiency, and industrial automation. The company is committed to sustainability and has set ambitious goals to reduce its own environmental impact and help its customers do the same. Schneider Electric has a strong focus on innovation, constantly developing new technologies and solutions to meet the evolving needs of its customers.

MS4gR2xvYm FsIFByZXNl bmNlOiBTY2 huZWlkZXIg RWxlY3RyaW MgaGFzIGEg c3Ryb25nIG dsb2JhbCBw cmVzZW5jZS B3aXRoIG9w ZXJhdGlvbn MgaW4gbW9y ZSB0aGFuID EwMCBjb3Vu dHJpZXMuIE l0IHNlcnZl cyBjdXN0b2 1lcnMgaW4g dmFyaW91cy BpbmR1c3Ry aWVzIHN1Y2 ggYXMgZW5l cmd5IGFuZC BpbmZyYXN0 cnVjdHVyZS wgZGF0YSBj ZW50ZXJzLC BidWlsZGlu Z3MsIGFuZC ByZXNpZGVu dGlhbCBtYX JrZXRzLjxi cj4yLiBEaX ZlcnNpZmll ZCBQb3J0Zm 9saW86IFRo ZSBjb21wYW 55IG9mZmVy cyBhIHdpZG UgcmFuZ2Ug b2YgcHJvZH VjdHMgYW5k IHNvbHV0aW 9ucyBpbiB0 aGUgYXJlYX Mgb2YgcG93 ZXIgbWFuYW dlbWVudCwg aW5kdXN0cm lhbCBhdXRv bWF0aW9uLC BidWlsZGlu ZyBtYW5hZ2 VtZW50IHN5 c3RlbXMsIG FuZCByZW5l d2FibGUgZW 5lcmd5LiBU aGlzIGFsbG 93cyBpdCB0 byBjYXRlci B0byB0aGUg bmVlZHMgb2 YgZGlmZmVy ZW50IGluZH VzdHJpZXMg YW5kIGN1c3 RvbWVycy48 YnI+My4gSW 5ub3ZhdGl2 ZSBUZWNobm 9sb2d5OiBT Y2huZWlkZX IgRWxlY3Ry aWMgaGFzIG Egc3Ryb25n IGZvY3VzIG 9uIGlubm92 YXRpb24gYW 5kIGludmVz dHMgaGVhdm lseSBpbiBy ZXNlYXJjaC BhbmQgZGV2 ZWxvcG1lbn QuIEl0IGhh cyBhIGRlZG ljYXRlZCBD ZW50ZXIgb2 YgRXhjZWxs ZW5jZSBmb3 IgcmVzZWFy Y2ggYW5kIG RldmVsb3Bt ZW50LCBhbm QgaXRzIHBy b2R1Y3RzIG FuZCBzb2x1 dGlvbnMgYX JlIGtub3du IGZvciB0aG VpciBhZHZh bmNlZCB0ZW Nobm9sb2d5 IGFuZCBlbm VyZ3kgZWZm aWNpZW5jeS 48YnI+NC4g U3VzdGFpbm FiaWxpdHk6 IFNjaG5laW RlciBFbGVj dHJpYyBpcy Bjb21taXR0 ZWQgdG8gc3 VzdGFpbmFi aWxpdHkgYW 5kIGhhcyBz ZXQgYW1iaX Rpb3VzIGdv YWxzIHRvIG FjaGlldmUg Y2FyYm9uIG 5ldXRyYWxp dHkgYW5kIH JlZHVjZSBp dHMgZW52aX Jvbm1lbnRh bCBpbXBhY3 QuIEl0IGhl bHBzIGl0cy BjdXN0b21l cnMgaW4gb3 B0aW1pemlu ZyBlbmVyZ3 kgZWZmaWNp ZW5jeSBhbm QgcmVkdWNp bmcgdGhlaX IgY2FyYm9u IGZvb3Rwcm ludCB0aHJv dWdoIGl0cy Bwcm9kdWN0 cyBhbmQgc2 9sdXRpb25z Ljxicj41Li BTdHJvbmcg Q3VzdG9tZX IgUmVsYXRp b25zaGlwcz ogVGhlIGNv bXBhbnkgaG FzIGEgc3Ry b25nIGZvY3 VzIG9uIGJ1 aWxkaW5nIG xvbmctdGVy bSByZWxhdG lvbnNoaXBz IHdpdGggaX RzIGN1c3Rv bWVycy4gSX QgcHJvdmlk ZXMgcGVyc2 9uYWxpemVk IHNvbHV0aW 9ucyBhbmQg c2VydmljZX MgdG8gbWVl dCB0aGUgc3 BlY2lmaWMg bmVlZHMgb2 YgaXRzIGN1 c3RvbWVycy 48YnI+Ni4g RGlnaXRhbC BUcmFuc2Zv cm1hdGlvbj ogU2NobmVp ZGVyIEVsZW N0cmljIGlz IGF0IHRoZS Bmb3JlZnJv bnQgb2YgdG hlIGRpZ2l0 YWwgdHJhbn Nmb3JtYXRp b24gaW4gdG hlIGVuZXJn eSBhbmQgYX V0b21hdGlv biBpbmR1c3 RyeS4gSXQg aXMgaW50ZW dyYXRpbmcg c21hcnQgdG VjaG5vbG9n eSwgZGF0YS BhbmFseXRp Y3MsIGFuZC BhcnRpZmlj aWFsIGludG VsbGlnZW5j ZSBpbnRvIG l0cyBwcm9k dWN0cyBhbm Qgc29sdXRp b25zIHRvIG 9mZmVyIHJl bGlhYmxlLC BlZmZpY2ll bnQsIGFuZC BzdXN0YWlu YWJsZSBzb2 x1dGlvbnMg dG8gaXRzIG N1c3RvbWVy cy48YnI+Ny 4gU3Ryb25n IEZpbmFuY2 lhbCBQZXJm b3JtYW5jZT ogVGhlIGNv bXBhbnkgaG FzIGEgc3Ry b25nIGZpbm FuY2lhbCB0 cmFjayByZW NvcmQsIHdp dGggY29uc2 lzdGVudCBy ZXZlbnVlIG FuZCBwcm9m aXQgZ3Jvd3 RoLiBJdCBo YXMgYSBzdG FibGUgYW5k IGRpdmVyc2 UgY3VzdG9t ZXIgYmFzZS wgd2hpY2gg cHJvdmlkZX MgYSBzdHJv bmcgZm91bm RhdGlvbiBm b3IgaXRzIG ZpbmFuY2lh bCBwZXJmb3 JtYW5jZS48 YnI+OC4gU3 VzdGFpbmFi aWxpdHkgQX dhcmRzIGFu ZCBSZWNvZ2 5pdGlvbjog U2NobmVpZG VyIEVsZWN0 cmljIGhhcy ByZWNlaXZl ZCBzZXZlcm FsIGF3YXJk cyBhbmQgcm Vjb2duaXRp b24gZm9yIG l0cyBjb21t aXRtZW50IH RvIHN1c3Rh aW5hYmlsaX R5IGFuZCBp bm5vdmF0aW 9uLiBJdCBo YXMgYmVlbi BuYW1lZCBh bW9uZyB0aG UgdG9wIDEw MCBtb3N0IH N1c3RhaW5h YmxlIGNvbX BhbmllcyBp biB0aGUgd2 9ybGQgYnkg Q29ycG9yYX RlIEtuaWdo dHMgYW5kIG hhcyBhbHNv IGJlZW4gcm Vjb2duaXpl ZCBieSBGb3 JiZXMgYXMg b25lIG9mIH RoZSBXb3Js ZOKAmXMgTW 9zdCBJbm5v dmF0aXZlIE NvbXBhbmll cy48YnI+OS 4gRW1wbG95 ZWUgRGV2ZW xvcG1lbnQ6 IFNjaG5laW RlciBFbGVj dHJpYyB2YW x1ZXMgaXRz IGVtcGxveW VlcyBhbmQg cHJvdmlkZX Mgb3Bwb3J0 dW5pdGllcy Bmb3IgdGhl aXIgcGVyc2 9uYWwgYW5k IHByb2Zlc3 Npb25hbCBk ZXZlbG9wbW VudC4gSXQg aGFzIGEgc3 Ryb25nIGN1 bHR1cmUgb2 YgbGVhcm5p bmcgYW5kIG 9mZmVycyB2 YXJpb3VzIH RyYWluaW5n IGFuZCBkZX ZlbG9wbWVu dCBwcm9ncm FtcyB0byBp dHMgZW1wbG 95ZWVzLjxi cj4xMC4gU2 9jaWFsIFJl c3BvbnNpYm lsaXR5OiBU aGUgY29tcG FueSBiZWxp ZXZlcyBpbi BnaXZpbmcg YmFjayB0by Bzb2NpZXR5 IGFuZCBoYX MgdmFyaW91 cyBpbml0aW F0aXZlcyBp biBwbGFjZS B0byBzdXBw b3J0IGxvY2 FsIGNvbW11 bml0aWVzIG FuZCBwcm9t b3RlIHN1c3 RhaW5hYmxl IGRldmVsb3 BtZW50LiBJ dCBhbHNvIG VuY291cmFn ZXMgaXRzIG VtcGxveWVl cyB0byB2b2 x1bnRlZXIg Zm9yIHNvY2 lhbCBjYXVz ZXMgdGhyb3 VnaCBpdHMg U2NobmVpZG VyIEVsZWN0 cmljIEZvdW 5kYXRpb24u

U2NobmVpZG VyIEVsZWN0 cmljIFMuRS 4gaXMgYSBt dWx0aW5hdG lvbmFsIGNv cnBvcmF0aW 9uIHRoYXQg c3BlY2lhbG l6ZXMgaW4g ZW5lcmd5IG 1hbmFnZW1l bnQgYW5kIG F1dG9tYXRp b24gc29sdX Rpb25zLiBJ dHMgYnVzaW 5lc3MgbW9k ZWwgaXMgZm 9jdXNlZCBv biBwcm92aW Rpbmcgc29s dXRpb25zIH RvIG9wdGlt aXplIHRoZS B1c2Ugb2Yg ZW5lcmd5IG FuZCByZXNv dXJjZXMsIG luY3JlYXNl IGVmZmljaW VuY3ksIGFu ZCByZWR1Y2 UgY29zdHMg Zm9yIGl0cy BjbGllbnRz Ljxicj5Tb2 1lIGtleSBl bGVtZW50cy BvZiB0aGUg Y29tcGFueS dzIGJ1c2lu ZXNzIG1vZG VsIGluY2x1 ZGU6PGJyPj EuIERpdmVy c2lmaWVkIH Byb2R1Y3Qg cG9ydGZvbG lvOiBTY2hu ZWlkZXIgRW xlY3RyaWMg b2ZmZXJzIG Egd2lkZSBy YW5nZSBvZi Bwcm9kdWN0 cyBhbmQgc2 VydmljZXMg aW5jbHVkaW 5nIGVsZWN0 cmljYWwgZG lzdHJpYnV0 aW9uLCBhdX RvbWF0aW9u IGFuZCBjb2 50cm9sLCBy ZW5ld2FibG UgZW5lcmd5 IG1hbmFnZW 1lbnQsIGFu ZCBkYXRhIG NlbnRlciBz b2x1dGlvbn MgdG8gc2Vy dmUgdmFyaW 91cyBpbmR1 c3RyaWVzIG FuZCBjbGll bnRzLjxicj 4yLiBJbm5v dmF0aW9uIG FuZCB0ZWNo bm9sb2d5LW RyaXZlbjog VGhlIGNvbX BhbnkgY29u dGludW91c2 x5IGludmVz dHMgaW4gcm VzZWFyY2gg YW5kIGRldm Vsb3BtZW50 IHRvIHN0YX kgYXQgdGhl IGZvcmVmcm 9udCBvZiB0 ZWNobm9sb2 dpY2FsIGFk dmFuY2VtZW 50cyBpbiBl bmVyZ3kgbW FuYWdlbWVu dCBhbmQgYX V0b21hdGlv bi48YnI+My 4gR2xvYmFs IHByZXNlbm NlOiBTY2hu ZWlkZXIgRW xlY3RyaWMg b3BlcmF0ZX MgaW4gbW9y ZSB0aGFuID EwMCBjb3Vu dHJpZXMgYW 5kIGhhcyBh IHN0cm9uZy BuZXR3b3Jr IG9mIHBhcn RuZXJzIGFu ZCBkaXN0cm lidXRvcnMs IGVuYWJsaW 5nIGl0IHRv IHNlcnZlIG EgZGl2ZXJz ZSByYW5nZS BvZiBjdXN0 b21lcnMgZ2 xvYmFsbHku PGJyPjQuIE ZvY3VzIG9u IHN1c3RhaW 5hYmlsaXR5 OiBBcyBhIG NvbXBhbnkg dGhhdCBvcG VyYXRlcyBp biB0aGUgZW 5lcmd5IHNl Y3RvciwgU2 NobmVpZGVy IEVsZWN0cm ljIGlzIGNv bW1pdHRlZC B0byBwcm9t b3Rpbmcgc3 VzdGFpbmFi aWxpdHkgYW 5kIGhlbHBp bmcgaXRzIG NsaWVudHMg cmVkdWNlIH RoZWlyIGNh cmJvbiBmb2 90cHJpbnQu PGJyPjUuIF RhcmdldGVk IG1hcmtldC BzZWdtZW50 czogVGhlIG NvbXBhbnkg Zm9jdXNlcy BvbiBzcGVj aWZpYyBtYX JrZXQgc2Vn bWVudHMgc3 VjaCBhcyBy ZXNpZGVudG lhbCwgY29t bWVyY2lhbC wgaW5kdXN0 cmlhbCwgYW 5kIGluZnJh c3RydWN0dX JlLCB0YWls b3JpbmcgaX RzIHNvbHV0 aW9ucyBhbm Qgc2Vydmlj ZXMgdG8gdG hlIHVuaXF1 ZSBuZWVkcy BvZiBlYWNo IHNlZ21lbn QuPGJyPjYu IFNlcnZpY2 Utb3JpZW50 ZWQgYXBwcm 9hY2g6IFNj aG5laWRlci BFbGVjdHJp YyBvZmZlcn MgY29tcHJl aGVuc2l2ZS BzZXJ2aWNl cyB0byBpdH MgY2xpZW50 cywgaW5jbH VkaW5nIGNv bnN1bHRpbm csIGRlc2ln biwgaW5zdG FsbGF0aW9u LCBhbmQgbW FpbnRlbmFu Y2UgdG8gZW 5zdXJlIHRo ZSBzbW9vdG ggb3BlcmF0 aW9uIG9mIG l0cyBzb2x1 dGlvbnMuPG JyPjcuIFBh cnRuZXJzaG lwIGFuZCBh Y3F1aXNpdG lvbnM6IFRo ZSBjb21wYW 55IHJlZ3Vs YXJseSBwYX J0bmVycyB3 aXRoIG90aG VyIGluZHVz dHJ5IGxlYW RlcnMgYW5k IGFsc28gYW NxdWlyZXMg c21hbGwgYn VzaW5lc3Nl cyB0byBleH BhbmQgaXRz IGNhcGFiaW xpdGllcyBh bmQgb2ZmZX JpbmdzLjxi cj44LiBDdX N0b21lci1j ZW50cmljOi BTY2huZWlk ZXIgRWxlY3 RyaWMgcHV0 cyBhIHN0cm 9uZyBlbXBo YXNpcyBvbi BjdXN0b21l ciBzYXRpc2 ZhY3Rpb24g YW5kIGhhcy BhIGN1c3Rv bWVyLWNlbn RyaWMgYXBw cm9hY2gsIH Byb3ZpZGlu ZyBwZXJzb2 5hbGl6ZWQg c29sdXRpb2 5zIGFuZCBz dXBwb3J0IH RvIG1lZXQg dGhlIHVuaX F1ZSBuZWVk cyBvZiBpdH MgY2xpZW50 cy4=

The sensitivity of Schneider Electric’s earnings, cash flow, and valuation to changes in interest rates can be analyzed through several key factors:
1. Cost of Debt: Schneider Electric, like many companies, relies on debt financing for operational and growth initiatives. Rising interest rates can increase the cost of borrowing, leading to higher interest expenses. This can reduce net earnings and cash flow, particularly if the company has significant variable-rate debt.
2. Investment Decisions: Higher interest rates can make capital expenditures less attractive. If Schneider Electric faces higher costs of financing, it may delay or scale back on investments in new technologies or expansions, potentially impacting future earnings and growth.
3. Discount Rate in Valuation Models: Interest rates play a critical role in determining the discount rate used in valuation models, such as discounted cash flow (DCF) analysis. An increase in interest rates typically leads to a higher discount rate, which reduces the present value of future cash flows and can negatively impact the company’s valuation.
4. Economic Activity: Higher interest rates can lead to slower economic growth, affecting demand for Schneider Electric’s products and services. If consumer and business spending decline, it could negatively impact sales and, consequently, earnings and cash flow.
5. Foreign Exchange Sensitivity: As a global company, Schneider Electric’s earnings may also be influenced by exchange rate fluctuations, which can be affected by interest rate differentials between countries. Changes in interest rates can strengthen or weaken currencies, impacting the earnings reported in euros.
In summary, Schneider Electric’s earnings, cash flow, and valuation are sensitive to interest rate changes, primarily through mechanisms related to cost structure, investment strategies, valuation methodologies, economic growth, and foreign exchange impacts. The exact sensitivity will depend on the company’s financial structure, debt levels, and market 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 bG9nb3MvQj NoZ2hFS2dS VzBHSEpydm xLYjUud2Vi cCIgYWx0PS JTY2huZWlk ZXIgRWxlY3 RyaWMiIHRp dGxlPSJTY2 huZWlkZXIg RWxlY3RyaW MiICBjbGFz cz0iaW1nLW ZsdWlkIiBo ZWlnaHQ9OT Agd2lkdGg9 OTAgbG9hZG luZz0nbGF6 eScgc3R5bG U9J2JvcmRl ci1yYWRpdX M6IDZweDsn PgoKICAgIC AgICAgICAg ICAgICAgIC A8ZGl2IHN0 eWxlPSdmbG V4OiAxOyB0 ZXh0LWFsaW duOiBjZW50 ZXI7IG1hcm dpbi1sZWZ0 OiA1cHg7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPHAgc3 R5bGU9J2Zv bnQtc2l6ZT ogMjZweDsg Y29sb3I6IC MzMzM7IG1h cmdpbi1ib3 R0b206IDE1 cHg7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIPCfk4 ggV2FudCB0 byByZWFkIG 1vcmUgYWJv dXQgU2Nobm VpZGVyIEVs ZWN0cmljPw 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 4pyFIERvd2 5sb2FkIDxp PiJUaGUgQ2 hlY2tsaXN0 IFZhbHVlIE ludmVzdG9y IOKAlCBBIF NtYXJ0ZXIg V2F5IHRvIF BpY2sgU3Rv Y2tzIjwvaT 4g4oCUIHRv dGFsbHkgZn JlZSEKICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9wPgoKICAg ICAgICAgIC AgICAgICAg ICAgICAgPC EtLQogICAg ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdtYXJnaW 4tdG9wOiAx MnB4OyBmb2 50LXNpemU6 IDEzcHg7IG NvbG9yOiAj NDQ0Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIG5v dyBhbmQgZ2 V0IG91ciBm cmVlIGVCb2 9rIAogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGI+VGhl IENoZWNrbG lzdCBWYWx1 ZSBJbnZlc3 RvciDigJQg QSBTbWFydG VyIFdheSB0 byBQaWNrIF N0b2Nrczwv Yj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIC0t PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8IS0t CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxkaXYg c3R5bGU9J2 1hcmdpbi10 b3A6IDE2cH g7IGZvbnQt c2l6ZTogMT RweDsgY29s b3I6ICM0ND Q7IGZvbnQt ZmFtaWx5Oi AtYXBwbGUt c3lzdGVtLC BCbGlua01h Y1N5c3RlbU ZvbnQsIFNl Z29lIFVJLC BSb2JvdG8s IEhlbHZldG ljYSBOZXVl LCBzYW5zLX NlcmlmOyBs aW5lLWhlaW dodDogMS42 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBIYXZlIH lvdSBoZWFy ZCBhYm91dC BvdXIgc2hv cnQgPHN0cm 9uZyBzdHls ZT0nZm9udC 13ZWlnaHQ6 IDYwMDsnPk RhaWx5IFZp ZGVvIE5ld3 NsZXR0ZXI8 L3N0cm9uZz 4/CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdodHRwcz ovL3d3dy5p bnNpZ2h0Zn VsdmFsdWUu Y29tL25ld3 NsZXR0ZXIu cGhwJyB0YX JnZXQ9J19i bGFuaycgc3 R5bGU9J2Nv bG9yOiAjMD A3QkZGOyB0 ZXh0LWRlY2 9yYXRpb246 IG5vbmU7IG ZvbnQtd2Vp Z2h0OiA1MD A7IG1hcmdp bi1sZWZ0Oi A2cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBGaW5kIG 91dCBtb3Jl CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 L2E+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICAgICAgIC AgICAgICAt LT4KICAgIC AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgCiAgICAg ICAgCiAgIC AgICAgPHNw YW4gY2xhc3 M9J2JsdXJy ZWQtdGV4dC c+CiAgICAg ICAgICAgIE 1TNGdVMk5v Ym0gVnBaR1 Z5SUVWcyBa V04wY21sak lHIGx6SUdF Z2JYVnMgZE dsdVlYUnBi MiA1aGJDQm piM0p3IGIz SmhkR2x2Ym kgQjBhR0Yw SUhOdyBaV0 5wWVd4cGVt IFZ6SUdsdU lHVnUgWlhK bmVTQnRZVy A1aFoyVnRa VzUwIElHRn VaQ0JoZFgg UnZiV0YwYV c5dSBJSE52 YkhWMGFXID l1Y3k0OFlu SSsgTWk0Z1 ZHaGxJRyBO dmJYQmhibm tnIGQyRnpJ R1p2ZFcgNW taV1FnYVc0 ZyBNVGd6Tm lCaWVTIEJp Y205MGFHVn kgY3lCRmRX ZkRxRyA1bE lHRnVaQ0JC IFpHOXNjR2 hsSUYgTmph RzVsYVdSbC BjaUJwYmlC TVpTIEJEY2 1WMWMyOTAg TENCR2NtRn VZMiBVdVBH SnlQak11IE lFOXlhV2Rw Ym0gRnNiSG tzSUZOaiBh RzVsYVdSbG NpIEIzWVhN Z1lTQnogZE dWbGJDQndj bSA5a2RXTj BhVzl1IElH TnZiWEJoYm 4ga2dhMjV2 ZDI0ZyBZWE 1nVTJOb2Jt IFZwWkdWeU lHVjAgSUVO cFpTNDhZbi BJK05DNGdT VzRnIE1Ua3 dNeXdnVTIg Tm9ibVZwWk dWeSBJR1Y0 Y0dGdVpHIF ZrSUdsdWRH OGcgZEdobE lHVnNaVyBO MGNtbGpZV3 dnIGJXRnVk V1poWTMgUj FjbWx1WnlC cCBibVIxYz NSeWVTIEJo Ym1RZ1kyaG ggYm1kbFpD QnBkSCBNZ2 JtRnRaU0Iw IGJ5QlRZMm h1WlcgbGta WElnWlhRZy BRMmxsSUdW MElGIE52WT JuRHFYVEQg cVNCTVpYTW dRWCBSbGJH bGxjbk1nIF pHVWdZMjl1 YzMgUnlkV0 4wYVc5dSBj eUREcVd4bF kzIFJ5YVhG MVpYTWcgWk dVZ1EyaGhj bSB4bGNtOX BManhpIGNq NDFMaUJUWT IgaHVaV2xr WlhJZyBSV3 hsWTNSeWFX IE1nYUdGek lHRWcgY0hK bGMyVnVZMi BVZ2FXNGdi M1psIGNpQX hNREFnWTIg OTFiblJ5YV dWeiBJR0Z1 WkNCbGJYIE JzYjNseklH OTIgWlhJZ0 1UTTNMRCBB d01DQndaVz l3IGJHVXVQ R0p5UGogWX VJRlJvWlNC aiBiMjF3WV c1NUlHIGx6 SUdFZ2JHVm ggWkdWeUlH bHVJRyBScF oybDBZV3dn IGRISmhibk 5tYjMgSnRZ WFJwYjI0Zy BZVzVrSUdo aGN5IEJoSU hOMGNtOXUg WnlCbWIyTj FjeSBCdmJp QnpkWE4wIF lXbHVZV0pw YkcgbDBlU0 JoYm1RZyBa VzVsY21kNU lHIFZtWm1s amFXVnUgWT NrdVBHSnlQ aiBjdUlGTm phRzVsIGFX UmxjaUJGYk cgVmpkSEpw WStLQSBtWE 1nY0hKdlpI IFZqZEhNZ2 NtRnUgWjJV Z1puSnZiUy BCamFYSmpk V2wwIElHSn laV0ZyWlgg SnpJR0Z1Wk NCaiBiMjUw Y205c0lIIE 41YzNSbGJY TWcgZEc4Z1 pHRjBZUyBC alpXNTBaWE lnIGFXNW1j bUZ6ZEggSj FZM1IxY21V ZyBZVzVrSU dWdVpYIEpu ZVNCdFlXNW ggWjJWdFpX NTBJSCBOdl puUjNZWEps IExqeGljaj Q0TGkgQlVh R1VnWTI5dC BjR0Z1ZVNC b1lYIE1nWV NCemRISnYg Ym1jZ1kyOX RiVyBsMGJX VnVkQ0IwIG J5QmpiM0p3 YjMgSmhkR1 VnYzI5aiBh V0ZzSUhKbG MzIEJ2Ym5O cFltbHMgYV hSNUxDQmhi bSBRZ2FHRn pJSEpsIFky VnBkbVZrSU cgNTFiV1Z5 YjNWeiBJR0 YzWVhKa2N5 IEJtYjNJZ2 FYUnogSUdW bVptOXlkSC BNZ2FXNGdj M1Z6IGRHRn BibUZpYVcg eHBkSGtnWV c1ayBJSE52 WTJsaGJDIE JwYlhCaFkz UXUgUEdKeV Bqa3VJRiBO amFHNWxhV1 JsIGNpQkZi R1ZqZEggSn BZeUJvWVhN ZyBZbVZsYm lCc2FYIE4w WldRZ2IyNG cgZEdobElF UnZkeSBCS2 IyNWxjeUJU IGRYTjBZV2 x1WVcgSnBi R2wwZVNCSi BibVJsZUNC aGJtIFFnZE dobElFWlUg VTBVMFIyOX ZaQyBCSmJt UmxlQ3dnIG QyaHBZMmdn Y20gVmpiMm R1YVhwbCBJ R052YlhCaG JtIGxsY3lC bWIzSWcgZE dobGFYSWda VyBOdmJtOX RhV01zIElH VnVkbWx5Yj IgNXRaVzUw WVd3cyBJR0 Z1WkNCemIy IE5wWVd3Z2 NHVnkgWm05 eWJXRnVZMi BVdVBHSnlQ akV3IExpQk piaUF5TUQg RTVMQ0JUWT JodSBaV2xr WlhJZ1JXIH hsWTNSeWFX TWcgZDJGek lISmhibSB0 bFpDQmhjeU IwIGFHVWdP SFJvSUcgMX ZjM1FnYzNW eiBkR0ZwYm 1GaWJHIFVn WTI5dGNHRn UgZVNCcGJp QjBhRyBVZ2 QyOXliR1Fn IFlua2dRMj l5Y0cgOXlZ WFJsSUV0dS BhV2RvZEhN dVBHIEp5UG pFeExpQlUg YUdVZ1kyOX RjRyBGdWVT Qm9ZWE1nIF lXeHpieUJ0 WVcgUmxJSE 5wWjI1cCBa bWxqWVc1ME lHIGx1ZG1W emRHMWwgYm 5SeklHbHVJ RyBsdWJtOT JZWFJwIGIy NHNJSE4xWT IgZ2dZWE1n YVhSeiBJRW x1Ym05MllY IFJwYjI0Z1 lYUWcgZEdo bElFVmtaMi BVZ2NISnZa M0poIGJTQj NhR2xqYUMg Qm1iMk4xYz JWeiBJRzl1 SUdadmMzIF JsY21sdVp5 QmwgYm5SeV pYQnlaVyA1 bGRYSnphR2 x3IElHRnVa Q0JrWlggWm xiRzl3YVc1 biBJRzVsZH lCcFpHIFZo Y3k0OFluSS sgTVRJdUlG TmphRyA1bG FXUmxjaUJG IGJHVmpkSE pwWXkgQm9Z WE1nWVNCdy BZWEowYm1W eWMyIGhwY0 NCM2FYUm8g SUhSb1pTQl RiMiB4aGNp QkpiWEIxIG JITmxJRVp2 ZFcgNWtZWF JwYjI0cyBJ SGRvYVdOb0 lHIEZwYlhN Z2RHOGcgYV dSbGJuUnBa biBrZ1lXNW tJSEJ5IGIy MXZkR1VnWT IgeGxZVzRn WVc1ayBJSE J5YjJacGRH IEZpYkdVZ2 MyOXMgZFhS cGIyNXpMai B4aWNqNHhN eTRnIFNXNG dNakF5TUMg d2dVMk5vYm 1WcCBaR1Z5 SUVWc1pXIE 4wY21saklI ZGggY3lCdV lXMWxaQyBC aGN5QnZibV VnIGIyWWdS bTl5WW0gVn o0b0NaSUVK bCBjM1FnUl cxd2JHIDk1 WlhKeklHWn YgY2lCRWFY WmxjbiBOcG RIa2dabTl5 IElIUm9aU0 J6WlcgTnZi bVFnZVdWaC BjaUJwYmlC aElIIEp2ZH k0OFluSSsg TVRRdUlGUm 9aUyBCamIy MXdZVzU1IE lHaGhjeUJo SUggTjBjbT l1WnlCaiBi MjF0YVhSdF pXIDUwSUhS dklHZGwgYm 1SbGNpQmth WCBabGNuTn BkSGtnIFlX NWtJR2hoY3 kgQmlaV1Z1 SUdGaiBhMj V2ZDJ4bFpH IGRsWkNCcG JpQkMgYkc5 dmJXSmxjbS BmaWdKbHpJ RWRsIGJtUm xjaTFGY1gg VmhiR2wwZV NCSiBibVJs ZUM0OFluIE krTVRVdUlG TmogYUc1bG FXUmxjaSBC RmJHVmpkSE pwIFl5Qm9Z WE1nWVMgQn NiMjVuSUdo cCBjM1J2Y2 5rZ2IyIFln YzNWd2NHOX kgZEdsdVp5 QnpiMiBOcF lXd2dZVzVr IElHaDFiV0 Z1YVggUmhj bWxoYmlCai BZWFZ6WlhN c0lHIGx1WT J4MVpHbHUg WnlCd2NtOT JhVyBScGJt Y2daV3hsIF kzUnlhV05w ZEgga2dkRz hnY25WeSBZ V3dnWTI5dG JYIFZ1YVhS cFpYTWcgYV c0Z1pHVjJa VyB4dmNHbH VaeUJqIGIz VnVkSEpwWl ggTWdkR2h5 YjNWbiBhQ0 IwYUdWcGNp IEJCWTJObG MzTWcgZEc4 Z1JXNWxjbS BkNUlIQnli MmR5IFlXMH UKICAgICAg ICA8L3NwYW 4+CiAgICAg ICAgCiAgIC AgICAg
See Company Q&A