Willis Towers Watson

Live  

Willis Towers Watson Public Limited Company is a multinational advisory, broking, and solutions company that provides a wide range of services to its clients. The company operates through three segments: Human Capital and Benefits, Corporate Risk and Broking, and Investment, Risk and Reinsurance.
The Human Capital and Benefits segment focus on design and administration of health and welfare programs, pension plans, and other benefits. It also provides actuarial consulting services and other services related to employee benefits.
The Corporate Risk and Broking segment provides risk advice, insurance brokerage, and consulting services to businesses and organizations.
The Investment, Risk and Reinsurance segment provides advice, solutions, and services related to investment, risk management, and reinsurance to insurance companies, pension funds, and other institutional clients.
The company was formed in 2016 through the merger of Willis Group Holdings and Towers Watson & Co. It is headquartered in London, UK and has operations in more than 140 countries.
Willis Towers Watson is a publicly traded company, listed on the NASDAQ under the ticker symbol WLTW. It is also a component of the S&P 500 index.
The company has over 45,000 employees and reported revenue of $9.2 billion in 2020.
Willis Towers Watson has a strong commitment to corporate social responsibility and sustainability, with initiatives focused on diversity and inclusion, environmental sustainability, and community involvement. It has been recognized for its efforts by various organizations, including being named one of the World's Most Ethical Companies by the Ethisphere Institute for 11 consecutive years.

MS4gR2xvYm FsIFJlYWNo OiBXaWxsaX MgVG93ZXJz IFdhdHNvbi BpcyBhIGxl YWRpbmcgbX VsdGluYXRp b25hbCBjb2 1wYW55IHdp dGggYSBwcm VzZW5jZSBp biBvdmVyID E0MCBjb3Vu dHJpZXMsIG 1ha2luZyBp dCBvbmUgb2 YgdGhlIGxh cmdlc3QgYW 5kIG1vc3Qg Z2VvZ3JhcG hpY2FsbHkg ZGl2ZXJzZS BpbnN1cmFu Y2UgYW5kIH Jpc2sgYWR2 aXNvcnkgZm lybXMgaW4g dGhlIHdvcm xkLjxicj4y LiBEaXZlcn NpZmllZCBT ZXJ2aWNlcz ogVGhlIGNv bXBhbnkgb2 ZmZXJzIGEg d2lkZSByYW 5nZSBvZiBz ZXJ2aWNlcy BpbmNsdWRp bmcgcmlzay BtYW5hZ2Vt ZW50LCBpbn N1cmFuY2Ug YnJva2VyYW dlLCBodW1h biBjYXBpdG FsIGNvbnN1 bHRpbmcsIG FuZCBpbnZl c3RtZW50IH NvbHV0aW9u cywgY2F0ZX JpbmcgdG8g dGhlIGRpdm Vyc2UgbmVl ZHMgb2YgY2 xpZW50cyBh Y3Jvc3Mgdm FyaW91cyBp bmR1c3RyaW VzLjxicj4z LiBTdHJvbm cgUmVwdXRh dGlvbjogV2 l0aCBvdmVy IDE4MCB5ZW FycyBvZiBl eHBlcmllbm NlLCBXaWxs aXMgVG93ZX JzIFdhdHNv biBoYXMgYn VpbHQgYSBz dHJvbmcgcm VwdXRhdGlv biB3aXRoaW 4gdGhlIGlu ZHVzdHJ5IG ZvciBpdHMg ZXhwZXJ0aX NlLCBpbm5v dmF0aW9uLC BhbmQgY2xp ZW50LWNlbn RyaWMgYXBw cm9hY2guPG JyPjQuIENs aWVudGVsZT ogVGhlIGNv bXBhbnkgYm 9hc3RzIGFu IGltcHJlc3 NpdmUgbGlz dCBvZiBjbG llbnRzLCBp bmNsdWRpbm cgRm9ydHVu ZSA1MDAgY2 9tcGFuaWVz LCBnb3Zlcm 5tZW50IGFn ZW5jaWVzLC BhbmQgb3Ro ZXIgb3JnYW 5pemF0aW9u cyBhY3Jvc3 MgaW5kdXN0 cmllcy48Yn I+NS4gRXhw ZXJ0aXNlIG luIFJpc2sg TWFuYWdlbW VudDogV2ls bGlzIFRvd2 VycyBXYXRz b24gaGFzIG Egc3Ryb25n IGZvY3VzIG 9uIHJpc2sg bWFuYWdlbW VudCBhbmQg cHJvdmlkZX Mgc3BlY2lh bGl6ZWQgc2 VydmljZXMg Zm9yIG1hbm FnaW5nIGNv bXBsZXggYW 5kIGVtZXJn aW5nIHJpc2 tzLCBoZWxw aW5nIGNsaW VudHMgbmF2 aWdhdGUgdG 9kYXkncyBl dmVyLWNoYW 5naW5nIGJ1 c2luZXNzIG Vudmlyb25t ZW50Ljxicj 42LiBEYXRh LURyaXZlbi BTb2x1dGlv bnM6IFRoZS Bjb21wYW55 IHV0aWxpem VzIGFkdmFu Y2VkIGRhdG EgYW5hbHl0 aWNzIGFuZC B0ZWNobm9s b2d5IHRvIH Byb3ZpZGUg Y2xpZW50cy B3aXRoIGRh dGEtZHJpdm VuIGluc2ln aHRzIGFuZC Bzb2x1dGlv bnMgZm9yIG JldHRlciBy aXNrIG1hbm FnZW1lbnQg YW5kIGRlY2 lzaW9uIG1h a2luZy48Yn I+Ny4gVGhv dWdodCBMZW FkZXJzaGlw OiBXaWxsaX MgVG93ZXJz IFdhdHNvbi BpcyBrbm93 biBmb3IgaX RzIHRob3Vn aHQgbGVhZG Vyc2hpcCwg aW52ZXN0aW 5nIGluIHJl c2VhcmNoIG FuZCBpbnNp Z2h0cyB0by BzdGF5IGFo ZWFkIG9mIG VtZXJnaW5n IHRyZW5kcy BhbmQgaXNz dWVzIGluIH RoZSBpbmR1 c3RyeS48Yn I+OC4gQ29y cG9yYXRlIF NvY2lhbCBS ZXNwb25zaW JpbGl0eTog VGhlIGNvbX BhbnkgaXMg Y29tbWl0dG VkIHRvIG1h a2luZyBhIH Bvc2l0aXZl IGltcGFjdC BvbiBzb2Np ZXR5IGFuZC B0aGUgZW52 aXJvbm1lbn QgdGhyb3Vn aCB2YXJpb3 VzIGluaXRp YXRpdmVzLC BpbmNsdWRp bmcgY2hhcm l0YWJsZSBn aXZpbmcsIH N1c3RhaW5h YmlsaXR5IG VmZm9ydHMs IGFuZCBkaX ZlcnNpdHkg YW5kIGluY2 x1c2lvbiBw cm9ncmFtcy 48YnI+OS4g TWVyZ2VyIG 9mIEVxdWFs czogV2lsbG lzIFRvd2Vy cyBXYXRzb2 4gd2FzIGZv cm1lZCBpbi AyMDE2IGFz IGEgcmVzdW x0IG9mIHRo ZSBtZXJnZX Igb2YgdHdv IGVzdGFibG lzaGVkIGFu ZCByZXNwZW N0ZWQgY29t cGFuaWVzLC BXaWxsaXMg R3JvdXAgSG 9sZGluZ3Mg YW5kIFRvd2 VycyBXYXRz b24sIGJyaW 5naW5nIHRv Z2V0aGVyIG EgY29tYmlu ZWQgbGVnYW N5IG9mIG92 ZXIgMzAwIH llYXJzIG9m IGV4cGVyaW VuY2UgaW4g dGhlIGluZH VzdHJ5Ljxi cj4xMC4gU3 Ryb25nIEZp bmFuY2lhbC BQZXJmb3Jt YW5jZTogVG hlIGNvbXBh bnkncyBmaW 5hbmNpYWwg cGVyZm9ybW FuY2UgaGFz IGJlZW4gY2 9uc2lzdGVu dGx5IHN0cm 9uZywgd2l0 aCBzdGVhZH kgcmV2ZW51 ZSBncm93dG ggYW5kIHNv bGlkIHByb2 ZpdGFiaWxp dHksIG1ha2 luZyBpdCBh IHJlbGlhYm xlIGFuZCBz dGFibGUgcG xheWVyIGlu IHRoZSBpbm R1c3RyeS4=

VGhlIFdpbG xpcyBUb3dl cnMgV2F0c2 9uIFB1Ymxp YyBMaW1pdG VkIGNvbXBh bnkncyBidX NpbmVzcyBt b2RlbCBpcy Bmb2N1c2Vk IG9uIHByb3 ZpZGluZyBj b25zdWx0aW 5nIGFuZCBh ZHZpc29yeS BzZXJ2aWNl cywgcmlzay BtYW5hZ2Vt ZW50IHNvbH V0aW9ucywg YW5kIGluc3 VyYW5jZSBh bmQgcmVpbn N1cmFuY2Ug YnJva2VyYW dlIHNlcnZp Y2VzIHRvIH ZhcmlvdXMg Y2xpZW50cy BhY3Jvc3Mg ZGlmZmVyZW 50IGluZHVz dHJpZXMuIF RoZXkgYWlt IHRvIGhlbH AgdGhlaXIg Y2xpZW50cy BtYW5hZ2Ug cmlzaywgb3 B0aW1pemUg YmVuZWZpdH MsIGFuZCBj dWx0aXZhdG UgdGFsZW50 IGluIG9yZG VyIHRvIGRy aXZlIGJ1c2 luZXNzIGdy b3d0aCBhbm Qgc3VjY2Vz cy4gVGhlaX IgYnVzaW5l c3MgbW9kZW wgYWxzbyBp bmNsdWRlcy BhIHN0cm9u ZyBmb2N1cy BvbiBpbm5v dmF0aW9uIG FuZCB0ZWNo bm9sb2d5LC BhcyB3ZWxs IGFzIGEgY2 9tbWl0bWVu dCB0byBzdX N0YWluYWJp bGl0eSBhbm QgY29ycG9y YXRlIHNvY2 lhbCByZXNw b25zaWJpbG l0eS4=

Willis Towers Watson, as a global advisory, broking, and solutions company, is influenced by interest rates in several ways. The sensitivity of its earnings, cash flow, and valuation to changes in interest rates can be analyzed through the following aspects:
1. Investment Portfolio: As a financial services company, Willis Towers Watson typically holds a portfolio of investments. Changes in interest rates can impact the returns on these investments, which in turn affects earnings and cash flow. If rates rise, bond values generally fall, potentially leading to lower investment income.
2. Discount Rates: In valuation models such as Discounted Cash Flow (DCF), an increase in interest rates raises the discount rate used to value future cash flows. This results in a lower present value of future earnings, impacting the overall valuation of the company.
3. Insurance and Risk Management Operations: The company also deals with risk management and insurance-related services, where interest rates can influence the pricing of insurance products and reserves. Higher interest rates can lead to lower liabilities for insurance reserves, positively affecting profitability. Conversely, if rates fall, service pricing could tighten margins.
4. Debt Financing Costs: Should the company rely on debt financing, rising interest rates increase borrowing costs. Higher interest expenses could diminish net income and cash flow, affecting overall financial health.
5. Consumer Behavior and Economic Environment: Interest rates also affect consumer and corporate spending. Higher rates may lead to reduced spending on insurance and advisory services, thereby affecting revenue.
Overall, Willis Towers Watson’s sensitivity to interest rate changes is multifaceted. The extent of this sensitivity can fluctuate based on the company’s financial structure, the economic environment, 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 bG9nb3MvRX RlTm5qTHBV dVhqYVYyU1 dGTzAud2Vi cCIgYWx0PS JXaWxsaXMg VG93ZXJzIF dhdHNvbiIg dGl0bGU9Il dpbGxpcyBU b3dlcnMgV2 F0c29uIiAg Y2xhc3M9Im ltZy1mbHVp ZCIgaGVpZ2 h0PTkwIHdp ZHRoPTkwIG xvYWRpbmc9 J2xhenknIH N0eWxlPSdi b3JkZXItcm FkaXVzOiA2 cHg7Jz4KCi AgICAgICAg ICAgICAgIC AgICAgPGRp diBzdHlsZT 0nZmxleDog MTsgdGV4dC 1hbGlnbjog Y2VudGVyOy BtYXJnaW4t bGVmdDogNX B4Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID xwIHN0eWxl PSdmb250LX NpemU6IDI2 cHg7IGNvbG 9yOiAjMzMz OyBtYXJnaW 4tYm90dG9t OiAxNXB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Dwn5OIIFdh bnQgdG8gcm VhZCBtb3Jl IGFib3V0IF dpbGxpcyBU b3dlcnMgV2 F0c29uPwog 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 +TmCBDbGFp bSB5b3VyIG ZyZWUgZUJv b2s6IDxpPi JUaGUgQ2hl Y2tsaXN0IF ZhbHVlIElu dmVzdG9yIO KAlCBBIFNt YXJ0ZXIgV2 F5IHRvIFBp Y2sgU3RvY2 tzIjwvaT4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9wPgoK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPCEtLQog ICAgICAgIC AgICAgICAg ICAgICAgIC A8ZGl2IHN0 eWxlPSdtYX JnaW4tdG9w OiAxMnB4Oy Bmb250LXNp emU6IDEzcH g7IGNvbG9y OiAjNDQ0Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BTaWduIHVw IG5vdyBhbm QgZ2V0IG91 ciBmcmVlIG VCb29rIAog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgPGI+ VGhlIENoZW NrbGlzdCBW YWx1ZSBJbn Zlc3RvciDi gJQgQSBTbW FydGVyIFdh eSB0byBQaW NrIFN0b2Nr czwvYj4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IC0tPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 IS0tCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxk aXYgc3R5bG U9J21hcmdp bi10b3A6ID E2cHg7IGZv bnQtc2l6ZT ogMTRweDsg Y29sb3I6IC M0NDQ7IGZv bnQtZmFtaW x5OiAtYXBw bGUtc3lzdG VtLCBCbGlu a01hY1N5c3 RlbUZvbnQs IFNlZ29lIF VJLCBSb2Jv dG8sIEhlbH ZldGljYSBO ZXVlLCBzYW 5zLXNlcmlm OyBsaW5lLW hlaWdodDog MS42Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBIYX ZlIHlvdSBo ZWFyZCBhYm 91dCBvdXIg c2hvcnQgPH N0cm9uZyBz dHlsZT0nZm 9udC13ZWln aHQ6IDYwMD snPkRhaWx5 IFZpZGVvIE 5ld3NsZXR0 ZXI8L3N0cm 9uZz4/CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8YSBo cmVmPSdodH RwczovL3d3 dy5pbnNpZ2 h0ZnVsdmFs dWUuY29tL2 5ld3NsZXR0 ZXIucGhwJy B0YXJnZXQ9 J19ibGFuay cgc3R5bGU9 J2NvbG9yOi AjMDA3QkZG OyB0ZXh0LW RlY29yYXRp b246IG5vbm U7IGZvbnQt d2VpZ2h0Oi A1MDA7IG1h cmdpbi1sZW Z0OiA2cHg7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBGaW 5kIG91dCBt b3JlCiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICA8L2E+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICAgIC AgICAgICAg ICAtLT4KIC AgICAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgCiAg ICAgICAgCi AgICAgICAg PHNwYW4gY2 xhc3M9J2Js dXJyZWQtdG V4dCc+CiAg ICAgICAgIC AgIFYybHNi R2x6SUYgUn ZkMlZ5Y3lC WCBZWFJ6Yj I0Z0tGIGRV VnlrZ2FYTW cgWVNCbmJH OWlZVyB3Z1 lXUjJhWE52 IGNua3NJR0 p5YjIgdHBi bWNzSUdGdS BaQ0J6YjJ4 MWRHIGx2Ym 5NZ1kyOXQg Y0dGdWVTQm 1iMyBKdFpX UWdkR2h5IG IzVm5hQ0Iw YUcgVWdiV1 Z5WjJWeSBJ RzltSUZkcG JHIHhwY3lC SGNtOTEgY0 NCSWIyeGth VyA1bmN5Qm hibVFnIFZH OTNaWEp6SU YgZGhkSE52 YmlCcCBiaU F5TURFMkxp IEJJWlhKbE lHRnkgWlNC emIyMWxJRy BsdWRHVnla WE4wIGFXNW 5JR1poWTMg UnpJR0ZpYj NWMCBJSFJv WlNCamIyID F3WVc1NU9q eGkgY2o0eE xpQkhiRyA5 aVlXd2dVSE psIGMyVnVZ MlU2SUYgZF VWeUJ2Y0dW eSBZWFJsY3 lCcGJpIEJ0 YjNKbElIUm 8gWVc0Z01U UXdJRyBOdm RXNTBjbWxs IGN5d2dkMm wwYUMgQmhJ SGR2Y210bS BiM0pqWlNC dlppIEJ2ZG 1WeUlEUTEg TERBd01DQm xiWCBCc2Iz bGxaWE1zIE lHMWhhMmx1 WnkgQnBkQ0 J2Ym1VZyBi MllnZEdobE lHIHhoY21k bGMzUWcgY0 hKdlptVnpj MiBsdmJtRn NJSE5sIGNu WnBZMlZ6SU cgWnBjbTF6 SUdsdSBJSF JvWlNCM2Iz IEpzWkM0OF luSSsgTWk0 Z1JHbDJaWC BKelpTQlRa WEoyIGFXTm xjem9nVkcg aGxJR052Yl hCaCBibmtn Y0hKdmRtIG xrWlhNZ1lT QjMgYVdSbE lISmhibSBk bElHOW1JSE 5sIGNuWnBZ MlZ6TEMgQn BibU5zZFdS cCBibWNnY2 1semF5IEJ0 WVc1aFoyVn QgWlc1MExD QnBibiBOMW NtRnVZMlVn IFluSnZhMl Z5WVcgZGxM Q0JvZFcxaC BiaUJqWVhC cGRHIEZzSU dGdVpDQmkg Wlc1bFptbD BjeSBCamIy NXpkV3gwIG FXNW5MQ0Jo Ym0gUWdhVz UyWlhOMCBi V1Z1ZENCaF pIIFpwYzI5 eWVTQnogWl hKMmFXTmxj eSA0Z1ZHaH BjeUJrIGFY Wmxjbk5wWm 0gbGxaQ0Jo Y0hCeSBiMk ZqYUNCaGJH IHh2ZDNNZ1 YxUlggSUhS dklITmxjbi BabElHRWdZ bkp2IFlXUW dZMnhwWlcg NTBJR0poYz JVZyBZV055 YjNOeklIIF poY21sdmRY TWcgYVc1a2 RYTjBjbSBs bGN5NDhZbk krIE15NGdT VzVrZFggTj BjbmtnVEdW aCBaR1Z5Yz JocGNEIG9n VjFSWElHbH ogSUd0dWIz ZHVJRyBadm NpQnBkSE1n IFpYaHdaWE owYVggTmxJ R2x1SUhKcC BjMnNnYldG dVlXIGRsYl dWdWRDQmgg Ym1RZ2FHRn pJRyBOdmJu TnBjM1JsIG JuUnNlU0Jp WlcgVnVJSE psWTI5biBi bWw2WldRZ1 lYIE1nWVNC c1pXRmsgWl hJZ2FXNGdj MiBWamRHOX ljeUJ6IGRX Tm9JR0Z6SU cgVnRjR3h2 ZVdWbCBJR0 psYm1WbWFY IFJ6TENCb1 pXRnMgZEdn Z1lXNWtJSC BkbGJHeHVa WE56IExDQm hibVFnYVcg NXpkWEpoYm 1ObCBJR0p5 YjJ0cGJtIG N1UEdKeVBq UXUgSUVSaG RHRWdRVyA1 aGJIbDBhV0 56IE9pQlVh R1VnWTIgOX RjR0Z1ZVNC cyBaWFpsY2 1GblpYIE1n WVdSMllXNW ogWldRZ1lX NWhiSCBsMG FXTnpJR0Z1 IFpDQjBaV0 5vYm0gOXNi MmQ1SUhSdi BJSEJ5YjNa cFpHIFVnYV c1emFXZG8g ZEhNZ1lXNW tJSCBOdmJI VjBhVzl1IG N5QjBieUJw ZEggTWdZMn hwWlc1MCBj eTRnVjFSWE lHIGx1ZG1W emRITWcgYz JsbmJtbG1h VyBOaGJuUn NlU0JwIGJp QmthV2RwZE cgRnNJSFJ2 YjJ4eiBJR0 Z1WkNCd2JH IEYwWm05eW JYTWcgZEc4 Z1pXNW9ZVy A1alpTQmta V05wIGMybH ZiV0ZyYVcg NW5JSEJ5Yj JObCBjM05s Y3k0OFluIE krTlM0Z1Jt OWogZFhNZ2 IyNGdVMyBW emRHRnBibU ZpIGFXeHBk SGs2SUYgZF VWeUJwY3lC aiBiMjF0YV hSMFpXIFFn ZEc4Z2MzVn ogZEdGcGJt RmlhVyB4cG RIa2dZVzVr IElHaGhjeU JwYlggQnNa VzFsYm5SbC BaQ0IyWVhK cGIzIFZ6SU dsdWFYUnAg WVhScGRtVn pJRyBGcGJX VmtJR0YwIE lISmxjM0J2 Ym4gTnBZbX hsSUdOdiBj bkJ2Y21GMF pTIEJ3Y21G amRHbGogWl hNdUlGUm9h WCBNZ2FXNW piSFZrIFpY TWdZV1JrY2 0gVnpjMmx1 WnlCbCBibl pwY205dWJX IFZ1ZEdGc0 lISnAgYzJ0 eklHRnVaQy BCd2NtOXRi M1JwIGJtY2 daR2wyWlgg SnphWFI1SU dGdSBaQ0Jw Ym1Oc2RYIE 5wYjI0Z2Qy bDAgYUdsdU lIUm9aUyBC dmNtZGhibW w2IFlYUnBi MjR1UEcgSn lQall1SUVo cCBjM1J2Y2 1sallXIHdn VW05dmRITT YgSUZSb1pT QlhhVyB4c2 FYTWdSM0p2 IGRYQWdkMk Z6SUcgWnZk VzVrWldRZy BhVzRnTVRn eU9DIHdnZD JocGJHVWcg Vkc5M1pYSn pJRiBkaGRI TnZiaUIwIG NtRmpaWE1n YVggUnpJRz l5YVdkcCBi bk1nZEc4Z2 RHIGhsSURF NU9UQnogTG lCVWFHVWdi VyBWeVoyVn lJR2x1IElE SXdNVFlnWT MgSmxZWFJs WkNCaCBJSE p2WW5WemRD IEJsYm5ScG RIa2cgZDJs MGFDQmhJSC BKcFkyZ2dh R2x6IGRHOX llU0JwYmkg QjBhR1VnYV c1eiBkWEpo Ym1ObElHIE Z1WkNCamIy NXogZFd4MG FXNW5JSCBO bFkzUnZjbk 11IFBHSnlQ amN1SUUgRj NZWEprY3lC aCBibVFnVW 1WamIyIGR1 YVhScGIyND YgSUZkVVZ5 Qm9ZWCBNZ2 NtVmpaV2wy IFpXUWdibl Z0WlggSnZk WE1nWVhkaC BjbVJ6SUda dmNpIEJwZE hNZ2QyOXkg YTNCc1lXTm xJRyBOMWJI UjFjbVVzIE lHbHVibTky WVggUnBiMj RzSUdGdSBa Q0JzWldGa1 pYIEp6YUds d0lHbHUgSU hSb1pTQnBi biBOMWNtRn VZMlVnIFlX NWtJR052Ym 4gTjFiSFJw Ym1jZyBabW xsYkdSekxD IEJvYVdkb2 JHbG4gYUhS cGJtY2dhWC BSeklHTnZi VzFwIGRHMW xiblFnZEcg OGdaWGhqWl d4cyBaVzVq WlM0OFluIE krT0M0Z1Ey eHAgWlc1ME lFSmhjMiBV NklGUm9aU0 JqIGIyMXdZ VzU1SUggTm xjblpsY3lC aCBJR1JwZG 1WeWMyIFVn Y21GdVoyVW cgYjJZZ1ky eHBaVyA1MG N5d2dhVzVq IGJIVmthVz VuSUcgeGhj bWRsSUcxMS BiSFJwYm1G MGFXIDl1WV d3Z1kyOXkg Y0c5eVlYUn BiMiA1ekxD QnpiV0ZzIG JDQmhibVFn YlcgVmthWF Z0TFhOcCBl bVZrSUdWdW RHIFZ5Y0hK cGMyVnogTE NCaGJtUWdj SCBWaWJHbG pJSE5sIFkz UnZjaUJ2Y2 0gZGhibWw2 WVhScCBiMj V6TGp4aWNq IDQ1TGlCRm JYQnMgYjNs bFpTQkZibS BkaFoyVnRa VzUwIE9pQl hWRmNnY0cg eGhZMlZ6SU dFZyBjM1J5 YjI1bklHIF Z0Y0doaGMy bHogSUc5dU lHVnRjRyB4 dmVXVmxJR1 Z1IFoyRm5a VzFsYm4gUW dZVzVrSUhk bCBiR3d0WW 1WcGJtIGNz SUc5bVptVn kgYVc1bklI WmhjbSBsdm RYTWdjSEp2 IFozSmhiWE 1nWVcgNWtJ SEpsYzI5MS BjbU5sY3lC aGFXIDFsWk NCaGRDQmwg Ym1oaGJtTn BibSBjZ2RH aGxJSGR2IG Ntc3RiR2xt WlMgQmlZV3 hoYm1ObCBJ R0Z1WkNCd2 NtIDltWlhO emFXOXUgWV d3Z1ozSnZk MyBSb0lHOW 1JR2wwIGN5 QmxiWEJzYj MgbGxaWE11 UEdKeSBQak V3TGlCRGIy IDF0ZFc1cG RIa2cgU1c1 MmIyeDJaVy AxbGJuUTZJ RmRVIFZ5Qn BjeUJwYm4g WnZiSFpsWk NCcCBiaUIy WVhKcGIzIF Z6SUdOdmJX MTEgYm1sMG VTQnpaWCBK MmFXTmxJR2 x1IGFYUnBZ WFJwZG0gVn pJR0Z1WkNC aiBhR0Z5YV hSaFltIHhs SUdGamRHbD IgYVhScFpY TXNJSCBOMW NIQnZjblJw IGJtY2diRz lqWVcgd2dZ Mjl0YlhWdS BhWFJwWlhN Z1lXIDVrSU dkc2IySmgg YkNCallYVn paWCBNZ2RH aHliM1ZuIG FDQjJiMngx Ym4gUmxaWE pwYzIwZyBZ VzVrSUdacG JtIEZ1WTJs aGJDQmogYj I1MGNtbGlk WCBScGIyNX pManhpIGNq NVVhR1Z6Wl MgQm1ZV04w Y3lCeSBaV1 pzWldOMElI IFJvWlNCam IyMXcgWVc1 NTRvQ1pjeS BCd2IzTnBk R2x2IGJpQm hjeUJoSUcg eGxZV1JsY2 lCcCBiaUIw YUdVZ1lXIF IyYVhOdmNu a2cgWVc1a0 lHSnliMiB0 bGNtRm5aU0 J6IGNHRmpa U0IzYUcgbH NaU0J6YUc5 MyBZMkZ6YV c1bklHIGww Y3lCamIyMX QgYVhSdFpX NTBJSCBSdk lHbHVibTky IFlYUnBiMj RzSUggTjFj M1JoYVc1aC BZbWxzYVhS NUxDIEJoYm 1RZ1kyOXQg YlhWdWFYUj VJRyBWdVoy Rm5aVzFsIG JuUXVQR0p5 UGcgPT0KIC AgICAgICA8 L3NwYW4+Ci AgICAgICAg CiAgICAgIC Ag
See Company Q&A