Darden Restaurants

-14.62%

Live  

Darden Restaurants, Inc. is a prominent American multi-brand restaurant operator. Founded in 1968 by Joe Darden in Orlando, Florida, the company has grown to become one of the largest casual dining restaurant companies in the United States.
Darden’s portfolio includes well-known brands such as Olive Garden, LongHorn Steakhouse, and Cheddar’s Scratch Kitchen. The company focuses mainly on Italian and American cuisine, providing a mix of family-friendly and casual dining experiences.
As of the latest information available, Darden operates hundreds of locations across the United States and has ventured into international markets as well. The company’s business approach emphasizes high-quality food, a welcoming atmosphere, and exceptional customer service.
Darden is also known for its commitment to sustainability and responsible sourcing practices, incorporating efforts to minimize environmental impact and promote ethical food production. The company has invested in initiatives aimed at reducing greenhouse gas emissions, conserving water, and promoting local sourcing.
Darden Restaurants is publicly traded on the New York Stock Exchange under the ticker symbol DRI. Its corporate headquarters is located in Orlando, Florida, and the company has employed thousands of workers across its various brands.
Overall, Darden Restaurants remains a key player in the restaurant industry, focusing on growing its brand portfolio and enhancing the dining experience for its customers.

MS4gVmFyaW V0eSBvZiBC cmFuZHMgYW 5kIENvbmNl cHRzOiBEYX JkZW4gUmVz dGF1cmFudH Mgb3ducyBh bmQgb3Blcm F0ZXMgYSBk aXZlcnNlIH BvcnRmb2xp byBvZiBicm FuZHMsIGlu Y2x1ZGluZy BPbGl2ZSBH YXJkZW4sIE xvbmdIb3Ju IFN0ZWFraG 91c2UsIENo ZWRkYXIncy BTY3JhdGNo IEtpdGNoZW 4sIFlhcmQg SG91c2UsIF RoZSBDYXBp dGFsIEdyaW xsZSwgU2Vh c29ucyA1Mi wgQmFoYW1h IEJyZWV6ZS wgYW5kIEVk ZGllIFYncy BQcmltZSBT ZWFmb29kLj xicj4yLiBT dHJvbmcgRm luYW5jaWFs IFBlcmZvcm 1hbmNlOiBE YXJkZW4gUm VzdGF1cmFu dHMgaGFzIG NvbnNpc3Rl bnRseSBzaG 93biBzdHJv bmcgZmluYW 5jaWFsIHBl cmZvcm1hbm NlLCB3aXRo IGEgdHJhY2 sgcmVjb3Jk IG9mIHJldm VudWUgZ3Jv d3RoIGFuZC Bzb2xpZCBw cm9maXRhYm lsaXR5LiBJ biBGWSAyMD IwLCB0aGUg Y29tcGFueS ByZXBvcnRl ZCB0b3RhbC BzYWxlcyBv ZiAkOC41MS BiaWxsaW9u IGFuZCBhIG 5ldCBpbmNv bWUgb2YgJD Q5MSBtaWxs aW9uLjxicj 4zLiBGb2N1 cyBvbiBHdW VzdCBFeHBl cmllbmNlOi BEYXJkZW4g UmVzdGF1cm FudHMgaGFz IGEgc3Ryb2 5nIGZvY3Vz IG9uIHByb3 ZpZGluZyBh biBleGNlcH Rpb25hbCBn dWVzdCBleH BlcmllbmNl IGFjcm9zcy BhbGwgb2Yg aXRzIGJyYW 5kcy4gVGhp cyBpbmNsdW RlcyBpbnZl c3RpbmcgaW 4gbWVudSBp bm5vdmF0aW 9uLCB0cmFp bmluZyBwcm 9ncmFtcyBm b3IgZW1wbG 95ZWVzLCBh bmQgcmVzdG F1cmFudCBy ZW5vdmF0aW 9ucy48YnI+ NC4gQ29tbW l0bWVudCB0 byBTdXN0YW luYWJpbGl0 eTogRGFyZG VuIFJlc3Rh dXJhbnRzIG lzIGNvbW1p dHRlZCB0by BzdXN0YWlu YWJsZSBwcm FjdGljZXMs IHN1Y2ggYX Mgc291cmNp bmcgaW5ncm VkaWVudHMg cmVzcG9uc2 libHkgYW5k IHJlZHVjaW 5nIGZvb2Qg d2FzdGUuIF RoZSBjb21w YW55IGhhcy BhbHNvIHNl dCBnb2Fscy B0byByZWR1 Y2UgaXRzIG NhcmJvbiBm b290cHJpbn QgYW5kIGlu Y3JlYXNlIG l0cyB1c2Ug b2Ygc3VzdG FpbmFibGUg bWF0ZXJpYW xzLjxicj41 LiBDdWx0dX JlIG9mIERp dmVyc2l0eS BhbmQgSW5j bHVzaW9uOi BEYXJkZW4g UmVzdGF1cm FudHMgdmFs dWVzIGRpdm Vyc2l0eSBh bmQgaW5jbH VzaW9uIHdp dGhpbiBpdH Mgd29ya2Zv cmNlIGFuZC BoYXMgYmVl biByZWNvZ2 5pemVkIGZv ciBpdHMgZW Zmb3J0cyBp biBjcmVhdG luZyBhbiBp bmNsdXNpdm Ugd29ya3Bs YWNlLiBUaG UgY29tcGFu eSBoYXMgYW xzbyBiZWVu IGNvbW1pdH RlZCB0byBw cm9tb3Rpbm cgZGl2ZXJz aXR5IGluIG l0cyBhZHZl cnRpc2luZy BhbmQgbWFy a2V0aW5nLj xicj42LiBD b21tdW5pdH kgSW52b2x2 ZW1lbnQ6IE RhcmRlbiBS ZXN0YXVyYW 50cyBpcyBh Y3RpdmVseS BpbnZvbHZl ZCBpbiBnaX ZpbmcgYmFj ayB0byB0aG UgY29tbXVu aXRpZXMgd2 hlcmUgaXQg b3BlcmF0ZX MuIFRoaXMg aW5jbHVkZX MgcGFydG5l cmluZyB3aX RoIG9yZ2Fu aXphdGlvbn Mgc3VjaCBh cyBGZWVkaW 5nIEFtZXJp Y2EgdG8gaG VscCBmaWdo dCBodW5nZX IgYW5kIHN1 cHBvcnRpbm cgbG9jYWwg aW5pdGlhdG l2ZXMgYW5k IGNoYXJpdG llcy48YnI+ Ny4gU3Ryb2 5nIENvcnBv cmF0ZSBHb3 Zlcm5hbmNl OiBEYXJkZW 4gUmVzdGF1 cmFudHMgaG FzIGEgcm9i dXN0IGNvcn BvcmF0ZSBn b3Zlcm5hbm NlIHN0cnVj dHVyZSwgd2 l0aCBhIGJv YXJkIG9mIG RpcmVjdG9y cyB0aGF0IG lzIGluZGVw ZW5kZW50IG FuZCBkaXZl cnNlLiBUaG UgY29tcGFu eSBhbHNvIG hhcyBhIHN0 cmljdCBjb2 RlIG9mIGV0 aGljcyBhbm QgY29uZHVj dCB0byBlbn N1cmUgZXRo aWNhbCBidX NpbmVzcyBw cmFjdGljZX MuPGJyPjgu IEluZHVzdH J5IFJlY29n bml0aW9uOi BEYXJkZW4g UmVzdGF1cm FudHMgaGFz IGJlZW4gcm Vjb2duaXpl ZCBmb3IgaX RzIHN1Y2Nl c3MgYW5kIG xlYWRlcnNo aXAgaW4gdG hlIHJlc3Rh dXJhbnQgaW 5kdXN0cnku IEl0IGhhcy ByZWNlaXZl ZCBudW1lcm 91cyBhd2Fy ZHMsIGluY2 x1ZGluZyBi ZWluZyBuYW 1lZCBvbmUg b2YgdGhlIF dvcmxkJ3Mg TW9zdCBBZG 1pcmVkIENv bXBhbmllcy BieSBGb3J0 dW5lIG1hZ2 F6aW5lIGFu ZCBvbmUgb2 YgdGhlIEJl c3QgRW1wbG 95ZXJzIGZv ciBEaXZlcn NpdHkgYnkg Rm9yYmVzLj xicj45LiBJ bm5vdmF0aX ZlIFRlY2hu b2xvZ3k6IE RhcmRlbiBS ZXN0YXVyYW 50cyB1dGls aXplcyB0ZW Nobm9sb2d5 IHRvIGVuaG FuY2UgdGhl IGd1ZXN0IG V4cGVyaWVu Y2UsIHN1Y2 ggYXMgb25s aW5lIG9yZG VyaW5nLCBy ZXNlcnZhdG lvbiBzeXN0 ZW1zLCBhbm QgbW9iaWxl IHBheW1lbn Qgb3B0aW9u cy4gVGhlIG NvbXBhbnkg YWxzbyB1c2 VzIGRhdGEg YW5hbHl0aW NzIHRvIG1h a2Ugc3RyYX RlZ2ljIGJ1 c2luZXNzIG RlY2lzaW9u cy48YnI+MT AuIENvbW1p dG1lbnQgdG 8gRW1wbG95 ZWVzOiBEYX JkZW4gUmVz dGF1cmFudH MgaGFzIGEg c3Ryb25nIG NvbW1pdG1l bnQgdG8gaX RzIGVtcGxv eWVlcywgcH JvdmlkaW5n IGNvbXBldG l0aXZlIGJl bmVmaXRzLC BjYXJlZXIg YWR2YW5jZW 1lbnQgb3Bw b3J0dW5pdG llcywgYW5k IGEgcG9zaX RpdmUgd29y ayBjdWx0dX JlLiBJbiAy MDIwLCB0aG UgY29tcGFu eSB3YXMgbm FtZWQgb25l IG9mIHRoZS BCZXN0IEVt cGxveWVycy Bmb3IgTmV3 IEdyYWRzIG J5IEZvcmJl cy4=

RGFyZGVuIF Jlc3RhdXJh bnRzIGlzIG EgbXVsdGkt YnJhbmQgcm VzdGF1cmFu dCBjb21wYW 55IHRoYXQg b3ducyBhbm Qgb3BlcmF0 ZXMgYSBkaX ZlcnNlIHBv cnRmb2xpby BvZiBjYXN1 YWwgZGluaW 5nIGFuZCBm aW5lIGRpbm luZyByZXN0 YXVyYW50cy 4gSXRzIGJ1 c2luZXNzIG 1vZGVsIGlz IGZvY3VzZW Qgb24gcHJv dmlkaW5nIG hpZ2gtcXVh bGl0eSBmb2 9kIGFuZCBz ZXJ2aWNlLC BjcmVhdGlu ZyBhIHdlbG NvbWluZyBh bmQgY29tZm 9ydGFibGUg ZGluaW5nIG V4cGVyaWVu Y2UsIGFuZC BsZXZlcmFn aW5nIHRoZS BzdHJlbmd0 aCBvZiBpdH MgZGl2ZXJz ZSBicmFuZH MgdG8gZHJp dmUgZ3Jvd3 RoIGFuZCBw cm9maXRhYm lsaXR5Ljxi cj5UaGUgY2 9tcGFueSdz IG1haW4gc2 91cmNlIG9m IHJldmVudW UgY29tZXMg ZnJvbSB0aG Ugc2FsZXMg b2YgZm9vZC BhbmQgYmV2 ZXJhZ2VzIG F0IGl0cyBy ZXN0YXVyYW 50cy4gSXQg b2ZmZXJzIG EgdmFyaWV0 eSBvZiBkaW 5pbmcgb3B0 aW9ucywgaW 5jbHVkaW5n IHNwZWNpYW x0eSBhbmQg dHJhZGl0aW 9uYWwgZGlz aGVzLCBhcy B3ZWxsIGFz IGFsY29ob2 xpYyBhbmQg bm9uLWFsY2 9ob2xpYyBi ZXZlcmFnZX MuPGJyPkRh cmRlbiBSZX N0YXVyYW50 cycgYnVzaW 5lc3MgbW9k ZWwgaXMgYn VpbHQgb24g Zm91ciBrZX kgcGlsbGFy czo8YnI+MS 4gTXVsdGkt QnJhbmQgUG 9ydGZvbGlv OiBUaGUgY2 9tcGFueSBv d25zIGFuZC BvcGVyYXRl cyBtdWx0aX BsZSByZXN0 YXVyYW50IG JyYW5kcywg aW5jbHVkaW 5nIE9saXZl IEdhcmRlbi wgTG9uZ0hv cm4gU3RlYW tob3VzZSwg Q2hlZGRhci dzIFNjcmF0 Y2ggS2l0Y2 hlbiwgWWFy ZCBIb3VzZS wgVGhlIENh cGl0YWwgR3 JpbGxlLCBT ZWFzb25zID UyLCBCYWhh bWEgQnJlZX plLCBhbmQg RWRkaWUgVi dzLiBUaGlz IGRpdmVyc2 lmaWNhdGlv biBhbGxvd3 MgRGFyZGVu IHRvIHRhcm dldCBhIHdp ZGUgcmFuZ2 Ugb2YgY3Vz dG9tZXJzIG FuZCBhcHBl YWwgdG8gZG lmZmVyZW50 IGRpbmluZy BwcmVmZXJl bmNlcy48Yn I+Mi4gT3Bl cmF0aW9uYW wgRXhjZWxs ZW5jZTogRG FyZGVuIGlz IGNvbW1pdH RlZCB0byBv cGVyYXRpb2 5hbCBlZmZp Y2llbmN5IG FuZCBjb25z aXN0ZW5jeS BhY3Jvc3Mg YWxsIGl0cy BicmFuZHMu IFRoZSBjb2 1wYW55IHV0 aWxpemVzIG EgY2VudHJh bGl6ZWQgc3 VwcGx5IGNo YWluLCBzaG FyZWQgc2Vy dmljZXMsIG FuZCBzdGFu ZGFyZGl6ZW QgcHJvY2Vz c2VzIHRvIH JlZHVjZSBj b3N0cyBhbm QgbWF4aW1p emUgZWZmaW NpZW5jeS48 YnI+My4gR3 Vlc3QgRXhw ZXJpZW5jZT ogRGFyZGVu IHBsYWNlcy BhIHN0cm9u ZyBlbXBoYX NpcyBvbiBw cm92aWRpbm cgYW4gZXhj ZXB0aW9uYW wgZGluaW5n IGV4cGVyaW VuY2UgZm9y IGl0cyBndW VzdHMuIFRo aXMgaW5jbH VkZXMgaGln aC1xdWFsaX R5IGZvb2Qs IHBlcnNvbm FsaXplZCBz ZXJ2aWNlLC BhbmQgYSB3 ZWxjb21pbm cgYW5kIGNv bWZvcnRhYm xlIGF0bW9z cGhlcmUuPG JyPjQuIEdy b3d0aCBhbm QgSW5ub3Zh dGlvbjogRG FyZGVuIGlz IGNvbnRpbn VhbGx5IGxv b2tpbmcgZm 9yIG9wcG9y dHVuaXRpZX MgdG8gZ3Jv dyBhbmQgZX hwYW5kIGl0 cyBidXNpbm Vzcy4gVGhp cyBpbmNsdW RlcyBvcGVu aW5nIG5ldy ByZXN0YXVy YW50cywgZX hwYW5kaW5n IGludG8gbm V3IG1hcmtl dHMsIGFuZC BpbnRyb2R1 Y2luZyBuZX cgbWVudSBv ZmZlcmluZ3 MgYW5kIGlu bm92YXRpb2 5zIHRvIGtl ZXAgdXAgd2 l0aCBjaGFu Z2luZyBjb2 5zdW1lciBw cmVmZXJlbm Nlcy48YnI+ SW4gc3VtbW FyeSwgRGFy ZGVuIFJlc3 RhdXJhbnRz JyBidXNpbm VzcyBtb2Rl bCBpcyBjZW 50ZXJlZCBh cm91bmQgZG VsaXZlcmlu ZyBoaWdoLX F1YWxpdHkg Zm9vZCBhbm Qgc2Vydmlj ZSBhY3Jvc3 MgYSBkaXZl cnNpZmllZC Bwb3J0Zm9s aW8gb2Ygcm VzdGF1cmFu dCBicmFuZH MsIHdpdGgg YSBmb2N1cy BvbiBlZmZp Y2llbmN5LC BndWVzdCBl eHBlcmllbm NlLCBhbmQg Z3Jvd3RoLg ==

The sensitivity of Darden Restaurants’ earnings, cash flow, and valuation to changes in interest rates can be analyzed from several perspectives:
1. Earnings Sensitivity: Darden’s earnings can be sensitive to interest rates primarily through its cost of borrowing. If interest rates rise, the cost of servicing debt increases, which can reduce net income, especially if the company has significant variable-rate debt. Additionally, higher interest rates can lead to decreased consumer spending, as disposable income may decrease when consumers face higher borrowing costs for personal loans and mortgages. This reduction in spending could negatively impact sales at Darden’s restaurants.
2. Cash Flow Sensitivity: Similar to earnings, cash flow can be adversely affected by increased interest rates due to higher debt service costs. If financing becomes more expensive, the company may see reduced cash inflows from operations if consumer spending declines. Furthermore, if interest rates rise, the overall consumer spending patterns may shift, affecting restaurant patronage and cash flow generation.
3. Valuation Sensitivity: The valuation of Darden Restaurants is influenced by interest rates through the discount rate applied to future cash flows in valuation models like the discounted cash flow (DCF) analysis. Higher interest rates increase the discount rate, which reduces the present value of future cash flows and, in turn, lowers the company’s valuation. Additionally, if interest rates rise significantly, investors may prefer fixed-income securities over equities, which can also negatively impact the valuation multiples that Darden can achieve in the stock market.
In summary, Darden Restaurants’ earnings, cash flow, and valuation are sensitive to interest rates through increased borrowing costs, potential decreases in consumer spending, and impacts on discount rates in valuation models.

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 bG9nb3MvRn cyYXNlSWNG ODYwUW5nan lMd3cud2Vi cCIgYWx0PS JEYXJkZW4g UmVzdGF1cm FudHMiIHRp dGxlPSJEYX JkZW4gUmVz dGF1cmFudH 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 dXQgRGFyZG VuIFJlc3Rh dXJhbnRzPw 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 BNUzRnUkdG eVpHIFZ1SU ZKbGMzUmgg ZFhKaGJuUn pJSCBkaGN5 Qm1iM1Z1IF pHVmtJR2x1 SUQgRTVOam dnWW5rZyBR bWxzYkNCRV lYIEprWlc0 Z2FXNGcgVD NKc1lXNWti eSB3Z1JteH ZjbWxrIFlT NDhZbkkrTW kgNGdWR2hs SUdOdiBiWE JoYm5uaWdK IGx6SUdacG NuTjAgSUhK bGMzUmhkWC BKaGJuUWdk MkZ6IElHRW djMjFoYkcg d3NJSE5sWV dadiBiMlF0 YjNKcFpXID UwWldRZ2Nt VnogZEdGMW NtRnVkQyBC allXeHNaV1 FnIFZHaGxJ RWR5WlcgVn VJRVp5YjJj dSBQR0p5UG pNdUlFIFJo Y21SbGJpQl MgWlhOMFlY VnlZVyA1MG N5QmpkWEp5 IFpXNTBiSG tnYjMgQmxj bUYwWlhNZy BiM1psY2lB eExEIGd3TU NCc2IyTmgg ZEdsdmJuTW dZVyA1a0lH VnRjR3h2IG VYTWdiVzl5 WlMgQjBhR0 Z1SURFMyBO U3d3TURBZ2 NHIFZ2Y0d4 bExqeGkgY2 o0MExpQkVZ WCBKa1pXNG dVbVZ6IGRH RjFjbUZ1ZE ggTWdhWE1n ZEdobCBJSE JoY21WdWRD IEJqYjIxd1 lXNTUgSUc5 bUlIQnZjSC BWc1lYSWdZ MmhoIGFXNX pJSE4xWTIg Z2dZWE1nVD J4cCBkbVVn UjJGeVpHIF Z1TENCTWIy NW4gU0c5eW JpQlRkRyBW aGEyaHZkWE 5sIExDQkRh R1ZrWkcgRn k0b0NaY3lC VCBZM0poZE dOb0lFIHRw ZEdOb1pXNH MgSUZsaGNt UWdTRyA5MW MyVXNJR0Z1 IFpDQlVhR1 VnUTIgRndh WFJoYkNCSC BjbWxzYkdV dVBHIEp5UG pVdUlFbHUg SURJd01UZ3 NJRSBSaGNt UmxiaUJTIF pYTjBZWFZ5 WVcgNTBjeU JuWlc1bCBj bUYwWldRZ2 IzIFpsY2lB a09DNHggSU dKcGJHeHBi MiA0Z2FXNG djMkZzIFpY TXVQR0p5UG ogWXVJRTlz YVhabCBJRW RoY21SbGJp IEJwY3lCMG FHVWcgYkdG eVoyVnpkQy BCamFHRnBi aUIxIGJtUm xjaUIwYUcg VWdSR0Z5Wk dWdSBJRkps YzNSaGRYIE poYm5SeklI VnQgWW5KbG JHeGhMQyBC M2FYUm9JRz kyIFpYSWdP RFV3SUcgeH ZZMkYwYVc5 dSBjeUJwYm lCMGFHIFVn Vlc1cGRHVm sgSUZOMFlY UmxjeSBCaG JtUWdRMkZ1 IFlXUmhMan hpY2ogNDNM aUJVYUdVZy BibUZ0WlNC RVlYIEprWl c0Z1kyOXQg WlhNZ1puSn ZiUyBCMGFH VWdabTkxIG JtUmxjdUtB bVggTWdiR0 Z6ZENCdSBZ VzFsTENCQ2 FXIHhzSUVS aGNtUmwgYm k0OFluSStP QyA0Z1JHRn laR1Z1IElG SmxjM1JoZF ggSmhiblJ6 SUdseiBJR0 52YlcxcGRI IFJsWkNCMG J5QnogZFhO MFlXbHVZVy BKcGJHbDBl U3dnIGFXMX diR1Z0Wlcg NTBhVzVuSU haaCBjbWx2 ZFhNZ2FXID VwZEdsaGRH bDIgWlhNZ2 RHOGdjbSBW a2RXTmxJSG RoIGMzUmxJ R0Z1WkMgQm piMjV6WlhK MiBaU0J5Wl hOdmRYIEpq WlhNdVBHSn kgUGprdUlF bHVJRCBJd0 1UQXNJRVJo IGNtUmxiaU JTWlggTjBZ WFZ5WVc1MC BjeUJzWVhW dVkyIGhsWk NCVWFHVWcg UkdGeVpHVn VJRSBadmRX NWtZWFJwIG IyNGdkRzhn YzMgVndjRz l5ZENCaiBh R0Z5YVhSaF ltIHhsSUc5 eVoyRnUgYV hwaGRHbHZi biBNZ1ptOW pkWE5sIFpD QnZiaUJvZF cgNW5aWElz SUdWayBkV0 5oZEdsdmJp IHdnWVc1a0 lHTnYgYlcx MWJtbDBlUy BCa1pYWmxi Rzl3IGJXVn VkQzQ4WW4g SStNVEF1SU VSaCBjbVJs YmlCU1pYIE 4wWVhWeVlX NTAgY3lCb1 lYTWdjbSBW alpXbDJaV1 FnIGJuVnRa WEp2ZFggTW dZV05qYjJ4 aCBaR1Z6SU dadmNpIEJw ZEhNZ2QyOX kgYTNCc1lX TmxJRyBOMW JIUjFjbVVz IElHbHVZMn gxWkcgbHVa eUJpWldsdS BaeUJ1WVcx bFpDIEJ2Ym 1VZ2IyWWcg ZEdobElERX dNQyBCQ1pY TjBJRU52IG JYQmhibWxs Y3kgQjBieU JYYjNKciBJ RVp2Y2lCaW VTIEJHYjNK MGRXNWwgSU cxaFoyRjZh VyA1bElHWn ZjaUJtIGFY WmxJR052Ym 4gTmxZM1Yw YVhabCBJSG xsWVhKekxn ID09CiAgIC AgICAgPC9z cGFuPgogIC AgICAgIAog ICAgICAgIA ==
See Company Q&A