Fairfax Financial

Live  

Fairfax Financial Holdings Limited is a Canadian multinational financial services holding company. It is headquartered in Toronto, Ontario and has operations in over 100 countries. The company was founded in 1985 by Canadian businessman Prem Watsa and initially focused on property and casualty insurance. Over the years, Fairfax has expanded its business to include reinsurance, investment management, and other financial services.
The company has a diverse portfolio of insurance and reinsurance companies, including Northbridge Financial Corporation, OdysseyRe, and Zenith National Insurance Corp. It also has investments in several companies such as BlackBerry, Resolute Forest Products, and Atlas Mara Limited.
Fairfax has a strong track record of profitable underwriting and disciplined investment management. It has consistently delivered above-average returns to its shareholders, with a compounded annual growth rate of over 20% since 1985. The company has a strong balance sheet and maintains a conservative approach to risk management.
Fairfax is known for its long-term investment strategy and has a history of successful acquisitions and partnerships. It has a global presence and is well-positioned to take advantage of opportunities in emerging markets. The company is committed to creating value for its shareholders, customers, and business partners through its strong financial performance and responsible business practices.
In addition to its business operations, Fairfax also has a strong commitment to corporate social responsibility. The company supports various charitable initiatives and environmental sustainability efforts in the communities where it operates.
In conclusion, Fairfax Financial Holdings Limited is a well-respected and successful multinational financial services company with a strong track record of delivering value to its stakeholders. With its diverse portfolio, disciplined approach to underwriting and investment management, and commitment to responsible business practices, Fairfax is a leader in the financial services industry.

MS4gU3VjY2 Vzc2Z1bCBU cmFjayBSZW NvcmQ6IEZh aXJmYXggRm luYW5jaWFs IGhhcyBhIG xvbmcgYW5k IHN1Y2Nlc3 NmdWwgaGlz dG9yeSBpbi B0aGUgaW5z dXJhbmNlIG FuZCBmaW5h bmNpYWwgc2 VydmljZXMg aW5kdXN0cn ksIGRhdGlu ZyBiYWNrIH RvIGl0cyBm b3VuZGluZy BpbiAxOTg1 LiBJbiBpdH Mgb3ZlciAz NSB5ZWFycy BvZiBvcGVy YXRpb24sIH RoZSBjb21w YW55IGhhcy Bjb25zaXN0 ZW50bHkgZG VsaXZlcmVk IHN0cm9uZy BmaW5hbmNp YWwgcGVyZm 9ybWFuY2Ug YW5kIGhhcy BlYXJuZWQg YSByZXB1dG F0aW9uIGZv ciBiZWluZy BhIHJlbGlh YmxlIGFuZC BzdGFibGUg aW52ZXN0bW VudCBvcHRp b24uPGJyPj IuIERpdmVy c2lmaWVkIF BvcnRmb2xp bzogRmFpcm ZheCBGaW5h bmNpYWwgaG FzIGEgZGl2 ZXJzZSBwb3 J0Zm9saW8g b2YgYnVzaW 5lc3Nlcywg aW5jbHVkaW 5nIGluc3Vy YW5jZSBhbm QgcmVpbnN1 cmFuY2UsIG ludmVzdG1l bnQgbWFuYW dlbWVudCwg YW5kIHJlYW wgZXN0YXRl LiBUaGlzIG RpdmVyc2lm aWNhdGlvbi BoZWxwcyB0 aGUgY29tcG FueSBtaXRp Z2F0ZSByaX NrIGFuZCBn ZW5lcmF0ZS BzdGFibGUg YW5kIGNvbn Npc3RlbnQg cmV0dXJucy Bmb3IgaXRz IHNoYXJlaG 9sZGVycy48 YnI+My4gU3 Ryb25nIExl YWRlcnNoaX A6IEZhaXJm YXggRmluYW 5jaWFsIGlz IGxlZCBieS BpdHMgZm91 bmRlciBhbm QgQ0VPLCBQ cmVtIFdhdH NhLCB3aG8g aXMga25vd2 4gZm9yIGhp cyBhc3R1dG UgaW52ZXN0 bWVudCBzdH JhdGVnaWVz IGFuZCByaX NrIG1hbmFn ZW1lbnQgZX hwZXJ0aXNl LiBVbmRlci BoaXMgbGVh ZGVyc2hpcC wgdGhlIGNv bXBhbnkgaG FzIGdyb3du IGludG8gYS BnbG9iYWwg YnVzaW5lc3 MgZW1waXJl IHdpdGggb3 BlcmF0aW9u cyBpbiBvdm VyIDQwIGNv dW50cmllcy 48YnI+NC4g U3RyYXRlZ2 ljIEFjcXVp c2l0aW9ucz ogRmFpcmZh eCBGaW5hbm NpYWwgaGFz IGEgd2VsbC 1lc3RhYmxp c2hlZCB0cm FjayByZWNv cmQgb2YgbW FraW5nIHN0 cmF0ZWdpYy BhY3F1aXNp dGlvbnMuIF RoZXNlIGFj cXVpc2l0aW 9ucyBoYXZl IGhlbHBlZC B0aGUgY29t cGFueSBleH BhbmQgaXRz IG9wZXJhdG lvbnMgYW5k IGVudGVyIG ludG8gbmV3 IG1hcmtldH MsIGZ1cnRo ZXIgZGl2ZX JzaWZ5aW5n IGl0cyByZX ZlbnVlIHN0 cmVhbXMuPG JyPjUuIEZv Y3VzIG9uIE xvbmctVGVy bSBWYWx1ZS BDcmVhdGlv bjogSW5zdG VhZCBvZiBm b2N1c2luZy BvbiBzaG9y dC10ZXJtIG dhaW5zLCBG YWlyZmF4IE ZpbmFuY2lh bCB0YWtlcy BhIGxvbmct dGVybSBhcH Byb2FjaCB0 byBpdHMgaW 52ZXN0bWVu dHMgYW5kIG 9wZXJhdGlv bnMuIFRoaX MgYWxsb3dz IHRoZSBjb2 1wYW55IHRv IGJ1aWxkIH N1c3RhaW5h YmxlIGdyb3 d0aCBhbmQg Y3JlYXRlIH ZhbHVlIGZv ciBpdHMgc2 hhcmVob2xk ZXJzIG92ZX IgdGhlIGxv bmcgcnVuLj xicj42LiBT dHJvbmcgQ3 VsdHVyZSBv ZiBSaXNrIE 1hbmFnZW1l bnQ6IEZhaX JmYXggRmlu YW5jaWFsIG hhcyBhIHN0 cm9uZyBjdW x0dXJlIG9m IHJpc2sgbW FuYWdlbWVu dCwgd2hpY2 ggaXMgcmVm bGVjdGVkIG luIHRoZSBj b21wYW554o CZcyBjb25z ZXJ2YXRpdm UgaW52ZXN0 bWVudCBhcH Byb2FjaCBh bmQgaXRzIG FiaWxpdHkg dG8gd2VhdG hlciBtYXJr ZXQgZG93bn R1cm5zLjxi cj43LiBDb2 1taXRtZW50 IHRvIENvcn BvcmF0ZSBT b2NpYWwgUm VzcG9uc2li aWxpdHk6IE ZhaXJmYXgg RmluYW5jaW FsIGlzIGNv bW1pdHRlZC B0byBnaXZp bmcgYmFjay B0byB0aGUg Y29tbXVuaX RpZXMgaW4g d2hpY2ggaX Qgb3BlcmF0 ZXMuIFRoZS Bjb21wYW55 IGhhcyB2YX Jpb3VzIGlu aXRpYXRpdm VzIGFuZCBw cm9ncmFtcy Bmb2N1c2Vk IG9uIGVkdW NhdGlvbiwg aGVhbHRoY2 FyZSwgYW5k IGVudmlyb2 5tZW50YWwg Y29uc2Vydm F0aW9uLjxi cj44LiBDb2 5zaXN0ZW50 bHkgSGlnaC BDcmVkaXQg UmF0aW5ncz ogRmFpcmZh eCBGaW5hbm NpYWwgaGFz IGNvbnNpc3 RlbnRseSBy ZWNlaXZlZC BoaWdoIGNy ZWRpdCByYX RpbmdzIGZy b20gbWFqb3 IgcmF0aW5n IGFnZW5jaW VzLCB3aGlj aCByZWZsZW N0cyBpdHMg c3Ryb25nIG ZpbmFuY2lh bCBwb3NpdG lvbiBhbmQg YWJpbGl0eS B0byBmdWxm aWxsIGl0cy BmaW5hbmNp YWwgb2JsaW dhdGlvbnMu PGJyPjkuIE V4Y2VwdGlv bmFsIFNoYX JlaG9sZGVy IFJldHVybn M6IEZhaXJm YXggRmluYW 5jaWFsIGhh cyBkZWxpdm VyZWQgZXhj ZXB0aW9uYW wgcmV0dXJu cyBmb3IgaX RzIHNoYXJl aG9sZGVycy BvdmVyIHRo ZSB5ZWFycy 4gVGhlIGNv bXBhbnnigJ lzIHRvdGFs IHNoYXJlaG 9sZGVyIHJl dHVybiBoYX Mgb3V0cGVy Zm9ybWVkIG 1ham9yIHN0 b2NrIGluZG ljZXMgYW5k IGl0cyBwZW VycyBpbiB0 aGUgZmluYW 5jaWFsIHNl cnZpY2VzIG luZHVzdHJ5 Ljxicj4xMC 4gTG9uZy1U ZXJtIE91dG xvb2s6IEZh aXJmYXggRm luYW5jaWFs IGhhcyBhIH Byb3ZlbiB0 cmFjayByZW NvcmQgb2Yg YmVpbmcgYW JsZSB0byBu YXZpZ2F0ZS B0aHJvdWdo IHZhcmlvdX MgbWFya2V0 IGN5Y2xlcy BhbmQgZGVs aXZlciBzb2 xpZCBsb25n LXRlcm0gcm V0dXJucyBm b3IgaXRzIH NoYXJlaG9s ZGVycy4gVG hpcyBtYWtl cyBpdCBhbi BhdHRyYWN0 aXZlIGludm VzdG1lbnQg b3B0aW9uIG ZvciB0aG9z ZSBsb29raW 5nIGZvciBz dGVhZHkgYW 5kIHN0YWJs ZSByZXR1cm 5zLg==

RmFpcmZheC BGaW5hbmNp YWwgaXMgYS Bob2xkaW5n IGNvbXBhbn kgdGhhdCBw cmltYXJpbH kgb3BlcmF0 ZXMgaW4gdG hlIGluc3Vy YW5jZSBhbm QgcmVpbnN1 cmFuY2UgaW 5kdXN0cmll cy4gSXRzIG J1c2luZXNz IG1vZGVsIG lzIGJhc2Vk IG9uIGFjcX VpcmluZyBh bmQgbWFuYW dpbmcgYSBk aXZlcnNlIH BvcnRmb2xp byBvZiBpbn N1cmFuY2Ug YW5kIHJlaW 5zdXJhbmNl IGNvbXBhbm llcy4gVGhp cyBhbGxvd3 MgRmFpcmZh eCBGaW5hbm NpYWwgdG8g c3ByZWFkIG l0cyByaXNr cyBhY3Jvc3 MgZGlmZmVy ZW50IG1hcm tldHMgYW5k IGNsYXNzZX Mgb2YgaW5z dXJhbmNlLC ByZWR1Y2lu ZyBpdHMgZX hwb3N1cmUg dG8gYW55IG 9uZSB0eXBl IG9mIHJpc2 suPGJyPkZh aXJmYXggRm luYW5jaWFs IGFsc28gaW 52ZXN0cyBp biB2YXJpb3 VzIG90aGVy IGluZHVzdH JpZXMsIGlu Y2x1ZGluZy ByZXRhaWws IGVuZXJneS wgYW5kIHRl Y2hub2xvZ3 ksIHRvIGRp dmVyc2lmeS BpdHMgc291 cmNlcyBvZi BpbmNvbWUu IEl0IGFsc2 8gaGFzIGEg c2lnbmlmaW NhbnQgcHJl c2VuY2UgaW 4gZW1lcmdp bmcgbWFya2 V0cywgcGFy dGljdWxhcm x5IGluIEFz aWEsIHdoZX JlIGl0IGhh cyBpbnZlc3 RlZCBpbiB2 YXJpb3VzIG luc3VyYW5j ZSBjb21wYW 5pZXMuPGJy PlRoZSBjb2 1wYW554oCZ cyBwcmltYX J5IHNvdXJj ZSBvZiByZX ZlbnVlIGlz IHRocm91Z2 ggdW5kZXJ3 cml0aW5nIG luc3VyYW5j ZSBwb2xpY2 llcyBhbmQg ZWFybmluZy BwcmVtaXVt cyBvbiB0aG VtLiBJdCBh bHNvIGdlbm VyYXRlcyBp bmNvbWUgdG hyb3VnaCBp dHMgaW52ZX N0bWVudHMs IHN1Y2ggYX MgZWFybmlu ZyByZXR1cm 5zIG9uIGl0 cyBlcXVpdH kgaW52ZXN0 bWVudHMgYW 5kIGludGVy ZXN0IGluY2 9tZSBmcm9t IGl0cyBmaX hlZC1pbmNv bWUgc2VjdX JpdGllcy48 YnI+RmFpcm ZheCBGaW5h bmNpYWzigJ lzIGtleSBz dHJhdGVneS BpcyBkaXNj aXBsaW5lZC B1bmRlcndy aXRpbmcgYW 5kIGEgbG9u Zy10ZXJtIG ludmVzdG1l bnQgYXBwcm 9hY2gsIHdo aWNoIGZvY3 VzZXMgb24g Z2VuZXJhdG luZyBwcm9m aXRhYmxlIH JldHVybnMg b3ZlciB0aG UgbG9uZyB0 ZXJtLiBUaG UgY29tcGFu eSBhbHNvIG VtcGhhc2l6 ZXMgcHJ1ZG VuY2UgaW4g cmlzayBtYW 5hZ2VtZW50 LCBlbXBoYX NpemluZyB1 bmRlcndyaX RpbmcgZGlz Y2lwbGluZS wgYW5kIG1h aW50YWluaW 5nIGEgc3Ry b25nIGJhbG FuY2Ugc2hl ZXQuPGJyPk 92ZXJhbGws IEZhaXJmYX ggRmluYW5j aWFs4oCZcy BidXNpbmVz cyBtb2RlbC BpcyBmb2N1 c2VkIG9uIG J1aWxkaW5n IGEgZGl2ZX JzaWZpZWQg cG9ydGZvbG lvIG9mIHBy b2ZpdGFibG UgaW5zdXJh bmNlIGFuZC BpbnZlc3Rt ZW50IGJ1c2 luZXNzZXMg dGhhdCBjYW 4gZ2VuZXJh dGUgc3VzdG FpbmFibGUg ZWFybmluZ3 MgYW5kIHZh bHVlIGZvci BpdHMgc2hh cmVob2xkZX JzLg==

Fairfax Financial’s earnings, cash flow, and valuation can be sensitive to changes in interest rates due to several interconnected factors related to the nature of their business, which primarily involves insurance and investment activities.
1. Earnings Sensitivity: Changes in interest rates can directly impact the interest income earned on fixed-income investments held in the investment portfolio. A rise in interest rates generally leads to higher yields on new bonds, which can boost future earnings. Conversely, if interest rates fall, the returns on existing fixed-income investments may decline, negatively impacting earnings. Additionally, lower interest rates can lead to higher claim costs as availability of credit affects the claims process.
2. Cash Flow Sensitivity: Interest rate changes can influence the cash flows from the investment portfolio. Higher interest rates may enhance cash flow by providing greater returns on newly acquired debt securities. However, sudden shifts in interest rates can lead to fluctuations in cash flow, particularly if the company’s liabilities are sensitive to rate changes as well. For instance, rising rates could lead to higher policyholder behavior in canceling or surrendering policies if cash value options become more appealing in a higher-rate environment.
3. Valuation Sensitivity: Valuation of Fairfax Financial is often tied to the discounted cash flow (DCF) method, which incorporates interest rates into the discount rate applied to future cash flows. An increase in interest rates typically raises the discount rate, reducing the present value of future cash flows and potentially leading to a lower valuation. On the other hand, lower interest rates can decrease the discount rate, potentially increasing the valuation. Moreover, changes in rates can affect insurers’ profitability and market sentiment, which may further influence market valuations.
Overall, Fairfax Financial’s sensitivity to interest rate changes is significant due to the nature of its investment portfolio and the structure of its insurance liabilities. This sensitivity underscores the importance of managing interest rate risk through appropriate asset-liability matching and investment strategies.

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 bG9nb3MvS2 czckpNQ3Ft dDdHaVBMdk huNU0ud2Vi cCIgYWx0PS JGYWlyZmF4 IEZpbmFuY2 lhbCIgdGl0 bGU9IkZhaX JmYXggRmlu YW5jaWFsIi AgY2xhc3M9 ImltZy1mbH VpZCIgaGVp Z2h0PTkwIH dpZHRoPTkw IGxvYWRpbm c9J2xhenkn IHN0eWxlPS dib3JkZXIt cmFkaXVzOi A2cHg7Jz4K CiAgICAgIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nZmxleD ogMTsgdGV4 dC1hbGlnbj ogY2VudGVy OyBtYXJnaW 4tbGVmdDog NXB4Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDxwIHN0eW xlPSdmb250 LXNpemU6ID I2cHg7IGNv bG9yOiAjMz MzOyBtYXJn aW4tYm90dG 9tOiAxNXB4 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICDwn5OIIF dhbnQgdG8g cmVhZCBtb3 JlIGFib3V0 IEZhaXJmYX ggRmluYW5j aWFsPwogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L3A+CgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 YSBocmVmPS dpbmRleC5w aHA/cGFnZT 1zaWdudXAn IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG JhY2tncm91 bmQtY29sb3 I6ICMwMDdC RkY7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBjb2xvcj ogI2ZmZjsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHBh ZGRpbmc6ID EwcHggMjBw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJvcmRlci 1yYWRpdXM6 IDVweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIHRleH QtZGVjb3Jh dGlvbjogbm 9uZTsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGZvbnQt d2VpZ2h0Oi Bib2xkOwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgbWFy Z2luLXJpZ2 h0OiAxMHB4 OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dHJhbnNpdG lvbjogYmFj a2dyb3VuZC 1jb2xvciAw LjNzIGVhc2 U7JwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Agb25tb3Vz ZW92ZXI9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A1NmIzIicK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIG9u bW91c2VvdX Q9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA3QkZG Iic+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIGZvciBm cmVlCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv YT4KCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxz cGFuIHN0eW xlPSdtYXJn aW46IDAgOH B4OyBjb2xv cjogIzU1NT snPm9yPC9z cGFuPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PGEgaHJlZj 0naW5kZXgu cGhwP3BhZ2 U9bG9naW4n IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG NvbG9yOiAj MDA3QkZGOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgdG V4dC1kZWNv cmF0aW9uOi B1bmRlcmxp bmU7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBmb250LX dlaWdodDog NTAwOyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBsb2 cgaW4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9hPgoKCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xwIHN0eWxl PSdtYXJnaW 4tdG9wOiAx NXB4OyBmb2 50LXNpemU6 IDEzcHg7IG ZvbnQtd2Vp Z2h0OiBib2 xkOyBjb2xv cjogI2QzMm YyZjsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAg4pyN 77iPIFNpZ2 4gdXAgdG8g Z2V0IDxpPi JUaGUgQ2hl Y2tsaXN0IF ZhbHVlIElu dmVzdG9yIO KAlCBBIFNt YXJ0ZXIgV2 F5IHRvIFBp Y2sgU3RvY2 tzIjwvaT4g Zm9yIGZyZW UKICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9wPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPCEtLQ ogICAgICAg ICAgICAgIC AgICAgICAg ICA8ZGl2IH N0eWxlPSdt YXJnaW4tdG 9wOiAxMnB4 OyBmb250LX NpemU6IDEz cHg7IGNvbG 9yOiAjNDQ0 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIG5vdyBh bmQgZ2V0IG 91ciBmcmVl IGVCb29rIA ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgPG I+VGhlIENo ZWNrbGlzdC BWYWx1ZSBJ bnZlc3Rvci DigJQgQSBT bWFydGVyIF dheSB0byBQ aWNrIFN0b2 NrczwvYj4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIC0tPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8IS0tCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xkaXYgc3R5 bGU9J21hcm dpbi10b3A6 IDE2cHg7IG ZvbnQtc2l6 ZTogMTRweD sgY29sb3I6 ICM0NDQ7IG ZvbnQtZmFt aWx5OiAtYX BwbGUtc3lz dGVtLCBCbG lua01hY1N5 c3RlbUZvbn QsIFNlZ29l IFVJLCBSb2 JvdG8sIEhl bHZldGljYS BOZXVlLCBz YW5zLXNlcm lmOyBsaW5l LWhlaWdodD ogMS42Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBI YXZlIHlvdS BoZWFyZCBh Ym91dCBvdX Igc2hvcnQg PHN0cm9uZy BzdHlsZT0n Zm9udC13ZW lnaHQ6IDYw MDsnPkRhaW x5IFZpZGVv IE5ld3NsZX R0ZXI8L3N0 cm9uZz4/Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICA8YS BocmVmPSdo dHRwczovL3 d3dy5pbnNp Z2h0ZnVsdm FsdWUuY29t L25ld3NsZX R0ZXIucGhw JyB0YXJnZX Q9J19ibGFu aycgc3R5bG U9J2NvbG9y OiAjMDA3Qk ZGOyB0ZXh0 LWRlY29yYX Rpb246IG5v bmU7IGZvbn Qtd2VpZ2h0 OiA1MDA7IG 1hcmdpbi1s ZWZ0OiA2cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBG aW5kIG91dC Btb3JlCiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8L2E+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAg ICAgICAgIC AgICAtLT4K ICAgICAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgCi AgICAgICAg CiAgICAgIC AgPHNwYW4g Y2xhc3M9J2 JsdXJyZWQt dGV4dCc+Ci AgICAgICAg ICAgIE1TNG dSbUZwY20g WmhlQ0JHYV c1aCBibU5w WVd3Z1NHID lzWkdsdVoz TWcgVEdsdG FYUmxaQyBC cGN5QmhJRU 5oIGJtRmth V0Z1SUcgbH VjM1Z5WVc1 aiBaU0JoYm 1RZ2FXIDUy WlhOMGJXVn UgZENCamIy MXdZVyA1NU lHaGxZV1J4 IGRXRnlkR1 Z5WlcgUWdh VzRnVkc5eS BiMjUwYnl3 Z1QyIDUwWV hKcGJ5NGcg U1hRZ2QyRn pJRyBadmRX NWtaV1FnIG FXNGdNVGs0 TlMgQmllU0 JwZEhNZyBZ M1Z5Y21WdW RDIEJqYUdG cGNtMWggYm lCaGJtUWdR MCBWUExDQl FjbVZ0IElG ZGhkSE5oTG ogeGljajR5 TGlCVSBhR1 VnWTI5dGNH IEZ1ZWVLQW 1YTWcgYVc1 cGRHbGhiQy BCdVlXMWxJ SGRoIGN5Qk 5ZWEpyWlcg d2dSbWx1WV c1aiBhV0Zz SUVodmJHIF JwYm1keklF eHAgYldsMF pXUXNJRyBK MWRDQnBkQ0 IzIFlYTWdZ MmhoYm0gZG xaQ0IwYnlC RyBZV2x5Wm 1GNElFIFpw Ym1GdVkybG ggYkNCSWIy eGthVyA1bm N5QnBiaUF4 IE9UZzNMan hpY2ogNHpM aUJHWVdseS BabUY0SUVa cGJtIEZ1WT JsaGJDQkkg YjJ4a2FXNW 5jeSBCb1lY TWdiM0JsIG NtRjBhVzl1 Y3kgQnBiaU J2ZG1WeSBJ RE13SUdOdm RXIDUwY21s bGN5d2cgZD JsMGFDQnBk SCBNZ2NISn BiV0Z5IGVT QmlkWE5wYm 0gVnpjMlZ6 SUdsdSBJSE J5YjNCbGNu IFI1SUdGdV pDQmogWVhO MVlXeDBlUy BCcGJuTjFj bUZ1IFkyVX NJSEpsYVcg NXpkWEpoYm 1ObCBMQ0Jo Ym1RZ2FXID UyWlhOMGJX VnUgZENCdF lXNWhaMiBW dFpXNTBMan hpIGNqNDBM aUJKYmkgQX lNREUzTENC MCBhR1VnWT I5dGNHIEZ1 ZWVLQW1YTW cgYVc1MlpY TjBiVyBWdW RITWdkMlZ5 IFpTQnpjSE psWVcgUWdZ V055YjNOei BJR1JwWm1a bGNtIFZ1ZE NCelpXTjAg YjNKekxDQj NhWCBSb0lH WnBibUZ1IF kybGhiQ0J6 WlggSjJhV0 5sY3lCaCBZ Mk52ZFc1MG FXIDVuSUda dmNpQXogTl NVc0lHMWhi biBWbVlXTj BkWEpwIGJt Y2dZVzVrSU ggSmxkR0Zw YkNCaCBkQ0 F4T0NVc0lH IEZ1WkNCel pYSjIgYVdO bExDQm9aVy BGc2RHaGpZ WEpsIExDQm hibVFnY20g VmhiQ0JsYz NSaCBkR1Vn WVhRZ01UIE 1sTGp4aWNq NDEgTGlCR1 lXbHlabSBG NElFWnBibU Z1IFkybGhi Q0JJYjIgeG thVzVuY3lC cCBjeUJyYm 05M2JpIEJt YjNJZ2FYUn ogSUhOMVky TmxjMyBObW RXd2dkSEpo IFkyc2djbV ZqYjMgSmtJ RzltSUdGai BjWFZwY21s dVp5IEJrYV hOMGNtVnog YzJWa0lHTn ZiWCBCaGJt bGxjeXdnIG RIVnlibWx1 WnkgQjBhR1 Z0SUdGeSBi M1Z1WkN3Z1 lXIDVrSUdk bGJtVnkgWV hScGJtY2di RyA5dVp5MT BaWEp0IElI WmhiSFZsSU cgWnZjaUJw ZEhNZyBjMm hoY21Wb2Iy IHhrWlhKek xqeGkgY2o0 MkxpQkpiaS BBeE9Ua3dM Q0IwIGFHVW dZMjl0Y0cg RnVlU0IzWV hNZyBiMjRn ZEdobElHIE p5YVc1cklH OW0gSUdKaG JtdHlkWCBC MFkza2dZV1 owIFpYSWdj M1ZtWm0gVn lhVzVuSUhO cCBaMjVwWm 1sallXIDUw SUd4dmMzTm wgY3lCbWNt OXRJRyBsMG N5QnBiblps IGMzUnRaVz UwY3kgQnBi aUIwYUdVZy BjM1J2WTJz Z2JXIEZ5YT JWMExpQkkg YjNkbGRtVn lMQyBCUWNt VnRJRmRoIG RITmhJSEps Wm4gVnpaV1 FnZEc4ZyBj MlZzYkNCMG FHIFVnWTI5 dGNHRnUgZV NCaGJtUWdh VyA1emRHVm haQ0JwIGJY QnNaVzFsYm 4gUmxaQ0Jo SUc1bCBkeU JwYm5abGMz IFJ0Wlc1ME lITjAgY21G MFpXZDVJSC BSb1lYUWda WFpsIGJuUj FZV3hzZVMg QnNaV1FnZE c4ZyBhWFJ6 SUhKbFkyID kyWlhKNUxq eGkgY2o0M0 xpQkdZVyBs eVptRjRJRV pwIGJtRnVZ MmxoYkMgQk liMnhrYVc1 biBjeUJwY3 lCb1pXIEYy YVd4NUlHbH UgZG1WemRH VmtJRyBsdU lIUm9aU0JK IGJtUnBZVz RnYzMgVmlZ Mjl1ZEdsdS BaVzUwTENC M2FYIFJvSU hOMVluTnAg WkdsaGNtbG xjeSBCcGJp QkpibVJwIF lTd2dVM0pw SUUgeGhibX RoTENCaCBi bVFnUW1GdV oyIHhoWkdW emFDNGcgVk dobElHTnZi WCBCaGJua2 dhR0Z6IElH RWdNelVsSU ggTjBZV3Rs SUdsdSBJSF JvWlNCSmJt IFJwWVc0Z2 FXNXogZFhK aGJtTmxJRy BOdmJYQmhi bmtnIFNVTk pRMGtnVEcg OXRZbUZ5Wk N3ZyBkMmhw WTJnZ2FYIE 1nZEdobElH eGggY21kbG MzUWdibSA5 dUxXeHBabV VnIGFXNXpk WEpoYm0gTm xJR052YlhC aCBibmtnYV c0Z1NXIDVr YVdFdVBHSn kgUGpndUlF bHVJRCBJd0 1UQXNJRVpo IGFYSm1ZWG dnUm0gbHVZ VzVqYVdGcy BJRWh2YkdS cGJtIGR6SU dGamNYVnAg Y21Wa0lIUm 9aUyBCdFlX cHZjbWwwIG VTQnpkR0Zy WlMgQnBiaU IwYUdVZyBS M0psWldzZ2 JtIDl1TFd4 cFptVWcgYV c1emRYSmhi bSBObElHTn ZiWEJoIGJu a2dSWFZ5Yj IgeHBabVVn UlZKQyBJR1 p2Y2lEaWdx IHd5T1RnZ2 JXbHMgYkds dmJpd2diVy BGcmFXNW5J R2wwIElHOX VaU0J2Wmkg QjBhR1VnWT I5dCBjR0Z1 ZWVLQW1YIE 1nYkdGeVoy VnogZENCcG JuWmxjMyBS dFpXNTBjeU JwIGJpQkZk WEp2Y0cgVX VQR0p5UGpr dSBJRWx1SU RJd01UIFFz SUVaaGFYSm 0gWVhnZ1Jt bHVZVyA1am FXRnNJRWh2 IGJHUnBibW R6SUggQmhj blJ1WlhKbC BaQ0IzYVhS b0lFIEpsY2 10emFHbHkg WlNCSVlYUm 9ZWCBkaGVT QjBieUJoIF kzRjFhWEps SUcgOXVaU0 J2WmlCMCBh R1VnYkdGeV oyIFZ6ZENC M1lYUmwgY2 lCMGNtVmhk RyAxbGJuUW dZMjl0IGNH RnVhV1Z6SU cgbHVJRTV2 Y25SbyBJRU Z0WlhKcFky IEVzSUhSb1 pTQlYgVXkx aVlYTmxaQy BCT1QxWkJJ RU5vIFpXMX BZMkZzY3kg d2dabTl5SU NRMCBMamtn WW1sc2JHIG x2Ymk0OFlu SSsgTVRBdU lGUm9aUyBC amIyMXdZVz U1IElHaGhj eUJpWlcgVn VJSEpsWTI5 biBibWw2Wl dRZ1ptIDl5 SUdsMGN5Qm ogYjNKd2Iz SmhkRyBVZ2 MyOWphV0Zz IElISmxjM0 J2Ym4gTnBZ bWxzYVhSNS BJR1ZtWm05 eWRIIE1zSU dSdmJtRjAg YVc1bklHMX BiRyB4cGIy NXpJRzltIE lHUnZiR3ho Y24gTWdkRz hnZG1GeSBh VzkxY3lCam FHIEZ5YVhS cFpYTWcgWV c1a0lHWnZk VyA1a1lYUn BiMjV6IElH RnliM1Z1Wk MgQjBhR1Vn ZDI5eSBiR1 F1SUVsdUlE IEl3TURVc0 lFWmggYVhK bVlYZ2dSbS BsdVlXNWph V0ZzIElFaH ZiR1JwYm0g ZHpJSGRoY3 lCaCBkMkZ5 WkdWa0lIIF JvWlNEaWdK eE4gYjNOME lFTnZiWCBC aGMzTnBiMj VoIGRHVWdR Mjl5Y0cgOX lZWFJwYjI3 aSBnSjBnWW 5rZ2RHIGhs SUVOaGJtRm sgYVdGdUlG SmxaQyBCRG NtOXpjeTQ9 CiAgICAgIC AgPC9zcGFu PgogICAgIC AgIAogICAg ICAgIA==
See Company Q&A