Armstrong World Industries

Live  

Armstrong World Industries, Inc. is a prominent American manufacturer known primarily for its production of ceiling and wall solutions. Founded in 1860 and headquartered in Lancaster, Pennsylvania, the company has a long history of innovating in the building materials industry. Initially starting with the manufacture of linoleum, Armstrong expanded its product offerings to include a variety of flooring solutions, ceiling tiles, and other architectural elements.
Armstrong operates in two main segments: ceilings and floors. Its ceilings segment produces a wide range of products for commercial and residential spaces, focusing on improving aesthetics, acoustics, and energy efficiency. The company is recognized for its commitment to sustainability and responsible sourcing, with many products carrying certifications for environmental performance.
Over the years, Armstrong has expanded its presence in the market through various acquisitions and partnerships, enhancing its product lines and capabilities. The company is publicly traded on the New York Stock Exchange under the ticker symbol AWI.
Armstrong World Industries places a strong emphasis on innovation, investing in research and development to create new products that meet the evolving needs of customers and adapt to industry trends. Its commitment to quality and customer service has made it a trusted name in the construction and architectural communities.
As of my last update in October 2023, Armstrong continues to be a leader in the industry, focusing on creating functional and aesthetically pleasing solutions for building spaces while maintaining a dedication to sustainable practices.

QXJtc3Ryb2 5nIFdvcmxk IEluZHVzdH JpZXMgaXMg a25vd24gZm 9yIGl0cyBp bm5vdmF0aW 9uIGluIHRo ZSBtYW51Zm FjdHVyaW5n IG9mIGNlaW xpbmcgYW5k IHdhbGwgc2 9sdXRpb25z LiBGb3VuZG VkIGluIDE4 NjAsIHRoZS Bjb21wYW55 IGhhcyBhIG xvbmcgaGlz dG9yeSBhbm QgaXMgcmVj b2duaXplZC BhcyBvbmUg b2YgdGhlIG xlYWRlcnMg aW4gdGhlIG J1aWxkaW5n IG1hdGVyaW FscyBpbmR1 c3RyeS4gQX Jtc3Ryb25n IGlzIHBhcn RpY3VsYXJs eSBub3RhYm xlIGZvciBp dHMgd2lkZS ByYW5nZSBv ZiBwcm9kdW N0cywgaW5j bHVkaW5nIG Fjb3VzdGlj YWwgY2VpbG luZ3MsIGNl aWxpbmcgdG lsZXMsIGFu ZCBmbG9vcm luZyBzb2x1 dGlvbnMsIH doaWNoIGFy ZSBkZXNpZ2 5lZCB0byBl bmhhbmNlIH RoZSBhZXN0 aGV0aWMgYW 5kIGZ1bmN0 aW9uYWwgYX NwZWN0cyBv ZiBpbnRlcm lvciBzcGFj ZXMuPGJyPl RoZSBjb21w YW55IHBsYW NlcyBhIHN0 cm9uZyBlbX BoYXNpcyBv biBzdXN0YW luYWJpbGl0 eSwgd2l0aC BtYW55IG9m IGl0cyBwcm 9kdWN0cyBi ZWluZyBlbn Zpcm9ubWVu dGFsbHkgZn JpZW5kbHkg YW5kIGNvbn RyaWJ1dGlu ZyB0byBncm VlbiBidWls ZGluZyBzdG FuZGFyZHMu IEFybXN0cm 9uZyBhbHNv IGludmVzdH MgaW4gcmVz ZWFyY2ggYW 5kIGRldmVs b3BtZW50IH RvIGNyZWF0 ZSBwcm9kdW N0cyB0aGF0 IGltcHJvdm UgYWNvdXN0 aWMgcGVyZm 9ybWFuY2Us IGVuZXJneS BlZmZpY2ll bmN5LCBhbm Qgb3ZlcmFs bCBkZXNpZ2 4gdmVyc2F0 aWxpdHkuPG JyPkluIGFk ZGl0aW9uIH RvIGl0cyBw cm9kdWN0IG 9mZmVyaW5n cywgQXJtc3 Ryb25nIFdv cmxkIEluZH VzdHJpZXMg aGFzIGJ1aW x0IGEgcmVw dXRhdGlvbi Bmb3IgcXVh bGl0eSBhbm QgcmVsaWFi aWxpdHksIH NlcnZpbmcg dmFyaW91cy BtYXJrZXRz IGluY2x1ZG luZyBjb21t ZXJjaWFsLC BlZHVjYXRp b24sIGhlYW x0aGNhcmUs IGFuZCByZX NpZGVudGlh bCBzZWN0b3 JzLiBUaGUg Y29tcGFuee KAmXMgY29t bWl0bWVudC B0byBjdXN0 b21lciBzZX J2aWNlIGFu ZCBpbm5vdm F0aW9uIGhh cyBtYWRlIG l0IGEgcmVz cGVjdGVkIG 5hbWUgaW4g dGhlIGNvbn N0cnVjdGlv biBhbmQgZG VzaWduIGlu ZHVzdHJpZX MuPGJyPg==

QXJtc3Ryb2 5nIFdvcmxk IEluZHVzdH JpZXMgb3Bl cmF0ZXMgcH JpbWFyaWx5 IGluIHRoZS BkZXNpZ24g YW5kIG1hbn VmYWN0dXJp bmcgb2YgY2 VpbGluZ3Mg YW5kIHdhbG wgc3lzdGVt cy4gVGhlaX IgYnVzaW5l c3MgbW9kZW wgZm9jdXNl cyBvbiBzZX ZlcmFsIGtl eSBhcmVhcz o8YnI+MS4g UHJvZHVjdC BEZXZlbG9w bWVudDogQX Jtc3Ryb25n IGVtcGhhc2 l6ZXMgaW5u b3ZhdGlvbi BpbiBpdHMg cHJvZHVjdC BvZmZlcmlu Z3MsIGNhdG VyaW5nIHRv IGRpZmZlcm VudCBtYXJr ZXQgc2VnbW VudHMgc3Vj aCBhcyBjb2 1tZXJjaWFs LCByZXNpZG VudGlhbCwg YW5kIGluc3 RpdHV0aW9u YWwgc3BhY2 VzLiBUaGV5 IGludmVzdC BpbiByZXNl YXJjaCBhbm QgZGV2ZWxv cG1lbnQgdG 8gY3JlYXRl IGhpZ2gtcX VhbGl0eSwg c3VzdGFpbm FibGUsIGFu ZCBhZXN0aG V0aWNhbGx5 IHBsZWFzaW 5nIHByb2R1 Y3RzLjxicj 4yLiBEaXZl cnNlIEN1c3 RvbWVyIEJh c2U6IFRoZS Bjb21wYW55 IHNlcnZlcy BhIHdpZGUg cmFuZ2Ugb2 YgY3VzdG9t ZXJzLCBpbm NsdWRpbmcg YXJjaGl0ZW N0cywgZGVz aWduZXJzLC Bjb250cmFj dG9ycywgYW 5kIGJ1aWxk aW5nIG93bm Vycy4gVGhp cyBkaXZlcn NpdHkgaGVs cHMgcmVkdW NlIGRlcGVu ZGVuY2Ugb2 4gYW55IHNp bmdsZSBtYX JrZXQgc2Vn bWVudC48Yn I+My4gRGlz dHJpYnV0aW 9uIENoYW5u ZWxzOiBBcm 1zdHJvbmcg ZW1wbG95cy BhIG11bHRp LWNoYW5uZW wgZGlzdHJp YnV0aW9uIH N0cmF0ZWd5 LCB1dGlsaX ppbmcgZGly ZWN0IHNhbG VzIGFuZCBw YXJ0bmVyc2 hpcHMgd2l0 aCBkaXN0cm lidXRvcnMg YW5kIGNvbn RyYWN0b3Jz LiBUaGlzIG FwcHJvYWNo IGVuaGFuY2 VzIG1hcmtl dCByZWFjaC BhbmQgZW5z dXJlcyBlZm ZpY2llbnQg cHJvZHVjdC BkZWxpdmVy eS48YnI+NC 4gU3VzdGFp bmFiaWxpdH kgRm9jdXM6 IEFybXN0cm 9uZyBwcmlv cml0aXplcy BzdXN0YWlu YWJpbGl0eS BpbiBpdHMg b3BlcmF0aW 9ucyBhbmQg cHJvZHVjdC BsaW5lcywg YWltaW5nIH RvIHByb2R1 Y2UgZW52aX Jvbm1lbnRh bGx5IGZyaW VuZGx5IHBy b2R1Y3RzIG FuZCByZWR1 Y2UgaXRzIG NhcmJvbiBm b290cHJpbn QuIFRoaXMg YXBwZWFscy B0byBlbnZp cm9ubWVudG FsbHkgY29u c2Npb3VzIG NvbnN1bWVy cyBhbmQgYW xpZ25zIHdp dGggaW5kdX N0cnkgdHJl bmRzLjxicj 41LiBHbG9i YWwgUmVhY2 g6IFdoaWxl IGhlYWRxdW FydGVyZWQg aW4gdGhlIF VuaXRlZCBT dGF0ZXMsIE FybXN0cm9u ZyBoYXMgYS BwcmVzZW5j ZSBpbiBpbn Rlcm5hdGlv bmFsIG1hcm tldHMsIGV4 cGFuZGluZy B0aGVpciBj dXN0b21lci BiYXNlIGFu ZCBkaXZlcn NpZnlpbmcg cmV2ZW51ZS Bzb3VyY2Vz Ljxicj42Li BDdXN0b21l ciBTZXJ2aW NlIGFuZCBT dXBwb3J0Oi BUaGUgY29t cGFueSBwbG FjZXMgYSBz dHJvbmcgZW 1waGFzaXMg b24gY3VzdG 9tZXIgc2Vy dmljZSwgb2 ZmZXJpbmcg c3VwcG9ydC B0aHJvdWdo IHRlY2huaW NhbCBhc3Np c3RhbmNlLC BkZXNpZ24g cmVzb3VyY2 VzLCBhbmQg ZWR1Y2F0aW 9uYWwgcHJv Z3JhbXMgdG 8gaGVscCBj dXN0b21lcn MgbWFrZSBp bmZvcm1lZC BjaG9pY2Vz Ljxicj5CeS Bjb21iaW5p bmcgdGhlc2 UgZWxlbWVu dHMsIEFybX N0cm9uZyBX b3JsZCBJbm R1c3RyaWVz IGFpbXMgdG 8gbWFpbnRh aW4gY29tcG V0aXRpdmUg YWR2YW50YW dlLCBkcml2 ZSBncm93dG gsIGFuZCBl bmhhbmNlIG N1c3RvbWVy IHNhdGlzZm FjdGlvbiBp biB0aGUgYn VpbGRpbmcg bWF0ZXJpYW xzIGluZHVz dHJ5Ljxicj 4=

The sensitivity of Armstrong World Industries’ earnings, cash flow, and valuation to changes in interest rates can be assessed through several key factors:
1. Debt Levels: If Armstrong carries significant debt, changes in interest rates can impact its interest expenses. A rise in rates would increase borrowing costs, which could decrease net earnings and cash flow. Conversely, if rates decrease, the company could benefit from lower interest expenses.
2. Cost of Capital: Interest rates affect the company’s cost of capital. Higher interest rates raise the discount rate used in valuation models, potentially decreasing the present value of future cash flows and leading to a lower valuation. Conversely, a decrease in rates would lower the cost of capital, potentially increasing valuation.
3. Investment Decisions: Changes in interest rates influence the overall economic environment, impacting consumer demand for products. Higher rates may lead to reduced consumer spending, affecting Armstrong’s revenue and profitability. Conversely, lower rates may stimulate demand, benefiting the company.
4. Real Estate Market Impact: Armstrong operates in the construction and renovation sectors, which can be sensitive to interest rates. Higher rates may dampen the housing market, leading to reduced sales and lower cash flow for Armstrong. Lower rates could have the opposite effect.
5. Investment and Expansion Plans: If interest rates rise, Armstrong may reconsider or delay capital expenditures and expansion plans due to increased borrowing costs, potentially impacting future growth prospects.
In summary, Armstrong World Industries’ earnings, cash flow, and valuation are likely to be adversely affected by rising interest rates, particularly through increased costs and reduced consumer demand. Lower rates can provide benefits, improving profitability and valuation metrics. Thus, the company’s performance is moderately sensitive to changes in interest rates, influenced by its debt structure and external economic 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 bG9nb3MvTF RuWElySWVS Wjdsb290Mm FEWkEud2Vi cCIgYWx0PS JBcm1zdHJv bmcgV29ybG QgSW5kdXN0 cmllcyIgdG l0bGU9IkFy bXN0cm9uZy BXb3JsZCBJ bmR1c3RyaW VzIiAgY2xh c3M9ImltZy 1mbHVpZCIg aGVpZ2h0PT kwIHdpZHRo PTkwIGxvYW Rpbmc9J2xh enknIHN0eW xlPSdib3Jk ZXItcmFkaX VzOiA2cHg7 Jz4KCiAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nZm xleDogMTsg dGV4dC1hbG lnbjogY2Vu dGVyOyBtYX JnaW4tbGVm dDogNXB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxwIH N0eWxlPSdm b250LXNpem U6IDI2cHg7 IGNvbG9yOi AjMzMzOyBt YXJnaW4tYm 90dG9tOiAx NXB4Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICDwn5 OIIFdhbnQg dG8gcmVhZC Btb3JlIGFi b3V0IEFybX N0cm9uZyBX b3JsZCBJbm R1c3RyaWVz PwogICAgIC AgICAgICAg ICAgICAgIC AgICA8L3A+ CgogICAgIC AgICAgICAg ICAgICAgIC AgICA8YSBo cmVmPSdpbm RleC5waHA/ cGFnZT1zaW dudXAnIHN0 eWxlPScKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJhY2 tncm91bmQt Y29sb3I6IC MwMDdCRkY7 CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBj b2xvcjogI2 ZmZjsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIHBhZGRp bmc6IDEwcH ggMjBweDsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGJv cmRlci1yYW RpdXM6IDVw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHRleHQtZG Vjb3JhdGlv bjogbm9uZT sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG ZvbnQtd2Vp Z2h0OiBib2 xkOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgbWFyZ2lu LXJpZ2h0Oi AxMHB4Owog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgdHJh bnNpdGlvbj ogYmFja2dy b3VuZC1jb2 xvciAwLjNz IGVhc2U7Jw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgb2 5tb3VzZW92 ZXI9J3RoaX Muc3R5bGUu YmFja2dyb3 VuZENvbG9y PSIjMDA1Nm IzIicKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIG9ubW91 c2VvdXQ9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A3QkZGIic+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBT aWduIHVwIG ZvciBmcmVl CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvYT4K CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxzcGFu IHN0eWxlPS dtYXJnaW46 IDAgOHB4Oy Bjb2xvcjog IzU1NTsnPm 9yPC9zcGFu PgoKICAgIC AgICAgICAg ICAgICAgIC AgICAgPGEg aHJlZj0naW 5kZXgucGhw P3BhZ2U9bG 9naW4nIHN0 eWxlPScKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGNvbG 9yOiAjMDA3 QkZGOwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdGV4dC 1kZWNvcmF0 aW9uOiB1bm RlcmxpbmU7 CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBm b250LXdlaW dodDogNTAw Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBsb2cgaW 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9hPg oKCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxwIH N0eWxlPSdt YXJnaW4tdG 9wOiAxNXB4 OyBmb250LX NpemU6IDEz cHg7IGZvbn Qtd2VpZ2h0 OiBib2xkOy Bjb2xvcjog I2QzMmYyZj snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Ag8J+SoSBM ZWFybiBzbW FydGVyIHN0 b2NrIHBpY2 tzIHdpdGgg PGk+IlRoZS BDaGVja2xp c3QgVmFsdW UgSW52ZXN0 b3Ig4oCUIE EgU21hcnRl ciBXYXkgdG 8gUGljayBT dG9ja3MiPC 9pPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8L3 A+CgogICAg ICAgICAgIC AgICAgICAg ICAgICA8IS 0tCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J21hcmdpbi 10b3A6IDEy cHg7IGZvbn Qtc2l6ZTog MTNweDsgY2 9sb3I6ICM0 NDQ7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIFNpZ2 4gdXAgbm93 IGFuZCBnZX Qgb3VyIGZy ZWUgZUJvb2 sgCiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8Yj5UaGUg Q2hlY2tsaX N0IFZhbHVl IEludmVzdG 9yIOKAlCBB IFNtYXJ0ZX IgV2F5IHRv IFBpY2sgU3 RvY2tzPC9i PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgLS0+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwhLS0K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nbW FyZ2luLXRv cDogMTZweD sgZm9udC1z aXplOiAxNH B4OyBjb2xv cjogIzQ0ND sgZm9udC1m YW1pbHk6IC 1hcHBsZS1z eXN0ZW0sIE JsaW5rTWFj U3lzdGVtRm 9udCwgU2Vn b2UgVUksIF JvYm90bywg SGVsdmV0aW NhIE5ldWUs IHNhbnMtc2 VyaWY7IGxp bmUtaGVpZ2 h0OiAxLjY7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IEhhdmUgeW 91IGhlYXJk IGFib3V0IG 91ciBzaG9y dCA8c3Ryb2 5nIHN0eWxl PSdmb250LX dlaWdodDog NjAwOyc+RG FpbHkgVmlk ZW8gTmV3c2 xldHRlcjwv c3Ryb25nPj 8KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgID xhIGhyZWY9 J2h0dHBzOi 8vd3d3Lmlu c2lnaHRmdW x2YWx1ZS5j b20vbmV3c2 xldHRlci5w aHAnIHRhcm dldD0nX2Js YW5rJyBzdH lsZT0nY29s b3I6ICMwMD dCRkY7IHRl eHQtZGVjb3 JhdGlvbjog bm9uZTsgZm 9udC13ZWln aHQ6IDUwMD sgbWFyZ2lu LWxlZnQ6ID ZweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IEZpbmQgb3 V0IG1vcmUK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv YT4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIC0t PgogICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AKICAgICAg ICAKICAgIC AgICA8c3Bh biBjbGFzcz 0nYmx1cnJl ZC10ZXh0Jz 4KICAgICAg ICAgICAgUV hKdGMzUnli MiA1bklGZH ZjbXhrIElF bHVaSFZ6ZE ggSnBaWE1n YVhNZyBZU0 IzWld4c0xX IFZ6ZEdGaW JHbHogYUdW a0lHTnZiWC BCaGJua2dh MjV2IGQyNG dabTl5SUcg bDBjeUJwYm 01diBkbUYw YVc5dUlHIG x1SUhSb1pT QmogWldsc2 FXNW5JRyBG dVpDQm1iRz l2IGNtbHVa eUJ0WVggSn JaWFJ6TGlC SSBaWEpsSU dGeVpTIEJ6 YjIxbElHbH UgZEdWeVpY TjBhVyA1bk lHWmhZM1J6 IElHRmliM1 YwSUggUm9a U0JqYjIxdy BZVzU1T2p4 aWNqIDR4TG lCR2IzVnUg WkdsdVp6b2 dRWCBKdGMz UnliMjVuIE lGZHZjbXhr SUUgbHVaSF Z6ZEhKcCBa WE1nZDJGek lHIFp2ZFc1 a1pXUWcgYV c0Z01UZzJN QyBCcGJpQm hJSE50IFlX eHNJSFJ2ZD IgNGdhVzRn VUdWdSBibk 41YkhaaGJt IGxoTENCdm NtbG4gYVc1 aGJHeDVJRy BGeklHRWdZ Mjl5IGF5Qm hibVFnY0cg RndaWElnYl dGdSBkV1po WTNSMWNtIF Z5TGp4aWNq NHkgTGlCRW FYWmxjbiBO cFptbGpZWF JwIGIyNDZJ RlJvWlMgQm piMjF3WVc1 NSBJR1JwZG 1WeWMyIGxt YVdWa0lHbH UgZEc4Z1ky VnBiRyBsdV p5QjBhV3hs IGN5QnBiaU IwYUcgVWdN VGc1TUhNcy BJSGRvYVdO b0lHIHhoZE dWeUlHSmwg WTJGdFpTQn ZibSBVZ2Iy WWdhWFJ6IE lIQnlhVzFo Y24ga2djSE p2WkhWaiBk Q0JzYVc1bG N5IDQ4WW5J K015NGcgU1 c1MFpYSnVZ WCBScGIyNW hiQ0JRIGNt VnpaVzVqWl Qgb2dRWEp0 YzNSeSBiMj VuSUdoaGN5 IEJoSUhOcF oyNXAgWm1s allXNTBJRy BsdWRHVnli bUYwIGFXOX VZV3dnY0gg SmxjMlZ1WT JVcyBJSGRw ZEdnZ2IzIE JsY21GMGFX OXUgY3lCcG JpQnRkVyB4 MGFYQnNaU0 JqIGIzVnVk SEpwWlggTW dZWEp2ZFc1 ayBJSFJvWl NCM2IzIEpz WkN3Z2MzVn cgY0d4NWFX NW5JSCBCeW IyUjFZM1J6 IElIUnZJSF poY20gbHZk WE1nYldGeS BhMlYwY3k0 OFluIEkrTk M0Z1UzVnog ZEdGcGJtRm lhVyB4cGRI a2dTVzVwIG RHbGhkR2wy WlggTTZJRU Z5YlhOMCBj bTl1WnlCcG N5IEJqYjIx dGFYUjAgWl dRZ2RHOGdj MyBWemRHRn BibUZpIGFX eHBkSGtnWV cgNWtJR2ho Y3lCcCBiWE JzWlcxbGJu IFJsWkNCdW RXMWwgY205 MWN5QmxZMi A4dFpuSnBa VzVrIGJIa2 djSEpoWTMg UnBZMlZ6TE NCcCBibU5z ZFdScGJtIG NnZFhOcGJt Y2cgY21Wam VXTnNaVyBR Z2JXRjBaWE pwIFlXeHpJ R0Z1WkMgQn dkWEp6ZFds dSBaeUJsYm 1WeVozIGt0 WldabWFXTn AgWlc1MElH MWhibiBWbV lXTjBkWEpw IGJtY2djSE p2WTIgVnpj MlZ6TGp4aS BjajQxTGlC SmJtIDV2ZG 1GMGFXOXUg T2lCVWFHVW dZMiA5dGNH RnVlU0JwIG JuWmxjM1J6 SUcgaGxZWF pwYkhrZyBh VzRnY21Wel pXIEZ5WTJn Z1lXNWsgSU dSbGRtVnNi MyBCdFpXNT BJSFJ2IElH TnlaV0YwWl MgQnBibTV2 ZG1GMCBhWF psSUhCeWIy IFIxWTNSek xDQnAgYm1O c2RXUnBibS BjZ2JtOXBj MlV0IGNtVm tkV05wYm0g Y2dZMlZwYk dsdSBaeUIw YVd4bGN5IE JoYm1RZ2Iz Um8gWlhJZ2 MzQmxZMiBs aGJHbDZaV1 FnIGMyOXNk WFJwYjIgNX pJR1p2Y2lC aiBiMjF0Wl hKamFXIEZz SUhOd1lXTm wgY3k0OFlu SStOaSA0Z1 NHbHpkRzl5 IGFXTmhiQ0 JUYVcgZHVh V1pwWTJGdS BZMlU2SUVG eWJYIE4wY2 05dVp5QnAg Y3lCcmJtOT NiaSBCbWIz SWdhWFJ6IE lISnZiR1Vn YVcgNGdkbU Z5YVc5MSBj eUJzWVc1a2 JXIEZ5YXlC amIyNXogZE hKMVkzUnBi MiA1ekxDQn djbTkyIGFX UnBibWNnWW 4gVnBiR1Jw Ym1jZyBiV0 YwWlhKcFlX IHh6SUdadm NpQnAgWTI5 dWFXTWdjMy BSeWRXTjBk WEpsIGN5Qn pkV05vSUcg RnpJSFJvWl NCRiBiWEJw Y21VZ1UzIF JoZEdVZ1Fu VnAgYkdScG JtY2dZVyA1 a0lIUm9aU0 JWIGJtbDBa V1FnVG0gRj BhVzl1Y3lC SSBaV0ZrY1 hWaGNuIFJs Y25NdVBHSn kgUGpjdUlG TndhVSA5bV puTTZJRWx1 IElESXdNVF lzSUUgRnli WE4wY205dS BaeUJ6Y0d4 cGRDIEJwYm 5SdklIUjMg YnlCelpYQm hjbSBGMFpT QmpiMjF3IF lXNXBaWE02 SUUgRnliWE 4wY205dSBa eUJHYkc5dm NtIGx1Wnl3 Z1ptOWogZF hOcGJtY2di MiA0Z1pteH ZiM0pwIGJt Y2djSEp2Wk ggVmpkSE1z SUdGdSBaQ0 JCY20xemRI IEp2Ym1jZ1 YyOXkgYkdR Z1NXNWtkWC BOMGNtbGxj eXdnIGQyaH BZMmdnWTIg OXVkR2x1ZF dWeiBJSFJ2 SUhOd1pXIE 5wWVd4cGVt VWcgYVc0Z1 kyVnBiRyBs dVozTXVQR0 p5IFBqZ3VJ RWx1WkggVn pkSEo1SUV4 bCBZV1JsY2 5Ob2FYIEE2 SUZSb1pTQm ogYjIxd1lX NTVJRyBsek lHOXVaU0J2 IFppQjBhR1 VnYkcgRnla MlZ6ZENCdC BZVzUxWm1G amRIIFZ5Wl hKeklHOW0g SUdObGFXeH BibSBjZ1lX NWtJSGRoIG JHd2djM2x6 ZEcgVnRjeU JwYmlCTyBi M0owYUNCQm JXIFZ5YVdO aExDQm8gYj J4a2FXNW5J RyBFZ2MybG 5ibWxtIGFX TmhiblFnYz IgaGhjbVVn YjJZZyBkR2 hsSUcxaGNt IHRsZEM0OF luSSsgT1M0 Z1VISnZaSC BWamRDQlNZ VzVuIFpUb2 dRbVY1YjIg NWtJR05sYV d4cCBibWR6 TENCQmNtID F6ZEhKdmJt Y2cgYjJabV pYSnpJRyBF Z2QybGtaU0 J5IFlXNW5a U0J2WmkgQn djbTlrZFdO MCBjeXdnYV c1amJIIFZr YVc1bklIZG ggYkd3Z2Mz bHpkRyBWdG N5d2dZV052 IGRYTjBhV0 1nZEcgbHNa WE1zSUdGdS BaQ0J6Y0dW amFXIEZzZE hrZ2NISnYg WkhWamRITW dabSA5eUlI WmhjbWx2IG RYTWdZMjl0 YlcgVnlZMm xoYkNCaCBi bVFnY21Wem FXIFJsYm5S cFlXd2cgWV hCd2JHbGpZ WCBScGIyNX pManhpIGNq NHhNQzRnUT IgOXRiWFZ1 YVhSNSBJRV Z1WjJGblpX IDFsYm5RNk lFRnkgYlhO MGNtOXVaeS BCb1lYTWdZ U0JzIGIyNW 5JR2hwYzMg UnZjbmtnYj JZZyBZMjl0 YlhWdWFYIF I1SUdsdWRt OXMgZG1WdF pXNTBMQyBC emRYQndiM0 owIGFXNW5J R3h2WTIgRn NJR2x1YVhS cCBZWFJwZG 1WeklHIEZ1 WkNCamFHRn kgYVhSaFlt eGxJRyA5eV oyRnVhWHBo IGRHbHZibk 1zSUggQmhj blJwWTNWcy BZWEpzZVNC cGJpIEJwZE hNZ2FHOXQg WlNCemRHRj BaUyBCdlpp QlFaVzV1IG MzbHNkbUZ1 YVcgRXVQR0 p5UGc9PQog ICAgICAgID wvc3Bhbj4K ICAgICAgIC AKICAgICAg ICA=
See Company Q&A