Air Lease Corp

Live  

Air Lease Corporation (ALC) is an American aircraft leasing company founded in 2010 by Steven Udvar-Házy, a prominent figure in the aviation finance industry. The company is headquartered in Los Angeles, California. ALC specializes in purchasing commercial aircraft and leasing them to airlines around the world, providing flexible leasing solutions that allow airlines to manage their capital more efficiently.
ALC focuses on a diverse portfolio of modern and fuel-efficient aircraft, representing key manufacturers like Boeing and Airbus. The company serves a wide range of airlines, from large international carriers to regional airlines. Through its expertise and industry relationships, ALC not only provides leasing services but also supports airlines with their fleet expansion and modernization strategies.
Since its inception, Air Lease Corporation has experienced significant growth, leveraging favorable market conditions and a strong demand for air travel. The company’s business model is based on long-term leases, operating leases, and sale-leaseback transactions, which help airlines meet their operational needs.
In addition to aircraft leasing, ALC is also involved in aircraft sales and related services, such as asset management and advisory services in the aviation sector. The company is publicly traded on the New York Stock Exchange under the ticker symbol AL, reflecting its status as one of the leading players in the global aircraft leasing market.

QWlyIExlYX NlIENvcnBv cmF0aW9uIC hBTEMpIGlz IG5vdGFibG UgZm9yIHNl dmVyYWwgcm Vhc29uczo8 YnI+MS4gPH N0cm9uZz5G b2N1cyBvbi BBaXJjcmFm dCBMZWFzaW 5nPC9zdHJv bmc+OiBBTE Mgc3BlY2lh bGl6ZXMgaW 4gdGhlIGxl YXNpbmcgb2 YgY29tbWVy Y2lhbCBqZX QgYWlyY3Jh ZnQgdG8gYW lybGluZXMg d29ybGR3aW RlLiBUaGlz IGFsbG93cy BhaXJsaW5l cyB0byBhY2 Nlc3MgbW9k ZXJuIGFpcm NyYWZ0IHdp dGhvdXQgdG hlIHNpZ25p ZmljYW50IG NhcGl0YWwg b3V0bGF5IH JlcXVpcmVk IGZvciBvdX RyaWdodCBw dXJjaGFzZX MuPGJyPjIu IDxzdHJvbm c+R3Jvd3Ro IGFuZCBFeH BhbnNpb248 L3N0cm9uZz 46IEZvdW5k ZWQgaW4gMj AxMCBieSBT dGV2ZW4gVW R2YXItSMOh enksIHRoZS Bjb21wYW55 IHF1aWNrbH kgZXN0YWJs aXNoZWQgaX RzZWxmIGlu IHRoZSBhdm lhdGlvbiBm aW5hbmNlIH NlY3RvciBh bmQgaGFzIG dyb3duIHNp Z25pZmljYW 50bHksIGFj cXVpcmluZy BhIGRpdmVy c2UgZmxlZX Qgb2YgYWly Y3JhZnQgZn JvbSBtYWpv ciBtYW51Zm FjdHVyZXJz IGxpa2UgQm 9laW5nIGFu ZCBBaXJidX MuPGJyPjMu IDxzdHJvbm c+SW5ub3Zh dGl2ZSBCdX NpbmVzcyBN b2RlbDwvc3 Ryb25nPjog QUxD4oCZcy BidXNpbmVz cyBtb2RlbC BlbXBoYXNp emVzIG9wZX JhdGlvbmFs IGVmZmljaW VuY3kgYW5k IGZsZXhpYm lsaXR5LCBh bGxvd2luZy BpdCB0byBv ZmZlciBjdX N0b21pemVk IGxlYXNpbm cgc29sdXRp b25zIHRoYX QgbWVldCB0 aGUgdmFyeW luZyBuZWVk cyBvZiBkaW ZmZXJlbnQg YWlybGluZX MuPGJyPjQu IDxzdHJvbm c+RmluYW5j aWFsIFN0YW JpbGl0eTwv c3Ryb25nPj ogQUxDIGlz IGtub3duIG ZvciBpdHMg c3Ryb25nIG ZpbmFuY2lh bCBwb3NpdG lvbiwgd2l0 aCBhIGZvY3 VzIG9uIG1h aW50YWluaW 5nIGEgaGln aCBjcmVkaX QgcXVhbGl0 eSBhbmQgc3 RhYmxlIGNh c2ggZmxvd3 MsIHdoaWNo IGlzIGF0dH JhY3RpdmUg dG8gaW52ZX N0b3JzLjxi cj41LiA8c3 Ryb25nPkZs ZWV0IENvbX Bvc2l0aW9u PC9zdHJvbm c+OiBUaGUg Y29tcGFueS BtYWludGFp bnMgYSBtb2 Rlcm4gZmxl ZXQgdGhhdC BpbmNsdWRl cyB0aGUgbG F0ZXN0IGFp cmNyYWZ0IG 1vZGVscywg aW5jb3Jwb3 JhdGluZyBh ZHZhbmNlbW VudHMgaW4g ZnVlbCBlZm ZpY2llbmN5 IGFuZCB0ZW Nobm9sb2d5 LCB3aGljaC BiZW5lZml0 cyBsZXNzZW VzIGxvb2tp bmcgdG8gcm VkdWNlIG9w ZXJhdGlvbm FsIGNvc3Rz Ljxicj42Li A8c3Ryb25n PlN0cmF0ZW dpYyBSZWxh dGlvbnNoaX BzPC9zdHJv bmc+OiBBTE MgaGFzIGJ1 aWx0IHN0cm 9uZyByZWxh dGlvbnNoaX BzIHdpdGgg bWFqb3IgYW lybGluZXMg YW5kIGFpcm NyYWZ0IG1h bnVmYWN0dX JlcnMsIGVu aGFuY2luZy BpdHMgYWJp bGl0eSB0by BuZWdvdGlh dGUgZmF2b3 JhYmxlIHRl cm1zIGFuZC BtYWludGFp biBhIGNvbX BldGl0aXZl IGVkZ2UgaW 4gdGhlIG1h cmtldC48Yn I+Ny4gPHN0 cm9uZz5Db2 1taXRtZW50 IHRvIFN1c3 RhaW5hYmls aXR5PC9zdH Jvbmc+OiBU aGUgY29tcG FueSBoYXMg aW5pdGlhdG l2ZXMgYWlt ZWQgYXQgc3 VzdGFpbmFi aWxpdHksIG luY2x1ZGlu ZyBhbiBlbX BoYXNpcyBv biBmdWVsLW VmZmljaWVu dCBhaXJjcm FmdCB0aGF0 IGhlbHAgcm VkdWNlIGNh cmJvbiBlbW lzc2lvbnMs IGFsaWduaW 5nIHdpdGgg dGhlIGdyb3 dpbmcgdHJl bmQgdG93YX JkIGVudmly b25tZW50YW xseSByZXNw b25zaWJsZS BhdmlhdGlv biBwcmFjdG ljZXMuPGJy Pk92ZXJhbG wsIEFpciBM ZWFzZSBDb3 Jwb3JhdGlv biBzdGFuZH Mgb3V0IGlu IHRoZSBhdm lhdGlvbiBz ZWN0b3IgZH VlIHRvIGl0 cyBpbm5vdm F0aXZlIGxl YXNpbmcgc2 9sdXRpb25z LCByb2J1c3 QgZmluYW5j aWFsIHByYW N0aWNlcywg YW5kIGNvbW 1pdG1lbnQg dG8gbW9kZX JuaXppbmcg dGhlIGFpcm xpbmUgaW5k dXN0cnkuPG JyPg==

QWlyIExlYX NlIENvcnBv cmF0aW9uIC hBTEMpIHBy aW1hcmlseS BvcGVyYXRl cyBpbiB0aG UgYXZpYXRp b24gc2VjdG 9yLCBmb2N1 c2luZyBvbi B0aGUgbGVh c2luZyBvZi Bjb21tZXJj aWFsIGFpcm NyYWZ0IHRv IGFpcmxpbm VzIGFyb3Vu ZCB0aGUgd2 9ybGQuIFRo ZSBjb21wYW 554oCZcyBi dXNpbmVzcy Btb2RlbCBy ZXZvbHZlcy Bhcm91bmQg c2V2ZXJhbC BrZXkgY29t cG9uZW50cz o8YnI+MS4g QWlyY3JhZn QgTGVhc2lu ZzogQUxDIG FjcXVpcmVz IG5ldyBhbm QgdXNlZCBh aXJjcmFmdC Bmcm9tIG1h bnVmYWN0dX JlcnMgYW5k IHRoZW4gbG Vhc2VzIHRo ZW0gdG8gYW lybGluZXMu IFRoZSBsZW FzZXMgYXJl IHR5cGljYW xseSBsb25n LXRlcm0sIH Byb3ZpZGlu ZyBhaXJsaW 5lcyB3aXRo IGFjY2Vzcy B0byBtb2Rl cm4gYWlyY3 JhZnQgd2l0 aG91dCB0aG Ugc3Vic3Rh bnRpYWwgY2 FwaXRhbCBv dXRsYXkgcm VxdWlyZWQg dG8gcHVyY2 hhc2UgdGhl bSBvdXRyaW dodC48YnI+ Mi4gQXNzZX QgTWFuYWdl bWVudDogVG hlIGNvbXBh bnkgYWN0aX ZlbHkgbWFu YWdlcyBhIG RpdmVyc2lm aWVkIHBvcn Rmb2xpbyBv ZiBhaXJjcm FmdCB0byBt YXhpbWl6ZS ByZXR1cm5z LiBUaGlzIG luY2x1ZGVz IG1vbml0b3 JpbmcgbWFy a2V0IGNvbm RpdGlvbnMs IGFpcmNyYW Z0IHZhbHVl cywgYW5kIG RlbWFuZCBm cm9tIGFpcm xpbmVzLCBl bmFibGluZy BBTEMgdG8g b3B0aW1pem UgaXRzIGxl YXNpbmcgYW dyZWVtZW50 cy48YnI+My 4gRmluYW5j aW5nIGFuZC BDYXBpdGFs IFJhaXNpbm c6IEFpciBM ZWFzZSBDb3 Jwb3JhdGlv biB1c2VzIG EgY29tYmlu YXRpb24gb2 YgZGVidCBh bmQgZXF1aX R5IGZpbmFu Y2luZyB0by BmdW5kIGl0 cyBhaXJjcm FmdCBhY3F1 aXNpdGlvbn MuIFRoZSBj b21wYW55IH JhaXNlcyBj YXBpdGFsIH Rocm91Z2gg YmFuayBsb2 FucywgY2Fw aXRhbCBtYX JrZXRzLCBh bmQgcHVibG ljIG9mZmVy aW5ncywgd2 hpY2ggaGVs cHMgbWFpbn RhaW4gYSBy b2J1c3QgYm FsYW5jZSBz aGVldCBhbm QgZW5hYmxl cyBmdXJ0aG VyIGV4cGFu c2lvbi48Yn I+NC4gTG9u Zy1UZXJtIF JlbGF0aW9u c2hpcHM6IE FMQyBmb2N1 c2VzIG9uIG J1aWxkaW5n IHN0cm9uZy wgbG9uZy10 ZXJtIHJlbG F0aW9uc2hp cHMgd2l0aC BhaXJsaW5l cywgYWlyY3 JhZnQgbWFu dWZhY3R1cm VycywgYW5k IGZpbmFuY2 lhbCBpbnN0 aXR1dGlvbn MuIFRoaXMg bmV0d29yay BoZWxwcyB0 aGUgY29tcG FueSBzZWN1 cmUgZmF2b3 JhYmxlIGxl YXNpbmcgdG VybXMgYW5k IGFjY2Vzcy B0byBuZXcg YWlyY3JhZn QuPGJyPjUu IEdsb2JhbC BSZWFjaDog VGhlIGNvbX Bhbnkgb3Bl cmF0ZXMgaW 50ZXJuYXRp b25hbGx5LC BsZWFzaW5n IGFpcmNyYW Z0IHRvIGEg ZGl2ZXJzZS ByYW5nZSBv ZiBhaXJsaW 5lcyBhY3Jv c3MgdmFyaW 91cyBtYXJr ZXRzLiBUaG lzIGdsb2Jh bCBwcmVzZW 5jZSBoZWxw cyBtaXRpZ2 F0ZSByaXNr cyBhc3NvY2 lhdGVkIHdp dGggcmVnaW 9uYWwgZWNv bm9taWMgZG 93bnR1cm5z Ljxicj42Li BNYWludGVu YW5jZSBhbm QgU3VwcG9y dDogQUxDIG 9mdGVuIHBy b3ZpZGVzIG FkZGl0aW9u YWwgc2Vydm ljZXMgcmVs YXRlZCB0by BhaXJjcmFm dCBtYWludG VuYW5jZSBh bmQgc3VwcG 9ydCwgZW5z dXJpbmcgdG hhdCBpdHMg bGVzc2Vlcy BvcGVyYXRl IGVmZmljaW VudGx5IGFu ZCBzYWZlbH kuIFRoaXMg Y2FuIGVuaG FuY2UgY3Vz dG9tZXIgc2 F0aXNmYWN0 aW9uIGFuZC Bsb3lhbHR5 Ljxicj5VbH RpbWF0ZWx5 LCBBaXIgTG Vhc2UgQ29y cG9yYXRpb2 4gYWltcyB0 byBnZW5lcm F0ZSBzdGVh ZHkgcmV2ZW 51ZSBzdHJl YW1zIHRocm 91Z2ggbGVh c2UgcGF5bW VudHMgd2hp bGUgbWFuYW dpbmcgaXRz IGFzc2V0cy BlZmZlY3Rp dmVseSB0by BjYXBpdGFs aXplIG9uIG 1hcmtldCBv cHBvcnR1bm l0aWVzLjxi cj4=

Air Lease Corporation, as a significant player in the aircraft leasing industry, has earnings, cash flow, and valuation that can be considerably sensitive to changes in interest rates.
1. Earnings Sensitivity: Higher interest rates increase the cost of debt. Since Air Lease often uses financing to acquire aircraft, any rise in interest rates can lead to higher interest expenses, which can negatively impact net income. Furthermore, if the company has fixed-rate leases, an increase in the interest environment can make new leases less profitable, as leasing rates may not rise as quickly as the cost of financing.
2. Cash Flow Sensitivity: Cash flow from operations could be adversely affected by rising interest rates. If Air Lease’s borrowing costs increase, it will lead to higher cash outflows related to interest payments, reducing overall free cash flow available for investments, dividends, or debt repayment. Additionally, if customers face higher financing costs, they may be less willing or able to lease new aircraft or may default on existing leases, further damaging cash flow.
3. Valuation Sensitivity: The valuation of Air Lease Corporation is influenced by interest rates primarily through the Discounted Cash Flow (DCF) analysis method. Higher interest rates increase the discount rate used in valuation calculations, which can depress the present value of future cash flows and earnings. Consequently, an increase in rates typically leads to lower valuation multiples.
In summary, Air Lease Corporation’s financial performance and market valuation are quite sensitive to interest rate changes. Rising rates can lead to increased costs and reduced earnings and cash flows, which in turn can affect the company’s market valuation negatively. Conversely, lower interest rates could have favorable effects on profitability and cash flows, enhancing the company’s valuation.

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 bG9nb3MvTX ByVmhHamlu WnV6WWNhdF BLNHcud2Vi cCIgYWx0PS JBaXIgTGVh c2UgQ29ycC IgdGl0bGU9 IkFpciBMZW FzZSBDb3Jw IiAgY2xhc3 M9ImltZy1m bHVpZCIgaG VpZ2h0PTkw IHdpZHRoPT kwIGxvYWRp bmc9J2xhen knIHN0eWxl PSdib3JkZX ItcmFkaXVz OiA2cHg7Jz 4KCiAgICAg ICAgICAgIC AgICAgICAg PGRpdiBzdH lsZT0nZmxl eDogMTsgdG V4dC1hbGln bjogY2VudG VyOyBtYXJn aW4tbGVmdD ogNXB4Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxwIHN0 eWxlPSdmb2 50LXNpemU6 IDI2cHg7IG NvbG9yOiAj MzMzOyBtYX JnaW4tYm90 dG9tOiAxNX B4Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICDwn5OI IFdhbnQgdG 8gcmVhZCBt b3JlIGFib3 V0IEFpciBM ZWFzZSBDb3 JwPwogICAg ICAgICAgIC AgICAgICAg ICAgICA8L3 A+CgogICAg ICAgICAgIC AgICAgICAg ICAgICA8YS BocmVmPSdp bmRleC5waH A/cGFnZT1z aWdudXAnIH N0eWxlPScK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGJh Y2tncm91bm QtY29sb3I6 ICMwMDdCRk Y7CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bjb2xvcjog I2ZmZjsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIHBhZG Rpbmc6IDEw cHggMjBweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG JvcmRlci1y YWRpdXM6ID VweDsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIHRleHQt ZGVjb3JhdG lvbjogbm9u ZTsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGZvbnQtd2 VpZ2h0OiBi b2xkOwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgbWFyZ2 luLXJpZ2h0 OiAxMHB4Ow ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgdH JhbnNpdGlv bjogYmFja2 dyb3VuZC1j b2xvciAwLj NzIGVhc2U7 JwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg b25tb3VzZW 92ZXI9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA1 NmIzIicKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIG9ubW 91c2VvdXQ9 J3RoaXMuc3 R5bGUuYmFj a2dyb3VuZE NvbG9yPSIj MDA3QkZGIi c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BTaWduIHVw IGZvciBmcm VlCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvYT 4KCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxzcG FuIHN0eWxl PSdtYXJnaW 46IDAgOHB4 OyBjb2xvcj ogIzU1NTsn Pm9yPC9zcG FuPgoKICAg ICAgICAgIC AgICAgICAg ICAgICAgPG EgaHJlZj0n aW5kZXgucG hwP3BhZ2U9 bG9naW4nIH N0eWxlPScK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGNv bG9yOiAjMD A3QkZGOwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgdGV4 dC1kZWNvcm F0aW9uOiB1 bmRlcmxpbm U7CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bmb250LXdl aWdodDogNT AwOyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBsb2cg aW4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9h PgoKCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxw IHN0eWxlPS dtYXJnaW4t dG9wOiAxNX B4OyBmb250 LXNpemU6ID EzcHg7IGZv bnQtd2VpZ2 h0OiBib2xk OyBjb2xvcj ogI2QzMmYy ZjsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAg8J+TnS BKb2luIHVz IGFuZCBncm FiIHlvdXIg Y29weSBvZi A8aT4iVGhl IENoZWNrbG lzdCBWYWx1 ZSBJbnZlc3 RvciDigJQg QSBTbWFydG VyIFdheSB0 byBQaWNrIF N0b2NrcyI8 L2k+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv cD4KCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwh LS0KICAgIC AgICAgICAg ICAgICAgIC AgICAgPGRp diBzdHlsZT 0nbWFyZ2lu LXRvcDogMT JweDsgZm9u dC1zaXplOi AxM3B4OyBj b2xvcjogIz Q0NDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgU2ln biB1cCBub3 cgYW5kIGdl dCBvdXIgZn JlZSBlQm9v ayAKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IDxiPlRoZS BDaGVja2xp c3QgVmFsdW UgSW52ZXN0 b3Ig4oCUIE EgU21hcnRl ciBXYXkgdG 8gUGljayBT dG9ja3M8L2 I+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AgICAgICAg ICAgICAtLT 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPCEtLQ ogICAgICAg ICAgICAgIC AgICAgICAg ICA8ZGl2IH N0eWxlPSdt YXJnaW4tdG 9wOiAxNnB4 OyBmb250LX NpemU6IDE0 cHg7IGNvbG 9yOiAjNDQ0 OyBmb250LW ZhbWlseTog LWFwcGxlLX N5c3RlbSwg QmxpbmtNYW NTeXN0ZW1G b250LCBTZW dvZSBVSSwg Um9ib3RvLC BIZWx2ZXRp Y2EgTmV1ZS wgc2Fucy1z ZXJpZjsgbG luZS1oZWln aHQ6IDEuNj snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgSGF2ZSB5 b3UgaGVhcm QgYWJvdXQg b3VyIHNob3 J0IDxzdHJv bmcgc3R5bG U9J2ZvbnQt d2VpZ2h0Oi A2MDA7Jz5E YWlseSBWaW RlbyBOZXdz bGV0dGVyPC 9zdHJvbmc+ PwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg PGEgaHJlZj 0naHR0cHM6 Ly93d3cuaW 5zaWdodGZ1 bHZhbHVlLm NvbS9uZXdz bGV0dGVyLn BocCcgdGFy Z2V0PSdfYm xhbmsnIHN0 eWxlPSdjb2 xvcjogIzAw N0JGRjsgdG V4dC1kZWNv cmF0aW9uOi Bub25lOyBm b250LXdlaW dodDogNTAw OyBtYXJnaW 4tbGVmdDog NnB4Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgRmluZCBv dXQgbW9yZQ ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9hPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgICAgICAg ICAgICAgLS 0+CiAgICAg ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg IAogICAgIC AgIAogICAg ICAgIDxzcG FuIGNsYXNz PSdibHVycm VkLXRleHQn PgogICAgIC AgICAgICBR V2x5SUV4bF lYIE5sSUVO dmNuQnYgY2 1GMGFXOXVJ QyBoQlRFTX BJR2x6IElH RWdjSEp2Yl cgbHVaVzUw SUhCcyBZWG xsY2lCcGJp IEIwYUdVZ1 lYWnAgWVhS cGIyNGdiRy BWaGMybHVa eUJ0IFlYSn JaWFF1SUUg aGxjbVVnWV hKbCBJSE52 YldVZ2FXID UwWlhKbGMz UnAgYm1jZ1 ptRmpkSCBN Z1lXSnZkWF FnIGRHaGxJ R052YlggQm hibms2UEdK eSBQakV1SU VadmRXIDVr WldRZ2FXNG cgTWpBeE1D QmllUyBCVG RHVjJaVzRn IFZXUjJZWE l0U00gT2hl bmtzSUVGTS BReUJ4ZFds amEyIHg1SU dkeVpYY2cg ZEc4Z1ltVm piMiAxbElH OXVaU0J2IF ppQjBhR1Vn YkcgRnlaMl Z6ZENCaCBh WEpqY21GbW RDIEJzWldG emFXNW4gSU dOdmJYQmhi bSBsbGN5Qn BiaUIwIGFH VWdkMjl5Yk cgUXVJRlZr ZG1GeSBMVW pEb1hwNUlH IGx6SUhKbF kyOW4gYm1s NlpXUWdZWC BNZ1lTQndh Vzl1IFpXVn lJR2x1SUgg Um9aU0JoYV hKaiBjbUZt ZENCc1pXIE Z6YVc1bklH bHUgWkhWem RISjVMaiB4 aWNqNHlMaU JCIFRFTWdj M0JsWTIgbG hiR2w2WlhN ZyBhVzRnY0 hWeVkyIGho YzJsdVp5Qm ogYjIxdFpY SmphVyBGc0 lHRnBjbU55 IFlXWjBJR0 Z1WkMgQnNa V0Z6YVc1bi BJSFJvWlcw Z2RHIDhnWV dseWJHbHUg WlhNZ1lYSn ZkVyA1a0lI Um9aU0JuIG JHOWlaUzRn VkcgaGxJR0 52YlhCaCBi bmtnWm05am RYIE5sY3lC d2NtbHQgWV hKcGJIa2di MiA0Z2JXOW taWEp1IExD Qm1kV1ZzTF cgVm1abWxq YVdWdSBkQ0 JoYVhKamNt IEZtZEN3Z2 QyaHAgWTJn Z1lYSmxJRy AxdmNtVWda VzUyIGFYSn ZibTFsYm4g UmhiR3g1SU daeSBhV1Z1 Wkd4NUlHIE Z1WkNCamIz TjAgTFdWbV ptVmpkRyBs MlpTQm1iM0 lnIFlXbHli R2x1WlggTX VQR0p5UGpN dSBJRlJvWl NCamIyIDF3 WVc1NTRvQ1 ogY3lCbWJH VmxkQyBCcG JtTnNkV1Js IGN5QmhJRz FwZUMgQnZa aUJ1WVhKeS BiM2N0WW05 a2VTIEJoYm 1RZ2QybGsg WlMxaWIyUj VJRyBGcGNt TnlZV1owIE xDQjNhWFJv SUcgMXZaR1 ZzY3lCbSBj bTl0SUcxaG FtIDl5SUcx aGJuVm0gWV dOMGRYSmxj biBNZ2MzVm phQ0JoIGN5 QkNiMlZwYm 0gY2dZVzVr SUVGcCBjbU oxY3k0Z1FV IHhESUdoaG N5QmggSUhK bGNIVjBZWC BScGIyNGda bTl5IElHMW hhVzUwWVcg bHVhVzVuSU dFZyBlVzkx Ym1jZ1lXID VrSUhSbFky aHUgYjJ4dl oybGpZVyB4 c2VTQmhaSF poIGJtTmxa Q0JtYkcgVm xkQzQ4WW5J KyBOQzRnUV V4RElHIDl3 WlhKaGRHVn ogSUhWdVpH VnlJRyBFZ2 RXNXBjWFZs IElHSjFjMm x1WlggTnpJ RzF2WkdWcy BJSFJvWVhR Z1lXIHhzYj NkeklHbDAg SUhSdklHRm tZWCBCMElI RjFhV05yIG JIa2dkRzhn WTIgaGhibW RsY3lCcCBi aUIwYUdVZ1 lYIFpwWVhS cGIyNGcgYl dGeWEyVjBM aSBCVWFHbH pJR1pzIFpY aHBZbWxzYV ggUjVJR2ho Y3lCbyBaV3 h3WldRZ2RH IGhsSUdOdm JYQmggYm5r Z2QyVmhkRy BobGNpQmxZ Mjl1IGIyMX BZeUJrYjMg ZHVkSFZ5Ym 5NZyBZVzVr SUcxaGNtIH RsZENCbWJI VmogZEhWaG RHbHZibiBN dVBHSnlQal V1IElGUm9a U0JqYjIgMX dZVzU1SUdo aCBjeUJsYz NSaFltIHhw YzJobFpDQn MgYjI1bkxY UmxjbSAwZ2 NtVnNZWFJw IGIyNXphR2 x3Y3kgQjNh WFJvSUcxaC BibmtnYkdW aFpHIGx1Wn lCaGFYSnMg YVc1bGN5d2 djSCBKdmRt bGthVzVuIE lIUm9aVzBn ZDIgbDBhQ0 JqZFhOMCBi MjFwZW1Wa0 lHIHhsWVhO cGJtY2cgYz I5c2RYUnBi MiA1eklIUn ZJRzFsIFpY UWdkR2hsYV ggSWdjM0Js WTJsbSBhV0 1nYm1WbFpI IE11UEdKeV BqWXUgSUVG TVF5QnBjeS BCd2RXSnNh V05zIGVTQj BjbUZrWlcg UWdiMjRnZE dobCBJRTVs ZHlCWmIzIE pySUZOMGIy TnIgSUVWNF kyaGhibSBk bElIVnVaR1 Z5IElIUm9a U0IwYVcgTn JaWElnYzNs dCBZbTlzSU VGTUxpIEJV YUdVZ1kyOX QgY0dGdWVT Qm9ZWCBNZ1 kyOXVjMmx6 IGRHVnVkR3 g1SUcgWnZZ M1Z6WldRZy BiMjRnYldG NGFXIDFwZW 1sdVp5Qnog YUdGeVpXaH ZiRyBSbGNp QjJZV3gxIF pTQjBhSEp2 ZFcgZG9JSE 4wY21GMCBa V2RwWXlCbm NtIDkzZEdn Z1lXNWsgSU dWbVptbGph VyBWdWRDQn ZjR1Z5IFlY UnBiMjV6TG ogeGljajQz TGlCSiBiaU JoWkdScGRH IGx2YmlCMG J5QnMgWldG emFXNW5JRy BGcGNtTnlZ V1owIExDQk JURU1nWVcg eHpieUJ3Y2 05MiBhV1Js Y3lCaGMzIE 5sZENCdFlX NWggWjJWdF pXNTBJSCBO bGNuWnBZMl Z6IElHWnZj aUJwZEggTW dZMnhwWlc1 MCBjeXdnYU dWc2NHIGx1 WnlCaGFYSn MgYVc1bGN5 QnZjSCBScG JXbDZaU0Iw IGFHVnBjaU JtYkcgVmxk Q0J3WlhKbS BiM0p0WVc1 alpTIEJoYm 1RZ2NtVmsg ZFdObElHOX daWCBKaGRH bHZibUZzIE lHTnZjM1J6 TGogeGljaj Q0TGlCQiBh WElnVEdWaG MyIFVnUTI5 eWNHOXkgWV hScGIyNGdh WCBNZ2NtVm piMmR1IGFY cGxaQ0JtYj MgSWdhWFJ6 SUhOMCBjbT l1WnlCamNt IFZrYVhRZ2 NtRjAgYVc1 bkxDQjNhRy BsamFDQmhi R3h2IGQzTW dkR2hsSUcg TnZiWEJoYm 5rZyBkRzhn YzJWamRYIE psSUdaaGRt OXkgWVdKc1 pTQm1hVyA1 aGJtTnBibW NnIGRHVnli WE1nWVcgNW tJRzFoYVc1 MCBZV2x1SU dFZ1kyIDl0 Y0dWMGFYUn AgZG1VZ1pX Um5aUyBCcG JpQjBhR1Vn IGJHVmhjMm x1WnkgQnRZ WEpyWlhRdS BQR0p5UGpr dUlGIFJvWl NCamIyMXcg WVc1NUlHaG hjeSBCaVpX VnVJR0ZqIG RHbDJaU0Jw YmkgQnpkWE 4wWVdsdSBZ V0pwYkdsMG VTIEJwYm1s MGFXRjAgYV habGN5d2dj MyBWd2NHOX lkR2x1IFp5 QjBhR1VnZE ggSmhibk5w ZEdsdiBiaU IwYnlCdGIz IEpsSUdWam J5MW0gY21s bGJtUnNlUy BCaGFYSmpj bUZtIGRDQj BaV05vYm0g OXNiMmRwWl hNdSBJRlJv YVhNZ2FXID VqYkhWa1pY TWcgY0dGeW RHbGphWCBC aGRHbHVaeU JwIGJpQnRi MlJsY20gNG dkR1ZqYUc1 diBiRzluYV dWeklIIFJv WVhRZ2NtVm sgZFdObElI Um9aUyBCal lYSmliMjRn IFptOXZkSE J5YVcgNTBJ RzltSUdOdi BiVzFsY21O cFlXIHdnWV hacFlYUnAg YjI0dVBHSn lQaiBFd0xp QkJURU1nIG FHRnpJR1Y0 Y0cgRnVaR1 ZrSUdsMCBj eUJuYkc5aV lXIHdnWm05 dmRIQnkgYV c1MExDQjNh WCBSb0lHOW 1abWxqIFpY TWdhVzRnYV cgMXdiM0ow WVc1MCBJRz FoY210bGRI IE1nZDI5eW JHUjMgYVdS bExDQnBibS BOc2RXUnBi bWNnIFRtOX lkR2dnUVcg MWxjbWxqWV N3ZyBSWFZ5 YjNCbExDIE JCYzJsaExD QmggYm1RZ2 RHaGxJRSAx cFpHUnNaU0 JGIFlYTjBM Q0J3YjMgTn BkR2x2Ym1s dSBaeUJwZE hObGJHIFln WVhNZ1lTQn MgWldGa1pY SWdhVyA0Z2 RHaGxJR2x1 IGRHVnlibU YwYVcgOXVZ V3dnWVhacC BZWFJwYjI0 Z2JHIFZoYz JsdVp5Qnog WldOMGIzSX VJRCB4aWNq NVVhR1Z6IF pTQm1ZV04w Y3kgQm9hV2 RvYkdsbiBh SFFnUVdseU lFIHhsWVhO bElFTnYgY2 5CdmNtRjBh VyA5dTRvQ1 pjeUJ6IGFX ZHVhV1pwWT IgRnVkQ0J5 YjJ4bCBJR2 x1SUhSb1pT IEJqYjIxdF pYSmogYVdG c0lHRjJhVy BGMGFXOXVJ R2x1IFpIVn pkSEo1SUcg RnVaQ0JwZE hNZyBZMjl0 YldsMGJXIF Z1ZENCMGJ5 QnAgYm01dm RtRjBhVyA5 dUlHRnVaQ0 J6IGRYTjBZ V2x1WVcgSn BiR2wwZVM0 OCBZbkkrCi AgICAgICAg PC9zcGFuPg ogICAgICAg IAogICAgIC AgIA==
See Company Q&A