Judges Scientific PLC

-7.19%

More reviews (2)

Live  

Judges Scientific PLC is a UK-based company that specializes in the design, manufacture, and distribution of scientific instruments. The company was founded in 1851, making it one of the oldest scientific equipment companies in the world.
Judges Scientific PLC operates through a number of subsidiary companies, including Fire Testing Technology Limited, Quorum Technologies Ltd, Sircal Instruments (UK) Ltd, and others. These companies develop, produce, and sell a wide range of scientific instruments and equipment used in various industries, including pharmaceuticals, environmental research, materials testing, and more.
The company’s products include microscopy and imaging equipment, materials testing instruments, spectroscopic instruments, and laboratory equipment. Judges Scientific’s products are used in research laboratories, production facilities, universities, and industrial sites around the world.
Judges Scientific is headquartered in East Sussex, UK and has operations in Europe, North America, and Asia. The company is listed on the London Stock Exchange, under the ticker symbol JDG.
In addition to its focus on providing high-quality scientific instruments, Judges Scientific also has a strong commitment to sustainability and environmental responsibility. The company works closely with suppliers and customers to reduce its carbon footprint and implement sustainable practices in its operations.
Overall, Judges Scientific PLC is a well-respected company in the scientific instruments industry, known for its high-quality products and commitment to innovation and sustainability.

MS4gSGlzdG 9yeSBhbmQg ZXhwZXJpZW 5jZTogSnVk Z2VzIFNjaW VudGlmaWMg UExDIHdhcy Bmb3VuZGVk IGluIDIwMD IsIGJ1dCBp dHMgb3Blcm F0aW5nIGNv bXBhbmllcy BoYXZlIGEg bG9uZyBoaX N0b3J5IGRh dGluZyBiYW NrIHRvIHRo ZSBsYXRlID E4MDBzLiBU aGlzIGdpdm VzIHRoZSBj b21wYW55IG Egd2VhbHRo IG9mIGV4cG VyaWVuY2Ug aW4gdGhlIH NjaWVudGlm aWMgaW5zdH J1bWVudHMg aW5kdXN0cn kuPGJyPjIu IEZvY3VzIG 9uIG5pY2hl IG1hcmtldH M6IFRoZSBn cm91cOKAmX Mgc3RyYXRl Z3kgaXMgdG 8gYWNxdWly ZSBhbmQgb3 BlcmF0ZSBu aWNoZSBtYX JrZXQgYnVz aW5lc3Nlcy B0aGF0IHNl cnZlIGEgc3 BlY2lmaWMg YW5kIGdyb3 dpbmcgY3Vz dG9tZXIgbm VlZC4gVGhp cyBoYXMgYW xsb3dlZCBK dWRnZXMgU2 NpZW50aWZp YyB0byBlc3 RhYmxpc2gg YSBzdHJvbm cgcHJlc2Vu Y2UgaW4gbm ljaGUgbWFy a2V0cyBzdW NoIGFzIHRl c3RpbmcgYW 5kIG1lYXN1 cmVtZW50LC BpbmR1c3Ry aWFsIHJlc2 VhcmNoLCBh bmQgcHJvY2 VzcyBjb250 cm9sLjxicj 4zLiBEaXZl cnNpZmllZC Bwb3J0Zm9s aW86IEp1ZG dlcyBTY2ll bnRpZmljIG hhcyBhIHBv cnRmb2xpby BvZiBvdmVy IDIwIGNvbX BhbmllcyB0 aGF0IG9wZX JhdGUgaW4g ZGlmZmVyZW 50IHNlZ21l bnRzIG9mIH RoZSBzY2ll bnRpZmljIG luc3RydW1l bnRzIGluZH VzdHJ5LiBU aGlzIGhlbH BzIHRvIG1p dGlnYXRlIH Jpc2tzIGFu ZCBwcm92aW RlcyBzdGFi aWxpdHkgdG 8gdGhlIGdy b3Vw4oCZcy BmaW5hbmNp YWwgcGVyZm 9ybWFuY2Uu PGJyPjQuIF N0cm9uZyBm aW5hbmNpYW wgcGVyZm9y bWFuY2U6IF RoZSBjb21w YW55IGhhcy Bjb25zaXN0 ZW50bHkgZG VsaXZlcmVk IHN0cm9uZy BmaW5hbmNp YWwgcmVzdW x0cywgd2l0 aCBhIHJlY2 9yZCBvZiBp bmNyZWFzaW 5nIHJldmVu dWVzLCBwcm 9maXRzLCBh bmQgZGl2aW RlbmRzIGV2 ZXJ5IHllYX Igc2luY2Ug aXRzIGluY2 VwdGlvbi4g VGhpcyBoYX MgbWFkZSBp dCBhIHN0cm 9uZyBpbnZl c3RtZW50IG Nob2ljZSBm b3Igc2hhcm Vob2xkZXJz Ljxicj41Li BJbm5vdmF0 aW9uIGFuZC B0ZWNobm9s b2d5OiBKdW RnZXMgU2Np ZW50aWZpYy BpbnZlc3Rz IGhlYXZpbH kgaW4gcmVz ZWFyY2ggYW 5kIGRldmVs b3BtZW50IH RvIHN0YXkg YWhlYWQgb2 YgY29tcGV0 aXRvcnMgYW 5kIGtlZXAg dXAgd2l0aC BhZHZhbmNl bWVudHMgaW 4gdGVjaG5v bG9neS4gVG hpcyBoYXMg YWxsb3dlZC B0aGVtIHRv IG9mZmVyIG lubm92YXRp dmUgcHJvZH VjdHMgYW5k IHNvbHV0aW 9ucyB0byBj dXN0b21lcn MsIHdoaWNo IGluIHR1cm 4gZHJpdmVz IGdyb3d0aC 48YnI+Ni4g R2xvYmFsIH ByZXNlbmNl OiBUaGUgZ3 JvdXAgaGFz IGEgZ2xvYm FsIHByZXNl bmNlLCB3aX RoIHNhbGVz IGFuZCBkaX N0cmlidXRp b24gbmV0d2 9ya3MgaW4g RXVyb3BlLC BOb3J0aCBB bWVyaWNhLC BhbmQgQXNp YS4gVGhpcy BhbGxvd3Mg dGhlbSB0by BzZXJ2ZSBh IGRpdmVyc2 UgY3VzdG9t ZXIgYmFzZS BhbmQgYWNj ZXNzIG5ldy BtYXJrZXRz IGZvciBncm 93dGggb3Bw b3J0dW5pdG llcy48YnI+ Ny4gQ29ycG 9yYXRlIHJl c3BvbnNpYm lsaXR5OiBK dWRnZXMgU2 NpZW50aWZp YyBpcyBjb2 1taXR0ZWQg dG8gY29ycG 9yYXRlIHJl c3BvbnNpYm lsaXR5LCB3 aXRoIGEgZm 9jdXMgb24g ZXRoaWNhbC BidXNpbmVz cyBwcmFjdG ljZXMsIGNv bW11bml0eS BlbmdhZ2Vt ZW50LCBhbm QgZW52aXJv bm1lbnRhbC BzdXN0YWlu YWJpbGl0eS 4gVGhpcyBo YXMgaGVscG VkIHRoZW0g YnVpbGQgYS Bwb3NpdGl2 ZSByZXB1dG F0aW9uIGFu ZCBmb3N0ZX IgbG9uZy10 ZXJtIHJlbG F0aW9uc2hp cHMgd2l0aC BzdGFrZWhv bGRlcnMu

VGhlIGJ1c2 luZXNzIG1v ZGVsIG9mIE p1ZGdlcyBT Y2llbnRpZm ljIFBMQyBp cyBmb2N1c2 VkIG9uIGFj cXVpcmluZy BhbmQgbWFu YWdpbmcgYS Bwb3J0Zm9s aW8gb2Ygbm ljaGUgc2Np ZW50aWZpYy BpbnN0cnVt ZW50IGNvbX Bhbmllcy4g VGhlc2UgY2 9tcGFuaWVz IHNwZWNpYW xpemUgaW4g dGhlIGRlc2 lnbiwgbWFu dWZhY3R1cm UsIGFuZCBz YWxlIG9mIG hpZ2ggcHJl Y2lzaW9uIG luc3RydW1l bnRzIHVzZW QgaW4gYSB2 YXJpZXR5IG 9mIGFwcGxp Y2F0aW9ucy BzdWNoIGFz IHJlc2Vhcm NoLCBtYW51 ZmFjdHVyaW 5nLCBhbmQg cXVhbGl0eS Bjb250cm9s Ljxicj5KdW RnZXMgU2Np ZW50aWZpYy BQTEMgb3Bl cmF0ZXMgYX MgYSBob2xk aW5nIGNvbX BhbnksIG93 bmluZyBhIG dyb3VwIG9m IHN1YnNpZG lhcnkgY29t cGFuaWVzIH doaWNoIG9w ZXJhdGUgaW 5kZXBlbmRl bnRseSB1bm RlciB0aGVp ciBvd24gYn JhbmQgbmFt ZXMuIFRoZX NlIHN1YnNp ZGlhcmllcy BhcmUgcmVz cG9uc2libG UgZm9yIHRo ZSBkZXZlbG 9wbWVudCwg cHJvZHVjdG lvbiwgYW5k IGRpc3RyaW J1dGlvbiBv ZiB0aGVpci Bvd24gc3Bl Y2lmaWMgc2 NpZW50aWZp YyBpbnN0cn VtZW50cy48 YnI+VGhlIG NvbXBhbnni gJlzIGJ1c2 luZXNzIG1v ZGVsIGlzIG NlbnRlcmVk IG9uIHByb3 ZpZGluZyBz dXBwb3J0IG FuZCByZXNv dXJjZXMgdG 8gaXRzIHN1 YnNpZGlhcn kgY29tcGFu aWVzLCBhbG xvd2luZyB0 aGVtIHRvIG ZvY3VzIG9u IGlubm92YX Rpb24gYW5k IHNlcnZpbm cgdGhlaXIg bmljaGUgbW Fya2V0cy4g SnVkZ2VzIF NjaWVudGlm aWMgUExDIG Fsc28gc2Vl a3MgdG8gaW RlbnRpZnkg YW5kIGFjcX VpcmUgbmV3 IGNvbXBhbm llcyB3aXRo IGNvbXBsZW 1lbnRhcnkg cHJvZHVjdH MgYW5kIHRl Y2hub2xvZ2 llcywgaW4g b3JkZXIgdG 8gZ3JvdyBp dHMgcG9ydG ZvbGlvIGFu ZCBleHBhbm QgaXRzIHJl YWNoIGluIH RoZSBzY2ll bnRpZmljIG luc3RydW1l bnQgbWFya2 V0Ljxicj5J biBhZGRpdG lvbiB0byBh Y3F1aXJpbm cgYW5kIG1h bmFnaW5nIH N1YnNpZGlh cnkgY29tcG FuaWVzLCBK dWRnZXMgU2 NpZW50aWZp YyBQTEMgYW xzbyBmb2N1 c2VzIG9uIG J1aWxkaW5n IHN0cm9uZy ByZWxhdGlv bnNoaXBzIH dpdGggaXRz IGN1c3RvbW VycywgbWFp bnRhaW5pbm cgYSBoaWdo IGxldmVsIG 9mIHByb2R1 Y3QgcXVhbG l0eSwgYW5k IGNvbnRpbn VvdXNseSBp bnZlc3Rpbm cgaW4gcmVz ZWFyY2ggYW 5kIGRldmVs b3BtZW50IH RvIHN0YXkg YXQgdGhlIG ZvcmVmcm9u dCBvZiB0ZW Nobm9sb2dp Y2FsIGFkdm FuY2VtZW50 cyBpbiB0aG Ugc2NpZW50 aWZpYyBpbn N0cnVtZW50 IGluZHVzdH J5Ljxicj5P dmVyYWxsLC B0aGUgYnVz aW5lc3MgbW 9kZWwgb2Yg SnVkZ2VzIF NjaWVudGlm aWMgUExDIG lzIGNlbnRl cmVkIG9uIH N0cmF0ZWdp YyBhY3F1aX NpdGlvbnMs IGVmZmVjdG l2ZSBtYW5h Z2VtZW50IG 9mIGl0cyBz dWJzaWRpYX J5IGNvbXBh bmllcywgYW 5kIGEgY29t bWl0bWVudC B0byBwcm92 aWRpbmcgaG lnaC1xdWFs aXR5IHByb2 R1Y3RzIHRv IGl0cyBjdX N0b21lcnMg aW4gbmljaG Ugc2NpZW50 aWZpYyBtYX JrZXRzLg==

The sensitivity of Judges Scientific PLC’s earnings, cash flow, and valuation to changes in interest rates can be understood through several factors:
1. Earnings Sensitivity: Judges Scientific’s earnings could be impacted by changes in interest rates primarily through their borrowing costs. If interest rates rise, the company may face higher interest expenses on any outstanding debt, which could erode profit margins. Conversely, lower interest rates could benefit their earnings by reducing financing costs.
2. Cash Flow Sensitivity: Cash flow can also be affected by interest rate changes. Higher rates can lead to reduced consumer and business spending, potentially impacting Judges Scientific’s sales and cash generation. Additionally, if the company relies on financing for operations or growth, higher rates might reduce available cash flow due to increased servicing costs. A lower interest rate environment may enhance cash flow by leading to higher sales and lower borrowing costs.
3. Valuation Sensitivity: Valuation is sensitive to interest rates through the discount rate applied in financial models. When interest rates increase, the discount rate typically rises, leading to a lower present value of future cash flows. This can result in a decline in the company’s valuation. Conversely, lower interest rates can lead to a higher valuation due to a lower discount rate applied to future earnings.
Overall, the sensitivity of Judges Scientific’s financial metrics to interest rate changes stems from their cost of borrowing, the economic environment’s impact on sales, and how these factors influence the discounted cash flow valuation. Understanding the company’s debt structure and its exposure to variable interest rates can provide additional insights into this sensitivity.

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 bG9nb3MvTk ZQNHgyTnlF S05NdEQwNz VoWGsud2Vi cCIgYWx0PS JKdWRnZXMg U2NpZW50aW ZpYyBQTEMi IHRpdGxlPS JKdWRnZXMg U2NpZW50aW ZpYyBQTEMi ICBjbGFzcz 0iaW1nLWZs dWlkIiBoZW lnaHQ9OTAg d2lkdGg9OT AgbG9hZGlu Zz0nbGF6eS cgc3R5bGU9 J2JvcmRlci 1yYWRpdXM6 IDZweDsnPg oKICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdmbGV4 OiAxOyB0ZX h0LWFsaWdu OiBjZW50ZX I7IG1hcmdp bi1sZWZ0Oi A1cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPHAgc3R5 bGU9J2Zvbn Qtc2l6ZTog MjZweDsgY2 9sb3I6ICMz MzM7IG1hcm dpbi1ib3R0 b206IDE1cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIPCfk4gg V2FudCB0by ByZWFkIG1v cmUgYWJvdX QgSnVkZ2Vz IFNjaWVudG lmaWMgUExD 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+OgSBG cmVlIGRvd2 5sb2FkISA8 aT4iVGhlIE NoZWNrbGlz dCBWYWx1ZS BJbnZlc3Rv ciDigJQgQS BTbWFydGVy IFdheSB0by BQaWNrIFN0 b2NrcyI8L2 k+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvcD 4KCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwhLS 0KICAgICAg ICAgICAgIC AgICAgICAg ICAgPGRpdi BzdHlsZT0n bWFyZ2luLX RvcDogMTJw eDsgZm9udC 1zaXplOiAx M3B4OyBjb2 xvcjogIzQ0 NDsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgU2lnbi B1cCBub3cg YW5kIGdldC BvdXIgZnJl ZSBlQm9vay AKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgID xiPlRoZSBD aGVja2xpc3 QgVmFsdWUg SW52ZXN0b3 Ig4oCUIEEg U21hcnRlci BXYXkgdG8g UGljayBTdG 9ja3M8L2I+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAg ICAgICAgIC AgICAtLT4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPCEtLQog ICAgICAgIC AgICAgICAg ICAgICAgIC A8ZGl2IHN0 eWxlPSdtYX JnaW4tdG9w OiAxNnB4Oy Bmb250LXNp emU6IDE0cH g7IGNvbG9y OiAjNDQ0Oy Bmb250LWZh bWlseTogLW FwcGxlLXN5 c3RlbSwgQm xpbmtNYWNT eXN0ZW1Gb2 50LCBTZWdv ZSBVSSwgUm 9ib3RvLCBI ZWx2ZXRpY2 EgTmV1ZSwg c2Fucy1zZX JpZjsgbGlu ZS1oZWlnaH Q6IDEuNjsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg SGF2ZSB5b3 UgaGVhcmQg YWJvdXQgb3 VyIHNob3J0 IDxzdHJvbm cgc3R5bGU9 J2ZvbnQtd2 VpZ2h0OiA2 MDA7Jz5EYW lseSBWaWRl byBOZXdzbG V0dGVyPC9z dHJvbmc+Pw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgPG EgaHJlZj0n aHR0cHM6Ly 93d3cuaW5z aWdodGZ1bH ZhbHVlLmNv bS9uZXdzbG V0dGVyLnBo cCcgdGFyZ2 V0PSdfYmxh bmsnIHN0eW xlPSdjb2xv cjogIzAwN0 JGRjsgdGV4 dC1kZWNvcm F0aW9uOiBu b25lOyBmb2 50LXdlaWdo dDogNTAwOy BtYXJnaW4t bGVmdDogNn B4Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg RmluZCBvdX QgbW9yZQog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9h PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgLS0+ CiAgICAgIC AgICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIA ogICAgICAg IAogICAgIC AgIDxzcGFu IGNsYXNzPS dibHVycmVk LXRleHQnPg ogICAgICAg ICAgICBNUz RnVkdobElH IE52YlhCaG Jua2cgZDJG eklHWnZkVy A1a1pXUWdh VzRnIE1qQX dNU0JoYm0g UWdhWE1nYU dWaCBaSEYx WVhKMFpYIE psWkNCcGJp Qk0gYjI1a2 IyNHNJRSBW dVoyeGhibV F1IFBHSnlQ akl1SUYgUm 9aU0JqYjIx dyBZVzU1SU dseklHIHhw YzNSbFpDQn YgYmlCMGFH VWdURyA5dV pHOXVJRk4w IGIyTnJJRV Y0WTIgaGhi bWRsSUdGdS BaQ0JwY3lC aElHIE52Ym 5OMGFYUjEg Wlc1MElHOW 1JSCBSb1pT QkdWRk5GIE lESTFNQ0JK Ym0gUmxlQz Q4WW5JKyBN eTRnU25Wa1 oyIFZ6SUZO amFXVnUgZE dsbWFXTWdV RSB4RElHbH pJR0VnIFoy eHZZbUZzSU ggTjFjSEJz YVdWeSBJRz ltSUdsdWMz IFJ5ZFcxbG JuUnogTENC elkybGxibi BScFptbGpJ R1Z4IGRXbH diV1Z1ZEMg d2dZVzVrSU hObCBjblpw WTJWeklIIF J2SUhaaGNt bHYgZFhNZ2 FXNWtkWCBO MGNtbGxjeU J6IGRXTm9J R0Z6SUggSm xjMlZoY21O byBMQ0J3YU dGeWJXIEZq WlhWMGFXTm ggYkN3Z1lX NWtJRyBWdW RtbHliMjV0 IFpXNTBZV3 d1UEcgSnlQ alF1SUZSby BaV2x5SUhC eWIyIFIxWT NSeklISmgg Ym1kbElHWn liMiAwZ2JH RmliM0poIG RHOXllU0Js Y1ggVnBjRz FsYm5RZyBk RzhnYVc1a2 RYIE4wY21s aGJDQnQgWV dOb2FXNWxj eSBCaGJtUW dhVzVqIGJI VmtaU0JpY2 0gRnVaSE1n YzNWaiBhQ0 JoY3lCVFpY IEJ0WVdjc0 lGTXUgUlM1 TElGTmphVy BWdWRHbG1h V01zIElGRj FiM0oxYlMg QlVaV05vYm 05cyBiMmRw WlhNc0lHIE Z1WkNCR2FY SmwgSUZSbG MzUnBibSBj Z1ZHVmphRz V2IGJHOW5l UzQ4WW4gSS tOUzRnU25W ayBaMlZ6SU ZOamFXIFZ1 ZEdsbWFXTW cgVUV4RElH aGhjeSBCaE lHUnBkbVZ5 IGMyVWdZM1 Z6ZEcgOXRa WElnWW1Gei BaU0JoYm1R Z2MyIFZ5ZG 1WeklHTnMg YVdWdWRITW dhVyA0Z2Iz WmxjaUE0IE 1DQmpiM1Z1 ZEggSnBaWE 11UEdKeSBQ all1SUVsdU lEIEl3TWpB c0lIUm8gWl NCamIyMXdZ VyA1NTRvQ1 pjeUJ5IFpY WmxiblZsSU ggZGhjeUJ2 ZG1WeSBJTU tqT0RNZ2JX IGxzYkdsdm Jpd2cgZDJs MGFDQmhiaS BCdmNHVnlZ WFJwIGJtY2 djSEp2Wm0g bDBJRzltSU c5MiBaWEln d3FNeU1DIE J0YVd4c2FX OXUgTGp4aW NqNDNMaSBC S2RXUm5aWE 1nIFUyTnBa VzUwYVcgWn BZeUJRVEVN ZyBhR0Z6SU dFZ2MzIFJ5 YjI1bklHWn YgWTNWeklH OXVJRyBsdW JtOTJZWFJw IGIyNGdZVz VrSUcgbHVk bVZ6ZEhNZy BhR1ZoZG1s c2VTIEJwYm lCeVpYTmwg WVhKamFDQm hibSBRZ1pH VjJaV3h2IG NHMWxiblF1 SUUgbHVJRE l3TWpBcyBJ SFJvWlhrZ2 MzIEJsYm5R Z2IzWmwgY2 lEQ296TWdi VyBsc2JHbH ZiaUJ2IGJp QlNKa1F1UE cgSnlQamd1 SUZSbyBaU0 JqYjIxd1lX IDU1SUdoaG N5QnQgWVdS bElITmxkbS BWeVlXd2dZ V054IGRXbH phWFJwYjIg NXpJRzkyWl hJZyBkR2hs SUhsbFlYIE p6SUhSdklH VnUgYUdGdV kyVWdhWCBS eklIQnliMl IxIFkzUWdi MlptWlggSn BibWR6SUdG dSBaQ0JsZU hCaGJtIFFn YVhSeklHZH MgYjJKaGJD QnlaVyBGam FDNGdVMjl0 IFpTQnViM1 JoWW0geGxJ R0ZqY1hWcC BjMmwwYVc5 dWN5IEJwYm 1Oc2RXUmwg SUVSbFltVn VJRiBWTElF eDBaQ0JwIG JpQXlNREV4 TEMgQlRZMm x2YmlCSiBi bk4wY25WdF pXIDUwY3lC cGJpQXkgTU RFMkxDQmhi bSBRZ1FuVn lhMnhsIElF ZHRZa2dnYV cgNGdNakF5 TUM0OCBZbk krT1M0Z1Nu IFZrWjJWek lGTmogYVdW dWRHbG1hVy BNZ1VFeERJ R2hoIGN5Qm laV1Z1SUgg SmxZMjluYm 1sNiBaV1Fn Wm05eUlHIG wwY3lCbmNt OTMgZEdnZ1 lXNWtJSCBO MVkyTmxjM0 1zIElIZHBi bTVwYm0gY2 diWFZzZEds dyBiR1VnWV hkaGNtIFJ6 TENCcGJtTn MgZFdScGJt Y2dkRyBobE lFRkpUU0JV IGNtRnVjMk ZqZEcgbHZi aUJ2WmlCMC BhR1VnV1dW aGNpIEJoZE NCMGFHVWcg TWpBeE9TQk JTVSAwZ1FY ZGhjbVJ6IE xqeGljajR4 TUMgNGdWR2 hsSUdOdiBi WEJoYm5rZ2 FHIEZ6SUdF Z2MzUnkgYj I1bklHTnZi VyAxcGRHMW xiblFnIGRH OGdjM1Z6ZE cgRnBibUZp YVd4cCBkSG tnWVc1a0lH IGhoY3lCcG JYQnMgWlcx bGJuUmxaQy BCMllYSnBi M1Z6IElHbH VhWFJwWVgg UnBkbVZ6SU hSdiBJSEps WkhWalpTIE JwZEhNZ1ky RnkgWW05dU lHWnZiMyBS d2NtbHVkQ3 dnIGFXNWpi SFZrYVcgNW 5JSFZ6YVc1 biBJSEpsYm 1WM1lXIEpz WlNCbGJtVn kgWjNrZ2My OTFjbSBObG N5QmhibVFn IGNtVmtkV0 5wYm0gY2dk MkZ6ZEdVZy BhVzRnYVhS eklHIDl3Wl hKaGRHbHYg Ym5NdQogIC AgICAgIDwv c3Bhbj4KIC AgICAgICAK ICAgICAgIC A=
See Company Q&A