Sabine Royalty Trust

-9.23%

Live  

The Sabine Royalty Trust is a publicly traded trust that was formed in 1982. The trust holds overriding royalty interests, or rights to a portion of the proceeds from the production of oil, gas, and other minerals, in various properties primarily located in Texas, Louisiana, and Mississippi.
The trust’s portfolio includes interests in approximately 2.5 million gross acres, with over 47,000 net royalty acres. The trust’s royalty interests are leased to oil and gas companies who pay monthly royalties based on production from the properties.
The trust is managed by a trustee and a team of professionals who oversee the collection and distribution of royalty payments to unit holders. Unit holders, who are typically individuals and institutions, own a pro rata share of the trust’s royalty interests.
The trust’s main source of income is the royalties received from oil and gas production, and the trust provides regular distributions to unit holders on a monthly basis. The amount of the distributions can vary based on numerous factors, including the prices of oil and gas, the production levels of the underlying properties, and the trust’s expenses.
The trust is a popular investment choice for individuals seeking exposure to the oil and gas industry without the risks and costs associated with direct ownership of mineral rights. The trust also provides income diversification for unit holders, as the trust’s royalty interests are spread across numerous properties and operators.
Overall, the Sabine Royalty Trust is a reputable company with a long history of providing consistent returns to its unit holders through the collection and distribution of royalty payments.

VGhlcmUgYX JlIGEgZmV3 IGNoYXJhY3 RlcmlzdGlj cyB0aGF0IG 1ha2UgdGhl IFNhYmluZS BSb3lhbHR5 IFRydXN0IG NvbXBhbnkg dW5pcXVlOj xicj4xLiBU cnVzdCBTdH J1Y3R1cmU6 IFNhYmluZS BSb3lhbHR5 IFRydXN0IG lzIGEgdW5p cXVlIGVudG l0eSBpbiB0 aGF0IGl0IG lzIGEgdHJ1 c3QgcmF0aG VyIHRoYW4g YSB0cmFkaX Rpb25hbCBj b3Jwb3JhdG lvbi4gVGhp cyBtZWFucy B0aGF0IHRo ZSBjb21wYW 55IGlzIG1h bmFnZWQgYn kgYSB0cnVz dGVlIHdoby BpcyByZXNw b25zaWJsZS Bmb3IgZGlz dHJpYnV0aW 5nIGluY29t ZSBmcm9tIG 9pbCBhbmQg Z2FzIHJveW FsdGllcyB0 byB0aGUgdH J1c3TigJlz IHVuaXRob2 xkZXJzIChv ciBzaGFyZW hvbGRlcnMp Ljxicj4yLi BSb3lhbHR5 LUZvY3VzZW Q6IFRoZSBj b21wYW554o CZcyBwcmlt YXJ5IHNvdX JjZSBvZiBp bmNvbWUgY2 9tZXMgZnJv bSBvaWwgYW 5kIGdhcyBy b3lhbHRpZX Mgb24gcHJv cGVydGllcy BpbiBMb3Vp c2lhbmEsIF RleGFzLCBh bmQgTWlzc2 lzc2lwcGku IFRoaXMgZm 9jdXMgb24g cm95YWx0eS BpbmNvbWUg c2V0cyBTYW JpbmUgUm95 YWx0eSBUcn VzdCBhcGFy dCBmcm9tIG 90aGVyIGVu ZXJneSBjb2 1wYW5pZXMg dGhhdCBtYX kgYmUgaW52 b2x2ZWQgaW 4gZXhwbG9y YXRpb24gYW 5kIHByb2R1 Y3Rpb24gYW N0aXZpdGll cy48YnI+My 4gQ29uc2lz dGVudCBEaX ZpZGVuZCBQ YXlvdXRzOi BBcyBhIHRy dXN0LCBTYW JpbmUgUm95 YWx0eSBUcn VzdCBpcyBy ZXF1aXJlZC B0byBkaXN0 cmlidXRlIG 1vc3Qgb2Yg aXRzIGluY2 9tZSB0byB1 bml0aG9sZG VycyBpbiB0 aGUgZm9ybS BvZiBkaXZp ZGVuZHMuIF RoZSB0cnVz dCBoYXMgYS BoaXN0b3J5 IG9mIGNvbn Npc3RlbnRs eSBwYXlpbm cgb3V0IGRp dmlkZW5kcy wgbWFraW5n IGl0IGFuIG F0dHJhY3Rp dmUgaW52ZX N0bWVudCBm b3IgdGhvc2 Ugc2Vla2lu ZyByZWd1bG FyIGluY29t ZS48YnI+NC 4gTGltaXRl ZCBFeHBlbn NlczogVW5s aWtlIHRyYW RpdGlvbmFs IGNvcnBvcm F0aW9ucywg U2FiaW5lIF JveWFsdHkg VHJ1c3QgaG FzIHJlbGF0 aXZlbHkgbG 93IG9wZXJh dGluZyBleH BlbnNlcy4g VGhpcyBpcy BiZWNhdXNl IHRoZSB0cn VzdCBkb2Vz IG5vdCBlbm dhZ2UgaW4g ZXhwbG9yYX Rpb24gb3Ig cHJvZHVjdG lvbiBhY3Rp dml0aWVzLC BhbmQgaXRz IG9ubHkgc2 lnbmlmaWNh bnQgZXhwZW 5zZSBpcyB0 aGUgdHJ1c3 RlZeKAmXMg Y29tcGVuc2 F0aW9uLjxi cj41LiBMb2 5nLUxhc3Rp bmcgQXNzZX RzOiBUaGUg dHJ1c3TigJ lzIHJveWFs dHkgaW50ZX Jlc3RzIGlu IG9pbCBhbm QgZ2FzIHBy b3BlcnRpZX MgY2FuIGdl bmVyYXRlIG luY29tZSBm b3IgbWFueS B5ZWFycywg bWFraW5nIF NhYmluZSBS b3lhbHR5IF RydXN0IGEg bG9uZy10ZX JtIGludmVz dG1lbnQgb3 B0aW9uLjxi cj42LiBUYX ggQmVuZWZp dHM6IFRydX N0cyBzdWNo IGFzIFNhYm luZSBSb3lh bHR5IFRydX N0IG1heSBo YXZlIGZhdm 9yYWJsZSB0 YXggc3RydW N0dXJlcyB0 aGF0IGNhbi BiZW5lZml0 IHVuaXRob2 xkZXJzLiBG b3IgZXhhbX BsZSwgdGhl IHRydXN04o CZcyBpbmNv bWUgaXMgb2 5seSB0YXhl ZCBvbmNlIG F0IHRoZSBp bmRpdmlkdW FsIGludmVz dG9yIGxldm VsLCByYXRo ZXIgdGhhbi BhdCB0aGUg Y29ycG9yYX RlIGFuZCBp bmRpdmlkdW FsIGxldmVs cywgYXMgaX MgdGhlIGNh c2Ugd2l0aC B0cmFkaXRp b25hbCBjb3 Jwb3JhdGlv bnMuIFRoaX MgY2FuIHJl c3VsdCBpbi Bsb3dlciB0 YXggcGF5bW VudHMgZm9y IGludmVzdG 9ycy48YnI+ T3ZlcmFsbC wgdGhlIFNh YmluZSBSb3 lhbHR5IFRy dXN04oCZcy B0cnVzdCBz dHJ1Y3R1cm UsIGZvY3Vz IG9uIHJveW FsdGllcywg Y29uc2lzdG VudCBkaXZp ZGVuZHMsIG xpbWl0ZWQg ZXhwZW5zZX MsIGxvbmct bGFzdGluZy Bhc3NldHMs IGFuZCBwb3 RlbnRpYWwg dGF4IGJlbm VmaXRzIG1h a2UgaXQgYS B1bmlxdWUg Y29tcGFueS BpbiB0aGUg ZW5lcmd5IG luZHVzdHJ5 Lg==

VGhlIFNhYm luZSBSb3lh bHR5IFRydX N0IGlzIGEg cHVibGljbH kgdHJhZGVk IGNvbXBhbn kgdGhhdCBv cGVyYXRlcy BhcyBhIHJv eWFsdHktYm FzZWQgdHJ1 c3QuIEl0cy BwcmltYXJ5 IGJ1c2luZX NzIGlzIGNv bGxlY3Rpbm cgYW5kIGRp c3RyaWJ1dG luZyBpbmNv bWUgZnJvbS BvaWwgYW5k IGdhcyBwcm 9wZXJ0aWVz IGxvY2F0ZW QgcHJpbWFy aWx5IGluIF RleGFzLCBM b3Vpc2lhbm EsIE1pc3Np c3NpcHBpLC BOZXcgTWV4 aWNvLCBPa2 xhaG9tYSwg YW5kIEFsYW JhbWEuIFRo ZSBjb21wYW 554oCZcyBi dXNpbmVzcy Btb2RlbCBp bnZvbHZlcy Bvd25pbmcg cm95YWx0eS ByaWdodHMg dG8gbmF0dX JhbCBnYXMg YW5kIGNydW RlIG9pbCBy ZXNlcnZlcy wgd2hpY2gg YXJlIG1hbm FnZWQgYW5k IG9wZXJhdG VkIGJ5IHZh cmlvdXMgaW 5kZXBlbmRl bnQgb2lsIG FuZCBnYXMg Y29tcGFuaW VzLiBTYWJp bmUgUm95YW x0eSBUcnVz dCBlYXJucy BpbmNvbWUg ZnJvbSBpdH Mgcm95YWx0 eSBpbnRlcm VzdHMsIHdo aWNoIGFyZS BkaXN0cmli dXRlZCB0by B0cnVzdCB1 bml0IGhvbG RlcnMgb24g YSBtb250aG x5IGJhc2lz LiBUaGUgY2 9tcGFueSBk b2VzIG5vdC BlbmdhZ2Ug aW4gZXhwbG 9yYXRpb24s IGRyaWxsaW 5nLCBvciBw cm9kdWN0aW 9uIGFjdGl2 aXRpZXMsIG J1dCBpbnN0 ZWFkIHJlbG llcyBvbiB0 aGUgcHJvZH VjdGlvbiBh bmQgc2FsZS BvZiBvaWwg YW5kIGdhcy BieSB0aGUg b3BlcmF0b3 JzIG9mIHRo ZSBwcm9wZX J0aWVzIGlu IHdoaWNoIG l0IGhvbGRz IHJveWFsdH kgaW50ZXJl c3RzLg==

The sensitivity of the Sabine Royalty Trust’s earnings, cash flow, and valuation to changes in interest rates can be analyzed through several key aspects:
1. Earnings Sensitivity: The trust generates revenue primarily from oil and natural gas royalties. While direct changes in interest rates may not have an immediate impact on commodity prices, higher interest rates can lead to reduced capital expenditures within the energy sector, affecting production levels and consequently the royalty revenues of the trust. If capital costs rise due to increased rates, exploration and drilling activities may slow, potentially leading to lower future earnings.
2. Cash Flow Sensitivity: Cash flows for the trust depend on the revenues generated from its royalty streams, which are influenced by commodity prices. Higher interest rates can contribute to economic slowdowns that might depress demand for oil and gas, leading to lower prices and cash flows. Additionally, if rates rise significantly, the higher cost of borrowing may affect the cash flow of energy companies, ultimately impacting the royalties paid to the trust.
3. Valuation Sensitivity: The valuation of the Sabine Royalty Trust is often linked to its expected future cash flows, discounted back to present value at a certain rate. Higher interest rates increase the discount rate, which in turn lowers the present value of those future cash flows. This means that as interest rates rise, the market valuation of the trust may decrease, all else being equal.
Overall, while Sabine Royalty Trust’s direct sensitivity to interest rates might not be as pronounced as in other sectors, the indirect effects via their impact on commodity prices, energy sector investment, and overall market valuations can lead to notable changes in earnings, cash flow, and 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 bG9nb3MvUl RhOWQ4Ynhw QXRmSThad2 dxZ20ud2Vi cCIgYWx0PS JTYWJpbmUg Um95YWx0eS BUcnVzdCIg dGl0bGU9Il NhYmluZSBS b3lhbHR5IF RydXN0IiAg Y2xhc3M9Im ltZy1mbHVp ZCIgaGVpZ2 h0PTkwIHdp ZHRoPTkwIG xvYWRpbmc9 J2xhenknIH N0eWxlPSdi b3JkZXItcm FkaXVzOiA2 cHg7Jz4KCi AgICAgICAg ICAgICAgIC AgICAgPGRp diBzdHlsZT 0nZmxleDog MTsgdGV4dC 1hbGlnbjog Y2VudGVyOy BtYXJnaW4t bGVmdDogNX B4Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID xwIHN0eWxl PSdmb250LX NpemU6IDI2 cHg7IGNvbG 9yOiAjMzMz OyBtYXJnaW 4tYm90dG9t OiAxNXB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Dwn5OIIFdh bnQgdG8gcm VhZCBtb3Jl IGFib3V0IF NhYmluZSBS b3lhbHR5IF RydXN0Pwog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L3A+Cgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdpbmRleC 5waHA/cGFn ZT1zaWdudX AnIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJhY2tncm 91bmQtY29s b3I6ICMwMD dCRkY7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBjb2xv cjogI2ZmZj sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH BhZGRpbmc6 IDEwcHggMj BweDsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJvcmRl ci1yYWRpdX M6IDVweDsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHRl eHQtZGVjb3 JhdGlvbjog bm9uZTsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGZvbn Qtd2VpZ2h0 OiBib2xkOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgbW FyZ2luLXJp Z2h0OiAxMH B4OwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdHJhbnNp dGlvbjogYm Fja2dyb3Vu ZC1jb2xvci AwLjNzIGVh c2U7JwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgb25tb3 VzZW92ZXI9 J3RoaXMuc3 R5bGUuYmFj a2dyb3VuZE NvbG9yPSIj MDA1NmIzIi cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG 9ubW91c2Vv dXQ9J3RoaX Muc3R5bGUu YmFja2dyb3 VuZENvbG9y PSIjMDA3Qk ZGIic+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBTaWdu IHVwIGZvci BmcmVlCiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvYT4KCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xzcGFuIHN0 eWxlPSdtYX JnaW46IDAg OHB4OyBjb2 xvcjogIzU1 NTsnPm9yPC 9zcGFuPgoK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGEgaHJl Zj0naW5kZX gucGhwP3Bh Z2U9bG9naW 4nIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGNvbG9yOi AjMDA3QkZG OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dGV4dC1kZW NvcmF0aW9u OiB1bmRlcm xpbmU7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBmb250 LXdlaWdodD ogNTAwOyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBs b2cgaW4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9hPgoKCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxwIHN0eW xlPSdtYXJn aW4tdG9wOi AxNXB4OyBm b250LXNpem U6IDEzcHg7 IGZvbnQtd2 VpZ2h0OiBi b2xkOyBjb2 xvcjogI2Qz MmYyZjsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAg8J +TnSBKb2lu IHVzIGFuZC BncmFiIHlv dXIgY29weS BvZiA8aT4i VGhlIENoZW NrbGlzdCBW YWx1ZSBJbn Zlc3RvciDi gJQgQSBTbW FydGVyIFdh eSB0byBQaW NrIFN0b2Nr cyI8L2k+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvcD4KCi AgICAgICAg ICAgICAgIC AgICAgICAg IDwhLS0KIC AgICAgICAg ICAgICAgIC AgICAgICAg PGRpdiBzdH lsZT0nbWFy Z2luLXRvcD ogMTJweDsg Zm9udC1zaX plOiAxM3B4 OyBjb2xvcj ogIzQ0NDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg U2lnbiB1cC Bub3cgYW5k IGdldCBvdX IgZnJlZSBl Qm9vayAKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIDxiPl RoZSBDaGVj a2xpc3QgVm FsdWUgSW52 ZXN0b3Ig4o CUIEEgU21h cnRlciBXYX kgdG8gUGlj ayBTdG9ja3 M8L2I+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg ICAgICAgIC AtLT4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC EtLQogICAg ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdtYXJnaW 4tdG9wOiAx NnB4OyBmb2 50LXNpemU6 IDE0cHg7IG NvbG9yOiAj NDQ0OyBmb2 50LWZhbWls eTogLWFwcG xlLXN5c3Rl bSwgQmxpbm tNYWNTeXN0 ZW1Gb250LC BTZWdvZSBV SSwgUm9ib3 RvLCBIZWx2 ZXRpY2EgTm V1ZSwgc2Fu cy1zZXJpZj sgbGluZS1o ZWlnaHQ6ID EuNjsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgSGF2 ZSB5b3UgaG VhcmQgYWJv dXQgb3VyIH Nob3J0IDxz dHJvbmcgc3 R5bGU9J2Zv bnQtd2VpZ2 h0OiA2MDA7 Jz5EYWlseS BWaWRlbyBO ZXdzbGV0dG VyPC9zdHJv bmc+PwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPGEgaH JlZj0naHR0 cHM6Ly93d3 cuaW5zaWdo dGZ1bHZhbH VlLmNvbS9u ZXdzbGV0dG VyLnBocCcg dGFyZ2V0PS dfYmxhbmsn IHN0eWxlPS djb2xvcjog IzAwN0JGRj sgdGV4dC1k ZWNvcmF0aW 9uOiBub25l OyBmb250LX dlaWdodDog NTAwOyBtYX JnaW4tbGVm dDogNnB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgRmlu ZCBvdXQgbW 9yZQogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9hPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgLS0+CiAg ICAgICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgIAogIC AgICAgIAog ICAgICAgID xzcGFuIGNs YXNzPSdibH VycmVkLXRl eHQnPgogIC AgICAgICAg ICBNUzRnVk dobElGIE5o WW1sdVpTQl MgYjNsaGJI UjVJRiBSeW RYTjBJR2x6 IElHRWdjSF ZpYkcgbGpi SGtnZEhKaC BaR1ZrSUhS eWRYIE4wSU dadmNtMWwg WkNCcGJpQX hPVCBneUlH SjVJSFJvIF pTQlRZV0pw Ym0gVWdRMj l5Y0c5eSBZ WFJwYjI0dU lFIGwwSUds eklHSmggYz JWa0lHbHVJ RSBSaGJHeG hjeXdnIFZH VjRZWE1nWV cgNWtJSFJ5 WVdSbCBjeU IxYm1SbGNp IEIwYUdVZ2 RHbGogYTJW eUlITjViVy BKdmJDQlRR bElnIGIyNG dkR2hsSUUg NWxkeUJaYj NKciBJRk4w YjJOcklFIF Y0WTJoaGJt ZGwgTGp4aW NqNHlMaSBC VWFHVWdkSE oxIGMzUWdk MkZ6SUcgTn laV0YwWldR ZyBkRzhnYU c5c1pDIEJ5 YjNsaGJIUj UgSUdsdWRH VnlaWCBOMG N5QnBiaUJ2 IGFXd2dZVz VrSUcgZGhj eUJ3Y205dy BaWEowYVdW eklHIHh2WT JGMFpXUWcg YVc0Z2RHaG xJRiBOaFlt bHVaU0JTIG FYWmxjaUJD WVggTnBiaU JwYmlCVSBa WGhoY3lCaG JtIFFnVEc5 MWFYTnAgWV c1aExqeGlj aiA0ekxpQl VhR1VnIFUy RmlhVzVsSU YgSnZlV0Zz ZEhrZyBWSE oxYzNRZ2Nt IFZqWldsMl pYTWcgYVc1 amIyMWxJRy BaeWIyMGdk R2hsIElIQn liMlIxWTMg UnBiMjRnYj JZZyBiMmxz TENCbllYIE 1zSUdGdVpD QnYgZEdobG NpQnRhVyA1 bGNtRnNjeU J2IGJpQjBh R1VnY0ggSn ZjR1Z5ZEds bCBjeUJwZE NCb2IyIHhr Y3lCeWIzbG ggYkhSNUlH bHVkRyBWeV pYTjBjeUJw IGJpNDhZbk krTkMgNGdW R2hsSUhSeS BkWE4wSUds eklHIDFoYm 1GblpXUWcg WW5rZ1RrTk 5JRSBacGJt RnVZMmxoIG JDQkRiM0p3 YjMgSmhkR2 x2Yml3ZyBZ U0J6ZFdKem FXIFJwWVhK NUlHOW0gSU VKQ1ZrRWdR MiA5dGNHRn pjeXdnIGRX NWtaWElnZE cgaGxJR1Jw Y21WaiBkR2 x2YmlCdlpp IEJoSUdKdl lYSmsgSUc5 bUlIUnlkWC BOMFpXVnpM anhpIGNqND FMaUJVYUcg VWdVMkZpYV c1bCBJRkp2 ZVdGc2RIIG tnVkhKMWMz UWcgYVhNZ2 RXNXBjWCBW bElHbHVJSF JvIFlYUWdh WFFnYVggTW dZU0J3WlhK dyBaWFIxWV d3Z2RIIEox YzNRc0lHMW wgWVc1cGJt Y2dhWCBRZ2 FHRnpJRzV2 IElITmxkQ0 JsZUggQnBj bUYwYVc5dS BJR1JoZEdV Z1lXIDVrSU hkcGJHd2cg WTI5dWRHbH VkVyBVZ1oy VnVaWEpoIG RHbHVaeUJw Ym0gTnZiV1 VnWm05eSBJ R0psYm1WbW FXIE5wWVhK cFpYTWcgWm 05eUlHRnpJ RyB4dmJtY2 dZWE1nIGRH aGxJSEJ5Yj MgQmxjblJw WlhNZyBhWF FnYUc5c1pI IE1nY21sbm FIUnogSUhS dklIQnliMi BSMVkyVXVQ R0p5IFBqWX VJRUZ6SUcg OW1JREl3TW pFcyBJSFJv WlNCMGNuIF Z6ZENCb1lY TWcgY0dGcF pDQnZkWCBR Z2IzWmxjaU FrIE1TQmlh V3hzYVcgOX VJR2x1SUdS cCBjM1J5YV dKMWRHIGx2 Ym5NZ2RHOG cgYVhSeklH SmxibSBWbW FXTnBZWEpw IFpYTWdjMm x1WTIgVWdh WFJ6SUdsdS BZMlZ3ZEds dmJpIDQ4WW 5JK055NGcg VkdobElIUn lkWCBOMElH aGhjeUJpIF pXVnVJR3hw YzMgUmxaQ0 J2YmlCMCBh R1VnVG1WM0 lGIGx2Y21z Z1UzUnYgWT JzZ1JYaGph RyBGdVoyVW dabTl5IElH OTJaWElnZE cgaHlaV1Vn WkdWaiBZV1 JsY3lCaGJt IFFnYUdGek lHTnYgYm5O cGMzUmxibi BSc2VTQm5a VzVsIGNtRj BaV1FnYzMg UmhZbXhsSU hKbCBkSFZ5 Ym5NZ1ptID l5SUdsMGN5 QnAgYm5abG MzUnZjbiBN dVBHSnlQam d1IElGUm9a U0JUWVcgSn BibVVnVW05 NSBZV3gwZV NCVWNuIFZ6 ZENCcGN5Qn YgYm1VZ2Iy WWdkRyBobE lHOXNaR1Z6 IGRDQmhibV FnYkcgRnla MlZ6ZENCdy BkV0pzYVdO c2VTIEIwY2 1Ga1pXUWcg Y205NVlXeD BlUyBCMGNu VnpkSE1nIG FXNGdkR2hs SUYgVnVhWF JsWkNCVCBk R0YwWlhNdV BHIEp5UGpr dUlGUm8gWl NCMGNuVnpk QyBCb1lYTW dZbVZsIGJp QnlaV052Wj IgNXBlbVZr SUdadiBjaU JwZEhNZ1ky IDl0YldsMG JXVnUgZENC MGJ5QmpiMy BKd2IzSmhk R1VnIGNtVn pjRzl1YzIg bGlhV3hwZE hrcyBJSEps WTJWcGRtIG x1WnlCMGFH VWcgVTJsc2 RtVnlJRSBG M1lYSmtJR1 p5IGIyMGdW R2hsSUUgSm xkSFJsY2lC QyBkWE5wYm 1WemN5IEJD ZFhKbFlYVW cgWm05eUlH bDBjeSBCd2 FHbHNZVzUw IGFISnZjR2 xqSUcgVm1a bTl5ZEhNdS BQR0p5UGpF d0xpIEJVYU dVZ1UyRmkg YVc1bElGSn ZlVyBGc2RI a2dWSEoxIG MzUWdhR0Z6 SUcgRWdaR2 wyWlhKeiBa U0J3YjNKMF ptIDlzYVc4 Z2IyWWcgWV hOelpYUnpM QyBCcGJtTn NkV1JwIGJt Y2djbTk1WV cgeDBlU0J5 YVdkbyBkSE 1nZEc4Z2Iy IGxzSUdGdV pDQm4gWVhN Z2NISnZjRy BWeWRHbGxj eXdnIGJHRn VaQ0JwYm4g UmxjbVZ6ZE hNcyBJR0Z1 WkNCaElIIE 4wWVd0bElH bHUgSUhSb1 pTQlVaWCBo aGN5QkRhWF I1IElFbHVa SFZ6ZEggSn BZV3dnUTI5 dCBjR3hsZU M0PQogICAg ICAgIDwvc3 Bhbj4KICAg ICAgICAKIC AgICAgICA=
See Company Q&A