Pool Corp

-8.04%

More reviews (3)

Live  

Pool Corporation is a global distributor of swimming pool supplies, equipment, and related outdoor living products. The company was founded in 1993 and is based in Covington, Louisiana. Pool Corporation operates over 380 sales centers in North America, Europe, and Australia, serving more than 120,000 customers worldwide.
The company offers a wide range of products, including pool chemicals, maintenance equipment, parts and accessories, as well as outdoor living and backyard leisure products. Pool Corporation also provides technical support, training, and marketing resources to its customers.
Pool Corporation has a long history of growth and success, consistently reporting strong financial results and expanding its presence through acquisitions and partnerships. The company is committed to providing high-quality products and exceptional customer service, making them a trusted partner for residential and commercial pool professionals.
In addition to its business operations, Pool Corporation also has a strong commitment to environmental sustainability. The company has implemented various initiatives to reduce its impact on the environment, including energy-efficient practices, recycling programs, and eco-friendly product offerings.
Overall, Pool Corporation is a leading company in the swimming pool and outdoor living industry, with a strong reputation for excellence and a growing worldwide presence.

MS4gSW5kdX N0cnkgTGVh ZGVyOiBQb2 9sIENvcnBv cmF0aW9uIG lzIHRoZSBs ZWFkaW5nIG Rpc3RyaWJ1 dG9yIG9mIH N3aW1taW5n IHBvb2wgYW 5kIHJlbGF0 ZWQgYmFja3 lhcmQgcHJv ZHVjdHMgaW 4gdGhlIHdv cmxkLiBJdC BoYXMgYSBz dHJvbmcgbW Fya2V0IHBy ZXNlbmNlIH dpdGggb3Zl ciA0LDAwMC BlbXBsb3ll ZXMgYW5kIG 92ZXIgMzc1 IHNhbGVzIG NlbnRlcnMg Z2xvYmFsbH kuPGJyPjIu IFN0cmF0ZW dpYyBBY3F1 aXNpdGlvbn M6IFRoZSBj b21wYW55IG hhcyBhIGhp c3Rvcnkgb2 Ygc3VjY2Vz c2Z1bCBhY3 F1aXNpdGlv bnMgdG8gZX hwYW5kIGl0 cyBwcm9kdW N0IG9mZmVy aW5ncyBhbm QgZ2VvZ3Jh cGhpY2FsIH JlYWNoLiBU aGlzIGhhcy BhbGxvd2Vk IGl0IHRvIG 1haW50YWlu IGl0cyBsZW FkZXJzaGlw IHBvc2l0aW 9uIGluIHRo ZSBpbmR1c3 RyeS48YnI+ My4gRGl2ZX JzaWZpZWQg UHJvZHVjdC BQb3J0Zm9s aW86IFBvb2 wgQ29ycG9y YXRpb24gb2 ZmZXJzIGEg d2lkZSByYW 5nZSBvZiBw cm9kdWN0cy wgaW5jbHVk aW5nIHBvb2 wgZXF1aXBt ZW50LCBjaG VtaWNhbHMs IG1haW50ZW 5hbmNlIHN1 cHBsaWVzLC BhbmQgY29u c3RydWN0aW 9uIG1hdGVy aWFscy4gVG hpcyBkaXZl cnNlIHBvcn Rmb2xpbyBj YXRlcnMgdG 8gdmFyaW91 cyBjdXN0b2 1lciBuZWVk cyBhbmQgaG VscHMgdGhl IGNvbXBhbn kgd2l0aHN0 YW5kIG1hcm tldCBmbHVj dHVhdGlvbn MuPGJyPjQu IFN0cm9uZy BDdXN0b21l ciBCYXNlOi BUaGUgY29t cGFueSBoYX MgYSBsb3lh bCBhbmQgZ3 Jvd2luZyBj dXN0b21lci BiYXNlLCBp bmNsdWRpbm cgcG9vbCBi dWlsZGVycy wgcmV0YWls ZXJzLCBhbm Qgc2Vydmlj ZSBjb21wYW 5pZXMuIEl0 IGhhcyBlc3 RhYmxpc2hl ZCBsb25nLX Rlcm0gcmVs YXRpb25zaG lwcyB3aXRo IGl0cyBjdX N0b21lcnMs IHdoaWNoIG hhcyBoZWxw ZWQgaW4gbW FpbnRhaW5p bmcgaXRzIG 1hcmtldCBs ZWFkZXJzaG lwLjxicj41 LiBJbm5vdm F0aXZlIFRl Y2hub2xvZ3 k6IFBvb2wg Q29ycG9yYX Rpb24gaGFz IGJlZW4gYX QgdGhlIGZv cmVmcm9udC BvZiBhZG9w dGluZyBpbm 5vdmF0aXZl IHRlY2hub2 xvZ3kgaW4g aXRzIG9wZX JhdGlvbnMu IEl0IGhhcy BpbXBsZW1l bnRlZCBhZH ZhbmNlZCBp bnZlbnRvcn kgbWFuYWdl bWVudCBhbm QgZGlzdHJp YnV0aW9uIH N5c3RlbXMs IHdoaWNoIG hhdmUgaW1w cm92ZWQgZW ZmaWNpZW5j eSBhbmQgcm VkdWNlZCBj b3N0cy48Yn I+Ni4gRm9j dXMgb24gU3 VzdGFpbmFi aWxpdHk6IF RoZSBjb21w YW55IGhhcy BhIHN0cm9u ZyBmb2N1cy BvbiBzdXN0 YWluYWJpbG l0eSBhbmQg aGFzIGltcG xlbWVudGVk IHNldmVyYW wgaW5pdGlh dGl2ZXMgdG 8gcmVkdWNl IGl0cyBjYX Jib24gZm9v dHByaW50IG FuZCBwcm9t b3RlIGVjby 1mcmllbmRs eSBwcm9kdW N0cy4gVGhp cyBoYXMgaG VscGVkIGl0 IGJ1aWxkIG EgcG9zaXRp dmUgYnJhbm QgaW1hZ2Ug YW1vbmcgY3 VzdG9tZXJz Ljxicj43Li BFbXBsb3ll ZS1Gcmllbm RseSBDdWx0 dXJlOiBQb2 9sIENvcnBv cmF0aW9uIH ZhbHVlcyBp dHMgZW1wbG 95ZWVzIGFu ZCBoYXMgYS BzdHJvbmcg Y29tcGFueS BjdWx0dXJl IGZvY3VzZW Qgb24gZW1w bG95ZWUgZW 5nYWdlbWVu dCwgdHJhaW 5pbmcsIGFu ZCBkZXZlbG 9wbWVudC4g VGhpcyBoYX MgcmVzdWx0 ZWQgaW4gYS BoaWdobHkg bW90aXZhdG VkIGFuZCBk ZWRpY2F0ZW Qgd29ya2Zv cmNlLjxicj 44LiBTdHJv bmcgRmluYW 5jaWFsIFBl cmZvcm1hbm NlOiBUaGUg Y29tcGFueS BoYXMgY29u c2lzdGVudG x5IGRlbGl2 ZXJlZCBzdH JvbmcgZmlu YW5jaWFsIH Jlc3VsdHMs IHdpdGggYS B0cmFjayBy ZWNvcmQgb2 YgcmV2ZW51 ZSBhbmQgZW FybmluZ3Mg Z3Jvd3RoLi BUaGlzIGhh cyBpbnN0aW xsZWQgY29u ZmlkZW5jZS BpbiBpbnZl c3RvcnMgYW 5kIGhlbHBl ZCB0aGUgY2 9tcGFueSB0 byBhdHRyYW N0IGNhcGl0 YWwgZm9yIG Z1dHVyZSBn cm93dGguPG JyPjkuIENv bW1pdG1lbn QgdG8gR2l2 aW5nIEJhY2 s6IFBvb2wg Q29ycG9yYX Rpb24gaXMg Y29tbWl0dG VkIHRvIGdp dmluZyBiYW NrIHRvIHRo ZSBjb21tdW 5pdHkgdGhy b3VnaCBpdH MgY2hhcml0 YWJsZSBpbm l0aWF0aXZl cy4gVGhpcy BpbmNsdWRl cyBkb25hdG lvbnMsIHZv bHVudGVlcm luZywgYW5k IHBhcnRuZX JzaGlwcyB3 aXRoIG5vbi 1wcm9maXQg b3JnYW5pem F0aW9ucy48 YnI+MTAuIF JlY29nbml6 ZWQgZm9yIE V4Y2VsbGVu Y2U6IFRoZS Bjb21wYW55 IGhhcyByZW NlaXZlZCBu dW1lcm91cy BhY2NvbGFk ZXMgZm9yIG l0cyBidXNp bmVzcyBhY2 hpZXZlbWVu dHMsIGluY2 x1ZGluZyBi ZWluZyBuYW 1lZCBvbmUg b2YgRm9yYm VzJyAiQmVz dCBNaWRzaX plIEVtcGxv eWVycyIgYW 5kIEZvcnR1 bmUncyAiMT AwIEZhc3Rl c3QtR3Jvd2 luZyBDb21w YW5pZXMuIi BUaGlzIHJl ZmxlY3RzIG l0cyBzdHJv bmcgcmVwdX RhdGlvbiBh bmQgY3JlZG liaWxpdHkg aW4gdGhlIG 1hcmtldC4=

UG9vbCBDb3 Jwb3JhdGlv biwgY29tbW 9ubHkgcmVm ZXJyZWQgdG 8gYXMgUG9v bENvcnAsIG lzIGEgZGlz dHJpYnV0aW 9uIGNvbXBh bnkgdGhhdC BwcmltYXJp bHkgZm9jdX NlcyBvbiBw cm92aWRpbm cgcHJvZHVj dHMgYW5kIH NlcnZpY2Vz IGZvciB0aG Ugc3dpbW1p bmcgcG9vbC BhbmQgYmFj a3lhcmQgbG Vpc3VyZSBp bmR1c3RyeS 4gVGhlaXIg YnVzaW5lc3 MgbW9kZWwg Y2FuIGJlIG RlZmluZWQg YXMgYSBkaX N0cmlidXRp b24gYW5kIH N1cHBseSBj aGFpbiBuZX R3b3JrIHdp dGggYSBjdX N0b21lci1j ZW50cmljIG FwcHJvYWNo LiA8YnI+UG 9vbENvcnAg YWN0cyBhcy BhIG1pZGRs ZW1hbiBiZX R3ZWVuIHRo ZSBtYW51Zm FjdHVyZXJz IG9mIHBvb2 wgZXF1aXBt ZW50LCBzdX BwbGllcywg YW5kIG1haW 50ZW5hbmNl IHByb2R1Y3 RzLCBhbmQg dGhlIHJldG FpbCBkZWFs ZXJzIG9yIH NlcnZpY2Ug cHJvZmVzc2 lvbmFscyB3 aG8gc2Vydm UgdGhlIGVu ZCBjdXN0b2 1lcnMuIFRo ZSBjb21wYW 55IHNvdXJj ZXMgcHJvZH VjdHMgZnJv bSB2YXJpb3 VzIG1hbnVm YWN0dXJlcn MsIHN0b3Jl cyB0aGVtIG luIGRpc3Ry aWJ1dGlvbi BjZW50ZXJz LCBhbmQgdG hlbiBkaXN0 cmlidXRlcy B0aGVtIHRv IHRoZWlyIG 5ldHdvcmsg b2YgY3VzdG 9tZXJzLiA8 YnI+VGhlIG NvbXBhbnkg b2ZmZXJzIG Egd2lkZSBy YW5nZSBvZi Bwcm9kdWN0 cyBzdWNoIG FzIHBvb2wg YW5kIHNwYS BlcXVpcG1l bnQsIGNoZW 1pY2Fscywg Y2xlYW5pbm cgYW5kIG1h aW50ZW5hbm NlIHRvb2xz LCByZXBsYW NlbWVudCBw YXJ0cywgYW 5kIG91dGRv b3IgbGl2aW 5nIHByb2R1 Y3RzLiBUaG V5IHNlcnZl IGN1c3RvbW VycyBpbiBi b3RoIHJlc2 lkZW50aWFs IGFuZCBjb2 1tZXJjaWFs IG1hcmtldH MsIGluY2x1 ZGluZyBwb2 9sIGJ1aWxk ZXJzLCByZX RhaWxlcnMs IHNlcnZpY2 UgcHJvZmVz c2lvbmFscy wgYW5kIGxh bmRzY2FwZS BhcmNoaXRl Y3RzLiA8Yn I+SW4gYWRk aXRpb24gdG 8gcHJvZHVj dCBkaXN0cm lidXRpb24s IFBvb2xDb3 JwIGFsc28g b2ZmZXJzIH NlcnZpY2Vz IHN1Y2ggYX MgZGVzaWdu IGFuZCBidW lsZCBzdXBw b3J0LCBtYX JrZXRpbmcg YW5kIHNhbG VzIHRyYWlu aW5nLCBpbn ZlbnRvcnkg bWFuYWdlbW VudCBzb2x1 dGlvbnMsIG FuZCBhY2Nl c3MgdG8gYS BsYXJnZSBj dXN0b21lci BiYXNlLiBU aGVzZSBzZX J2aWNlcyBh aW0gdG8gaG VscCB0aGVp ciBjdXN0b2 1lcnMgZ3Jv dyB0aGVpci BidXNpbmVz c2VzIGFuZC BpbXByb3Zl IHRoZWlyIG 9wZXJhdGlv bmFsIGVmZm ljaWVuY3ku IDxicj5Pdm VyYWxsLCBQ b29sQ29ycC dzIGJ1c2lu ZXNzIG1vZG VsIGlzIGJ1 aWx0IG9uIH Byb3ZpZGlu ZyB0aW1lbH kgYW5kIGVm ZmljaWVudC BkaXN0cmli dXRpb24gb2 YgaGlnaC1x dWFsaXR5IH Byb2R1Y3Rz IHRvIHRoZW lyIGN1c3Rv bWVycywgd2 hpbGUgYWxz byBvZmZlcm luZyBzdXBw b3J0aXZlIH NlcnZpY2Vz IHRvIGhlbH AgdGhlbSBz dWNjZWVkIG luIHRoZSBj b21wZXRpdG l2ZSBwb29s IGFuZCBiYW NreWFyZCBs ZWlzdXJlIG 1hcmtldC4=

The sensitivity of Pool Corp’s earnings, cash flow, and valuation to changes in interest rates can be analyzed through several key factors:
1. Cost of Debt: If Pool Corp relies on debt financing for its operations or growth, an increase in interest rates would raise the cost of servicing that debt. This can lead to reduced net income and cash flow, impacting overall earnings. Conversely, lower interest rates make borrowing cheaper, which can enhance profitability.
2. Consumer Spending: Interest rates influence consumer spending patterns. Higher rates can lead to increased borrowing costs for consumers, potentially reducing their discretionary spending on pool-related products and services. This could negatively affect Pool Corp’s revenue and earnings. Lower interest rates generally encourage spending, which could boost demand for the company’s offerings.
3. Valuation Multiples: The valuation of Pool Corp, like many companies, is often linked to the broader market conditions, including interest rates. Higher interest rates can lead to higher discount rates used in discounted cash flow (DCF) analysis, reducing the present value of future cash flows and, hence, the company’s valuation. On the other hand, lower rates usually inflate valuations as they decrease the discount rate applied in valuation models.
4. Capital Expenditure: Interest rates can also influence Pool Corp’s investment decisions. Higher interest rates might deter the company from pursuing capital expenditures or expansions due to increased financing costs, which could have long-term implications for growth and cash flow. Lower rates could encourage investment in new projects.
5. Economic Conditions: Changes in interest rates can signal shifts in the overall economic environment. For instance, rising rates may indicate efforts to combat inflation, which can slow economic growth. A weaker economy could reduce demand for Pool Corp’s products and services, adversely affecting earnings and cash flow.
In summary, changes in interest rates can significantly impact Pool Corp’s earnings, cash flow, and valuation through effects on debt costs, consumer spending, investment decisions, and overall economic conditions. Factors such as the company’s financial structure and its dependence on consumer demand will also play a crucial role in determining the extent of 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 bG9nb3MvYV pXdmk5TEVE TFZtTDYwME JhVG4ud2Vi cCIgYWx0PS JQb29sIENv cnAiIHRpdG xlPSJQb29s IENvcnAiIC BjbGFzcz0i aW1nLWZsdW lkIiBoZWln aHQ9OTAgd2 lkdGg9OTAg bG9hZGluZz 0nbGF6eScg c3R5bGU9J2 JvcmRlci1y YWRpdXM6ID ZweDsnPgoK ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdmbGV4Oi AxOyB0ZXh0 LWFsaWduOi BjZW50ZXI7 IG1hcmdpbi 1sZWZ0OiA1 cHg7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PHAgc3R5bG U9J2ZvbnQt c2l6ZTogMj ZweDsgY29s b3I6ICMzMz M7IG1hcmdp bi1ib3R0b2 06IDE1cHg7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IPCfk4ggV2 FudCB0byBy ZWFkIG1vcm UgYWJvdXQg UG9vbCBDb3 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 AgICAgICBN UzRnVkdobE lGIEJ2YjJ3 Z1EyOXkgY0 c5eVlYUnBi MiA0c0lHRn NjMjhnIGEy NXZkMjRnWV ggTWdVRzl2 YkNCRCBiM0 p3TENCcGN5 IEIwYUdVZ2 JHRnkgWjJW emRDQjNhRy A5c1pYTmhi R1VnIFpHbH pkSEpwWW4g VjBiM0lnYj JZZyBjM2Rw YlcxcGJtIG NnY0c5dmJD QnogZFhCd2 JHbGxjeSB3 Z1pYRjFhWE J0IFpXNTBM Q0JoYm0gUW djbVZzWVhS bCBaQ0J3Y2 05a2RXIE4w Y3lCcGJpQj AgYUdVZ2Qy OXliRyBRdU lEeGljajR5 IExpQlVhR1 VnWTIgOXRj R0Z1ZVNCMy BZWE1nWm05 MWJtIFJsWk NCcGJpQXgg T1RreklHbH VJRSA1bGR5 QlBjbXhsIF lXNXpMQ0JN YjMgVnBjMm xoYm1FZyBZ bmtnVFdGeW F5IEJLYjNO c2FXNHMgSU VSaGRtbGtJ RSBwdmMyeH BiaXdnIFlX NWtJRXB2YU cgNGdVM1J2 YTJWcyBlUz RnUEdKeVBq IE11SUZSb1 pTQjAgYUhK bFpTQm1iMy BWdVpHVnlj eUJ0IFpYUW dZWFFnVEcg OTFhWE5wWV c1aCBJRk4w WVhSbElGIF Z1YVhabGNu TnAgZEhrZ1 lXNWtJRyBo aFpDQmhJRz ExIGRIVmhi Q0JzYjMgWm xJR0Z1WkNC dyBZWE56YV c5dUlHIFp2 Y2lCemQybH QgYldsdVp5 QndiMiA5c2 N5NGdQR0p5 IFBqUXVJRl JvWlMgQmpi MjF3WVc1NS BJR2x1YVhS cFlXIHhzZV NCemRHRnkg ZEdWa0lIZH BkRyBnZ2Fu VnpkQ0F4IE 5DQmxiWEJz YjMgbGxaWE 1nWVc1ayBJ R2hoY3lCdW IzIGNnWjNK dmQyNGcgZE c4Z2IzWmxj aSBBMUxEVX dNQ0JsIGJY QnNiM2xsWl ggTWdkMjl5 YkdSMyBhV1 JsTGlBOFlu IEkrTlM0Z1 VHOXYgYkNC RGIzSndJRy A5d1pYSmhk R1Z6IElHOT JaWElnTkQg QXdJSE5oYk dWeiBJR05s Ym5SbGNuIE 1nYVc0Z1Rt OXkgZEdnZ1 FXMWxjbSBs allTd2dSWF Z5IGIzQmxM Q0JoYm0gUW dRWFZ6ZEhK aCBiR2xoTG lBOFluIEkr Tmk0Z1NXNG cgTWpBd01p d2dkRyBobE lHTnZiWEJo IGJua2dkMl Z1ZEMgQndk V0pzYVdNZy BZVzVrSUds eklHIE4xY2 5KbGJuUnMg ZVNCc2FYTj BaVyBRZ2Iy NGdkR2hsIE lFNUJVMFJC VVMgQnpkRz lqYXlCbCBl R05vWVc1bl pTIEIxYm1S bGNpQjAgYU dVZ2RHbGph MiBWeUlITj ViV0p2IGJD QlFUMDlNTG kgQThZbkkr Tnk0ZyBRWE 5wWkdVZ1pu IEp2YlNCd2 IyOXMgSUdW eGRXbHdiVy BWdWRDQmhi bVFnIGMzVn djR3hwWlgg TXNJRkJ2Yj J3ZyBRMjl5 Y0NCaGJIIE 52SUdScGMz UnkgYVdKMW RHVnpJRyA5 MWRHUnZiM0 lnIGJHbDJh VzVuSUggQn liMlIxWTNS eiBJR0Z1Wk NCc1lXIDVr YzJOaGNHVW cgYldGMFpY SnBZVyB4ek xpQThZbkkr IE9DNGdWR2 hsSUcgTnZi WEJoYm5rZy BhR0Z6SUdK bFpXIDRnWT I5dWMybHog ZEdWdWRHeD VJRyA1aGJX VmtJRzl1IF pTQnZaaUJH YjMgSjBkVz VsSUcxaCBa MkY2YVc1bD RvIENaY3lB eE1EQWcgUm 1GemRHVnpk QyAxSGNtOT NhVzVuIElF TnZiWEJoYm 0gbGxjeUJ6 YVc1aiBaU0 F5TURBMUlH IEZ1WkNCdm JtVWcgYjJZ Z1JtOXlZbS BWeklHMWha MkY2IGFXNW w0b0NaY3kg Qk5iM04wSU VGayBiV2x5 WldRZ1EyID l0Y0dGdWFX VnogSUhOcG JtTmxJRCBJ d01UTXVJRH hpIGNqNDVM aUJRYjIgOX NJRU52Y25B ZyBhR0Z6SU dFZ2MzIFZ6 ZEdGcGJtRm kgYVd4cGRI a2djSCBKdl ozSmhiU0Jw IGJpQndiR0 ZqWlMgd2dk MmhwWTJnZy BhVzVqYkhW a1pYIE1nYV c1cGRHbGgg ZEdsMlpYTW djMyBWamFD QmhjeUJsIG JtVnlaM2tn WlcgWm1hV0 5wWlc1MCBJ R3hwWjJoMG FXIDVuSUds dUlIUm8gWl dseUlHWmhZ MiBsc2FYUn BaWE1nIFlX NWtJSFZ6YV cgNW5JR1Zq YnkxbSBjbW xsYm1Sc2VT IEJ0WVhSbG NtbGggYkhN Z2FXNGdkRy BobGFYSWdj SEp2IFpIVm pkQ0J3WVcg TnJZV2RwYm 1jdSBJRHhp Y2o0eE1DID RnVkdobElG QnYgYjJ3Z1 EyOXljRyA5 eVlYUnBiMj RnIGFYTWdZ U0J0WVcgcH ZjaUJ6ZFhC dyBiM0owWl hJZ2IyIFln ZG1GeWFXOT EgY3lCamFH RnlhWCBSaF lteGxJRzl5 IFoyRnVhWH BoZEcgbHZi bk1zSUdsdS BZMngxWkds dVp5IEIwYU dVZ1VtVmsg SUVOeWIzTn pMQyBCSVlX SnBkR0YwIE lHWnZjaUJJ ZFcgMWhibW wwZVN3ZyBZ VzVrSUhSb1 pTIEJUY0dW amFXRnMgSU U5c2VXMXdh VyBOekxnPT 0KICAgICAg ICA8L3NwYW 4+CiAgICAg ICAgCiAgIC AgICAg
See Company Q&A