AB Volvo

Live  

AB Volvo is a Swedish multinational manufacturing company that specializes in the production of commercial vehicles, construction equipment, buses, and engines. The company was founded in 1927 by Swedish engineer Gustaf Larson and businessman Assar Gabrielsson, and is headquartered in Gothenburg, Sweden. Volvo is known for its strong commitment to safety, environmental sustainability, and technological innovation.
Today, Volvo is divided into four main business segments: Trucks, Construction Equipment, Buses, and Volvo Financial Services. The company has production sites in 18 countries and sells its products in more than 190 countries worldwide.
As of 2021, Volvo has over 105,000 employees and reported annual revenues of around 338 billion SEK. The company is listed on the Nasdaq Stockholm stock exchange and has a secondary listing on the New York Stock Exchange.
Volvo has a long history of mergers and acquisitions. In 1999, the company merged with French automotive manufacturer Renault to form the Renault Trucks, Mack Trucks, UD Trucks, and Renault Trucks Defense brands. In 2010, Volvo sold its car division, Volvo Cars, to Chinese automotive company Geely Holding Group.
Volvo has received numerous accolades for its safety innovations, including introducing the first three-point seatbelt in 1959, side airbags in 1994, and the pedestrian detection system in 2010. The company also has a strong commitment to sustainability, with a goal to become climate-neutral by 2040.

MS4gSW5ub3 ZhdGlvbiBh bmQgVGVjaG 5vbG9neTog QUIgVm9sdm 8gaGFzIGEg bG9uZyBoaX N0b3J5IG9m IGlubm92YX Rpb24gYW5k IHRlY2hub2 xvZ2ljYWwg YWR2YW5jZW 1lbnRzIGlu IHRoZSBhdX RvbW90aXZl IGluZHVzdH J5LiBUaGV5 IGhhdmUgcG lvbmVlcmVk IHZhcmlvdX Mgc2FmZXR5 IGZlYXR1cm VzIHN1Y2gg YXMgdGhlIH RocmVlLXBv aW50IHNlYX RiZWx0IGFu ZCBoYXZlIG NvbnRpbnVv dXNseSBpbX Byb3ZlZCB0 aGVpciB2ZW hpY2xlIGRl c2lnbnMgdG 8gcHJvdmlk ZSBiZXR0ZX IgcGVyZm9y bWFuY2UgYW 5kIGVmZmlj aWVuY3kuPG JyPjIuIEds b2JhbCBQcm VzZW5jZTog QUIgVm9sdm 8gaXMgYSB0 cnVseSBnbG 9iYWwgY29t cGFueSB3aX RoIG1hbnVm YWN0dXJpbm cgZmFjaWxp dGllcywgc2 FsZXMgb2Zm aWNlcywgYW 5kIGRpc3Ry aWJ1dG9ycy BpbiBvdmVy IDE5MCBjb3 VudHJpZXMu IFRoaXMgZ2 xvYmFsIHBy ZXNlbmNlIG FsbG93cyB0 aGVtIHRvIH JlYWNoIGEg ZGl2ZXJzZS BtYXJrZXQg YW5kIHByb3 ZpZGVzIHRo ZW0gd2l0aC BhIGNvbXBl dGl0aXZlIG FkdmFudGFn ZS48YnI+My 4gU3VzdGFp bmFiaWxpdH k6IEFzIGEg bGVhZGVyIG luIHRoZSBh dXRvbW90aX ZlIGluZHVz dHJ5LCBBQi BWb2x2byBp cyBjb21taX R0ZWQgdG8g c3VzdGFpbm FiaWxpdHkg YW5kIGVudm lyb25tZW50 YWwgcmVzcG 9uc2liaWxp dHkuIFRoZX kgaGF2ZSBz ZXQgYW1iaX Rpb3VzIGdv YWxzIHRvIH JlZHVjZSB0 aGVpciBjYX Jib24gZm9v dHByaW50IG FuZCBwcm9t b3RlIHN1c3 RhaW5hYmls aXR5IGluIH RoZWlyIHN1 cHBseSBjaG Fpbi48YnI+ NC4gRm9jdX Mgb24gU2Fm ZXR5OiBTYW ZldHkgaXMg b25lIG9mIH RoZSBjb3Jl IHZhbHVlcy BvZiBBQiBW b2x2byBhbm QgdGhleSBz dHJpdmUgdG 8gbWFrZSB0 aGVpciB2ZW hpY2xlcyB0 aGUgc2FmZX N0IGluIHRo ZSBtYXJrZX QuIFRoZXkg aGF2ZSBpbn Ryb2R1Y2Vk IGdyb3VuZG JyZWFraW5n IHNhZmV0eS BmZWF0dXJl cyBhbmQgY2 9udGludWUg dG8gaW52ZX N0IGluIHJl c2VhcmNoIG FuZCBkZXZl bG9wbWVudC B0byBpbXBy b3ZlIHNhZm V0eSBpbiB0 aGVpciB2ZW hpY2xlcy48 YnI+NS4gU3 Ryb25nIENv cnBvcmF0ZS BDdWx0dXJl OiBBQiBWb2 x2byBpcyBr bm93biBmb3 IgaXRzIHN0 cm9uZyBjb3 Jwb3JhdGUg Y3VsdHVyZS B0aGF0IHZh bHVlcyBpbm NsdXNpdml0 eSwgZGl2ZX JzaXR5LCBh bmQgY29sbG Fib3JhdGlv bi4gVGhpcy BjdWx0dXJl IGhhcyBoZW xwZWQgdGhl IGNvbXBhbn kgdG8gYXR0 cmFjdCB0b3 AgdGFsZW50 IGFuZCBjcm VhdGUgYSBw b3NpdGl2ZS B3b3JrIGVu dmlyb25tZW 50IGZvciBp dHMgZW1wbG 95ZWVzLjxi cj42LiBTdH JvbmcgRmlu YW5jaWFsIF BlcmZvcm1h bmNlOiBEZX NwaXRlIGZh Y2luZyBjaG FsbGVuZ2Vz IGluIHRoZS BhdXRvbW90 aXZlIGluZH VzdHJ5LCBB QiBWb2x2by BoYXMgY29u c2lzdGVudG x5IGRlbGl2 ZXJlZCBzdH JvbmcgZmlu YW5jaWFsIH Jlc3VsdHMg YW5kIGhhcy ByZW1haW5l ZCBwcm9maX RhYmxlIG92 ZXIgdGhlIH llYXJzLiBU aGlzIGZpbm FuY2lhbCBz dGFiaWxpdH kgaGFzIGFs bG93ZWQgdG hlIGNvbXBh bnkgdG8gaW 52ZXN0IGlu IGZ1dHVyZS Bncm93dGgg YW5kIGlubm 92YXRpb24u PGJyPjcuIE ZvY3VzIG9u IEVsZWN0cm lmaWNhdGlv bjogQUIgVm 9sdm8gaXMg YSBsZWFkZX IgaW4gZWxl Y3RyaWZpY2 F0aW9uIGFu ZCBoYXMgc2 V0IGEgZ29h bCB0byBoYX ZlIGFsbC1l bGVjdHJpYy BoZWF2eS1k dXR5IHRydW NrcyBieSAy MDMwLiBUaG V5IGhhdmUg YWxzbyBsYX VuY2hlZCBh IHJhbmdlIG 9mIGh5YnJp ZCBhbmQgZW xlY3RyaWMg YnVzZXMgYW 5kIGFyZSBj b250aW51b3 VzbHkgaW52 ZXN0aW5nIG luIGVsZWN0 cmlmaWNhdG lvbiB0ZWNo bm9sb2d5Lj xicj44LiBD b21taXRtZW 50IHRvIFF1 YWxpdHk6IE FCIFZvbHZv IGhhcyBhIH N0cmljdCBx dWFsaXR5IG NvbnRyb2wg c3lzdGVtIG FuZCBpcyBj b21taXR0ZW QgdG8gZGVs aXZlcmluZy BoaWdoLXF1 YWxpdHkgcH JvZHVjdHMg dG8gaXRzIG N1c3RvbWVy cy4gVGhpcy Bmb2N1cyBv biBxdWFsaX R5IGhhcyBo ZWxwZWQgdG hlIGNvbXBh bnkgdG8gYn VpbGQgYSBy ZXB1dGF0aW 9uIGZvciBy ZWxpYWJpbG l0eSBhbmQg ZHVyYWJpbG l0eSBhbW9u ZyBpdHMgY3 VzdG9tZXJz Lg==

QUIgVm9sdm 8gaXMgYSBt dWx0aW5hdG lvbmFsIG1h bnVmYWN0dX JpbmcgYW5k IHNlcnZpY2 UgcHJvdmlk ZXIgY29tcG FueSB0aGF0 IG1haW5seS BvcGVyYXRl cyBpbiB0aG UgdHJhbnNw b3J0IGFuZC BpbmZyYXN0 cnVjdHVyZS BpbmR1c3Ry aWVzLiBJdH MgYnVzaW5l c3MgbW9kZW wgaXMgYmFz ZWQgb24gdG hlIHByb2R1 Y3Rpb24gYW 5kIHNhbGUg b2YgY29tbW VyY2lhbCB2 ZWhpY2xlcy wgY29uc3Ry dWN0aW9uIG VxdWlwbWVu dCwgYnVzZX MsIGFuZCBz ZXJ2aWNlcy ByZWxhdGVk IHRvIHRoZX NlIHByb2R1 Y3RzLiA8Yn I+VGhlIGNv bXBhbnkgbW Fpbmx5IGdl bmVyYXRlcy ByZXZlbnVl IHRocm91Z2 ggdGhlIHNh bGUgb2YgaX RzIHByb2R1 Y3RzIHRvIG N1c3RvbWVy cywgaW5jbH VkaW5nIGNv bW1lcmNpYW wgZmxlZXRz LCB0cmFuc3 BvcnQgY29t cGFuaWVzLC Bnb3Zlcm5t ZW50IGFnZW 5jaWVzLCBh bmQgaW5kaX ZpZHVhbCBi dXllcnMuIE l0IGFsc28g b2ZmZXJzIH ZhcmlvdXMg c2VydmljZX MsIHN1Y2gg YXMgbWFpbn RlbmFuY2Us IHJlcGFpci wgYW5kIHNw YXJlIHBhcn RzLCB0byBp dHMgY3VzdG 9tZXJzLCBn ZW5lcmF0aW 5nIGFkZGl0 aW9uYWwgcm V2ZW51ZS48 YnI+QUIgVm 9sdm8ncyBi dXNpbmVzcy Btb2RlbCBh bHNvIGluY2 x1ZGVzIHN0 cmF0ZWdpYy BwYXJ0bmVy c2hpcHMgYW 5kIGFjcXVp c2l0aW9ucy B0byBleHBh bmQgaXRzIH Byb2R1Y3Qg cG9ydGZvbG lvIGFuZCBn ZW9ncmFwaG ljIHByZXNl bmNlLiBUaG UgY29tcGFu eSBoYXMgYS BzdHJvbmcg Zm9jdXMgb2 4gcmVzZWFy Y2ggYW5kIG RldmVsb3Bt ZW50IHRvIG NvbnRpbnVv dXNseSBpbX Byb3ZlIGl0 cyBwcm9kdW N0cyBhbmQg ZGV2ZWxvcC BuZXcgdGVj aG5vbG9naW VzIGZvciBi ZXR0ZXIgc3 VzdGFpbmFi aWxpdHkgYW 5kIGVmZmlj aWVuY3kuPG JyPkluIGFk ZGl0aW9uIH RvIGl0cyBj b3JlIGJ1c2 luZXNzLCBB QiBWb2x2by BhbHNvIGhh cyBhIGZpbm FuY2lhbCBz ZXJ2aWNlcy BkaXZpc2lv biB0aGF0IH Byb3ZpZGVz IGZpbmFuY2 luZywgbGVh c2luZywgYW 5kIGluc3Vy YW5jZSBzZX J2aWNlcyB0 byBjdXN0b2 1lcnMgYW5k IGRlYWxlcn MuIFRoaXMg aGVscHMgaW 4gYm9vc3Rp bmcgc2FsZX MgYW5kIHBy b3ZpZGluZy BhZGRpdGlv bmFsIHJldm VudWUgc3Ry ZWFtcy4gPG JyPk92ZXJh bGwsIEFCIF ZvbHZvJ3Mg YnVzaW5lc3 MgbW9kZWwg cmV2b2x2ZX MgYXJvdW5k IHByb2R1Y2 luZyBhbmQg c2VsbGluZy BoaWdoLXF1 YWxpdHkgcH JvZHVjdHMg YW5kIG9mZm VyaW5nIGEg cmFuZ2Ugb2 Ygc2Vydmlj ZXMgdG8gbW VldCB0aGUg bmVlZHMgb2 YgaXRzIGN1 c3RvbWVycy wgd2hpbGUg YWxzbyBjb2 5zdGFudGx5 IGlubm92YX RpbmcgYW5k IGV4cGFuZG luZyBpdHMg cmVhY2ggaW 4gdGhlIHRy YW5zcG9ydC BhbmQgaW5m cmFzdHJ1Y3 R1cmUgaW5k dXN0cmllcy 4=

The sensitivity of AB Volvo’s earnings, cash flow, and valuation to changes in interest rates can be assessed from several perspectives:
1. Earnings Sensitivity:
Interest rates can significantly impact the company’s earnings, particularly due to the financing costs associated with its operations and sales. If interest rates rise, the cost of borrowing increases, which can lead to higher interest expenses for the company. This affects net income negatively, particularly if a significant portion of the capital structure relies on debt. Additionally, higher interest rates can dampen consumer spending, leading to reduced demand for trucks and other vehicles, thereby impacting sales revenue.
2. Cash Flow Sensitivity:
Changes in interest rates can affect cash flow through increased financing costs and changes in working capital needs. For example, higher rates can lead to higher installment payments for financing arrangements, which could reduce operational cash flows. Conversely, if the company maintains a strong cash flow position, it could mitigate some of the negative effects of increased interest costs. Additionally, if customer demand weakens due to higher borrowing costs, it could lead to lower cash inflows from sales.
3. Valuation Sensitivity:
The valuation of AB Volvo is typically assessed using discounted cash flow (DCF) models, which rely on the present value of future cash flows. An increase in interest rates raises the discount rate used in these models, leading to lower present value calculations for future cash flows. This can result in a decrease in the overall valuation of the company. Therefore, rising interest rates can lead to higher returns required by investors, further pressuring the stock price.
In summary, AB Volvo’s earnings, cash flow, and valuation are sensitive to changes in interest rates through the impacts on financing costs, customer demand, and discount rates used in valuation models. Depending on the level of debt and the economic environment, the extent of this sensitivity may vary.

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 bG9nb3MvY0 FkUzVPTDVK dmFKNTdrZW NQOHgud2Vi cCIgYWx0PS JBQiBWb2x2 byIgdGl0bG U9IkFCIFZv bHZvIiAgY2 xhc3M9Imlt Zy1mbHVpZC IgaGVpZ2h0 PTkwIHdpZH RoPTkwIGxv YWRpbmc9J2 xhenknIHN0 eWxlPSdib3 JkZXItcmFk aXVzOiA2cH g7Jz4KCiAg ICAgICAgIC AgICAgICAg ICAgPGRpdi BzdHlsZT0n ZmxleDogMT sgdGV4dC1h bGlnbjogY2 VudGVyOyBt YXJnaW4tbG VmdDogNXB4 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxw IHN0eWxlPS dmb250LXNp emU6IDI2cH g7IGNvbG9y OiAjMzMzOy BtYXJnaW4t Ym90dG9tOi AxNXB4Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICDw n5OIIFdhbn QgdG8gcmVh ZCBtb3JlIG Fib3V0IEFC IFZvbHZvPw ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L3A+Cg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdpbmRl eC5waHA/cG FnZT1zaWdu dXAnIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICMw MDdCRkY7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBjb2 xvcjogI2Zm ZjsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHBhZGRpbm c6IDEwcHgg MjBweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJvcm Rlci1yYWRp dXM6IDVweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH RleHQtZGVj b3JhdGlvbj ogbm9uZTsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGZv bnQtd2VpZ2 h0OiBib2xk OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luLX JpZ2h0OiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdHJhbn NpdGlvbjog YmFja2dyb3 VuZC1jb2xv ciAwLjNzIG Vhc2U7Jwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgb25t b3VzZW92ZX I9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA1NmIz IicKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IG9ubW91c2 VvdXQ9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA3 QkZGIic+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIGZv ciBmcmVlCi AgICAgICAg ICAgICAgIC AgICAgICAg IDwvYT4KCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxzcGFuIH N0eWxlPSdt YXJnaW46ID AgOHB4OyBj b2xvcjogIz U1NTsnPm9y PC9zcGFuPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPGEgaH JlZj0naW5k ZXgucGhwP3 BhZ2U9bG9n aW4nIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGNvbG9y OiAjMDA3Qk ZGOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdGV4dC1k ZWNvcmF0aW 9uOiB1bmRl cmxpbmU7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBmb2 50LXdlaWdo dDogNTAwOy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bsb2cgaW4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9hPgoK CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxwIHN0 eWxlPSdtYX JnaW4tdG9w OiAxNXB4Oy Bmb250LXNp emU6IDEzcH g7IGZvbnQt d2VpZ2h0Oi Bib2xkOyBj b2xvcjogI2 QzMmYyZjsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg 8J+UkyBVbm xvY2sgb3Vy IGZyZWUgZ3 VpZGU6IDxp PiJUaGUgQ2 hlY2tsaXN0 IFZhbHVlIE ludmVzdG9y IOKAlCBBIF NtYXJ0ZXIg V2F5IHRvIF BpY2sgU3Rv Y2tzIjwvaT 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9wPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPCEtLQ ogICAgICAg ICAgICAgIC AgICAgICAg ICA8ZGl2IH N0eWxlPSdt YXJnaW4tdG 9wOiAxMnB4 OyBmb250LX NpemU6IDEz cHg7IGNvbG 9yOiAjNDQ0 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIG5vdyBh bmQgZ2V0IG 91ciBmcmVl IGVCb29rIA ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgPG I+VGhlIENo ZWNrbGlzdC BWYWx1ZSBJ bnZlc3Rvci DigJQgQSBT bWFydGVyIF dheSB0byBQ aWNrIFN0b2 NrczwvYj4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIC0tPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8IS0tCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xkaXYgc3R5 bGU9J21hcm dpbi10b3A6 IDE2cHg7IG ZvbnQtc2l6 ZTogMTRweD sgY29sb3I6 ICM0NDQ7IG ZvbnQtZmFt aWx5OiAtYX BwbGUtc3lz dGVtLCBCbG lua01hY1N5 c3RlbUZvbn QsIFNlZ29l IFVJLCBSb2 JvdG8sIEhl bHZldGljYS BOZXVlLCBz YW5zLXNlcm lmOyBsaW5l LWhlaWdodD ogMS42Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBI YXZlIHlvdS BoZWFyZCBh Ym91dCBvdX Igc2hvcnQg PHN0cm9uZy BzdHlsZT0n Zm9udC13ZW lnaHQ6IDYw MDsnPkRhaW x5IFZpZGVv IE5ld3NsZX R0ZXI8L3N0 cm9uZz4/Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICA8YS BocmVmPSdo dHRwczovL3 d3dy5pbnNp Z2h0ZnVsdm FsdWUuY29t L25ld3NsZX R0ZXIucGhw JyB0YXJnZX Q9J19ibGFu aycgc3R5bG U9J2NvbG9y OiAjMDA3Qk ZGOyB0ZXh0 LWRlY29yYX Rpb246IG5v bmU7IGZvbn Qtd2VpZ2h0 OiA1MDA7IG 1hcmdpbi1s ZWZ0OiA2cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBG aW5kIG91dC Btb3JlCiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8L2E+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAg ICAgICAgIC AgICAtLT4K ICAgICAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgCi AgICAgICAg CiAgICAgIC AgPHNwYW4g Y2xhc3M9J2 JsdXJyZWQt dGV4dCc+Ci AgICAgICAg ICAgIE1TNG dRVUlnVm0g OXNkbThnZD JGeiBJR1p2 ZFc1a1pXIF FnYVc0Z1Iy OTAgYUdWdV luVnlaeSB3 Z1UzZGxaR1 Z1IElHbHVJ REU1TWogY2 dZbmtnUVhO eiBZWElnUj JGaWNtIGxs YkhOemIyNG cgWVc1a0lF ZDFjMyBSaF ppQk1ZWEp6 IGIyNHVQR0 p5UGogSXVJ RlJvWlNCdS BZVzFsSUZa dmJIIFp2SU dOdmJXVnog SUdaeWIyMG dkRyBobElF eGhkR2x1IE lIZHZjbVFn ZG0gOXNkbV Z5WlNCMyBh R2xqYUNCdF pXIEZ1Y3lC MGJ5QnkgYj J4c0lHOXlJ SCBSdklISn ZkR0YwIFpT NDhZbkkrTX kgNGdWR2hs SUdacCBjbk 4wSUhabGFH IGxqYkdVZ2 NISnYgWkhW alpXUWdZbi BrZ2RHaGxJ R052IGJYQm hibmtnZDIg RnpJSFJvWl NCVyBiMngy YnlERGxsIF lnTkN3Z1lX eHogYnlCcm JtOTNiaSBC aGN5QjBhR1 VnIFNtRnJi MklzSUggZG 9hV05vSUhk aCBjeUIxYm 5abGFXIHhs WkNCaGRDQj AgYUdVZ1Uz UnZZMiB0b2 IyeHRJRzF2 IGRHOXlJSE 5vYjMgY2dh VzRnTVRreS BOeTQ4WW5J K05DIDRnVm 05c2RtOGcg ZDJGeklHOX lhVyBkcGJt RnNiSGtnIF lTQnpkV0p6 YVcgUnBZWE o1SUc5bSBJ SFJvWlNCaV lXIHhzSUdK bFlYSnAgYm 1jZ2JXRnVk VyBaaFkzUj FjbVZ5IElG TkxSaXdnWW 4gVjBJR2x1 SURFNSBNel VnYVhRZ2Qy IEZ6SUhOdm JHUWcgZEc4 Z1lTQm5jbS A5MWNDQnZa aUJwIGJuWm xjM1J2Y24g TWdZWE1nY0 dGeSBkQ0J2 WmlCMGFHIF ZwY2lCd2JH RnUgSUhSdk lHWnZZMyBW eklHOXVJSF JvIFpTQmhk WFJ2YlcgOT BhWFpsSUds dSBaSFZ6ZE hKNUxqIHhp Y2o0MUxpQl cgYjJ4MmJ5 QnBjeSBCcm JtOTNiaUJt IGIzSWdhWF J6SUcgTnZi VzFwZEcxbC BiblFnZEc4 Z2MyIEZtWl hSNUlHRnUg WkNCb1lYTW dZbSBWbGJp QmhJSEJwIG IyNWxaWEln YVcgNGdhVz F3YkdWdCBa VzUwYVc1bk lIIE5oWm1W MGVTQm0gWl dGMGRYSmxj eSBCcGJpQj BhR1ZwIGNp QmpZWEp6TE MgQnBibU5z ZFdScCBibW NnZEdobElI IFJvY21WbE xYQnYgYVc1 MElITmxZWC BSaVpXeDBM Q0IzIGFHbG phQ0IzWVgg TWdjR0YwWl c1MCBaV1Fn WW5rZ1ZtID lzZG04Z2FX NGcgTVRrMU 9TNDhZbiBJ K05pNGdWR2 hsIElHTnZi WEJoYm4ga2 dhR0Z6SUdF ZyBiRzl1Wn lCb2FYIE4w YjNKNUlHOW 0gSUhCeWIy UjFZMiBsdV p5QjBjblZq IGEzTWdZVz VrSUcgSjFj MlZ6TENCaC BibVFnYVc0 Z01UIGszTl NCMGFHVjUg SUcxbGNtZG xaQyBCM2FY Um9JSFJvIF pTQmpZWEln YlcgRnVkV1 poWTNSMSBj bVZ5TENCRV FVIFlzSUhS dklHWnYgY2 0wZ2RHaGxJ RiBadmJIWn ZJRWR5IGIz VndMQ0IzYU cgbGphQ0Jw Y3lCeiBkR2 xzYkNCdmJt IFVnYjJZZ2 RHaGwgSUd4 aGNtZGxjMy BRZ2NISnZa SFZqIFpYSn pJRzltSUgg UnlkV05yY3 lCaCBibVFn WW5WelpYIE 1nYVc0Z2RH aGwgSUhkdm NteGtMaiB4 aWNqNDNMaU JXIGIyeDJi eUJqWVggSn pJR052YlhC bCBkR1ZrSU dsdUlHIDF2 ZEc5eWMzQn YgY25SeklH bHVJSCBSb1 pTQTJNSE1n IFlXNWtJRG N3Y3kgd2dk Mmx1Ym1sdS BaeUJ6Wlha bGNtIEZzSU dOb1lXMXcg YVc5dWMyaH BjSCBNc0lH bHVZMngxIF pHbHVaeUIw YUcgVWdSWF Z5YjNCbCBZ VzRnVkc5MW NtIGx1WnlC RFlYSWcgUT JoaGJYQnBi MiA1emFHbH dJR2x1IElE RTVPRFVnWV cgNWtJREU1 T0RZdSBQR0 p5UGpndUlF IGx1SURFNU 9UVXMgSUZa dmJIWnZJRy BsdWRISnZa SFZqIFpXUW dkR2hsSUcg WnBjbk4wSU dOaCBjaUIz YVhSb0lIIE 5wWkdVZ1lX bHkgWW1Gbm N5d2dkRyBo bElGWnZiSF p2IElEZzFN Q3dnZDIgaH BZMmdnZDJG eiBJR0ZzYz I4Z2RHIGhs SUdacGNuTj AgSUdOaGNp QjBieSBCeV pXTmxhWFps IElIUm9aU0 JGZFggSnZJ RTVEUVZBZy BLRVYxY205 d1pXIEZ1SU U1bGR5QkQg WVhJZ1FYTn paWCBOemJX VnVkQ0JRIG NtOW5jbUZ0 YlcgVXBJR1 pwZG1VdCBj M1JoY2lCeV lYIFJwYm1j Z1ptOXkgSU hOaFptVjBl UyA0OFluSS tPUzRnIFNX NGdNakF4Tn kgd2dWbTlz ZG04ZyBZVz V1YjNWdVky IFZrSUhSb1 lYUWcgWVd4 c0lHOW1JRy BsMGN5QnVa WGNnIFkyRn ljeUIzYjMg VnNaQ0JpWl NCbCBhWFJv WlhJZ1lXIH hzTFdWc1pX TjAgY21sak lHOXlJRyBo NVluSnBaQ0 JpIGVTQXlN REU1TEMgQn RZV3RwYm1j ZyBhWFFnZE dobElHIFpw Y25OMElHMW ggYW05eUlI UnlZVyBScG RHbHZibUZz IElHRjFkRz l0WVcgdGxj aUIwYnlCdC BZV3RsSUhO MVkyIGdnWV NCamIyMXQg YVhSdFpXNT BMaiB4aWNq NHhNQzRnIF ZtOXNkbThn ZDIgRnpJR0 p2ZFdkbyBk Q0JpZVNCRG FHIGx1WlhO bElHRjEgZE c5dFlXdGxj aSBCSFpXVn NlU0JwIGJp QXlNREV3SU cgRnVaQ0Jv WVhNZyBjMm x1WTJVZ1lt IFZqYjIxbE lHRWcgWjJ4 dlltRnNJRy BKeVlXNWtM Q0IzIGFYUm 9JSEJ5YjIg UjFZM1JwYj I0ZyBabUZq YVd4cGRHIG xsY3lCcGJp QlQgZDJWa1 pXNHNJRSBK bGJHZHBkVz BzIElFTm9h VzVoTEMgQm hibVFnZEdo bCBJRlZ1YV hSbFpDIEJU ZEdGMFpYTX UgUEdKeVBq RXhMaSBCV2 IyeDJieUJw IGN5QnZibV VnYjIgWWdk R2hsSUd4aC BjbWRsYzNR Z1pXIDF3Yk c5NVpYSnog SUdsdUlGTj NaVyBSbGJp d2dkMmwwIG FDQnZkbVZ5 SUQgRXdNQ3 d3TURBZyBa VzF3Ykc5NV pXIFZ6SUhk dmNteGsgZD Jsa1pTNDhZ biBJK01USX VJRlJvIFpT QldiMngyYn kgQnNiMmR2 TENCMyBhR2 xqYUNCbVpX IEYwZFhKbG N5QjAgYUdV Z1lXNWphVy BWdWRDQnpl VzFpIGIyd2 diMllnVFcg RnljeUIzYV hSbyBJR0Vn WkdsaFoyID l1WVd3Z1lY SnkgYjNjZ2 NHOXBibiBS cGJtY2dkWE IzIFlYSmtj eXdnYVggTW dZU0IyYVhO MSBZV3dnY2 1Wd2NtIFZ6 Wlc1MFlYUn AgYjI0Z2Iy WWdkRyBobE lHTnZiWEJo IGJubmlnSm x6SUcgTnZj bVVnZG1Gcy BkV1Z6SUc5 bUlIIE4wY2 1WdVozUm8g TENCeVpXeH BZVyBKcGJH bDBlU3dnIF lXNWtJSE5o Wm0gVjBlUz Q9CiAgICAg ICAgPC9zcG FuPgogICAg ICAgIAogIC AgICAgIA==
See Company Q&A