Kadant

+7.74%

Live  

Kadant is a global supplier of high-performance products and systems for the papermaking and recycling industries. The company was founded in 1991 and is headquartered in Westford, Massachusetts. It has over 2,000 employees worldwide and operations in 21 countries.
Kadant's products and systems are used in the processing, production, and recycling of paper, tissue, and packaging materials. The company also provides solutions for water management, production efficiency, and energy conservation in the paper industry.
In addition to its paper-related products and systems, Kadant also offers industrial filtration and fluid handling systems for other industries such as food and beverage, pharmaceuticals, and textiles.
The company prides itself on its commitment to sustainability and environmental responsibility, with a focus on reducing water and energy consumption in its operations and promoting the use of recycled materials in its products.
Kadant has a strong global presence, with offices, manufacturing facilities, and sales and service centers located throughout North America, Europe, Asia, South America, and Australia. The company serves customers in over 100 countries and has a network of distributors to reach even more markets.
Kadant has a history of innovation and holds numerous patents for its products and technologies. The company continues to invest in research and development to stay at the forefront of the rapidly evolving papermaking and recycling industries.
In addition to its business operations, Kadant is also actively involved in philanthropic initiatives, donating to various charitable organizations and participating in community service projects around the world.

VGhlcmUgYX JlIGEgZmV3 IHRoaW5ncy B0aGF0IG1h a2UgS2FkYW 50IHN0YW5k IG91dCBhcy BhIGNvbXBh bnk6PGJyPj EuIEhpc3Rv cnkgYW5kIG V4cGVyaWVu Y2U6IEthZG FudCB3YXMg Zm91bmRlZC BpbiAxOTkx LCBidXQgaX RzIGhpc3Rv cnkgZGF0ZX MgYmFjayB0 byAxOTA3IH doZW4gaXRz IGZpcnN0IH ByZWRlY2Vz c29yIGNvbX BhbnksIEJs YWNrIEJyb3 RoZXJzIENv Liwgd2FzIG ZvdW5kZWQu IFRoZSBjb2 1wYW55IGhh cyBvdmVyIG EgY2VudHVy eSBvZiBleH BlcmllbmNl IGluIHRoZS BpbmR1c3Ry eSBhbmQgaG FzIGVzdGFi bGlzaGVkIG l0c2VsZiBh cyBhIGxlYW RlciBpbiBp dHMgZmllbG QuPGJyPjIu IElubm92YX Rpb246IEth ZGFudCBpcy Brbm93biBm b3IgaXRzIG lubm92YXRp dmUgcHJvZH VjdHMgYW5k IHNvbHV0aW 9ucyBmb3Ig dGhlIGdsb2 JhbCBwdWxw IGFuZCBwYX BlciBpbmR1 c3RyeS4gVG hlIGNvbXBh bnkgaGFzIG EgZGVkaWNh dGVkIHJlc2 VhcmNoIGFu ZCBkZXZlbG 9wbWVudCB0 ZWFtIHRoYX Qgd29ya3Mg dG8gY3JlYX RlIG5ldyBh bmQgaW1wcm 92ZWQgcHJv ZHVjdHMgdG 8gbWVldCB0 aGUgY2hhbm dpbmcgbmVl ZHMgb2YgaX RzIGN1c3Rv bWVycy48Yn I+My4gV29y bGR3aWRlIH ByZXNlbmNl OiBLYWRhbn QgaGFzIGEg Z2xvYmFsIH ByZXNlbmNl LCB3aXRoIG 9wZXJhdGlv bnMgaW4gTm 9ydGggQW1l cmljYSwgRX Vyb3BlLCBB c2lhLCBhbm QgU291dGgg QW1lcmljYS 4gVGhpcyBh bGxvd3MgdG hlIGNvbXBh bnkgdG8gc2 VydmUgYSBk aXZlcnNlIH JhbmdlIG9m IGN1c3RvbW VycyBhbmQg bWFya2V0cy 48YnI+NC4g UHJvZHVjdH MgYW5kIHNl cnZpY2VzOi BLYWRhbnQg b2ZmZXJzIG Egd2lkZSBy YW5nZSBvZi Bwcm9kdWN0 cyBhbmQgc2 VydmljZXMs IGluY2x1ZG luZyBlcXVp cG1lbnQgZm 9yIHN0b2Nr IHByZXBhcm F0aW9uLCBw YXBlcm1ha2 luZywgYW5k IGZsdWlkIG hhbmRsaW5n LCBhcyB3ZW xsIGFzIHBy b2Nlc3Mgb3 B0aW1pemF0 aW9uIGFuZC BhZnRlcm1h cmtldCBzZX J2aWNlcy4g VGhpcyBtYW tlcyBpdCBh IG9uZS1zdG 9wLXNob3Ag Zm9yIHRoZS BuZWVkcyBv ZiBwdWxwIG FuZCBwYXBl ciBtaWxscy 48YnI+NS4g Q29tbWl0bW VudCB0byBz dXN0YWluYW JpbGl0eTog S2FkYW50IH N0cml2ZXMg dG8gYmUgYS ByZXNwb25z aWJsZSBhbm QgZW52aXJv bm1lbnRhbG x5IGNvbnNj aW91cyBjb2 1wYW55LiBJ dCBoYXMgaW 1wbGVtZW50 ZWQgc3VzdG FpbmFibGUg cHJhY3RpY2 VzIGluIGl0 cyBvcGVyYX Rpb25zIGFu ZCBvZmZlcn MgcHJvZHVj dHMgYW5kIH NvbHV0aW9u cyB0aGF0IG hlbHAgaXRz IGN1c3RvbW VycyByZWR1 Y2UgdGhlaX IgZW52aXJv bm1lbnRhbC BpbXBhY3Qu PGJyPjYuIE V4Y2VwdGlv bmFsIGN1c3 RvbWVyIHNl cnZpY2U6IE thZGFudCBp cyBrbm93bi Bmb3IgaXRz IGV4Y2VsbG VudCBjdXN0 b21lciBzZX J2aWNlLiBU aGUgY29tcG FueSBoYXMg YSB0ZWFtIG 9mIGV4cGVy dHMgd2hvIH Byb3ZpZGUg dGVjaG5pY2 FsIHN1cHBv cnQgYW5kIG Fzc2lzdGFu Y2UgdG8gaX RzIGN1c3Rv bWVycywgZW 5zdXJpbmcg dGhhdCB0aG V5IGhhdmUg YSBwb3NpdG l2ZSBleHBl cmllbmNlIH dpdGggdGhl IGNvbXBhbn ku

VGhlIEthZG FudCBjb21w YW55IGlzIG EgZ2xvYmFs IHN1cHBsaW VyIG9mIGhp Z2gtdmFsdW UsIGNyaXRp Y2FsIGNvbX BvbmVudHMg YW5kIGVuZ2 luZWVyZWQg c3lzdGVtcy B1c2VkIGlu IHByb2Nlc3 MgaW5kdXN0 cmllcyB3b3 JsZHdpZGUu IFRoZSBjb2 1wYW55J3Mg YnVzaW5lc3 MgbW9kZWwg aXMgZGl2aW RlZCBpbnRv IHRocmVlIG 1haW4gc2Vn bWVudHM6IF BhcGVybWFr aW5nIFN5c3 RlbXMsIFdv b2QgUHJvY2 Vzc2luZyBT eXN0ZW1zLC BhbmQgRmx1 aWQgSGFuZG xpbmcuIDxi cj4xLiBQYX Blcm1ha2lu ZyBTeXN0ZW 1zOiBUaGlz IHNlZ21lbn QgcHJvdmlk ZXMgcHJvZH VjdHMgYW5k IHNlcnZpY2 VzIHVzZWQg aW4gcGFwZX IgcHJvZHVj dGlvbiwgaW 5jbHVkaW5n IHdldCBhbm QgZHJ5IGVu ZCBwYXBlci BtYWNoaW5l IHN5c3RlbX MsIGNsZWFu aW5nLCBhbm QgZmlsdHJh dGlvbiBzeX N0ZW1zLCBh bmQgZG9jdG 9yaW5nIGFu ZCByb2xsIG NsZWFuaW5n IHN5c3RlbX MuIEthZGFu dCdzIHNvbH V0aW9ucyBo ZWxwIGltcH JvdmUgcGFw ZXIgcHJvZH VjdGlvbiBl ZmZpY2llbm N5IGFuZCBy ZWxpYWJpbG l0eSBmb3Ig aXRzIGN1c3 RvbWVycy48 YnI+Mi4gV2 9vZCBQcm9j ZXNzaW5nIF N5c3RlbXM6 IFRoaXMgc2 VnbWVudCBv ZmZlcnMgZX F1aXBtZW50 IGFuZCBzZX J2aWNlcyBm b3IgdGhlIH Byb2Nlc3Np bmcgb2Ygd2 9vZCBhbmQg b3RoZXIgZm licm91cyBt YXRlcmlhbH MgdXNlZCBp biB0aGUgcH JvZHVjdGlv biBvZiBwYX BlciBhbmQg YnVpbGRpbm cgbWF0ZXJp YWxzLiBUaG UgY29tcGFu eSdzIHByb2 R1Y3RzIGlu Y2x1ZGUgZG ViYXJraW5n LCBjaGlwcG luZywgYW5k IHNjcmVlbm luZyBzeXN0 ZW1zLCBhcy B3ZWxsIGFz IHJlY3ljbG luZyBhbmQg cmVmaW5pbm cgZXF1aXBt ZW50Ljxicj 4zLiBGbHVp ZCBIYW5kbG luZzogVGhp cyBzZWdtZW 50IHByb3Zp ZGVzIGZsdW lkLWhhbmRs aW5nIGFuZC BmaWx0cmF0 aW9uIHByb2 R1Y3RzIGFu ZCBzZXJ2aW NlcyB0byB2 YXJpb3VzIG luZHVzdHJp ZXMsIGluY2 x1ZGluZyBj aGVtaWNhbH MsIG9pbCBh bmQgZ2FzLC BhbmQgcGV0 cm9jaGVtaW NhbHMuIEth ZGFudCdzIG ZsdWlkIGhh bmRsaW5nIH NvbHV0aW9u cyBoZWxwIG ltcHJvdmUg cHJvY2Vzcy BlZmZpY2ll bmN5LCByZW R1Y2UgZW5l cmd5IGNvbn N1bXB0aW9u LCBhbmQgcH JvdGVjdCB0 aGUgZW52aX Jvbm1lbnQu PGJyPk92ZX JhbGwsIEth ZGFudCdzIG J1c2luZXNz IG1vZGVsIG ZvY3VzZXMg b24gcHJvdm lkaW5nIGlu bm92YXRpdm UgYW5kIGhp Z2gtcXVhbG l0eSBwcm9k dWN0cyBhbm Qgc2Vydmlj ZXMgdG8gaX RzIGN1c3Rv bWVycyBpbi B0aGUgcGFw ZXIsIHdvb2 QsIGFuZCBm bHVpZC1oYW 5kbGluZyBp bmR1c3RyaW VzLiBUaGUg Y29tcGFueS BhbHNvIGVt cGhhc2l6ZX MgcmVzZWFy Y2ggYW5kIG RldmVsb3Bt ZW50IHRvIG NvbnRpbnVv dXNseSBpbX Byb3ZlIGl0 cyBvZmZlcm luZ3MgYW5k IG1haW50YW luIGEgY29t cGV0aXRpdm UgYWR2YW50 YWdlIGluIH RoZSBtYXJr ZXQuIEFkZG l0aW9uYWxs eSwgS2FkYW 50IGhhcyBh IGdsb2JhbC BwcmVzZW5j ZSBhbmQgYS BkaXZlcnNl IGN1c3RvbW VyIGJhc2Us IHdoaWNoIG hlbHBzIG1p dGlnYXRlIH Jpc2tzIGFu ZCBlbnN1cm VzIHN1c3Rh aW5lZCByZX ZlbnVlIGdy b3d0aC4=

To assess whether AI poses a material threat to Kadant’s products, services, or competitive positioning, we need to consider a few key factors.
First, Kadant is primarily known for its industrial products and services, particularly those related to paper and packaging industries, including fluid handling, drying systems, and other manufacturing processes. AI could influence these areas in several ways but is not necessarily positioned as a direct substitute for Kadant’s core offerings.
Substitution could arise as AI technologies improve automation in manufacturing processes, potentially replacing certain mechanical solutions or human oversight. However, Kadant’s products may still maintain their niche due to the specific needs of industrial processes that require specialized equipment, which AI alone may not effectively fulfill.
Disintermediation is another potential risk, particularly if AI-enabled platforms enable manufacturers to bypass traditional suppliers or reduce dependency on specialized products. However, Kadant’s long-standing industry relationships and expertise may make it challenging for new entrants to provide similar value.
Margin pressure could occur if AI leads to increased competition or innovation that undercuts prices in the market. If competitors leverage AI to enhance efficiency or reduce costs, Kadant might face pressure to adapt pricing strategies to maintain competitiveness.
In summary, while AI presents potential risks through substitution, disintermediation, and margin pressure, the material threat to Kadant’s products and competitive position will largely depend on the company’s ability to innovate and incorporate AI technologies within its offerings, thereby enhancing its value proposition in industrial applications.
1218325

The sensitivity of Kadant’s earnings, cash flow, and valuation to changes in interest rates can be assessed through several factors:
1. Earnings Sensitivity: Kadant’s earnings may be affected by interest rate changes due to their influence on borrowing costs and capital expenditures. If interest rates rise, the cost of financing for any debt may increase, which can reduce net income. Conversely, lower interest rates can lead to reduced borrowing costs, potentially enhancing profitability.
2. Cash Flow Sensitivity: Cash flow is particularly sensitive to interest rate changes if the company has significant debt. Increased interest rates could result in higher interest payments, negatively impacting free cash flow. Additionally, if rates rise, it may affect customer financing costs, potentially leading to reduced demand for Kadant’s products, which could also negatively impact cash flow.
3. Valuation Sensitivity: Valuation is often influenced by discount rates applied to future cash flows. Higher interest rates typically lead to higher discount rates, which can reduce the present value of future earnings, resulting in a lower valuation of the company. In contrast, lower interest rates generally increase the present value of cash flows, possibly enhancing the company’s valuation.
In summary, Kadant’s earnings, cash flow, and overall valuation are likely to exhibit sensitivity to changes in interest rates, influenced by factors such as debt levels, cost of capital, and customer demand dynamics.

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 hxVHh4bUs1 V2NrVHlBNm 8yQlAud2Vi cCIgYWx0PS JLYWRhbnQi IHRpdGxlPS JLYWRhbnQi 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 QgS2FkYW50 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+TmiBZ b3VyIGZyZW UgY29weSBv ZiA8aT4iVG hlIENoZWNr bGlzdCBWYW x1ZSBJbnZl c3RvciDigJ QgQSBTbWFy dGVyIFdheS B0byBQaWNr IFN0b2Nrcy I8L2k+IGlz IHdhaXRpbm cKICAgICAg 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 ICAgIExDQm hJRzFoYm4g Vm1ZV04wZF hKbCBjaUJ2 WmlCd1lYIE JsY2lCcGJt UjEgYzNSeW VTQmxjWCBW cGNHMWxibl E4IFluSStN UzRnUzIgRm tZVzUwSUVs dSBZeTRnZD JGeklHIFp2 ZFc1a1pXUW cgYVc0Z01U azVNUyBCaG N5QmhJSE53 IGFXNXZabV lnYjIgWWdW R2hsY20xdi BJRVZzWldO MGNtIDl1SU VOdmNuQnYg Y21GMGFXOX U0byBDWmN5 QlVhR1Z5IG JXOGdSbWxp WlggSjBaV3 NnWkdsMiBh WE5wYjI0dV BHIEp5UGpJ dUlGUm8gWl NCamIyMXdZ VyA1NUlHbH pJR0poIGMy VmtJR2x1SU YgZGxjM1Jt YjNKayBMQ0 JOWVhOellX IE5vZFhObG RIUnogSUdG dVpDQm9ZWC BNZ1lTQm5i RzlpIFlXd2 djSEpsYzIg VnVZMlVnZD JsMCBhQ0J2 Y0dWeVlYIF JwYjI1eklH bHUgSUU1dm NuUm9JRSBG dFpYSnBZMk VzIElFVjFj bTl3WlMgd2 dRWE5wWVN3 ZyBZVzVrSU ZOdmRYIFJv SUVGdFpYSn AgWTJFdVBH SnlQaiBNdU lFdGhaR0Z1 IGRDQnBjeU JoSUcgeGxZ V1JwYm1jZy BiV0Z1ZFda aFkzIFIxY2 1WeUlHOW0g SUdWeGRXbH diVyBWdWRD Qm1iM0lnIG RHaGxJSEJo Y0cgVnlJR2 x1WkhWeiBk SEo1TENCcG JtIE5zZFdS cGJtY2cgWk dWcGJtdHBi bSBjZ2MzbH pkR1Z0IGN5 d2djM1J2WT Igc2djSEps Y0dGeSBZWF JwYjI0Z1pY IEYxYVhCdF pXNTAgTENC aGJtUWdaSC BKaGFXNWha MlVnIFlXNW tJR1p2Y20g MXBibWNnY0 hKdiBaSFZq ZEhNdVBHIE p5UGpRdUlG Um8gWlNCam IyMXdZVyA1 NUlHRnNjMj hnIGIyWm1a WEp6SUggTm xjblpwWTJW eiBJSE4xWT JnZ1lYIE1n YUdWaGRDQj AgY21GdWMy WmxjaSBCaG JtUWdaSEo1 IGFXNW5JR1 Z4ZFcgbHdi V1Z1ZEN3Zy BabWxzZEhK aGRHIGx2Ym lCMFpXTm8g Ym05c2IyZD VMQyBCaGJt UWdabWxpIF pYSWdjSEp2 WTIgVnpjMm x1WnlCaCBi bVFnYUdGdV pHIHhwYm1j Z2MzbHogZE dWdGN5NDhZ biBJK05TNG dTVzRnIFlX UmthWFJwYj IgNGdkRzhn ZEdobCBJSE JoY0dWeUlH IGx1WkhWem RISjUgTENC TFlXUmhibi BRZ1lXeHpi eUJ6IFpYSj JaWE1nYVcg NWtkWE4wY2 1sbCBjeUJ6 ZFdOb0lHIE Z6SUhCaFky dGggWjJsdV p5d2djRyB4 aGMzUnBZM0 1zIElIUmxl SFJwYkcgVn pMQ0JtYjI5 ayBJSEJ5Yj JObGMzIE5w Ym1jc0lHRn UgWkNCeVpX NWxkMiBGaW JHVWdaVzVs IGNtZDVMan hpY2ogNDJM aUJMWVdSaC BiblFnYVhN Z1kyIDl0Yl dsMGRHVmsg SUhSdklITj FjMyBSaGFX NWhZbXhsIE lIQnlZV04w YVcgTmxjeX dnYjJabSBa WEpwYm1jZ2 MyIDlzZFhS cGIyNXogSU hSb1lYUWdj SCBKdmJXOT BaU0JsIGJt VnlaM2tnWl cgWm1hV05w Wlc1aiBlU3 dnY21Wa2RX IE5sSUhkaG RHVnkgSUdO dmJuTjFiWC BCMGFXOXVM Q0JoIGJtUW diV2x1YVcg MXBlbVVnZD JGeiBkR1Vn Wm05eUlIIF JvWldseUlH TjEgYzNSdm JXVnljeSA0 OFluSStOeT RnIFZHaGxJ R052YlggQm hibmtnYUdG eiBJR0VnYk c5dVp5IEJv YVhOMGIzSj UgSUc5bUlH bHVibSA5Ml lYUnBiMjRz IElIZHBkR2 dnYjMgWmxj aUF5TERBdy BNQ0J3WVhS bGJuIFJ6SU dsdUlIUm8g WldseUlIQn ZjbiBSbWIy eHBieTRnIF ZHaGxlU0Jq YjIgNTBhVz UxWlNCMCBi eUJwYm5abG MzIFFnYVc0 Z2NtVnogWl dGeVkyZ2dZ VyA1a0lHUm xkbVZzIGIz QnRaVzUwSU ggUnZJSE4w WVhrZyBZWF FnZEdobElH IFp2Y21WbW NtOXUgZENC dlppQjBhRy BWcGNpQnBi bVIxIGMzUn llUzQ4WW4g SStPQzRnVT I5dCBaU0J2 WmlCTFlXIF JoYm5UaWdK bHogSUdKbG MzUXRhMiA1 dmQyNGdjSE p2IFpIVmpk SE1nYVcgNW piSFZrWlNC MCBhR1VnVl RFMk5TIEJo Ym1RZ1NFTT AgTWpBZ2Nt OTBZWCBKNU lHcHZhVzUw IGN5d2dkMm hwWTIgZ2dZ WEpsSUhWei BaV1FnYVc0 Z2NHIEZ3Wl hJZ2JXRmog YUdsdVpYTW dkRyA4Z2Mz VndjR3g1IE lITjBaV0Z0 SUcgRnVaQ0 IzWVhSbCBj aUIwYnlCMG FHIFVnWkhK NWFXNW4gSU dONWJHbHVa RyBWeWN5ND hZbkkrIE9T NGdTMkZrWV cgNTBJR2ho Y3lCaSBaV1 Z1SUhKbFky IDluYm1sNl pXUWcgWm05 eUlHbDBjeS BCamIyMXRh WFJ0IFpXNT BJSFJ2SUgg ZHZjbXR3Yk dGaiBaU0J6 WVdabGRIIG tnZDJsMGFD QmggSUc1MW JXSmxjaSBC dlppQmhkMk Z5IFpITWdZ VzVrSUcgTm xjblJwWm1s aiBZWFJwYj I1ekxDIEJw Ym1Oc2RXUn AgYm1jZ1Qw aFRRViBNZ0 1UZ3dNREVn IFlXNWtJRW xUVHkgQXhO REF3TVM0OC BZbkkrTVRB dUlFIGx1SU RJd01qQXMg SUV0aFpHRn VkQyBCM1lY TWdibUZ0IF pXUWdiMjVs SUcgOW1JSF JvWlNCWCBi M0pzWk9LQW 1YIE1nVFc5 emRDQkYgZE docFkyRnNJ RSBOdmJYQm hibWxsIGN5 QmllU0IwYU cgVWdSWFJv YVhOdyBhR1 Z5WlNCSmJu IE4wYVhSMW RHVWcgWm05 eUlIUm9aUy BCbWFXWjBh Q0JqIGIyNX paV04xZEcg bDJaU0I1Wl dGeSBManhp Y2o0eE1TID RnUzJGa1lX NTAgSUdsek lHRnNjMiA4 Z1pHVmthV0 5oIGRHVmtJ SFJ2SUcgZH BkbWx1WnlC aSBZV05ySU hSdklIIFJv WlNCamIyMX QgZFc1cGRH bGxjeSBCM2 FHVnlaU0Jw IGRITWdaVz F3YkcgOTVa V1Z6SUd4cC BkbVVnWVc1 a0lIIGR2Y2 1zdUlGUm8g WlNCamIyMX dZVyA1NUlI TjFjSEJ2IG NuUnpJSFpo Y20gbHZkWE 1nWTJoaCBj bWwwWVdKc1 pTIEJ2Y21k aGJtbDYgWV hScGIyNXpJ RyBGdVpDQm xibU52IGRY SmhaMlZ6SU cgVnRjR3h2 ZVdWbCBjeU IwYnlCMmIy IHgxYm5SbF pYSWcgZEdo bGFYSWdkRy BsdFpTQmhi bVFnIGRHRn NaVzUwY3kg NDhZbkkrTV RJdSBJRUZ6 SUc5bUlEIE l3TWpFc0lF dGggWkdGdW RDQmxiWCBC c2IzbHpJRz kyIFpYSWdN eXcxTUQgQW djR1Z2Y0d4 bCBJSGR2Y2 14a2QyIGxr WlNCaGJtUW cgYUdGeklH RWdiVyBGeW EyVjBJR05o IGNHbDBZV3 hwZW0gRjBh Vzl1SUc5bS BJRzkyWlhJ Z0pEIEV1Tm lCaWFXeHMg YVc5dUxqeG ljaiA0eE15 NGdWR2hsIE lHTnZiWEJo Ym4gbmlnSm x6SUhSaCBa MnhwYm1Vc0 lFIGx1Ym05 MllYUnAgYm 1jZ1ZHOW5a WCBSb1pYSX NJSEpsIFpt eGxZM1J6SU cgbDBjeUJq YjJ4cyBZV0 p2Y21GMGFY IFpsSUdGd2 NISnYgWVdO b0lIUnZJSC BkdmNtdHBi bWNnIGQybD BhQ0JqZFgg TjBiMjFsY2 5NZyBkRzhn WkdWMlpXIH h2Y0NCemIy eDEgZEdsdm JuTWdkRyBG cGJHOXlaV1 FnIGRHOGdk R2hsYVggSW djM0JsWTJs bSBhV01nYm 1WbFpIIE11 UEdKeVBqRT AgTGlCTFlX UmhibiBUaW dKbHpJRU5G IFR5d2dTbV ZtWm4gSmxl U0JRYjNkbC BiR3dzSUdo aGN5IEJpWl dWdUlIZHAg ZEdnZ2RHaG xJRyBOdmJY QmhibmtnIG MybHVZMlVn YVggUnpJR2 x1WTJWdyBk R2x2YmlCcG JpIEF4T1Rr eElHRnUgWk NCb1lYTWdh RyBWc1pDQj JZWEpwIGIz VnpJR3hsWV cgUmxjbk5v YVhBZyBjRz l6YVhScGIy IDV6SUdKbF ptOXkgWlNC aVpXbHVaeS BCdVlXMWxa Q0JEIFJVOG dhVzRnTWog QXdPUzQ4WW 5JKyBNVFV1 SUVSbGMzIE JwZEdVZ2FY UnogSUdadl kzVnpJRyA5 dUlIQmhjR1 Z5IElHbHVa SFZ6ZEggSj VJR1Z4ZFds dyBiV1Z1ZE N3Z1MyIEZr WVc1MDRvQ1 ogY3lCd2Nt OWtkVyBOMG N5QmhjbVVn IFlXeHpieU IxYzIgVmtJ R2x1SUc5MC BhR1Z5SUdG d2NHIHhwWT JGMGFXOXUg Y3lCemRXTm 9JRyBGeklI Um9aWEp0IF lXd2djM0J5 WVgga2dZMj loZEdsdSBa eXdnYzJWdG FXIE52Ym1S MVkzUnYgY2 lCdFlXNTFa bSBGamRIVn lhVzVuIExD QmhibVFnWl ggWmxiaUJ6 Y0dGaiBaU0 JsZUhCc2Iz IEpoZEdsdm JpND0KICAg ICAgICA8L3 NwYW4+CiAg ICAgICAgCi AgICAgICAg
See Company Q&A