Applied Materials

Live  

Applied Materials is a globally recognized leader in materials engineering solutions for the semiconductor and display industries. The company was founded in 1967 by Michael A. McNeilly and is headquartered in Santa Clara, California. Applied Materials designs and builds equipment and software used in the production of semiconductors, flat panel displays, and solar cells. The company also offers consulting, support, and other services to help customers maximize their production capabilities.
Applied Materials is known for its continual innovation and research and development efforts, constantly striving to improve technology and processes in the manufacturing of electronic devices. Their solutions help customers produce cutting-edge products that are used in industries such as consumer electronics, transportation, healthcare, and energy. Applied Materials has built a strong reputation for providing high-quality products and services, making them a trusted partner for many of the world's leading semiconductor and display manufacturers.
With a global manufacturing footprint encompassing North America, Europe, and Asia, Applied Materials serves clients in various countries around the world. The company employs over 24,000 people and generated $17.2 billion in revenue in fiscal year 2020.
Overall, Applied Materials is a major player in the technology industry, offering innovative solutions and driving advancements in the semiconductor and display industries.

MS4gSW5kdX N0cnkgTGVh ZGVyOiBBcH BsaWVkIE1h dGVyaWFscy BpcyBhIGds b2JhbCBsZW FkZXIgaW4g bWF0ZXJpYW xzIGVuZ2lu ZWVyaW5nIH NvbHV0aW9u cyBmb3IgdG hlIHNlbWlj b25kdWN0b3 IsIGRpc3Bs YXksIGFuZC Bzb2xhciBp bmR1c3RyaW VzLjxicj4y LiBJbm5vdm F0aW9uOiBU aGUgY29tcG FueSBoYXMg YSBzdHJvbm cgZm9jdXMg b24gcmVzZW FyY2ggYW5k IGRldmVsb3 BtZW50LCBp bnZlc3Rpbm cgb3ZlciAk MSBiaWxsaW 9uIGFubnVh bGx5IHRvIG RyaXZlIGlu bm92YXRpb2 4gaW4gaXRz IHRlY2hub2 xvZ3kgYW5k IHByb2R1Y3 RzLjxicj4z LiBHbG9iYW wgUHJlc2Vu Y2U6IEFwcG xpZWQgTWF0 ZXJpYWxzIG hhcyBhIHBy ZXNlbmNlIG luIG92ZXIg OTMgbG9jYX Rpb25zIGFy b3VuZCB0aG Ugd29ybGQs IG1ha2luZy BpdCBhIHRy dWx5IGdsb2 JhbCBjb21w YW55Ljxicj 40LiBEaXZl cnNlIFByb2 R1Y3QgUG9y dGZvbGlvOi BUaGUgY29t cGFueSBvZm ZlcnMgYSB3 aWRlIHJhbm dlIG9mIHBy b2R1Y3RzIG FuZCBzb2x1 dGlvbnMsIG luY2x1ZGlu ZyBlcXVpcG 1lbnQsIHNv ZnR3YXJlLC BhbmQgc2Vy dmljZXMsIH RvIHN1cHBv cnQgdmFyaW 91cyBtYW51 ZmFjdHVyaW 5nIHByb2Nl c3NlcyBpbi B0aGUgc2Vt aWNvbmR1Y3 RvciBhbmQg cmVsYXRlZC BpbmR1c3Ry aWVzLjxicj 41LiBTdXN0 YWluYWJsZS BQcmFjdGlj ZXM6IEFwcG xpZWQgTWF0 ZXJpYWxzIG lzIGNvbW1p dHRlZCB0by BzdXN0YWlu YWJpbGl0eS BhbmQgaGFz IGltcGxlbW VudGVkIHZh cmlvdXMgaW 5pdGlhdGl2 ZXMgdG8gcm VkdWNlIGl0 cyBlbnZpcm 9ubWVudGFs IGltcGFjdC wgc3VjaCBh cyBlbmVyZ3 ktZWZmaWNp ZW50IG1hbn VmYWN0dXJp bmcgcHJvY2 Vzc2VzIGFu ZCByZWN5Y2 xpbmcgcHJv Z3JhbXMuPG JyPjYuIEN1 c3RvbWVyLU NlbnRyaWMg QXBwcm9hY2 g6IFRoZSBj b21wYW55IH BsYWNlcyBh IHN0cm9uZy BlbXBoYXNp cyBvbiB1bm RlcnN0YW5k aW5nIGFuZC BtZWV0aW5n IHRoZSBuZW VkcyBvZiBp dHMgY3VzdG 9tZXJzLCB3 aGljaCBoYX MgaGVscGVk IGl0IGJ1aW xkIGxvbmct bGFzdGluZy ByZWxhdGlv bnNoaXBzIG FuZCBzdGF5 IGFoZWFkIG 9mIHRoZSBj b21wZXRpdG lvbi48YnI+ Ny4gU3Ryb2 5nIEZpbmFu Y2lhbCBQZX Jmb3JtYW5j ZTogQXBwbG llZCBNYXRl cmlhbHMgaG FzIGEgc3Ry b25nIGZpbm FuY2lhbCB0 cmFjayByZW NvcmQsIHdp dGggY29uc2 lzdGVudCBy ZXZlbnVlIG dyb3d0aCBh bmQgcHJvZm l0YWJpbGl0 eSwgbWFraW 5nIGl0IGEg cmVsaWFibG UgYW5kIHN0 YWJsZSBpbn Zlc3RtZW50 IG9wdGlvbi 48YnI+OC4g SW5jbHVzaX ZlIFdvcmtw bGFjZTogVG hlIGNvbXBh bnkgdmFsdW VzIGRpdmVy c2l0eSBhbm QgaW5jbHVz aW9uLCBhbm QgaGFzIGJl ZW4gcmVjb2 duaXplZCBm b3IgaXRzIG VmZm9ydHMg aW4gY3JlYX RpbmcgYW4g aW5jbHVzaX ZlIHdvcmtw bGFjZSBmb3 IgZW1wbG95 ZWVzIGZyb2 0gZGl2ZXJz ZSBiYWNrZ3 JvdW5kcy48 YnI+OS4gU2 9jaWFsIFJl c3BvbnNpYm lsaXR5OiBB cHBsaWVkIE 1hdGVyaWFs cyBpcyBjb2 1taXR0ZWQg dG8gZ2l2aW 5nIGJhY2sg dG8gdGhlIG NvbW11bml0 aWVzIGluIH doaWNoIGl0 IG9wZXJhdG VzLiBUaGUg Y29tcGFueS BoYXMgdmFy aW91cyBwcm 9ncmFtcyBp biBwbGFjZS B0byBzdXBw b3J0IGVkdW NhdGlvbiwg ZW52aXJvbm 1lbnRhbCBj b25zZXJ2YX Rpb24sIGFu ZCBvdGhlci BjaGFyaXRh YmxlIGNhdX Nlcy48YnI+ MTAuIFRlY2 hub2xvZ2lj YWwgQWR2YW 5jZW1lbnRz OiBXaXRoIG EgaGlzdG9y eSBkYXRpbm cgYmFjayB0 byAxOTY3LC BBcHBsaWVk IE1hdGVyaW FscyBoYXMg cGxheWVkIG Egc2lnbmlm aWNhbnQgcm 9sZSBpbiBk cml2aW5nIH RoZSB0ZWNo bm9sb2dpY2 FsIGFkdmFu Y2VtZW50cy BpbiB0aGUg c2VtaWNvbm R1Y3RvciBp bmR1c3RyeS wgYW5kIGNv bnRpbnVlcy B0byBiZSBh dCB0aGUgZm 9yZWZyb250 IG9mIGlubm 92YXRpb24u

VGhlIEFwcG xpZWQgTWF0 ZXJpYWxzIG NvbXBhbnkn cyBidXNpbm VzcyBtb2Rl bCBpcyBjZW 50ZXJlZCBh cm91bmQgZG V2ZWxvcGlu ZyBhbmQgbW FudWZhY3R1 cmluZyBhZH ZhbmNlZCBl cXVpcG1lbn QsIHNvZnR3 YXJlLCBhbm Qgc2Vydmlj ZXMgdXNlZC BpbiB0aGUg cHJvZHVjdG lvbiBvZiBz ZW1pY29uZH VjdG9ycyBh bmQgZGlzcG xheSB0ZWNo bm9sb2dpZX MuIFRoZWly IHByb2R1Y3 RzIGFuZCBz ZXJ2aWNlcy BlbmFibGUg dGhlaXIgY3 VzdG9tZXJz LCB3aGljaC BpbmNsdWRl IHNlbWljb2 5kdWN0b3Ig YW5kIGRpc3 BsYXkgbWFu dWZhY3R1cm VycywgdG8g cHJvZHVjZS BoaWdoLXBl cmZvcm1hbm NlIGFuZCBj b3N0LWVmZm VjdGl2ZSBl bGVjdHJvbm ljIGRldmlj ZXMuIDxicj 5UaGUgY29t cGFueSBhbH NvIGZvY3Vz ZXMgb24gcm VzZWFyY2gg YW5kIGRldm Vsb3BtZW50 IHRvIGRyaX ZlIGlubm92 YXRpb24gaW 4gdGhlIHNl bWljb25kdW N0b3IgYW5k IGRpc3BsYX kgaW5kdXN0 cmllcy4gVG hleSB3b3Jr IGNsb3NlbH kgd2l0aCB0 aGVpciBjdX N0b21lcnMg dG8gdW5kZX JzdGFuZCB0 aGVpciBuZW VkcyBhbmQg Y29sbGFib3 JhdGUgb24g c29sdXRpb2 5zIHRvIGhl bHAgdGhlbS BhY2hpZXZl IHRoZWlyIG dvYWxzLiA8 YnI+QXBwbG llZCBNYXRl cmlhbHMgYW xzbyBoYXMg YSBzdHJvbm cgZm9jdXMg b24gc3VzdG FpbmFiaWxp dHkgYW5kIH dvcmtzIHRv IHJlZHVjZS B0aGUgZW52 aXJvbm1lbn RhbCBpbXBh Y3Qgb2YgaX RzIG1hbnVm YWN0dXJpbm cgcHJvY2Vz c2VzIGFuZC Bwcm9kdWN0 cy4gPGJyPk 92ZXJhbGws IHRoZWlyIG J1c2luZXNz IG1vZGVsIG lzIGJhc2Vk IG9uIHByb3 ZpZGluZyBj dXR0aW5nLW VkZ2UgdGVj aG5vbG9neS BhbmQgc29s dXRpb25zIH RvIGVuYWJs ZSB0aGVpci BjdXN0b21l cnMnIHN1Y2 Nlc3MsIHdo aWxlIGFsc2 8gc3RyaXZp bmcgZm9yIG Vudmlyb25t ZW50YWwgc3 VzdGFpbmFi aWxpdHku

The sensitivity of Applied Materials’ earnings, cash flow, and valuation to changes in interest rates can be analyzed through several perspectives:
1. Earnings Sensitivity: Higher interest rates can impact Applied Materials’ earnings by increasing borrowing costs for the company and its customers. If customers face higher financing costs, they may reduce capital expenditures on semiconductor manufacturing equipment, directly affecting Applied Materials’ sales. Additionally, elevated interest rates may signal slower economic growth, potentially leading to reduced demand for semiconductor equipment.
2. Cash Flow Sensitivity: The company’s cash flow could also be impacted by interest rate changes. Increased rates would raise the costs of servicing debt, which could reduce free cash flow available for investment or shareholder returns. If customers have tighter cash flow due to rising borrowing costs, they may delay or scale back purchases, impacting Applied Materials’ operating cash flow.
3. Valuation Sensitivity: The valuation of Applied Materials, often assessed through discounted cash flow (DCF) models, is inversely related to interest rates. Higher discount rates (increased by rising interest rates) would decrease the present value of future cash flows, thus negatively affecting the company’s valuation. As interest rates rise, investors might also demand higher returns on investment, further impacting the stock’s attractiveness and resulting in lower valuation multiples.
In summary, Applied Materials is materially sensitive to interest rate fluctuations. Rising rates can lead to increased costs and dampened demand, impacting earnings and cash flow, while also potentially lowering the valuation due to higher discount rates applied in financial models.

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 bG9nb3MvZG pVUEdoVThW NjloNllsS0 xmYngud2Vi cCIgYWx0PS JBcHBsaWVk IE1hdGVyaW FscyIgdGl0 bGU9IkFwcG xpZWQgTWF0 ZXJpYWxzIi AgY2xhc3M9 ImltZy1mbH VpZCIgaGVp Z2h0PTkwIH dpZHRoPTkw IGxvYWRpbm c9J2xhenkn IHN0eWxlPS dib3JkZXIt cmFkaXVzOi A2cHg7Jz4K CiAgICAgIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nZmxleD ogMTsgdGV4 dC1hbGlnbj ogY2VudGVy OyBtYXJnaW 4tbGVmdDog NXB4Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDxwIHN0eW xlPSdmb250 LXNpemU6ID I2cHg7IGNv bG9yOiAjMz MzOyBtYXJn aW4tYm90dG 9tOiAxNXB4 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICDwn5OIIF dhbnQgdG8g cmVhZCBtb3 JlIGFib3V0 IEFwcGxpZW QgTWF0ZXJp YWxzPwogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L3A+CgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 YSBocmVmPS dpbmRleC5w aHA/cGFnZT 1zaWdudXAn IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG JhY2tncm91 bmQtY29sb3 I6ICMwMDdC RkY7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBjb2xvcj ogI2ZmZjsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHBh ZGRpbmc6ID EwcHggMjBw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJvcmRlci 1yYWRpdXM6 IDVweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIHRleH QtZGVjb3Jh dGlvbjogbm 9uZTsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGZvbnQt d2VpZ2h0Oi Bib2xkOwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgbWFy Z2luLXJpZ2 h0OiAxMHB4 OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dHJhbnNpdG lvbjogYmFj a2dyb3VuZC 1jb2xvciAw LjNzIGVhc2 U7JwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Agb25tb3Vz ZW92ZXI9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A1NmIzIicK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIG9u bW91c2VvdX Q9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA3QkZG Iic+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIGZvciBm cmVlCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv YT4KCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxz cGFuIHN0eW xlPSdtYXJn aW46IDAgOH B4OyBjb2xv cjogIzU1NT snPm9yPC9z cGFuPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PGEgaHJlZj 0naW5kZXgu cGhwP3BhZ2 U9bG9naW4n IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG NvbG9yOiAj MDA3QkZGOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgdG V4dC1kZWNv cmF0aW9uOi B1bmRlcmxp bmU7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBmb250LX dlaWdodDog NTAwOyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBsb2 cgaW4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9hPgoKCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xwIHN0eWxl PSdtYXJnaW 4tdG9wOiAx NXB4OyBmb2 50LXNpemU6 IDEzcHg7IG ZvbnQtd2Vp Z2h0OiBib2 xkOyBjb2xv cjogI2QzMm YyZjsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAg8J+a gCBEb27igJ l0IG1pc3Mg PGk+IlRoZS BDaGVja2xp c3QgVmFsdW UgSW52ZXN0 b3Ig4oCUIE EgU21hcnRl ciBXYXkgdG 8gUGljayBT dG9ja3MiPC 9pPiDigJQg ZnJlZSEKIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9wPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PCEtLQogIC AgICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdtYXJn aW4tdG9wOi AxMnB4OyBm b250LXNpem U6IDEzcHg7 IGNvbG9yOi AjNDQ0Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBT aWduIHVwIG 5vdyBhbmQg Z2V0IG91ci BmcmVlIGVC b29rIAogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPGI+VG hlIENoZWNr bGlzdCBWYW x1ZSBJbnZl c3RvciDigJ QgQSBTbWFy dGVyIFdheS B0byBQaWNr IFN0b2Nrcz wvYj4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC 0tPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8IS 0tCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J21hcmdpbi 10b3A6IDE2 cHg7IGZvbn Qtc2l6ZTog MTRweDsgY2 9sb3I6ICM0 NDQ7IGZvbn QtZmFtaWx5 OiAtYXBwbG Utc3lzdGVt LCBCbGlua0 1hY1N5c3Rl bUZvbnQsIF NlZ29lIFVJ LCBSb2JvdG 8sIEhlbHZl dGljYSBOZX VlLCBzYW5z LXNlcmlmOy BsaW5lLWhl aWdodDogMS 42Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBIYXZl IHlvdSBoZW FyZCBhYm91 dCBvdXIgc2 hvcnQgPHN0 cm9uZyBzdH lsZT0nZm9u dC13ZWlnaH Q6IDYwMDsn PkRhaWx5IF ZpZGVvIE5l d3NsZXR0ZX I8L3N0cm9u Zz4/CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdodHRw czovL3d3dy 5pbnNpZ2h0 ZnVsdmFsdW UuY29tL25l d3NsZXR0ZX IucGhwJyB0 YXJnZXQ9J1 9ibGFuaycg c3R5bGU9J2 NvbG9yOiAj MDA3QkZGOy B0ZXh0LWRl Y29yYXRpb2 46IG5vbmU7 IGZvbnQtd2 VpZ2h0OiA1 MDA7IG1hcm dpbi1sZWZ0 OiA2cHg7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBGaW5k IG91dCBtb3 JlCiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8L2E+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg ICAgICAgIC AtLT4KICAg ICAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgCiAgIC AgICAgCiAg ICAgICAgPH NwYW4gY2xh c3M9J2JsdX JyZWQtdGV4 dCc+CiAgIC AgICAgICAg IFFYQndiR2 xsWkMgQk5Z WFJsY21saC BiSE1zSUVs dVl5IDRnYV hNZ1lTQncg Y205dGFXNW xibiBRZ1ky OXRjR0Z1IG VTQnBiaUIw YUcgVWdjMl Z0YVdOdiBi bVIxWTNSdm NpIEJoYm1R Z1pHbHogY0 d4aGVTQnRZ VyA1MVptRm pkSFZ5IGFX NW5JR2x1Wk ggVnpkSEpw WlhNdSBJRW hsY21VZ1lY IEpsSUhOdm JXVWcgYVc1 MFpYSmxjMy BScGJtY2da bUZqIGRITW dZV0p2ZFgg UWdkR2hsSU dOdiBiWEJo Ym5rNlBHIE p5UGpFdUlF WnYgZFc1a1 pXUWdhVyA0 Z01UazJOem 9nIFFYQndi R2xsWkMgQk 5ZWFJsY21s aCBiSE1nZD JGeklHIFZ6 ZEdGaWJHbH ogYUdWa0lH SjVJRSAxcF kyaGhaV3dn IFFTNGdUV0 5PWlcgRnNl U3dnZDJodi BJR0ZwYldW a0lIIFJ2SU dOeVpXRjAg WlNCcGJtNX ZkbSBGMGFY WmxJR1Z4IG RXbHdiV1Z1 ZEMgQmhibV FnYzJWeSBk bWxqWlhNZ1 ptIDl5SUhS b1pTQnogWl cxcFkyOXVa SCBWamRHOX lJR2x1IFpI VnpkSEo1TG kgQThZbkkr TWk0ZyBTR1 ZoWkhGMVlY IEowWlhKek 9pQlUgYUdV Z1kyOXRjRy BGdWVlS0Ft WE1nIGFHVm haSEYxWVgg SjBaWEp6SU dseiBJR3h2 WTJGMFpXIF FnYVc0Z1Uy RnUgZEdFZ1 EyeGhjbSBF c0lFTmhiR2 xtIGIzSnVh V0VzSUggZG 9hV05vSUds eiBJR2x1SU hSb1pTIEJv WldGeWRDQn YgWmlCVGFX eHBZMiA5dU lGWmhiR3hs IGVTd2dZVz RnWVggSmxZ U0JyYm05My BiaUJtYjNJ Z2FYIFJ6SU dOdmJtTmwg Ym5SeVlYUn BiMiA0Z2Iy WWdkR1ZqIG FDQmpiMjF3 WVcgNXBaWE 1nWVc1ayBJ R2x1Ym05Ml lYIFJwYjI0 dVBHSnkgUG pNdUlFUnBk bSBWeWMyVW dVSEp2IFpI VmpkQ0JRYj MgSjBabTlz YVc4NiBJRU Z3Y0d4cFpX IFFnVFdGMF pYSnAgWVd4 eklITndaVy BOcFlXeHBl bVZ6IElHbH VJRzFoYm4g Vm1ZV04wZF hKcCBibWNn WlhGMWFYIE J0Wlc1MElI VnogWldRZ2 FXNGdkRyBo bElHWmhZbk pwIFkyRjBh Vzl1SUcgOW 1JSE5sYlds aiBiMjVrZF dOMGIzIEln WkdWMmFXTm wgY3l3Z1pt eGhkQyBCd1 lXNWxiQ0Jr IGFYTndiR0 Y1Y3kgd2dZ VzVrSUhOdi BiR0Z5SUhC b2IzIFJ2ZG 05c2RHRnAg WXlCd2NtOW tkVyBOMGN5 NGdWR2hsIG FYSWdkR1Zq YUcgNXZiRz luZVNCaCBj SEJzYVdWek lIIFJ2SUcx MWJIUnAgY0 d4bElHbHVa SCBWemRISn BaWE1zIElH bHVZMngxWk cgbHVaeUJq YjI1eiBkVz FsY2lCbGJH IFZqZEhKdm JtbGogY3l3 Z1lYVjBiMi AxdmRHbDJa U3dnIFlXNW tJSFJsYkcg VmpiMjF0ZF c1cCBZMkYw YVc5dWN5ID Q4WW5JK05D NGcgVFdGcW IzSWdVRyB4 aGVXVnlJR2 x1IElGTmxi V2xqYjIgNW tkV04wYjNJ ZyBUV0Z1ZF daaFkzIFIx Y21sdVp6b2 cgVkdobElH TnZiWCBCaG Jua2dhWE1n IFlTQnNaV0 ZrYVcgNW5J SE4xY0hCcy BhV1Z5SUc5 bUlHIFZ4ZF dsd2JXVnUg ZENCMWMyVm tJRyBsdUlI Um9aU0J3IG NtOWtkV04w YVcgOXVJRz ltSUdsdSBk R1ZuY21GMF pXIFFnWTJs eVkzVnAgZE hNZ0tFbERj eSBrc0lHMW hhMmx1IFp5 QnBkQ0JoYm kgQmxjM05s Ym5ScCBZV3 dnY0d4aGVX IFZ5SUdsdU lIUm8gWlNC elpXMXBZMi A5dVpIVmpk Rzl5IElITj FjSEJzZVMg QmphR0ZwYm k0OCBZbkkr TlM0Z1VpIF poYlhBN1JD QkQgYjIxdG FYUnRaVyA1 ME9pQkJjSE JzIGFXVmtJ RTFoZEcgVn lhV0ZzY3lC cCBiblpsYz NSeklHIGhs WVhacGJIa2 cgYVc0Z2Nt VnpaVyBGeV kyZ2dZVzVr IElHUmxkbV ZzYjMgQnRa VzUwTENCai BiMjUwYVc1 MVlXIHhzZV NCaFpIWmgg Ym1OcGJtY2 dhWCBSeklI UmxZMmh1IG IyeHZaMmxs Y3kgQjBieU J6ZFhCdyBi M0owSUhSb1 pTIEJ5WVhC cFpHeDUgSU dWMmIyeDJh VyA1bklHNW xaV1J6IElH OW1JSFJvWl MgQnpaVzFw WTI5dSBaSF ZqZEc5eUlH IDFoYm5WbV lXTjAgZFhK cGJtY2dhVy A1a2RYTjBj bmt1IFBHSn lQall1SUUg ZHNiMkpoYk NCUSBjbVZ6 Wlc1alpUIG 9nVkdobElH TnYgYlhCaG Jua2dhRyBG eklHRWdjM1 ZpIGMzUmhi blJwWVcgd2 dhVzUwWlhK dSBZWFJwYj I1aGJDIEJt YjI5MGNISn AgYm5Rc0lI ZHBkRyBnZ2 JXRnVkV1po IFkzUjFjbW x1WnkgQmhi bVFnYzJWeS BkbWxqWlNC dmNHIFZ5WV hScGIyNXog SUdsdUlHNT FiVyBWeWIz VnpJR052IG RXNTBjbWxs Y3kgQmhjbT kxYm1RZyBk R2hsSUhkdm NtIHhrTENC bGJtRmkgYk dsdVp5QnBk QyBCMGJ5Qn paWEoyIFpT QmhJR1JwZG 0gVnljMlVn WTNWeiBkRz l0WlhJZ1lt IEZ6WlM0OF luSSsgTnk0 Z1UzVnpkRy BGcGJtRmlh V3hwIGRIa2 dTVzVwZEcg bGhkR2wyWl hNNiBJRUZ3 Y0d4cFpXIF FnVFdGMFpY SnAgWVd4ek lHbHpJRyBO dmJXMXBkSF JsIFpDQjBi eUJ6ZFggTj BZV2x1WVdK cCBiR2wwZV N3Z1ptIDlq ZFhOcGJtY2 cgYjI0Z2Nt VmtkVyBOcG JtY2dkR2hs IElHVnVkbW x5YjIgNXRa VzUwWVd3Zy BhVzF3WVdO MElHIDltSU hObGJXbGog YjI1a2RXTj BiMyBJZ2JX RnVkV1poIF kzUjFjbWx1 WnkgQndjbT lqWlhOeiBa WE1nWVc1a0 lHIGx0Y0hK dmRtbHUgWn lCbGJtVnla MyBrZ1pXWm 1hV05wIFpX NWplU0JwYm kgQnBkSE1n WlhGMSBhWE J0Wlc1MExq IHhpY2o0NE xpQk0gWldG a2FXNW5JRS BsdVpHbGpZ WFJ2IGNpQn ZaaUJVWlcg Tm9JRVJsYl dGdSBaRG9n UW1WallYIF Z6WlNCMGFH VnAgY2lCd2 NtOWtkVyBO MGN5QmhjbV VnIGFXNTBa V2R5WVcgd2 dkRzhnZEdo bCBJSEJ5Yj JSMVkzIFJw YjI0Z2IyWW cgYzJWdGFX TnZibSBSMV kzUnZjbk1z IElFRndjR3 hwWlcgUWdU V0YwWlhKcC BZV3h6NG9D WklIIEJsY2 1admNtMWgg Ym1ObElHbH pJRyA5bWRH VnVJR052IG JuTnBaR1Z5 WlcgUWdZVz RnYVc1ayBh V05oZEc5eU lHIDltSUc5 MlpYSmggYk d3Z1pHVnRZ VyA1a0lHbH VJSFJvIFpT QjBaV05vYm 0gOXNiMmQ1 SUhObCBZM1 J2Y2k0OFlu IEkrT1M0Z1 JtOXkgZEhW dVpTQTFNRC BBZ1EyOXRj R0Z1IGVUb2 dRWEJ3Ykcg bGxaQ0JOWV hSbCBjbWxo YkhNZ1kyID l1YzJsemRH VnUgZEd4NU lISmhibSB0 eklHRnRiMj VuIElIUm9a U0JHYjMgSj BkVzVsSURV dyBNQ0JzYV hOMExDIEJv YVdkb2JHbG 4gYUhScGJt Y2dhWCBSek lITnBaMjVw IFptbGpZVz VqWlMgQmhi bVFnYVcxdy BZV04wSUds dUlIIFJvWl NCbmJHOWkg WVd3Z2JXRn lhMiBWMExq eGljajR4IE 1DNGdVM1J2 WTIgc2dUV0 Z5YTJWMCBP aUJVYUdVZ1 kyIDl0Y0dG dWVTQnAgY3 lCd2RXSnNh VyBOc2VTQj BjbUZrIFpX UWdiMjRnZE cgaGxJRTVC VTBSQiBVU0 IxYm1SbGNp IEIwYUdVZ2 RHbGogYTJW eUlITjViVy BKdmJDQkJU VUZVIExDQm hibVFnYVgg UWdhWE1nWV NCaiBiMjF3 YjI1bGJuIF FnYjJZZ2RH aGwgSUU1Ql UwUkJVUyAw eE1EQWdhVz VrIFpYZ3VQ R0p5UGwgUm 9aWE5sSUda aCBZM1J6SU hKbFptIHhs WTNRZ1FYQn cgYkdsbFpD Qk5ZWCBSbG NtbGhiSFBp IGdKa2djbT lzWlMgQmhj eUJoSUdOeS BhWFJwWTJG c0lIIEJzWV hsbGNpQnAg YmlCMGFHVW dkRyBWamFD QnBibVIxIG MzUnllU3dn Y0cgRnlkR2 xqZFd4aCBj bXg1SUdsdU lIIE5sYlds amIyNWsgZF dOMGIzSWdi VyBGdWRXWm hZM1IxIGNt bHVaeUJoYm 0gUWdjbVZz WVhSbCBaQ0 IwWldOb2Jt IDlzYjJkcF pYTXUgUEdK eVBnPT0KIC AgICAgICA8 L3NwYW4+Ci AgICAgICAg CiAgICAgIC Ag
See Company Q&A