Cullen-Frost Bank

-11.96%

Live  

It is a financial holding company that operates through its subsidiary, Frost Bank, a Texas-chartered bank. The company provides a range of commercial and consumer banking, investment and brokerage, insurance, and treasury management services. It serves individuals and businesses in Texas with over 130 financial centers. Cullen-Frost Bank is headquartered in San Antonio, Texas and has been in operation since 1868. It has been consistently recognized as one of the most financially secure banks in the country. The company also has a strong commitment to giving back to the community, with a focus on education, health and human services, and culture and the arts.

MS4gTG9uZy BIaXN0b3J5 OiBDdWxsZW 4tRnJvc3Qg QmFuayBoYX MgYSBsb25n IGFuZCByaW NoIGhpc3Rv cnkgc3Bhbm 5pbmcgb3Zl ciAxNTAgeW VhcnMuIFRo ZSBiYW5rIH dhcyBmb3Vu ZGVkIGluID E4NjggYnkg Q29sb25lbC BULkguIEZy b3N0IGFuZC BoYXMgcmVt YWluZWQgaW 4gdGhlIHNh bWUgZmFtaW x5IGZvciA1 IGdlbmVyYX Rpb25zLjxi cj4yLiBTdH JvbmcgRmlu YW5jaWFsIF N0YW5kaW5n OiBDdWxsZW 4tRnJvc3Qg QmFuayBpcy ByZWNvZ25p emVkIGFzIG 9uZSBvZiB0 aGUgZmluYW 5jaWFsbHkg c3Ryb25nZX N0IGFuZCBi ZXN0LXBlcm Zvcm1pbmcg YmFua3MgaW 4gdGhlIFVu aXRlZCBTdG F0ZXMuIEl0 IGhhcyBjb2 5zaXN0ZW50 bHkgbWFpbn RhaW5lZCBh IHN0cm9uZy BmaW5hbmNp YWwgcG9zaX Rpb24gYW5k IGhhcyBiZW VuIHJhdGVk IGFtb25nIH RoZSB0b3At cGVyZm9ybW luZyBiYW5r cyBpbiB0aG UgY291bnRy eSBieSB2YX Jpb3VzIHB1 YmxpY2F0aW 9ucyBhbmQg cmF0aW5nIG FnZW5jaWVz Ljxicj4zLi BDdXN0b21l ci1jZW50cm ljIEFwcHJv YWNoOiBUaG UgYmFuayBo YXMgYWx3YX lzIHBsYWNl ZCBjdXN0b2 1lciBzYXRp c2ZhY3Rpb2 4gYXMgaXRz IHRvcCBwcm lvcml0eS4g SXQgaXMga2 5vd24gZm9y IGl0cyBwZX Jzb25hbGl6 ZWQgYW5kIH JlbGF0aW9u c2hpcC1iYX NlZCBhcHBy b2FjaCB0by BiYW5raW5n LCBwcm92aW RpbmcgdGFp bG9yZWQgc2 VydmljZXMg YW5kIHNvbH V0aW9ucyB0 byBtZWV0IH RoZSB1bmlx dWUgbmVlZH Mgb2YgaXRz IGN1c3RvbW Vycy48YnI+ NC4gQ29tbX VuaXR5IElu dm9sdmVtZW 50OiBDdWxs ZW4tRnJvc3 QgQmFuayBp cyBkZWVwbH kgY29tbWl0 dGVkIHRvIG dpdmluZyBi YWNrIHRvIH RoZSBjb21t dW5pdGllcy BpdCBzZXJ2 ZXMuIFRoZS BiYW5rIHJl Z3VsYXJseS BlbmdhZ2Vz IGluIHBoaW xhbnRocm9w aWMgYWN0aX ZpdGllcyBh bmQgc3VwcG 9ydHMgdmFy aW91cyBub2 4tcHJvZml0 IG9yZ2FuaX phdGlvbnMs IGVkdWNhdG lvbmFsIHBy b2dyYW1zLC BhbmQgY29t bXVuaXR5IG RldmVsb3Bt ZW50IHByb2 plY3RzLjxi cj41LiBFbX Bsb3llZSBD dWx0dXJlOi BUaGUgYmFu ayBoYXMgYS BzdHJvbmcg YW5kIHBvc2 l0aXZlIGNv bXBhbnkgY3 VsdHVyZSwg ZW1waGFzaX ppbmcgdGVh bXdvcmssIH Byb2Zlc3Np b25hbGlzbS wgYW5kIHJl c3BlY3QuIE l0IGhhcyBi ZWVuIHJlY2 9nbml6ZWQg YXMgYSBncm VhdCBwbGFj ZSB0byB3b3 JrIGFuZCBo YXMgcmVjZW l2ZWQgbnVt ZXJvdXMgYX dhcmRzIGZv ciBpdHMgZW 1wbG95ZWUt ZnJpZW5kbH kgcG9saWNp ZXMgYW5kIH Byb2dyYW1z Ljxicj42Li BEaXZlcnNp ZmllZCBCdX NpbmVzcyBN b2RlbDogQ3 VsbGVuLUZy b3N0IEJhbm sgb2ZmZXJz IGEgZGl2ZX JzZSByYW5n ZSBvZiBmaW 5hbmNpYWwg c2VydmljZX MsIGluY2x1 ZGluZyB0cm FkaXRpb25h bCBiYW5raW 5nLCBpbnN1 cmFuY2UsIG FuZCB3ZWFs dGggbWFuYW dlbWVudC4g VGhpcyBkaX ZlcnNpZmll ZCBidXNpbm VzcyBtb2Rl bCBoYXMgaG VscGVkIHRo ZSBiYW5rIH RvIHdlYXRo ZXIgZWNvbm 9taWMgZG93 bnR1cm5zIG FuZCBtYWlu dGFpbiBzdG VhZHkgZ3Jv d3RoLjxicj 43LiBGb2N1 cyBvbiBJbm 5vdmF0aW9u IGFuZCBUZW Nobm9sb2d5 OiBDdWxsZW 4tRnJvc3Qg QmFuayBpcy Bmb2N1c2Vk IG9uIGVtYn JhY2luZyB0 ZWNobm9sb2 d5IGFuZCBp bm5vdmF0aW 9uIHRvIGVu aGFuY2UgaX RzIHByb2R1 Y3RzIGFuZC BzZXJ2aWNl cy4gVGhlIG JhbmsgaXMg Y29uc3Rhbn RseSBpbnZl c3RpbmcgaW 4gbmV3IHRl Y2hub2xvZ2 llcyBhbmQg cHJvY2Vzc2 VzIHRvIHBy b3ZpZGUgYS BzZWFtbGVz cyBhbmQgY2 9udmVuaWVu dCBiYW5raW 5nIGV4cGVy aWVuY2UgZm 9yIGl0cyBj dXN0b21lcn MuPGJyPjgu IFN0cm9uZy BSaXNrIE1h bmFnZW1lbn Q6IEN1bGxl bi1Gcm9zdC BCYW5rIGhh cyBhIHJvYn VzdCByaXNr IG1hbmFnZW 1lbnQgZnJh bWV3b3JrIG luIHBsYWNl IHRvIGlkZW 50aWZ5LCBh c3Nlc3MsIG FuZCBtaXRp Z2F0ZSByaX Nrcy4gVGhp cyBoYXMgaG VscGVkIHRo ZSBiYW5rIH RvIG5hdmln YXRlIHRocm 91Z2ggY2hh bGxlbmdpbm cgZWNvbm9t aWMgZW52aX Jvbm1lbnRz IGFuZCBtYW ludGFpbiBz dGFiaWxpdH kgYW5kIHJl c2lsaWVuY2 UuPGJyPjku IFN0cm9uZy BHb3Zlcm5h bmNlOiBUaG UgYmFuayBo YXMgYSB3ZW xsLWRlZmlu ZWQgZ292ZX JuYW5jZSBz dHJ1Y3R1cm Ugd2l0aCBh IGNsZWFyIH NlcGFyYXRp b24gb2YgcG 93ZXJzIGFu ZCByZXNwb2 5zaWJpbGl0 aWVzLiBUaG lzIGhhcyBo ZWxwZWQgdG hlIGJhbmsg dG8gbWFpbn RhaW4gdHJh bnNwYXJlbm N5IGFuZCBh Y2NvdW50YW JpbGl0eSBp biBpdHMgb3 BlcmF0aW9u cy48YnI+MT AuIEF3YXJk cyBhbmQgUm Vjb2duaXRp b246IEN1bG xlbi1Gcm9z dCBCYW5rIG hhcyByZWNl aXZlZCBudW 1lcm91cyBh Y2NvbGFkZX MgYW5kIHJl Y29nbml0aW 9uIGZvciBp dHMgcGVyZm 9ybWFuY2Us IGN1c3RvbW VyIHNlcnZp Y2UsIGFuZC Bjb3Jwb3Jh dGUgc29jaW FsIHJlc3Bv bnNpYmlsaX R5IGluaXRp YXRpdmVzLi BJdCBoYXMg YmVlbiBjb2 5zaXN0ZW50 bHkgcmVjb2 duaXplZCBh cyBvbmUgb2 YgdGhlIGJl c3QgYmFua3 MgdG8gd29y ayBmb3IgYW 5kIGEgdG9w LXBlcmZvcm 1pbmcgZmlu YW5jaWFsIG luc3RpdHV0 aW9uLg==

Q3VsbGVuLU Zyb3N0IEJh bmsgaXMgYS BmaW5hbmNp YWwgaG9sZG luZyBjb21w YW55IHRoYX QgcHJvdmlk ZXMgYSByYW 5nZSBvZiBj b21tZXJjaW FsIGFuZCBj b25zdW1lci BiYW5raW5n IHNlcnZpY2 VzIHRocm91 Z2ggaXRzIH N1YnNpZGlh cnkgRnJvc3 QgQmFuay4g VGhlaXIgYn VzaW5lc3Mg bW9kZWwgaX MgYmFzZWQg b24gcHJvdm lkaW5nIHBl cnNvbmFsIG FuZCBidXNp bmVzcyBiYW 5raW5nIHNl cnZpY2VzLC BpbmNsdWRp bmcgc2F2aW 5ncyBhbmQg Y2hlY2tpbm cgYWNjb3Vu dHMsIGxvYW 5zLCBtb3J0 Z2FnZXMsIG ludmVzdG1l bnQgc2Vydm ljZXMsIGFu ZCB0cmVhc3 VyeSBtYW5h Z2VtZW50IH NvbHV0aW9u cy4gVGhleS Bmb2N1cyBv biBidWlsZG luZyBsb25n LXRlcm0gcm VsYXRpb25z aGlwcyB3aX RoIHRoZWly IGN1c3RvbW VycyBhbmQg Y29tbXVuaX RpZXMgYnkg cHJvdmlkaW 5nIHBlcnNv bmFsaXplZC BhbmQgcmVz cG9uc2l2ZS BzZXJ2aWNl cy4gSW4gYW RkaXRpb24g dG8gdHJhZG l0aW9uYWwg YmFua2luZy BzZXJ2aWNl cywgQ3VsbG VuLUZyb3N0 IEJhbmsgYW xzbyBvZmZl cnMgaW5zdX JhbmNlLCB3 ZWFsdGggbW FuYWdlbWVu dCwgYW5kIH RydXN0IHNl cnZpY2VzLi BUaGV5IGVh cm4gcmV2ZW 51ZSB0aHJv dWdoIGludG VyZXN0IGFu ZCBmZWVzIG 9uIHRoZWly IHZhcmlvdX MgcHJvZHVj dHMgYW5kIH NlcnZpY2Vz LiBUaHJvdW doIHRoZWly IGNvbnNlcn ZhdGl2ZSBh cHByb2FjaC B0byByaXNr IG1hbmFnZW 1lbnQgYW5k IGxvbmctc3 RhbmRpbmcg Y29tbWl0bW VudCB0byB0 aGVpciBjdX N0b21lcnMs IEN1bGxlbi 1Gcm9zdCBC YW5rIGFpbX MgdG8gZ2Vu ZXJhdGUgc3 RhYmxlIGVh cm5pbmdzIG FuZCBzdXN0 YWluYWJsZS Bncm93dGgu

The sensitivity of CulleFrost Bank’s earnings, cash flow, and valuation to changes in interest rates can stem from several factors inherent in its business model and economic environment.
1. Earnings Sensitivity: As a financial institution, CulleFrost Bank’s earnings are generally influenced by interest rates through its net interest margin, which is the difference between the interest income generated from loans and interest paid on deposits. When interest rates rise, the bank can often increase loan rates more quickly than deposit rates, potentially improving profitability. Conversely, when rates fall, the margin could shrink, leading to reduced earnings.
2. Cash Flow Sensitivity: The bank’s cash flow can also be sensitive to interest rate changes. An increase in interest rates may enhance cash flows from interest income on loans and investments. However, it could also lead to higher borrowing costs for consumers and businesses, potentially slowing loan demand and impacting cash inflows. Additionally, if higher rates lead to asset value deterioration in the real estate or other markets, this could affect the quality of the bank’s loan portfolio, resulting in increased provisions for loan losses and impacting cash flows.
3. Valuation Sensitivity: The valuation of CulleFrost Bank can be influenced by interest rates through discounted cash flow models and market valuation multiples. Rising interest rates can decrease the present value of future cash flows, which may negatively impact stock prices. Additionally, if higher rates lead to an economic slowdown, investor sentiment could shift, further affecting the bank’s valuation.
In summary, CulleFrost Bank’s earnings, cash flow, and valuation are indeed sensitive to interest rate changes, with higher rates potentially improving margins and cash flows in the short term, but also presenting risks related to loan demand and asset quality. On the other hand, lower rates can compress margins and reduce earnings, which might lead to valuation declines as well.

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 bG9nb3MvaU Q5T0FSSFhY TXJVbmR1TH dQcjgud2Vi cCIgYWx0PS JDdWxsZW4t RnJvc3QgQm FuayIgdGl0 bGU9IkN1bG xlbi1Gcm9z dCBCYW5rIi 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 IEN1bGxlbi 1Gcm9zdCBC YW5rPwogIC 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+S oSBMZWFybi BzbWFydGVy IHN0b2NrIH BpY2tzIHdp dGggPGk+Il RoZSBDaGVj a2xpc3QgVm FsdWUgSW52 ZXN0b3Ig4o CUIEEgU21h cnRlciBXYX kgdG8gUGlj ayBTdG9ja3 MiPC9pPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L3A+Cgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8IS0tCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xkaXYgc3R5 bGU9J21hcm dpbi10b3A6 IDEycHg7IG ZvbnQtc2l6 ZTogMTNweD sgY29sb3I6 ICM0NDQ7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIF NpZ24gdXAg bm93IGFuZC BnZXQgb3Vy IGZyZWUgZU Jvb2sgCiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8Yj5U aGUgQ2hlY2 tsaXN0IFZh bHVlIEludm VzdG9yIOKA lCBBIFNtYX J0ZXIgV2F5 IHRvIFBpY2 sgU3RvY2tz PC9iPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgICAgIC AgICAgICAg LS0+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwh LS0KICAgIC AgICAgICAg ICAgICAgIC AgICAgPGRp diBzdHlsZT 0nbWFyZ2lu LXRvcDogMT ZweDsgZm9u dC1zaXplOi AxNHB4OyBj b2xvcjogIz Q0NDsgZm9u dC1mYW1pbH k6IC1hcHBs ZS1zeXN0ZW 0sIEJsaW5r TWFjU3lzdG VtRm9udCwg U2Vnb2UgVU ksIFJvYm90 bywgSGVsdm V0aWNhIE5l dWUsIHNhbn Mtc2VyaWY7 IGxpbmUtaG VpZ2h0OiAx LjY7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIEhhdm UgeW91IGhl YXJkIGFib3 V0IG91ciBz aG9ydCA8c3 Ryb25nIHN0 eWxlPSdmb2 50LXdlaWdo dDogNjAwOy c+RGFpbHkg VmlkZW8gTm V3c2xldHRl cjwvc3Ryb2 5nPj8KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIDxhIGhy ZWY9J2h0dH BzOi8vd3d3 Lmluc2lnaH RmdWx2YWx1 ZS5jb20vbm V3c2xldHRl ci5waHAnIH RhcmdldD0n X2JsYW5rJy BzdHlsZT0n Y29sb3I6IC MwMDdCRkY7 IHRleHQtZG Vjb3JhdGlv bjogbm9uZT sgZm9udC13 ZWlnaHQ6ID UwMDsgbWFy Z2luLWxlZn Q6IDZweDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIEZpbm Qgb3V0IG1v cmUKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IDwvYT4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IC0tPgogIC AgICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAKICAg ICAgICAKIC AgICAgICA8 c3BhbiBjbG Fzcz0nYmx1 cnJlZC10ZX h0Jz4KICAg ICAgICAgIC AgTVM0Z1ZH aGxJRSBOMW JHeGxiaTFH IGNtOXpkQ0 JDWVcgNXJJ R052YlhCaC BibmtnYVhN Z2RHIGhsSU d4aGNtZGwg YzNRZ2FXNW taWCBCbGJt UmxiblFnIF ltRnVheUJw YmkgQlVaWG hoY3lCaCBi bVFnYjI1bE lHIDltSUhS b1pTQnMgWV hKblpYTjBJ RyBsdUlIUm 9aU0JWIGJt bDBaV1FnVT MgUmhkR1Z6 TGp4aSBjaj R5TGlCVWFH IFVnWTI5dG NHRnUgZVNC M1lYTWdabS A5MWJtUmxa Q0JwIGJpQX hPRFk0SUcg SjVJRU52Yk c5dSBaV3dn VkM0Z1RTID RnVUdGelky aGggYkNCcG JpQlRZVyA0 Z1FXNTBiMj VwIGJ5d2dW R1Y0WVggTX VQR0p5UGpN dSBJRlJvWl NCaVlXIDVy NG9DWmN5Qn UgWVcxbElH TnZiVyBWek lHWnliMjBn IGFYUnpJR1 p2ZFcgNWta WEp6SUVOdi BiRzl1Wld3 Z1VHIEZ6WT JoaGJDQmgg Ym1RZ1ZHaH ZiVyBGeklF WnliM04wIE xDQjNhRzhn Y0cgRnlkRz VsY21WayBJ SGRwZEdnZ2 JHIDlqWVd3 Z1luVnogYV c1bGMzTnRZ VyA0Z1JIVn VZMkZ1IElF TXVJRVp5Yj MgTjBJR2x1 SURFNCBOel V1UEdKeVBq IFF1SUVsdU lIUm8gWlNC c1lYUmxJRC BFNE1EQnpJ R0Z1IFpDQm xZWEpzZVMg QXhPVEF3Y3 l3ZyBkR2hs SUdKaGJtIH NnY0d4aGVX VmsgSUdFZ1 kzSjFZMiBs aGJDQnliMn hsIElHbHVJ SFJvWlMgQm taWFpsYkc5 dyBiV1Z1ZE NCdlppIEJV WlhoaGN5Qm kgZVNCd2Nt OTJhVyBScG JtY2diRzlo IGJuTWdkRz hnWm0gRnli V1Z5Y3l3Zy BjbUZ1WTJo bGNuIE1nWV c1a0lITnQg WVd4c0lHSj FjMiBsdVpY TnpaWE11IF BHSnlQalV1 SUYgUm9aU0 JpWVc1ciA0 b0NaY3lCb1 pXIEZrY1hW aGNuUmwgY2 5NZ2FYTWdi RyA5allYUm xaQ0JwIGJp QlRZVzRnUV cgNTBiMjVw Ynl3ZyBWR1 Y0WVhNc0lH IEoxZENCcG RDQm8gWVhN Z2IzWmxjaS BBeE16QWdZ bkpoIGJtTm 9aWE1nWVcg TnliM056SU hSbyBaU0J6 ZEdGMFpTID Q4WW5JK05p NGcgVkdobE lHSmhibSBz Z2FYTWdhMj V2IGQyNGda bTl5SUcgbD BjeUJqYjI1 eiBaWEoyWV hScGRtIFVn YkdWdVpHbH UgWnlCd2Iy eHBZMiBsbG N5d2dkMmhw IFkyZ2dhR1 ZzY0cgVmtJ R2wwSUdGMi BiMmxrSUcx aGFtIDl5SU d4dmMzTmwg Y3lCa2RYSn BibSBjZ1pX TnZibTl0IG FXTWdaRzkz Ym4gUjFjbT V6SUhOMSBZ MmdnWVhNZ2 RHIGhsSUVk eVpXRjAgSU VSbGNISmxj MyBOcGIyNG dZVzVrIElI Um9aU0F5TU QgQTRJR1pw Ym1GdSBZMm xoYkNCamNt IGx6YVhNdV BHSnkgUGpj dUlGUm9aUy BCamIyMXdZ VzU1IElHaG hjeUJpWlcg VnVJSEIxWW 14cCBZMng1 SUhSeVlXIF JsWkNCdmJp QjAgYUdVZ1 RtVjNJRiBs dmNtc2dVM1 J2IFkyc2dS WGhqYUcgRn VaMlVnYzJs dSBZMlVnTV RrM05TIEJo Ym1RZ2FYTW cgYkdsemRH VmtJSCBWdV pHVnlJSFJv IFpTQjBhV0 5yWlggSWdj M2x0WW05cy BJRU5HVWk0 OFluIEkrT0 M0Z1EzVnMg YkdWdUxVWn liMyBOMElF SmhibXNnIG FHRnpJR0Vn YUcgbHpkRz l5ZVNCdiBa aUJ6ZFhCd2 IzIEowYVc1 bklIUm8gWl NCc2IyTmhi QyBCamIyMX RkVzVwIGRI a3NJR0Z1Wk MgQnBkQ0Jv WVhNZyBZbV ZsYmlCeVpX IE52WjI1cG VtVmsgSUda dmNpQnBkSC BNZ2NHaHBi R0Z1IGRHaH liM0JwWXkg QmpiMjUwY2 1saSBkWFJw YjI1eklIIF J2SUdWa2RX TmggZEdsdm Jpd2dhRyBW aGJIUm9ZMk Z5IFpTd2dZ VzVrSUggUm 9aU0JoY25S eiBManhpY2 o0NUxpIEJK YmlBeU1ERT UgTENCMGFH VWdZMiA5dG NHRnVlU0Iz IFlYTWdjbU Z1YTIgVmtJ Q014SUdsdS BJR04xYzNS dmJXIFZ5SU hOaGRHbHog Wm1GamRHbH ZiaSBCcGJp QlVaWGhoIG N5QmhiVzl1 WnkgQnRaV1 JwZFcwdCBj Mmw2WldRZ1 ltIEZ1YTNN Z1lua2cgU2 k1RUxpQlFi MyBkbGNpND hZbkkrIE1U QXVJRUZ6SU cgOW1JREl3 TWpFcyBJSF JvWlNCamIy IDF3WVc1NU lHaGggY3lC dmRtVnlJQy BRME5DQmlh V3hzIGFXOX VJR2x1SUcg RnpjMlYwY3 lCaCBibVFn Wlcxd2JHID k1Y3lCdmRt VnkgSURVc0 1qQXdJSCBC bGIzQnNaUz Q9CiAgICAg ICAgPC9zcG FuPgogICAg ICAgIAogIC AgICAgIA==
See Company Q&A