Principal Financial Group

More reviews (1)

Live  

Principal Financial Group is a global financial services company headquartered in Des Moines, Iowa. It was founded in 1879 and has since become one of the largest and most respected providers of retirement plans, insurance, and asset management services in the world.
The company operates in over 80 countries and has more than 17,000 employees serving over 31 million customers. It is consistently recognized for its strong financial performance, customer service excellence, and commitment to corporate responsibility.
Principal Financial Group offers a wide range of financial products and services, including retirement and investment solutions, life and health insurance, and other financial planning services. The company's core businesses include retirement and income solutions, investment management, and insurance.
The company is known for its innovative approach to helping customers plan for their financial goals and secure their financial future. Through its diverse range of products and services, Principal Financial Group aims to provide customers with tailored solutions that meet their specific needs and help them achieve their financial goals.
In addition to its commitment to financial stability and customer satisfaction, Principal Financial Group is also dedicated to making a positive impact through its corporate responsibility efforts. The company supports community initiatives and advocates for environmental sustainability, diversity, and inclusivity.
Overall, Principal Financial Group is a reputable and established company that strives to help individuals and businesses achieve financial security and success.

MS4gTG9uZy BIaXN0b3J5 OiBQcmluY2 lwYWwgRmlu YW5jaWFsIE dyb3VwIGhh cyBiZWVuIG luIGJ1c2lu ZXNzIGZvci BvdmVyIDE0 MCB5ZWFycy wgbWFraW5n IGl0IG9uZS BvZiB0aGUg b2xkZXN0IG FuZCBtb3N0 IGVzdGFibG lzaGVkIGZp bmFuY2lhbC BzZXJ2aWNl cyBjb21wYW 5pZXMgaW4g dGhlIHdvcm xkLjxicj4y LiBHbG9iYW wgUHJlc2Vu Y2U6IFRoZS Bjb21wYW55 IGhhcyBhIH N0cm9uZyBp bnRlcm5hdG lvbmFsIHBy ZXNlbmNlLC B3aXRoIG9w ZXJhdGlvbn MgaW4gb3Zl ciA3MCBjb3 VudHJpZXMg YW5kIGN1c3 RvbWVycyBp biBtb3JlIH RoYW4gODAg Y291bnRyaW VzLjxicj4z LiBEaXZlcn NlIE9mZmVy aW5nczogUH JpbmNpcGFs IEZpbmFuY2 lhbCBHcm91 cCBvZmZlcn MgYSB3aWRl IHJhbmdlIG 9mIGZpbmFu Y2lhbCBwcm 9kdWN0cyBh bmQgc2Vydm ljZXMsIGlu Y2x1ZGluZy ByZXRpcmVt ZW50IHBsYW 5zLCBpbnZl c3RtZW50IG 1hbmFnZW1l bnQsIGluc3 VyYW5jZSwg YW5kIGJhbm tpbmcgc29s dXRpb25zLj xicj40LiBT dHJvbmcgRm luYW5jaWFs IFBlcmZvcm 1hbmNlOiBU aGUgY29tcG FueSBoYXMg Y29uc2lzdG VudGx5IGRl bGl2ZXJlZC BzdHJvbmcg ZmluYW5jaW FsIHJlc3Vs dHMsIHdpdG ggc3RlYWR5 IHJldmVudW UgZ3Jvd3Ro IGFuZCBzb2 xpZCBwcm9m aXRhYmlsaX R5Ljxicj41 LiBFbXBsb3 llZS1Gb2N1 c2VkOiBQcm luY2lwYWwg RmluYW5jaW FsIEdyb3Vw IGhhcyBhIH N0cm9uZyBj b21taXRtZW 50IHRvIGl0 cyBlbXBsb3 llZXMsIG9m ZmVyaW5nIG NvbXBldGl0 aXZlIGJlbm VmaXRzLCBk ZXZlbG9wbW VudCBvcHBv cnR1bml0aW VzLCBhbmQg YSBwb3NpdG l2ZSB3b3Jr IGN1bHR1cm UuPGJyPjYu IFNvY2lhbC BSZXNwb25z aWJpbGl0eT ogVGhlIGNv bXBhbnkgaG FzIGEgc3Ry b25nIGZvY3 VzIG9uIGNv cnBvcmF0ZS Bzb2NpYWwg cmVzcG9uc2 liaWxpdHks IHN1cHBvcn RpbmcgdmFy aW91cyBjb2 1tdW5pdHkg aW5pdGlhdG l2ZXMgYW5k IHByb21vdG luZyBzdXN0 YWluYWJsZS BidXNpbmVz cyBwcmFjdG ljZXMuPGJy PjcuIEN1c3 RvbWVyLUNl bnRyaWM6IF ByaW5jaXBh bCBGaW5hbm NpYWwgR3Jv dXAgcHJpb3 JpdGl6ZXMg Y3VzdG9tZX Igc2F0aXNm YWN0aW9uIG FuZCBoYXMg YmVlbiByZW NvZ25pemVk IGZvciBpdH MgZXhjZXB0 aW9uYWwgY3 VzdG9tZXIg c2VydmljZS 48YnI+OC4g SW5kdXN0cn kgUmVjb2du aXRpb246IF RoZSBjb21w YW55IGhhcy ByZWNlaXZl ZCBudW1lcm 91cyBhd2Fy ZHMgYW5kIG FjY29sYWRl cyBmb3IgaX RzIGZpbmFu Y2lhbCBwZX Jmb3JtYW5j ZSwgYnVzaW 5lc3MgcHJh Y3RpY2VzLC BhbmQgd29y a3BsYWNlIG N1bHR1cmUu PGJyPjkuIE lubm92YXRp b246IFByaW 5jaXBhbCBG aW5hbmNpYW wgR3JvdXAg Y29udGludW 91c2x5IHN0 cml2ZXMgdG 8gaW5ub3Zh dGUgYW5kIG ltcHJvdmUg aXRzIHByb2 R1Y3RzIGFu ZCBzZXJ2aW NlcywgbGV2 ZXJhZ2luZy B0ZWNobm9s b2d5IGFuZC BkYXRhIGFu YWx5dGljcy B0byBwcm92 aWRlIGJldH RlciBzb2x1 dGlvbnMgdG 8gaXRzIGN1 c3RvbWVycy 48YnI+MTAu IEZpbmFuY2 lhbCBFZHVj YXRpb246IF RoZSBjb21w YW55IGlzIG NvbW1pdHRl ZCB0byBwcm 9tb3Rpbmcg ZmluYW5jaW FsIGxpdGVy YWN5IGFuZC BvZmZlcnMg cmVzb3VyY2 VzIGFuZCB0 b29scyB0by BoZWxwIGlu ZGl2aWR1YW xzIGFuZCBi dXNpbmVzc2 VzIG1ha2Ug aW5mb3JtZW QgZmluYW5j aWFsIGRlY2 lzaW9ucy4=

UHJpbmNpcG FsIEZpbmFu Y2lhbCBHcm 91cCBpcyBh IGdsb2JhbC BmaW5hbmNp YWwgaW52ZX N0bWVudCBj b21wYW55IH RoYXQgcHJv dmlkZXMgYS B3aWRlIHJh bmdlIG9mIG ZpbmFuY2lh bCBwcm9kdW N0cyBhbmQg c2VydmljZX MgdG8gaGVs cCBpbmRpdm lkdWFscywg YnVzaW5lc3 NlcywgYW5k IGluc3RpdH V0aW9ucyBh Y2hpZXZlIH RoZWlyIGZp bmFuY2lhbC Bnb2Fscy4g SXRzIGJ1c2 luZXNzIG1v ZGVsIGNhbi BiZSBwcmlt YXJpbHkgc3 VtbWFyaXpl ZCBhcyBmb2 xsb3dzOjxi cj4xLiBBc3 NldCBNYW5h Z2VtZW50Oi BQcmluY2lw YWwgRmluYW 5jaWFsIEdy b3VwIG1hbm FnZXMgYW5k IGludmVzdH MgYXNzZXRz IG9uIGJlaG FsZiBvZiBp dHMgY2xpZW 50cywgaW5j bHVkaW5nIG luZGl2aWR1 YWxzLCBpbn N0aXR1dGlv bmFsIGludm VzdG9ycywg YW5kIHJldG lyZW1lbnQg cGxhbnMuIF RoZXNlIGFz c2V0cyBtYX kgaW5jbHVk ZSBzdG9ja3 MsIGJvbmRz LCByZWFsIG VzdGF0ZSwg YW5kIG90aG VyIHR5cGVz IG9mIHNlY3 VyaXRpZXMu PGJyPjIuIF JldGlyZW1l bnQgYW5kIE luc3VyYW5j ZSBQcm9kdW N0czogVGhl IGNvbXBhbn kgb2ZmZXJz IHZhcmlvdX MgcmV0aXJl bWVudCBwbG Fucywgc3Vj aCBhcyA0MD EoaykgcGxh bnMgYW5kIH BlbnNpb24g cGxhbnMgZm 9yIGVtcGxv eWVycywgYX Mgd2VsbCBh cyBhbm51aX RpZXMgYW5k IGxpZmUgaW 5zdXJhbmNl IHByb2R1Y3 RzIGZvciBp bmRpdmlkdW Fscy48YnI+ My4gRW1wbG 95ZXItc3Bv bnNvcmVkIE JlbmVmaXQg UGxhbnM6IF ByaW5jaXBh bCBGaW5hbm NpYWwgR3Jv dXAgcHJvdm lkZXMgYSB2 YXJpZXR5IG 9mIGVtcGxv eWVlIGJlbm VmaXRzIGFu ZCBncm91cC BpbnN1cmFu Y2UgcHJvZH VjdHMsIGlu Y2x1ZGluZy BkZW50YWws IHZpc2lvbi wgYW5kIGRp c2FiaWxpdH kgaW5zdXJh bmNlLCBhcy B3ZWxsIGFz IGZsZXhpYm xlIHNwZW5k aW5nIGFjY2 91bnRzIGFu ZCBoZWFsdG ggc2F2aW5n cyBhY2NvdW 50cy48YnI+ NC4gR2xvYm FsIEludmVz dG1lbnQgTW FuYWdlbWVu dDogVGhlIG NvbXBhbnkg YWxzbyBoYX MgYSBnbG9i YWwgcHJlc2 VuY2UgYW5k IHByb3ZpZG VzIGludmVz dG1lbnQgbW FuYWdlbWVu dCBzZXJ2aW NlcyB0byBj bGllbnRzIG luIGNvdW50 cmllcyBhcm 91bmQgdGhl IHdvcmxkLj xicj41LiBU ZWNobm9sb2 d5IFNvbHV0 aW9uczogUH JpbmNpcGFs IEZpbmFuY2 lhbCBHcm91 cCBvZmZlcn MgdGVjaG5v bG9neSBzb2 x1dGlvbnMg Zm9yIGZpbm FuY2lhbCBh ZHZpc29ycy wgZW1wbG95 ZXJzLCBhbm QgaW5kaXZp ZHVhbHMsIH N1Y2ggYXMg cmV0aXJlbW VudCBwbGFu IGFuZCBpbn Zlc3RtZW50 IG1hbmFnZW 1lbnQgc29m dHdhcmUuPG JyPjYuIEFk dmlzb3J5IF NlcnZpY2Vz OiBUaGUgY2 9tcGFueSBw cm92aWRlcy BmaW5hbmNp YWwgcGxhbm 5pbmcgYW5k IGFkdmlzb3 J5IHNlcnZp Y2VzIHRvIG hlbHAgaW5k aXZpZHVhbH MgYW5kIGJ1 c2luZXNzZX MgbWFrZSBp bmZvcm1lZC BmaW5hbmNp YWwgZGVjaX Npb25zIGFu ZCBhY2hpZX ZlIHRoZWly IGxvbmctdG VybSBmaW5h bmNpYWwgZ2 9hbHMuPGJy PjcuIEluZG l2aWR1YWwg UmV0aXJlbW VudCBBY2Nv dW50cyAoSV JBKTogUHJp bmNpcGFsIE ZpbmFuY2lh bCBHcm91cC BvZmZlcnMg SVJBIGFjY2 91bnRzIHRo YXQgYWxsb3 cgaW5kaXZp ZHVhbHMgdG 8gc2F2ZSBm b3IgcmV0aX JlbWVudCBh bmQgdGFrZS BhZHZhbnRh Z2Ugb2YgdG F4IGJlbmVm aXRzLjxicj 5PdmVyYWxs LCBQcmluY2 lwYWwgRmlu YW5jaWFsIE dyb3VwJ3Mg YnVzaW5lc3 MgbW9kZWwg aXMgZm9jdX NlZCBvbiBo ZWxwaW5nIG NsaWVudHMg YnVpbGQgYW 5kIHByb3Rl Y3QgdGhlaX Igd2VhbHRo IHRocm91Z2 ggYSBjb21i aW5hdGlvbi BvZiBhc3Nl dCBtYW5hZ2 VtZW50LCBy ZXRpcmVtZW 50IGFuZCBp bnN1cmFuY2 UgcHJvZHVj dHMsIGJlbm VmaXQgcGxh bnMsIGFuZC BhZHZpc29y eSBzZXJ2aW Nlcy4=

The sensitivity of Principal Financial Group’s earnings, cash flow, and valuation to changes in interest rates is significant, as is the case for many financial institutions, particularly those involved in insurance and investment management.
1. Earnings Sensitivity: Principal Financial Group’s earnings can be affected by interest rates in several ways. Low interest rates typically compress the margins on products like life insurance and annuities, where the company is required to offer guaranteed returns to policyholders. When interest rates rise, the company may be able to increase its margins, leading to higher earnings from these products. Conversely, declining interest rates can lead to lower investment income from their fixed-income portfolios, affecting overall profitability.
2. Cash Flow Sensitivity: Interest rates impact cash flows through investment income and the demand for financial products. Higher interest rates can stimulate demand for fixed-income products but may slow down loan origination and other financial services. On the other hand, lower rates can lead to increased borrowing but can also decrease cash flows from investments. Cash flows are particularly sensitive to the duration of the company’s liabilities, which can be affected by shifts in interest rates.
3. Valuation Sensitivity: The valuation of Principal Financial Group is tied to interest rates since lower rates generally increase the present value of future cash flows. When rates rise, the discount rate used in valuation models also rises, which can negatively impact the present value of future earnings and cash flows, leading to a decrease in overall valuation. Investors often adjust their expectations for growth and profitability based on interest rate trends, adding another layer of sensitivity.
In summary, all three aspects—earnings, cash flow, and valuation—are sensitive to changes in interest rates, with the potential for substantial impacts depending on the direction and magnitude of those changes. Companies like Principal Financial Group must actively manage their interest rate risk to mitigate potential adverse effects.

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 bG9nb3Mva0 1NNmN6VGlu U3U3TVplaU dONU8ud2Vi cCIgYWx0PS JQcmluY2lw YWwgRmluYW 5jaWFsIEdy b3VwIiB0aX RsZT0iUHJp bmNpcGFsIE ZpbmFuY2lh bCBHcm91cC IgIGNsYXNz PSJpbWctZm x1aWQiIGhl aWdodD05MC B3aWR0aD05 MCBsb2FkaW 5nPSdsYXp5 JyBzdHlsZT 0nYm9yZGVy LXJhZGl1cz ogNnB4Oyc+ CgogICAgIC AgICAgICAg ICAgICAgID xkaXYgc3R5 bGU9J2ZsZX g6IDE7IHRl eHQtYWxpZ2 46IGNlbnRl cjsgbWFyZ2 luLWxlZnQ6 IDVweDsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8cCBzdH lsZT0nZm9u dC1zaXplOi AyNnB4OyBj b2xvcjogIz MzMzsgbWFy Z2luLWJvdH RvbTogMTVw eDsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAg8J+TiC BXYW50IHRv IHJlYWQgbW 9yZSBhYm91 dCBQcmluY2 lwYWwgRmlu YW5jaWFsIE dyb3VwPwog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L3A+Cgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdpbmRleC 5waHA/cGFn ZT1zaWdudX AnIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJhY2tncm 91bmQtY29s b3I6ICMwMD dCRkY7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBjb2xv cjogI2ZmZj sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH BhZGRpbmc6 IDEwcHggMj BweDsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJvcmRl ci1yYWRpdX M6IDVweDsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHRl eHQtZGVjb3 JhdGlvbjog bm9uZTsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGZvbn Qtd2VpZ2h0 OiBib2xkOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgbW FyZ2luLXJp Z2h0OiAxMH B4OwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdHJhbnNp dGlvbjogYm Fja2dyb3Vu ZC1jb2xvci AwLjNzIGVh c2U7JwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgb25tb3 VzZW92ZXI9 J3RoaXMuc3 R5bGUuYmFj a2dyb3VuZE NvbG9yPSIj MDA1NmIzIi cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG 9ubW91c2Vv dXQ9J3RoaX Muc3R5bGUu YmFja2dyb3 VuZENvbG9y PSIjMDA3Qk ZGIic+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBTaWdu IHVwIGZvci BmcmVlCiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvYT4KCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xzcGFuIHN0 eWxlPSdtYX JnaW46IDAg OHB4OyBjb2 xvcjogIzU1 NTsnPm9yPC 9zcGFuPgoK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGEgaHJl Zj0naW5kZX gucGhwP3Bh Z2U9bG9naW 4nIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGNvbG9yOi AjMDA3QkZG OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dGV4dC1kZW NvcmF0aW9u OiB1bmRlcm xpbmU7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBmb250 LXdlaWdodD ogNTAwOyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBs b2cgaW4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9hPgoKCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxwIHN0eW xlPSdtYXJn aW4tdG9wOi AxNXB4OyBm b250LXNpem U6IDEzcHg7 IGZvbnQtd2 VpZ2h0OiBi b2xkOyBjb2 xvcjogI2Qz MmYyZjsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAg8J +TpSBHZXQg b3VyIGZyZW UgZUJvb2sg bm93OiA8aT 4iVGhlIENo ZWNrbGlzdC BWYWx1ZSBJ bnZlc3Rvci DigJQgQSBT bWFydGVyIF dheSB0byBQ aWNrIFN0b2 NrcyI8L2k+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvcD4K CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwhLS0K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nbW FyZ2luLXRv cDogMTJweD sgZm9udC1z aXplOiAxM3 B4OyBjb2xv cjogIzQ0ND snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgU2lnbiB1 cCBub3cgYW 5kIGdldCBv dXIgZnJlZS BlQm9vayAK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIDxi PlRoZSBDaG Vja2xpc3Qg VmFsdWUgSW 52ZXN0b3Ig 4oCUIEEgU2 1hcnRlciBX YXkgdG8gUG ljayBTdG9j a3M8L2I+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICAgIC AgICAgICAg ICAtLT4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PCEtLQogIC AgICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdtYXJn aW4tdG9wOi AxNnB4OyBm b250LXNpem U6IDE0cHg7 IGNvbG9yOi AjNDQ0OyBm b250LWZhbW lseTogLWFw cGxlLXN5c3 RlbSwgQmxp bmtNYWNTeX N0ZW1Gb250 LCBTZWdvZS BVSSwgUm9i b3RvLCBIZW x2ZXRpY2Eg TmV1ZSwgc2 Fucy1zZXJp ZjsgbGluZS 1oZWlnaHQ6 IDEuNjsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgSG F2ZSB5b3Ug aGVhcmQgYW JvdXQgb3Vy IHNob3J0ID xzdHJvbmcg c3R5bGU9J2 ZvbnQtd2Vp Z2h0OiA2MD A7Jz5EYWls eSBWaWRlby BOZXdzbGV0 dGVyPC9zdH Jvbmc+Pwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgPGEg aHJlZj0naH R0cHM6Ly93 d3cuaW5zaW dodGZ1bHZh bHVlLmNvbS 9uZXdzbGV0 dGVyLnBocC cgdGFyZ2V0 PSdfYmxhbm snIHN0eWxl PSdjb2xvcj ogIzAwN0JG RjsgdGV4dC 1kZWNvcmF0 aW9uOiBub2 5lOyBmb250 LXdlaWdodD ogNTAwOyBt YXJnaW4tbG VmdDogNnB4 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgRm luZCBvdXQg bW9yZQogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9hPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgLS0+Ci AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgIAog ICAgICAgIA ogICAgICAg IDxzcGFuIG NsYXNzPSdi bHVycmVkLX RleHQnPgog ICAgICAgIC AgICBVSEpw Ym1OcGNHIE ZzSUVacGJt RnUgWTJsaG JDQkhjbSA5 MWNDQnBjeU JoIElHeGxZ V1JwYm0gY2 djSEp2ZG1s ayBaWElnYj JZZ1ptIGx1 WVc1amFXRn MgSUhObGNu WnBZMiBWek xDQnpjR1Zq IGFXRnNhWH BwYm0gY2dh VzRnY21WMC BhWEpsYldW dWRDIHdnWV hOelpYUWcg YldGdVlXZG xiVyBWdWRD d2dZVzVrIE lHbHVjM1Z5 WVcgNWpaU0 J6YjJ4MSBk R2x2Ym5NdU lFIGhsY21V Z1lYSmwgSU hOdmJXVWdh VyA1MFpYSm xjM1JwIGJt Y2dabUZqZE ggTWdZV0p2 ZFhRZyBkR2 hsSUdOdmJY IEJoYm5rNl BHSnkgUGpF dUlEeHpkSC BKdmJtYytS bTkxIGJtUn BibWM4TDMg TjBjbTl1Wn o0NiBJRkJ5 YVc1amFYIE JoYkNCR2FX NWggYm1OcF lXd2dSMyBK dmRYQWdkMk Z6IElHWnZk VzVrWlcgUW dhVzRnTVRn MyBPU0JwYm lCRVpYIE1n VFc5cGJtVn ogTENCSmIz ZGhMQyBCdm NtbG5hVzVo IGJHeDVJR0 Z6SUcgRWdi WFYwZFdGcy BJR3hwWm1V Z2FXIDV6ZF hKaGJtTmwg SUdOdmJYQm hibiBrdVBH SnlQakl1IE lEeHpkSEp2 Ym0gYytSMn h2WW1GcyBJ RkpsWVdOb1 BDIDl6ZEhK dmJtYysgT2 lCVWFHVWdZ MiA5dGNHRn VlU0J2IGNH VnlZWFJsY3 kgQnBiaUJ0 YjNKbCBJSF JvWVc0Z01U IGdnWTI5MW JuUnkgYVdW ekxDQndjbS A5MmFXUnBi bWNnIFptbH VZVzVqYVcg RnNJSE5sY2 5acCBZMlZ6 SUhSdklHID FwYkd4cGIy NXogSUc5bU lHTjFjMyBS dmJXVnljeU IzIGIzSnNa SGRwWkcgVX VQR0p5UGpN dSBJRHh6ZE hKdmJtIGMr UkdsMlpYSn ogWlNCUFpt WmxjbSBsdV ozTThMM04w IGNtOXVaej Q2SUYgQnlh VzVqYVhCaC BiQ0J2Wm1a bGNuIE1nWV NCM2FXUmwg SUhKaGJtZG xJRyA5bUlI QnliMlIxIF kzUnpJR2x1 WTIgeDFaR2 x1WnlCeSBa WFJwY21WdF pXIDUwSUhC c1lXNXogTE NCcGJuWmxj MyBSdFpXNT BJRzFoIGJt Rm5aVzFsYm 4gUXNJR2x1 YzNWeSBZVz VqWlNCd2Nt IDlrZFdOMG N5d2cgWVc1 a0lHVnRjRy B4dmVXVmxJ R0psIGJtVm 1hWFJ6TGog eGljajQwTG lBOCBjM1J5 YjI1blBrIF p2Y25SMWJt VWcgTlRBd1 BDOXpkSCBK dmJtYytPaU JRIGNtbHVZ Mmx3WVcgd2 dSbWx1WVc1 aiBhV0ZzSU VkeWIzIFZ3 SUdOdmJuTn AgYzNSbGJu UnNlUyBCeV lXNXJjeUJo IGJXOXVaeU IwYUcgVWdS bTl5ZEhWdS BaU0ExTURB Z2JHIGx6ZE N3Z2NtVm0g YkdWamRHbH VaeSBCcGRI TWdjMmxuIG JtbG1hV05o Ym4gUWdjbV YyWlc1MSBa U0JoYm1RZ2 FXIDF3WVdO MElHbHUgSU hSb1pTQm1h VyA1aGJtTn BZV3dnIGMy VnlkbWxqWl ggTWdhVzVr ZFhOMCBjbm t1UEdKeVBq IFV1SUR4em RISnYgYm1j K1EyOXljRy A5eVlYUmxJ RkpsIGMzQn Zibk5wWW0g bHNhWFI1UE M5eiBkSEp2 Ym1jK09pIE JVYUdVZ1ky OXQgY0dGdW VTQnBjeSBC amIyMXRhWF IwIFpXUWdk RzhnWTIgOX ljRzl5WVhS bCBJSE52WT JsaGJDIEJ5 WlhOd2IyNX ogYVdKcGJH bDBlUyB3Z1 ptOWpkWE5w IGJtY2diMj RnYzMgVnpk R0ZwYm1GaS BhV3hwZEhr c0lHIE52Yl cxMWJtbDAg ZVNCcGJuWn ZiSCBabGJX VnVkQ3dnIF lXNWtJR1Jw ZG0gVnljMm wwZVNCaCBi bVFnYVc1am JIIFZ6YVc5 dUlHbHUgYV hScFlYUnBk bSBWekxqeG ljajQyIExp QThjM1J5Yj IgNW5QbEps ZEdseSBaVz FsYm5RZ1Uy IDlzZFhScG IyNXogUEM5 emRISnZibS BjK09pQlFj bWx1IFkybH dZV3dnYVgg TWdiMjVsSU c5bSBJSFJv WlNCc1lYIE puWlhOMElI QnkgYjNacF pHVnljeSBC dlppQnlaWF JwIGNtVnRa VzUwSUggTn ZiSFYwYVc5 dSBjeUJwYm lCMGFHIFVn Vlc1cGRHVm sgSUZOMFlY UmxjeSB3Z2 JXRnVZV2Rw IGJtY2dZbW xzYkcgbHZi bk1nYVc0Zy BZWE56WlhS eklHIEZ1Wk NCelpYSjIg YVc1bklHMW hibiBrZ1ky OXljRzl5IF lYUmxJSEps ZEcgbHlaVz FsYm5RZyBj R3hoYm5NdV BHIEp5UGpj dUlEeHogZE hKdmJtYytT VyA1MlpYTj BiV1Z1IGRD Qk5ZVzVoWj IgVnRaVzUw UEM5eiBkSE p2Ym1jK09p IEJVYUdVZ2 FXNTIgWlhO MGJXVnVkQy BCdFlXNWha MlZ0IFpXNT BJR0Z5YlMg QnZaaUJRY2 1sdSBZMmx3 WVd3Z2FYIE 1nYTI1dmQy NGcgWm05eU lHbDBjeSBC aFkzUnBkbV VnIGJXRnVZ V2RsYlcgVn VkQ0JoY0hC eSBiMkZqYU NCaGJtIFFn YjJabVpYSn ogSUhaaGNt bHZkWCBNZ2 JYVjBkV0Zz IElHWjFibV J6SUcgRnVa Q0JwYm5abC BjM1J0Wlc1 MElIIE4wY2 1GMFpXZHAg WlhNdVBHSn lQaiBndUlE eHpkSEp2IG JtYytWR1Zq YUcgNXZiRz luZVNCSiBi bTV2ZG1GMG FXIDl1UEM5 emRISnYgYm 1jK09pQlFj bSBsdVkybH dZV3dnIGFH RnpJRzFoWk cgVWdjMmxu Ym1sbSBhV0 5oYm5RZ2FX IDUyWlhOMG JXVnUgZEhN Z2FXNGdkRy BWamFHNXZi RzluIGVTQj BieUJsYm0g aGhibU5sSU dOMSBjM1J2 YldWeUlHIF Y0Y0dWeWFX VnUgWTJVZ1 lXNWtJSCBO MGNtVmhiV3 hwIGJtVWda bWx1WVcgNW phV0ZzSUhC cyBZVzV1YV c1bklHIEZ1 WkNCdFlXNW ggWjJWdFpX NTBJSCBCeW IyTmxjM05s IGN5NDhZbk krT1MgNGdQ SE4wY205dS BaejVCWTNG MWFYIE5wZE dsdmJuTTgg TDNOMGNtOX VaeiA0NklG Um9jbTkxIF oyaHZkWFFn YVggUnpJR2 hwYzNSdiBj bmtzSUZCeW FXIDVqYVhC aGJDQm8gWV hNZ1ozSnZk MiA0Z2RHaH liM1ZuIGFD QnpkSEpoZE cgVm5hV01n WVdOeCBkV2 x6YVhScGIy IDV6TENCbG VIQmggYm1S cGJtY2dhWC BSeklHTmhj R0ZpIGFXeH BkR2xsY3kg QmhibVFnY2 1WaCBZMmhw Ym1jZ2JtIF YzSUcxaGNt dGwgZEhNdV BHSnlQaiBF d0xpQThjM1 J5IGIyNW5Q bE4wY20gOX VaeUJTWVhS cCBibWR6UE M5emRIIEp2 Ym1jK09pQl UgYUdVZ1ky OXRjRyBGdW VTQnBjeUJ5 IFpXTnZaMj VwZW0gVmtJ R1p2Y2lCcC BkSE1nWm1s dVlXIDVqYV dGc0lITjAg Y21WdVozUm 9JRyBGdVpD QnpkR0ZpIG FXeHBkSGtz SUcgVmhjbT VwYm1jZyBh R2xuYUNCeV lYIFJwYm1k eklHWnkgYj IwZ2JXRnFi MyBJZ1kzSm xaR2wwIElI SmhkR2x1Wn kgQmhaMlZ1 WTJsbCBjeU JtYjNJZ2FY IFJ6SUdsdW MzVnkgWVc1 alpTQndjbS A5a2RXTjBj eUJoIGJtUW diM1psY20g RnNiQ0JtYV c1aCBibU5w WVd3Z2FHIF ZoYkhSb0xq eGkgY2o1VW FHVnpaUyBC bVlXTjBjeU J5IFpXWnNa V04wSUYgQn lhVzVqYVhC aCBiQ0JHYV c1aGJtIE5w WVd3Z1IzSn YgZFhEaWdK bHpJRyB4dm JtY3RjM1Jo IGJtUnBibW NnY0ggSmxj MlZ1WTJVZy BhVzRnZEdo bElHIFpwYm 1GdVkybGgg YkNCcGJtUj FjMyBSeWVT QmhibVFnIG FYUnpJR052 YlcgMXBkRz FsYm5RZyBk RzhnY0hKdm RtIGxrYVc1 bklHTnYgYl hCeVpXaGxi biBOcGRtVW djMlZ5IGRt bGpaWE1nZE cgOGdhWFJ6 SUdOcyBhV1 Z1ZEhNdVBH IEp5UGc9PQ ogICAgICAg IDwvc3Bhbj 4KICAgICAg ICAKICAgIC AgICA=
See Company Q&A