Avnet

Live  

Avnet is a global technology solutions company that connects businesses with the tools and services they need to thrive in the digital age. Founded in 1921, Avnet has a long history in the technology industry and has established itself as a leader in electronic components distribution and end-to-end product development services.
The company operates in more than 125 countries, with offices and distribution centers around the world. Avnet partners with over 1,400 technology suppliers to provide customers with a wide range of solutions, including product design and development, supply chain management, and IT services.
Avnet is also committed to sustainability and is focused on reducing waste and energy consumption in its operations, as well as promoting responsible practices throughout its supply chain.
Avnet's mission is to help individuals and businesses unlock their potential through technology, and the company is constantly innovating and evolving to stay ahead in the ever-changing technology landscape.
Avnet is also dedicated to giving back to the communities it serves and has a strong focus on corporate social responsibility. The company engages in various philanthropic initiatives, including volunteerism and donations to charitable organizations.
Overall, Avnet is a well-established and highly respected company in the technology industry, known for its expertise, global reach, and commitment to making a positive impact in the world.

MS4gR2xvYm FsIFJlYWNo OiBBdm5ldC BoYXMgYSBz dHJvbmcgd2 9ybGR3aWRl IHByZXNlbm NlIHdpdGgg b3BlcmF0aW 9ucyBpbiBt b3JlIHRoYW 4gMTI1IGNv dW50cmllcy 4gVGhpcyBn aXZlcyB0aG VtIGEgZ2xv YmFsIHBlcn NwZWN0aXZl IGFuZCBhbG xvd3MgdGhl bSB0byBzZX J2ZSBjdXN0 b21lcnMgYX JvdW5kIHRo ZSB3b3JsZC 48YnI+Mi4g Q29tcHJlaG Vuc2l2ZSBQ cm9kdWN0IF BvcnRmb2xp bzogVGhlIG NvbXBhbnkg b2ZmZXJzIG EgY29tcHJl aGVuc2l2ZS ByYW5nZSBv ZiBwcm9kdW N0cyBhbmQg c2VydmljZX MgaW5jbHVk aW5nIGVsZW N0cm9uaWMg Y29tcG9uZW 50cywgZW1i ZWRkZWQgc3 lzdGVtcywg ZGVzaWduIG FuZCBzdXBw bHkgY2hhaW 4gc2Vydmlj ZXMsIGFuZC BJb1Qgc29s dXRpb25zLi BUaGlzIGRp dmVyc2UgcG 9ydGZvbGlv IGFsbG93cy B0aGVtIHRv IGNhdGVyIH RvIGEgd2lk ZSByYW5nZS BvZiBpbmR1 c3RyaWVzIG FuZCBjdXN0 b21lciBuZW Vkcy48YnI+ My4gU3Ryb2 5nIFBhcnRu ZXIgRWNvc3 lzdGVtOiBB dm5ldCBoYX MgcGFydG5l cnNoaXBzIH dpdGggb3Zl ciAzMDAgbG VhZGluZyB0 ZWNobm9sb2 d5IHN1cHBs aWVycyBhbm QgYWN0aXZl bHkgY29sbG Fib3JhdGVz IHdpdGggdG hlbSB0byBi cmluZyBpbm 5vdmF0aXZl IHNvbHV0aW 9ucyB0byBt YXJrZXQuIF RoaXMgcm9i dXN0IHBhcn RuZXIgZWNv c3lzdGVtIG FsbG93cyBB dm5ldCB0by BvZmZlciBt b3JlIHZhbH VlIHRvIHRo ZWlyIGN1c3 RvbWVycy48 YnI+NC4gRm 9jdXMgb24g VGVjaG5vbG 9neSBTb2x1 dGlvbnM6IE F2bmV0IGZv Y3VzZXMgb2 4gcHJvdmlk aW5nIGVuZC 10by1lbmQg dGVjaG5vbG 9neSBzb2x1 dGlvbnMsIG luc3RlYWQg b2YganVzdC BzZWxsaW5n IGluZGl2aW R1YWwgY29t cG9uZW50cy 4gVGhpcyBh cHByb2FjaC BhbGxvd3Mg dGhlbSB0by BoZWxwIGN1 c3RvbWVycy Bzb2x2ZSBj b21wbGV4IG NoYWxsZW5n ZXMgYW5kIG NyZWF0ZSB2 YWx1ZSB0aH JvdWdoIHRl Y2hub2xvZ3 kuPGJyPjUu IFN0cm9uZy BUZWNobmlj YWwgRXhwZX J0aXNlOiBB dm5ldCBoYX MgYSB0ZWFt IG9mIG92ZX IgMSw1MDAg dGVjaG5pY2 FsIGV4cGVy dHMgd2hvIG hhdmUgZGVl cCBrbm93bG VkZ2UgYW5k IGV4cGVyaW VuY2UgaW4g dmFyaW91cy B0ZWNobm9s b2d5IGRvbW FpbnMuIFRo ZXkgaGVscC BjdXN0b21l cnMgd2l0aC BkZXNpZ24s IHRlc3Rpbm csIHRyb3Vi bGVzaG9vdG luZywgYW5k IHByb2R1Y3 Qgc2VsZWN0 aW9uLCBhbW 9uZyBvdGhl ciBzZXJ2aW Nlcy48YnI+ Ni4gRW1waG FzaXMgb24g Q3VzdG9tZX IgU2Vydmlj ZTogQXZuZX QgcHV0cyBh IHN0cm9uZy Bmb2N1cyBv biBjdXN0b2 1lciBzZXJ2 aWNlIGFuZC BoYXMgd29u IG51bWVyb3 VzIGF3YXJk cyBmb3IgdG hlaXIgZXhj ZXB0aW9uYW wgY3VzdG9t ZXIgc3VwcG 9ydCBhbmQg c2F0aXNmYW N0aW9uLiBU aGV5IGhhdm UgYSBkZWRp Y2F0ZWQgdG VhbSB0byBh ZGRyZXNzIG N1c3RvbWVy IG5lZWRzIG FuZCBwcm92 aWRlIHRpbW VseSBzb2x1 dGlvbnMuPG JyPjcuIENv bW1pdG1lbn QgdG8gU3Vz dGFpbmFiaW xpdHk6IEF2 bmV0IGlzIG NvbW1pdHRl ZCB0byBzdX N0YWluYWJp bGl0eSBhbm QgaGFzIGlt cGxlbWVudG VkIHZhcmlv dXMgaW5pdG lhdGl2ZXMg dG8gcmVkdW NlIHRoZWly IGltcGFjdC BvbiB0aGUg ZW52aXJvbm 1lbnQuIFRo aXMgaW5jbH VkZXMgcHJv bW90aW5nIG Vjby1mcmll bmRseSBwcm 9kdWN0cyBh bmQgcHJvY2 Vzc2VzLCBy ZWR1Y2luZy B3YXN0ZSBh bmQgZW5lcm d5IGNvbnN1 bXB0aW9uLC BhbmQgc3Vw cG9ydGluZy Bjb21tdW5p dHkgYW5kIH NvY2lhbCBy ZXNwb25zaW JpbGl0eSBw cm9ncmFtcy 48YnI+OC4g U3Ryb25nIE ZpbmFuY2lh bCBQZXJmb3 JtYW5jZTog QXZuZXQgaX MgYSBmaW5h bmNpYWxseS BzdGFibGUg Y29tcGFueS B3aXRoIGEg aGlzdG9yeS BvZiBjb25z aXN0ZW50IG dyb3d0aCBh bmQgcHJvZm l0YWJpbGl0 eS4gVGhpcy BzdGFiaWxp dHkgYW5kIH N1Y2Nlc3Mg bWFrZSB0aG VtIGEgdHJ1 c3RlZCBwYX J0bmVyIGZv ciBjdXN0b2 1lcnMsIHN1 cHBsaWVycy wgYW5kIGlu dmVzdG9ycy 48YnI+OS4g SW5kdXN0cn kgUmVjb2du aXRpb246IE F2bmV0IGhh cyByZWNlaX ZlZCBudW1l cm91cyBhY2 NvbGFkZXMg Zm9yIHRoZW lyIHBlcmZv cm1hbmNlLC BpbmNsdWRp bmcgYmVpbm cgcmFua2Vk IGFtb25nIE ZvcnR1bmUg NTAwIGNvbX BhbmllcyBh bmQgcmVjb2 duaXplZCBh cyBhIHRvcC BkaXN0cmli dXRvciBieS B2YXJpb3Vz IGluZHVzdH J5IG9yZ2Fu aXphdGlvbn MuPGJyPjEw LiBDb3Jwb3 JhdGUgQ2l0 aXplbnNoaX A6IEF2bmV0 IGlzIGNvbW 1pdHRlZCB0 byBnaXZpbm cgYmFjayB0 byB0aGUgY2 9tbXVuaXRp ZXMgaW4gd2 hpY2ggdGhl eSBvcGVyYX RlIGFuZCBo YXMgYSBzdH JvbmcgY29y cG9yYXRlIG NpdGl6ZW5z aGlwIHByb2 dyYW0uIFRo aXMgaW5jbH VkZXMgc3Vw cG9ydGluZy BTVEVNIGVk dWNhdGlvbi wgcHJvbW90 aW5nIGRpdm Vyc2l0eSBh bmQgaW5jbH VzaW9uLCBh bmQgaW52ZX N0aW5nIGlu IGNoYXJpdG llcyBhbmQg bm9uLXByb2 ZpdCBvcmdh bml6YXRpb2 5zLg==

QXZuZXQgaX MgYSBnbG9i YWwgY29tcG FueSB0aGF0 IHByb3ZpZG VzIHRlY2hu b2xvZ3kgcH JvZHVjdHMs IHNlcnZpY2 VzLCBhbmQg c29sdXRpb2 5zIHRvIGN1 c3RvbWVycy BhbmQgc3Vw cGxpZXJzIG luIHRoZSBl bGVjdHJvbm ljcyBpbmR1 c3RyeS4gVG hlaXIgYnVz aW5lc3MgbW 9kZWwgY2Fu IGJlIHN1bW 1hcml6ZWQg YXMgYSBkaX N0cmlidXRp b24gbW9kZW wuIFRoZXkg c291cmNlIG VsZWN0cm9u aWMgY29tcG 9uZW50cyBh bmQgcHJvZH VjdHMgZnJv bSB2YXJpb3 VzIG1hbnVm YWN0dXJlcn MgYW5kIHNl bGwgdGhlbS B0byBjdXN0 b21lcnMgYX JvdW5kIHRo ZSB3b3JsZC 4gQXZuZXQg YWxzbyBvZm ZlcnMgZGVz aWduLCBzdX BwbHkgY2hh aW4sIGFuZC Bsb2dpc3Rp Y3Mgc2Vydm ljZXMgdG8g dGhlaXIgY3 VzdG9tZXJz LiBJbiBhZG RpdGlvbiwg dGhleSBwcm 92aWRlIHRl Y2huaWNhbC BzdXBwb3J0 IGFuZCBjb2 5zdWx0aW5n IHNlcnZpY2 VzIHRvIGhl bHAgY3VzdG 9tZXJzIHdp dGggcHJvZH VjdCBkZXNp Z24sIGRldm Vsb3BtZW50 LCBhbmQgaW 50ZWdyYXRp b24uIE92ZX JhbGwsIEF2 bmV0J3MgYn VzaW5lc3Mg bW9kZWwgaX MgY2VudGVy ZWQgYXJvdW 5kIGJlaW5n IGEgb25lLX N0b3Atc2hv cCBmb3IgYW xsIHRoZSB0 ZWNobm9sb2 d5IG5lZWRz IG9mIHRoZW lyIGN1c3Rv bWVycy4=

The sensitivity of Avnet’s earnings, cash flow, and valuation to changes in interest rates can be examined through several lenses:
1. Earnings Sensitivity: Avnet’s earnings can be impacted by interest rate changes, primarily through the cost of borrowing and the overall economic environment. Higher interest rates increase the cost of financing for Avnet’s operations and any potential acquisitions. This could lead to reduced earnings if the company faces higher interest expenses. Additionally, if rising interest rates slow down economic growth, this could reduce demand for Avnet’s products and services, negatively impacting their revenue and profits.
2. Cash Flow Sensitivity: Cash flow is closely related to earnings but is affected by changes in working capital and investment activities. Higher interest rates can lead to increased borrowing costs, thus reducing net cash flow. Furthermore, if Avnet’s customers face higher financing costs, this may influence their purchasing behavior, leading to potential delays in payments or reduced orders from Avnet, further affecting cash flow.
3. Valuation Sensitivity: Interest rates have a direct impact on the discount rate used in valuation models, such as discounted cash flow (DCF) analysis. If interest rates rise, the discount rate applied to Avnet’s future cash flows would increase, leading to a lower present value of those cash flows. This can result in a decline in the company’s overall valuation in the eyes of investors. Moreover, higher rates may make alternative investments more attractive compared to equities, potentially leading to a sell-off in stock prices, including Avnet’s.
In summary, Avnet’s earnings, cash flow, and valuation are sensitive to changes in interest rates due to factors like borrowing costs, customer behavior, and the capital markets environment. The interplay of these elements means that rising rates could create a challenging environment for the company if not managed effectively.

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 bG9nb3Mva2 5HdFp6bHVN Qmd5aGFET3 dnMTAud2Vi cCIgYWx0PS JBdm5ldCIg dGl0bGU9Ik F2bmV0IiAg Y2xhc3M9Im ltZy1mbHVp ZCIgaGVpZ2 h0PTkwIHdp ZHRoPTkwIG xvYWRpbmc9 J2xhenknIH N0eWxlPSdi b3JkZXItcm FkaXVzOiA2 cHg7Jz4KCi AgICAgICAg ICAgICAgIC AgICAgPGRp diBzdHlsZT 0nZmxleDog MTsgdGV4dC 1hbGlnbjog Y2VudGVyOy BtYXJnaW4t bGVmdDogNX B4Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID xwIHN0eWxl PSdmb250LX NpemU6IDI2 cHg7IGNvbG 9yOiAjMzMz OyBtYXJnaW 4tYm90dG9t OiAxNXB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Dwn5OIIFdh bnQgdG8gcm VhZCBtb3Jl IGFib3V0IE F2bmV0Pwog 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 +ZjCBKb2lu IG5vdyB0by BnZXQgPGk+ IlRoZSBDaG Vja2xpc3Qg VmFsdWUgSW 52ZXN0b3Ig 4oCUIEEgU2 1hcnRlciBX YXkgdG8gUG ljayBTdG9j a3MiPC9pPi BhdCBubyBj b3N0CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv cD4KCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwh LS0KICAgIC AgICAgICAg ICAgICAgIC AgICAgPGRp diBzdHlsZT 0nbWFyZ2lu LXRvcDogMT JweDsgZm9u dC1zaXplOi AxM3B4OyBj b2xvcjogIz Q0NDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgU2ln biB1cCBub3 cgYW5kIGdl dCBvdXIgZn JlZSBlQm9v ayAKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IDxiPlRoZS BDaGVja2xp c3QgVmFsdW UgSW52ZXN0 b3Ig4oCUIE EgU21hcnRl ciBXYXkgdG 8gUGljayBT dG9ja3M8L2 I+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AgICAgICAg ICAgICAtLT 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPCEtLQ ogICAgICAg ICAgICAgIC AgICAgICAg ICA8ZGl2IH N0eWxlPSdt YXJnaW4tdG 9wOiAxNnB4 OyBmb250LX NpemU6IDE0 cHg7IGNvbG 9yOiAjNDQ0 OyBmb250LW ZhbWlseTog LWFwcGxlLX N5c3RlbSwg QmxpbmtNYW NTeXN0ZW1G b250LCBTZW dvZSBVSSwg Um9ib3RvLC BIZWx2ZXRp Y2EgTmV1ZS wgc2Fucy1z ZXJpZjsgbG luZS1oZWln aHQ6IDEuNj snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgSGF2ZSB5 b3UgaGVhcm QgYWJvdXQg b3VyIHNob3 J0IDxzdHJv bmcgc3R5bG U9J2ZvbnQt d2VpZ2h0Oi A2MDA7Jz5E YWlseSBWaW RlbyBOZXdz bGV0dGVyPC 9zdHJvbmc+ PwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg PGEgaHJlZj 0naHR0cHM6 Ly93d3cuaW 5zaWdodGZ1 bHZhbHVlLm NvbS9uZXdz bGV0dGVyLn BocCcgdGFy Z2V0PSdfYm xhbmsnIHN0 eWxlPSdjb2 xvcjogIzAw N0JGRjsgdG V4dC1kZWNv cmF0aW9uOi Bub25lOyBm b250LXdlaW dodDogNTAw OyBtYXJnaW 4tbGVmdDog NnB4Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgRmluZCBv dXQgbW9yZQ ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9hPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgICAgICAg ICAgICAgLS 0+CiAgICAg ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg IAogICAgIC AgIAogICAg ICAgIDxzcG FuIGNsYXNz PSdibHVycm VkLXRleHQn PgogICAgIC AgICAgICBN U2tnUVhadV pYIFFnZDJG eklHWnYgZF c1a1pXUWdh VyA0Z01Ua3 lNU0JpIGVT QkRhR0Z5Yk cgVnpJRUYy Ym1WMCBMQ0 IzYUc4Z2Mz IFJoY25SbF pDQjAgYUdV Z1kyOXRjRy BGdWVTQjNh WFJvIElDUX hNREFnWVcg NWtJR0VnYz IxaCBiR3dn YzNSdmNtIF VnYVc0Z1RX RnUgYUdGMG RHRnVMQyBC T1pYY2dXVz l5IGF5NDhZ bkkrTWkga2 dTVzRnZEdo bCBJREU1Tl RCekxDIEJC ZG01bGRDQj AgY21GdWMy bDBhVyA5dV pXUWdabkp2 IGJTQmhJR3 h2WTIgRnNJ R1JwYzNSeS BhV0oxZEc5 eUlIIFJ2SU dFZ2JtRjAg YVc5dWQybG taUyBCbGJH VmpkSEp2IG JtbGpjeUJr YVggTjBjbW xpZFhSdiBj aXdnWlhod1 lXIDVrYVc1 bklIUm8gWl dseUlHSjFj MiBsdVpYTn pJSFJ2IElF TmhiR2xtYj MgSnVhV0Vn WVc1ayBJRU Z5YVhwdmJt IEV1UEdKeV BqTXAgSUZS b1pTQmpiMi Axd1lXNTVJ SGRsIGJuUW djSFZpYkcg bGpJR2x1SU RFNSBOakVn WVc1a0lHIG hoY3lCaVpX VnUgSUd4cG MzUmxaQyBC dmJpQjBhR1 VnIFRtVjNJ Rmx2Y20gc2 dVM1J2WTJz ZyBSWGhqYU dGdVoyIFVn WlhabGNpQn ogYVc1alpT NDhZbiBJK0 5Da2dTVzRn IGRHaGxJRE U1T1QgQnpM Q0JCZG01bC BkQ0JsZUhC aGJtIFJsWk NCcGRITWcg YjNCbGNtRj BhVyA5dWN5 Qm5iRzlpIF lXeHNlU3dn WVcgTnhkV2 x5YVc1biBJ R052YlhCaG JtIGxsY3lC cGJpQkYgZF hKdmNHVXNJ RSBGemFXRX NJR0Z1IFpD Qk1ZWFJwYm kgQkJiV1Z5 YVdOaCBMan hpY2o0MUtT IEJKYmlBeU 1EQXcgTENC QmRtNWxkQy BCaFkzRjFh WEpsIFpDQn lhWFpoYkMg QmxiR1ZqZE hKdiBibWxq Y3lCa2FYIE 4wY21saWRY UnYgY2lCTl lYSnphRyBG c2JDQkpibV IxIGMzUnlh V1Z6TEMgQn RZV3RwYm1j ZyBhWFFnZE dobElHIHho Y21kbGMzUW cgWkdsemRI SnBZbiBWMG IzSWdhVzRn IGRHaGxJRl Z1YVggUmxa Q0JUZEdGMC BaWE11UEdK eVBqIFlwSU ZSdlpHRjUg TENCQmRtNW xkQyBCcGN5 QnZibVVnIG IyWWdkR2hs SUcgeGhjbW RsYzNRZyBa R2x6ZEhKcF luIFYwYjNK eklHOW0gSU dWc1pXTjBj bSA5dWFXTW dZMjl0IGNH OXVaVzUwY3 kgd2dZMjl0 Y0hWMCBaWE lnY0hKdlpI IFZqZEhNc0 lHRnUgWkNC bGJXSmxaRy BSbFpDQjBa V05vIGJtOX NiMmQ1SUgg TnZiSFYwYV c5dSBjeUJw YmlCMGFHIF VnZDI5eWJH UXUgUEdKeV BqY3BJRiBS b1pTQmpiMj F3IFlXNTVJ R2hoY3kgQm hJSE5wWjI1 cCBabWxqWV c1MElIIEJ5 WlhObGJtTm wgSUdsdUlH VnRaWCBKbm FXNW5JSFJs IFkyaHViMn h2WjIgbGxj eUJ6ZFdOby BJR0Z6SUhS b1pTIEJKYm 5SbGNtNWwg ZENCdlppQl VhRyBsdVoz TXNJR0Z5IG RHbG1hV05w WVcgd2dhVz UwWld4cyBh V2RsYm1ObE xDIEJoYm1R Z05VY3UgUE dKeVBqZ3BJ RSBsdUlESX dNakFzIElF RjJibVYwSU cgRnVibTkx Ym1ObCBaQ0 JwZEhNZ2NH IEZ5ZEc1bG NuTm8gYVhB Z2QybDBhQy BCTmFXTnli M052IFpuUW dkRzhnYkcg RjFibU5vSU dGdSBJRWx2 VkNCc1lXIE lnYVc0Z1FY SnAgZW05dV lTd2dkMiBo cFkyZ2dkMm xzIGJDQmla U0IxYzIgVm tJSFJ2SUdS bCBkbVZzYj NBZ2FXIDV1 YjNaaGRHbD IgWlNCSmIx UWdjMiA5c2 RYUnBiMjV6 IElHWnZjaU JpZFggTnBi bVZ6YzJWei BManhpY2o0 NUtTIEJCZG 01bGRDQm8g WVhNZ1ltVm xiaSBCeVpX TnZaMjVwIG VtVmtJR1p2 Y2kgQnBkSE 1nWTI5dCBi V2wwYldWdW RDIEIwYnlC emRYTjAgWV dsdVlXSnBi RyBsMGVTQm hibVFnIGFH RnpJR0psWl cgNGdiR2x6 ZEdWayBJRz l1SUhSb1pT IEJFYjNjZ1 NtOXUgWlhN Z1UzVnpkRy BGcGJtRmlh V3hwIGRIa2 dTVzVrWlgg Z2dabTl5SU c1cCBibVVn WTI5dWMyIF ZqZFhScGRt VWcgZVdWaG NuTXVQRyBK eVBqRXdLU0 JVIGFHVWdZ Mjl0Y0cgRn VlU0JvWVhN ZyBkMjl1SU c1MWJXIFZ5 YjNWeklHRj MgWVhKa2N5 d2dhVyA1am JIVmthVzVu IElFSmxjM1 FnUkcgbHpk SEpwWW5WMC BiM0lnWm5K dmJTIEJGYk dWamRISnYg Ym1saklGTj FjSCBCc2VT QW1JRTFoIG JuVm1ZV04w ZFggSnBibW NnVFdGbiBZ WHBwYm1VZ1 lXIDVrSUZS dmNDQkUgYV hOMGNtbGlk WCBScGIyNG dVR0Z5IGRH NWxjaUJtY2 0gOXRJRmhw YkdsdSBlQ3 dnWVNCc1pX IEZrYVc1bk lITmwgYlds amIyNWtkVy BOMGIzSWdZ Mjl0IGNHRn VlUzQ9CiAg ICAgICAgPC 9zcGFuPgog ICAgICAgIA ogICAgICAg IA==
See Company Q&A