Lazard

Live  

Lazard is a global financial advisory and asset management firm that was founded in 1848 by Alexandre Lazard and his three brothers, Lazare, Simon, and Elie. The company is headquartered in New York City and has offices in major financial centers around the world.
Lazard provides a wide range of financial services, including M&A advisory, restructuring and capital raising, as well as asset management services like investment management, wealth management, and private equity.
The company has a strong reputation for its expertise in mergers and acquisitions, and has advised on some of the largest and most complex deals in history. It is also known for its commitment to sustainability and responsible investing, and has been recognized for its leadership in this area by various organizations.
With a team of over 3,000 employees, Lazard offers global coverage and a diverse range of capabilities to serve its clients’ needs. It is a publicly traded company listed on the New York Stock Exchange under the ticker symbol LAZ.
Lazard is also actively involved in philanthropy and corporate social responsibility initiatives. The company has a dedicated foundation, Lazard Foundation, which supports various education, health and human services, arts and culture, and environmental causes in the communities where Lazard operates.
Overall, Lazard is a well-respected and reputable company in the financial industry, known for providing high quality services and being a leader in its field.

U29tZSBwb3 NzaWJsZSBh bnN3ZXJzIG NvdWxkIGlu Y2x1ZGU6PG JyPi0gTGF6 YXJkIGlzIG 9uZSBvZiB0 aGUgb2xkZX N0IGZpbmFu Y2lhbCBhZH Zpc29yeSBm aXJtcyBpbi B0aGUgd29y bGQsIGZvdW 5kZWQgaW4g MTg0OC48Yn I+LSBUaGUg Y29tcGFueS BoYXMgYSBn bG9iYWwgcH Jlc2VuY2Us IHdpdGggb2 ZmaWNlcyBp biBvdmVyID QwIGNpdGll cyBhY3Jvc3 MgMjUgY291 bnRyaWVzLj xicj4tIExh emFyZCBoYX MgYSByZW5v d25lZCByZX B1dGF0aW9u IGluIHRoZS BmaW5hbmNp YWwgaW5kdX N0cnkgZm9y IHByb3ZpZG luZyBoaWdo LXF1YWxpdH kgYW5kIGlu ZGVwZW5kZW 50IGFkdmlj ZSB0byBjbG llbnRzLjxi cj4tIFRoZS Bjb21wYW55 IGhhcyBhIG RpdmVyc2Ug cmFuZ2Ugb2 Ygc2Vydmlj ZXMsIGluY2 x1ZGluZyBt ZXJnZXJzIG FuZCBhY3F1 aXNpdGlvbn MsIGFzc2V0 IG1hbmFnZW 1lbnQsIHJl c3RydWN0dX JpbmcsIGFu ZCBjYXBpdG FsIGFkdmlz b3J5Ljxicj 4tIExhemFy ZCBpcyBrbm 93biBmb3Ig aXRzIGJvdX RpcXVlIGFw cHJvYWNoLC Bwcm92aWRp bmcgcGVyc2 9uYWxpemVk IGFuZCBjdX N0b21pemVk IHNvbHV0aW 9ucyBmb3Ig ZWFjaCBjbG llbnQgcmF0 aGVyIHRoYW 4gYSBvbmUt c2l6ZS1maX RzLWFsbCBh cHByb2FjaC 48YnI+LSBU aGUgY29tcG FueSBoYXMg Y29uc2lzdG VudGx5IHJh bmtlZCBoaW dobHkgaW4g dmFyaW91cy BpbmR1c3Ry eSByYW5raW 5ncywgaW5j bHVkaW5nIG JlaW5nIG5h bWVkIHRoZS AiQmVzdCBB ZHZpc29yIG luIEV1cm9w ZSIgYnkgTW VyZ2VybWFy a2V0IGluID IwMjAuPGJy Pi0gTGF6YX JkIGhhcyBh IHVuaXF1ZS Bvd25lcnNo aXAgc3RydW N0dXJlLCB3 aXRoIGl0cy BlbXBsb3ll ZXMgaG9sZG luZyBhIHNp Z25pZmljYW 50IG93bmVy c2hpcCBzdG FrZSBpbiB0 aGUgY29tcG FueSwgZm9z dGVyaW5nIG Egc3Ryb25n IGN1bHR1cm Ugb2YgZW50 cmVwcmVuZX Vyc2hpcCBh bmQgYWxpZ2 5tZW50IHdp dGggY2xpZW 50IHN1Y2Nl c3MuPGJyPi 0gVGhlIGNv bXBhbnkgaG FzIGJlZW4g aW52b2x2ZW QgaW4gc29t ZSBvZiB0aG UgbGFyZ2Vz dCBhbmQgbW 9zdCBjb21w bGV4IHRyYW 5zYWN0aW9u cyBpbiBoaX N0b3J5LCBl YXJuaW5nIG EgcmVwdXRh dGlvbiBhcy BhIGxlYWRl ciBpbiB0aG UgZmllbGQg b2YgZmluYW 5jaWFsIGFk dmlzaW5nLj xicj4tIExh emFyZCBoYX MgYmVlbiBy ZWNvZ25pem VkIGZvciBp dHMgY29tbW l0bWVudCB0 byBkaXZlcn NpdHkgYW5k IGluY2x1c2 lvbiwgd2l0 aCBvdmVyIG hhbGYgb2Yg aXRzIGdsb2 JhbCBsZWFk ZXJzaGlwIH RlYW0gYmVp bmcgd29tZW 4gYW5kIGEg d2VsbC1lc3 RhYmxpc2hl ZCBkaXZlcn NpdHkgYW5k IGluY2x1c2 lvbiBwcm9n cmFtLjxicj 4tIFRoZSBj b21wYW55IG hhcyBhIHN0 cm9uZyBmb2 N1cyBvbiBz dXN0YWluYW JpbGl0eSBh bmQgcmVzcG 9uc2libGUg YnVzaW5lc3 MgcHJhY3Rp Y2VzLCBpbm NsdWRpbmcg YmVpbmcgYS BzaWduYXRv cnkgb2YgdG hlIFVOIFBy aW5jaXBsZX MgZm9yIFJl c3BvbnNpYm xlIEludmVz dG1lbnQu

TGF6YXJkIG lzIGEgZ2xv YmFsIGZpbm FuY2lhbCBh ZHZpc29yeS BhbmQgYXNz ZXQgbWFuYW dlbWVudCBm aXJtIHRoYX Qgb3BlcmF0 ZXMgdGhyb3 VnaCB0d28g bWFpbiBidX NpbmVzcyBk aXZpc2lvbn M6IEZpbmFu Y2lhbCBBZH Zpc29yeSBh bmQgQXNzZX QgTWFuYWdl bWVudC4gSX RzIGJ1c2lu ZXNzIG1vZG VsIGNvbWJp bmVzIGFkdm lzb3J5IHNl cnZpY2VzIG FuZCBpbnZl c3RtZW50IG 1hbmFnZW1l bnQgdG8gcH JvdmlkZSBj b21wcmVoZW 5zaXZlIGFu ZCBpbnRlZ3 JhdGVkIHNv bHV0aW9ucy B0byBjbGll bnRzLjxicj 4xLiBGaW5h bmNpYWwgQW R2aXNvcnk6 PGJyPlRoZS BGaW5hbmNp YWwgQWR2aX NvcnkgZGl2 aXNpb24gcH JvdmlkZXMg c3RyYXRlZ2 ljIGFuZCBm aW5hbmNpYW wgYWR2aWNl IHRvIGNvcn BvcmF0aW9u cywgZ292ZX JubWVudHMs IGluc3RpdH V0aW9ucywg YW5kIGluZG l2aWR1YWxz LiBMYXphcm Qgb2ZmZXJz IGEgd2lkZS ByYW5nZSBv ZiBzZXJ2aW NlcywgaW5j bHVkaW5nIG 1lcmdlcnMg YW5kIGFjcX Vpc2l0aW9u cywgcmVzdH J1Y3R1cmlu ZywgY2FwaX RhbCByYWlz aW5nLCBhbm QgY2FwaXRh bCBzdHJ1Y3 R1cmUgYWR2 aXNvcnkuIE l0cyBzZXJ2 aWNlcyBhcm UgY3VzdG9t aXplZCBhbm QgdGFpbG9y ZWQgdG8gbW VldCB0aGUg c3BlY2lmaW MgbmVlZHMg b2YgZWFjaC BjbGllbnQs IGFuZCB0aG UgY29tcGFu eSBwcmlkZX MgaXRzZWxm IG9uIGl0cy BpbmR1c3Ry eSBleHBlcn Rpc2UgYW5k IGdsb2JhbC BuZXR3b3Jr Ljxicj4yLi BBc3NldCBN YW5hZ2VtZW 50Ojxicj5M YXphcmQncy BBc3NldCBN YW5hZ2VtZW 50IGRpdmlz aW9uIG9mZm VycyBpbnZl c3RtZW50IH NvbHV0aW9u cyB0byBpbn N0aXR1dGlv bmFsIGFuZC BpbmRpdmlk dWFsIGNsaW VudHMgdGhy b3VnaCBhIH JhbmdlIG9m IHByb2R1Y3 RzIGFuZCBz dHJhdGVnaW VzLiBUaGVz ZSBpbmNsdW RlIGVxdWl0 aWVzLCBmaX hlZCBpbmNv bWUsIGFsdG VybmF0aXZl IGludmVzdG 1lbnRzLCBh bmQgbXVsdG ktYXNzZXQg c29sdXRpb2 5zLiBMYXph cmQncyBhc3 NldCBtYW5h Z2VtZW50IG FwcHJvYWNo IGlzIGJhc2 VkIG9uIGds b2JhbCByZX NlYXJjaCBh bmQgYSBjb2 xsYWJvcmF0 aXZlIGludm VzdG1lbnQg cHJvY2Vzcy wgd2l0aCBh biBhaW0gdG 8gZGVsaXZl ciBsb25nLX Rlcm0sIHN1 c3RhaW5hYm xlIHJldHVy bnMgZm9yIG l0cyBjbGll bnRzLjxicj 4zLiBJbnRl Z3JhdGVkIF NlcnZpY2Vz Ojxicj5MYX phcmQncyBi dXNpbmVzcy Btb2RlbCBp cyB1bmlxdW UgaW4gdGhh dCBpdCBpbn RlZ3JhdGVz IGl0cyBhZH Zpc29yeSBh bmQgYXNzZX QgbWFuYWdl bWVudCBzZX J2aWNlcyB0 byBwcm92aW RlIGEgaG9s aXN0aWMgYX Bwcm9hY2gg dG8gaXRzIG NsaWVudHMu IFRoaXMgYW xsb3dzIHRo ZSBjb21wYW 55IHRvIG9m ZmVyIGEgZn VsbCBzdWl0 ZSBvZiBzb2 x1dGlvbnMg dG8gYWRkcm VzcyBhIHdp ZGUgcmFuZ2 Ugb2YgZmlu YW5jaWFsIG 5lZWRzIGFu ZCBvYmplY3 RpdmVzLCBp bmNsdWRpbm cgTSZBIHRy YW5zYWN0aW 9ucywgc3Ry YXRlZ2ljIG ludmVzdG1l bnRzLCBhbm QgbWFuYWdp bmcgYW5kIG dyb3dpbmcg YXNzZXRzLj xicj40LiBH bG9iYWwgUH Jlc2VuY2U6 PGJyPkxhem FyZCBvcGVy YXRlcyBpbi BrZXkgZmlu YW5jaWFsIG NlbnRlcnMg YXJvdW5kIH RoZSB3b3Js ZCwgd2l0aC BvZmZpY2Vz IGluIG1vcm UgdGhhbiA0 MCBjaXRpZX MgYWNyb3Nz IDI1IGNvdW 50cmllcy4g VGhpcyBnbG 9iYWwgbmV0 d29yayBhbG xvd3MgdGhl IGNvbXBhbn kgdG8gc2Vy dmUgY2xpZW 50cyBpbiBk aWZmZXJlbn QgcmVnaW9u cywgb2ZmZX JpbmcgbG9j YWwgZXhwZX J0aXNlIGFu ZCBpbnNpZ2 h0cyB3aGls ZSBsZXZlcm FnaW5nIGl0 cyBnbG9iYW wgY2FwYWJp bGl0aWVzLj xicj41LiBD bGllbnQgRm 9jdXM6PGJy PkxhemFyZC dzIGJ1c2lu ZXNzIG1vZG VsIGlzIGNl bnRlcmVkIG 9uIGl0cyBj bGllbnRzLi BUaGUgY29t cGFueSBpcy Bjb21taXR0 ZWQgdG8gYn VpbGRpbmcg bG9uZy10ZX JtIHJlbGF0 aW9uc2hpcH MgYW5kIGRl bGl2ZXJpbm cgcGVyc29u YWxpemVkIH NvbHV0aW9u cyB0byBtZW V0IHRoZSB1 bmlxdWUgbm VlZHMgYW5k IG9iamVjdG l2ZXMgb2Yg ZWFjaCBjbG llbnQuIFRo aXMgY2xpZW 50LWNlbnRy aWMgYXBwcm 9hY2ggaXMg cmVmbGVjdG VkIGluIHRo ZSBjb21wYW 55J3MgY3Vs dHVyZSwgd2 hlcmUgZW1w bG95ZWVzIG FyZSBpbmNl bnRpdml6ZW QgYmFzZWQg b24gdGhlIH N1Y2Nlc3Mg b2YgdGhlaX IgY2xpZW50 cy48YnI+Ni 4gRGl2ZXJz aWZpY2F0aW 9uOjxicj5M YXphcmQncy BidXNpbmVz cyBtb2RlbC BpcyBhbHNv IGJ1aWx0IG 9uIGRpdmVy c2lmaWNhdG lvbiwgd2l0 aCBhIGJyb2 FkIHJhbmdl IG9mIHNlcn ZpY2VzLCBw cm9kdWN0cy wgYW5kIGNs aWVudCB0eX Blcy4gVGhp cyBkaXZlcn NpZmljYXRp b24gaGVscH MgdGhlIGNv bXBhbnkgdG 8gcGVyZm9y bSBjb25zaX N0ZW50bHks IGV2ZW4gaW 4gdGltZXMg b2YgZWNvbm 9taWMgZG93 bnR1cm5zIG 9yIHdoZW4g c3BlY2lmaW Mgc2VjdG9y cyBhcmUgZm FjaW5nIGNo YWxsZW5nZX MuPGJyPjcu IENvbXBlbn NhdGlvbiBT dHJ1Y3R1cm U6PGJyPkxh emFyZCBoYX MgYSB1bmlx dWUgY29tcG Vuc2F0aW9u IHN0cnVjdH VyZSB0aGF0 IGFsaWducy B0aGUgaW50 ZXJlc3RzIG 9mIGl0cyBl bXBsb3llZX Mgd2l0aCB0 aG9zZSBvZi B0aGUgY29t cGFueSBhbm QgaXRzIGNs aWVudHMuIE Egc2lnbmlm aWNhbnQgcG 9ydGlvbiBv ZiBlbXBsb3 llZXMnIGNv bXBlbnNhdG lvbiBpcyBp biB0aGUgZm 9ybSBvZiBj b21wYW55IH N0b2NrLCB3 aGljaCBpbm NlbnRpdml6 ZXMgdGhlbS B0byB3b3Jr IHRvd2FyZH MgdGhlIGxv bmctdGVybS BzdWNjZXNz IGFuZCB2YW x1ZSBjcmVh dGlvbiBvZi B0aGUgY29t cGFueS48Yn I+T3ZlcmFs bCwgTGF6YX JkJ3MgYnVz aW5lc3MgbW 9kZWwgY29t YmluZXMgaX RzIGV4cGVy dGlzZSwgZ2 xvYmFsIHBy ZXNlbmNlLC BkaXZlcnNp ZmllZCBvZm ZlcmluZ3Ms IGNsaWVudC Bmb2N1cywg YW5kIHVuaX F1ZSBjb21w ZW5zYXRpb2 4gc3RydWN0 dXJlIHRvIH Byb3ZpZGUg dmFsdWUgdG 8gaXRzIGNs aWVudHMgYW 5kIHN0YWtl aG9sZGVycy 4=

Lazard’s earnings, cash flow, and valuation can be significantly sensitive to changes in interest rates due to several interrelated factors:
1. Earnings Sensitivity: Lazard operates in the financial advisory and asset management sectors. Changes in interest rates can impact fees earned from investment advisory services and asset management. When interest rates rise, clients may become more cautious, potentially leading to reduced transaction volumes and advisory fees. Additionally, higher interest rates can affect the valuation of fixed-income investments, impacting asset management revenues.
2. Cash Flow Impact: Interest rates can influence cash flows by affecting both borrowing costs and investment returns. If interest rates increase, Lazard’s cost of capital may rise, which could affect its financial flexibility and the willingness to undertake new investments or support existing operations. Conversely, elevated interest rates might enhance returns on certain cash reserves or fixed-income investments, positively influencing cash flow.
3. Valuation Effects: The overall valuation of Lazard is likely to be affected by interest rates through the discounted cash flow (DCF) model used by investors. Higher interest rates raise the discount rate, which decreases the present value of future cash flows. This can lead to lower valuation multiples for the company in a rising interest rate environment.
In summary, changes in interest rates can directly affect Lazard’s revenues, cash generation capabilities, and valuation, leading to a complex interplay between market conditions and the firm’s financial performance. The degree of sensitivity may vary depending on the overall economic environment and the specific interest rate changes.

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 bG9nb3MvbD ZBTmQ5ZVdk QzNUNWE2Wl JCYlYud2Vi cCIgYWx0PS JMYXphcmQi IHRpdGxlPS JMYXphcmQi 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 QgTGF6YXJk 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 ICAgIE1TNG dUR0Y2WVgg SmtJR2x6SU dFZyBabWx1 WVc1amFXIE ZzSUdGa2Rt bHogYjNKNU lHRnVaQyBC aGMzTmxkQ0 J0IFlXNWha MlZ0WlcgNT BJR1pwY20w ZyBkR2hoZE NCM1lYIE1n Wm05MWJtUm wgWkNCcGJp QXhPRCBRNE lHSjVJRUZz IFpYaGhibV J5WlMgQk1Z WHBoY21Rcy BJRXhoZW1G eVpTIEJNWV hwaGNtUXMg SUdGdVpDQl RhVyAxdmJp Qk1ZWHBoIG NtUXVQR0p5 UGogSXVJRl JvWlNCaiBi MjF3WVc1NU lHIGx6SUd0 dWIzZHUgSU dadmNpQnBk SCBNZ1pYaH daWEowIGFY TmxJR2x1SU cgWnBibUZ1 WTJsaCBiQ0 J5WlhOMGNu IFZqZEhWeW FXNW4gTENC dFpYSm5aWC BKeklHRnVa Q0JoIFkzRj FhWE5wZEcg bHZibk1zSU dGdSBaQ0J6 ZEhKaGRHIF ZuYVdNZ1lX UjIgYVdObE lHWnZjaSBC aWRYTnBibV Z6IGMyVnpJ R0Z1WkMgQm 5iM1psY201 dCBaVzUwY3 k0OFluIEkr TXk0Z1RHRj YgWVhKa0lH aGhjeSBCaE lHZHNiMkpo IGJDQndjbV Z6WlcgNWpa U0IzYVhSby BJRzltWm1s alpYIE1nYV c0Z2IzWmwg Y2lBME1DQm phWCBScFpY TWdZV055IG IzTnpJREkx SUcgTnZkVz UwY21sbCBj eXdnYldGcm FXIDVuSUds MElHOXUgWl NCdlppQjBh RyBVZ2JHRn laMlZ6IGRD Qm1hVzVoYm 0gTnBZV3dn WVdSMiBhWE 52Y25rZ1pt IGx5YlhNZ2 FXNGcgZEdo bElIZHZjbS B4a0xqeGlj ajQwIExpQk piaUJoWkcg UnBkR2x2Ym lCMCBieUJt YVc1aGJtIE 5wWVd3Z1lX UjIgYVhOdm Nua2djMiBW eWRtbGpaWE 1zIElFeGhl bUZ5WkMgQm hiSE52SUc5 bSBabVZ5Y3 lCaGMzIE5s ZENCdFlXNW ggWjJWdFpX NTBJSCBObG NuWnBZMlZ6 IElIUm9jbT kxWjIgZ2dh WFJ6SUhOMS BZbk5wWkds aGNuIGtzSU V4aGVtRnkg WkNCQmMzTm xkQyBCTllX NWhaMlZ0IF pXNTBMaUJC Y3kgQnZaaU F5TURJdyBM Q0IwYUdVZ1 kyIDl0Y0dG dWVTQnQgWV c1aFoyVmtJ RyA5MlpYSW dKREkwIE1T QmlhV3hzYV cgOXVJR2x1 SUdGeiBjMl YwY3k0OFlu IEkrTlM0Z1 RHRjYgWVhK a0lHaGhjeS BCaVpXVnVJ R2x1IGRtOX NkbVZrSUcg bHVJSE52Yl dVZyBiMlln ZEdobElHIE pwWjJkbGMz UWcgYldWeV oyVnljeSBC aGJtUWdZV0 54IGRXbHph WFJwYjIgNX pJR2x1SUdo cCBjM1J2Y2 5rc0lHIGx1 WTJ4MVpHbH UgWnlCMGFH VWdiVyBWeV oyVnlJRzlt IElFVjRlRz l1SUcgRnVa Q0JOYjJKcC BiQ3dnZEdo bElHIEZqY1 hWcGMybDAg YVc5dUlHOW 1JRiBScGJX VWdWMkZ5IG JtVnlJR0o1 SUUgRlVKbF FzSUdGdSBa Q0IwYUdVZ2 JXIFZ5WjJW eUlHOW0gSU VSdmR5QkRh RyBWdGFXTm hiQ0JoIGJt UWdSSFZRYj IgNTBManhp Y2o0MiBMaU JVYUdVZ1ky IDl0Y0dGdW VTQnAgY3lC cmJtOTNiaS BCbWIzSWdh WFJ6IElHVn VkSEpsY0gg SmxibVYxY2 1saCBiQ0Jq ZFd4MGRYIE psTENCM2FY Um8gSUdsMG N5QmxiWCBC c2IzbGxaWE 1nIFltVnBi bWNnWTIgRn NiR1ZrSUV4 aCBlbUZ5Wk NCU1lXIGx1 YldGclpYSn ogSUdadmNp QjBhRyBWcG NpQmhZbWxz IGFYUjVJSF J2SUcgRjBk SEpoWTNRZy BZVzVrSUhk cGJpIEJ1Wl hjZ1luVnog YVc1bGMzTX VQRyBKeVBq Y3VJRXhoIG VtRnlaQ0Jv WVggTWdZU0 JzYjI1biBJ R2hwYzNSdm NuIGtnYjJZ Z2NHaHAgYk dGdWRHaHli MyBCNUlHRn VaQ0JqIGIy MXRkVzVwZE gga2dhVzUy YjJ4MiBaVz FsYm5RdUlF IGx1SURFNU 5Ea3MgSUhS b1pTQmpiMi Axd1lXNTVJ R1Z6IGRHRm liR2x6YUcg VmtJSFJvWl NCTSBZWHBo Y21RZ1JtID kxYm1SaGRH bHYgYmlCMG J5QnpkWCBC d2IzSjBJR0 5vIFlYSnBk R0ZpYkcgVW dZMkYxYzJW eiBJR0Z1Wk NCamIyIDF0 ZFc1cGRIa2 cgWkdWMlpX eHZjRyAxbG JuUXVQR0p5 IFBqZ3VJRl JvWlMgQnVZ VzFsSUV4aC BlbUZ5WkNC cGN5IEJ2Wm 5SbGJpQnQg YVhOd2NtOX ViMyBWdVky VmtJR0Z6IE lFeEJTQzE2 WVggSmtMQ0 JpZFhRZyBh WFFnYVhNZ1 lXIE4wZFdG c2JIa2cgY0 hKdmJtOTFi bSBObFpDQk 1RVWd0IGVt Rm9jaXdnZD IgbDBhQ0Iw YUdVZyBaVz F3YUdGemFY IE1nYjI0Z2 RHaGwgSUhO bFkyOXVaQy BCemVXeHNZ V0pzIFpTND hZbkkrT1Mg NGdUR0Y2WV hKayBJR2ho Y3lCaVpXIF Z1SUdabFlY UjEgY21Wa0 lHOXVJRSBa dmNuUjFibV VnIGJXRm5Z WHBwYm0gWG lnSmx6SUd4 cCBjM1FnYj JZZ01UIEF3 SUVKbGMzUW cgUTI5dGNH RnVhVyBWek lIUnZJRmR2 IGNtc2dSbT l5SUcgMTFi SFJwY0d4bC BJSFJwYldW ekxDIEIzYV hSb0lISmwg WTI5bmJtbD BhVyA5dUlH WnZjaUJwIG RITWdaVzF3 YkcgOTVaV1 VnWW1WdSBa V1pwZEhNc0 lIIGR2Y21z dGJHbG0gWl NCaVlXeGhi bSBObExDQm hibVFnIFpH bDJaWEp6YV ggUjVJR0Z1 WkNCcCBibU 5zZFhOcGIy IDRnYVc1cG RHbGggZEds MlpYTXVQRy BKeVBqRXdM aUJFIGRYSn BibWNnZEcg aGxJRWR5Wl dGMCBJRVJs Y0hKbGMzIE 5wYjI0c0lF eGggZW1GeV pDQjNZWCBN Z2IyNWxJRz ltIElIUm9a U0JtWlggY2 dhVzUyWlhO MCBiV1Z1ZE NCaVlXIDVy Y3lCMGFHRj AgSUdOdmJu UnBibiBWbF pDQjBieUJ2 IGNHVnlZWF JsSUcgRnVa Q0IwYUhKcC BkbVVzSUhS b1lXIDVyY3 lCMGJ5QnAg ZEhNZ1kyOX VjMiBWeWRt RjBhWFpsIE lHbHVkbVZ6 ZEcgMWxibl FnYzNSeSBZ WFJsWjNrZ1 lXIDVrSUhO MGNtOXUgWn lCeVpXeGhk RyBsdmJuTm 9hWEJ6IElI ZHBkR2dnWT IgeHBaVzUw Y3k0PQogIC AgICAgIDwv c3Bhbj4KIC AgICAgICAK ICAgICAgIC A=
See Company Q&A