Deere

Live  

John Deere is an American corporation that manufactures agricultural, construction, and forestry machinery, diesel engines, drivetrains (axles, transmissions, gearboxes) used in heavy equipment, and lawn care equipment. The company was founded in 1837 by John Deere, and its headquarters are located in Moline, Illinois.
Today, the Deere company has a global presence, with manufacturing facilities, offices, and dealerships in over 30 countries. It is also one of the largest manufacturers of agricultural equipment in the world, with a product line that includes tractors, combines, balers, and planters.
In addition to its core agriculture business, Deere also produces equipment for the construction, forestry, and turf care industries. Its construction equipment lineup includes excavators, loaders, and motor graders, while its forestry machinery includes skidders, feller bunchers, and harvesters. For the turf care market, Deere offers a range of mowers, utility vehicles, and snow blowers.
The company also has a long history of innovation, with a number of firsts in the industry, such as the first self-scouring steel plow, the first tractor with a three-point hitch, and the first hydrostatic transmission. It continues to invest in research and development to create cutting-edge equipment for its customers.
In addition to its products, Deere is also known for its strong dealer network, providing customers with local sales and service support. The company also offers financial services, including equipment financing and leasing, to help customers purchase or lease equipment.
Overall, John Deere is a major player in the agriculture and construction industries, with a commitment to quality, innovation, and customer satisfaction.

MS4gTG9uZy BIaXN0b3J5 IGFuZCBCcm FuZCBSZXB1 dGF0aW9uOi BUaGUgSm9o biBEZWVyZS Bjb21wYW55 IHdhcyBlc3 RhYmxpc2hl ZCBpbiAxOD M3LCBtYWtp bmcgaXQgb2 5lIG9mIHRo ZSBvbGRlc3 QgYW5kIG1v c3QgZXN0YW JsaXNoZWQg Y29tcGFuaW VzIGluIHRo ZSBhZ3JpY3 VsdHVyYWwg YW5kIGNvbn N0cnVjdGlv biBlcXVpcG 1lbnQgaW5k dXN0cnkuIF RoaXMgbG9u ZyBoaXN0b3 J5IGhhcyBz b2xpZGlmaW VkIGl0cyBi cmFuZCByZX B1dGF0aW9u IGFuZCBtYW RlIGl0IGEg Z2xvYmFsbH kgcmVjb2du aXplZCBhbm QgdHJ1c3Rl ZCBicmFuZC 48YnI+Mi4g RGl2ZXJzZS BQcm9kdWN0 IFBvcnRmb2 xpbzogRGVl cmUgJiBDb2 1wYW55IG9m ZmVycyBhIH dpZGUgcmFu Z2Ugb2YgcH JvZHVjdHMg YW5kIHNlcn ZpY2VzIGlu IHRoZSBhZ3 JpY3VsdHVy ZSwgY29uc3 RydWN0aW9u LCBmb3Jlc3 RyeSwgYW5k IHR1cmYgY2 FyZSBpbmR1 c3RyaWVzLi BUaGlzIGRp dmVyc2l0eS BhbGxvd3Mg dGhlIGNvbX BhbnkgdG8g Y2F0ZXIgdG 8gYSBicm9h ZCBjdXN0b2 1lciBiYXNl IGFuZCBwcm 92aWRlcyBh IHN0YWJsZS ByZXZlbnVl IHN0cmVhbS 48YnI+My4g VGVjaG5vbG 9naWNhbCBJ bm5vdmF0aW 9uOiBKb2hu IERlZXJlIG hhcyBhIHN0 cm9uZyBmb2 N1cyBvbiBy ZXNlYXJjaC BhbmQgZGV2 ZWxvcG1lbn QsIGNvbnN0 YW50bHkgaW 52ZXN0aW5n IGluIGFkdm FuY2VkIHRl Y2hub2xvZ3 kgdG8gaW1w cm92ZSBpdH MgcHJvZHVj dHMgYW5kIH NlcnZpY2Vz LiBUaGUgY2 9tcGFueSBo YXMgYmVlbi BhIHBpb25l ZXIgaW4gaW 50cm9kdWNp bmcgbmV3IH RlY2hub2xv Z3ksIHN1Y2 ggYXMgc2Vs Zi1kcml2aW 5nIHRyYWN0 b3JzIGFuZC BwcmVjaXNp b24gYWdyaW N1bHR1cmUs IHdoaWNoIG hhcyBoZWxw ZWQgaW1wcm 92ZSBlZmZp Y2llbmN5IG FuZCBwcm9k dWN0aXZpdH kgZm9yIGZh cm1lcnMgYW 5kIGNvbnN0 cnVjdGlvbi B3b3JrZXJz Ljxicj40Li BTdHJvbmcg RGVhbGVyIE 5ldHdvcms6 IERlZXJlIC YgQ29tcGFu eSBoYXMgYS B2YXN0IG5l dHdvcmsgb2 YgYXV0aG9y aXplZCBkZW FsZXJzIGlu IG92ZXIgMT YwIGNvdW50 cmllcywgbW FraW5nIGl0 IGVhc2lseS BhY2Nlc3Np YmxlIGZvci BjdXN0b21l cnMgd29ybG R3aWRlLiBJ dHMgc3Ryb2 5nIGRlYWxl ciBuZXR3b3 JrIGVuc3Vy ZXMgdGltZW x5IGRlbGl2 ZXJ5IG9mIH Byb2R1Y3Rz IGFuZCBwcm 92aWRlcyBh ZnRlci1zYW xlcyBzdXBw b3J0IGFuZC BzZXJ2aWNl cy48YnI+NS 4gQ29tbWl0 bWVudCB0by BTdXN0YWlu YWJpbGl0eT ogRGVlcmUg JiBDb21wYW 55IGlzIGNv bW1pdHRlZC B0byBzdXN0 YWluYWJsZS BwcmFjdGlj ZXMsIGFuZC BpdCBjb25z dGFudGx5IH dvcmtzIHRv d2FyZHMgcm VkdWNpbmcg aXRzIGVudm lyb25tZW50 YWwgaW1wYW N0LiBUaGUg Y29tcGFueS BoYXMgc2V0 IGFtYml0aW 91cyBnb2Fs cyB0byByZW R1Y2UgZ3Jl ZW5ob3VzZS BnYXMgZW1p c3Npb25zIG FuZCBpbXBy b3ZlIGVuZX JneSBlZmZp Y2llbmN5IG luIGl0cyBv cGVyYXRpb2 5zLjxicj42 LiBFbXBsb3 llZS1Gb2N1 c2VkOiBUaG UgRGVlcmUg Y29tcGFueS BiZWxpZXZl cyBpbiBpbn Zlc3Rpbmcg aW4gaXRzIG VtcGxveWVl cyBhbmQgaG FzIGEgc3Ry b25nIGZvY3 VzIG9uIGVt cGxveWVlIG RldmVsb3Bt ZW50IGFuZC B3ZWxsLWJl aW5nLiBJdC BvZmZlcnMg dmFyaW91cy Bwcm9ncmFt cyBhbmQgaW 5pdGlhdGl2 ZXMgdG8gcH JvbW90ZSBh IGhlYWx0aH kgd29yay1s aWZlIGJhbG FuY2UgYW5k IHJlY29nbm l6ZSBhbmQg cmV3YXJkIG VtcGxveWVl IGNvbnRyaW J1dGlvbnMu PGJyPjcuIF BoaWxhbnRo cm9weSBhbm QgQ29tbXVu aXR5IEludm 9sdmVtZW50 OiBEZWVyZS AmIENvbXBh bnkgaGFzIG EgbG9uZy1z dGFuZGluZy B0cmFkaXRp b24gb2YgZ2 l2aW5nIGJh Y2sgdG8gdG hlIGNvbW11 bml0eS4gVG hlIGNvbXBh bnkgc3VwcG 9ydHMgdmFy aW91cyBjaG FyaXRhYmxl IG9yZ2FuaX phdGlvbnMg YW5kIGNvbW 11bml0eSBk ZXZlbG9wbW VudCBwcm9q ZWN0cyB0aH JvdWdoIGl0 cyBwaGlsYW 50aHJvcGlj IGFybSwgdG hlIEpvaG4g RGVlcmUgRm 91bmRhdGlv bi48YnI+OC 4gU3Ryb25n IEZpbmFuY2 lhbCBQZXJm b3JtYW5jZT ogRGVzcGl0 ZSBiZWluZy BpbiBhIGN5 Y2xpY2FsIG luZHVzdHJ5 LCBEZWVyZS AmIENvbXBh bnkgaGFzIG 1haW50YWlu ZWQgYSBzdH JvbmcgZmlu YW5jaWFsIH BlcmZvcm1h bmNlIGFuZC BoYXMgY29u c2lzdGVudG x5IGdlbmVy YXRlZCBwcm 9maXRzIGZv ciBpdHMgc2 hhcmVob2xk ZXJzLiBUaG UgY29tcGFu eSdzIGZpbm FuY2lhbCBz dGFiaWxpdH kgYW5kIGdy b3d0aCBtYW tlIGl0IGEg cmVsaWFibG UgYW5kIGF0 dHJhY3Rpdm UgY2hvaWNl IGZvciBpbn Zlc3RvcnMu

VGhlIERlZX JlIGNvbXBh bnkncyBidX NpbmVzcyBt b2RlbCBpcy Bmb2N1c2Vk IG9uIHRoZS BtYW51ZmFj dHVyaW5nIG FuZCBzZWxs aW5nIG9mIG FncmljdWx0 dXJhbCwgY2 9uc3RydWN0 aW9uLCBhbm QgZm9yZXN0 cnkgZXF1aX BtZW50LiBU aGlzIGluY2 x1ZGVzIHBy b2R1Y3RzIH N1Y2ggYXMg dHJhY3Rvcn MsIGNvbWJp bmVzLCBzcH JheWVycywg ZXhjYXZhdG 9ycywgYW5k IHNraWQtc3 RlZXIgbG9h ZGVycy4gVG hlIGNvbXBh bnkgYWxzby Bwcm92aWRl cyByZWxhdG VkIHNlcnZp Y2VzIHN1Y2 ggYXMgZmlu YW5jaW5nIG FuZCB0ZWNo bm9sb2d5IH NvbHV0aW9u cy4gVGhlaX IgdGFyZ2V0 IGN1c3RvbW VycyBhcmUg cHJpbWFyaW x5IGZhcm1l cnMsIGNvbn RyYWN0b3Jz LCBhbmQgYW dyaWN1bHR1 cmFsIGFuZC Bjb25zdHJ1 Y3Rpb24gcH JvZmVzc2lv bmFscy4gRG VlcmUncyBi dXNpbmVzcy Btb2RlbCBh bHNvIGluY2 x1ZGVzIGEg Zm9jdXMgb2 4gaW5ub3Zh dGlvbiBhbm Qgc3VzdGFp bmFiaWxpdH ksIHdpdGgg YSBjb21taX RtZW50IHRv IGRldmVsb3 BpbmcgdGVj aG5vbG9naW NhbGx5IGFk dmFuY2VkIG FuZCBlbnZp cm9ubWVudG FsbHkgZnJp ZW5kbHkgZX F1aXBtZW50 LiBBZGRpdG lvbmFsbHks IHRoZSBjb2 1wYW55IGhh cyBhIGdsb2 JhbCByZWFj aCwgd2l0aC BvcGVyYXRp b25zIGluIE 5vcnRoIEFt ZXJpY2EsIF NvdXRoIEFt ZXJpY2EsIE V1cm9wZSwg QXNpYSwgYW 5kIEFmcmlj YS4=

Deere & Company, like many other companies, can experience significant sensitivity in their earnings, cash flow, and valuation to changes in interest rates due to several factors:
1. Cost of Borrowing: Higher interest rates increase the cost of borrowing for both the company and its customers. If Deere’s financing costs rise, it could squeeze margins if the company cannot pass these costs onto customers. This may negatively impact earnings and cash flow.
2. Consumer and Business Spending: Changes in interest rates can influence consumer and business behavior. Higher rates may lead to reduced spending on capital equipment, which can significantly affect Deere’s sales. A decline in demand could result in lower revenues and cash flow, ultimately impacting earnings.
3. Discount Rate and Valuation: In valuation models, future cash flows are discounted back to present value using an interest rate. As interest rates rise, the discount rate increases, reducing the present value of future cash flows. This can lead to a decrease in the company’s overall valuation, making it less attractive to investors.
4. Lease Financing: Deere provides financing solutions for customers buying its equipment. An increase in interest rates may lead to higher lease rates, potentially making it less attractive for customers to finance purchases through Deere’s credit facilities. This could result in lower financing income and affect cash flow.
5. Economic Impact: Rising interest rates can influence broader economic conditions, potentially leading to slower economic growth. This has a direct impact on industries that require agricultural and construction equipment, affecting demand for Deere’s products.
6. International Markets: If Deere operates in various global markets, changes in interest rates can also influence foreign exchange rates. A stronger dollar due to higher U.S. interest rates may make Deere’s products more expensive for international customers, further impacting sales.
Overall, while Deere has mechanisms to manage some financial risks associated with interest rate fluctuations, the company’s earnings, cash flow, and valuation remain sensitive to changes in interest rates due to their impact on borrowing costs, customer demand, and valuation 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 bG9nb3MvbG x3eWw3NnJL TDkzRHFYd1 hzVE0ud2Vi cCIgYWx0PS JEZWVyZSIg dGl0bGU9Ik RlZXJlIiAg 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 RlZXJlPwog 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 +TnSBKb2lu IHVzIGFuZC BncmFiIHlv dXIgY29weS BvZiA8aT4i VGhlIENoZW NrbGlzdCBW YWx1ZSBJbn Zlc3RvciDi gJQgQSBTbW FydGVyIFdh eSB0byBQaW NrIFN0b2Nr cyI8L2k+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvcD4KCi AgICAgICAg ICAgICAgIC AgICAgICAg IDwhLS0KIC AgICAgICAg ICAgICAgIC AgICAgICAg PGRpdiBzdH lsZT0nbWFy Z2luLXRvcD ogMTJweDsg Zm9udC1zaX plOiAxM3B4 OyBjb2xvcj ogIzQ0NDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg U2lnbiB1cC Bub3cgYW5k IGdldCBvdX IgZnJlZSBl Qm9vayAKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIDxiPl RoZSBDaGVj a2xpc3QgVm FsdWUgSW52 ZXN0b3Ig4o CUIEEgU21h cnRlciBXYX kgdG8gUGlj ayBTdG9ja3 M8L2I+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg ICAgICAgIC AtLT4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC EtLQogICAg ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdtYXJnaW 4tdG9wOiAx NnB4OyBmb2 50LXNpemU6 IDE0cHg7IG NvbG9yOiAj NDQ0OyBmb2 50LWZhbWls eTogLWFwcG xlLXN5c3Rl bSwgQmxpbm tNYWNTeXN0 ZW1Gb250LC BTZWdvZSBV SSwgUm9ib3 RvLCBIZWx2 ZXRpY2EgTm V1ZSwgc2Fu cy1zZXJpZj sgbGluZS1o ZWlnaHQ6ID EuNjsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgSGF2 ZSB5b3UgaG VhcmQgYWJv dXQgb3VyIH Nob3J0IDxz dHJvbmcgc3 R5bGU9J2Zv bnQtd2VpZ2 h0OiA2MDA7 Jz5EYWlseS BWaWRlbyBO ZXdzbGV0dG VyPC9zdHJv bmc+PwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPGEgaH JlZj0naHR0 cHM6Ly93d3 cuaW5zaWdo dGZ1bHZhbH VlLmNvbS9u ZXdzbGV0dG VyLnBocCcg dGFyZ2V0PS dfYmxhbmsn IHN0eWxlPS djb2xvcjog IzAwN0JGRj sgdGV4dC1k ZWNvcmF0aW 9uOiBub25l OyBmb250LX dlaWdodDog NTAwOyBtYX JnaW4tbGVm dDogNnB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgRmlu ZCBvdXQgbW 9yZQogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9hPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgLS0+CiAg ICAgICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgIAogIC AgICAgIAog ICAgICAgID xzcGFuIGNs YXNzPSdibH VycmVkLXRl eHQnPgogIC AgICAgICAg ICBNUzRnVk dobElFIFJs WlhKbElFTn YgYlhCaGJu a2dkMiBGek lHWnZkVzVr IFpXUWdhVz RnTVQgZ3pO eUJpZVNCSy BiMmh1SUVS bFpYIEpsTE NCaElHSnMg WVdOcmMyMX BkRyBnZ1pu SnZiU0JXIF pYSnRiMjUw TGkgQThZbk krTWk0ZyBT bTlvYmlCRV pXIFZ5WlNC cGJuWmwgYm 5SbFpDQjBh RyBVZ1ptbH ljM1FnIGMz UmxaV3dnY0 cgeHZkeXdn ZDJocCBZMm dnY21WMmIy IHgxZEdsdm JtbDYgWldR Z1ptRnliVy BsdVp5Qmll U0JoIGJHeH ZkMmx1Wnkg Qm1ZWEp0Wl hKeiBJSFJ2 SUcxdmNtIF VnWldGemFX eDUgSUhScG JHd2dkRyA5 MVoyZ2dUV2 xrIGQyVnpk R1Z5YmkgQn piMmxzTGp4 aSBjajR6TG lCVWFHIFVn WTJ4aGMzTn AgWXlCS2Iy aHVJRSBSbF pYSmxJR2R5 IFpXVnVJR0 Z1WkMgQjVa V3hzYjNjZy BZMjlzYjNJ Z2MyIE5vWl cxbElIZGgg Y3lCdmNtbG 5hVyA1aGJH eDVJR05vIG IzTmxiaUJp WlcgTmhkWE 5sSUdsMCBJ SGRoY3lCd2 NtIEZqZEds allXd2cgWV c1a0lIWnBj MiBsaWJHVW dhVzRnIGRH aGxJR1pwWl cgeGtManhp Y2o0MCBMaU JVYUdVZ1ky IDl0Y0dGdW VlS0EgbVhN Z2MyeHZaMi BGdUxDQk9i M1JvIGFXNW 5JRkoxYm4g TWdUR2xyWl NCaCBJRVJs WlhKbExDIE IzWVhNZ1pt bHkgYzNRZ2 RYTmxaQyBC cGJpQmhiaU JoIFpIWmxj blJwYzIgVn RaVzUwSUds dSBJREU1Tm pJdVBHIEp5 UGpVdUlFUm wgWlhKbElD WWdRMiA5dG NHRnVlU0Iz IFlYTWdkR2 hsSUcgWnBj bk4wSUVGdC BaWEpwWTJG dUlHIE52Yl hCaGJua2cg ZEc4Z2IySj BZVyBsdUlH RWdjbVZuIG FYTjBaWEps WkMgQjBjbU ZrWlcxaCBj bXNzSUhkb2 FXIE5vSUds eklIUm8gWl NCc1pXRndh VyA1bklHUm xaWElnIGJH OW5ieUIxYz IgVmtJSFJ2 SUhSbyBhWE 1nWkdGNUxq IHhpY2o0Mk xpQlUgYUdV Z1kyOXRjRy BGdWVTQm9Z WE1nIFlTQn NiMjVuSUcg aHBjM1J2Y2 5rZyBiMlln YVc1dWIzIF poZEdsdmJp d2cgZDJsMG FDQnBkSCBN Z1ptbHljM1 FnIGRISmhZ M1J2Y2kgQn djbTlrZFdO bCBaQ0JwYm lBeE9UIEU0 SUdGdVpDQn AgZEhNZ1pt bHljMyBRZ1 kyOXRZbWx1 IFpTQm9ZWE oyWlggTjBa WElnYVc0Zy BNVGt5Tnk0 OFluIEkrTn k0Z1JHVmwg Y21VZ0ppQk RiMiAxd1lX NTVJR2hoIG N5QnZjR1Z5 WVggUnBiMj V6SUdsdSBJ RzkyWlhJZ0 16IFVnWTI5 MWJuUnkgYV dWeklHRnVa QyBCbGJYQn NiM2x6IElH RndjSEp2ZU cgbHRZWFJs YkhrZyBOam NzTURBd0lI IEJsYjNCc1 pTQjMgYjNK c1pIZHBaRy BVdVBHSnlQ amd1IElGUm 9aU0JqYjIg MXdZVzU1SU doaCBjeUJo SUhOMGNtID l1WnlCamIy MXQgYVhSdF pXNTBJSCBS dklITjFjM1 JoIGFXNWhZ bWxzYVggUj VJR0Z1WkNC byBZWE1nWk dWMlpXIHh2 Y0dWa0lHRW cgYzNWemRH RnBibSBGaW FXeHBkSGtn IGMzUnlZWF JsWjMga2dk RzhnY21Way BkV05sSUds MGN5IEJsYm 5acGNtOXUg YldWdWRHRn NJRyBsdGNH RmpkQ0JoIG JtUWdjSEp2 YlcgOTBaU0 J6YjJOcCBZ V3dnY21Wem NHIDl1YzJs aWFXeHAgZE hrdVBHSnlQ aiBrdUlFbH VJREl3IE1q QXNJRVJsWl ggSmxJQ1ln UTI5dCBjR0 Z1ZVNCeVlX IDVyWldRZ0 9UWjAgYUNC dmJpQjBhRy BVZ1JtOXlk SFZ1IFpTQT FNREFnYkcg bHpkQ0J2Wm lCMCBhR1Vn YkdGeVoyIF Z6ZENCVmJt bDAgWldRZ1 UzUmhkRyBW eklHTnZjbk J2IGNtRjBh Vzl1Y3kgQm llU0IwYjNS aCBiQ0J5Wl habGJuIFZs TGp4aWNqNH ggTUM0Z1ZH aGxJRyBOdm JYQmhibmtn IGFHRnpJR1 Y0Y0cgRnVa R1ZrSUdKbC BlVzl1WkNC aFozIEpwWT NWc2RIVnkg WVd3Z1pYRj FhWCBCdFpX NTBJR0Z1IF pDQnViM2Nn WVcgeHpieU J3Y205ayBk V05sY3lCam IyIDV6ZEhK MVkzUnAgYj I0Z1pYRjFh WCBCdFpXNT BMQ0JtIGIz SmxjM1J5ZV MgQmxjWFZw Y0cxbCBibl FzSUdGdVpD IEJsYm1kcG JtVnogTGp4 aWNqNHhNUy A0Z1JHVmxj bVVnIEppQk RiMjF3WVcg NTVJR2hoY3 lCaCBJSEpw WTJnZ2FHIG x6ZEc5eWVT QnYgWmlCd2 FHbHNZVyA1 MGFISnZjSG tnIFlXNWtJ R052YlcgMT FibWwwZVNC cCBiblp2Yk habGJXIFZ1 ZEN3Z2QybD AgYUNCd2Nt OW5jbSBGdG N5QmhibVFn IGFXNXBkR2 xoZEcgbDJa WE1nWm05ai BkWE5sWkNC dmJpIEJsWk hWallYUnAg YjI0c0lHTn ZiVyAxMWJt bDBlU0JrIF pYWmxiRzl3 YlcgVnVkQ3 dnWVc1ayBJ R1JwYzJGem RHIFZ5SUhK bGJHbGwgWm k0OFluSStN VCBJdUlGTn BibU5sIElH bDBjeUJtYj MgVnVaR2x1 Wnl3ZyBSR1 ZsY21VZ0pp IEJEYjIxd1 lXNTUgSUdo aGN5QnlaVy AxaGFXNWxa Q0JoIElHWm hiV2xzZVMg MXZkMjVsWk NCaSBkWE5w Ym1WemN5IH dnZDJsMGFD QjAgYUdVZ1 pHVnpZMiBW dVpHRnVkSE 1nIGIyWWdT bTlvYmkgQk VaV1Z5WlNC eiBkR2xzYk NCb2IyIHhr YVc1bklHRW cgYzJsbmJt bG1hVyBOaG JuUWdiM2R1 IFpYSnphR2 x3SUggTjBZ V3RsSUdsdS BJSFJvWlNC amIyIDF3WV c1NUxnPT0K ICAgICAgIC A8L3NwYW4+ CiAgICAgIC AgCiAgICAg ICAg
See Company Q&A