Big Yellow Group

-8.59%

Live  

The Big Yellow Group is a self-storage company that was founded in 1998. It is based in the United Kingdom and is one of the largest self-storage companies in the country. The company operates under the brand name, Big Yellow Self Storage, and provides storage solutions for both personal and business use.
Big Yellow Group has over 100 self-storage facilities across the UK, with most of them located in or around London. The company offers a variety of storage unit sizes, ranging from small lockers to large rooms, to accommodate different storage needs. Customers can rent the storage units on a short-term or long-term basis, and they have the flexibility to upsize or downsize their storage space as needed.
In addition to storage solutions, Big Yellow Group also offers other services such as van rental, packing materials, and insurance options for customers. The company has a strong focus on customer service and has won several awards for its commitment to customer satisfaction.
Big Yellow Group is a publicly traded company and is listed on the London Stock Exchange. As of 2021, the company has a market capitalization of over £2 billion and continues to see steady growth.

MS4gTGFyZ2 VzdCBTZWxm LVN0b3JhZ2 UgQ29tcGFu eSBpbiB0aG UgVUs6IFRo ZSBCaWcgWW VsbG93IEdy b3VwIGlzIH RoZSBsYXJn ZXN0IHNlbG Ytc3RvcmFn ZSBjb21wYW 55IGluIHRo ZSBVSywgd2 l0aCBvdmVy IDEwMCBzdG 9yZXMgYWNy b3NzIHRoZS Bjb3VudHJ5 Ljxicj4yLi BMZWFkaW5n IFByb3ZpZG VyIG9mIFNl Y3VyZSBTdG 9yYWdlIFNv bHV0aW9ucz ogVGhlIGNv bXBhbnkgcH JpZGVzIGl0 c2VsZiBvbi Bwcm92aWRp bmcgc2VjdX JlIGFuZCBy ZWxpYWJsZS BzdG9yYWdl IHNvbHV0aW 9ucyBmb3Ig aXRzIGN1c3 RvbWVycywg ZW5zdXJpbm cgdGhlaXIg YmVsb25naW 5ncyBhcmUg c2FmZSBhbm QgcHJvdGVj dGVkIGF0IG FsbCB0aW1l cy48YnI+My 4gV2lkZSBS YW5nZSBvZi BTdG9yYWdl IE9wdGlvbn M6IFRoZSBC aWcgWWVsbG 93IEdyb3Vw IG9mZmVycy BhIHZhcmll dHkgb2Ygc3 RvcmFnZSBv cHRpb25zIH RvIGNhdGVy IHRvIGRpZm ZlcmVudCBu ZWVkcyBhbm QgYnVkZ2V0 cywgaW5jbH VkaW5nIHN0 b3JhZ2UgdW 5pdHMgb2Yg dmFyaW91cy BzaXplcywg bG9ja2Vycy wgYW5kIGNs aW1hdGUtY2 9udHJvbGxl ZCB1bml0cy 48YnI+NC4g Q29tcGV0aX RpdmUgUHJp Y2VzOiBUaG UgY29tcGFu eSBvZmZlcn MgY29tcGV0 aXRpdmUgcH JpY2VzIGZv ciBpdHMgc3 RvcmFnZSBz b2x1dGlvbn MsIG1ha2lu ZyBpdCBhbi BhZmZvcmRh YmxlIG9wdG lvbiBmb3Ig Y3VzdG9tZX JzLjxicj41 LiBFeGNlbG xlbnQgQ3Vz dG9tZXIgU2 VydmljZTog VGhlIEJpZy BZZWxsb3cg R3JvdXAgaG FzIGEgc3Ry b25nIGZvY3 VzIG9uIHBy b3ZpZGluZy BleGNlbGxl bnQgY3VzdG 9tZXIgc2Vy dmljZSwgbW FraW5nIHRo ZSBzdG9yYW dlIHByb2Nl c3MgZWFzeS BhbmQgaGFz c2xlLWZyZW UgZm9yIGl0 cyBjdXN0b2 1lcnMuPGJy PjYuIFN1c3 RhaW5hYmxl IFByYWN0aW NlczogVGhl IGNvbXBhbn kgaXMgY29t bWl0dGVkIH RvIHJlZHVj aW5nIGl0cy BlbnZpcm9u bWVudGFsIG ltcGFjdCBh bmQgaGFzIG ltcGxlbWVu dGVkIHZhcm lvdXMgc3Vz dGFpbmFibG UgcHJhY3Rp Y2VzLCBzdW NoIGFzIHVz aW5nIHNvbG FyIHBhbmVs cyBhbmQgcm FpbndhdGVy IGhhcnZlc3 Rpbmcgc3lz dGVtcyBpbi BpdHMgc3Rv cmVzLjxicj 43LiBJbm5v dmF0aXZlIF RlY2hub2xv Z3k6IFRoZS BCaWcgWWVs bG93IEdyb3 VwIHV0aWxp emVzIGlubm 92YXRpdmUg dGVjaG5vbG 9neSwgc3Vj aCBhcyBhIH NlbGYtc2Vy dmljZSBjaG Vjay1pbiBr aW9zayBhbm QgYSBtb2Jp bGUgYXBwLC B0byBtYWtl IHRoZSBzdG 9yYWdlIHBy b2Nlc3MgbW 9yZSBjb252 ZW5pZW50IG ZvciBpdHMg Y3VzdG9tZX JzLjxicj44 LiBTdHJvbm cgRmluYW5j aWFsIFBlcm Zvcm1hbmNl OiBUaGUgY2 9tcGFueSBo YXMgYSBzdH JvbmcgZmlu YW5jaWFsIH RyYWNrIHJl Y29yZCwgbW FraW5nIGl0 IGEgc3RhYm xlIGFuZCB0 cnVzdGVkIG Nob2ljZSBm b3IgY3VzdG 9tZXJzLjxi cj45LiBFbX Bsb3llZSBE ZXZlbG9wbW VudDogVGhl IEJpZyBZZW xsb3cgR3Jv dXAgaW52ZX N0cyBpbiB0 aGUgZGV2ZW xvcG1lbnQg YW5kIHRyYW luaW5nIG9m IGl0cyBlbX Bsb3llZXMs IGVuc3VyaW 5nIHRoZXkg cHJvdmlkZS B0b3Atbm90 Y2ggc2Vydm ljZSB0byBp dHMgY3VzdG 9tZXJzLjxi cj4xMC4gQ2 9tbXVuaXR5 IEludm9sdm VtZW50OiBU aGUgY29tcG FueSBpcyBh Y3RpdmVseS BpbnZvbHZl ZCBpbiBzdX Bwb3J0aW5n IGxvY2FsIG NvbW11bml0 aWVzLCBzdW NoIGFzIHRo cm91Z2ggZG 9uYXRpb25z IHRvIGNoYX JpdGllcyBh bmQgcGFydG ljaXBhdGlu ZyBpbiBsb2 NhbCBldmVu dHMu

VGhlIEJpZy BZZWxsb3cg R3JvdXAgaX MgYSBzZWxm LXN0b3JhZ2 UgY29tcGFu eSB0aGF0IG 9wZXJhdGVz IGluIHRoZS BVbml0ZWQg S2luZ2RvbS wgcHJpbWFy aWx5IGluIE xvbmRvbiBh bmQgU291dG ggRWFzdCBF bmdsYW5kLi BJdHMgYnVz aW5lc3MgbW 9kZWwgaW52 b2x2ZXMgcH VyY2hhc2lu ZyBsYW5kIG 9yIHByb3Bl cnRpZXMsIG NvbnN0cnVj dGluZyBvci Bjb252ZXJ0 aW5nIHRoZW 0gaW50byBz ZWxmLXN0b3 JhZ2UgZmFj aWxpdGllcy wgYW5kIHRo ZW4gbGVhc2 luZyBpbmRp dmlkdWFsIH NlbGYtc3Rv cmFnZSB1bm l0cyB0byBj dXN0b21lcn Mgb24gYSBz aG9ydC10ZX JtIG9yIGxv bmctdGVybS BiYXNpcy48 YnI+VGhlIG NvbXBhbnkg YWxzbyBvZm ZlcnMgYW5j aWxsYXJ5IH NlcnZpY2Vz IHN1Y2ggYX MgaW5zdXJh bmNlLCB2YW 4gcmVudGFs LCBhbmQgcG Fja2FnaW5n IG1hdGVyaW FscyB0byBp dHMgY3VzdG 9tZXJzLiBJ dCBnZW5lcm F0ZXMgcmV2 ZW51ZSB0aH JvdWdoIHJl bnRhbCBpbm NvbWUgZnJv bSBpdHMgc2 VsZi1zdG9y YWdlIHVuaX RzLCBhcyB3 ZWxsIGFzIG FkZGl0aW9u YWwgc2Vydm ljZXMgcHJv dmlkZWQuPG JyPkluIGFk ZGl0aW9uLC B0aGUgQmln IFllbGxvdy BHcm91cCBt YXkgYWxzby BhY3F1aXJl IGV4aXN0aW 5nIHNlbGYt c3RvcmFnZS BidXNpbmVz c2VzIG9yIH Byb3BlcnRp ZXMgYW5kIG ludGVncmF0 ZSB0aGVtIG ludG8gdGhl aXIgcG9ydG ZvbGlvIHRv IGV4cGFuZC B0aGVpciBv cGVyYXRpb2 5zIGFuZCBj dXN0b21lci BiYXNlLjxi cj5UaGUgY2 9tcGFueSdz IGJ1c2luZX NzIG1vZGVs IGFsc28gaW 52b2x2ZXMg YSBmb2N1cy BvbiBtYWlu dGFpbmluZy BhIHN0cm9u ZyBvbmxpbm UgcHJlc2Vu Y2UsIGFzIH dlbGwgYXMg ZWZmZWN0aX ZlIG1hcmtl dGluZyBhbm QgYWR2ZXJ0 aXNpbmcgc3 RyYXRlZ2ll cyB0byBhdH RyYWN0IG5l dyBjdXN0b2 1lcnMgYW5k IHJldGFpbi BleGlzdGlu ZyBvbmVzLi BUaGV5IGFs c28gcHJpb3 JpdGl6ZSBj dXN0b21lci BzZXJ2aWNl IGFuZCBjb2 52ZW5pZW5j ZSB3aXRoIG ZsZXhpYmxl IHJlbnRhbC BvcHRpb25z IGFuZCBtb2 Rlcm4gZGln aXRhbCBzeX N0ZW1zIGZv ciBzdG9yYW dlIGFjY2Vz cy48YnI+T3 ZlcmFsbCwg dGhlIEJpZy BZZWxsb3cg R3JvdXAncy BidXNpbmVz cyBtb2RlbC ByZXZvbHZl cyBhcm91bm QgcHJvdmlk aW5nIGNvbn ZlbmllbnQg YW5kIHNlY3 VyZSBzZWxm LXN0b3JhZ2 Ugc29sdXRp b25zIHRvIG luZGl2aWR1 YWxzIGFuZC BidXNpbmVz c2VzLCBnZW 5lcmF0aW5n IGEgc3RlYW R5IHN0cmVh bSBvZiByZX ZlbnVlIHRo cm91Z2ggcm VudGFsIGlu Y29tZSBhbm QgYWRkaXRp b25hbCBzZX J2aWNlcy4=

The sensitivity of Big Yellow Group’s earnings, cash flow, and valuation to changes in interest rates can be analyzed through various facets:
1. Earnings Sensitivity: Big Yellow Group operates in the self-storage sector, which can be affected by interest rates in several ways. High interest rates may lead to increased borrowing costs for the company if it relies on debt financing for expansion or operations. This can negatively impact net earnings due to higher interest expenses. Conversely, increased rates might deter customers from borrowing, potentially increasing demand for self-storage as individuals and businesses seek short-term storage solutions. The net effect on earnings will depend on the balance between these factors.
2. Cash Flow Sensitivity: The company’s cash flow is also at risk from rising interest rates. As interest expense increases, free cash flow may decrease if a significant portion of cash flow is allocated to servicing debt. On the other hand, if interest rates rise due to economic growth, disposable income might increase, potentially improving customer demand for storage services. The overall impact on cash flow will depend on the company’s existing debt structure and its ability to pass on costs to customers.
3. Valuation Sensitivity: Valuation is typically based on discounted cash flow (DCF) models, which are sensitive to changes in interest rates. Higher interest rates increase the discount rate applied to future cash flows, which can lead to a lower present value of those cash flows and negatively affect the company’s market valuation. Additionally, if the market perceives higher interest rates as a signal of economic slowdown, investor sentiment may lead to a decreased willingness to pay for stock in companies like Big Yellow Group.
In summary, Big Yellow Group’s financial performance and valuation are sensitive to interest rate changes, with potential negative impacts stemming from increased costs of debt and valuation dynamics stemming from higher discount rates. However, the effects can vary based on different operational and market conditions.

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 bG9nb3Mvbk RPQnFENnRU eHlFOVBqSm pUVVkud2Vi cCIgYWx0PS JCaWcgWWVs bG93IEdyb3 VwIiB0aXRs ZT0iQmlnIF llbGxvdyBH cm91cCIgIG NsYXNzPSJp bWctZmx1aW QiIGhlaWdo dD05MCB3aW R0aD05MCBs b2FkaW5nPS dsYXp5JyBz dHlsZT0nYm 9yZGVyLXJh ZGl1czogNn B4Oyc+Cgog ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J2ZsZXg6ID E7IHRleHQt YWxpZ246IG NlbnRlcjsg bWFyZ2luLW xlZnQ6IDVw eDsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 cCBzdHlsZT 0nZm9udC1z aXplOiAyNn B4OyBjb2xv cjogIzMzMz sgbWFyZ2lu LWJvdHRvbT ogMTVweDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg 8J+TiCBXYW 50IHRvIHJl YWQgbW9yZS BhYm91dCBC aWcgWWVsbG 93IEdyb3Vw 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+agCBE b27igJl0IG 1pc3MgPGk+ IlRoZSBDaG Vja2xpc3Qg VmFsdWUgSW 52ZXN0b3Ig 4oCUIEEgU2 1hcnRlciBX YXkgdG8gUG ljayBTdG9j a3MiPC9pPi DigJQgZnJl ZSEKICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9w PgoKICAgIC AgICAgICAg ICAgICAgIC AgICAgPCEt LQogICAgIC AgICAgICAg ICAgICAgIC AgICA8ZGl2 IHN0eWxlPS dtYXJnaW4t dG9wOiAxMn B4OyBmb250 LXNpemU6ID EzcHg7IGNv bG9yOiAjND Q0Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBTaWdu IHVwIG5vdy BhbmQgZ2V0 IG91ciBmcm VlIGVCb29r IAogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg PGI+VGhlIE NoZWNrbGlz dCBWYWx1ZS BJbnZlc3Rv ciDigJQgQS BTbWFydGVy IFdheSB0by BQaWNrIFN0 b2NrczwvYj 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIC0tPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8IS0tCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxkaXYgc3 R5bGU9J21h cmdpbi10b3 A6IDE2cHg7 IGZvbnQtc2 l6ZTogMTRw eDsgY29sb3 I6ICM0NDQ7 IGZvbnQtZm FtaWx5OiAt YXBwbGUtc3 lzdGVtLCBC bGlua01hY1 N5c3RlbUZv bnQsIFNlZ2 9lIFVJLCBS b2JvdG8sIE hlbHZldGlj YSBOZXVlLC BzYW5zLXNl cmlmOyBsaW 5lLWhlaWdo dDogMS42Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BIYXZlIHlv dSBoZWFyZC BhYm91dCBv dXIgc2hvcn QgPHN0cm9u ZyBzdHlsZT 0nZm9udC13 ZWlnaHQ6ID YwMDsnPkRh aWx5IFZpZG VvIE5ld3Ns ZXR0ZXI8L3 N0cm9uZz4/ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 YSBocmVmPS dodHRwczov L3d3dy5pbn NpZ2h0ZnVs dmFsdWUuY2 9tL25ld3Ns ZXR0ZXIucG hwJyB0YXJn ZXQ9J19ibG Fuaycgc3R5 bGU9J2NvbG 9yOiAjMDA3 QkZGOyB0ZX h0LWRlY29y YXRpb246IG 5vbmU7IGZv bnQtd2VpZ2 h0OiA1MDA7 IG1hcmdpbi 1sZWZ0OiA2 cHg7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BGaW5kIG91 dCBtb3JlCi AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICA8L2 E+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AgICAgICAg ICAgICAtLT 4KICAgICAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg CiAgICAgIC AgCiAgICAg ICAgPHNwYW 4gY2xhc3M9 J2JsdXJyZW QtdGV4dCc+ CiAgICAgIC AgICAgIExT QlVhR1VnWT IgOXRjR0Z1 ZVNCMyBZWE 1nWm05MWJt IFJsWkNCcG JpQXggT1Rr NElIVnVaRy BWeUlIUm9a U0J1IFlXMW xJRlJvWlMg QkNhV2NnV1 dWcyBiRzkz SUZObGJHIF lnVTNSdmNt Rm4gWlNCRG IyMXdZVyA1 NUxpQThZbk krIExTQlVh R1VnWTIgOX RjR0Z1ZWVL QSBtWE1nWm 1seWMzIFFn YzNSdmNtRm 4gWlNCbVlX TnBiRyBsMG VTQjNZWE1n IGJHOWpZWF JsWkMgQnBi aUJTYVdOby BiVzl1WkN3 Z1RHIDl1Wk c5dUlHRnUg WkNCdmNHVn VaVyBRZ2FX NGdNVGs1IE 9TNGdQR0p5 UGkgMGdTVz RnTWpBdyBN aXdnZEdobE lHIE52YlhC aGJua2cgWT JoaGJtZGxa QyBCcGRITW dibUZ0IFpT QjBieUJDYV cgY2dXV1Zz Ykc5MyBJRk 5sYkdZZ1Uz IFJ2Y21Gbl pTQkQgYjIx d1lXNTVJRy BGdVpDQnNh WE4wIFpXUW diMjRnZEcg aGxJRXh2Ym 1SdiBiaUJU ZEc5amF5IE JGZUdOb1lX NW4gWlM0Z1 BHSnlQaSAw Z1ZHaGxJR0 52IGJYQmhi bm5pZ0ogbH pJRzl5WVc1 biBaU0JoYm 1RZ2VXIFZz Ykc5M0lHSn kgWVc1a2FX NW5JSCBkaG N5QmphRzl6 IFpXNGdkRz hnYzMgUmhi bVFnYjNWMC BJR0ZuWVds dWMzIFFnZE dobElIUjUg Y0dsallXeH NlUyBCaWJI VmxJR0Z1IF pDQm5jbVZs YmkgQmpiMn h2Y25NZyBk WE5sWkNCaW VTIEJqYjIx d1pYUnAgZE c5eWN5NGdQ RyBKeVBpMG dRWE1nIGIy WWdNakF5TV Mgd2dkR2hs SUdOdiBiWE JoYm5rZ2FH IEZ6SUc5Ml pYSWcgTVRB d0lITjBiMy BKaFoyVWda bUZqIGFXeH BkR2xsY3kg QmhZM0p2Yz NNZyBkR2hs SUZWTExDIE J0WVd0cGJt Y2cgYVhRZ2 RHaGxJRyB4 aGNtZGxjM1 FnIGMyVnNa aTF6ZEcgOX lZV2RsSUdO diBiWEJoYm 5rZ2FXIDRn ZEdobElHTn YgZFc1MGNu a3VJRCB4aW NqNHRJRlJv IFpTQmpiMj F3WVcgNTU0 b0NaY3lCeS BaWFpsYm5W bElHIFp2Y2 lBeU1ESXcg SUhkaGN5RE NveiBFek15 NHhJRzFwIG JHeHBiMjR1 SUQgeGljaj R0SUZSbyBa U0JqYjIxd1 lXIDU1SUc5 bVptVnkgY3 lCemRHOXlZ VyBkbElIVn VhWFJ6IElH bHVJR0VnZG 0gRnlhV1Yw ZVNCdiBaaU J6YVhwbGN5 IHdnWm5Kdm JTQnogYldG c2JDQnNiMi BOclpYSnpJ SFJ2IElHeG hjbWRsSUgg SnZiMjF6TE NCMCBieUJq WVhSbGNpIE IwYnlCa2FX Wm0gWlhKbG JuUWdZMyBW emRHOXRaWE lnIGJtVmxa SE11SUQgeG ljajR0SUZS byBaU0JqYj Ixd1lXIDU1 SUdseklHTn YgYlcxcGRI UmxaQyBCMG J5QnpkWE4w IFlXbHVZV0 pwYkcgbDBl U0JoYm1RZy BhR0Z6SUds dGNHIHhsYl dWdWRHVmsg SUdWamJ5MW 1jbSBsbGJt UnNlU0JwIG JtbDBhV0Yw YVggWmxjeX dnYzNWaiBh Q0JoY3lCMW MyIGx1WnlC emIyeGggY2 lCd1lXNWxi SCBNZ1lXNW tJRXhGIFJD QnNhV2RvZE cgbHVaeUJw YmlCMCBhR1 ZwY2lCbVlX IE5wYkdsMG FXVnogTGlB OFluSStMUy BCVWFHVWdZ Mjl0IGNHRn VlU0JoYkgg TnZJRzltWm 1WeSBjeUJ6 ZEc5eVlXIG RsSUhObGNu WnAgWTJWek lHWnZjaSBC aWRYTnBibV Z6IGMyVnpM Q0J6ZFcgTm 9JR0Z6SUdS diBZM1Z0Wl c1MElHIEZ5 WTJocGRtbH UgWnlCaGJt UWdiMiBabW FXTmxJSE53 IFlXTmxMaU E4WW4gSStM U0JKYmlBeS BNREl3TENC Q2FXIGNnV1 dWc2JHOTMg SUVkeWIzVn dJSCBkaGN5 QnVZVzFsIF pDRGlnSmxU WlcgeG1MVk 4wYjNKaCBa MlVnVDNCbG NtIEYwYjNJ Z2IyWWcgZE dobElGbGxZ WCBMaWdKa2 dZWFFnIGRH aGxJRVYxY2 0gOXdaV0Z1 SUZObCBiR1 lnVTNSdmNt IEZuWlNCQm MzTnYgWTJs aGRHbHZiaS BCQmQyRnla SE11CiAgIC AgICAgPC9z cGFuPgogIC AgICAgIAog ICAgICAgIA ==
See Company Q&A