Artisan Partners Asset Management

-12.92%

Live  

Artisan Partners Asset Management, also known as Artisan Partners, is a global investment management firm that offers a wide range of investment strategies and products to institutions, financial advisors, and individual investors. The company was founded in 1994 and has its headquarters in Milwaukee, Wisconsin.
Artisan Partners focuses on active management, following a bottom-up, fundamental research approach to investment. It has a team-based investment approach, where each portfolio is managed by a team of experienced investment professionals who collaborate to make investment decisions.
The company has a diverse client base, including pension funds, endowments, foundations, and high net worth individuals, in addition to offering its products through financial advisors and institutional consultants. As of December 31, 2021, Artisan Partners had approximately $239 billion in assets under management.
Artisan Partners offers a wide range of investment strategies, including equity, fixed income, and alternative investments. These strategies cover various regions and sectors, providing clients with a range of options to diversify their portfolios.
The company prides itself on its culture, which promotes an entrepreneurial spirit and emphasizes a long-term perspective. Its investment teams are supported by a dedicated research team that provides in-depth analysis and market insight to help inform investment decisions.
In addition to its headquarters in Milwaukee, Artisan Partners has offices in San Francisco, Atlanta, New York, London, Sydney, and Hong Kong. It is a publicly traded company listed on the New York Stock Exchange under the ticker symbol APAM.

MS4gRm9jdX Mgb24gQWN0 aXZlIE1hbm FnZW1lbnQ6 IEFydGlzYW 4gUGFydG5l cnMgaXMgY2 9tbWl0dGVk IHRvIGFjdG l2ZSBtYW5h Z2VtZW50IG 9mIGludmVz dG1lbnQgZn VuZHMsIHdp dGggYSBmb2 N1cyBvbiBm dW5kYW1lbn RhbCByZXNl YXJjaCBhbm QgYm90dG9t LXVwIHN0b2 NrIHBpY2tp bmcuIFRoZX kgYmVsaWV2 ZSB0aGlzIG FwcHJvYWNo IGdpdmVzIH RoZW0gYW4g ZWRnZSBpbi BhY2hpZXZp bmcgbG9uZy 10ZXJtIGlu dmVzdG1lbn QgcmVzdWx0 cy48YnI+Mi 4gRXhwZXJp ZW5jZWQgSW 52ZXN0bWVu dCBUZWFtOi BUaGUgY29t cGFueeKAmX MgaW52ZXN0 bWVudCB0ZW FtIGlzIG1h ZGUgdXAgb2 YgZXhwZXJp ZW5jZWQgcH JvZmVzc2lv bmFscyB3aX RoIGFuIGF2 ZXJhZ2Ugb2 YgMjAgeWVh cnMgb2YgaW 5kdXN0cnkg ZXhwZXJpZW 5jZS4gTWFu eSBvZiB0aG VtIGhhdmUg YmVlbiB3aX RoIHRoZSBm aXJtIHNpbm NlIGl0cyBm b3VuZGluZy wgcHJvdmlk aW5nIGNvbn RpbnVpdHkg YW5kIHN0YW JpbGl0eS48 YnI+My4gR2 xvYmFsIFJl YWNoOiBBcn Rpc2FuIFBh cnRuZXJzIG hhcyBhIGds b2JhbCByZW FjaCB3aXRo IG9mZmljZX MgaW4gbmlu ZSBkaWZmZX JlbnQgbG9j YXRpb25zIG Fyb3VuZCB0 aGUgd29ybG QsIGluY2x1 ZGluZyB0aG UgVW5pdGVk IFN0YXRlcy wgRXVyb3Bl LCBhbmQgQX NpYS4gVGhp cyBhbGxvd3 MgdGhlbSB0 byBhY2Nlc3 MgYSB3aWRl IHZhcmlldH kgb2YgaW52 ZXN0bWVudC BvcHBvcnR1 bml0aWVzIG FuZCBvZmZl ciBnbG9iYW wgaW52ZXN0 bWVudCBzb2 x1dGlvbnMg dG8gbWVldC BjbGllbnQg bmVlZHMuPG JyPjQuIENs aWVudC1DZW 50cmljIEFw cHJvYWNoOi BBcnRpc2Fu IFBhcnRuZX JzIGlzIGNv bW1pdHRlZC B0byBwcm92 aWRpbmcgcG Vyc29uYWxp emVkIGludm VzdG1lbnQg c29sdXRpb2 5zIGZvciBj bGllbnRzIG Jhc2VkIG9u IHRoZWlyIH VuaXF1ZSBu ZWVkcyBhbm QgcmlzayBw cm9maWxlcy 4gVGhleSB3 b3JrIGNsb3 NlbHkgd2l0 aCB0aGVpci BjbGllbnRz IHRvIHVuZG Vyc3RhbmQg dGhlaXIgaW 52ZXN0bWVu dCBvYmplY3 RpdmVzIGFu ZCBwcm92aW RlIGN1c3Rv bWl6ZWQgcG 9ydGZvbGlv IHNvbHV0aW 9ucy48YnI+ NS4gU3Ryb2 5nIFBlcmZv cm1hbmNlIF RyYWNrIFJl Y29yZDogVG hlIGNvbXBh bnkgaGFzIG Egc3Ryb25n IHRyYWNrIH JlY29yZCBv ZiBnZW5lcm F0aW5nIGFi b3ZlLWF2ZX JhZ2UgcmV0 dXJucyBmb3 IgaXRzIGNs aWVudHMgYW Nyb3NzIGEg dmFyaWV0eS BvZiBpbnZl c3RtZW50IH N0cmF0ZWdp ZXMgYW5kIG Fzc2V0IGNs YXNzZXMuIF RoaXMgaXMg YSByZXN1bH Qgb2YgdGhl aXIgZm9jdX Mgb24gYWN0 aXZlIG1hbm FnZW1lbnQg YW5kIGluLW RlcHRoIHJl c2VhcmNoLj xicj42LiBD dWx0dXJlIG 9mIEV4Y2Vs bGVuY2U6IE FydGlzYW4g UGFydG5lcn MgaGFzIGEg Y3VsdHVyZS BvZiBleGNl bGxlbmNlIH RoYXQgaXMg cmVmbGVjdG VkIGluIHRo ZWlyIGludm VzdG1lbnQg cGhpbG9zb3 BoeSwgcmVz ZWFyY2ggcH JvY2Vzcywg YW5kIGNsaW VudCBzZXJ2 aWNlLiBUaG UgY29tcGFu eSBoYXMgd2 9uIG51bWVy b3VzIGF3YX JkcyBhbmQg cmVjb2duaX Rpb24gZm9y IGl0cyBpbn Zlc3RtZW50 IHBlcmZvcm 1hbmNlIGFu ZCBjbGllbn Qgc2F0aXNm YWN0aW9uLj xicj43LiBT b2NpYWxseS BSZXNwb25z aWJsZSBJbn Zlc3Rpbmc6 IFRoZSBjb2 1wYW55IG9m ZmVycyBzb2 NpYWxseSBy ZXNwb25zaW JsZSBpbnZl c3Rpbmcgb3 B0aW9ucyBm b3IgY2xpZW 50cyB3aG8g d2FudCB0by BhbGlnbiB0 aGVpciBpbn Zlc3RtZW50 cyB3aXRoIH RoZWlyIHZh bHVlcy4gVG hleSBpbmNv cnBvcmF0ZS BlbnZpcm9u bWVudGFsLC Bzb2NpYWws IGFuZCBnb3 Zlcm5hbmNl IChFU0cpIG ZhY3RvcnMg aW50byB0aG VpciBpbnZl c3RtZW50IH Byb2Nlc3Mg d2hpbGUgc3 RpbGwgbWFp bnRhaW5pbm cgdGhlaXIg Y29tbWl0bW VudCB0byBh Y3RpdmUgbW FuYWdlbWVu dC48YnI+OC 4gQ29tbWl0 bWVudCB0by BFZHVjYXRp b246IEFydG lzYW4gUGFy dG5lcnMgaX MgY29tbWl0 dGVkIHRvIG VkdWNhdGlu ZyBjbGllbn RzIGFuZCBp bnZlc3Rvcn MgYWJvdXQg dGhlIG1hcm tldHMsIGlu dmVzdG1lbn Qgb3Bwb3J0 dW5pdGllcy wgYW5kIHRy ZW5kcy4gVG hleSByZWd1 bGFybHkgcH VibGlzaCB0 aG91Z2h0IG xlYWRlcnNo aXAgY29udG VudCBhbmQg aG9zdCBlZH VjYXRpb25h bCBldmVudH MgZm9yIGNs aWVudHMgYW 5kIGludmVz dG9ycy48Yn I+OS4gU3Ry b25nIENvcn BvcmF0ZSBH b3Zlcm5hbm NlOiBUaGUg Y29tcGFueS BoYXMgYSB0 cmFuc3Bhcm VudCBhbmQg YWNjb3VudG FibGUgY29y cG9yYXRlIG dvdmVybmFu Y2Ugc3RydW N0dXJlLCB3 aXRoIGluZG VwZW5kZW50 IGJvYXJkIG 1lbWJlcnMg YW5kIGEgZm 9jdXMgb24g ZXRoaWNhbC BwcmFjdGlj ZXMuIFRoaX MgaGVscHMg dG8gZW5zdX JlIGFsaWdu bWVudCB3aX RoIGNsaWVu dCBpbnRlcm VzdHMgYW5k IGZvc3Rlcn MgbG9uZy10 ZXJtIHN1c3 RhaW5hYmls aXR5Ljxicj 4xMC4gU3Ry b25nIENsaW VudCBTYXRp c2ZhY3Rpb2 46IEFydGlz YW4gUGFydG 5lcnMgaGFz IGEgaGlnaC BjbGllbnQg c2F0aXNmYW N0aW9uIHJh dGUsIHdpdG ggbWFueSBs b25nLXRlcm 0gY2xpZW50 cyB3aG8gaG F2ZSBiZWVu IHdpdGggdG hlIGZpcm0g Zm9yIG1hbn kgeWVhcnMu IFRoaXMgaX MgYSB0ZXN0 YW1lbnQgdG 8gdGhlIGNv bXBhbnnigJ lzIGNvbW1p dG1lbnQgdG 8gZGVsaXZl cmluZyBzdX BlcmlvciBp bnZlc3RtZW 50IHJlc3Vs dHMgYW5kIH BlcnNvbmFs aXplZCBzZX J2aWNlLg==

VGhlIEFydG lzYW4gUGFy dG5lcnMgQX NzZXQgTWFu YWdlbWVudC Bjb21wYW55 IGlzIGFuIG ludmVzdG1l bnQgbWFuYW dlbWVudCBm aXJtIHRoYX QgcHJpbWFy aWx5IGZvY3 VzZXMgb24g bWFuYWdpbm cgZXF1aXR5 IHBvcnRmb2 xpb3MgZm9y IGJvdGggaW 5zdGl0dXRp b25hbCBhbm QgaW5kaXZp ZHVhbCBjbG llbnRzLiBU aGVpciBidX NpbmVzcyBt b2RlbCByZX ZvbHZlcyBh cm91bmQgcH JvdmlkaW5n IGFjdGl2ZS BpbnZlc3Rt ZW50IG1hbm FnZW1lbnQg c2VydmljZX MgdGhhdCBh aW0gdG8gZ2 VuZXJhdGUg c3Ryb25nIG xvbmctdGVy bSByZXR1cm 5zIGZvciB0 aGVpciBjbG llbnRzIHRo cm91Z2ggYS BkaXNjaXBs aW5lZCBhcH Byb2FjaCB0 byBzdG9jay BzZWxlY3Rp b24uPGJyPl NvbWUga2V5 IGFzcGVjdH Mgb2YgdGhl aXIgYnVzaW 5lc3MgbW9k ZWwgaW5jbH VkZTo8YnI+ MS4gQWN0aX ZlIEludmVz dG1lbnQgTW FuYWdlbWVu dDogQXJ0aX NhbiBQYXJ0 bmVycyBmb2 xsb3dzIGFu IGFjdGl2ZS BpbnZlc3Rt ZW50IG1hbm FnZW1lbnQg YXBwcm9hY2 gsIHdoaWNo IG1lYW5zIH RoYXQgdGhl eSBhY3Rpdm VseSBzZWxl Y3QgYW5kIG 1hbmFnZSB0 aGUgc3RvY2 tzIGluIHRo ZWlyIGNsaW VudHPigJkg cG9ydGZvbG lvcyBiYXNl ZCBvbiBpbi 1kZXB0aCBy ZXNlYXJjaC BhbmQgYW5h bHlzaXMuIF RoaXMgYXBw cm9hY2ggZG lmZmVycyBm cm9tIHBhc3 NpdmUgaW52 ZXN0bWVudC BtYW5hZ2Vt ZW50LCB3aG VyZSB0aGUg cG9ydGZvbG lvIGlzIGRl c2lnbmVkIH RvIHRyYWNr IGEgcGFydG ljdWxhciBt YXJrZXQgaW 5kZXguPGJy PjIuIEZvY3 VzIG9uIEVx dWl0eSBQb3 J0Zm9saW9z OiBUaGUgY2 9tcGFueeKA mXMgcHJpbW FyeSBmb2N1 cyBpcyBvbi BtYW5hZ2lu ZyBlcXVpdH kgcG9ydGZv bGlvcywgd2 hpY2ggYXJl IGludmVzdG 1lbnRzIHBy aW1hcmlseS BtYWRlIGlu IHN0b2Nrcy BhbmQgb3Ro ZXIgZXF1aX R5IHNlY3Vy aXRpZXMuIF RoZXkgb2Zm ZXIgYSB2YX JpZXR5IG9m IGVxdWl0eS BzdHJhdGVn aWVzLCBzdW NoIGFzIHZh bHVlLCBncm 93dGgsIGFu ZCBnbG9iYW wgZXF1aXRp ZXMsIHRvIG NhdGVyIHRv IHRoZSBkaW ZmZXJlbnQg aW52ZXN0bW VudCBvYmpl Y3RpdmVzIG FuZCByaXNr IHByb2ZpbG VzIG9mIHRo ZWlyIGNsaW VudHMuPGJy PjMuIENsaW VudC1DZW50 cmljIEFwcH JvYWNoOiBB cnRpc2FuIF BhcnRuZXJz 4oCZIGJ1c2 luZXNzIG1v ZGVsIGlzIG NlbnRlcmVk IGFyb3VuZC BwdXR0aW5n IHRoZSBpbn RlcmVzdHMg b2YgdGhlaX IgY2xpZW50 cyBmaXJzdC 4gVGhleSBh aW0gdG8gYn VpbGQgbG9u Zy10ZXJtIH JlbGF0aW9u c2hpcHMgd2 l0aCB0aGVp ciBjbGllbn RzLCB1bmRl cnN0YW5kaW 5nIHRoZWly IHVuaXF1ZS BuZWVkcyBh bmQgY3JlYX RpbmcgY3Vz dG9taXplZC BpbnZlc3Rt ZW50IHNvbH V0aW9ucyB0 aGF0IGFsaW duIHdpdGgg dGhlaXIgZ2 9hbHMuPGJy PjQuIERpdm Vyc2UgQ2xp ZW50IEJhc2 U6IFRoZSBj b21wYW55IG hhcyBhIGRp dmVyc2UgY2 xpZW50IGJh c2UsIHdpdG ggYSBzaWdu aWZpY2FudC Bwb3J0aW9u IG9mIGl0cy Bhc3NldHMg dW5kZXIgbW FuYWdlbWVu dCBjb21pbm cgZnJvbSBp bnN0aXR1dG lvbnMgc3Vj aCBhcyBwZW 5zaW9uIGZ1 bmRzLCBlbm Rvd21lbnRz LCBhbmQgZm 91bmRhdGlv bnMuIFRoZX kgYWxzbyBz ZXJ2ZSBoaW doLW5ldC13 b3J0aCBpbm RpdmlkdWFs cyBhbmQgcm V0YWlsIGlu dmVzdG9ycy B0aHJvdWdo IHRoZWlyIG 11dHVhbCBm dW5kcyBhbm Qgc2VwYXJh dGVseSBtYW 5hZ2VkIGFj Y291bnRzLj xicj41LiBG ZWUtQmFzZW QgUmV2ZW51 ZSBNb2RlbD ogQXJ0aXNh biBQYXJ0bm VycyBnZW5l cmF0ZXMgcm V2ZW51ZSBw cmltYXJpbH kgdGhyb3Vn aCBtYW5hZ2 VtZW50IGFu ZCBwZXJmb3 JtYW5jZSBm ZWVzIGNoYX JnZWQgb24g dGhlIGFzc2 V0cyB1bmRl ciBtYW5hZ2 VtZW50IGZv ciB0aGVpci BjbGllbnRz LiBUaGlzIG ZlZS1iYXNl ZCBtb2RlbC BhbGlnbnMg dGhlaXIgaW 50ZXJlc3Rz IHdpdGggdG hvc2Ugb2Yg dGhlaXIgY2 xpZW50cywg YXMgdGhlaX IgaW5jb21l IGlzIGRpcm VjdGx5IHRp ZWQgdG8gdG hlIHBlcmZv cm1hbmNlIG 9mIHRoZWly IGNsaWVudH PigJkgcG9y dGZvbGlvcy 48YnI+T3Zl cmFsbCwgdG hlIEFydGlz YW4gUGFydG 5lcnMgYnVz aW5lc3MgbW 9kZWwgZm9j dXNlcyBvbi BkZWxpdmVy aW5nIHN0cm 9uZyBpbnZl c3RtZW50IH BlcmZvcm1h bmNlIGFuZC BidWlsZGlu ZyBsb25nLX Rlcm0gY2xp ZW50IHJlbG F0aW9uc2hp cHMgdGhyb3 VnaCB0aGVp ciBhY3Rpdm UgaW52ZXN0 bWVudCBhcH Byb2FjaCBh bmQgY2xpZW 50LWNlbnRy aWMgYXBwcm 9hY2gu

Artisan Partners Asset Management’s earnings, cash flow, and valuation can be significantly impacted by changes in interest rates, primarily due to the nature of their business model and the broader economic environment.
1. Earnings: The company’s earnings can be sensitive to interest rates through a few channels. If interest rates rise, it may lead to increased operating costs for the company, especially in relation to the cost of capital. Additionally, higher interest rates can attract investors to fixed-income investments, potentially reducing demand for equity investments and adversely affecting Artisan’s asset management fees, which are typically a percentage of assets under management.
2. Cash Flow: Artisan’s cash flow is directly tied to its assets under management and performance fees. An increase in interest rates could lead to market volatility and reduced equity prices, affecting overall asset valuations. If clients withdraw their investments in favor of more stable, income-generating assets, it could lead to a decline in cash flow from management fees.
3. Valuation: Interest rates play a crucial role in determining the discount rate used in valuation models. Higher interest rates generally lead to higher discount rates, translating to lower present values for future cash flows and earnings. Therefore, as interest rates rise, the intrinsic valuation of Artisan Partners may decrease, reflecting a more cautious outlook for future earnings potential.
Overall, while higher interest rates can signal a strong economy, they can create headwinds for Artisan Partners by impacting investor behavior and affecting the overall valuation of assets under management.

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 ZWTzRpOFdq MDNwOW45Nj VMYVUud2Vi cCIgYWx0PS JBcnRpc2Fu IFBhcnRuZX JzIEFzc2V0 IE1hbmFnZW 1lbnQiIHRp dGxlPSJBcn Rpc2FuIFBh cnRuZXJzIE Fzc2V0IE1h bmFnZW1lbn QiICBjbGFz cz0iaW1nLW ZsdWlkIiBo ZWlnaHQ9OT Agd2lkdGg9 OTAgbG9hZG luZz0nbGF6 eScgc3R5bG U9J2JvcmRl ci1yYWRpdX M6IDZweDsn PgoKICAgIC AgICAgICAg ICAgICAgIC A8ZGl2IHN0 eWxlPSdmbG V4OiAxOyB0 ZXh0LWFsaW duOiBjZW50 ZXI7IG1hcm dpbi1sZWZ0 OiA1cHg7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPHAgc3 R5bGU9J2Zv bnQtc2l6ZT ogMjZweDsg Y29sb3I6IC MzMzM7IG1h cmdpbi1ib3 R0b206IDE1 cHg7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIPCfk4 ggV2FudCB0 byByZWFkIG 1vcmUgYWJv dXQgQXJ0aX NhbiBQYXJ0 bmVycyBBc3 NldCBNYW5h Z2VtZW50Pw ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L3A+Cg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdpbmRl eC5waHA/cG FnZT1zaWdu dXAnIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICMw MDdCRkY7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBjb2 xvcjogI2Zm ZjsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHBhZGRpbm c6IDEwcHgg MjBweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJvcm Rlci1yYWRp dXM6IDVweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH RleHQtZGVj b3JhdGlvbj ogbm9uZTsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGZv bnQtd2VpZ2 h0OiBib2xk OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luLX JpZ2h0OiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdHJhbn NpdGlvbjog YmFja2dyb3 VuZC1jb2xv ciAwLjNzIG Vhc2U7Jwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgb25t b3VzZW92ZX I9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA1NmIz IicKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IG9ubW91c2 VvdXQ9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA3 QkZGIic+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIGZv ciBmcmVlCi AgICAgICAg ICAgICAgIC AgICAgICAg IDwvYT4KCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxzcGFuIH N0eWxlPSdt YXJnaW46ID AgOHB4OyBj b2xvcjogIz U1NTsnPm9y PC9zcGFuPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPGEgaH JlZj0naW5k ZXgucGhwP3 BhZ2U9bG9n aW4nIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGNvbG9y OiAjMDA3Qk ZGOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdGV4dC1k ZWNvcmF0aW 9uOiB1bmRl cmxpbmU7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBmb2 50LXdlaWdo dDogNTAwOy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bsb2cgaW4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9hPgoK CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxwIHN0 eWxlPSdtYX JnaW4tdG9w OiAxNXB4Oy Bmb250LXNp emU6IDEzcH g7IGZvbnQt d2VpZ2h0Oi Bib2xkOyBj b2xvcjogI2 QzMmYyZjsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg 8J+TmiBZb3 VyIGZyZWUg Y29weSBvZi A8aT4iVGhl IENoZWNrbG lzdCBWYWx1 ZSBJbnZlc3 RvciDigJQg QSBTbWFydG VyIFdheSB0 byBQaWNrIF N0b2NrcyI8 L2k+IGlzIH dhaXRpbmcK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9wPgoK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPCEtLQog ICAgICAgIC AgICAgICAg ICAgICAgIC A8ZGl2IHN0 eWxlPSdtYX JnaW4tdG9w OiAxMnB4Oy Bmb250LXNp emU6IDEzcH g7IGNvbG9y OiAjNDQ0Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BTaWduIHVw IG5vdyBhbm QgZ2V0IG91 ciBmcmVlIG VCb29rIAog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgPGI+ VGhlIENoZW NrbGlzdCBW YWx1ZSBJbn Zlc3RvciDi gJQgQSBTbW FydGVyIFdh eSB0byBQaW NrIFN0b2Nr czwvYj4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IC0tPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 IS0tCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxk aXYgc3R5bG U9J21hcmdp bi10b3A6ID E2cHg7IGZv bnQtc2l6ZT ogMTRweDsg Y29sb3I6IC M0NDQ7IGZv bnQtZmFtaW x5OiAtYXBw bGUtc3lzdG VtLCBCbGlu a01hY1N5c3 RlbUZvbnQs IFNlZ29lIF VJLCBSb2Jv dG8sIEhlbH ZldGljYSBO ZXVlLCBzYW 5zLXNlcmlm OyBsaW5lLW hlaWdodDog MS42Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBIYX ZlIHlvdSBo ZWFyZCBhYm 91dCBvdXIg c2hvcnQgPH N0cm9uZyBz dHlsZT0nZm 9udC13ZWln aHQ6IDYwMD snPkRhaWx5 IFZpZGVvIE 5ld3NsZXR0 ZXI8L3N0cm 9uZz4/CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8YSBo cmVmPSdodH RwczovL3d3 dy5pbnNpZ2 h0ZnVsdmFs dWUuY29tL2 5ld3NsZXR0 ZXIucGhwJy B0YXJnZXQ9 J19ibGFuay cgc3R5bGU9 J2NvbG9yOi AjMDA3QkZG OyB0ZXh0LW RlY29yYXRp b246IG5vbm U7IGZvbnQt d2VpZ2h0Oi A1MDA7IG1h cmdpbi1sZW Z0OiA2cHg7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBGaW 5kIG91dCBt b3JlCiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICA8L2E+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICAgIC AgICAgICAg ICAtLT4KIC AgICAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgCiAg ICAgICAgCi AgICAgICAg PHNwYW4gY2 xhc3M9J2Js dXJyZWQtdG V4dCc+CiAg ICAgICAgIC AgIE1TNGdR WEowYVggTm hiaUJRWVhK MCBibVZ5Y3 lCQmMzIE5s ZENCTllXNW ggWjJWdFpX NTBJRyBsek lHRWdaMnh2 IFltRnNJR2 x1ZG0gVnpk RzFsYm5RZy BiV0Z1WVdk bGJXIFZ1ZE NCbWFYSnQg SUhSb1lYUW djMyBCbFky bGhiR2w2IF pYTWdhVzRn WVcgTjBhWF psSUcxaCBi bUZuWlcxbG JuIFFnYzNS eVlYUmwgWj JsbGN5NGdW RyBobElHTn ZiWEJoIGJu a2dkMkZ6SU cgWnZkVzVr WldRZyBhVz RnTVRrNU5D IEJoYm1RZ2 FYTWcgYUdW aFpIRjFZWC BKMFpYSmxa Q0JwIGJpQk 5hV3gzWVgg VnJaV1VzSU ZkcCBjMk52 Ym5OcGJpID Q4WW5JK01p NGcgUVhNZ2 IyWWdSRyBW alpXMWlaWE lnIE1qQXlN U3dnUVggSj BhWE5oYmlC USBZWEowYm 1WeWN5IEJv WVhNZ2IzWm wgY2lBa01U a3dJRyBKcG JHeHBiMjRn IGFXNGdZWE 56WlggUnpJ SFZ1WkdWeS BJRzFoYm1G blpXIDFsYm 5RZ1lXNWsg SUdoaGN5Qn ZabSBacFky VnpJR2x1IE lHNXBibVVn WTIgOTFibl J5YVdWeiBM aUJVYUdVZ1 kyIDl0Y0dG dWVTQnogWl hKMlpYTWdZ UyBCa2FYWm xjbk5sIElH TnNhV1Z1ZE MgQmlZWE5s SUc5bSBJR2 x1YzNScGRI IFYwYVc5dW N5d2cgWm1s dVlXNWphVy BGc0lHRmtk bWx6IGIzSn pMQ0JoYm0g UWdhVzVrYV hacCBaSFZo YkNCcGJuIF psYzNSdmNu TXUgUEdKeV BqTXVJRiBS b1pTQmpiMj F3IFlXNTU0 b0NaY3kgQn BiblpsYzNS dCBaVzUwSU hOMGNtIEYw WldkcFpYTW cgWVhKbElH UmxjMiBsbm JtVmtJSFJ2 IElIQnliM1 pwWkcgVWdZ MnhwWlc1MC BjeUIzYVhS b0lHIE52Ym 5OcGMzUmwg Ym5RZ2JHOX VaeSAxMFpY SnRJSEpsIG RIVnlibk1n ZEcgaHliM1 ZuYUNCaCBJ R052YldKcG JtIEYwYVc5 dUlHOW0gSU daMWJtUmhi VyBWdWRHRn NJSEpsIGMy VmhjbU5vTE MgQnlhWE5y SUcxaCBibU ZuWlcxbGJu IFFzSUdGdV pDQmogYjJ4 c1lXSnZjbS BGMGFXOXVM anhpIGNqND BMaUJCY24g UnBjMkZ1SU ZCaCBjblJ1 WlhKeklHIG hoY3lCaElI TjAgY205dV p5Qm1iMiBO MWN5QnZiaU J5IFpYTndi MjV6YVcgSn NaU0JoYm1R ZyBjM1Z6ZE dGcGJtIEZp YkdVZ2FXNT IgWlhOMGFX NW5MQyBCM2 FYUm9JR0Vn IFpHVmthV0 5oZEcgVmtJ SFJsWVcwZy BkR2hoZENC cGJuIFJsWj NKaGRHVnog SUdWdWRtbH liMiA1dFpX NTBZV3dzIE lITnZZMmxo YkMgd2dZVz VrSUdkdiBk bVZ5Ym1GdV kyIFVnS0VW VFJ5a2cgWm 1GamRHOXlj eSBCcGJuUn ZJSFJvIFpX bHlJR2x1ZG 0gVnpkRzFs Ym5RZyBjSE p2WTJWemN5 IDQ4WW5JK0 5TNGcgVkdo bElHTnZiWC BCaGJua2dh R0Z6IElHRW dkSEpoWTIg c2djbVZqYj NKayBJRzlt SUdSbGJHIG wyWlhKcGJt Y2cgYzNSeW IyNW5JRyBs dWRtVnpkRz FsIGJuUWdj bVZ6ZFcgeD BjeXdnZDJs MCBhQ0F5TV NCdlppIEJw ZEhNZ2MzUn kgWVhSbFoy bGxjeSBCeV pXTmxhWFpw IGJtY2dkRz l3SUQgRXdK U0J3WlhKbS BiM0p0WVc1 alpTIEJ5WV c1cmFXNW4g Y3lCM2FYUm 9hVyA0Z2RH aGxhWElnIG NtVnpjR1Zq ZEcgbDJaU0 JNYVhCdyBa WElnWTJGMF pXIGR2Y21s bGN5QmggY3 lCdlppQkVa VyBObGJXSm xjaUF6IE1T d2dNakF5TV MgNDhZbkkr Tmk0ZyBRWE owYVhOaGJp IEJRWVhKMG JtVnkgY3lC b1lYTWdZUy BCemRISnZi bWNnIFkzVn NkSFZ5WlMg QnZaaUJsYl hCcyBiM2xs WlNCdmQyID VsY25Ob2FY QXMgSUhkcG RHZ2dZVyB4 c0lHVnRjR3 h2IGVXVmxj eUJ2ZDIgNX BibWNnWlhG MSBhWFI1SU dsdUlIIFJv WlNCbWFYSn QgTGlCVWFH bHpJRyA5M2 JtVnljMmhw IGNDQnpkSE oxWTMgUjFj bVVnWVd4cC BaMjV6SUhS b1pTIEJwYm 5SbGNtVnog ZEhNZ2IyWW daVyAxd2JH OTVaV1Z6IE lIZHBkR2dn ZEcgaHZjMl VnYjJZZyBZ MnhwWlc1MG N5IEJoYm1R Z2FHVnMgY0 hNZ1lYUjBj bSBGamRDQm hibVFnIGNt VjBZV2x1SU ggUnZjQ0Iw WVd4bCBibl F1UEdKeVBq IGN1SUZSb1 pTQmogYjIx d1lXNTVJRy BoaGN5Qnla V05sIGFYWm xaQ0J1ZFcg MWxjbTkxY3 lCaCBZMk52 YkdGa1pYIE 1nWVc1a0lH RjMgWVhKa2 N5Qm1iMyBJ Z2FYUnpJR2 x1IGRtVnpk RzFsYm4gUW djR1Z5Wm05 eSBiV0Z1WT JVZ1lXIDVr SUhkdmNtdH cgYkdGalpT QmpkVyB4MG RYSmxMaUJK IGJpQXlNRE l4TEMgQkJj blJwYzJGdS BJRkJoY25S dVpYIEp6SU hkaGN5QnUg WVcxbFpDQn ZibSBVZ2Iy WWdkR2hsIE lFSmxjM1Fn VUcgeGhZMl Z6SUhSdiBJ RmR2Y21zZ2 FXIDRnVFc5 dVpYa2cgVF dGdVlXZGxi VyBWdWRDQm llU0JRIFpX NXphVzl1Y3 kgQW1JRWx1 ZG1WeiBkRz FsYm5SeklH IFp2Y2lCMG FHVWcgZEdo cGNtUWdZMi A5dWMyVmpk WFJwIGRtVW dlV1ZoY2kg NDhZbkkrT0 M0ZyBRWEow YVhOaGJpIE JRWVhKMGJt VnkgY3lCcG N5QmpiMiAx dGFYUjBaV1 FnIGRHOGda MmwyYVcgNW 5JR0poWTJz ZyBkRzhnZE dobElHIE52 YlcxMWJtbD AgYVdWeklI ZG9aWCBKbE lHbDBJRzl3 IFpYSmhkR1 Z6SUcgRnVa Q0JsYm1Odi BkWEpoWjJW eklHIFZ0Y0 d4dmVXVmwg Y3lCMGJ5Qn dZWCBKMGFX TnBjR0YwIF pTQnBiaUJq YjIgMXRkVz VwZEhrZyBj MlZ5ZG1sal pTIEJoYm1R Z1kyaGggY2 1sMFlXSnNa UyBCcGJtbD BhV0YwIGFY WmxjeTRnU1 cgNGdNakF5 TVN3ZyBkR2 hsSUdOdmJY IEJoYm5uaW dKbHogSUdW dGNHeHZlVy BWbGN5QjJi MngxIGJuUm xaWEpsWkMg QnZkbVZ5SU RrcyBNREF3 SUdodmRYIE p6SUdGdVpD QmsgYjI1aG RHVmtJRyA5 MlpYSWdKRE VnIGJXbHNi R2x2YmkgQj BieUJqYUdG eSBhWFJoWW 14bElHIE5o ZFhObGN5ND ggWW5JK09T NGdTVyA0Z1 lXUmthWFJw IGIyNGdkRz hnYVggUnpJ R2x1ZG1Wei BkRzFsYm5R Z2JXIEZ1WV dkbGJXVnUg ZENCelpYSj JhVyBObGN5 d2dRWEowIG FYTmhiaUJR WVggSjBibV Z5Y3lCaCBi SE52SUc5bV ptIFZ5Y3lC bFpIVmogWV hScGIyNWhi QyBCeVpYTn ZkWEpqIFpY TWdZVzVrSU cgbHVjMmxu YUhSeiBJR1 p2Y2lCamJH IGxsYm5Sek lHRnUgWkNC MGFHVWdaMi BWdVpYSmhi Q0J3IGRXSn NhV01nZEcg aHliM1ZuYU NCcCBkSE1n VkdodmRXIG RvZENCTVpX RmsgWlhKem FHbHdJSCBC eWIyZHlZVz B1IElGUm9h WE1nYVcgNW piSFZrWlhN ZyBjSFZpYk dsallYIFJw YjI1ekxDQj MgWldKcGJt RnljeSB3Z1 lXNWtJR1Yy IFpXNTBjeU JtWlcgRjBk WEpwYm1jZy BhVzVrZFhO MGNuIGtnWl hod1pYSjAg Y3lCaGJtUW diVyBGeWEy VjBJR0Z1IF lXeDVjMmx6 TGogeGljaj R4TUM0ZyBW R2hsSUdOdm JYIEJoYm5r Z2FYTWcgY0 hWaWJHbGpi SCBrZ2RISm haR1ZrIElH OXVJSFJvWl MgQk9aWGNn V1c5eSBheU JUZEc5amF5 IEJGZUdOb1 lXNW4gWlNC MWJtUmxjaS BCMGFHVWdk R2xqIGEyVn lJSE41Ylcg SnZiQ0JCVU VGTiBJR0Z1 WkNCcGN5IE JoSUcxbGJX SmwgY2lCdl ppQjBhRyBV Z1V5WlFJRF F3IE1DQk5h V1JqWVggQW dTVzVrWlhn dQogICAgIC AgIDwvc3Bh bj4KICAgIC AgICAKICAg ICAgICA=
See Company Q&A