Washington Trust Bancorp

More reviews (2)

Live  

Washington Trust Bancorp, Inc. is a bank holding company that operates through its subsidiary, The Washington Trust Company. The company was founded in 1800 and is headquartered in Westerly, Rhode Island.
The Washington Trust Company offers a wide range of financial services and products to individuals and businesses. This includes commercial and residential lending, wealth management, trust and investment services, and online and mobile banking.
The company has a network of branches and ATMs throughout Rhode Island and Connecticut, as well as a presence in Massachusetts and New York through its subsidiary, Commercial Bancorp, Inc.
Washington Trust Bancorp is publicly traded on the NASDAQ under the ticker symbol WASH. The company has a strong history of growth and financial stability, and has been recognized by Forbes as one of America's Most Trustworthy Financial Companies.
In addition to its banking operations, Washington Trust Bancorp is also committed to supporting the communities it serves. The company has a charitable foundation that provides grants to organizations in the areas of community development, education, health and human services, and the arts. Washington Trust Bancorp also encourages its employees to volunteer and participate in community service projects.
Overall, Washington Trust Bancorp is a well-established and respected company that offers a range of financial services and also actively contributes to the betterment of its communities.

MS4gSGlzdG 9yeSBhbmQg bGVnYWN5Oi BUaGUgV2Fz aGluZ3Rvbi BUcnVzdCBC YW5jb3JwIH dhcyBmb3Vu ZGVkIGluID E4MDAsIG1h a2luZyBpdC B0aGUgb2xk ZXN0IGNvbW 11bml0eSBi YW5rIGluIH RoZSBuYXRp b24uIEl0IG hhcyBhIGxv bmcgaGlzdG 9yeSBvZiBw cm92aWRpbm cgZmluYW5j aWFsIHNlcn ZpY2VzIHRv IGluZGl2aW R1YWxzIGFu ZCBidXNpbm Vzc2VzIGlu IFJob2RlIE lzbGFuZCBh bmQgbmVhcm J5IHN0YXRl cy48YnI+Mi 4gU3Ryb25n IGZpbmFuY2 lhbCBzdGFu ZGluZzogVG hlIGNvbXBh bnkgaGFzIG NvbnNpc3Rl bnRseSBzaG 93biBzdHJv bmcgZmluYW 5jaWFsIHBl cmZvcm1hbm NlLCB3aXRo IGEgc3Ryb2 5nIGNhcGl0 YWwgYmFzZS BhbmQgc291 bmQgYXNzZX QgcXVhbGl0 eS4gSXQgaG FzIGJlZW4g cHJvZml0YW JsZSBmb3Ig b3ZlciAyMD AgY29uc2Vj dXRpdmUgcX VhcnRlcnMg YW5kIGhhcy B3ZWF0aGVy ZWQgZWNvbm 9taWMgZG93 bnR1cm5zIH N1Y2Nlc3Nm dWxseS48Yn I+My4gQ29t bXVuaXR5LW ZvY3VzZWQ6 IFdhc2hpbm d0b24gVHJ1 c3QgaGFzIG RlZXAgcm9v dHMgaW4gdG hlIGxvY2Fs IGNvbW11bm l0aWVzIGl0 IHNlcnZlcy BhbmQgaXMg Y29tbWl0dG VkIHRvIGdp dmluZyBiYW NrIHRocm91 Z2ggY2hhcm l0YWJsZSBk b25hdGlvbn MgYW5kIHZv bHVudGVlci B3b3JrLiBJ dHMgZW1wbG 95ZWVzIGFs c28gc2Vydm Ugb24gYm9h cmRzIG9mIH ZhcmlvdXMg Y29tbXVuaX R5IG9yZ2Fu aXphdGlvbn MuPGJyPjQu IERpdmVyc2 lmaWVkIHNl cnZpY2VzOi BXYXNoaW5n dG9uIFRydX N0IG9mZmVy cyBhIHdpZG UgcmFuZ2Ug b2YgZmluYW 5jaWFsIHNl cnZpY2VzLC BpbmNsdWRp bmcgcGVyc2 9uYWwgYW5k IGJ1c2luZX NzIGJhbmtp bmcsIGludm VzdG1lbnQg bWFuYWdlbW VudCwgdHJ1 c3QgYW5kIG VzdGF0ZSBw bGFubmluZy wgYW5kIGlu c3VyYW5jZS wgbWFraW5n IGl0IGEgb2 5lLXN0b3At c2hvcCBmb3 IgY3VzdG9t ZXJzJyBmaW 5hbmNpYWwg bmVlZHMuPG JyPjUuIFBl cnNvbmFsaX plZCBzZXJ2 aWNlOiBBcy BhIGNvbW11 bml0eSBiYW 5rLCBXYXNo aW5ndG9uIF RydXN0IG9m ZmVycyBwZX Jzb25hbGl6 ZWQgc2Vydm ljZSB0byBp dHMgY3VzdG 9tZXJzIGFu ZCB0cmVhdH MgdGhlbSBh cyBpbmRpdm lkdWFscyBy YXRoZXIgdG hhbiBqdXN0 IGFjY291bn QgbnVtYmVy cy4gVGhpcy BwZXJzb25h bCB0b3VjaC BzZXRzIGl0 IGFwYXJ0IG Zyb20gbGFy Z2VyLCBjb3 Jwb3JhdGUg YmFua3MuPG JyPjYuIFRl Y2hub2xvZ3 kgYW5kIGlu bm92YXRpb2 46IERlc3Bp dGUgaXRzIG xvbmcgaGlz dG9yeSwgdG hlIGNvbXBh bnkgY29udG ludW91c2x5 IGludmVzdH MgaW4gdGVj aG5vbG9neS BhbmQgaW5u b3ZhdGlvbi B0byBwcm92 aWRlIG1vZG VybiBhbmQg Y29udmVuaW VudCBiYW5r aW5nIHNlcn ZpY2VzLiBD dXN0b21lcn MgY2FuIGFj Y2VzcyB0aG VpciBhY2Nv dW50cyBvbm xpbmUsIHRo cm91Z2ggbW 9iaWxlIGJh bmtpbmcsIG FuZCBhdCB2 YXJpb3VzIE FUTXMuPGJy PjcuIEF3YX JkcyBhbmQg cmVjb2duaX Rpb246IFdh c2hpbmd0b2 4gVHJ1c3Qg aGFzIGJlZW 4gY29uc2lz dGVudGx5IH JlY29nbml6 ZWQgZm9yIG l0cyBmaW5h bmNpYWwgcG VyZm9ybWFu Y2UsIGNvbW 11bml0eSBp bnZvbHZlbW VudCwgYW5k IGNvbW1pdG 1lbnQgdG8g Y3VzdG9tZX Igc2Vydmlj ZS4gSXQgaG FzIGJlZW4g bmFtZWQgYX Mgb25lIG9m IHRoZSBiZX N0IGJhbmtz IGluIFJob2 RlIElzbGFu ZCBieSBGb3 JiZXMsIE1v bmV5LCBhbm QgdGhlIFBy b3ZpZGVuY2 UgQnVzaW5l c3MgTmV3cy 48YnI+OC4g RW1wbG95ZW UtZm9jdXNl ZDogVGhlIG NvbXBhbnkg dmFsdWVzIG l0cyBlbXBs b3llZXMgYW 5kIGhhcyBi ZWVuIHJlY2 9nbml6ZWQg YXMgYSB0b3 Agd29ya3Bs YWNlIGluIF Job2RlIElz bGFuZCBmb3 Igc2V2ZXJh bCB5ZWFycy 4gSXQgb2Zm ZXJzIGNvbX BldGl0aXZl IGJlbmVmaX RzLCB0cmFp bmluZyBhbm QgZGV2ZWxv cG1lbnQgb3 Bwb3J0dW5p dGllcywgYW 5kIGEgc3Vw cG9ydGl2ZS B3b3JrIGN1 bHR1cmUuPG JyPjkuIENv bW1pdG1lbn QgdG8gc3Vz dGFpbmFiaW xpdHk6IEFz IGEgcmVzcG 9uc2libGUg Y29ycG9yYX RlIGNpdGl6 ZW4sIFdhc2 hpbmd0b24g VHJ1c3QgaX MgY29tbWl0 dGVkIHRvIH N1c3RhaW5h YmxlIHByYW N0aWNlcyBh bmQgaGFzIG Fkb3B0ZWQg ZW52aXJvbm 1lbnRhbGx5 LWZyaWVuZG x5IGluaXRp YXRpdmVzIG luIGl0cyBv cGVyYXRpb2 5zLjxicj4x MC4gU291bm QgY29ycG9y YXRlIGdvdm VybmFuY2U6 IFRoZSBjb2 1wYW55IGZv bGxvd3Mgc2 91bmQgY29y cG9yYXRlIG dvdmVybmFu Y2UgcHJhY3 RpY2VzLCB3 aXRoIGEgZG l2ZXJzZSBh bmQgZXhwZX JpZW5jZWQg Ym9hcmQgb2 YgZGlyZWN0 b3JzIGFuZC BleGVjdXRp dmUgdGVhbS B0aGF0IHBy aW9yaXRpem UgdHJhbnNw YXJlbmN5LC BhY2NvdW50 YWJpbGl0eS wgYW5kIGV0 aGljYWwgY2 9uZHVjdC4=

V2FzaGluZ3 RvbiBUcnVz dCBCYW5jb3 JwLCBJbmMu IGlzIGEgZm luYW5jaWFs IGhvbGRpbm cgY29tcGFu eSB0aGF0IG 9wZXJhdGVz IHRocm91Z2 ggaXRzIHN1 YnNpZGlhcn ksIHRoZSBX YXNoaW5ndG 9uIFRydXN0 IENvbXBhbn kuIEl0cyBi dXNpbmVzcy Btb2RlbCBp cyB0byBwcm 92aWRlIGEg cmFuZ2Ugb2 YgZmluYW5j aWFsIHNlcn ZpY2VzLCBp bmNsdWRpbm cgYmFua2lu ZywgdHJ1c3 QsIGFuZCBp bnZlc3RtZW 50IG1hbmFn ZW1lbnQgc2 VydmljZXMs IHRvIGluZG l2aWR1YWwg YW5kIGJ1c2 luZXNzIGN1 c3RvbWVycy BpbiBSaG9k ZSBJc2xhbm QgYW5kIG5l aWdoYm9yaW 5nIGNvbW11 bml0aWVzLi A8YnI+VGhl IGNvbXBhbn kncyBiYW5r aW5nIHNlcn ZpY2VzIGlu Y2x1ZGUgY2 hlY2tpbmcg YW5kIHNhdm luZ3MgYWNj b3VudHMsIG 1vcnRnYWdl IGFuZCBjb2 5zdW1lciBs b2FucywgYW 5kIGNvbW1l cmNpYWwgbG VuZGluZy4g SXRzIHRydX N0IGFuZCBp bnZlc3RtZW 50IG1hbmFn ZW1lbnQgZG l2aXNpb24g b2ZmZXJzIH NlcnZpY2Vz IHN1Y2ggYX MgdHJ1c3Qg YW5kIGVzdG F0ZSBwbGFu bmluZywgaW 52ZXN0bWVu dCBtYW5hZ2 VtZW50LCBh bmQgcmV0aX JlbWVudCBw bGFubmluZy 4gPGJyPldh c2hpbmd0b2 4gVHJ1c3Qg QmFuY29ycC BhbHNvIGdl bmVyYXRlcy ByZXZlbnVl IHRocm91Z2 ggaXRzIGNv bW1lcmNpYW wgcmVhbCBl c3RhdGUgYW 5kIHJlc2lk ZW50aWFsIG 1vcnRnYWdl IGxlbmRpbm cgb3BlcmF0 aW9ucywgYX Mgd2VsbCBh cyBpdHMgaW 5zdXJhbmNl IGFnZW5jeS BzdWJzaWRp YXJ5LCBXYX NoaW5ndG9u IFRydXN0IE luc3VyYW5j ZSBTZXJ2aW Nlcy4gPGJy PlRoZSBjb2 1wYW55J3Mg YnVzaW5lc3 MgbW9kZWwg aXMgY2VudG VyZWQgb24g YnVpbGRpbm cgYW5kIG1h aW50YWluaW 5nIHN0cm9u ZyByZWxhdG lvbnNoaXBz IHdpdGggaX RzIGN1c3Rv bWVycyBhbm QgY29tbXVu aXRpZXMuIE l0IGFpbXMg dG8gcHJvdm lkZSBwZXJz b25hbGl6ZW QgYW5kIHJl c3BvbnNpdm UgZmluYW5j aWFsIHNvbH V0aW9ucyB0 byBoZWxwIG luZGl2aWR1 YWxzIGFuZC BidXNpbmVz c2VzIGFjaG lldmUgdGhl aXIgZmluYW 5jaWFsIGdv YWxzLiBBZG RpdGlvbmFs bHksIFdhc2 hpbmd0b24g VHJ1c3QgQm FuY29ycCBm b2N1c2VzIG 9uIG1haW50 YWluaW5nIG Egc3Ryb25n IGZpbmFuY2 lhbCBwb3Np dGlvbiBhbm QgY29tcGx5 aW5nIHdpdG ggYmFua2lu ZyByZWd1bG F0aW9ucyB0 byBlbnN1cm UgbG9uZy10 ZXJtIHN0YW JpbGl0eSBh bmQgZ3Jvd3 RoLg==

Washington Trust Bancorp’s earnings, cash flow, and valuation are particularly sensitive to changes in interest rates due to its operations in the banking sector, where interest income is a primary revenue driver. Here’s how these factors are impacted:
1. Earnings Sensitivity: The company’s earnings are likely to be influenced by interest rate changes because they affect the interest margin—this is the difference between the interest earned on loans and the interest paid on deposits. If interest rates rise, the bank can potentially increase loan rates faster than deposit rates, leading to higher net interest income. However, if rates rise too quickly or too high, it may also lead to higher default rates among borrowers, which could negatively impact earnings.
2. Cash Flow Sensitivity: Cash flow is largely tied to operating income from interest income, as well as fee income from services provided. Changes in interest rates can lead to fluctuations in customer borrowing and saving behaviors. For example, lower rates may encourage more borrowing, leading to increased cash flow from loan originations. Conversely, higher rates might dampen demand for loans, leading to decreased cash flow. Additionally, if large amounts of fixed-rate loans were issued when rates were low, rising rates could hinder refinancing opportunities, affecting overall cash flow dynamics.
3. Valuation Sensitivity: The valuation of Washington Trust Bancorp, typically assessed through methods like discounted cash flow analysis, becomes sensitive to changes in interest rates as they affect both the present value of future cash flows and the required rate of return by investors. Higher interest rates may lead to increased discount rates, which could lower the present value of future cash flows, impacting the company’s valuation negatively. Conversely, lower rates might enhance future cash flows’ present value, thereby positively influencing valuation.
In conclusion, Washington Trust Bancorp’s financial performance and market valuation are interconnected with fluctuating interest rates, making effective interest rate risk management a critical aspect of its operations and overall financial stability.

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 bG9nb3MvcE h4a3FIZmxp THp3cGN2MF NnZmEud2Vi cCIgYWx0PS JXYXNoaW5n dG9uIFRydX N0IEJhbmNv cnAiIHRpdG xlPSJXYXNo aW5ndG9uIF RydXN0IEJh bmNvcnAiIC BjbGFzcz0i aW1nLWZsdW lkIiBoZWln aHQ9OTAgd2 lkdGg9OTAg bG9hZGluZz 0nbGF6eScg c3R5bGU9J2 JvcmRlci1y YWRpdXM6ID ZweDsnPgoK ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdmbGV4Oi AxOyB0ZXh0 LWFsaWduOi BjZW50ZXI7 IG1hcmdpbi 1sZWZ0OiA1 cHg7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PHAgc3R5bG U9J2ZvbnQt c2l6ZTogMj ZweDsgY29s b3I6ICMzMz M7IG1hcmdp bi1ib3R0b2 06IDE1cHg7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IPCfk4ggV2 FudCB0byBy ZWFkIG1vcm UgYWJvdXQg V2FzaGluZ3 RvbiBUcnVz dCBCYW5jb3 JwPwogICAg ICAgICAgIC AgICAgICAg ICAgICA8L3 A+CgogICAg ICAgICAgIC AgICAgICAg ICAgICA8YS BocmVmPSdp bmRleC5waH A/cGFnZT1z aWdudXAnIH N0eWxlPScK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGJh Y2tncm91bm QtY29sb3I6 ICMwMDdCRk Y7CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bjb2xvcjog I2ZmZjsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIHBhZG Rpbmc6IDEw cHggMjBweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG JvcmRlci1y YWRpdXM6ID VweDsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIHRleHQt ZGVjb3JhdG lvbjogbm9u ZTsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGZvbnQtd2 VpZ2h0OiBi b2xkOwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgbWFyZ2 luLXJpZ2h0 OiAxMHB4Ow ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgdH JhbnNpdGlv bjogYmFja2 dyb3VuZC1j b2xvciAwLj NzIGVhc2U7 JwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg b25tb3VzZW 92ZXI9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA1 NmIzIicKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIG9ubW 91c2VvdXQ9 J3RoaXMuc3 R5bGUuYmFj a2dyb3VuZE NvbG9yPSIj MDA3QkZGIi c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BTaWduIHVw IGZvciBmcm VlCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvYT 4KCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxzcG FuIHN0eWxl PSdtYXJnaW 46IDAgOHB4 OyBjb2xvcj ogIzU1NTsn Pm9yPC9zcG FuPgoKICAg ICAgICAgIC AgICAgICAg ICAgICAgPG EgaHJlZj0n aW5kZXgucG hwP3BhZ2U9 bG9naW4nIH N0eWxlPScK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGNv bG9yOiAjMD A3QkZGOwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgdGV4 dC1kZWNvcm F0aW9uOiB1 bmRlcmxpbm U7CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bmb250LXdl aWdodDogNT AwOyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBsb2cg aW4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9h PgoKCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxw IHN0eWxlPS dtYXJnaW4t dG9wOiAxNX B4OyBmb250 LXNpemU6ID EzcHg7IGZv bnQtd2VpZ2 h0OiBib2xk OyBjb2xvcj ogI2QzMmYy ZjsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAg8J+ZjC BKb2luIG5v dyB0byBnZX QgPGk+IlRo ZSBDaGVja2 xpc3QgVmFs dWUgSW52ZX N0b3Ig4oCU IEEgU21hcn RlciBXYXkg dG8gUGljay BTdG9ja3Mi PC9pPiBhdC BubyBjb3N0 CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvcD4K CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwhLS0K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nbW FyZ2luLXRv cDogMTJweD sgZm9udC1z aXplOiAxM3 B4OyBjb2xv cjogIzQ0ND snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgU2lnbiB1 cCBub3cgYW 5kIGdldCBv dXIgZnJlZS BlQm9vayAK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIDxi PlRoZSBDaG Vja2xpc3Qg VmFsdWUgSW 52ZXN0b3Ig 4oCUIEEgU2 1hcnRlciBX YXkgdG8gUG ljayBTdG9j a3M8L2I+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICAgIC AgICAgICAg ICAtLT4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PCEtLQogIC AgICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdtYXJn aW4tdG9wOi AxNnB4OyBm b250LXNpem U6IDE0cHg7 IGNvbG9yOi AjNDQ0OyBm b250LWZhbW lseTogLWFw cGxlLXN5c3 RlbSwgQmxp bmtNYWNTeX N0ZW1Gb250 LCBTZWdvZS BVSSwgUm9i b3RvLCBIZW x2ZXRpY2Eg TmV1ZSwgc2 Fucy1zZXJp ZjsgbGluZS 1oZWlnaHQ6 IDEuNjsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgSG F2ZSB5b3Ug aGVhcmQgYW JvdXQgb3Vy IHNob3J0ID xzdHJvbmcg c3R5bGU9J2 ZvbnQtd2Vp Z2h0OiA2MD A7Jz5EYWls eSBWaWRlby BOZXdzbGV0 dGVyPC9zdH Jvbmc+Pwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgPGEg aHJlZj0naH R0cHM6Ly93 d3cuaW5zaW dodGZ1bHZh bHVlLmNvbS 9uZXdzbGV0 dGVyLnBocC cgdGFyZ2V0 PSdfYmxhbm snIHN0eWxl PSdjb2xvcj ogIzAwN0JG RjsgdGV4dC 1kZWNvcmF0 aW9uOiBub2 5lOyBmb250 LXdlaWdodD ogNTAwOyBt YXJnaW4tbG VmdDogNnB4 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgRm luZCBvdXQg bW9yZQogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9hPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgLS0+Ci AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgIAog ICAgICAgIA ogICAgICAg IDxzcGFuIG NsYXNzPSdi bHVycmVkLX RleHQnPgog ICAgICAgIC AgICBNUzRn VkdobElGIG RoYzJocGJt ZDAgYjI0Z1 ZISjFjMyBR Z1EyOXRjR0 Z1IGVTQjNZ WE1nWm0gOT FibVJsWkNC cCBiaUF4T0 RBd0xDIEJ0 WVd0cGJtY2 cgYVhRZ2RH aGxJRyA5c1 pHVnpkQ0Jq IGIyMXRkVz VwZEgga2dZ bUZ1YXlCcC BiaUIwYUdV Z2JtIEYwYV c5dUlHRnUg WkNCMGFHVW diMiB4a1pY TjBJR052IG NuQnZjbUYw YVcgOXVJR2 x1SUZKbyBi MlJsSUVsem JHIEZ1WkM0 OFluSSsgTW k0Z1ZHaGxJ RyBKaGJtdm lnSmx6IElH OXlhV2RwYm 0gRnNJR05v WVhKMCBaWE lnZDJGeklH IGx6YzNWbF pDQmkgZVNC S2IyaHVJRS BoaGJtTnZZ MnNnIGFXNG dNVGd3TUMg d2dkMmh2SU hkaCBjeUIw YUdWdUlHIG R2ZG1WeWJt OXkgSUc5bU lFMWhjMyBO aFkyaDFjMl YwIGRITXNJ SGRvYVcgTm 9JR0YwSUhS byBaU0IwYV cxbElHIGx1 WTJ4MVpHVm sgSUZKb2Iy UmxJRSBsem JHRnVaQzQ4 IFluSStNeT RnVkcgaGxJ R0poYm12aS BnSmx6SUc1 aGJXIFVnZD JGeklHTm8g WVc1blpXUW dkRyA4Z1Yy RnphR2x1IF ozUnZiaUJV Y24gVnpkQ0 JEYjIxdyBZ VzU1SUdsdU lEIEU0T0RJ c0lHbHUgSU dodmJtOXlJ RyA5bUlGQn laWE5wIFpH VnVkQ0JIWl cgOXlaMlVn VjJGeiBhR2 x1WjNSdmJp IDQ4WW5JK0 5DNGcgVjJG emFHbHVaMy BSdmJpQlVj blZ6IGRDQj NZWE1nYjIg NWxJRzltSU hSbyBaU0Jt WlhjZ1ltIE Z1YTNNZ2RH OGcgY21WdF lXbHVJRyA5 d1pXNGdZVz VrIElITnZi SFpsYm4gUW daSFZ5YVc1 biBJSFJvWl NCSGNtIFZo ZENCRVpYQn kgWlhOemFX OXVMaiB4aW NqNDFMaUJK IGJpQXhPVG MxTEMgQlhZ WE5vYVc1bi BkRzl1SUZS eWRYIE4wSU dKbFkyRnQg WlNCMGFHVW dabSBseWMz UWdZbUZ1IG F5QnBiaUJT YUcgOWtaU0 JKYzJ4aCBi bVFnZEc4Z2 IyIFptWlhJ Z1kyaGwgWT J0cGJtY2dZ VyBOamIzVn VkSE1zIElI ZG9hV05vSU ggZGxjbVVn Y0hKbCBkbW x2ZFhOc2VT IEJ2Ym14NU lIQnkgYjNa cFpHVmtJRy BKNUlITmhk bWx1IFozTW dZbUZ1YTMg TXVQR0p5UG pZdSBJRWx1 SURFNU9UIG dzSUZkaGMy aHAgYm1kMG IyNGdWSCBK MWMzUWdZbV ZqIFlXMWxJ R0VnY0ggVm liR2xqYkhr ZyBiM2R1Wl dRZ1kyIDl0 Y0dGdWVTQm ggYm1RZ2FY UnpJSCBOMG IyTnJJR0ps IFoyRnVJSF J5WVcgUnBi bWNnYjI0Zy BkR2hsSUU1 QlUwIFJCVV NCemRHOWog YXlCbGVHTm 9ZVyA1blpT NDhZbkkrIE 55NGdWR2hs SUcgSmhibX NnWVdOeCBk V2x5WldRZ1 FtIEZ1YXlC U2FHOWsgWl NCSmMyeGhi bSBRZ2FXNG dNakF4IE1T d2daWGh3WV cgNWthVzVu SUdsMCBjeU J3Y21WelpX IDVqWlNCcG JpQjAgYUdV Z2MzUmhkRy BVdVBHSnlQ amd1IElGZG hjMmhwYm0g ZDBiMjRnVk hKMSBjM1Fn YUdGeklHIE psWlc0Z1ky OXUgYzJsem RHVnVkRyB4 NUlISmxZMj luIGJtbDZa V1FnWVggTW diMjVsSUc5 bSBJSFJvWl NCMGIzIEFn TVRBd0lHTn YgYlcxMWJt bDBlUyBCaV lXNXJjeUJw IGJpQjBhR1 VnWTIgOTFi blJ5ZVNCaS BlU0JCYldW eWFXIE5oYm lCQ1lXNXIg WlhJZ2JXRm 5ZWCBwcGJt VXVQR0p5IF Bqa3VJRlJv WlMgQmlZVz VySUdoaCBj eUJoSUd4dm JtIGNnYUds emRHOXkgZV NCdlppQnBi biBadmJIWm xiV1Z1IGRD QnBiaUIwYU cgVWdZMjl0 YlhWdSBhWF I1SUdGdVpD IEJvWVhNZ1 ltVmwgYmlC aElHMWhhbS A5eUlITjFj SEJ2IGNuUm xjaUJ2Wmkg QnNiMk5oYk NCdSBiMjR0 Y0hKdlptIG wwSUc5eVoy RnUgYVhwaG RHbHZibiBN Z1lXNWtJR2 x1IGFYUnBZ WFJwZG0gVn pManhpY2o0 eCBNQzRnVj JGemFHIGx1 WjNSdmJpQl UgY25WemRD QmhiSCBOdk lHaGhjeUJo IElITjBjbT l1WnkgQmpi MjF0YVhSdC BaVzUwSUhS dklHIFZ1ZG 1seWIyNXQg Wlc1MFlXd2 djMyBWemRH RnBibUZpIG FXeHBkSGtn WVcgNWtJSG RoY3lCMCBh R1VnWm1seW MzIFFnWW1G dWF5QnAgYm lCU2FHOWta UyBCSmMyeG hibVFnIGRH OGdhVzV6ZE cgRnNiQ0J6 YjJ4aCBjaU J3WVc1bGJI IE1nYjI0Z2 FYUnogSUdK MWFXeGthVy A1bmN5ND0K ICAgICAgIC A8L3NwYW4+ CiAgICAgIC AgCiAgICAg ICAg
See Company Q&A