Galenica

Live  

Galenica is a Swiss healthcare company based in Bern, Switzerland. The company was founded in 1927 and has since become one of the largest healthcare providers in the country. Galenica has a diverse portfolio of businesses including pharmaceuticals, retail pharmacies, dialysis centers, and logistics services.
One of the key divisions of Galenica is Vifor Pharma, which specializes in the development, production, and marketing of pharmaceutical products for the treatment of iron deficiency anemia, kidney disease, and other chronic conditions. Vifor Pharma operates internationally and has a strong presence in Europe, North America, and Asia.
In addition to Vifor Pharma, Galenica also owns the largest network of retail pharmacies in Switzerland, called Galenica Pharmacy, with over 500 locations. The company also operates a chain of dialysis centers through its Vifor Fresenius Medical Care Renal Pharma joint venture.
Galenica is committed to sustainability and has implemented various initiatives to reduce their environmental footprint and promote societal wellbeing. They are also actively involved in research and development, with a focus on innovative healthcare solutions.
Overall, Galenica is a leading healthcare company that is dedicated to improving the quality of life for patients worldwide through their various products and services.

MS4gU3Ryb2 5nIE1hcmtl dCBQb3NpdG lvbjogR2Fs ZW5pY2EgaX Mgb25lIG9m IHRoZSBsZW FkaW5nIGhl YWx0aGNhcm UgY29tcGFu aWVzIGluIF N3aXR6ZXJs YW5kIGFuZC Bob2xkcyBh IHN0cm9uZy BtYXJrZXQg cG9zaXRpb2 4gaW4gdGhl IFN3aXNzIG hlYWx0aGNh cmUgbWFya2 V0LiBUaGUg Y29tcGFueS BoYXMgYSBk aXZlcnNpZm llZCBwb3J0 Zm9saW8gb2 YgcHJvZHVj dHMgYW5kIH NlcnZpY2Vz LCB3aGljaC Bjb250cmli dXRlcyB0by BpdHMgc3Rh YmxlIHJldm VudWUgYW5k IGdyb3d0aC 48YnI+Mi4g Rm9jdXMgb2 4gSGVhbHRo Y2FyZTogR2 FsZW5pY2Eg aXMgc29sZW x5IGZvY3Vz ZWQgb24gaG VhbHRoY2Fy ZSwgd2l0aC BpdHMgY29y ZSBidXNpbm VzcyBhcmVh cyBzcGFubm luZyBwaGFy bWFjZXV0aW NhbHMsIGNh cmUsIGxvZ2 lzdGljcyBh bmQgaW5mb3 JtYXRpb24g dGVjaG5vbG 9neS4gVGhp cyBhbGxvd3 MgdGhlIGNv bXBhbnkgdG 8gaGF2ZSBh IGRlZXAgdW 5kZXJzdGFu ZGluZyBvZi B0aGUgaW5k dXN0cnkgYW 5kIGRldmVs b3AgdGFpbG 9yZWQgc29s dXRpb25zIH RvIG1lZXQg dGhlIG5lZW RzIG9mIGl0 cyBjdXN0b2 1lcnMuPGJy PjMuIFZlcn RpY2FsIElu dGVncmF0aW 9uOiBUaGUg Y29tcGFueS BoYXMgYSB1 bmlxdWUgdm VydGljYWxs eSBpbnRlZ3 JhdGVkIGJ1 c2luZXNzIG 1vZGVsIHRo YXQgY292ZX JzIGFsbCBh cmVhcyBvZi B0aGUgaGVh bHRoY2FyZS BtYXJrZXQs IGZyb20gcH JvZHVjdGlv biBhbmQgd2 hvbGVzYWxl IHRvIHNhbG VzIGFuZCBz ZXJ2aWNlcy 4gVGhpcyBn aXZlcyBHYW xlbmljYSBt b3JlIGNvbn Ryb2wgb3Zl ciBpdHMgc3 VwcGx5IGNo YWluIGFuZC BlbmFibGVz IGl0IHRvIG dlbmVyYXRl IGNvc3QgZW ZmaWNpZW5j aWVzLjxicj 40LiBTdHJv bmcgQnJhbm QgYW5kIFJl cHV0YXRpb2 46IEdhbGVu aWNhIGhhcy BhIHN0cm9u ZyBicmFuZC BhbmQgcmVw dXRhdGlvbi BpbiB0aGUg U3dpc3MgbW Fya2V0LCBi dWlsdCBvbi BpdHMgY29t bWl0bWVudC B0byBxdWFs aXR5LCBpbm 5vdmF0aW9u LCBhbmQgc3 VzdGFpbmFi aWxpdHkuIF RoaXMgaGFz IGFsbG93ZW QgdGhlIGNv bXBhbnkgdG 8gZ2FpbiB0 aGUgdHJ1c3 Qgb2YgY3Vz dG9tZXJzIG FuZCBzdGFr ZWhvbGRlcn MsIGFuZCBo YXMgY29udH JpYnV0ZWQg dG8gaXRzIG xvbmctdGVy bSBzdWNjZX NzLjxicj41 LiBDb250aW 51ZWQgR3Jv d3RoIGFuZC BFeHBhbnNp b246IEdhbG VuaWNhIGhh cyBtYWludG FpbmVkIGEg c3RlYWR5IG dyb3d0aCB0 cmFqZWN0b3 J5IG92ZXIg dGhlIHllYX JzIHRocm91 Z2ggb3JnYW 5pYyBncm93 dGggYW5kIH N0cmF0ZWdp YyBhY3F1aX NpdGlvbnMu IFRoZSBjb2 1wYW55IGNv bnRpbnVlcy B0byBpbnZl c3QgaW4gcm VzZWFyY2gg YW5kIGRldm Vsb3BtZW50 LCBhcyB3ZW xsIGFzIGV4 cGFuZCBpdH MgYnVzaW5l c3MgYm90aC Bkb21lc3Rp Y2FsbHkgYW 5kIGludGVy bmF0aW9uYW xseS48YnI+ Ni4gSW5ub3 ZhdGl2ZSBQ cm9kdWN0cy BhbmQgU2Vy dmljZXM6IE dhbGVuaWNh IGludmVzdH MgaGVhdmls eSBpbiByZX NlYXJjaCBh bmQgZGV2ZW xvcG1lbnQg dG8gYnJpbm cgaW5ub3Zh dGl2ZSBhbm QgaGlnaC1x dWFsaXR5IH Byb2R1Y3Rz IGFuZCBzZX J2aWNlcyB0 byBtYXJrZX QuIFRoaXMg aGFzIGVuYW JsZWQgdGhl IGNvbXBhbn kgdG8gc3Rh eSBhaGVhZC BvZiBjb21w ZXRpdG9ycy BhbmQgY2F0 ZXIgdG8gdG hlIGV2b2x2 aW5nIG5lZW RzIG9mIHRo ZSBoZWFsdG hjYXJlIGlu ZHVzdHJ5Lj xicj43LiBD dXN0b21lci BGb2N1czog R2FsZW5pY2 EncyBzdWNj ZXNzIGlzIG RyaXZlbiBi eSBpdHMgc3 Ryb25nIGZv Y3VzIG9uIG N1c3RvbWVy IG5lZWRzIG FuZCBzYXRp c2ZhY3Rpb2 4uIFRoZSBj b21wYW55IG hhcyBhIGN1 c3RvbWVyLW NlbnRyaWMg YXBwcm9hY2 gsIG9mZmVy aW5nIHBlcn NvbmFsaXpl ZCBzb2x1dG lvbnMgdGhh dCBtZWV0IG luZGl2aWR1 YWwgY3VzdG 9tZXIgcmVx dWlyZW1lbn RzLjxicj44 LiBTdHJvbm cgQ29ycG9y YXRlIEdvdm VybmFuY2U6 IEdhbGVuaW NhIGhhcyBh IHN0cm9uZy Bjb3Jwb3Jh dGUgZ292ZX JuYW5jZSBm cmFtZXdvcm sgdGhhdCBl bnN1cmVzIH RyYW5zcGFy ZW5jeSwgZX RoaWNhbCBi dXNpbmVzcy BwcmFjdGlj ZXMsIGFuZC ByZXNwb25z aWJsZSBsZW FkZXJzaGlw LiBUaGlzIG hhcyBoZWxw ZWQgdG8gZW FybiB0aGUg dHJ1c3Qgb2 Ygc3Rha2Vo b2xkZXJzIG FuZCBtYWlu dGFpbiBhIH Bvc2l0aXZl IHB1YmxpYy BpbWFnZS48 YnI+OS4gQ2 9tbWl0bWVu dCB0byBTdX N0YWluYWJp bGl0eTogR2 FsZW5pY2Eg aXMgY29tbW l0dGVkIHRv IG1ha2luZy BhIHBvc2l0 aXZlIGltcG FjdCBvbiBz b2NpZXR5IG FuZCB0aGUg ZW52aXJvbm 1lbnQgdGhy b3VnaCBpdH Mgc3VzdGFp bmFibGUgYn VzaW5lc3Mg cHJhY3RpY2 VzLiBUaGUg Y29tcGFueS BoYXMgaW1w bGVtZW50ZW QgdmFyaW91 cyBpbml0aW F0aXZlcyB0 byByZWR1Y2 UgaXRzIGVu dmlyb25tZW 50YWwgZm9v dHByaW50LC BzdXBwb3J0 IGxvY2FsIG NvbW11bml0 aWVzLCBhbm QgcHJvbW90 ZSBldGhpY2 FsIGJ1c2lu ZXNzIHByYW N0aWNlcy48 YnI+MTAuIE V4cGVyaWVu Y2VkIGFuZC BEaXZlcnNl IFRlYW06IE dhbGVuaWNh IGhhcyBhIG hpZ2hseSBz a2lsbGVkIG FuZCBkaXZl cnNlIHdvcm tmb3JjZSB0 aGF0IGNvbX ByaXNlcyBl eHBlcnRzIG luIHZhcmlv dXMgZmllbG RzIHN1Y2gg YXMgbWVkaW NpbmUsIHBo YXJtYWNvbG 9neSwgbG9n aXN0aWNzLC BhbmQgSVQu IFRoZSBjb2 1wYW55IHZh bHVlcyBpdH MgZW1wbG95 ZWVzIGFuZC BpbnZlc3Rz IGluIHRoZW lyIHByb2Zl c3Npb25hbC BkZXZlbG9w bWVudCwgd2 hpY2ggZW5h YmxlcyB0aG VtIHRvIGRl bGl2ZXIgaG lnaC1xdWFs aXR5IHByb2 R1Y3RzIGFu ZCBzZXJ2aW Nlcy4=

VGhlIEdhbG VuaWNhIGNv bXBhbnkncy BidXNpbmVz cyBtb2RlbC BpcyBmb2N1 c2VkIG9uIH BoYXJtYWNl dXRpY2Fscy BhbmQgaGVh bHRoY2FyZS BzZXJ2aWNl cy4gVGhleS Bvd24gYW5k IG9wZXJhdG UgdmFyaW91 cyBzZWdtZW 50cyBhbmQg YnJhbmRzIH dpdGhpbiB0 aGUgaGVhbH RoY2FyZSBp bmR1c3RyeS 4gVGhpcyBp bmNsdWRlcz o8YnI+MS4g UGhhcm1hIE RpdmlzaW9u OiBUaGlzIH NlZ21lbnQg Zm9jdXNlcy BvbiBkZXZl bG9waW5nLC BtYW51ZmFj dHVyaW5nLC BhbmQgZGlz dHJpYnV0aW 5nIGJvdGgg YnJhbmRlZC BhbmQgZ2Vu ZXJpYyBwaG FybWFjZXV0 aWNhbCBwcm 9kdWN0cy48 YnI+Mi4gUm V0YWlsIERp dmlzaW9uOi BUaGlzIHNl Z21lbnQgaW 5jbHVkZXMg dGhlIGxhcm dlc3QgcGhh cm1hY3kgbm V0d29yayBp biBTd2l0em VybGFuZCwg YXMgd2VsbC BhcyBhIG1h aWwtb3JkZX IgcGhhcm1h Y3kgYW5kIG FuIG9ubGlu ZSBwaGFybW FjeS4gVGhl eSBwcm92aW RlIHByZXNj cmlwdGlvbi BkcnVncywg b3Zlci10aG UtY291bnRl ciBtZWRpY2 F0aW9uLCBh bmQgb3RoZX IgaGVhbHRo Y2FyZSBwcm 9kdWN0cy48 YnI+My4gTG 9naXN0aWNz IGFuZCBUZW Nobm9sb2d5 IERpdmlzaW 9uOiBUaGlz IHNlZ21lbn QgbWFuYWdl cyB0aGUgZG lzdHJpYnV0 aW9uIGFuZC Bsb2dpc3Rp Y3Mgb2YgcG hhcm1hY2V1 dGljYWwgcH JvZHVjdHMg Zm9yIGJvdG ggdGhlIGNv bXBhbnkncy Bvd24gcHJv ZHVjdHMgYW 5kIHRoaXJk LXBhcnR5IG N1c3RvbWVy cy48YnI+NC 4gSGVhbHRo IFN5c3RlbX MgRGl2aXNp b246IFRoaX Mgc2VnbWVu dCBwcm92aW RlcyBtZWRp Y2F0aW9uIG 1hbmFnZW1l bnQgc29sdX Rpb25zLCBo ZWFsdGhjYX JlIGNvbnN1 bHRpbmcsIG FuZCBvdGhl ciBzZXJ2aW NlcyB0byBo b3NwaXRhbH MgYW5kIG90 aGVyIGhlYW x0aGNhcmUg aW5zdGl0dX Rpb25zLjxi cj5PdmVyYW xsLCBHYWxl bmljYSdzIG J1c2luZXNz IG1vZGVsIG lzIGNlbnRl cmVkIGFyb3 VuZCBwcm92 aWRpbmcgcH JvZHVjdHMg YW5kIHNlcn ZpY2VzIHRo YXQgaW1wcm 92ZSB0aGUg aGVhbHRoIG FuZCB3ZWxs LWJlaW5nIG 9mIGluZGl2 aWR1YWxzIG FuZCBjb21t dW5pdGllcy 4gVGhleSBo YXZlIGEgc3 Ryb25nIGZv Y3VzIG9uIG lubm92YXRp b24gYW5kIG V4cGFuZGlu ZyB0aGVpci ByZWFjaCBn bG9iYWxseS wgd2hpbGUg YWxzbyBtYW ludGFpbmlu ZyBhIHN0cm 9uZyBwcmVz ZW5jZSBpbi B0aGVpciBo b21lIG1hcm tldCBvZiBT d2l0emVybG FuZC4=

To assess whether AI poses a material threat to Galenica’s products, services, or competitive positioning, we need to consider several factors:
1. Substitution: AI could lead to the development of alternative products or services that directly compete with those offered by Galenica. For instance, advancements in AI could enable new healthcare solutions, such as telemedicine, AI-driven diagnostics, or personalized medicine that might replace traditional pharmaceuticals or healthcare services. If AI solutions can deliver similar or superior outcomes more efficiently or cost-effectively, there could be substantial substitution threats.
2. Disintermediation: AI technologies can streamline processes, enabling consumers to access products and services directly without intermediaries. In healthcare, AI could facilitate direct-to-consumer models for medication dispensing, consultations, or health monitoring. If Galenica’s business models involve intermediaries, such as pharmacies or healthcare providers, disintermediation could disrupt traditional pathways, affecting Galenica’s sales and distribution strategies.
3. Margin Pressure: AI adoption can lead to operational efficiencies and cost reductions for competitors, potentially driving down prices across the industry. If rivals are able to use AI to reduce production costs or improve service delivery, this could pressure Galenica’s profit margins. Additionally, as new AI-driven entrants emerge, competitive pricing strategies might force Galenica to lower prices, impacting financial performance.
In conclusion, while AI presents opportunities for innovation and efficiency, it also poses significant threats related to substitution, disintermediation, and margin pressure for Galenica. The company would need to adapt and possibly invest in AI technologies to enhance its competitive positioning and mitigate these risks.
1212972

The sensitivity of Galenica company’s earnings, cash flow, and valuation to changes in interest rates can be analyzed through several key factors:
1. Interest Expense: If Galenica has significant debt, increases in interest rates can raise interest expenses, directly impacting net earnings. Higher costs associated with servicing debt can reduce profitability, as more cash is directed toward interest payments rather than operational needs or investments.
2. Cost of Capital: Changes in interest rates can affect Galenica’s weighted average cost of capital (WACC). An increase in rates typically raises the cost of debt, which can lead to a higher WACC. A higher WACC can reduce the present value of future cash flows, affecting the company’s valuation negatively.
3. Investment Decisions: Higher interest rates might lead to a more cautious approach to capital expenditures and expansion projects. If the cost of borrowing rises, the company may delay or scale back investments that could drive future growth, thereby influencing long-term earnings and cash flow potential.
4. Consumer Spending: Interest rate changes can influence consumer behavior. Rising rates may lead to reduced spending and lower demand for Galenica’s products or services. This can negatively impact sales and revenues, consequently affecting earnings and cash flows.
5. Market Valuation: In the context of stock valuation, higher interest rates can lead to a decrease in stock prices as investors require higher returns on investments. If Galenica’s valuations are based on discounted cash flows, higher discount rates from rising interest rates will lower the estimated value of future cash flows, leading to a drop in the company’s market valuation.
Overall, the sensitivity of Galenica’s earnings, cash flow, and valuation to interest rates is multifaceted and depends on the company’s financial structure, market conditions, and competitive positioning within its industry. Each of these factors must be carefully considered when evaluating the potential impact of 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 bG9nb3MvcG dXeTl4SFl5 MUx3N2Q3Z2 h4NFYud2Vi cCIgYWx0PS JHYWxlbmlj YSIgdGl0bG U9IkdhbGVu aWNhIiAgY2 xhc3M9Imlt Zy1mbHVpZC IgaGVpZ2h0 PTkwIHdpZH RoPTkwIGxv YWRpbmc9J2 xhenknIHN0 eWxlPSdib3 JkZXItcmFk aXVzOiA2cH g7Jz4KCiAg ICAgICAgIC AgICAgICAg ICAgPGRpdi BzdHlsZT0n ZmxleDogMT sgdGV4dC1h bGlnbjogY2 VudGVyOyBt YXJnaW4tbG VmdDogNXB4 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxw IHN0eWxlPS dmb250LXNp emU6IDI2cH g7IGNvbG9y OiAjMzMzOy BtYXJnaW4t Ym90dG9tOi AxNXB4Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICDw n5OIIFdhbn QgdG8gcmVh ZCBtb3JlIG Fib3V0IEdh bGVuaWNhPw 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 AgIAogICAg ICAgIDwvc3 Bhbj4KICAg ICAgICAKIC AgICAgICA=
See Company Q&A