Phillips 66

Live  

Phillips 66 is an American multinational energy company with headquarters in Houston, Texas. It was founded in 1917 as the Phillips Petroleum Co. and was involved in the exploration, production, and refining of oil and natural gas. In 2012, Phillips 66 separated from its former parent company, ConocoPhillips, and became an independent publicly traded company listed on the New York Stock Exchange.
Today, Phillips 66 is a diversified company operating in multiple segments of the energy industry, including refining, midstream, and chemicals. It has a presence in over 65 countries and employs approximately 14,500 people worldwide.
The company's refineries have a combined crude oil processing capacity of over 2 million barrels per day, making it one of the largest refiners in the United States. Phillips 66 also has an extensive network of pipeline and storage assets, as well as a large portfolio of chemical products used in a variety of industries.
Under its vision of being "the energy company of the future," Phillips 66 is investing in new technologies and renewable energy sources to reduce its carbon footprint and meet the growing demand for sustainable energy solutions.
Furthermore, the company is committed to operating in a responsible and ethical manner, with a focus on protecting the environment, promoting safety, and supporting the communities where it operates through various initiatives and partnerships.
In addition to its energy operations, Phillips 66 also has a strong presence in the consumer market with its chain of convenience stores, Phillips 66, Conoco, and 76.
Overall, Phillips 66 is a dynamic and diversified company that plays a significant role in the global energy industry while also striving to be a responsible corporate citizen.

MS4gUmljaC BIaXN0b3J5 OiBUaGUgUG hpbGxpcHMg NjYgQ29tcG FueSBoYXMg YSByaWNoIG hpc3Rvcnkg dGhhdCBkYX RlcyBiYWNr IHRvIDE5MT cgd2hlbiBp dCB3YXMgZm 91bmRlZCBi eSBicm90aG VycyBGcmFu ayBhbmQgTC 5FLiBQaGls bGlwcy4gVG hlIGNvbXBh bnkgaGFzIH dlYXRoZXJl ZCB0aHJvdW doIG51bWVy b3VzIGdsb2 JhbCBldmVu dHMgYW5kIG Vjb25vbWlj IGNoYW5nZX MsIG1ha2lu ZyBpdCBvbm Ugb2YgdGhl IG9sZGVzdC BhbmQgbW9z dCBlc3RhYm xpc2hlZCBl bmVyZ3kgY2 9tcGFuaWVz IGluIHRoZS BVbml0ZWQg U3RhdGVzLj xicj4yLiBE aXZlcnNpZm llZCBPcGVy YXRpb25zOi BQaGlsbGlw cyA2NiBvcG VyYXRlcyBp biBhIHZhcm lldHkgb2Yg aW5kdXN0cm llcywgaW5j bHVkaW5nIG 9pbCByZWZp bmluZywgbW Fya2V0aW5n LCBjaGVtaW NhbHMgbWFu dWZhY3R1cm luZywgYW5k IG1pZHN0cm VhbSBvcGVy YXRpb25zLi BUaGlzIGRp dmVyc2l0eS BoZWxwcyB0 aGUgY29tcG FueSBuYXZp Z2F0ZSBtYX JrZXQgZmx1 Y3R1YXRpb2 5zIGFuZCBt YWludGFpbi BhIHN0ZWFk eSBzdHJlYW 0gb2YgcmV2 ZW51ZS48Yn I+My4gRm9j dXMgb24gSW 5ub3ZhdGlv bjogUGhpbG xpcHMgNjYg aXMgY29tbW l0dGVkIHRv IGRyaXZpbm cgaW5ub3Zh dGlvbiBpbi B0aGUgZW5l cmd5IGluZH VzdHJ5LiBU aGUgY29tcG FueSBpbnZl c3RzIGhlYX ZpbHkgaW4g cmVzZWFyY2 ggYW5kIGRl dmVsb3BtZW 50IHRvIGNv bnRpbnVvdX NseSBpbXBy b3ZlIGl0cy BvcGVyYXRp b25zIGFuZC BkZXZlbG9w IG5ldywgbW 9yZSBzdXN0 YWluYWJsZS Bwcm9kdWN0 cyBhbmQgdG VjaG5vbG9n aWVzLjxicj 40LiBFbXBo YXNpcyBvbi BTYWZldHkg YW5kIFN1c3 RhaW5hYmls aXR5OiBUaG UgY29tcGFu eSBwcmlvcm l0aXplcyBz YWZldHkgYW 5kIHN1c3Rh aW5hYmlsaX R5IGluIGFs bCBpdHMgb3 BlcmF0aW9u cy4gSXQgaG FzIGJlZW4g cmVjb2duaX plZCBmb3Ig aXRzIGVmZm 9ydHMgaW4g cmVkdWNpbm cgY2FyYm9u IGVtaXNzaW 9ucywgcHJv bW90aW5nIG Vudmlyb25t ZW50YWwgcm VzcG9uc2li aWxpdHksIG FuZCBpbXBs ZW1lbnRpbm cgc3Ryb25n IHNhZmV0eS BtZWFzdXJl cy48YnI+NS 4gU3Ryb25n IEZpbmFuY2 lhbCBQZXJm b3JtYW5jZT ogUGhpbGxp cHMgNjYgaX MgYSBmaW5h bmNpYWxseS BzdHJvbmcg Y29tcGFueS B3aXRoIGEg cHJvdmVuIH RyYWNrIHJl Y29yZCBvZi BkZWxpdmVy aW5nIGNvbn Npc3RlbnQg cmV0dXJucy B0byBpdHMg c2hhcmVob2 xkZXJzLiBJ dCBoYXMgYS BzdHJvbmcg YmFsYW5jZS BzaGVldCBh bmQgYSBoaX N0b3J5IG9m IHN0YWJsZS BkaXZpZGVu ZCBwYXltZW 50cy48YnI+ Ni4gQ29tbX VuaXR5IElu dm9sdmVtZW 50OiBUaGUg Y29tcGFueS BpcyBhY3Rp dmVseSBpbn ZvbHZlZCBp biBzdXBwb3 J0aW5nIHRo ZSBjb21tdW 5pdGllcyB3 aGVyZSBpdC BvcGVyYXRl cy4gSXQgaG FzIGVzdGFi bGlzaGVkIH BhcnRuZXJz aGlwcyB3aX RoIGxvY2Fs IG9yZ2FuaX phdGlvbnMg dG8gc3VwcG 9ydCBlZHVj YXRpb24sIG hlYWx0aCwg YW5kIHNvY2 lhbCBzZXJ2 aWNlcyBpbm l0aWF0aXZl cy48YnI+Ny 4gU3Ryb25n IENvcnBvcm F0ZSBDdWx0 dXJlOiBQaG lsbGlwcyA2 NiBoYXMgYS BzdHJvbmcg Y29ycG9yYX RlIGN1bHR1 cmUgdGhhdC B2YWx1ZXMg aW50ZWdyaX R5LCB0ZWFt d29yaywgYW 5kIGRpdmVy c2l0eS4gVG hpcyBjdWx0 dXJlIGhhcy BoZWxwZWQg dGhlIGNvbX BhbnkgYXR0 cmFjdCBhbm QgcmV0YWlu IHRvcCB0YW xlbnQgYW5k IGJ1aWxkIG Egc3Ryb25n IHJlcHV0YX Rpb24gYXMg YW4gZXRoaW NhbCBhbmQg cmVzcG9uc2 libGUgYnVz aW5lc3MuPG JyPjguIEds b2JhbCBQcm VzZW5jZTog V2l0aCBvcG VyYXRpb25z IGluIG1vcm UgdGhhbiAy MCBjb3VudH JpZXMsIFBo aWxsaXBzID Y2IGlzIGEg Z2xvYmFsIG NvbXBhbnkg d2l0aCBhIH N0cm9uZyBw cmVzZW5jZS BpbiBrZXkg bWFya2V0cy Bhcm91bmQg dGhlIHdvcm xkLiBUaGlz IGdsb2JhbC Bmb290cHJp bnQgYWxsb3 dzIHRoZSBj b21wYW55IH RvIGNhcGl0 YWxpemUgb2 4gb3Bwb3J0 dW5pdGllcy BhbmQgZGl2 ZXJzaWZ5IG l0cyBvcGVy YXRpb25zLj xicj45LiBD b21taXRtZW 50IHRvIEVt cGxveWVlIE RldmVsb3Bt ZW50OiBUaG UgY29tcGFu eSBpcyBjb2 1taXR0ZWQg dG8gdGhlIG dyb3d0aCBh bmQgZGV2ZW xvcG1lbnQg b2YgaXRzIG VtcGxveWVl cy4gSXQgcH JvdmlkZXMg dHJhaW5pbm cgYW5kIGRl dmVsb3BtZW 50IHByb2dy YW1zLCBtZW 50b3JzaGlw IG9wcG9ydH VuaXRpZXMs IGFuZCBwcm 9tb3RlcyBh IGN1bHR1cm Ugb2YgbGVh cm5pbmcgYW 5kIGNvbnRp bnVvdXMgaW 1wcm92ZW1l bnQuPGJyPj EwLiBGb2N1 cyBvbiBDdX N0b21lciBT YXRpc2ZhY3 Rpb246IFBo aWxsaXBzID Y2IHBsYWNl cyBhIHN0cm 9uZyBlbXBo YXNpcyBvbi BjdXN0b21l ciBzYXRpc2 ZhY3Rpb24s IGFuZCBpdC Bjb250aW51 b3VzbHkgd2 9ya3MgdG8g aW1wcm92ZS BpdHMgcHJv ZHVjdHMgYW 5kIHNlcnZp Y2VzIHRvIG 1lZXQgdGhl IGV2b2x2aW 5nIG5lZWRz IG9mIGl0cy BjdXN0b21l cnMuIFRoaX MgY3VzdG9t ZXItZm9jdX NlZCBhcHBy b2FjaCBoYX MgaGVscGVk IHRoZSBjb2 1wYW55IGJ1 aWxkIHN0cm 9uZyByZWxh dGlvbnNoaX BzIHdpdGgg aXRzIGNsaW VudHMgYW5k IG1haW50YW luIGEgY29t cGV0aXRpdm UgZWRnZSBp biB0aGUgbW Fya2V0Lg==

UGhpbGxpcH MgNjYgaXMg YW4gQW1lcm ljYW4gbXVs dGluYXRpb2 5hbCBlbmVy Z3kgY29tcG FueSwgaGVh ZHF1YXJ0ZX JlZCBpbiBI b3VzdG9uLC BUZXhhcy4g VGhlIGNvbX BhbnkncyBi dXNpbmVzcy Btb2RlbCBj YW4gYmUgZG VzY3JpYmVk IGFzIGFuIG ludGVncmF0 ZWQgZG93bn N0cmVhbSBl bmVyZ3kgY2 9tcGFueSB0 aGF0IGVuZ2 FnZXMgaW4g b2lsIGFuZC BnYXMgZXhw bG9yYXRpb2 4sIHByb2R1 Y3Rpb24sIH JlZmluaW5n LCBtYXJrZX RpbmcsIGFu ZCB0cmFuc3 BvcnRhdGlv biBvZiBmdW VscywgcGV0 cm9jaGVtaW NhbHMsIGFu ZCBvdGhlci Bwcm9kdWN0 cy48YnI+VG hlIGNvcmUg b2YgUGhpbG xpcHMgNjYn cyBidXNpbm VzcyBpcyBp dHMgcmVmaW 5pbmcgYW5k IG1hcmtldG luZyBzZWdt ZW50LCB3aG ljaCBvcGVy YXRlcyAxNS ByZWZpbmVy aWVzIGFjcm 9zcyB0aGUg VW5pdGVkIF N0YXRlcyBh bmQgcHJvY2 Vzc2VzIGNy dWRlIG9pbC BpbnRvIGEg dmFyaWV0eS BvZiBwcm9k dWN0cyBzdW NoIGFzIGdh c29saW5lLC BkaWVzZWws IGpldCBmdW VsLCBhbmQg cGV0cm9jaG VtaWNhbHMu IFRoZSBjb2 1wYW55IGFs c28gaGFzIG Egc2lnbmlm aWNhbnQgcH Jlc2VuY2Ug aW4gbWlkc3 RyZWFtIG9w ZXJhdGlvbn MsIHdoaWNo IGluY2x1ZG VzIHRoZSB0 cmFuc3Bvcn RhdGlvbiwg c3RvcmFnZS wgYW5kIHBy b2Nlc3Npbm cgb2YgY3J1 ZGUgb2lsLC BuYXR1cmFs IGdhcywgYW 5kIG5hdHVy YWwgZ2FzIG xpcXVpZHMg dGhyb3VnaC BpdHMgcGlw ZWxpbmVzIG FuZCB0ZXJt aW5hbHMuPG JyPkluIGFk ZGl0aW9uIH RvIGl0cyB0 cmFkaXRpb2 5hbCBlbmVy Z3kgYnVzaW 5lc3MsIFBo aWxsaXBzID Y2IGhhcyBh bHNvIGRpdm Vyc2lmaWVk IGludG8gcm VuZXdhYmxl IGFuZCBzdX N0YWluYWJs ZSBlbmVyZ3 kgc291cmNl cy4gVGhlIG NvbXBhbnkg aGFzIGludm VzdGVkIGlu IHJlbmV3YW JsZSBkaWVz ZWwgcHJvZH VjdGlvbiwg cmVuZXdhYm xlIG5hdHVy YWwgZ2FzIH Byb2R1Y3Rp b24sIGFuZC B3aW5kIGFu ZCBzb2xhci Bwb3dlciBw cm9qZWN0cy 4gVGhpcyBh bGlnbnMgd2 l0aCB0aGUg Y29tcGFueS dzIGNvbW1p dG1lbnQgdG 8gc3VzdGFp bmFibGUgcH JhY3RpY2Vz IGFuZCByZW R1Y2luZyBp dHMgY2FyYm 9uIGZvb3Rw cmludC48Yn I+RnVydGhl cm1vcmUsIF BoaWxsaXBz IDY2IGhhcy BhIGdsb2Jh bCBtYXJrZX RpbmcgYW5k IHRyYWRpbm cgb3JnYW5p emF0aW9uIH RoYXQgbWFy a2V0cyBpdH MgcHJvZHVj dHMgYW5kIH NlcnZpY2Vz IHRvIHdob2 xlc2FsZSBh bmQgcmV0YW lsIGN1c3Rv bWVycyBpbi Btb3JlIHRo YW4gODAgY2 91bnRyaWVz LiBUaGUgY2 9tcGFueSBh bHNvIGhhcy BhIHN0cm9u ZyBwcmVzZW 5jZSBpbiB0 aGUgcmV0YW lsIHNlY3Rv ciwgd2l0aC BvdmVyIDcs NTAwIGluZG VwZW5kZW50 bHkgb3duZW QgZnVlbCBz dGF0aW9ucy BvcGVyYXRp bmcgdW5kZX IgdGhlIFBo aWxsaXBzID Y2LCBDb25v Y28sIGFuZC A3NiBicmFu ZHMuPGJyPk 92ZXJhbGws IFBoaWxsaX BzIDY2J3Mg YnVzaW5lc3 MgbW9kZWwg Zm9jdXNlcy BvbiBpbnRl Z3JhdGluZy BpdHMgb3Bl cmF0aW9ucy BhY3Jvc3Mg ZGlmZmVyZW 50IHNlZ21l bnRzIG9mIH RoZSBlbmVy Z3kgdmFsdW UgY2hhaW4s IGZyb20gZX hwbG9yYXRp b24gdG8gbW Fya2V0aW5n LCB0byBjcm VhdGUgYSBz dXN0YWluYW JsZSBhbmQg cHJvZml0YW JsZSBidXNp bmVzcy4gVG hpcyBhbGxv d3MgdGhlIG NvbXBhbnkg dG8gYmUgbW 9yZSByZXNp bGllbnQgYW 5kIGFkYXB0 IHRvIGNoYW 5naW5nIG1h cmtldCBjb2 5kaXRpb25z IGFuZCBjb2 5zdW1lciBk ZW1hbmRzIG luIHRoZSBl bmVyZ3kgaW 5kdXN0cnku

The sensitivity of Phillips 66’s earnings, cash flow, and valuation to changes in interest rates can be significant due to several interconnected factors:
1. Cost of Debt: Phillips 66, like many companies, often relies on debt financing for its operations and capital investments. An increase in interest rates raises the cost of borrowing, which can lead to higher interest expenses. This can subsequently reduce net earnings and cash flow, impacting profitability.
2. Capital Expenditures: Higher interest rates can lead to increased costs for new projects or expansion efforts. If the company intends to finance capital expenditures through debt, higher rates may result in tighter budgets, leading to potential delays or cancellations of projects, which could impact future growth prospects and cash flows.
3. Discount Rate for Valuation: When valuing the company, higher interest rates usually lead to an increase in the discount rate used in discounted cash flow (DCF) models. This can result in a lower present value of future cash flows, negatively affecting the overall valuation of Phillips 66.
4. Consumer Demand: Interest rates can significantly impact consumer spending and, in turn, demand for petroleum products. Higher interest rates may lead to reduced consumer spending, affecting sales volumes for Phillips 66’s products, further influencing earnings and cash flow.
5. Economic Activity: Interest rates play a critical role in overall economic activity. Rising rates can dampen economic growth, which can lead to decreased demand for energy products, thus affecting the company’s financial performance.
In summary, increases in interest rates could adversely affect Phillips 66’s earnings and cash flow by raising borrowing costs and potentially dampening demand for its products, while also negatively impacting its valuation through higher discount rates in financial models. Conversely, declining interest rates could provide a more favorable financial environment for the company.

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 bG9nb3MvdV RYQVhTemVk WUk2akpQeE xuYVAud2Vi cCIgYWx0PS JQaGlsbGlw cyA2NiIgdG l0bGU9IlBo aWxsaXBzID Y2IiAgY2xh c3M9ImltZy 1mbHVpZCIg aGVpZ2h0PT kwIHdpZHRo PTkwIGxvYW Rpbmc9J2xh enknIHN0eW xlPSdib3Jk ZXItcmFkaX VzOiA2cHg7 Jz4KCiAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nZm xleDogMTsg dGV4dC1hbG lnbjogY2Vu dGVyOyBtYX JnaW4tbGVm dDogNXB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxwIH N0eWxlPSdm b250LXNpem U6IDI2cHg7 IGNvbG9yOi AjMzMzOyBt YXJnaW4tYm 90dG9tOiAx NXB4Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICDwn5 OIIFdhbnQg dG8gcmVhZC Btb3JlIGFi b3V0IFBoaW xsaXBzIDY2 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+TnSBK b2luIHVzIG FuZCBncmFi IHlvdXIgY2 9weSBvZiA8 aT4iVGhlIE NoZWNrbGlz dCBWYWx1ZS BJbnZlc3Rv ciDigJQgQS BTbWFydGVy IFdheSB0by BQaWNrIFN0 b2NrcyI8L2 k+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvcD 4KCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwhLS 0KICAgICAg ICAgICAgIC AgICAgICAg ICAgPGRpdi BzdHlsZT0n bWFyZ2luLX RvcDogMTJw eDsgZm9udC 1zaXplOiAx M3B4OyBjb2 xvcjogIzQ0 NDsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgU2lnbi B1cCBub3cg YW5kIGdldC BvdXIgZnJl ZSBlQm9vay AKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgID xiPlRoZSBD aGVja2xpc3 QgVmFsdWUg SW52ZXN0b3 Ig4oCUIEEg U21hcnRlci BXYXkgdG8g UGljayBTdG 9ja3M8L2I+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAg ICAgICAgIC AgICAtLT4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPCEtLQog ICAgICAgIC AgICAgICAg ICAgICAgIC A8ZGl2IHN0 eWxlPSdtYX JnaW4tdG9w OiAxNnB4Oy Bmb250LXNp emU6IDE0cH g7IGNvbG9y OiAjNDQ0Oy Bmb250LWZh bWlseTogLW FwcGxlLXN5 c3RlbSwgQm xpbmtNYWNT eXN0ZW1Gb2 50LCBTZWdv ZSBVSSwgUm 9ib3RvLCBI ZWx2ZXRpY2 EgTmV1ZSwg c2Fucy1zZX JpZjsgbGlu ZS1oZWlnaH Q6IDEuNjsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg SGF2ZSB5b3 UgaGVhcmQg YWJvdXQgb3 VyIHNob3J0 IDxzdHJvbm cgc3R5bGU9 J2ZvbnQtd2 VpZ2h0OiA2 MDA7Jz5EYW lseSBWaWRl byBOZXdzbG V0dGVyPC9z dHJvbmc+Pw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgPG EgaHJlZj0n aHR0cHM6Ly 93d3cuaW5z aWdodGZ1bH ZhbHVlLmNv bS9uZXdzbG V0dGVyLnBo cCcgdGFyZ2 V0PSdfYmxh bmsnIHN0eW xlPSdjb2xv cjogIzAwN0 JGRjsgdGV4 dC1kZWNvcm F0aW9uOiBu b25lOyBmb2 50LXdlaWdo dDogNTAwOy BtYXJnaW4t bGVmdDogNn B4Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg RmluZCBvdX QgbW9yZQog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9h PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgLS0+ CiAgICAgIC AgICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIA ogICAgICAg IAogICAgIC AgIDxzcGFu IGNsYXNzPS dibHVycmVk LXRleHQnPg ogICAgICAg ICAgICBNUz RnVkdobElG IEJvYVd4c2 FYQnogSURZ MklHTnZiWC BCaGJua2dk MkZ6IElHWn ZkVzVrWlcg UWdhVzRnTV RreCBOeUJp ZVNCaWNtID kwYUdWeWN5 QkcgY21GdW F5QmhibSBR Z1RDNUZMaU JRIGFHbHNi R2x3Y3kgQn BiaUJDWVhK MCBiR1Z6ZG 1sc2JHIFVz SUU5cmJHRm 8gYjIxaExq eGljaiA0eU xpQlVhR1Vn IGJtRnRaU0 JRYUcgbHNi R2x3Y3lBMi BOaUIzWVhN Z1kyIGh2Yz JWdUlIUnYg SUhKbGNISm xjMiBWdWRD QjBhR1VnIF kyOXRjR0Z1 ZWUgS0FtWE 1nZFc1cCBj WFZsSUdkaG MyIDlzYVc1 bElHSnMgWl c1a0xDQjNh RyBsamFDQm 9ZV1FnIFlT Qm9hV2RvSU cgOWpkR0Z1 WlNCeSBZWF JwYm1jZ2Iy IFlnTmpZdU lGUm8gYVhN Z2NISmxiVy BsMWJTQm1k V1ZzIElHaG xiSEJsWkMg QjBieUJ6Wl hRZyBkR2hs SUdOdmJYIE JoYm5rZ1lY QmggY25RZ1 puSnZiUyBC cGRITWdZMj l0IGNHVjBh WFJ2Y24gTX VQR0p5UGpN dSBJRWx1SU dsMGN5IEJs WVhKc2VTQj UgWldGeWN5 d2dVRyBocG JHeHBjSE1n IE5qWWdabT lqZFggTmxa Q0J3Y21sdC BZWEpwYkhr Z2IyIDRnY0 hKdlpIVmog YVc1bklHRn VaQyBCdFlY SnJaWFJwIG JtY2daMkZ6 YjIgeHBibV VzSUdKMSBk Q0JsZG1WdW RIIFZoYkd4 NUlHVjQgY0 dGdVpHVmtJ RyBsdWRHOG diM1JvIFpY SWdjSEp2Wk ggVmpkSE1n YzNWaiBhQ0 JoY3lCaGRt IGxoZEdsdm JpQm0gZFdW c0xDQnNkVy BKeWFXTmhi blJ6IExDQm hibVFnWTIg aGxiV2xqWV d4eiBManhp Y2o0MExpIE JFZFhKcGJt Y2cgVjI5eW JHUWdWMiBG eUlFbEpMQ0 JRIGFHbHNi R2x3Y3kgQT JOaUJ3YkdG NSBaV1FnWV NCamNuIFZq YVdGc0lISn YgYkdVZ2FX NGdkRyBobE lIZGhjaUJs IFptWnZjbl FnWW4ga2dj M1Z3Y0d4NS BhVzVuSUda MVpXIHdnWV c1a0lHOTAg YUdWeUlIQn liMiBSMVkz UnpJSFJ2IE lIUm9aU0JC YkcgeHBaV1 FnWm05eSBZ MlZ6TGlCVW FHIFVnWTI5 dGNHRnUgZW VLQW1YTWdj bSBWbWFXNW xjbWxsIGN5 QjNaWEpsSU cgRnNjMjhn ZFhObCBaQ0 IwYnlCd2Nt IDlrZFdObE lIWnAgZEdG c0lHMWhkRy BWeWFXRnNj eUJ6IGRXTm 9JR0Z6SUgg SjFZbUpsY2 lCaCBibVFn WVhacFlYIF JwYjI0Z1oy RnogYjJ4cG JtVXVQRyBK eVBqVXVJRk JvIGFXeHNh WEJ6SUQgWT JJR2x6SUdO eSBaV1JwZE dWa0lIIGRw ZEdnZ1ltVn AgYm1jZ2RH aGxJRyBacG NuTjBJR052 IGJYQmhibm tnZEcgOGdh VzUwY205ay BkV05sSUhS b1pTIEJqYj I1alpYQjAg SUc5bUlIUm 9aUyBCdGIy UmxjbTRnIF oyRnpJSE4w WVggUnBiMj R1SUVsdSBJ REU1TWpjc0 lIIFJvWlhr Z2IzQmwgYm 1Wa0lIUm9a VyBseUlHWn Bjbk4wIElG Qm9hV3hzYV ggQnpJRFky SUZObCBjbl pwWTJVZ1Uz IFJoZEdsdm JpQjMgYUds amFDQm9ZVy BRZ1lTQnli MjltIExDQn NZWEpuWlMg QjNhVzVrYj NkeiBMQ0Jo Ym1RZ1kzIF Z6ZEc5dFpY SXQgWm5KcF pXNWtiSCBr Z1ptVmhkSF Z5IFpYTWdj M1ZqYUMgQm hjeUJ5WlhO MCBjbTl2Yl hNZ1lXIDVr SUdFZ2QyRn AgZEdsdVp5 QnliMiA5dE xqeGljajQy IExpQkpiaU F4T1QgWXpM Q0JRYUdscy BiR2x3Y3lB Mk5pIEJpWl dOaGJXVWcg ZEdobElHWn BjbiBOMElH OXBiQ0JqIG IyMXdZVzU1 SUggUnZJSE 53YjI1eiBi M0lnWVNCVk xsIE11SUc5 d1pXNHQgZD JobFpXd2dj bSBGamFXNW 5JSFJsIFlX MHVJRlJvWl MgQjBaV0Z0 TENCciBibT kzYmlCaGN5 IEJVWldGdE lEWTIgTENC M1pXNTBJRy A5dUlIUnZJ SGRwIGJpQj BhSEpsWlMg QkpibVJwWV c1aCBjRzlz YVhNZ05UIE F3SUhKaFky VnogTGp4aW NqNDNMaSBC SmJpQXhPVG szIExDQlFh R2xzYkcgbH djeUEyTmlC dCBaWEpuWl dRZ2QyIGww YUNCRGIyNX YgWTI4Z2RH OGdZMyBKbF lYUmxJRU52 IGJtOWpiMU JvYVcgeHNh WEJ6TENCdi BibVVnYjJZ Z2RHIGhsSU d4aGNtZGwg YzNRZ1pXNW xjbSBkNUlH TnZiWEJoIG JtbGxjeUJw YmkgQjBhR1 VnZDI5eSBi R1F1SUVodm QyIFYyWlhJ c0lHbHUgSU RJd01USXNJ SCBSb1pTQj BkMjhnIFky OXRjR0Z1YV cgVnpJSE53 YkdsMCBJR0 Z1WkNCUWFH IGxzYkdsd2 N5QTIgTmlC aVpXTmhiVy BVZ1lXNGdh VzVrIFpYQm xibVJsYm4g UWdZMjl0Y0 dGdSBlU0J2 Ym1ObElHIE ZuWVdsdUxq eGkgY2o0NE xpQlViMiBS aGVTd2dVR2 hwIGJHeHBj SE1nTmogWW dhWE1nWVNC cyBaV0ZrWl hJZ2FXIDRn ZEdobElIQn kgYjJSMVkz UnBiMiA0Z1 lXNWtJSEps IFptbHVhVz VuSUcgOW1J R1Z1WlhKbi BlU0J3Y205 a2RXIE4wY3 k0Z1ZHaGwg ZVNCdmNHVn lZWCBSbElH OTJaWElnIE 1UTXNOVEF3 SUcgZGhjeU J6ZEdGMCBh Vzl1Y3lCaF kzIEp2YzNN Z2RHaGwgSU ZWdWFYUmxa QyBCVGRHRj BaWE1nIFlX NWtJR2hoZG 0gVWdZU0J3 Y21WeiBaVz VqWlNCcGJp IEJ2ZG1WeU lEWTEgSUdO dmRXNTBjbS BsbGN5NDhZ bkkrIE9TNG dVR2hwYkcg eHBjSE1nTm pZZyBhWE1n WVd4emJ5IE JqYjIxdGFY UjAgWldRZ2 RHOGdjMyBW emRHRnBibU ZpIGFXeHBk SGtnWVcgNW tJR2hoY3lC cCBiWEJzWl cxbGJuIFJs WkNCaElHNT EgYldKbGNp QnZaaSBCcG JtbDBhV0Yw IGFYWmxjeU IwYnkgQnla V1IxWTJVZy BkR2hsYVhJ Z1pXIDUyYV hKdmJtMWwg Ym5SaGJDQn BiWCBCaFkz UXVJRlJvIG FYTWdhVzVq YkggVmtaWE 1nYVc1MiBa WE4wYldWdW RIIE1nYVc0 Z2NtVnUgWl hkaFlteGxJ RyBWdVpYSm 5lU0J6IGIz VnlZMlZ6SU cgRnVaQ0Jw Ym1sMCBhV0 YwYVhabGN5 IEIwYnlCeV pXUjEgWTJV Z1ozSmxaVy A1b2IzVnpa U0JuIFlYTW daVzFwYzMg TnBiMjV6TG p4aSBjajR4 TUM0Z1NXID RnTWpBeE9T d2cgVUdocG JHeHBjSCBN Z05qWWdjbU Z1IGEyVmtJ REl6Y20gUW diMjRnZEdo bCBJRVp2Y2 5SMWJtIFVn TlRBd0lHeH AgYzNRZ2Iy WWdkRyBobE lHeGhjbWRs IGMzUWdWUz VUTGkgQmpi M0p3YjNKaC BkR2x2Ym5N Z1luIGtnZE c5MFlXd2cg Y21WMlpXNT FaUyA0Z1ZH aGxlU0JoIG JITnZJR052 Ym4gTnBjM1 JsYm5ScyBl U0J5WVc1ck lHIGhwWjJo c2VTQnYgYm lCc2FYTjBj eSBCdlppQj BhR1VnIFlt VnpkQ0JqYj IgMXdZVzVw WlhNZyBkRz hnZDI5eWF5 IEJtYjNJc0 lIUm8gWVc1 cmN5QjBieS BCMGFHVnBj aUJ6IGRISn ZibWNnWlcg MXdhR0Z6YV hNZyBiMjRn ZDI5eWEzIE JzWVdObElI TmggWm1WMG VTQmhibSBR Z1pXMXdiRz k1IFpXVWda R1YyWlcgeH ZjRzFsYm5R ZyBjSEp2Wj NKaGJYIE11 CiAgICAgIC AgPC9zcGFu PgogICAgIC AgIAogICAg ICAgIA==
See Company Q&A