Fujitsu

Live  

Fujitsu Ltd. is a multinational information and communication technology company, founded in 1935 in Tokyo, Japan. The company offers a wide range of products and services including computing, telecommunications, software, and other IT services to clients in over 100 countries. As of 2021, Fujitsu is the third-largest IT services provider in Japan, after NTT Data and NEC.
Fujitsu's mission is to create innovative technology solutions that contribute to a more sustainable and prosperous society. The company focuses on five key areas: AI and data, Internet of Things (IoT), digital infrastructure, business and technology services, and workplace transformation.
Fujitsu is also committed to corporate social responsibility, with a focus on environmental sustainability, human rights, and community engagement. The company has set ambitious goals to reduce its carbon footprint and promote sustainable business practices.
Fujitsu is known for its high-quality products and services, and has received numerous awards and recognitions for its innovations and contributions to the IT industry. The company continues to expand its global presence and partnerships, while prioritizing ethical and responsible business practices.

MS4gSGlzdG 9yeSBvZiBJ bm5vdmF0aW 9uOiBGdWpp dHN1IGhhcy BhIHJpY2gg aGlzdG9yeS BvZiBtb3Jl IHRoYW4gOD AgeWVhcnMg b2YgaW5ub3 ZhdGlvbiBh bmQgdGVjaG 5vbG9naWNh bCBhZHZhbm NlbWVudHMs IG1ha2luZy B0aGVtIG9u ZSBvZiB0aG Ugb2xkZXN0 IGFuZCBtb3 N0IGVzdGFi bGlzaGVkIG NvbXBhbmll cyBpbiB0aG UgdGVjaG5v bG9neSBpbm R1c3RyeS48 YnI+Mi4gRG l2ZXJzZSBS YW5nZSBvZi BQcm9kdWN0 cyBhbmQgU2 VydmljZXM6 IEZ1aml0c3 Ugb2ZmZXJz IGEgZGl2ZX JzZSByYW5n ZSBvZiBwcm 9kdWN0cyBh bmQgc2Vydm ljZXMgYWNy b3NzIGRpZm ZlcmVudCBp bmR1c3RyaW VzLCBpbmNs dWRpbmcgSV Qgc2Vydmlj ZXMsIGhhcm R3YXJlIGFu ZCBzb2Z0d2 FyZSwgdGVs ZWNvbW11bm ljYXRpb25z LCBhbmQgbW 9yZS48YnI+ My4gU3Ryb2 5nIEdsb2Jh bCBQcmVzZW 5jZTogRnVq aXRzdSBvcG VyYXRlcyBp biBvdmVyID EwMCBjb3Vu dHJpZXMgYW 5kIHJlZ2lv bnMsIG1ha2 luZyB0aGVt IGEgdHJ1bH kgZ2xvYmFs IGNvbXBhbn kgd2l0aCBh IHN0cm9uZy BwcmVzZW5j ZSBpbiBib3 RoIGRldmVs b3BlZCBhbm QgZW1lcmdp bmcgbWFya2 V0cy48YnI+ NC4gRm9jdX Mgb24gU3Vz dGFpbmFiaW xpdHk6IEZ1 aml0c3UgaX MgY29tbWl0 dGVkIHRvIH N1c3RhaW5h YmlsaXR5IG FuZCBlbnZp cm9ubWVudG FsbHkgcmVz cG9uc2libG UgcHJhY3Rp Y2VzLCBhcy BldmlkZW5j ZWQgYnkgdG hlaXIgdmFy aW91cyBpbm l0aWF0aXZl cyBhbmQgcH JvZHVjdHMg dGhhdCBwcm 9tb3RlIGVu ZXJneSBlZm ZpY2llbmN5 IGFuZCByZW R1Y2UgdGhl aXIgY2FyYm 9uIGZvb3Rw cmludC48Yn I+NS4gQ29s bGFib3JhdG l2ZSBBcHBy b2FjaDogRn VqaXRzdSBw bGFjZXMgYS BzdHJvbmcg ZW1waGFzaX Mgb24gY29s bGFib3JhdG lvbiBhbmQg cGFydG5lcn NoaXAsIHdv cmtpbmcgY2 xvc2VseSB3 aXRoIHRoZW lyIGNsaWVu dHMgYW5kIG 90aGVyIGNv bXBhbmllcy B0byBkZXZl bG9wIGlubm 92YXRpdmUg c29sdXRpb2 5zIGFuZCBh ZGRyZXNzIG dsb2JhbCBj aGFsbGVuZ2 VzLjxicj42 LiBDdXN0b2 1lci1DZW50 cmljIEFwcH JvYWNoOiBX aXRoIGEgY3 VzdG9tZXIt Y2VudHJpYy BhcHByb2Fj aCwgRnVqaX RzdSBzdHJp dmVzIHRvIH VuZGVyc3Rh bmQgYW5kIG 1lZXQgdGhl IHNwZWNpZm ljIG5lZWRz IG9mIHRoZW lyIGNsaWVu dHMsIHByb3 ZpZGluZyB0 YWlsb3JlZC Bzb2x1dGlv bnMgYW5kIH NlcnZpY2Vz Ljxicj43Li BTdHJvbmcg RXRoaWNhbC BTdGFuZGFy ZHM6IEZ1am l0c3UgaGFz IGEgc3Ryb2 5nIGZvY3Vz IG9uIGV0aG ljYWwgc3Rh bmRhcmRzIG FuZCBzb2Np YWwgcmVzcG 9uc2liaWxp dHksIGFuZC BpcyByZWNv Z25pemVkIG ZvciBpdHMg ZmFpciBhbm QgdHJhbnNw YXJlbnQgYn VzaW5lc3Mg cHJhY3RpY2 VzLjxicj44 LiBJbnZlc3 RtZW50IGlu IFJlc2Vhcm NoIGFuZCBE ZXZlbG9wbW VudDogRnVq aXRzdSBpbn Zlc3RzIGhl YXZpbHkgaW 4gcmVzZWFy Y2ggYW5kIG RldmVsb3Bt ZW50LCB3aX RoIGEgc3Ry b25nIGZvY3 VzIG9uIGRl dmVsb3Bpbm cgY3V0dGlu Zy1lZGdlIH RlY2hub2xv Z2llcyBhbm Qgc29sdXRp b25zIHRoYX QgbWVldCB0 aGUgbmVlZH Mgb2YgdGhl aXIgY3VzdG 9tZXJzLjxi cj45LiBBd2 FyZC1XaW5u aW5nIENvbX Bhbnk6IEZ1 aml0c3UgaG FzIHJlY2Vp dmVkIG51bW Vyb3VzIGF3 YXJkcyBhbm QgcmVjb2du aXRpb24gZm 9yIHRoZWly IHByb2R1Y3 RzLCBzZXJ2 aWNlcywgYW 5kIGJ1c2lu ZXNzIHByYW N0aWNlcywg ZGVtb25zdH JhdGluZyB0 aGVpciBjb2 1taXRtZW50 IHRvIGV4Y2 VsbGVuY2Ug YW5kIGlubm 92YXRpb24u PGJyPjEwLi BTdHJvbmcg Q29ycG9yYX RlIEN1bHR1 cmU6IEZ1am l0c3UncyBj b3Jwb3JhdG UgY3VsdHVy ZSBpcyBidW lsdCBvbiB2 YWx1ZXMgc3 VjaCBhcyB0 cnVzdCwgaW 50ZWdyaXR5 LCBhbmQgcm VzcGVjdCwg Y3JlYXRpbm cgYSBwb3Np dGl2ZSBhbm QgY29sbGFi b3JhdGl2ZS B3b3JrIGVu dmlyb25tZW 50IGZvciB0 aGVpciBlbX Bsb3llZXMg YW5kIGZvc3 RlcmluZyBh IHN0cm9uZy Bjb21wYW55 IGN1bHR1cm Uu

RnVqaXRzdS BpcyBhIEph cGFuZXNlIG 11bHRpbmF0 aW9uYWwgaW 5mb3JtYXRp b24gdGVjaG 5vbG9neSBh bmQgc2Vydm ljZXMgY29t cGFueSB0aG F0IGdlbmVy YXRlcyByZX ZlbnVlIHRo cm91Z2ggdm FyaW91cyBw cm9kdWN0cy BhbmQgc2Vy dmljZXMuIE l0cyBidXNp bmVzcyBtb2 RlbCBjYW4g YmUgYnJva2 VuIGRvd24g aW50byB0aG UgZm9sbG93 aW5nIGNvbX BvbmVudHM6 PGJyPjEuIE hhcmR3YXJl IHNhbGVzOi BGdWppdHN1 IGRlc2lnbn MsIG1hbnVm YWN0dXJlcy wgYW5kIHNl bGxzIGEgd2 lkZSByYW5n ZSBvZiBoYX Jkd2FyZSBw cm9kdWN0cy BzdWNoIGFz IHBlcnNvbm FsIGNvbXB1 dGVycywgc2 VydmVycywg c3RvcmFnZS BkZXZpY2Vz LCBhbmQgb3 RoZXIgZWxl Y3Ryb25pYy BkZXZpY2Vz Ljxicj4yLi BTb2Z0d2Fy ZSBzZXJ2aW NlczogRnVq aXRzdSBwcm 92aWRlcyBz b2Z0d2FyZS Bzb2x1dGlv bnMgYW5kIH NlcnZpY2Vz IHRvIGl0cy BjbGllbnRz LCBpbmNsdW Rpbmcgc3lz dGVtIGludG VncmF0aW9u LCBhcHBsaW NhdGlvbiBk ZXZlbG9wbW VudCwgYW5k IG1haW50ZW 5hbmNlLjxi cj4zLiBNYW 5hZ2VkIHNl cnZpY2VzOi BGdWppdHN1 IG9mZmVycy B2YXJpb3Vz IG1hbmFnZW Qgc2Vydmlj ZXMsIHN1Y2 ggYXMgSVQg aW5mcmFzdH J1Y3R1cmUg bWFuYWdlbW VudCwgY3li ZXJzZWN1cm l0eSwgYW5k IGNsb3VkIH NlcnZpY2Vz LCB0byBoZW xwIG9yZ2Fu aXphdGlvbn Mgc3RyZWFt bGluZSB0aG VpciBvcGVy YXRpb25zIG FuZCByZWR1 Y2UgY29zdH MuPGJyPjQu IENvbnN1bH RpbmcgYW5k IHN5c3RlbS BpbnRlZ3Jh dGlvbjogRn VqaXRzdSBw cm92aWRlcy Bjb25zdWx0 aW5nIHNlcn ZpY2VzIHRv IGhlbHAgYn VzaW5lc3Nl cyBpbXBsZW 1lbnQgYW5k IG9wdGltaX plIHRoZWly IElUIHN5c3 RlbXMuIEl0 IGFsc28gb2 ZmZXJzIHN5 c3RlbSBpbn RlZ3JhdGlv biBzZXJ2aW NlcyB0byBp bnRlZ3JhdG UgZGlmZmVy ZW50IHRlY2 hub2xvZ2ll cyBhbmQgYX BwbGljYXRp b25zIGZvci BhIHNlYW1s ZXNzIGV4cG VyaWVuY2Uu PGJyPjUuIE 1haW50ZW5h bmNlIGFuZC B0ZWNobmlj YWwgc3VwcG 9ydDogRnVq aXRzdSBoYX MgYSBkZWRp Y2F0ZWQgdG VhbSBvZiB0 ZWNobmljYW wgZXhwZXJ0 cyB3aG8gcH JvdmlkZSBt YWludGVuYW 5jZSBhbmQg c3VwcG9ydC BzZXJ2aWNl cyB0byBpdH MgY2xpZW50 cyBmb3IgdG hlaXIgaGFy ZHdhcmUgYW 5kIHNvZnR3 YXJlIHByb2 R1Y3RzLjxi cj42LiBNb2 JpbGUgYW5k IHRlbGVjb2 1tdW5pY2F0 aW9uczogRn VqaXRzdSBh bHNvIG9mZm VycyBtb2Jp bGUgcGhvbm VzLCB0YWJs ZXRzLCBhbm Qgb3RoZXIg Y29tbXVuaW NhdGlvbiBk ZXZpY2VzLi BJdCBhbHNv IHByb3ZpZG VzIHRlbGVj b21tdW5pY2 F0aW9uIHNl cnZpY2VzIH N1Y2ggYXMg bmV0d29yay Bjb25zdHJ1 Y3Rpb24gYW 5kIG1hbmFn ZW1lbnQuPG JyPjcuIEVk dWNhdGlvbi BhbmQgdHJh aW5pbmcgc2 VydmljZXM6 IEZ1aml0c3 Ugb2ZmZXJz IHRyYWluaW 5nIGFuZCBj ZXJ0aWZpY2 F0aW9uIHBy b2dyYW1zIG ZvciBpdHMg cHJvZHVjdH MgYW5kIHNl cnZpY2VzIH RvIGVkdWNh dGUgYnVzaW 5lc3NlcyBh bmQgaW5kaX ZpZHVhbHMg b24gaG93IH RvIHVzZSBp dHMgdGVjaG 5vbG9naWVz IGVmZmVjdG l2ZWx5Ljxi cj44LiBTYW xlcyBhbmQg ZGlzdHJpYn V0aW9uOiBG dWppdHN1IG hhcyBhIGds b2JhbCBuZX R3b3JrIG9m IHNhbGVzIG FuZCBkaXN0 cmlidXRpb2 4gY2hhbm5l bHMgdGhyb3 VnaCB3aGlj aCBpdCBzZW xscyBpdHMg cHJvZHVjdH MgYW5kIHNl cnZpY2VzLj xicj45LiBS ZXNlYXJjaC BhbmQgZGV2 ZWxvcG1lbn Q6IEZ1aml0 c3UgaW52ZX N0cyBoZWF2 aWx5IGluIH Jlc2VhcmNo IGFuZCBkZX ZlbG9wbWVu dCB0byBpbm 5vdmF0ZSBh bmQgaW1wcm 92ZSBpdHMg cHJvZHVjdH MgYW5kIHNl cnZpY2VzIG NvbnRpbnVh bGx5Ljxicj 4xMC4gU3Ry YXRlZ2ljIH BhcnRuZXJz aGlwcyBhbm QgYWNxdWlz aXRpb25zOi BGdWppdHN1 IHBhcnRuZX JzIHdpdGgg b3RoZXIgY2 9tcGFuaWVz IGFuZCBtYW tlcyBzdHJh dGVnaWMgYW NxdWlzaXRp b25zIHRvIG V4cGFuZCBp dHMgcG9ydG ZvbGlvIGFu ZCBtYXJrZX Qgc2hhcmUg aW4gZGlmZm VyZW50IGNv dW50cmllcy BhbmQgaW5k dXN0cmllcy 4=

The sensitivity of Fujitsu’s earnings, cash flow, and valuation to changes in interest rates can be analyzed from several perspectives:
1. Earnings Sensitivity: Fujitsu’s earnings can be impacted by changes in interest rates primarily through cost of capital and borrowing costs. Higher interest rates typically increase the cost of borrowing, which can affect Fujitsu’s ability to finance operations and investments. If the company has significant debt, higher interest rates could lead to increased interest expenses, thereby reducing net income. Conversely, lower rates can improve earnings by reducing financing costs.
2. Cash Flow Sensitivity: Cash flow is also sensitive to interest rates, particularly in terms of operating cash flow and investments. Higher interest rates can constrain spending on capital projects, which may delay revenue growth and cash inflows. Furthermore, if customer financing costs rise due to higher interest rates, it can lead to lower demand for Fujitsu’s products and services, further impacting cash flow. On the other hand, reduced interest rates can make it easier for customers and clients to finance purchases, positively influencing cash flow.
3. Valuation Sensitivity: Valuation is often affected by interest rates through the discount rate used in discounted cash flow (DCF) analyses. Higher interest rates typically lead to higher discount rates, which can result in lower present values of future cash flows, negatively impacting the valuation of Fujitsu’s stock. Investors generally prefer to value companies based on future cash flows; thus, changes in interest rates can have a significant bearing on stock prices.
In summary, Fujitsu’s earnings, cash flow, and valuation are interconnected and sensitive to changes in interest rates due to their effects on borrowing costs, customer demand, and valuation methodologies. A careful analysis of the company’s capital structure, customer base, and market conditions would be necessary to understand the extent of these sensitivities in various economic scenarios.

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 bG9nb3MveE 5pVGN0M085 SDZFTnhqSX c3ZXkud2Vi cCIgYWx0PS JGdWppdHN1 IiB0aXRsZT 0iRnVqaXRz dSIgIGNsYX NzPSJpbWct Zmx1aWQiIG hlaWdodD05 MCB3aWR0aD 05MCBsb2Fk aW5nPSdsYX p5JyBzdHls ZT0nYm9yZG VyLXJhZGl1 czogNnB4Oy c+CgogICAg ICAgICAgIC AgICAgICAg IDxkaXYgc3 R5bGU9J2Zs ZXg6IDE7IH RleHQtYWxp Z246IGNlbn RlcjsgbWFy Z2luLWxlZn Q6IDVweDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8cCBz dHlsZT0nZm 9udC1zaXpl OiAyNnB4Oy Bjb2xvcjog IzMzMzsgbW FyZ2luLWJv dHRvbTogMT VweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAg8J+T iCBXYW50IH RvIHJlYWQg bW9yZSBhYm 91dCBGdWpp dHN1PwogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L3A+CgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 YSBocmVmPS dpbmRleC5w aHA/cGFnZT 1zaWdudXAn IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG JhY2tncm91 bmQtY29sb3 I6ICMwMDdC RkY7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBjb2xvcj ogI2ZmZjsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHBh ZGRpbmc6ID EwcHggMjBw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJvcmRlci 1yYWRpdXM6 IDVweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIHRleH QtZGVjb3Jh dGlvbjogbm 9uZTsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGZvbnQt d2VpZ2h0Oi Bib2xkOwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgbWFy Z2luLXJpZ2 h0OiAxMHB4 OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dHJhbnNpdG lvbjogYmFj a2dyb3VuZC 1jb2xvciAw LjNzIGVhc2 U7JwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Agb25tb3Vz ZW92ZXI9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A1NmIzIicK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIG9u bW91c2VvdX Q9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA3QkZG Iic+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIGZvciBm cmVlCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv YT4KCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxz cGFuIHN0eW xlPSdtYXJn aW46IDAgOH B4OyBjb2xv cjogIzU1NT snPm9yPC9z cGFuPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PGEgaHJlZj 0naW5kZXgu cGhwP3BhZ2 U9bG9naW4n IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG NvbG9yOiAj MDA3QkZGOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgdG V4dC1kZWNv cmF0aW9uOi B1bmRlcmxp bmU7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBmb250LX dlaWdodDog NTAwOyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBsb2 cgaW4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9hPgoKCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xwIHN0eWxl PSdtYXJnaW 4tdG9wOiAx NXB4OyBmb2 50LXNpemU6 IDEzcHg7IG ZvbnQtd2Vp Z2h0OiBib2 xkOyBjb2xv cjogI2QzMm YyZjsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAg8J+T miBZb3VyIG ZyZWUgY29w eSBvZiA8aT 4iVGhlIENo ZWNrbGlzdC BWYWx1ZSBJ bnZlc3Rvci DigJQgQSBT bWFydGVyIF dheSB0byBQ aWNrIFN0b2 NrcyI8L2k+ IGlzIHdhaX RpbmcKICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9wPgoKICAg ICAgICAgIC AgICAgICAg ICAgICAgPC EtLQogICAg ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdtYXJnaW 4tdG9wOiAx MnB4OyBmb2 50LXNpemU6 IDEzcHg7IG NvbG9yOiAj NDQ0Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIG5v dyBhbmQgZ2 V0IG91ciBm cmVlIGVCb2 9rIAogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGI+VGhl IENoZWNrbG lzdCBWYWx1 ZSBJbnZlc3 RvciDigJQg QSBTbWFydG VyIFdheSB0 byBQaWNrIF N0b2Nrczwv Yj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIC0t PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8IS0t CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxkaXYg c3R5bGU9J2 1hcmdpbi10 b3A6IDE2cH g7IGZvbnQt c2l6ZTogMT RweDsgY29s b3I6ICM0ND Q7IGZvbnQt ZmFtaWx5Oi AtYXBwbGUt c3lzdGVtLC BCbGlua01h Y1N5c3RlbU ZvbnQsIFNl Z29lIFVJLC BSb2JvdG8s IEhlbHZldG ljYSBOZXVl LCBzYW5zLX NlcmlmOyBs aW5lLWhlaW dodDogMS42 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBIYXZlIH lvdSBoZWFy ZCBhYm91dC BvdXIgc2hv cnQgPHN0cm 9uZyBzdHls ZT0nZm9udC 13ZWlnaHQ6 IDYwMDsnPk RhaWx5IFZp ZGVvIE5ld3 NsZXR0ZXI8 L3N0cm9uZz 4/CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdodHRwcz ovL3d3dy5p bnNpZ2h0Zn VsdmFsdWUu Y29tL25ld3 NsZXR0ZXIu cGhwJyB0YX JnZXQ9J19i bGFuaycgc3 R5bGU9J2Nv bG9yOiAjMD A3QkZGOyB0 ZXh0LWRlY2 9yYXRpb246 IG5vbmU7IG ZvbnQtd2Vp Z2h0OiA1MD A7IG1hcmdp bi1sZWZ0Oi A2cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBGaW5kIG 91dCBtb3Jl CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 L2E+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICAgICAgIC AgICAgICAt LT4KICAgIC AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgCiAgICAg ICAgCiAgIC AgICAgPHNw YW4gY2xhc3 M9J2JsdXJy ZWQtdGV4dC c+CiAgICAg ICAgICAgIE 1TNGdSbTkx Ym0gUmxaQ0 JwYmlBeCBP VE0xT2lCR2 RXIHBwZEhO MUlIZGggY3 lCbWIzVnVa RyBWa0lHbH VJREU1IE16 VWdZWE1nZE cgaGxJRlJs YkdWaiBiMj F0ZFc1cFky IEYwYVc5dW N5QkYgY1hW cGNHMWxibi BRZ1EyOXRj R0Z1IGVTNG dTWFFnZDIg RnpJR2x1YV hScCBZV3hz ZVNCaElIIF JsYkdWamIy MXQgZFc1cF kyRjBhVyA5 dWN5QmxjWF ZwIGNHMWxi blFnYlcgRn VkV1poWTNS MSBjbVZ5TE NCaWRYIFFn YkdGMFpYSW cgWlhod1lX NWtaVyBRZ2 FXNTBieUJ2 IGRHaGxjaU JoY20gVmhj eUJ2WmlCbC BiR1ZqZEhK dmJtIGxqY3 lCaGJtUWcg ZEdWamFHNX ZiRyA5bmVT NDhZbkkrIE 1pNGdUbUZ0 WlcgUWdZV1 owWlhJZyBU VzkxYm5RZ1 JuIFZxYVRv Z1ZHaGwgSU dOdmJYQmhi biBuaWdKbH pJRzVoIGJX VWdZMjl0Wl ggTWdabkp2 YlNCMCBhR1 VnU21Gd1lX IDVsYzJVZ2 RHVnkgYlNC bWIzSWdUVy A5MWJuUWdS blZxIGFTd2 dkR2hsSUcg aHBaMmhsYz NRZyBiVzkx Ym5SaGFXID RnYVc0Z1Nt RncgWVc0Z1 lXNWtJRyBF Z2MzbHRZbT lzIElHOW1J SE4wY20gVn VaM1JvSUdG dSBaQ0JzYj I1blpYIFpw ZEhrdVBHSn kgUGpNdUlF OXVaUyBCdl ppQjBhR1Vn IGIyeGtaWE 4wSUUgbFVJ R052YlhCaC BibWxsY3lC cGJpIEIwYU dVZ2QyOXkg YkdRNklFWj FhbSBsMGMz VWdhWE1nIG IyNWxJRzlt SUggUm9aU0 J2YkdSbCBj M1FnU1ZRZ1 kyIDl0Y0dG dWFXVnogSU dsdUlIUm9a UyBCM2IzSn NaQ3dnIGFH RjJhVzVuSU cgSmxaVzRn YVc0ZyBZbl Z6YVc1bGMz IE1nWm05eU lHOTIgWlhJ Z09EVWdlVy BWaGNuTXVQ R0p5IFBqUX VJRTExYkgg UnBibUYwYV c5dSBZV3dn WTI5eWNHID l5WVhScGIy NDYgSUVaMW FtbDBjMyBV Z2FYTWdZU0 J0IGRXeDBh VzVoZEcgbH ZibUZzSUdO diBiWEJoYm 5rZ2QyIGww YUNCb1pXRm sgY1hWaGNu UmxjbiBNZ2 FXNGdWRzly IGVXOHNJRX BoY0cgRnVM aUJKZENCby BZWE1nYjNC bGNtIEYwYV c5dWN5QnAg YmlCdmRtVn lJRCBFd01D QmpiM1Z1IG RISnBaWE1n WVcgNWtJR1 Z0Y0d4diBl WE1nYjNabG NpIEF4TXpJ c01EQXcgSU hCbGIzQnNa UyBCM2IzSn NaSGRwIFpH VXVQR0p5UG ogVXVJRVJw ZG1WeSBjMm wwZVNCaGJt IFFnYVc1am JIVnogYVc5 dU9pQkdkVy BwcGRITjFJ R2x6IElHTn ZiVzFwZEgg UmxaQ0IwYn lCayBhWFps Y25OcGRIIG tnWVc1a0lH bHUgWTJ4MW MybHZiaSB3 Z2QybDBhQ0 J3IGNtOW5j bUZ0Y3kgQn BiaUJ3YkdG aiBaU0IwYn lCd2NtIDl0 YjNSbElHZG wgYm1SbGNp QmxjWCBWaG JHbDBlU0Jo IGJtUWdjM1 Z3Y0cgOXlk Q0JsYlhCcy BiM2xsWlhN Z2QyIGwwYU NCa2FYTmgg WW1sc2FYUn BaWCBNdVBH SnlQall1IE lFVnVkbWx5 YjIgNXRaVz UwWVd3ZyBj M1Z6ZEdGcG JtIEZpYVd4 cGRIazYgSU VsdUlERTVP VCBNc0lFWj FhbWwwIGMz VWdZV1J2Y0 ggUmxaQ0Jo YmlCbCBibl pwY205dWJX IFZ1ZEdGc0 lHMWggYm1G blpXMWxibi BRZ2MzbHpk R1Z0IElHRn VaQ0JvWVgg TWdjMmx1WT JVZyBhVzF3 YkdWdFpXID UwWldRZ2Rt RnkgYVc5MW N5QnBibSBs MGFXRjBhWF psIGN5QjBi eUJ5WlcgUj FZMlVnYVhS eiBJR05oY2 1KdmJpIEJt YjI5MGNISn AgYm5RZ1lX NWtJSCBCeW IyMXZkR1Vn IGMzVnpkR0 ZwYm0gRmli R1VnWW5Wei BhVzVsYzNN Z2NIIEpoWT NScFkyVnog TGp4aWNqND NMaSBCR2FY SnpkQ0JLIF lYQmhibVZ6 WlMgQmpiMj F3ZFhSbCBj aUJ0WVc1MV ptIEZqZEhW eVpYSTYgSU VsdUlERTVO VCBRc0lFWj FhbWwwIGMz VWdZbVZqWV cgMWxJSFJv WlNCbSBhWE p6ZENCS1lY IEJoYm1Wel pTQmogYjIx d1lXNTVJSC BSdklHMWhi blZtIFlXTj BkWEpsSUcg TnZiWEIxZE dWeSBjeTQ4 WW5JK09DID RnU1c1MlpX NTAgYVc5dW N5QmhibSBR Z2NHRjBaVz UwIGN6b2dS blZxYVggUn pkU0JvWVhN ZyBZU0JzYj I1bklHIGhw YzNSdmNua2 cgYjJZZ2FX NXViMyBaaG RHbHZiaUJo IGJtUWdhRz lzWkggTWdi blZ0WlhKdi BkWE1nY0dG MFpXIDUwY3 k0Z1NXNGcg ZEdobElIQm hjMyBRc0lI Um9aU0JqIG IyMXdZVzU1 SUcgaGhjeU JpWldWdSBJ SEpsYzNCdm JuIE5wWW14 bElHWnYgY2 lCamNtVmhk RyBsdVp5Qm 5jbTkxIGJt UmljbVZoYT IgbHVaeUIw WldObyBibT lzYjJkcFpY IE1zSUhOMV kyZ2cgWVhN Z2RHaGxJSC BkdmNteGs0 b0NaIGN5Qm 1hWEp6ZEMg QnRZV2R1Wl hScCBZeUIw WVhCbElHIE 5oYkdOMWJH RjAgYjNJZ2 FXNGdNVCBr MU5DNDhZbk krIE9TNGdT VlFnYzIgVn lkbWxqWlhN ZyBjSEp2ZG 1sa1pYIEk2 SUVaMWFtbD AgYzNVZ2FY TWdiMiA1bE lHOW1JSFJv IFpTQnNZWE puWlggTjBJ RWxVSUhObC BjblpwWTJW eklIIEJ5Yj NacFpHVnkg Y3lCcGJpQj BhRyBVZ2Qy OXliR1FzIE lHOW1abVZ5 YVcgNW5JR0 VnZDJsayBa U0J5WVc1bl pTIEJ2WmlC d2NtOWsgZF dOMGN5Qmhi bSBRZ2MyVn lkbWxqIFpY TXNJR2x1WT IgeDFaR2x1 WnlCbyBZWE prZDJGeVpT IHdnYzI5bW RIZGggY21V c0lHRnVaQy BCamIyNXpk V3gwIGFXNW 5ManhpY2og NHhNQzRnUV hKMCBhV1pw WTJsaGJDIE JwYm5SbGJH eHAgWjJWdV kyVWdLRSBG SktTQnlaWE 5sIFlYSmph RG9nUm4gVn FhWFJ6ZFNC byBZWE1nWW 1WbGJpIEJo ZENCMGFHVW cgWm05eVpX WnliMiA1ME lHOW1JRUZK IElISmxjMl ZoY20gTm9J R0Z1WkNCay BaWFpsYkc5 d2JXIFZ1ZE NCbWIzSWcg YjNabGNpQX pNQyBCNVpX RnljeUJoIG JtUWdZMjl1 ZEcgbHVkV1 Z6SUhSdiBJ SEIxYzJnZ2 RHIGhsSUdK dmRXNWsgWV hKcFpYTWdi MiBZZ2JXRm phR2x1IFpT QnNaV0Z5Ym 0gbHVaeUJo Ym1RZyBiM1 JvWlhJZ1FV IGtnZEdWam FHNXYgYkc5 bmFXVnpMai B4aWNqNHhN UzRnIFZHOX dJSE4xY0cg VnlZMjl0Y0 hWMCBaWEln YldGdWRXIF poWTNSMWNt VnkgT2lCR2 RXcHBkSCBO MUlHbHpJR0 VnIGJHVmha R2x1WnkgQn RZVzUxWm1G aiBkSFZ5Wl hJZ2IyIFln YzNWd1pYSm ogYjIxd2RY UmxjbiBNc0 lIZHBkR2dn IGMyVjJaWE poYkMgQnZa aUJwZEhNZy BjM2x6ZEdW dGN5IEJ5WV c1cmFXNW4g SUdGdGIyNW 5JSCBSb1pT QjBiM0FnIE 1UQWdhVzRn ZEcgaGxJSG R2Y214ayBM anhpY2o0eE 1pIDRnVTNC dmJuTnYgY2 5Ob2FYQnpP aSBCR2RXcH BkSE4xIElH aGhjeUJpWl cgVnVJR0Vn YzNCdiBibk 52Y2lCdlpp IEIwYUdVZ1 QyeDUgYlhC cFl5QmhibS BRZ1VHRnlZ V3g1IGJYQn BZeUJIWVcg MWxjeUJ6YV c1aiBaU0F4 T1RnekxDIE J3Y205MmFX UnAgYm1jZ1 NWUWdjMiBW eWRtbGpaWE 1nIFlXNWtJ SE4xY0ggQn ZjblFnWm05 eSBJSFpoY2 1sdmRYIE1n WlhabGJuUn ogSUdGdVpD QmhZMyBScG RtbDBhV1Z6 IExDQnBibU 5zZFcgUnBi bWNnZEdobC BJRTlzZVcx d2FXIE1nVk c5eVkyZ2cg VW1Wc1lYa3 VQRyBKeVBq RXpMaUJUIG IyTnBZV3dn Y20gVnpjRz l1YzJsaSBh V3hwZEhrNk lFIFoxYW1s MGMzVWcgYV hNZ1kyOXRi VyBsMGRHVm tJSFJ2IElH TnZjbkJ2Y2 0gRjBaU0J6 YjJOcCBZV3 dnY21WemNH IDl1YzJsaW FXeHAgZEhr Z1lXNWtJRy BoaGN5QnBi bWwwIGFXRj BhWFpsY3kg QnBiaUJ3Yk dGaiBaU0Iw YnlCemRYIE J3YjNKMElH TnYgYlcxMW JtbDBhVyBW ekxDQndjbT l0IGIzUmxJ R1ZrZFcgTm hkR2x2Yml3 ZyBZVzVrSU hCeWIzIFJs WTNRZ2RHaG wgSUdWdWRt bHliMiA1dF pXNTBManhp IGNqNHhOQz RnUVggZGhj bVJ6SUdGdS BaQ0J5WldO dloyIDVwZE dsdmJqb2cg Um5WcWFYUn pkUyBCb1lY TWdjbVZqIF pXbDJaV1Fn Ym4gVnRaWE p2ZFhNZyBZ WGRoY21Sek lHIEZ1WkNC eVpXTnYgWj I1cGRHbHZi biBNZ1ptOX lJR2wwIGN5 QnBibTV2ZG 0gRjBhWFps SUhCeSBiMl IxWTNSekxD IEJzWldGa1 pYSnogYUds d0xDQmhibS BRZ1kyOXlj Rzl5IFlYUm xJSE4xYzMg UmhhVzVoWW 1scyBhWFI1 SUdWbVptID l5ZEhNdVBH SnkgUGpFMU xpQkRiMiB4 c1lXSnZjbU YwIGFXOXVJ SGRwZEcgZ2 diM1JvWlhJ ZyBZMjl0Y0 dGdWFXIFZ6 T2lCR2RXcH AgZEhOMUlH aGhjeSBCaE lHaHBjM1J2 IGNua2diMl lnWTIgOXNi R0ZpYjNKaC BkR2x1WnlC M2FYIFJvSU c5MGFHVnkg SUdOdmJYQm hibSBsbGN5 QmhibVFnIG IzSm5ZVzVw ZW0gRjBhVz l1Y3l3ZyBj M1ZqYUNCaG N5IEJOYVdO eWIzTnYgWm 5Rc0lGTnBa VyAxbGJuTX NJR0Z1IFpD QkpiblJsYk Mgd2dkRzhn WkdWMiBaV3 h2Y0NCaGJt IFFnYVcxd2 NtOTIgWlNC MFpXTm9ibS A5c2IyZHBa WE1nIFlXNW tJSE5sY24g WnBZMlZ6TG c9PQogICAg ICAgIDwvc3 Bhbj4KICAg ICAgICAKIC AgICAgICA=
See Company Q&A