Choice Hotels

-15.57%

More reviews (3)

Live  

Choice Hotels is a hotel franchising company that was founded in 1939 by seven Florida motel owners. It is headquartered in Rockville, Maryland and is one of the largest hotel chains in the world. Choice Hotels operates more than 7,000 hotels across 40 countries, including well-known brands such as Comfort Inn, Quality Inn, and Sleep Inn.
The company's mission is to provide "value, consistency, and service" to its guests by offering a range of affordable and comfortable lodging options. Choice Hotels has a diverse portfolio of brands that cater to different segments of travelers, from budget-conscious to luxury travelers. It also offers various reward programs such as Choice Privileges, which allows guests to earn points and redeem free nights at any Choice Hotels property.
Choice Hotels also emphasizes its commitment to sustainability and corporate responsibility. It has implemented eco-friendly practices such as energy-efficient lighting and water conservation programs in its properties. The company also supports various charitable organizations and initiatives, including the American Red Cross and the National Center for Missing and Exploited Children.
Overall, Choice Hotels aims to provide a reliable and enjoyable hotel experience for its guests while also making a positive impact on the environment and communities it operates in.

Q2hvaWNlIE hvdGVscyBp cyBhIGJpZy Bjb21wYW55 IHRoYXQgb3 ducyBsb3Rz IG9mIGhvdG VscyB3aGVy ZSBwZW9wbG UgY2FuIHN0 YXkgd2hlbi B0aGV5IHRy YXZlbC4gVG hpbmsgb2Yg aXQgbGlrZS BhIGJpZyBm YW1pbHkgb2 YgaG90ZWxz LCB3aGVyZS BlYWNoIGhv dGVsIGhhcy BpdHMgb3du IG5hbWUgYW 5kIHN0eWxl LiBTb21lIG 9mIHRoZWly IGhvdGVscy B5b3UgbWln aHQgcmVjb2 duaXplIGFy ZSBDb21mb3 J0IElubiwg UXVhbGl0eS BJbm4sIGFu ZCBFY29uby BMb2RnZS48 YnI+Q2hvaW NlIEhvdGVs cyBtYWtlcy Btb25leSBi eSBjaGFyZ2 luZyBndWVz dHMgdG8gc3 RheSBpbiB0 aGVpciBob3 RlbHMuIFdo ZW4gc29tZW 9uZSBib29r cyBhIHJvb2 0sIHRoZXkg cGF5IGZvci BpdCwgYW5k IHRoYXQgbW 9uZXkgZ29l cyB0byB0aG UgaG90ZWwg YW5kIHRvIE Nob2ljZSBI b3RlbHMgYX MgdGhlIGNv bXBhbnkgdG hhdCBoZWxw cyBydW4gZX Zlcnl0aGlu Zy4gVGhleS BhbHNvIGhh dmUgc3BlY2 lhbCBwcm9n cmFtcyBmb3 IgcGVvcGxl IHdobyBzdG F5IHdpdGgg dGhlbSBvZn RlbiwgbGlr ZSByZXdhcm RzIHByb2dy YW1zIHRoYX QgZ2l2ZSBw b2ludHMgZm 9yIGZyZWUg c3RheXMgb3 IgZGlzY291 bnRzLjxicj 5Ob3csIHdo eSBpcyBDaG 9pY2UgSG90 ZWxzIHN1Y2 Nlc3NmdWw/ IFdlbGwsIG l04oCZcyBi ZWNhdXNlIH RoZXkgaGF2 ZSBsb3RzIG 9mIGRpZmZl cmVudCBob3 RlbHMgaW4g bWFueSBwbG FjZXMsIHdo aWNoIG1lYW 5zIHRoZXkg Y2FuIGhlbH AgcGVvcGxl IGZpbmQgYS BwbGFjZSB0 byBzdGF5LC BubyBtYXR0 ZXIgd2hlcm UgdGhleeKA mXJlIHRyYX ZlbGluZy4g VGhleSBhbH NvIGZvY3Vz IG9uIG1ha2 luZyB0aGVp ciBob3RlbH MgY29tZnkg YW5kIGFmZm 9yZGFibGUs IHNvIG1vcm UgcGVvcGxl IGNob29zZS B0byBzdGF5 IHdpdGggdG hlbS48YnI+ TG9va2luZy B0byB0aGUg ZnV0dXJlLC BDaG9pY2Ug SG90ZWxzIG lzIGxpa2Vs eSB0byBrZW VwIGJlaW5n IHN1Y2Nlc3 NmdWwgYmVj YXVzZSB0aG V5IGFyZSBh bHdheXMgdG hpbmtpbmcg YWJvdXQgaG 93IHRvIGlt cHJvdmUgYW 5kIGtlZXAg dXAgd2l0aC B3aGF0IHRy YXZlbGVycy B3YW50LiBU aGV5IG1pZ2 h0IGJ1aWxk IG1vcmUgaG 90ZWxzIG9y IG1ha2UgdG hlaXIgY3Vy cmVudCBvbm VzIGV2ZW4g YmV0dGVyLi BQbHVzLCBt YW55IHBlb3 BsZSBsb3Zl IHRvIHRyYX ZlbCwgc28g YXMgbG9uZy BhcyBwZW9w bGUgYXJlIG dvaW5nIG9u IHZhY2F0aW 9ucyBvciB0 cmlwcywgaG 90ZWxzIGxp a2UgdGhvc2 UgZnJvbSBD aG9pY2UgSG 90ZWxzIHdp bGwgYWx3YX lzIGJlIG5l ZWRlZCE8Yn I+

MS4gQnJvYW QgUmFuZ2Ug b2YgQnJhbm RzOiBDaG9p Y2UgSG90ZW xzIG93bnMg YW5kIG9wZX JhdGVzIGEg ZGl2ZXJzZS Bwb3J0Zm9s aW8gb2YgYn JhbmRzLCBp bmNsdWRpbm cgZWNvbm9t eSwgbWlkc2 NhbGUsIHVw c2NhbGUsIG FuZCBleHRl bmRlZCBzdG F5IGhvdGVs cywgcHJvdm lkaW5nIGEg cmFuZ2Ugb2 Ygb3B0aW9u cyBmb3IgdH JhdmVsZXJz Ljxicj4yLi BHbG9iYWwg UHJlc2VuY2 U6IFdpdGgg b3ZlciA3LD EwMCBwcm9w ZXJ0aWVzIG luIG1vcmUg dGhhbiA0MC Bjb3VudHJp ZXMgYW5kIH RlcnJpdG9y aWVzLCBDaG 9pY2UgSG90 ZWxzIGhhcy BhIHN0cm9u ZyBnbG9iYW wgcHJlc2Vu Y2UgYW5kIG lzIG9uZSBv ZiB0aGUgbG FyZ2VzdCBs b2RnaW5nIG NvbXBhbmll cyBpbiB0aG Ugd29ybGQu PGJyPjMuIE xveWFsdHkg UHJvZ3JhbT ogQ2hvaWNl IFByaXZpbG VnZXMsIHRo ZSBjb21wYW 55J3MgbG95 YWx0eSBwcm 9ncmFtLCBv ZmZlcnMgbW VtYmVycyBl eGNsdXNpdm UgYmVuZWZp dHMgYW5kIH Jld2FyZHMg c3VjaCBhcy BmcmVlIG5p Z2h0cywgYW lybGluZSBt aWxlcywgYW 5kIGdpZnQg Y2FyZHMuPG JyPjQuIEZy YW5jaGlzZS BCdXNpbmVz cyBNb2RlbD ogQ2hvaWNl IEhvdGVscy cgZnJhbmNo aXNlIGJ1c2 luZXNzIG1v ZGVsIGFsbG 93cyBmb3Ig cmFwaWQgZ3 Jvd3RoIGFu ZCBleHBhbn Npb24sIGFz IGluZGl2aW R1YWwgaG90 ZWwgb3duZX JzIGNhbiB0 YXAgaW50by B0aGUgY29t cGFueSdzIH Jlc291cmNl cywgc3VwcG 9ydCwgYW5k IG1hcmtldG luZyBlZmZv cnRzLjxicj 41LiBGb2N1 cyBvbiBUZW Nobm9sb2d5 OiBUaGUgY2 9tcGFueSBo YXMgaW52ZX N0ZWQgaGVh dmlseSBpbi B0ZWNobm9s b2d5LCB3aX RoIGluaXRp YXRpdmVzIH N1Y2ggYXMg bW9iaWxlIG NoZWNrLWlu IGFuZCBrZX lsZXNzIHJv b20gZW50cn ksIG1ha2lu ZyB0aGUgYm 9va2luZyBh bmQgY2hlY2 staW4gcHJv Y2VzcyBtb3 JlIGNvbnZl bmllbnQgZm 9yIGd1ZXN0 cy48YnI+Ni 4gQ29tbWl0 bWVudCB0by BTdXN0YWlu YWJpbGl0eT ogQ2hvaWNl IEhvdGVscy BpcyBjb21t aXR0ZWQgdG 8gc3VzdGFp bmFiaWxpdH kgYW5kIGhh cyBpbXBsZW 1lbnRlZCB2 YXJpb3VzIG luaXRpYXRp dmVzIHRvIH JlZHVjZSBp dHMgZW52aX Jvbm1lbnRh bCBpbXBhY3 QsIGluY2x1 ZGluZyBlbm VyZ3kgZWZm aWNpZW5jeS Bwcm9ncmFt cywgcmVjeW NsaW5nIGVm Zm9ydHMsIG FuZCBlY28t ZnJpZW5kbH kgYW1lbml0 aWVzIGluIG hvdGVscy48 YnI+Ny4gU3 Ryb25nIENv cnBvcmF0ZS BDdWx0dXJl OiBDaG9pY2 UgSG90ZWxz IHByb21vdG VzIGEgcG9z aXRpdmUgY2 9ycG9yYXRl IGN1bHR1cm UgdGhhdCB2 YWx1ZXMgdG VhbXdvcmss IGRpdmVyc2 l0eSwgYW5k IGNvbnRpbn VvdXMgbGVh cm5pbmcsIG xlYWRpbmcg dG8gaGlnaC BlbXBsb3ll ZSBzYXRpc2 ZhY3Rpb24g YW5kIGxvdy B0dXJub3Zl ciByYXRlcy 48YnI+OC4g SW5kdXN0cn kgUmVjb2du aXRpb246IF RoZSBjb21w YW55IGhhcy ByZWNlaXZl ZCBudW1lcm 91cyBhd2Fy ZHMgYW5kIH JlY29nbml0 aW9uIGZyb2 0gdGhlIGhv c3BpdGFsaX R5IGluZHVz dHJ5LCBpbm NsdWRpbmcg YmVpbmcgbm FtZWQgYSB0 b3AgaG90ZW wgY29tcGFu eSBieSBGb3 JiZXMgYW5k IG9uZSBvZi B0aGUgYmVz dCBwbGFjZX MgdG8gd29y ayBieSB0aG UgSHVtYW4g UmlnaHRzIE NhbXBhaWdu IEZvdW5kYX Rpb24uPGJy PjkuIFN1cH BvcnQgZm9y IENvbW11bm l0aWVzOiBU aHJvdWdoIG l0cyBwaGls YW50aHJvcG ljIGFybSwg Q2hvaWNlIE hvdGVscyBJ bnRlcm5hdG lvbmFsIEZv dW5kYXRpb2 4sIHRoZSBj b21wYW55IH N1cHBvcnRz IHZhcmlvdX MgY2hhcml0 YWJsZSBvcm dhbml6YXRp b25zIGFuZC Bpbml0aWF0 aXZlcyB0by BpbXByb3Zl IHRoZSBsaX ZlcyBvZiB0 aG9zZSBpbi BuZWVkLjxi cj4xMC4gUm VzaWxpZW5j ZTogRGVzcG l0ZSBjaGFs bGVuZ2VzIG ZhY2VkIGJ5 IHRoZSBob3 NwaXRhbGl0 eSBpbmR1c3 RyeSwgQ2hv aWNlIEhvdG VscyBoYXMg YSBwcm92ZW 4gdHJhY2sg cmVjb3JkIG 9mIHJlc2ls aWVuY2UgYW 5kIGFkYXB0 YWJpbGl0eS wgY29uc2lz dGVudGx5IG RlbGl2ZXJp bmcgc3Ryb2 5nIGZpbmFu Y2lhbCByZX N1bHRzIGFu ZCBzaGFyZW hvbGRlciB2 YWx1ZS4=

Q2hvaWNlIE hvdGVscyBp cyBhIGhvc3 BpdGFsaXR5 IGNvbXBhbn kgdGhhdCBv d25zIGFuZC BmcmFuY2hp c2VzIGhvdG VscyBhbmQg cmVzb3J0cy B1bmRlciBz ZXZlcmFsIH dlbGwta25v d24gYnJhbm QgbmFtZXMg c3VjaCBhcy BDb21mb3J0 IElubiwgUX VhbGl0eSBJ bm4sIENsYX Jpb24sIFNs ZWVwIElubi wgRWNvbm9M b2RnZSwgYW 5kIENhbWJy aWEgSG90ZW xzICYgU3Vp dGVzLiBUaG UgY29tcGFu eSBvcGVyYX RlcyBtb3N0 bHkgaW4gdG hlIGVjb25v bXkgdG8gbW lkLXNjYWxl IGhvdGVsIH NlZ21lbnRz LCBvZmZlcm luZyBhZmZv cmRhYmxlIG FjY29tbW9k YXRpb25zIH RvIGJ1ZGdl dC1jb25zY2 lvdXMgdHJh dmVsZXJzLj xicj5DaG9p Y2UgSG90ZW xzJyBidXNp bmVzcyBtb2 RlbCBpcyBi YXNlZCBvbi BhIGZyYW5j aGlzZSBzeX N0ZW0sIHdo ZXJlIGluZG VwZW5kZW50 IGhvdGVsIG 93bmVycyBw YXkgZmVlcy B0byB0aGUg Y29tcGFueS BpbiBleGNo YW5nZSBmb3 IgYnJhbmRp bmcsIG1hcm tldGluZywg YW5kIHJlc2 VydmF0aW9u IHNlcnZpY2 VzLiBUaGlz IGFsbG93cy BDaG9pY2Ug SG90ZWxzIH RvIGV4cGFu ZCBpdHMgcm VhY2ggYW5k IHByZXNlbm NlIGluIHRo ZSBob3RlbC BpbmR1c3Ry eSB3aXRob3 V0IGhhdmlu ZyB0byBtYW 5hZ2UgYW5k IGludmVzdC BpbiBlYWNo IHByb3Blcn R5IGluZGl2 aWR1YWxseS 48YnI+QWRk aXRpb25hbG x5LCBDaG9p Y2UgSG90ZW xzIGdlbmVy YXRlcyByZX ZlbnVlIHRo cm91Z2ggdm FyaW91cyBk aXN0cmlidX Rpb24gY2hh bm5lbHMsIG luY2x1ZGlu ZyBpdHMgb3 duIHdlYnNp dGUsIHRyYX ZlbCBhZ2Vu Y2llcywgb2 5saW5lIHRy YXZlbCBhZ2 VuY2llcywg YW5kIGNvcn BvcmF0ZSBh Z3JlZW1lbn RzLiBUaGUg Y29tcGFueS BhbHNvIGNv bGxlY3RzIG ZlZXMgZnJv bSBmcmFuY2 hpc2VlcyBm b3Igc2Vydm ljZXMgc3Vj aCBhcyByZX NlcnZhdGlv bnMsIHRyYW luaW5nLCBh bmQgYWR2ZX J0aXNpbmcu PGJyPkNob2 ljZSBIb3Rl bHMgYWxzby Bmb2N1c2Vz IG9uIGJ1aW xkaW5nIGxv bmctdGVybS ByZWxhdGlv bnNoaXBzIH dpdGggbG95 YWwgY3VzdG 9tZXJzIHRo cm91Z2ggaX RzIENob2lj ZSBQcml2aW xlZ2VzIHJl d2FyZHMgcH JvZ3JhbS4g VGhpcyBwcm 9ncmFtIGlu Y2VudGl2aX plcyBjdXN0 b21lcnMgdG 8gYm9vayBk aXJlY3RseS B3aXRoIENo b2ljZSBIb3 RlbHMgYW5k IG9mZmVycy BiZW5lZml0 cyBzdWNoIG FzIGZyZWUg bmlnaHRzLC Byb29tIHVw Z3JhZGVzLC BhbmQgZXhj bHVzaXZlIG Rpc2NvdW50 cy48YnI+T3 ZlcmFsbCwg Q2hvaWNlIE hvdGVscycg YnVzaW5lc3 MgbW9kZWwg cmVsaWVzIG 9uIHRoZSBj b21iaW5hdG lvbiBvZiBm cmFuY2hpc2 UgZmVlcywg ZGlzdHJpYn V0aW9uIGNo YW5uZWxzLC BhbmQgY3Vz dG9tZXIgbG 95YWx0eSB0 byBnZW5lcm F0ZSByZXZl bnVlIGFuZC BtYWludGFp biBpdHMgcG 9zaXRpb24g YXMgYSBsZW FkZXIgaW4g dGhlIGhvc3 BpdGFsaXR5 IGluZHVzdH J5Lg==

AI can potentially impact Choice Hotels and its competitive positioning in several ways, though the extent of the threat may vary based on how the company and the industry adapt.
1. Substitution: AI technologies enable new forms of travel and accommodation services, such as home-sharing platforms (e.g., Airbnb) that could substitute traditional hotel stays. These platforms often leverage AI for personalized recommendations, dynamic pricing, and customer engagement, which may appeal to travelers seeking unique experiences. If consumers increasingly prefer alternatives to hotel stays, this could impact Choice Hotels’ market share.
2. Disintermediation: AI can facilitate direct bookings between consumers and service providers, potentially reducing reliance on intermediaries like travel agencies and online booking platforms. While this can be beneficial for some, it may pressure hotels that depend on these platforms for visibility and bookings. Choice Hotels may need to invest in its own technology and marketing to reduce such dependencies and maintain a direct connection with customers.
3. Margin Pressure: The implementation of AI can streamline operations, but it can also intensify competition. If competitors utilize AI more effectively to optimize pricing, improve customer service, or reduce operational costs, they may gain an advantage that pressures margins across the industry. Choice Hotels may need to adopt effective AI strategies to remain competitive and preserve its profit margins.
Overall, while AI presents challenges, it also offers opportunities for innovation and improved customer experiences. The key for Choice Hotels will be to leverage AI to enhance its offerings and stay ahead in a rapidly evolving market.

The sensitivity of Choice Hotels’ earnings, cash flow, and valuation to changes in interest rates can be understood through several key factors.
1. Earnings Sensitivity: Interest rate changes can impact consumer spending behavior, particularly in discretionary spending areas like travel and lodging. Higher interest rates often lead to increased borrowing costs for consumers, which can reduce travel expenditures and, consequently, hotel occupancy rates. Additionally, if Choice Hotels has outstanding debt, higher interest rates can increase interest expenses, potentially reducing net earnings.
2. Cash Flow Impact: Interest rates can also affect the cash flow of Choice Hotels. As rates rise, refinancing existing debt becomes more expensive, thereby increasing cash outflows related to interest payments. This can strain cash flow, making it harder for the company to invest in expansion or maintenance of properties, pay dividends, or handle unexpected expenses.
3. Valuation Effects: The valuation of Choice Hotels is typically influenced by discounted cash flow (DCF) models, which use interest rates to determine the present value of future cash flows. Higher interest rates increase the discount rate used in these calculations, which can lead to a decreased valuation of the company. Investors may also view higher rates as indicative of tighter financial conditions, leading to lower market confidence in equities, including those of hospitality companies.
In summary, rising interest rates can negatively impact Choice Hotels by reducing earnings due to lower consumer spending, increasing cash flow burdens from higher interest payments, and reducing the company’s overall valuation through elevated discount rates in valuation models. Conversely, lower interest rates can provide a more favorable environment for growth and profitability.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci B0aGUgZWNv bm9taWNzIG 9mIENob2lj ZSBIb3RlbH Mgb3ZlciB0 aGUgbmV4dC Az4oCTNSB5 ZWFycyBpcy B0aGUgc3Vz dGFpbmVkIG ltcGFjdCBv ZiBhbiBlY2 9ub21pYyBy ZWNlc3Npb2 4gY291cGxl ZCB3aXRoIG Egc2lnbmlm aWNhbnQgc2 hpZnQgaW4g Y29uc3VtZX IgYmVoYXZp b3IgdG93YX JkcyByZW1v dGUgd29yay BhbmQgYWx0 ZXJuYXRpdm UgYWNjb21t b2RhdGlvbi BvcHRpb25z LiA8YnI+SW 4gdGhpcyBz Y2VuYXJpby wgd2lkZXNw cmVhZCBlY2 9ub21pYyBk b3dudHVybn MgY291bGQg bGVhZCB0by ByZWR1Y2Vk IGRpc3Bvc2 FibGUgaW5j b21lIGZvci Bjb25zdW1l cnMsIHJlc3 VsdGluZyBp biBkZWNyZW FzZWQgdHJh dmVsIGFuZC Bsb3dlciBv Y2N1cGFuY3 kgcmF0ZXMg aW4gaG90ZW xzLiBUaGlz IHdvdWxkIG JlIHBhcnRp Y3VsYXJseS BoYXJtZnVs IGZvciBtaW RzY2FsZSBh bmQgZWNvbm 9teSBzZWdt ZW50cywgd2 hpY2ggYXJl IG1vcmUgc2 Vuc2l0aXZl IHRvIGVjb2 5vbWljIGZs dWN0dWF0aW 9ucy4gTW9y ZW92ZXIsIG FzIHJlbW90 ZSB3b3JrIG JlY29tZXMg bW9yZSBlbn RyZW5jaGVk LCBidXNpbm VzcyB0cmF2 ZWwgY291bG QgZGVjbGlu ZSBzaWduaW ZpY2FudGx5 LCBsZWFkaW 5nIHRvIGZl d2VyIGJvb2 tpbmdzIGlu IGNydWNpYW wgYnVzaW5l c3Mtb3JpZW 50ZWQgaG90 ZWwgbG9jYX Rpb25zLjxi cj5Db25zZX F1ZW50bHks IENob2ljZS BIb3RlbHMg d291bGQgZX hwZXJpZW5j ZSBzZXZlcm FsIG5lZ2F0 aXZlIGltcG FjdHM6PGJy PjEuIDxzdH Jvbmc+TWFy Z2luczwvc3 Ryb25nPjog VGhlIGNvbX BhbnnigJlz IG9wZXJhdG luZyBtYXJn aW5zIHdvdW xkIGxpa2Vs eSBkZWNsaW 5lIGR1ZSB0 byBsb3dlci ByZXZlbnVl IHBlciBhdm FpbGFibGUg cm9vbSAoUm V2UEFSKSBh cyBkZW1hbm QgZGVjcmVh c2VzLiBXaX RoIGZld2Vy IGd1ZXN0cy wgaG90ZWxz IG1pZ2h0IG Fsc28gcmVk dWNlIHJhdG VzIHRvIGF0 dHJhY3Qgdm lzaXRvcnMs IGZ1cnRoZX Igc3F1ZWV6 aW5nIG1hcm dpbnMuIEZp eGVkIGNvc3 RzLCBzdWNo IGFzIHN0YW ZmaW5nIGFu ZCBwcm9wZX J0eSBtYWlu dGVuYW5jZS wgd291bGQg cmVtYWluIH JlbGF0aXZl bHkgY29uc3 RhbnQgb3Ig ZGVjbGluZS Bvbmx5IG1p bmltYWxseS wgbGVhZGlu ZyB0byBhbi BpbmNyZWFz ZWQgY29zdC 10by1yZXZl bnVlIHJhdG lvLjxicj4y LiA8c3Ryb2 5nPkNhc2gg Rmxvdzwvc3 Ryb25nPjog VGhlIGNvbX BhbnnigJlz IGNhc2ggZm xvdyB3b3Vs ZCBsaWtlbH kgYmUgYWR2 ZXJzZWx5IG FmZmVjdGVk IGR1ZSB0by Bsb3dlciBy ZXZlbnVlcy Bmcm9tIGJv dGggcm9vbS Bib29raW5n cyBhbmQgYW 5jaWxsYXJ5 IHNlcnZpY2 VzIChsaWtl IGRpbmluZy BvciBldmVu dHMpLiBXaX RoIHJlZHVj ZWQgY2FzaC BpbmZsb3dz LCB0aGUgY2 9tcGFueSBj b3VsZCBzdH J1Z2dsZSB0 byBjb3Zlci BpdHMgb3Bl cmF0aW9uYW wgZXhwZW5z ZXMsIGFuZC BtYWludGFp bmluZyBsaX F1aWRpdHkg Y291bGQgYm Vjb21lIGNo YWxsZW5naW 5nLiBUaGlz IHNpdHVhdG lvbiBjb3Vs ZCBmb3JjZS B0aGVtIHRv IGN1dCBiYW NrIG9uIGNh cGl0YWwgZX hwZW5kaXR1 cmVzLCBtYX JrZXRpbmcs IGFuZCBwb3 RlbnRpYWxs eSBpbXBhY3 QgZnJhbmNo aXNlIHN1cH BvcnQgc2Vy dmljZXMuPG JyPjMuIDxz dHJvbmc+Qm FsYW5jZSBT aGVldDwvc3 Ryb25nPjog VGhlIGVmZm VjdHMgb24g dGhlIGJhbG FuY2Ugc2hl ZXQgY291bG QgYmUgc2ln bmlmaWNhbn QuIFdpdGgg cmVkdWNlZC BjYXNoIGZs b3cgYW5kIG RlY2xpbmlu ZyByZXZlbn VlcywgQ2hv aWNlIEhvdG VscyBtaWdo dCBzZWUgYW 4gaW5jcmVh c2UgaW4gZG VidCBpZiB0 aGV5IHJlc2 9ydCB0byBi b3Jyb3dpbm cgdG8gbWFu YWdlIG9wZX JhdGlvbmFs IGNvc3RzIG FuZCBtYWlu dGFpbiBsaX F1aWRpdHku IEEgZGVjcm Vhc2UgaW4g cHJvcGVydH kgdmFsdWVz IGR1ZSB0by BkZXByZXNz ZWQgbWFya2 V0IGNvbmRp dGlvbnMgY2 91bGQgYWxz byBuZWdhdG l2ZWx5IGlt cGFjdCB0aG UgY29tcGFu eeKAmXMgYX NzZXQgYmFz ZS4gSWYgdG hlIGNvbXBh bnkgaXMgdW 5hYmxlIHRv IGdlbmVyYX RlIGFkZXF1 YXRlIGNhc2 ggZmxvdyB0 byBzZXJ2aW NlIGl0cyBk ZWJ0cywgaX QgY291bGQg ZmFjZSBoaW doZXIgbGV2 ZXJhZ2UsIH Jlc3VsdGlu ZyBpbiBsb3 dlciBjcmVk aXQgcmF0aW 5ncy4gVGhp cyBjb3VsZC BsZWFkIHRv IGluY3JlYX NlZCBib3Jy b3dpbmcgY2 9zdHMsIGNy ZWF0aW5nIG EgY29tcG91 bmRlZCBlZm ZlY3Qgb24g aXRzIGZpbm FuY2lhbCBz dGFiaWxpdH kuPGJyPk92 ZXJhbGwsIG lmIHRoaXMg c2NlbmFyaW 8gbWF0ZXJp YWxpemVzIG FuZCByZWN1 cnMgb3Zlci BzZXZlcmFs IHllYXJzLC BpdCBjb3Vs ZCBsZWFkIH RvIGEgcGVy bWFuZW50IG ltcGFpcm1l bnQgb2YgQ2 hvaWNlIEhv dGVsc+KAmS BidXNpbmVz cyBtb2RlbC wgbmVjZXNz aXRhdGluZy BzdHJhdGVn aWMgcGl2b3 RzIHRoYXQg bWlnaHQgaW 5jbHVkZSBy ZS1ldmFsdW F0aW5nIG1h cmtldCBmb2 N1cywgZGl2 ZXJzaWZ5aW 5nIHNlcnZp Y2Ugb2ZmZX JpbmdzLCBv ciBvcHRpbm cgZm9yIGVu aGFuY2VkIG RpZ2l0YWwg ZW5nYWdlbW VudHMgdG8g YXR0cmFjdC BjdXN0b21l cnMgaW4gYS BjaGFuZ2Vk IGVjb25vbW ljIGxhbmRz Y2FwZS48Yn I+

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 bG9nb3MvMD BTMHFXSDRP TDV4RzViUH QwRHUud2Vi cCIgYWx0PS JDaG9pY2Ug SG90ZWxzIi B0aXRsZT0i Q2hvaWNlIE hvdGVscyIg IGNsYXNzPS JpbWctZmx1 aWQiIGhlaW dodD01MCB3 aWR0aD01MC Bsb2FkaW5n PSdsYXp5Jy BzdHlsZT0n Ym9yZGVyLX JhZGl1czog NnB4Oyc+Cg ogICAgICAg ICAgICAgIC AgICAgIDxk aXYgc3R5bG U9J2ZsZXg6 IDE7IHRleH QtYWxpZ246 IGNlbnRlcj sgbWFyZ2lu LWxlZnQ6ID VweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8cCBzdHls ZT0nZm9udC 1zaXplOiAy NnB4OyBjb2 xvcjogIzMz MzsgbWFyZ2 luLWJvdHRv bTogMTVweD snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Ag8J+TiCBX YW50IHRvIH JlYWQgbW9y ZSBhYm91dC BDaG9pY2Ug SG90ZWxzPw 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+UkyBVbm xvY2sgb3Vy IGZyZWUgZ3 VpZGU6IDxp PiJUaGUgQ2 hlY2tsaXN0 IFZhbHVlIE ludmVzdG9y IOKAlCBBIF NtYXJ0ZXIg V2F5IHRvIF BpY2sgU3Rv Y2tzIjwvaT 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9wPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPCEtLQ ogICAgICAg ICAgICAgIC AgICAgICAg ICA8ZGl2IH N0eWxlPSdt YXJnaW4tdG 9wOiAxMnB4 OyBmb250LX NpemU6IDEz cHg7IGNvbG 9yOiAjNDQ0 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIG5vdyBh bmQgZ2V0IG 91ciBmcmVl IGVCb29rIA ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgPG I+VGhlIENo ZWNrbGlzdC BWYWx1ZSBJ bnZlc3Rvci DigJQgQSBT bWFydGVyIF dheSB0byBQ aWNrIFN0b2 NrczwvYj4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIC0tPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8IS0tCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xkaXYgc3R5 bGU9J21hcm dpbi10b3A6 IDE2cHg7IG ZvbnQtc2l6 ZTogMTRweD sgY29sb3I6 ICM0NDQ7IG ZvbnQtZmFt aWx5OiAtYX BwbGUtc3lz dGVtLCBCbG lua01hY1N5 c3RlbUZvbn QsIFNlZ29l IFVJLCBSb2 JvdG8sIEhl bHZldGljYS BOZXVlLCBz YW5zLXNlcm lmOyBsaW5l LWhlaWdodD ogMS42Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBI YXZlIHlvdS BoZWFyZCBh Ym91dCBvdX Igc2hvcnQg PHN0cm9uZy BzdHlsZT0n Zm9udC13ZW lnaHQ6IDYw MDsnPkRhaW x5IFZpZGVv IE5ld3NsZX R0ZXI8L3N0 cm9uZz4/Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICA8YS BocmVmPSdo dHRwczovL3 d3dy5pbnNp Z2h0ZnVsdm FsdWUuY29t L25ld3NsZX R0ZXIucGhw JyB0YXJnZX Q9J19ibGFu aycgc3R5bG U9J2NvbG9y OiAjMDA3Qk ZGOyB0ZXh0 LWRlY29yYX Rpb246IG5v bmU7IGZvbn Qtd2VpZ2h0 OiA1MDA7IG 1hcmdpbi1s ZWZ0OiA2cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBG aW5kIG91dC Btb3JlCiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8L2E+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAg ICAgICAgIC AgICAtLT4K ICAgICAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgCi AgICAgICAg CiAgICAgIC AgPHNwYW4g Y2xhc3M9J2 JsdXJyZWQt dGV4dCc+Ci AgICAgICAg ICAgIE1TNG dRMmh2YVcg TmxJRWh2ZE dWcyBjeUIz WVhNZ1ptID kxYm1SbFpD QnAgYmlBeE 9UTTVJSCBW dVpHVnlJSF JvIFpTQnVZ VzFsSUYgRj FZV3hwZEhr ZyBRMjkxY2 5SeklGIFZ1 YVhSbFpDQm ggYm1RZ2Iz SnBaMiBsdV lXeHNlU0Jq IGIyNXphWE 4wWlcgUWdi MllnYzJWMi BaVzRnYlc5 MFpXIHh6SU d4dlkyRjAg WldRZ2FXNG dkRyBobElI TnZkWFJvIF pYSnVJRlZ1 YVggUmxaQ0 JUZEdGMCBa WE11UEdKeV BqIEl1SUZS b1pTQmogYj Ixd1lXNTVJ RyBOb1lXNW 5aV1FnIGFY UnpJRzVoYl cgVWdkRzhn VVhWaCBiR2 wwZVNCSmJt IDV6SUVsdW RHVnkgYm1G MGFXOXVZVy B3Z2FXNGdN VGszIE1pQm hibVFnWW0g VmpZVzFsSU dFZyBabkpo Ym1Ob2FYIE 5wYm1jZ2Iz QmwgY21GMG FXOXVJRyBs dUlERTVOel l1IFBHSnlQ ak11SUUgbH VJREU1T1RB cyBJRkYxWV d4cGRIIGtn U1c1dWN5Qk ogYm5SbGNt NWhkRyBsdm JtRnNJR3ho IGRXNWphR1 ZrSUggUm9a U0JtYVhKei BkQ0JsWTI5 dWIyIDE1SU dodmRHVnMg SUdKeVlXNW tMQyBCRGIy MW1iM0owIE lFbHViaXdn ZDIgaHBZMm dnZDJGeiBJ R2x1ZEdWdV pHIFZrSUhS dklHTmggZE dWeUlIUnZJ RyBKMVpHZG xkQzFqIGIy NXpZMmx2ZF ggTWdkSEpo ZG1WcyBaWE p6TGp4aWNq IDQwTGlCSm JpQXggT1Rr MkxDQjBhRy BVZ1kyOXRj R0Z1IGVTQm phR0Z1WjIg VmtJR2wwY3 lCdSBZVzFs SUhSdklFIE 5vYjJsalpT QkkgYjNSbG JITWdTVyA1 MFpYSnVZWF JwIGIyNWhi Q0IwYnkgQm laWFIwWlhJ ZyBjbVZtYk dWamRDIEJw ZEhNZ1pYaH cgWVc1a1pX UWdjbSBGdV oyVWdiMlln IFluSmhibV J6TEMgQjNh R2xqYUNCdS BiM2NnYVc1 amJIIFZrWl dRZ1EyOXQg Wm05eWRDQk pibSA0c0lG RjFZV3hwIG RIa2dTVzV1 TEMgQlRiR1 ZsY0NCSiBi bTRzSUVOc1 lYIEpwYjI0 Z1NHOTAgWl d4ekxDQmhi bSBRZ1VtOW taWGRoIGVT QkpibTR1UE cgSnlQalV1 SUZSdiBaR0 Y1TENCRGFH IDlwWTJVZ1 NHOTAgWld4 eklHbHpJSC BSb1pTQnpa V052IGJtUX RiR0Z5WjIg VnpkQ0JvYj NSbCBiQ0Jt Y21GdVkyIG hwYzI5eUlH bHUgSUhSb1 pTQjNiMyBK c1pDd2dkMm wwIGFDQnZk bVZ5SUQgY3 NNREF3SUhC eSBiM0JsY2 5ScFpYIE1n YVc0Z2JXOX kgWlNCMGFH RnVJRCBRd0 lHTnZkVzUw IGNtbGxjeU JoYm0gUWdk R1Z5Y21sMC BiM0pwWlhN dVBHIEp5UG pZdUlFTm8g YjJsalpTQk liMyBSbGJI UGlnSmtnIG JHOTVZV3gw ZVMgQndjbT luY21GdCBM Q0JEYUc5cF kyIFVnVUhK cGRtbHMgWl dkbGN5d2dh RyBGeklHOT JaWElnIE1q VWdiV2xzYk cgbHZiaUJ0 WlcxaSBaWE p6SUdGdVpD IEIzWVhNZ2 NtVmogYjJk dWFYcGxaQy BCaGN5QjBh R1VnIFFtVn pkQ0JJYjMg UmxiQ0JTWl hkaCBjbVJ6 SUZCeWIyIG R5WVcwZ1lu a2cgVlZOQk lGUnZaRyBG NTRvQ1pjeU F4IE1FSmxj M1FnVW0gVm haR1Z5YytL QSBtU0JEYU c5cFkyIFVn UVhkaGNtUn ogSUdsdUlE SXdNVCBrdV BHSnlQamN1 IElFTm9iMm xqWlMgQkli M1JsYkhNZy BhR0Z6SUdF Z2JHIDl1Wn lCb2FYTjAg YjNKNUlHOW 1JSCBOMWNI QnZjblJwIG JtY2dZVzVr SUcgRmtkbT lqWVhScCBi bWNnWm05eU lHIFJwZG1W eWMybDAgZV NCaGJtUWdh VyA1amJIVn phVzl1IExD QjNhWFJvSU cgbHVhWFJw WVhScCBkbV Z6SUhOMVky IGdnWVhNZ2 RHaGwgSUVO b2IybGpaUy BCSWIzUmxi SE1nIFJHbD JaWEp6YVgg UjVJRVY0Wl dOMSBkR2wy WlNCRGIzIF Z1WTJsc0lH RnUgWkNCd1 lYSjBibSBW eWMyaHBjSE 1nIGQybDBh Q0J2Y20gZG hibWw2WVhS cCBiMjV6SU d4cGEyIFVn ZEdobElFNW ggZEdsdmJt RnNJRSBGc2 JHbGhibU5s IElHWnZjaU JJYVggTndZ VzVwWXlCSS BaV0ZzZEdn Z1lXIDVrSU hSb1pTQk8g WVhScGIyNW hiQyBCVmNt SmhiaUJNIF pXRm5kV1V1 UEcgSnlQam d1SUVsdSBJ REl3TWpBc0 lFIE5vYjJs alpTQkkgYj NSbGJITWdZ VyA1dWIzVn VZMlZrIElH bDBjeUJEYj IgMXRhWFJ0 Wlc1MCBJSF J2SUVOc1pX IEZ1SUdsdW FYUnAgWVhS cGRtVXNJSC Bkb2FXTm9J R2x1IFkyeD FaR1Z6SUcg TnZiWEJ5Wl dobCBibk5w ZG1VZ1kyIH hsWVc1cGJt Y2cgWVc1a0 lITmhabSBW MGVTQndjbT kwIGIyTnZi SE1nZEcgOG daVzVvWVc1 aiBaU0IwYU dVZ2FHIFZo YkhSb0lHRn UgWkNCellX WmxkSCBrZ2 IyWWdaM1Zs IGMzUnpJR1 IxY20gbHVa eUIwYUdVZy BRMDlXU1VR dE1UIGtnY0 dGdVpHVnQg YVdNdVBHSn lQaiBrdUlF Tm9iMmxqIF pTQkliM1Js YkggTWdhR0 Z6SUdWaCBj bTVsWkNCdW RXIDFsY205 MWN5QmggZD JGeVpITWdZ VyA1a0lHRm pZMjlzIFlX UmxjeXdnYV cgNWpiSFZr YVc1biBJR0 psYVc1bklH IDVoYldWa0 lHOXUgWlNC dlppQjBhRy BVZ1YyOXli R1RpIGdKbH pJRTF2YzMg UWdRV1J0YV hKbCBaQ0JE YjIxd1lXID VwWlhNZ1lu a2cgUm05eW RIVnVaUyBC TllXZGhlbW x1IFpTQmhi bVFnYjIgNW xJRzltSUhS byBaU0JDWl hOMElGIGR2 Y210d2JHRm ogWlhNZ1pt OXlJRSBScG RtVnljMmww IGVTQmllU0 JIY20gVmhk Q0JRYkdGai BaU0IwYnlC WGIzIEpyd3 E0dVBHSnkg UGpFd0xpQl VhRyBVZ1ky OXRjR0Z1IG VTQnBjeUJq YjIgMXRhWF IwWldRZyBk RzhnYzNWem RHIEZwYm1G aWFXeHAgZE hrZ1lXNWtJ RyBoaGN5Qn BiWEJzIFpX MWxiblJsWk MgQnpkWE4w WVdsdSBZV0 pzWlNCd2Nt IEZqZEdsal pYTWcgYVc0 Z2FYUnpJSC BCeWIzQmxj blJwIFpYTX NJR2x1WTIg eDFaR2x1Wn lCbCBibVZ5 WjNrdFpXIF ptYVdOcFpX NTAgSUd4cF oyaDBhVyA1 bkxDQnlaV0 41IFkyeHBi bWNnY0ggSn ZaM0poYlhN cyBJR0Z1Wk NCbFkyIDh0 Wm5KcFpXNW sgYkhrZ1ky eGxZVyA1cG JtY2djSEp2 IFpIVmpkSE 11SUUgbHVJ REl3TWpBcy BJRU5vYjJs alpTIEJJYj NSbGJITWcg ZDJGeklISm xZMiA5bmJt bDZaV1FnIF lYTWdZU0JI Y20gVmxiaU JMWlhrZyBS Mnh2WW1Gc0 lFIE5sY25S cFptbGwgWk NCRGIyMXdZ VyA1NUxnPT 0KICAgICAg ICA8L3NwYW 4+CiAgICAg ICAgCiAgIC AgICAg