Archrock

Live  

Archrock is a leading provider of natural gas compression services and equipment in the United States. The company was formed in 1954 and is headquartered in Houston, Texas. Archrock operates in two segments: Contract Operations and Aftermarket Services.
The Contract Operations segment provides natural gas compression services to customers through long-term contracts for operation and maintenance of equipment. This includes leasing and sale of compression equipment, as well as related services such as maintenance, repair, and technical support. The Aftermarket Services segment provides a variety of spare parts and services for natural gas compression equipment, as well as other energy-related equipment.
Archrock's customers include major oil and gas companies, midstream operators, and independent producers. The company has a presence in every major shale play in the U.S. and also provides services in Canada, Mexico, and Argentina.
In addition to its core business of natural gas compression, Archrock also offers other energy-related services such as gas treating, gas measurement, and power generation. The company is committed to providing environmentally responsible solutions for its customers and has developed technology and processes to reduce emissions and increase efficiency.
As of 2021, Archrock has a workforce of over 1,700 employees and operates a fleet of more than 3,500 compression units. The company is listed on the New York Stock Exchange under the ticker symbol AROC.

Archrock is a company that helps people get natural gas and oil from the ground. Think of natural gas and oil like energy that helps us power our cars, heat our homes, and cook our food. To get this energy, companies need special machines called compressors. Compressors help move the gas and oil through pipes from the ground to places where people can use it.
Now, how does Archrock make money? They have a lot of these compressors and they rent them out to other companies that need them. So, when other companies use Archrock’s machines to move gas and oil, they pay Archrock money for that. This is like if you had a toy that your friend really wanted to play with, and you let them use it for a bit but charged them a little bit for the fun!
Archrock is successful because natural gas and oil are super important for our daily lives. Many people depend on them, and they are always needed. The company has been around for a while and knows how to take care of its machines and make them work really well.
As for the future, Archrock is likely to stay successful. More people are trying to use natural gas instead of coal or oil because it can be cleaner for the environment. Since Archrock is all about helping companies move natural gas around, they are in a good position to keep growing and making money as more people use natural gas. Plus, they keep improving their machines and finding better ways to do their job, which helps them stay ahead.

MS4gTGVhZG luZyBQcm92 aWRlciBvZi BOYXR1cmFs IEdhcyBTeX N0ZW1zOiBB cmNocm9jay BpcyB0aGUg bGVhZGluZy Bwcm92aWRl ciBvZiBuYX R1cmFsIGdh cyBjb21wcm Vzc2lvbiBz ZXJ2aWNlcy BpbiB0aGUg VW5pdGVkIF N0YXRlcy4g VGhleSBoYX ZlIGEgbGFy Z2UgZmxlZX Qgb2YgbW9k ZXJuIGFuZC BlZmZpY2ll bnQgbmF0dX JhbCBnYXMg Y29tcHJlc3 Npb24gZXF1 aXBtZW50LC BtYWtpbmcg dGhlbSBhIH ByZWZlcnJl ZCBjaG9pY2 Ugb2YgY3Vz dG9tZXJzLj xicj4yLiBT dHJvbmcgSW 5kdXN0cnkg RXhwZXJpZW 5jZTogVGhl IGNvbXBhbn kgaGFzIG92 ZXIgNTAgeW VhcnMgb2Yg ZXhwZXJpZW 5jZSBpbiB0 aGUgbmF0dX JhbCBnYXMg aW5kdXN0cn kuIFRoaXMg Z2l2ZXMgdG hlbSBhIGRl ZXAgdW5kZX JzdGFuZGlu ZyBvZiB0aG UgbWFya2V0 IGR5bmFtaW NzIGFuZCBl bmFibGVzIH RoZW0gdG8g cHJvdmlkZS Bpbm5vdmF0 aXZlIGFuZC BlZmZpY2ll bnQgc29sdX Rpb25zIHRv IHRoZWlyIG N1c3RvbWVy cy48YnI+My 4gQ29tcHJl aGVuc2l2ZS BSYW5nZSBv ZiBTZXJ2aW NlczogQXJj aHJvY2sgcH JvdmlkZXMg YSBmdWxsIH JhbmdlIG9m IG5hdHVyYW wgZ2FzIGNv bXByZXNzaW 9uIHNlcnZp Y2VzIGluY2 x1ZGluZyBh c3NldCBtYW 5hZ2VtZW50 LCBtYWludG VuYW5jZSwg YW5kIHJlcG FpciwgbmV3 IGVxdWlwbW VudCBzYWxl cywgYW5kIG dhcyBsaWZ0 IG9wdGltaX phdGlvbi48 YnI+NC4gQ3 V0dGluZy1l ZGdlIFRlY2 hub2xvZ3k6 IFRoZSBjb2 1wYW55IGlu dmVzdHMgaG VhdmlseSBp biByZXNlYX JjaCBhbmQg ZGV2ZWxvcG 1lbnQgdG8g c3RheSBhaG VhZCBvZiB0 aGUgY29tcG V0aXRpb24u IFRoZXkgdX NlIGN1dHRp bmctZWRnZS B0ZWNobm9s b2d5IHRvIG ltcHJvdmUg dGhlIGVmZm ljaWVuY3kg YW5kIHJlbG lhYmlsaXR5 IG9mIHRoZW lyIGVxdWlw bWVudC48Yn I+NS4gU3Ry b25nIEN1c3 RvbWVyIFJl bGF0aW9uc2 hpcHM6IEFy Y2hyb2NrIG hhcyBidWls dCBzdHJvbm cgcmVsYXRp b25zaGlwcy B3aXRoIGl0 cyBjdXN0b2 1lcnMgb3Zl ciB0aGUgeW VhcnMgYnkg cHJvdmlkaW 5nIHF1YWxp dHkgc2Vydm ljZXMgYW5k IGV4Y2VwdG lvbmFsIGN1 c3RvbWVyIH N1cHBvcnQu IFRoaXMgaG FzIGhlbHBl ZCB0aGVtIG 1haW50YWlu IGEgbG95YW wgY3VzdG9t ZXIgYmFzZS BhbmQgYXR0 cmFjdCBuZX cgYnVzaW5l c3MuPGJyPj YuIENvbW1p dG1lbnQgdG 8gU2FmZXR5 IGFuZCBFbn Zpcm9ubWVu dGFsIFN1c3 RhaW5hYmls aXR5OiBUaG UgY29tcGFu eSBwcmlvcm l0aXplcyBz YWZldHkgaW 4gYWxsIGl0 cyBvcGVyYX Rpb25zLCBl bnN1cmluZy B0aGUgd2Vs bC1iZWluZy BvZiBpdHMg ZW1wbG95ZW VzIGFuZCB0 aGUgY29tbX VuaXRpZXMg dGhleSBvcG VyYXRlIGlu LiBUaGV5IG Fsc28gaGF2 ZSBhIHN0cm 9uZyBmb2N1 cyBvbiBlbn Zpcm9ubWVu dGFsIHN1c3 RhaW5hYmls aXR5LCBpbX BsZW1lbnRp bmcgZ3JlZW 4gcHJhY3Rp Y2VzIGluIH RoZWlyIHBy b2Nlc3Nlcy BhbmQgb3Bl cmF0aW9ucy 48YnI+Ny4g U3Ryb25nIE ZpbmFuY2lh bCBQZXJmb3 JtYW5jZTog QXJjaHJvY2 sgaGFzIGEg c3Ryb25nIH RyYWNrIHJl Y29yZCBvZi BmaW5hbmNp YWwgcGVyZm 9ybWFuY2Us IHdpdGggY2 9uc2lzdGVu dCBncm93dG ggaW4gcmV2 ZW51ZSBhbm QgcHJvZml0 YWJpbGl0eS 4gVGhpcyBz dGFiaWxpdH kgYW5kIGZp bmFuY2lhbC BzdHJlbmd0 aCBtYWtlIH RoZW0gYSBy ZWxpYWJsZS BhbmQgdHJ1 c3R3b3J0aH kgcGFydG5l ciBmb3IgdG hlaXIgY3Vz dG9tZXJzLj xicj44LiBE aXZlcnNpZm llZCBDdXN0 b21lciBCYX NlOiBUaGUg Y29tcGFueS BzZXJ2ZXMg YSBkaXZlcn NlIHJhbmdl IG9mIGN1c3 RvbWVycyBp biB2YXJpb3 VzIGluZHVz dHJpZXMsIG luY2x1ZGlu ZyBvaWwgYW 5kIGdhcywg cGV0cm9jaG VtaWNhbCwg YW5kIG1pZH N0cmVhbS4g VGhpcyBkaX ZlcnNpZmlj YXRpb24gaG VscHMgbWl0 aWdhdGUgcm lza3MgYW5k IHJlZHVjZX MgZGVwZW5k ZW5jZSBvbi BhIHNpbmds ZSBjdXN0b2 1lciBvciBt YXJrZXQuPG JyPjkuIENv bW1pdG1lbn QgdG8gRW1w bG95ZWUgRG V2ZWxvcG1l bnQ6IEFyY2 hyb2NrIHBy aW9yaXRpem VzIHRoZSBk ZXZlbG9wbW VudCBhbmQg d2VsbC1iZW luZyBvZiBp dHMgZW1wbG 95ZWVzLiBU aGV5IGhhdm UgYSB3ZWxs LWRlZmluZW QgdHJhaW5p bmcgYW5kIG RldmVsb3Bt ZW50IHByb2 dyYW0sIG9m ZmVyIGNvbX BldGl0aXZl IGNvbXBlbn NhdGlvbiBw YWNrYWdlcy wgYW5kIGVu Y291cmFnZS BhIGN1bHR1 cmUgb2YgZG l2ZXJzaXR5 IGFuZCBpbm NsdXNpb24u PGJyPjEwLi BTdHJvbmcg Q29ycG9yYX RlIFZhbHVl czogQXJjaH JvY2sgaGFz IGEgc3Ryb2 5nIGNvbW1p dG1lbnQgdG 8gZXRoaWNh bCBidXNpbm VzcyBwcmFj dGljZXMgYW 5kIGNvcnBv cmF0ZSByZX Nwb25zaWJp bGl0eS4gVG hleSBzdHJp dmUgdG8gY3 JlYXRlIHBv c2l0aXZlIG ltcGFjdHMg aW4gdGhlIG NvbW11bml0 aWVzIHRoZX kgb3BlcmF0 ZSBpbiBhbm QgYXJlIGRl ZGljYXRlZC B0byBiZWlu ZyBhIHJlc3 BvbnNpYmxl IGNvcnBvcm F0ZSBjaXRp emVuLg==

VGhlIEFyY2 hyb2NrIGNv bXBhbnkncy BidXNpbmVz cyBtb2RlbC BpcyBmb2N1 c2VkIG9uIH Byb3ZpZGlu ZyBuYXR1cm FsIGdhcyBj b21wcmVzc2 lvbiBzZXJ2 aWNlcyB0by BjdXN0b21l cnMgaW4gdG hlIG9pbCBh bmQgZ2FzIG luZHVzdHJ5 LiBUaGlzIG luY2x1ZGVz IGRlc2lnbm luZywgbWFu dWZhY3R1cm luZywgbGVh c2luZywgYW 5kIHNlcnZp Y2luZyBuYX R1cmFsIGdh cyBjb21wcm Vzc2lvbiBl cXVpcG1lbn QuIFRoZXkg YWxzbyBvZm ZlciBjb250 cmFjdCBvcG VyYXRpb25z IGFuZCBtYW ludGVuYW5j ZSBzZXJ2aW NlcyBmb3Ig dGhlc2UgZX F1aXBtZW50 LiBBZGRpdG lvbmFsbHks IEFyY2hyb2 NrIG9mZmVy cyBhZnRlcm 1hcmtldCBz ZXJ2aWNlcy BzdWNoIGFz IHBhcnRzLC ByZXBhaXIs IGFuZCB0ZW NobmljYWwg c3VwcG9ydC 4gVGhlIGNv bXBhbnkgcH JpbWFyaWx5 IG9wZXJhdG VzIGluIHRo ZSBVbml0ZW QgU3RhdGVz IGFuZCBzZX J2ZXMgYSBy YW5nZSBvZi BtYXJrZXQg c2VnbWVudH MsIGluY2x1 ZGluZyBnYX MgcHJvZHVj ZXJzLCBwcm 9jZXNzb3Jz LCBnYXRoZX JlcnMsIGFu ZCB0cmFuc3 BvcnRhdGlv biBjb21wYW 5pZXMuIFRo ZWlyIGdvYW wgaXMgdG8g YmUgYSBsZW FkaW5nIHBy b3ZpZGVyIG 9mIG5hdHVy YWwgZ2FzIG NvbXByZXNz aW9uIHNlcn ZpY2VzIGFu ZCByZWxhdG VkIHNvbHV0 aW9ucyB0by BjdXN0b21l cnMgaW4gdG hlIG9pbCBh bmQgZ2FzIG luZHVzdHJ5 Lg==

AI can potentially pose a material threat to Archrock’s products, services, or competitive positioning in several ways:
1. Substitution: As AI technologies advance, they may enable the development of new energy solutions or enhanced efficiency technologies that could replace traditional gas compression services. For example, AI-driven predictive maintenance could optimize the performance of existing equipment, reducing the need for external services provided by companies like Archrock.
2. Disintermediation: AI can facilitate direct interactions between energy producers and consumers, bypassing traditional service providers. If AI solutions become widely adopted in the energy sector, companies may opt to rely on these technologies directly instead of outsourced services for gas compression or related needs.
3. Margin Pressure: The integration of AI into operations can lead to cost reductions and increased efficiency, putting pressure on the margins of companies that do not adopt such technologies. If competitors successfully leverage AI to reduce operational costs, they may be able to offer lower prices or improved services, putting Archrock at a disadvantage if it cannot keep pace with these changes.
In summary, while AI presents opportunities for innovation and improvement, its adoption in the energy sector may create challenges for Archrock by introducing alternatives that can disrupt its traditional business model and competitive advantages.

The sensitivity of Archrock’s earnings, cash flow, and valuation to changes in interest rates can be assessed through several key factors.
First, Archrock primarily operates in the natural gas compression industry, and its revenue is closely tied to the demand for natural gas and the overall health of the energy sector. Changes in interest rates can impact the broader economy, influencing energy demand and, consequently, the company’s revenue. If interest rates rise, borrowing costs increase, which may lead to reduced capital expenditure in the energy sector, potentially affecting Archrock’s business.
Second, Archrock, like many companies, may have debt obligations that are sensitive to interest rate changes. If interest rates increase, the cost of servicing debt may rise, impacting cash flow. Higher interest expenses can detract from net earnings and free cash flow, which are vital for funding operations, dividends, and growth initiatives.
Third, valuation metrics such as discounted cash flow (DCF) analysis would be affected by changes in interest rates. Higher rates generally increase the discount rate applied to future cash flows, leading to lower present valuations. Conversely, a decrease in interest rates can enhance valuation by lowering discount rates, rendering projected cash flows more valuable.
Overall, Archrock’s sensitivity to interest rate fluctuations is multifaceted and primarily hinges on its operational dependence on the energy market, the structure of its capital, and how it finances its operations and growth.

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 bG9nb3MvMT RESk1mT2R6 ek92R0FoSW NnT1gud2Vi cCIgYWx0PS JBcmNocm9j ayIgdGl0bG U9IkFyY2hy b2NrIiAgY2 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 Fib3V0IEFy Y2hyb2NrPw 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+GkyBEaX Njb3ZlciA8 aT4iVGhlIE NoZWNrbGlz dCBWYWx1ZS BJbnZlc3Rv ciDigJQgQS BTbWFydGVy IFdheSB0by BQaWNrIFN0 b2NrcyI8L2 k+IOKAlCBm cmVlIGVCb2 9rIQogICAg ICAgICAgIC AgICAgICAg ICAgICA8L3 A+CgogICAg ICAgICAgIC AgICAgICAg ICAgICA8IS 0tCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J21hcmdpbi 10b3A6IDEy cHg7IGZvbn Qtc2l6ZTog MTNweDsgY2 9sb3I6ICM0 NDQ7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIFNpZ2 4gdXAgbm93 IGFuZCBnZX Qgb3VyIGZy ZWUgZUJvb2 sgCiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8Yj5UaGUg Q2hlY2tsaX N0IFZhbHVl IEludmVzdG 9yIOKAlCBB IFNtYXJ0ZX IgV2F5IHRv IFBpY2sgU3 RvY2tzPC9i PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgLS0+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwhLS0K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nbW FyZ2luLXRv cDogMTZweD sgZm9udC1z aXplOiAxNH B4OyBjb2xv cjogIzQ0ND sgZm9udC1m YW1pbHk6IC 1hcHBsZS1z eXN0ZW0sIE JsaW5rTWFj U3lzdGVtRm 9udCwgU2Vn b2UgVUksIF JvYm90bywg SGVsdmV0aW NhIE5ldWUs IHNhbnMtc2 VyaWY7IGxp bmUtaGVpZ2 h0OiAxLjY7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IEhhdmUgeW 91IGhlYXJk IGFib3V0IG 91ciBzaG9y dCA8c3Ryb2 5nIHN0eWxl PSdmb250LX dlaWdodDog NjAwOyc+RG FpbHkgVmlk ZW8gTmV3c2 xldHRlcjwv c3Ryb25nPj 8KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgID xhIGhyZWY9 J2h0dHBzOi 8vd3d3Lmlu c2lnaHRmdW x2YWx1ZS5j b20vbmV3c2 xldHRlci5w aHAnIHRhcm dldD0nX2Js YW5rJyBzdH lsZT0nY29s b3I6ICMwMD dCRkY7IHRl eHQtZGVjb3 JhdGlvbjog bm9uZTsgZm 9udC13ZWln aHQ6IDUwMD sgbWFyZ2lu LWxlZnQ6ID ZweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IEZpbmQgb3 V0IG1vcmUK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv YT4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIC0t PgogICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AKICAgICAg ICAKICAgIC AgICA8c3Bh biBjbGFzcz 0nYmx1cnJl ZC10ZXh0Jz 4KICAgICAg ICAgICAgTV M0Z1ZHaGxJ RyBOdmJYQm hibmtnIGQy RnpJRzl5YV cgZHBibUZz YkhrZyBabT kxYm1SbFpD IEJoY3lCRm VIUmwgY25K aGJpQnBiaS BBeU1ERTFJ R0Z6IElHRW djM0JwYmkg MXZabVlnWm 5KdiBiU0Iw YUdVZ1pXID VsY21kNUlI TmwgY25acF kyVnpJRyBO dmJYQmhibm tzIElGVnVh WFpsY24gTm hiQ0JEYjIx dyBjbVZ6Yz JsdmJpIDQ4 WW5JK01pNG cgUVhKamFI SnZZMiBzZ2 MyVnlkbVZ6 IElHTjFjM1 J2YlcgVnlj eUJwYmlCaC BiR3dnYldG cWIzIElnVl M1VExpQnog YUdGc1pTQm hibSBRZ2RH bG5hSFFnIF oyRnpJR0po YzIgbHVjeX dnWVhNZyBk MlZzYkNCaG N5IEJ2Wm1a emFHOXkgWl NCaGJtUWdh VyA1MFpYSn VZWFJwIGIy NWhiQ0J0WV ggSnJaWFJ6 TGp4aSBjaj R6TGlCVWFH IFVnWTI5dG NHRnUgZVNC b1lYTWdiMy BabGNpQXhM REF3IE1DQm xiWEJzYjMg bGxaWE1nWV dOeSBiM056 SUdsMGN5IE J2Y0dWeVlY UnAgYjI1ek xqeGljaiA0 MExpQkJjbU 5vIGNtOWph eUJvWVggTW dZbVZsYmlC dSBZVzFsWk NCdmJtIFVn YjJZZ1JtOX kgZEhWdVpl S0FtWCBNZz RvQ2NWMjl5 IGJHVGlnSm x6SUUgMXZj M1FnUVdSdC BhWEpsWkNC RGIyIDF3WV c1cFpYUGkg Z0owZ2FXNG dkRyBobElH VnVaWEpuIG VTQnBibVIx YzMgUnllU0 JtYjNJZyBj MlYyWlc0Z1 kyIDl1YzJW amRYUnAgZG 1VZ2VXVmhj biBNdVBHSn lQalV1IElG Um9aU0JqYj IgMXdZVzU1 SUhCeSBiM1 pwWkdWeklH IDVoZEhWeV lXd2cgWjJG eklHTnZiWC BCeVpYTnph Vzl1IElITm xjblpwWTIg VnpMQ0JsY1 hWcCBjRzFs Ym5Rc0lHIE Z1WkNCd1pY SnogYjI1dV pXd2dkRyA4 Z2FHVnNjQ0 JqIGJHbGxi blJ6SUcgVj RkSEpoWTNR cyBJSFJ5WV c1emNHIDl5 ZEN3Z1lXNW sgSUhCeWIy TmxjMyBNZ2 JtRjBkWEpo IGJDQm5ZWE 1nY20gVnpi M1Z5WTJWei BManhpY2o0 MkxpIEJCY2 1Ob2NtOWog YXlCdmNHVn lZWCBSbGN5 QjBhR1VnIG JHRnlaMlZ6 ZEMgQm1iR1 ZsZENCdiBa aUJqYjIxd2 NtIFZ6YzJs dmJpQjEgYm 1sMGN5QnBi aSBCMGFHVW dWVzVwIGRH VmtJRk4wWV ggUmxjeXdn ZDJsMCBhQ0 J2ZG1WeUlE IE0xTERBd0 1DQjEgYm1s MGN5QnBiaS BCdmNHVnlZ WFJwIGIyNH VQR0p5UGog Y3VJRlJvWl NCaiBiMjF3 WVc1NUlHIG hoY3lCaElI TjAgY205dV p5QmpiMiAx dGFYUnRaVz UwIElIUnZJ SE4xYzMgUm hhVzVoWW1s cyBhWFI1SU dGdVpDIEJv WVhNZ2FXMX cgYkdWdFpX NTBaVyBRZ2 FXNXBkR2xo IGRHbDJaWE 1nZEcgOGdj bVZrZFdObC BJR2wwY3lC allYIEppYj I0Z1ptOXYg ZEhCeWFXNT BJRyBGdVpD QnBibU55IF pXRnpaU0Js Ym0gVnlaM2 tnWldabSBh V05wWlc1am VTIDQ4WW5J K09DNGcgUV hKamFISnZZ MiBzZ2FHRn pJR0VnIGMz UnliMjVuSU cgWnZZM1Z6 SUc5dSBJSE 5oWm1WMGVT IEJoYm1RZ2 FHRnogSUdK bFpXNGdjbS BWamIyZHVh WHBsIFpDQm llU0JwYm0g UjFjM1J5ZV NCbiBjbTkx Y0hNZ1ptID l5SUdsMGN5 QnogWVdabG RIa2djbSBW amIzSmtMan hpIGNqNDVM aUJVYUcgVW dZMjl0Y0dG dSBlU0JvWV hNZ1lTIEJr YVhabGNuTm wgSUdOMWMz UnZiVyBWeU lHSmhjMlVz IElITmxjbl pwYm0gY2dZ U0IyWVhKcC BaWFI1SUc5 bUlHIE4xYz NSdmJXVnkg Y3lCcGJpQm thVyBabVpY SmxiblFnIG MyVm5iV1Z1 ZEggTWdiMl lnZEdobCBJ R1Z1WlhKbm VTIEJwYm1S MWMzUnkgZV M0OFluSStN VCBBdUlFRn lZMmh5IGIy TnJJR2hoY3 kgQmhJSEp2 WW5WeiBkQ0 J5WlhObFlY IEpqYUNCaG JtUWcgWkdW MlpXeHZjRy AxbGJuUWdj SEp2IFozSm hiU0IwYnkg QmpiMjUwYV c1MSBiM1Z6 YkhrZ2FXID F3Y205MlpT QnAgZEhNZ1 pYRjFhWCBC dFpXNTBJR0 Z1IFpDQnpa WEoyYVcgTm xjeXdnZDJs MCBhQ0JoSU dadlkzIFZ6 SUc5dUlIUm wgWTJodWIy eHZaMyBrZ1 lXNWtJR2x1 IGJtOTJZWF JwYjIgNHUK ICAgICAgIC A8L3NwYW4+ CiAgICAgIC AgCiAgICAg ICAg