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+OgSBGcm VlIGRvd25s b2FkISA8aT 4iVGhlIENo ZWNrbGlzdC BWYWx1ZSBJ bnZlc3Rvci DigJQgQSBT bWFydGVyIF dheSB0byBQ aWNrIFN0b2 NrcyI8L2k+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvcD4K CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwhLS0K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nbW FyZ2luLXRv cDogMTJweD sgZm9udC1z aXplOiAxM3 B4OyBjb2xv cjogIzQ0ND snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgU2lnbiB1 cCBub3cgYW 5kIGdldCBv dXIgZnJlZS BlQm9vayAK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIDxi PlRoZSBDaG Vja2xpc3Qg VmFsdWUgSW 52ZXN0b3Ig 4oCUIEEgU2 1hcnRlciBX YXkgdG8gUG ljayBTdG9j a3M8L2I+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICAgIC AgICAgICAg ICAtLT4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PCEtLQogIC AgICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdtYXJn aW4tdG9wOi AxNnB4OyBm b250LXNpem U6IDE0cHg7 IGNvbG9yOi AjNDQ0OyBm b250LWZhbW lseTogLWFw cGxlLXN5c3 RlbSwgQmxp bmtNYWNTeX N0ZW1Gb250 LCBTZWdvZS BVSSwgUm9i b3RvLCBIZW x2ZXRpY2Eg TmV1ZSwgc2 Fucy1zZXJp ZjsgbGluZS 1oZWlnaHQ6 IDEuNjsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgSG F2ZSB5b3Ug aGVhcmQgYW JvdXQgb3Vy IHNob3J0ID xzdHJvbmcg c3R5bGU9J2 ZvbnQtd2Vp Z2h0OiA2MD A7Jz5EYWls eSBWaWRlby BOZXdzbGV0 dGVyPC9zdH Jvbmc+Pwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgPGEg aHJlZj0naH R0cHM6Ly93 d3cuaW5zaW dodGZ1bHZh bHVlLmNvbS 9uZXdzbGV0 dGVyLnBocC cgdGFyZ2V0 PSdfYmxhbm snIHN0eWxl PSdjb2xvcj ogIzAwN0JG RjsgdGV4dC 1kZWNvcmF0 aW9uOiBub2 5lOyBmb250 LXdlaWdodD ogNTAwOyBt YXJnaW4tbG VmdDogNnB4 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgRm luZCBvdXQg bW9yZQogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9hPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgLS0+Ci AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgIAog ICAgICAgIA ogICAgICAg IDxzcGFuIG NsYXNzPSdi bHVycmVkLX RleHQnPgog ICAgICAgIC AgICBNUzRn VkdobElHIE 52YlhCaGJu a2cgZDJGek lHOXlhVyBk cGJtRnNiSG tnIFptOTFi bVJsWkMgQm hjeUJGZUhS bCBjbkpoYm lCcGJpIEF5 TURFMUlHRn ogSUdFZ2Mz QnBiaSAxdl ptWWdabkp2 IGJTQjBhR1 VnWlcgNWxj bWQ1SUhObC BjblpwWTJW eklHIE52Yl hCaGJua3Mg SUZWdWFYWm xjbiBOaGJD QkRiMjF3IG NtVnpjMmx2 YmkgNDhZbk krTWk0ZyBR WEpqYUhKdl kyIHNnYzJW eWRtVnogSU dOMWMzUnZi VyBWeWN5Qn BiaUJoIGJH d2diV0ZxYj MgSWdWUzVU TGlCeiBhR0 ZzWlNCaGJt IFFnZEdsbm FIUWcgWjJG eklHSmhjMi BsdWN5d2dZ WE1nIGQyVn NiQ0JoY3kg QnZabVp6YU c5eSBaU0Jo Ym1RZ2FXID UwWlhKdVlY UnAgYjI1aG JDQnRZWCBK clpYUnpMan hpIGNqNHpM aUJVYUcgVW dZMjl0Y0dG dSBlU0JvWV hNZ2IzIFps Y2lBeExEQX cgTUNCbGJY QnNiMyBsbF pYTWdZV055 IGIzTnpJR2 wwY3kgQnZj R1Z5WVhScC BiMjV6TGp4 aWNqIDQwTG lCQmNtTm8g Y205amF5Qm 9ZWCBNZ1lt VmxiaUJ1IF lXMWxaQ0J2 Ym0gVWdiMl lnUm05eSBk SFZ1WmVLQW 1YIE1nNG9D Y1YyOXkgYk dUaWdKbHpJ RSAxdmMzUW dRV1J0IGFY SmxaQ0JEYj IgMXdZVzVw WlhQaSBnSj BnYVc0Z2RH IGhsSUdWdV pYSm4gZVNC cGJtUjFjMy BSeWVTQm1i M0lnIGMyVj JaVzRnWTIg OXVjMlZqZF hScCBkbVVn ZVdWaGNuIE 11UEdKeVBq VXUgSUZSb1 pTQmpiMiAx d1lXNTVJSE J5IGIzWnBa R1Z6SUcgNW hkSFZ5WVd3 ZyBaMkZ6SU dOdmJYIEJ5 WlhOemFXOX UgSUhObGNu WnBZMiBWek xDQmxjWFZw IGNHMWxibl FzSUcgRnVa Q0J3WlhKei BiMjV1Wld3 Z2RHIDhnYU dWc2NDQmog YkdsbGJuUn pJRyBWNGRI SmhZM1FzIE lIUnlZVzV6 Y0cgOXlkQ3 dnWVc1ayBJ SEJ5YjJObG MzIE1nYm1G MGRYSmggYk NCbllYTWdj bSBWemIzVn lZMlZ6IExq eGljajQyTG kgQkJjbU5v Y205aiBheU J2Y0dWeVlY IFJsY3lCMG FHVWcgYkdG eVoyVnpkQy BCbWJHVmxk Q0J2IFppQm piMjF3Y20g VnpjMmx2Ym lCMSBibWww Y3lCcGJpIE IwYUdVZ1ZX NXAgZEdWa0 lGTjBZWCBS bGN5d2dkMm wwIGFDQnZk bVZ5SUQgTT FMREF3TUNC MSBibWwwY3 lCcGJpIEJ2 Y0dWeVlYUn AgYjI0dVBH SnlQaiBjdU lGUm9aU0Jq IGIyMXdZVz U1SUcgaGhj eUJoSUhOMC BjbTl1WnlC amIyIDF0YV hSdFpXNTAg SUhSdklITj FjMyBSaGFX NWhZbWxzIG FYUjVJR0Z1 WkMgQm9ZWE 1nYVcxdyBi R1Z0Wlc1MF pXIFFnYVc1 cGRHbGggZE dsMlpYTWdk RyA4Z2NtVm tkV05sIElH bDBjeUJqWV ggSmliMjRn Wm05diBkSE J5YVc1MElH IEZ1WkNCcG JtTnkgWldG elpTQmxibS BWeVoza2da V1ptIGFXTn BaVzVqZVMg NDhZbkkrT0 M0ZyBRWEpq YUhKdlkyIH NnYUdGeklH RWcgYzNSeW IyNW5JRyBa dlkzVnpJRz l1IElITmha bVYwZVMgQm hibVFnYUdG eiBJR0psWl c0Z2NtIFZq YjJkdWFYcG wgWkNCaWVT QnBibSBSMW MzUnllU0Ju IGNtOTFjSE 1nWm0gOXlJ R2wwY3lCei BZV1psZEhr Z2NtIFZqYj NKa0xqeGkg Y2o0NUxpQl VhRyBVZ1ky OXRjR0Z1IG VTQm9ZWE1n WVMgQmthWF psY25ObCBJ R04xYzNSdm JXIFZ5SUdK aGMyVXMgSU hObGNuWnBi bSBjZ1lTQj JZWEpwIFpY UjVJRzltSU cgTjFjM1J2 YldWeSBjeU JwYmlCa2FX IFptWlhKbG JuUWcgYzJW bmJXVnVkSC BNZ2IyWWdk R2hsIElHVn VaWEpuZVMg QnBibVIxYz NSeSBlUzQ4 WW5JK01UIE F1SUVGeVky aHkgYjJOck lHaGhjeSBC aElISnZZbl Z6IGRDQnla WE5sWVggSm phQ0JoYm1R ZyBaR1YyWl d4dmNHIDFs Ym5RZ2NISn YgWjNKaGJT QjBieSBCam IyNTBhVzUx IGIzVnpiSG tnYVcgMXdj bTkyWlNCcC BkSE1nWlhG MWFYIEJ0Wl c1MElHRnUg WkNCelpYSj JhVyBObGN5 d2dkMmwwIG FDQmhJR1p2 WTMgVnpJRz l1SUhSbCBZ Mmh1YjJ4dl ozIGtnWVc1 a0lHbHUgYm 05MllYUnBi MiA0dQogIC AgICAgIDwv c3Bhbj4KIC AgICAgICAK ICAgICAgIC A=