Powell Industries

-7.0%

Live  

Powell Industries is a leading producer of electrical equipment and systems for the energy and industrial markets. The company was founded in 1947 and is headquartered in Houston, Texas. Powell Industries designs, manufactures, and services custom-engineered solutions for the generation, transmission, distribution, and control of electrical energy. The company’s products and services are used in a variety of industries, including oil and gas, petrochemical, electric utilities, chemical, pulp and paper, and food and beverage.
Powell Industries offers a comprehensive range of products and services, including switchgear, motor control centers, power control buildings, utility controls, and power quality products. The company also provides engineering, project management, and field services to support its products.
Powell Industries is committed to sustainability and environmental responsibility, with a focus on energy efficiency and reducing waste in both its operations and products. The company also has a strong commitment to safety and quality, with a dedicated team focused on ensuring the highest standards are met in all aspects of its business.
Powell Industries has manufacturing plants, engineering facilities, and service centers located across the United States, as well as in Canada, the United Kingdom, and the Middle East. The company has a global customer base and has a strong reputation for providing innovative and reliable solutions for its clients’ electrical needs.

UG93ZWxsIE luZHVzdHJp ZXMgaXMgYS Bjb21wYW55 IHRoYXQgbW FrZXMgaW1w b3J0YW50IG VxdWlwbWVu dCBhbmQgcH JvZHVjdHMg dXNlZCBpbi BlbGVjdHJp Y2l0eSBhbm QgZW5lcmd5 LiBJbWFnaW 5lIGhvdyB3 ZSB1c2UgZW xlY3RyaWNp dHkgZXZlcn kgZGF5IC0g dHVybmluZy BvbiBsaWdo dHMsIHVzaW 5nIGNvbXB1 dGVycywgb3 IgcGxheWlu ZyB2aWRlby BnYW1lcy4g UG93ZWxsIE luZHVzdHJp ZXMgaGVscH MgbWFrZSBz dXJlIHRoYX QgZWxlY3Ry aWNpdHkgY2 FuIGJlIHNh ZmVseSBkZW xpdmVyZWQg dG8gaG9tZX MgYW5kIGJ1 c2luZXNzZX MuPGJyPlRo ZSBjb21wYW 55IG1ha2Vz IG1vbmV5IG J5IHNlbGxp bmcgaXRzIG VxdWlwbWVu dCBhbmQgc2 VydmljZXMg dG8gb3RoZX IgY29tcGFu aWVzIHRoYX QgbmVlZCB0 byBidWlsZC BvciBtYWlu dGFpbiBwb3 dlciBwbGFu dHMgYW5kIG VsZWN0cmlj YWwgc3lzdG Vtcy4gVGhl eSBjcmVhdG UgdGhpbmdz IGxpa2UgY2 9udHJvbCBz eXN0ZW1zLC Bzd2l0Y2hn ZWFyICh3aG ljaCBoZWxw cyBjb250cm 9sIGVsZWN0 cmljYWwgcG 93ZXIpLCBh bmQgZXZlbi BidWlsZGlu Z3MgZm9yIG JpZyBlcXVp cG1lbnQuIF doZW4gb3Ro ZXIgY29tcG FuaWVzIG5l ZWQgaGVscC B3aXRoIGVs ZWN0cmljaX R5LCB0aGV5 IG9mdGVuIH R1cm4gdG8g UG93ZWxsIE luZHVzdHJp ZXMuPGJyPl Bvd2VsbCBp cyBzdWNjZX NzZnVsIGJl Y2F1c2UgaX QgZm9jdXNl cyBvbiBkb2 luZyBhIGdy ZWF0IGpvYi B3aXRoIGhp Z2gtcXVhbG l0eSBwcm9k dWN0cyBhbm QgZXhjZWxs ZW50IHNlcn ZpY2UuIFRo ZXkgYWxzby BoYXZlIGEg bG90IG9mIG V4cGVyaWVu Y2UsIHdoaW NoIG1lYW5z IHRoZXkga2 5vdyBhIGxv dCBhYm91dC Bob3cgdG8g c29sdmUgZW xlY3RyaWNh bCBwcm9ibG Vtcy4gVGhp cyBtYWtlcy BjdXN0b21l cnMgdHJ1c3 QgdGhlbS4g PGJyPkxvb2 tpbmcgYWhl YWQsIFBvd2 VsbCBpcyBs aWtlbHkgdG 8gc3RheSBz dWNjZXNzZn VsIGJlY2F1 c2UgdGhlIG RlbWFuZCBm b3IgZWxlY3 RyaWNpdHkg aXMgYWx3YX lzIGluY3Jl YXNpbmcgYX MgbW9yZSBw ZW9wbGUgYW 5kIGJ1c2lu ZXNzZXMgdX NlIGVuZXJn eS4gUGx1cy wgYXMgdGhl IHdvcmxkIG xvb2tzIGZv ciBjbGVhbm VyIGVuZXJn eSBzb3VyY2 VzLCBsaWtl IHNvbGFyIG FuZCB3aW5k IHBvd2VyLC B0aGV5IHdp bGwgbmVlZC ByZWxpYWJs ZSBlcXVpcG 1lbnQsIGFu ZCBQb3dlbG wgSW5kdXN0 cmllcyBpcy ByZWFkeSB0 byBwcm92aW RlIHRoYXQu IFRoaXMgbW VhbnMgdGhl eSB3aWxsIG hhdmUgbG90 cyBvZiBvcH BvcnR1bml0 aWVzIHRvIG NvbnRpbnVl IGdyb3dpbm cgYW5kIGhl bHBpbmcgb3 RoZXJzIHdp dGggdGhlaX IgZW5lcmd5 IG5lZWRzIG luIHRoZSBm dXR1cmUuPG JyPg==

UG93ZWxsIE luZHVzdHJp ZXMgaXMgYS BsZWFkaW5n IHByb3ZpZG VyIG9mIGN1 c3RvbS1lbm dpbmVlcmVk IHNvbHV0aW 9ucyBmb3Ig dGhlIG1hbm FnZW1lbnQs IGNvbnRyb2 wsIGFuZCBk aXN0cmlidX Rpb24gb2Yg ZWxlY3RyaW NhbCBlbmVy Z3kgYW5kIG 90aGVyIGNy aXRpY2FsIH Byb2Nlc3Nl cy4gVGhlaX IgYnJvYWQg cmFuZ2Ugb2 YgcHJvZHVj dHMgYW5kIH NlcnZpY2Vz IGluY2x1ZG VzIHN3aXRj aGdlYXIsIG VsZWN0cmlj YWwgY29udH JvbCByb29t cywgbW90b3 IgY29udHJv bCBjZW50ZX JzLCBwb3dl ciBkaXN0cm lidXRpb24g ZXF1aXBtZW 50LCBhbmQg bW9yZS4gV2 hhdCBzZXRz IFBvd2VsbC BJbmR1c3Ry aWVzIGFwYX J0IGlzIHRo ZWlyIGNvbW 1pdG1lbnQg dG8gcHJvdm lkaW5nIGhp Z2gtcXVhbG l0eSwgaW5u b3ZhdGl2ZS Bzb2x1dGlv bnMgdGhhdC BtZWV0IHRo ZSBzcGVjaW ZpYyBuZWVk cyBvZiBlYW NoIGN1c3Rv bWVyLiBUaG V5IGhhdmUg YSBzdHJvbm cgcmVwdXRh dGlvbiBmb3 IgZXhjZXB0 aW9uYWwgZW 5naW5lZXJp bmcsIHRlY2 hub2xvZ3ks IGFuZCBzZX J2aWNlLCBt YWtpbmcgdG hlbSBhIHRy dXN0ZWQgcG FydG5lciBm b3IgY3VzdG 9tZXJzIGlu IHZhcmlvdX MgaW5kdXN0 cmllcyBzdW NoIGFzIGVu ZXJneSwgaW 5kdXN0cmlh bCwgYW5kIG dvdmVybm1l bnQuIEFkZG l0aW9uYWxs eSwgUG93ZW xsIEluZHVz dHJpZXMgaX MgY29tbWl0 dGVkIHRvIG Vudmlyb25t ZW50YWwgc3 VzdGFpbmFi aWxpdHkgYW 5kIHRoZWly IHByb2R1Y3 RzIG1lZXQg cmlnb3JvdX Mgc3RhbmRh cmRzIGZvci BlZmZpY2ll bmN5LCBzYW ZldHksIGFu ZCByZWxpYW JpbGl0eS4g VGhleSBhbH NvIGhhdmUg YSBzdHJvbm cgZm9jdXMg b24gc2FmZX R5LCBib3Ro IGZvciB0aG VpciBlbXBs b3llZXMgYW 5kIHRoZWly IGN1c3RvbW VycywgYW5k IGNvbnRpbn VvdXNseSBz dHJpdmUgdG 8gaW1wcm92 ZSB0aGVpci Bwcm9jZXNz ZXMgYW5kIH RlY2hub2xv Z3kgdG8gZW 5zdXJlIHRo ZSB1dG1vc3 Qgc2FmZXR5 IGluIHRoZW lyIHByb2R1 Y3RzLg==

VGhlIFBvd2 VsbCBJbmR1 c3RyaWVzIG NvbXBhbnkn cyBidXNpbm VzcyBtb2Rl bCBpcyBmb2 N1c2VkIG9u IHByb3ZpZG luZyBjdXN0 b20tZW5naW 5lZXJlZCBh bmQgbWFudW ZhY3R1cmVk IHNvbHV0aW 9ucyBmb3Ig dGhlIG1hbm FnZW1lbnQs IGNvbnRyb2 wsIGFuZCBk aXN0cmlidX Rpb24gb2Yg ZWxlY3RyaW NhbCBlbmVy Z3kgYW5kIG 90aGVyIGNy aXRpY2FsIH Byb2Nlc3Nl cy4gVGhpcy BpbmNsdWRl cyBkZXNpZ2 5pbmcsIGJ1 aWxkaW5nLC BhbmQgc2Vy dmljaW5nIH N5c3RlbXMg YW5kIGVxdW lwbWVudCBz dWNoIGFzIH N3aXRjaGdl YXIsIG1vdG 9yIGNvbnRy b2wgY2VudG VycywgYW5k IGNvbnRyb2 wgc3lzdGVt cyBmb3IgaW 5kdXN0cmll cyBzdWNoIG FzIG9pbCBh bmQgZ2FzLC Bwb3dlciBn ZW5lcmF0aW 9uLCBhbmQg dHJhbnNwb3 J0YXRpb24u IFRoZSBjb2 1wYW55IGFs c28gb2ZmZX JzIG1haW50 ZW5hbmNlLC ByZXBhaXIs IGFuZCB1cG dyYWRlIHNl cnZpY2VzIG ZvciBpdHMg cHJvZHVjdH Mu

AI has the potential to pose various threats to a company like Powell Industries, particularly in the areas of substitution, disintermediation, and margin pressure.
1. Substitution: If Powell Industries specializes in products or services that can be replicated or enhanced by AI technologies, there is a risk of substitution. For example, AI-powered automation or advanced analytics tools might offer more efficient or cost-effective solutions compared to traditional offerings provided by Powell Industries. Competitors leveraging AI could meet customer needs more effectively, potentially drawing business away from the company.
2. Disintermediation: AI can lead to disintermediation, where intermediaries in supply chains or service delivery are removed. If AI technologies enable customers to access products or services directly, bypassing traditional distribution channels, Powell Industries could face challenges in maintaining its role in the market. This could force the company to reconsider its distribution strategies and partnerships.
3. Margin Pressure: The adoption of AI by competitors may create margin pressure for Powell Industries. As AI solutions improve efficiency and reduce costs, companies that effectively integrate these technologies could offer lower prices for comparable products or services. This increased competition could force Powell Industries to lower its prices to remain competitive, impacting profit margins.
In summary, while AI presents opportunities for innovation and improvement, it also introduces significant challenges that could impact Powell Industries’ competitive positioning and market share. The company will need to adapt and invest in AI capabilities to address these potential threats effectively.

The sensitivity of Powell Industries’ earnings, cash flow, and valuation to changes in interest rates can be assessed through several factors:
1. Earnings Sensitivity: Powell Industries operates in the industrial sector, providing electrical power distribution and control systems. An increase in interest rates can lead to higher borrowing costs, affecting the company’s ability to finance projects or expand operations. If interest rates rise significantly, the company’s margins may be squeezed, particularly if it has floating-rate debt. This could impact overall earnings negatively.
2. Cash Flow Sensitivity: Cash flows are also sensitive to interest rates due to the costs associated with debt repayment. If Powell Industries has substantial debt, increases in interest rates could result in higher interest expenses, reducing free cash flow. Additionally, if customer financing becomes more expensive for their clients, it may result in a slowdown in orders, further impacting cash flow.
3. Valuation Sensitivity: The valuation of Powell Industries is affected by interest rates through the discount rate applied in discounted cash flow (DCF) models. Higher interest rates typically lead to a higher discount rate, which reduces the present value of future cash flows, potentially lowering the company’s valuation. Furthermore, a higher interest environment can lead to lower investor appetite for equities, which could depress stock prices.
In summary, Powell Industries’ earnings, cash flow, and valuation are quite sensitive to interest rate changes, primarily through the mechanisms of borrowing costs, customer demand, and the overall market environment for equities. Management’s ability to navigate interest rate fluctuations will be crucial in maintaining performance in a changing economic landscape.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BQb3dlbGwg SW5kdXN0cm llc+KAmSBl Y29ub21pY3 Mgb3ZlciB0 aGUgbmV4dC Az4oCTNSB5 ZWFycyBpcy BhIHNpZ25p ZmljYW50IG Rvd250dXJu IGluIHRoZS BvaWwgYW5k IGdhcyBzZW N0b3IsIHBh cnRpY3VsYX JseSBkdWUg dG8gYSBjb2 5jZXJ0ZWQg Z2xvYmFsIG VmZm9ydCB0 byB0cmFuc2 l0aW9uIGF3 YXkgZnJvbS Bmb3NzaWwg ZnVlbHMuIF RoaXMgc2hp ZnQgY291bG QgYmUgZHJp dmVuIGJ5IH N0cmljdGVy IGdvdmVybm 1lbnQgcmVn dWxhdGlvbn MsIGluY3Jl YXNlZCBjb2 1wZXRpdGlv biBmcm9tIH JlbmV3YWJs ZSBlbmVyZ3 kgc291cmNl cywgYW5kIG NoYW5naW5n IGludmVzdG 9yIHNlbnRp bWVudCB0aG F0IGZhdm9y cyBzdXN0YW luYWJsZSBj b21wYW5pZX MuPGJyPklm IHRoaXMgc2 NlbmFyaW8g d2VyZSB0by BwbGF5IG91 dCwgUG93ZW xsIEluZHVz dHJpZXMsIH doaWNoIHNw ZWNpYWxpem VzIGluIGVs ZWN0cmljYW wgYW5kIGNv bnRyb2wgZX F1aXBtZW50 IGZvciB2YX Jpb3VzIGlu ZHVzdHJpZX MsIGluY2x1 ZGluZyBvaW wgYW5kIGdh cywgd291bG QgbGlrZWx5 IHNlZSBhIH N1YnN0YW50 aWFsIGRlY2 xpbmUgaW4g ZGVtYW5kIG ZvciBpdHMg cHJvZHVjdH MgYW5kIHNl cnZpY2VzLi BBcyBhIHJl c3VsdCwgdG hlIGNvbXBh bnnigJlzIH JldmVudWVz IGNvdWxkIH NocmluayBz aWduaWZpY2 FudGx5LCBs ZWFkaW5nIH RvIHJlZHVj ZWQgbWFyZ2 lucyBkdWUg dG8gZml4ZW QgY29zdHMg cmVtYWluaW 5nIGNvbnN0 YW50IHdoaW xlIHNhbGVz IHBsdW1tZX QuPGJyPk1h cmdpbnM6IF RoZSBjb21w YW554oCZcy Bncm9zcyBt YXJnaW4gd2 91bGQgbGlr ZWx5IGRlY3 JlYXNlIHNo YXJwbHksIG FzIGl0cyBh YmlsaXR5IH RvIHBhc3Mg b24gY29zdH Mgd291bGQg YmUgbGltaX RlZCBpbiBh IGRlY2xpbm luZyBtYXJr ZXQuIE9wZX JhdGluZyBt YXJnaW5zIG NvdWxkIGFs c28gc3VmZm VyIGR1ZSB0 byByZWR1Y2 VkIHNhbGVz IHZvbHVtZS wgd2l0aCBj b3N0cyBhc3 NvY2lhdGVk IHdpdGggbW FudWZhY3R1 cmluZyBhbm QgYWRtaW5p c3RyYXRpb2 4gcmVtYWlu aW5nIGxhcm dlbHkgdW5j aGFuZ2VkLj xicj5DYXNo IEZsb3c6IF Bvd2VsbCBJ bmR1c3RyaW VzIGNvdWxk IGV4cGVyaW VuY2UgbmVn YXRpdmUgY2 FzaCBmbG93 IGFzIHJldm VudWUgZGVj bGluZXMsIH BhcnRpY3Vs YXJseSBpZi BpdCBzdHJ1 Z2dsZXMgdG 8gYWRqdXN0 IGl0cyBjb3 N0IHN0cnVj dHVyZSBxdW lja2x5IGVu b3VnaC4gQW 4gaW5hYmls aXR5IHRvIG dlbmVyYXRl IHBvc2l0aX ZlIGNhc2gg ZmxvdyB3b3 VsZCBoaW5k ZXIgdGhlIG NvbXBhbnni gJlzIGFiaW xpdHkgdG8g cmVpbnZlc3 QgaW4gYnVz aW5lc3Mgb3 BlcmF0aW9u cyBvciBtZW V0IGl0cyBk ZWJ0IG9ibG lnYXRpb25z Ljxicj5CYW xhbmNlIFNo ZWV0OiBUaG UgYmFsYW5j ZSBzaGVldC B3b3VsZCBs aWtlbHkgd2 Vha2VuIG92 ZXIgdGltZS 4gV2l0aCBk ZWNyZWFzaW 5nIHJldmVu dWVzIGFuZC Bwcm9maXRz LCByZXRhaW 5lZCBlYXJu aW5ncyBtYX kgdHVybiBu ZWdhdGl2ZS wgaW1wYWN0 aW5nIGVxdW l0eS4gSWYg UG93ZWxsIG lzIHVuYWJs ZSB0byBtYW ludGFpbiBz dWZmaWNpZW 50IGNhc2gg ZmxvdywgaX QgbWF5IGJl IGZvcmNlZC B0byB0YWtl IG9uIGFkZG l0aW9uYWwg ZGVidCB0by BmaW5hbmNl IG9wZXJhdG lvbnMsIGxl YWRpbmcgdG 8gYW4gaW5j cmVhc2VkIG RlYnQtdG8t ZXF1aXR5IH JhdGlvLiBU aGlzIGNvdW xkIGFmZmVj dCB0aGUgY2 9tcGFueeKA mXMgY3JlZG l0d29ydGhp bmVzcywgbW FraW5nIGZ1 dHVyZSBib3 Jyb3dpbmcg bW9yZSBleH BlbnNpdmUg b3IgZGlmZm ljdWx0Ljxi cj5JbiBzdW 1tYXJ5LCBh IGRvd250dX JuIGluIHRo ZSBvaWwgYW 5kIGdhcyBz ZWN0b3IgZH JpdmVuIGJ5 IGEgZ2xvYm FsIHNoaWZ0 IHRvIHJlbm V3YWJsZSBl bmVyZ3kgY2 91bGQgc2V2 ZXJlbHkgaW 1wYWlyIFBv d2VsbCBJbm R1c3RyaWVz 4oCZIGVjb2 5vbWljcywg bGVhZGluZy B0byByZWR1 Y2VkIG1hcm dpbnMsIG5l Z2F0aXZlIG Nhc2ggZmxv dywgYW5kIG EgZGV0ZXJp b3JhdGluZy BiYWxhbmNl IHNoZWV0Li BUaGUgbG9u Zy10ZXJtIG NvbnNlcXVl bmNlcyBjb3 VsZCBpbmNs dWRlIHJlZH VjZWQgaW52 ZXN0bWVudC BpbiBpbm5v dmF0aW9uIG FuZCBwb3Rl bnRpYWwgbG F5b2Zmcywg ZnVydGhlci BpbXBhY3Rp bmcgaXRzIG 1hcmtldCBw b3NpdGlvbi 48YnI+

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 bG9nb3MvOU ViMjM3RUp5 UFl4NkpISl R5NlYud2Vi cCIgYWx0PS JQb3dlbGwg SW5kdXN0cm llcyIgdGl0 bGU9IlBvd2 VsbCBJbmR1 c3RyaWVzIi AgY2xhc3M9 ImltZy1mbH VpZCIgaGVp Z2h0PTUwIH dpZHRoPTUw IGxvYWRpbm c9J2xhenkn IHN0eWxlPS dib3JkZXIt cmFkaXVzOi A2cHg7Jz4K CiAgICAgIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nZmxleD ogMTsgdGV4 dC1hbGlnbj ogY2VudGVy OyBtYXJnaW 4tbGVmdDog NXB4Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDxwIHN0eW xlPSdmb250 LXNpemU6ID I2cHg7IGNv bG9yOiAjMz MzOyBtYXJn aW4tYm90dG 9tOiAxNXB4 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICDwn5OIIF dhbnQgdG8g cmVhZCBtb3 JlIGFib3V0 IFBvd2VsbC BJbmR1c3Ry aWVzPwogIC 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 1TNGdVRzkz WlcgeHNJRW x1WkhWeiBk SEpwWlhNZ2 QyIEZ6SUda dmRXNWsgWl dRZ2FXNGdN VCBrME55Qm llU0JpIGNt OTBhR1Z5Y3 kgQkVaV0Z1 SUdGdSBaQ0 JDYVd4c0lG IEJ2ZDJWc2 JDQnAgYmlC SWIzVnpkRy A5dUxDQlVa WGhoIGN5ND hZbkkrTWkg NGdWR2hsSU dOdiBiWEJo Ym5rZ1ltIF ZuWVc0Z1lY TWcgWVc0Z1 pXeGxZMyBS eWFXTmhiQ0 JqIGIyNTBj bUZqZEcgbH VaeUJtYVhK dCBMQ0JpZF hRZ2NYIFZw WTJ0c2VTQm wgZUhCaGJt UmxaQyBCcG JuUnZJRzFo IGJuVm1ZV0 4wZFggSnBi bWNnWld4bC BZM1J5YVdO aGJDIEJqYj I1MGNtOXMg SUhONWMzUm xiWCBNZ1pt OXlJSFJvIF pTQnZhV3dn WVcgNWtJR2 RoY3lCcCBi bVIxYzNSeW VTIDQ4WW5J K015NGcgVU c5M1pXeHNJ RSBsdVpIVn pkSEpwIFpY TWdhR0Z6SU cgSmxaVzRn YkdseiBkR1 ZrSUc5dUlI IFJvWlNCT1 FWTkUgUVZF Z2MzUnZZMi BzZ1pYaGph R0Z1IFoyVW djMmx1WTIg VWdNVGszTX lCaCBibVFn YVhNZ2NIIF ZpYkdsamJI a2cgZEhKaF pHVmtJSCBW dVpHVnlJSF JvIFpTQjBh V05yWlggSW djM2x0WW05 cyBJRkJQVj B3dVBHIEp5 UGpRdUlGUm 8gWlNCamIy MXdZVyA1NU lITndaV05w IFlXeHBlbV Z6SUcgbHVJ SFJvWlNCay BaWE5wWjI0 c0lHIFZ1Wj JsdVpXVnkg YVc1bkxDQm hibSBRZ1pt RmljbWxqIF lYUnBiMjRn YjIgWWdZM1 Z6ZEc5dCBJ R1ZzWldOMG NtIGxqWVd3 Z1pYRjEgYV hCdFpXNTBJ RyBadmNpQn diM2RsIGNp Qm5aVzVsY2 0gRjBhVzl1 TENCayBhWE 4wY21saWRY IFJwYjI0c0 lHRnUgWkNC amIyNTBjbS A5c0lITjVj M1JsIGJYTX VQR0p5UGog VXVJRkJ2ZD JWcyBiQ0JK Ym1SMWMzIF J5YVdWeklH aGggY3lCaE lHZHNiMiBK aGJDQnlaV0 ZqIGFDd2dk MmwwYUMgQn ZkbVZ5SURJ cyBNREF3SU dWdGNHIHh2 ZVdWbGN5Qm ggYm1RZ2Iz QmxjbSBGMG FXOXVjeUJw IGJpQnZkbV Z5SUQgUXdJ R052ZFc1MC BjbWxsY3k0 OFluIEkrTm k0Z1NXNGcg WVdSa2FYUn BiMiA0Z2RH OGdhWFJ6IE lHaGxZV1J4 ZFcgRnlkR1 Z5Y3lCcCBi aUJJYjNWem RHIDl1TENC MGFHVWcgWT I5dGNHRnVl UyBCb1lYTW diV0Z1IGRX WmhZM1IxY2 0gbHVaeUJt WVdOcCBiR2 wwYVdWeklH IGx1SUZSbG VHRnogTENC TWIzVnBjMi BsaGJtRXNJ R0Z1IFpDQl BhR2x2TGog eGljajQzTG lCUSBiM2Rs Ykd3Z1NXID VrZFhOMGNt bGwgY3lCcG N5QnJibSA5 M2JpQm1iM0 lnIGFYUnpJ R2x1Ym0gOT JZWFJwZG1V ZyBZVzVrSU hKbGJHIGxo WW14bElIQn kgYjJSMVkz UnpMQyBCaG JtUWdhR0Z6 IElHSmxaVz RnY20gVmpi MmR1YVhwbC BaQ0IzYVhS b0lHIDUxYl dWeWIzVnog SUdsdVpIVn pkSCBKNUlH RjNZWEprIG N5QmhibVFn WTIgVnlkR2 xtYVdOaCBk R2x2Ym5NdV BHIEp5UGpn dUlGUm8gWl NCamIyMXdZ VyA1NUlHaG hjeUJoIElH eHZibWNnYU cgbHpkRzl5 ZVNCdiBaaU J3WVhKMGJt IFZ5YzJocG NITWcgWVc1 a0lHTnZiRy B4aFltOXlZ WFJwIGIyNX pJSGRwZEcg Z2diV0ZxYj NJZyBaVzVs Y21kNUlHIE 52YlhCaGJt bGwgY3l3Z2 FXNWpiSCBW a2FXNW5JRV Y0IGVHOXVU VzlpYVcgd3 NJRU5vWlha eSBiMjRzSU dGdVpDIEJU YUdWc2JDND ggWW5JK09T NGdSRyBWem NHbDBaU0Jw IGRITWdabT lqZFggTWdi MjRnZEdobC BJRzlwYkNC aGJtIFFnWj JGeklHbHUg WkhWemRISj VMQyBCUWIz ZGxiR3dnIF NXNWtkWE4w Y20gbGxjeU JoYkhOdiBJ SEJ5YjNacF pHIFZ6SUhC eWIyUjEgWT NSeklHRnVa QyBCelpYSj JhV05sIGN5 QjBieUJ2ZE cgaGxjaUJw Ym1SMSBjM1 J5YVdWeklI IE4xWTJnZ1 lYTWcgWTJo bGJXbGpZVy B3c0lHMXBi bWx1IFp5d2 dZVzVrSUgg UnlZVzV6Y0 c5eSBkR0Yw YVc5dUxqIH hpY2o0eE1D NGcgU1c0Z2 NtVmpaVyA1 MElIbGxZWE p6IExDQjBh R1VnWTIgOX RjR0Z1ZVNC byBZWE1nWl hod1lXIDVr WldRZ2FYUn ogSUc5bVpt VnlhVyA1bm N5QjBieUJw IGJtTnNkV1 JsSUggSmxi bVYzWVdKcy BaU0JsYm1W eVozIGtnYz I5c2RYUnAg YjI1ekxDQn pkVyBOb0lH RnpJSE52IG JHRnlJSEJ2 ZDIgVnlJSE 41YzNSbCBi WE1nWVc1a0 lHIFZ1WlhK bmVTQnogZE c5eVlXZGxJ SCBONWMzUm xiWE11CiAg ICAgICAgPC 9zcGFuPgog ICAgICAgIA ogICAgICAg IA==