Broadcom

Live  

Broadcom is an American multinational corporation that designs and manufactures semiconductor and infrastructure software solutions. The company was founded in 1991 and is headquartered in San Jose, California.
Broadcom specializes in a wide range of products including networking, wireless, and broadband solutions, as well as data center and storage products. They have a strong focus on innovation and invest heavily in research and development to stay at the forefront of technological advancements.
The company has a global presence, with operations in over 35 countries and approximately 15,000 employees worldwide. They serve a diverse customer base, ranging from large corporations to small businesses and individuals.
Broadcom has a history of strategic acquisitions and partnerships, allowing them to expand their product offerings and technology capabilities. They are committed to sustainability and have implemented environmentally friendly practices in their operations.
In addition to their technology focus, Broadcom also has a strong commitment to corporate responsibility, supporting various social and charitable causes in the communities they operate in.

QnJvYWRjb2 0gaXMgYSBi aWcgY29tcG FueSB0aGF0 IG1ha2VzIG ltcG9ydGFu dCBwYXJ0cy Bmb3IgdGVj aG5vbG9neS wgbGlrZSB0 aGUgY2hpcH MgaW5zaWRl IHNtYXJ0cG hvbmVzLCB0 YWJsZXRzLC BhbmQgY29t cHV0ZXJzLi BUaGluayBv ZiB0aGVzZS BjaGlwcyBh cyB0aGUgYn JhaW5zIG9m IGRldmljZX M7IHRoZXkg aGVscCB0aG VtIHdvcmsg YmV0dGVyIG FuZCBmYXN0 ZXIuIDxicj 5Ccm9hZGNv bSBtYWtlcy Btb25leSBt b3N0bHkgYn kgc2VsbGlu ZyB0aGVzZS BjaGlwcyB0 byBvdGhlci Bjb21wYW5p ZXMgdGhhdC B1c2UgdGhl bSB0byBjcm VhdGUgdGhl aXIgb3duIH Byb2R1Y3Rz LiBGb3IgZX hhbXBsZSwg d2hlbiBhIG 5ldyBzbWFy dHBob25lIG lzIG1hZGUs IGl0IG1pZ2 h0IGhhdmUg QnJvYWRjb2 0gY2hpcHMg aW5zaWRlIG l0LiBTbywg d2hlbiBwZW 9wbGUgYnV5 IHRoZXNlIG RldmljZXMs IEJyb2FkY2 9tIGdldHMg cGFpZCBmb3 IgdGhlIGNo aXBzIGl0IG 1hZGUuPGJy PkJyb2FkY2 9tIGlzIHN1 Y2Nlc3NmdW wgZm9yIGEg ZmV3IHJlYX NvbnMuIEZp cnN0LCB0ZW Nobm9sb2d5 IGlzIGV2ZX J5d2hlcmUs IGFuZCBtb3 JlIGRldmlj ZXMgYXJlIG JlaW5nIG1h ZGUgZXZlcn kgZGF5LCB3 aGljaCBtZW FucyB0aGVy ZeKAmXMgYS BiaWcgZGVt YW5kIGZvci BjaGlwcy4g U2Vjb25kLC BCcm9hZGNv bSBpcyByZW FsbHkgZ29v ZCBhdCBtYW tpbmcgaGln aC1xdWFsaX R5IGNoaXBz IHRoYXQgaG VscCBkZXZp Y2VzIGNvbW 11bmljYXRl LCBjb25uZW N0IHRvIHRo ZSBpbnRlcm 5ldCwgYW5k IHJ1biBhcH BsaWNhdGlv bnMgc21vb3 RobHkuIExh c3RseSwgdG hlIGNvbXBh bnkga2VlcH MgaW5ub3Zh dGluZywgd2 hpY2ggbWVh bnMgaXTigJ lzIGFsd2F5 cyBjb21pbm cgdXAgd2l0 aCBuZXcgYW 5kIGJldHRl ciB0ZWNobm 9sb2d5IHRv IHN0YXkgYW hlYWQgb2Yg aXRzIGNvbX BldGl0b3Jz Ljxicj5Mb2 9raW5nIHRv IHRoZSBmdX R1cmUsIEJy b2FkY29tIG lzIGxpa2Vs eSB0byBjb2 50aW51ZSBi ZWluZyBzdW NjZXNzZnVs IGJlY2F1c2 UgdGVjaG5v bG9neSBpcy BhbHdheXMg YWR2YW5jaW 5nLCBhbmQg dGhpbmdzIG xpa2UgNUcg aW50ZXJuZX QgYW5kIHNt YXJ0IGRldm ljZXMgYXJl IGJlY29taW 5nIGluY3Jl YXNpbmdseS Bwb3B1bGFy LiBTaW5jZS BCcm9hZGNv bSBwcm92aW RlcyB0aGUg cGFydHMgdG hhdCBoZWxw IGNyZWF0ZS B0aGVzZSB0 ZWNobm9sb2 dpZXMsIGl0 IHdpbGwgbG lrZWx5IGtl ZXAgbWFraW 5nIG1vbmV5 IGFzIG1vcm UgYW5kIG1v cmUgZGV2aW NlcyBuZWVk IGl0cyBjaG lwcy48YnI+

MS4gV2lkZS BSYW5nZSBv ZiBQcm9kdW N0czogQnJv YWRjb20gb2 ZmZXJzIGEg ZGl2ZXJzZS Bwb3J0Zm9s aW8gb2YgcH JvZHVjdHMs IGluY2x1ZG luZyBzZW1p Y29uZHVjdG 9ycywgc29m dHdhcmUsIG FuZCBvdGhl ciBlbGVjdH JvbmljIGNv bXBvbmVudH MuIFRoaXMg YWxsb3dzIH RoZSBjb21w YW55IHRvIG NhdGVyIHRv IHZhcmlvdX MgaW5kdXN0 cmllcywgaW 5jbHVkaW5n IG5ldHdvcm tpbmcsIHN0 b3JhZ2UsIG NvbXB1dGlu ZywgYW5kIG luZHVzdHJp YWwgc2VjdG 9ycy48YnI+ Mi4gRm9jdX Mgb24gSW5u b3ZhdGlvbj ogQnJvYWRj b20gaGFzIG Egc3Ryb25n IGZvY3VzIG 9uIHJlc2Vh cmNoIGFuZC BkZXZlbG9w bWVudCwgaW 52ZXN0aW5n IGhlYXZpbH kgaW4gbmV3 IHRlY2hub2 xvZ2llcyBh bmQgc29sdX Rpb25zLiBU aGlzIGhhcy BoZWxwZWQg dGhlIGNvbX Bhbnkgc3Rh eSBhdCB0aG UgZm9yZWZy b250IG9mIH RoZSByYXBp ZGx5IGV2b2 x2aW5nIHNl bWljb25kdW N0b3IgaW5k dXN0cnkuPG JyPjMuIFN0 cm9uZyBNYX JrZXQgUG9z aXRpb246IF dpdGggb3Zl ciAxNSwwMD AgcGF0ZW50 cyBhbmQgbW 9yZSB0aGFu ICQyMiBiaW xsaW9uIGlu IHJldmVudW UsIEJyb2Fk Y29tIGhhcy BhIGRvbWlu YW50IHBvc2 l0aW9uIGlu IHRoZSBzZW 1pY29uZHVj dG9yIG1hcm tldCwgbWFr aW5nIGl0IG 9uZSBvZiB0 aGUgbGFyZ2 VzdCBwbGF5 ZXJzIGluIH RoZSBpbmR1 c3RyeS48Yn I+NC4gR2xv YmFsIFByZX NlbmNlOiBC cm9hZGNvbS BoYXMgYSBz dHJvbmcgZ2 xvYmFsIHBy ZXNlbmNlLC B3aXRoIG9w ZXJhdGlvbn MgaW4gb3Zl ciAzMCBjb3 VudHJpZXMg YW5kIHNhbG VzIGluIG92 ZXIgMTMwIG NvdW50cmll cy4gVGhpcy BhbGxvd3Mg dGhlIGNvbX BhbnkgdG8g Y2F0ZXIgdG 8gZGl2ZXJz ZSBtYXJrZX RzIGFuZCBz dHJlbmd0aG VucyBpdHMg Y29tcGV0aX RpdmUgYWR2 YW50YWdlLj xicj41LiBD dXN0b21lci BGb2N1czog QnJvYWRjb2 0gaGFzIGEg Y3VzdG9tZX ItY2VudHJp YyBhcHByb2 FjaCBhbmQg c3RyaXZlcy B0byB1bmRl cnN0YW5kIG FuZCBtZWV0 IHRoZSBzcG VjaWZpYyBu ZWVkcyBvZi BpdHMgY2xp ZW50cy4gVG hpcyBoYXMg aGVscGVkIH RoZSBjb21w YW55IGJ1aW xkIGxvbmct bGFzdGluZy ByZWxhdGlv bnNoaXBzIH dpdGggaXRz IGN1c3RvbW VycyBhbmQg cHJvdmlkZS BjdXN0b21p emVkIHNvbH V0aW9ucy48 YnI+Ni4gQW NxdWlzaXRp b25zIGFuZC BQYXJ0bmVy c2hpcHM6IE Jyb2FkY29t IGhhcyBhIG hpc3Rvcnkg b2Ygc3RyYX RlZ2ljIGFj cXVpc2l0aW 9ucyBhbmQg cGFydG5lcn NoaXBzLCBh bGxvd2luZy B0aGUgY29t cGFueSB0by BleHBhbmQg aXRzIHByb2 R1Y3Qgb2Zm ZXJpbmdzLC BlbnRlciBu ZXcgbWFya2 V0cywgYW5k IHN0cmVuZ3 RoZW4gaXRz IHBvc2l0aW 9uIGluIHRo ZSBpbmR1c3 RyeS48YnI+ Ny4gU3VzdG FpbmFiaWxp dHk6IEJyb2 FkY29tIGlz IGNvbW1pdH RlZCB0byBy ZWR1Y2luZy BpdHMgZW52 aXJvbm1lbn RhbCBpbXBh Y3QgYnkgaW 1wbGVtZW50 aW5nIHN1c3 RhaW5hYmxl IHByYWN0aW NlcyBpbiBp dHMgb3Blcm F0aW9ucywg cHJvZHVjdH MsIGFuZCBz dXBwbHkgY2 hhaW4uIFRo ZSBjb21wYW 55IGhhcyBi ZWVuIHJlY2 9nbml6ZWQg Zm9yIGl0cy BlZmZvcnRz IGluIHN1c3 RhaW5hYmls aXR5IGFuZC Bjb3Jwb3Jh dGUgcmVzcG 9uc2liaWxp dHkuPGJyPj guIFN0cm9u ZyBGaW5hbm NpYWwgUGVy Zm9ybWFuY2 U6IEJyb2Fk Y29tIGhhcy Bjb25zaXN0 ZW50bHkgZG VsaXZlcmVk IHN0cm9uZy BmaW5hbmNp YWwgcGVyZm 9ybWFuY2Us IHdpdGggc2 lnbmlmaWNh bnQgcmV2ZW 51ZSBncm93 dGggYW5kIH Byb2ZpdGFi aWxpdHkuIF RoaXMgYXR0 cmFjdHMgaW 52ZXN0b3Jz IGFuZCBwcm 92aWRlcyBz dGFiaWxpdH kgZm9yIHRo ZSBjb21wYW 55J3Mgb3Bl cmF0aW9ucy BhbmQgZnV0 dXJlIGdyb3 d0aCBwcm9z cGVjdHMu

VGhlIEJyb2 FkY29tIGNv bXBhbnkncy BidXNpbmVz cyBtb2RlbC BpcyBiYXNl ZCBvbiBkZX NpZ25pbmcg YW5kIG1hbn VmYWN0dXJp bmcgc2VtaW NvbmR1Y3Rv ciBhbmQgaW 5mcmFzdHJ1 Y3R1cmUgc2 9mdHdhcmUg c29sdXRpb2 5zIGZvciBh IHdpZGUgcm FuZ2Ugb2Yg aW5kdXN0cm llcywgaW5j bHVkaW5nIG 5ldHdvcmtp bmcsIHN0b3 JhZ2UsIHdp cmVsZXNzLC BhbmQgYnJv YWRiYW5kLi BUaGV5IGZv Y3VzIG9uIG RlbGl2ZXJp bmcgaGlnaC 1wZXJmb3Jt YW5jZSwgbG 93LXBvd2Vy LCBhbmQgY2 9zdC1lZmZl Y3RpdmUgc2 9sdXRpb25z IGZvciB0aG VpciBjdXN0 b21lcnMuIF RoZWlyIHBy b2R1Y3RzIG FyZSB1c2Vk IGluIG1hbn kgZGlmZmVy ZW50IGRldm ljZXMsIGlu Y2x1ZGluZy BzbWFydHBo b25lcywgZG F0YSBjZW50 ZXJzLCBhbm QgYXV0b21v YmlsZXMuIF RoZXkgYWxz byBoYXZlIG Egc3Ryb25n IGZvY3VzIG 9uIHJlc2Vh cmNoIGFuZC BkZXZlbG9w bWVudCB0by BzdGF5IGF0 IHRoZSBmb3 JlZnJvbnQg b2YgdGVjaG 5vbG9naWNh bCBhZHZhbm NlbWVudCBh bmQgbWVldC B0aGUgZXZv bHZpbmcgbm VlZHMgb2Yg dGhlaXIgY3 VzdG9tZXJz LiBJbiBhZG RpdGlvbiwg QnJvYWRjb2 0gdXRpbGl6 ZXMgYSBjb2 1iaW5hdGlv biBvZiBvcm dhbmljIGdy b3d0aCBhbm Qgc3RyYXRl Z2ljIGFjcX Vpc2l0aW9u cyB0byBleH BhbmQgdGhl aXIgcHJvZH VjdCBvZmZl cmluZ3MgYW 5kIG1hcmtl dCByZWFjaC 4=

The potential impact of AI on Broadcom’s products, services, and competitive positioning can be analyzed through several lenses, including substitution, disintermediation, and margin pressure.
1. Substitution: AI technologies could lead to the development of alternative solutions that might replace certain hardware products. For example, in areas such as networking, AI-driven software solutions might provide functionalities that traditionally relied on Broadcom’s semiconductor products. If these AI solutions become advanced enough to fulfill the same roles as hardware, Broadcom could face challenges in maintaining market share in certain segments.
2. Disintermediation: The use of AI could streamline various processes in the semiconductor and networking industries, potentially reducing the need for certain traditional hardware components. Companies might leverage AI to optimize performance and increase efficiency, which could reduce the demand for Broadcom’s components. However, disintermediation may also create opportunities for Broadcom if they can integrate AI capabilities into their products, thereby enhancing their value.
3. Margin Pressure: The integration of AI might drive down prices in various markets, especially if competitors develop more efficient AI-driven solutions. As technology evolves, customers may expect higher performance at lower price points, which could lead to margin compression for Broadcom. The company would need to invest in R&D to keep up with advances in AI and ensure that their products remain competitive in terms of both functionality and price.
In summary, while AI poses potential risks in terms of substitution, disintermediation, and margin pressure for Broadcom, it also presents an opportunity for innovation. Broadcom’s ability to adapt and integrate AI into its offerings will be crucial in maintaining its competitive position in the market.

Broadcom’s earnings, cash flow, and valuation are significantly influenced by changes in interest rates due to several interconnected factors.
Firstly, the cost of capital is directly affected by interest rates. When rates rise, borrowing costs increase for companies, which can lead to higher expenses for financing operations or expansion projects. If interest payments rise, this can squeeze profit margins, particularly if the company is heavily reliant on debt.
Secondly, interest rates affect consumer spending and business investment. Higher interest rates typically lead to reduced consumer borrowing and spending, which can negatively impact demand for Broadcom’s products, especially in sectors like consumer electronics and telecommunications. Additionally, businesses may delay or reduce capital expenditures when financing costs are higher, impacting Broadcom’s sales and revenue growth.
Moreover, valuation is sensitive to interest rates because equity valuations often incorporate discounted cash flow analysis. Higher interest rates can lead to an increase in the discount rate applied to future cash flows, effectively reducing the present value of those cash flows. This could result in a lower market valuation for Broadcom if investors adjust their expectations accordingly.
In summary, increases in interest rates can lead to higher borrowing costs, reduced consumer and business demand, and lower valuations due to changes in discount rates, all of which can negatively impact Broadcom’s earnings, cash flow, and overall financial performance.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BCcm9hZGNv beKAmXMgZW Nvbm9taWNz IG92ZXIgdG hlIG5leHQg M+KAkzUgeW VhcnMgaXMg YSBzaWduaW ZpY2FudCBh bmQgcHJvbG 9uZ2VkIGRv d250dXJuIG luIHRoZSBz ZW1pY29uZH VjdG9yIGlu ZHVzdHJ5IG R1ZSB0byBt dWx0aXBsZS Bjb252ZXJn aW5nIGZhY3 RvcnMuIFRo ZXNlIGZhY3 RvcnMgbWln aHQgaW5jbH VkZSBnbG9i YWwgc3VwcG x5IGNoYWlu IGRpc3J1cH Rpb25zLCBh IHNoYXJwIG RlY2xpbmUg aW4gZGVtYW 5kIGZvciBz ZW1pY29uZH VjdG9yIHBy b2R1Y3RzIG R1ZSB0byBl Y29ub21pYy ByZWNlc3Np b24sIGFnZ3 Jlc3NpdmUg Y29tcGV0aX Rpb24gbGVh ZGluZyB0by BwcmljZSB3 YXJzLCBhbm QgcG90ZW50 aWFsIHJlZ3 VsYXRvcnkg Y2hhbmdlcy BpbXBhY3Rp bmcgdGVjaG 5vbG9neSBl eHBvcnRzLC Blc3BlY2lh bGx5IGluIG tleSBtYXJr ZXRzIGxpa2 UgQ2hpbmEu PGJyPklmIH N1Y2ggYSBz Y2VuYXJpby B3ZXJlIHRv IHVuZm9sZC wgdGhlIGlt cGFjdCBvbi BCcm9hZGNv beKAmXMgbW FyZ2lucywg Y2FzaCBmbG 93LCBhbmQg YmFsYW5jZS BzaGVldCBj b3VsZCBiZS BhcyBmb2xs b3dzOjxicj 4xLiA8c3Ry b25nPk1hcm dpbnM8L3N0 cm9uZz46IE Jyb2FkY29t 4oCZcyBwcm 9maXQgbWFy Z2lucyB3b3 VsZCBsaWtl bHkgc2hyaW 5rIGR1ZSB0 byBkZWNyZW FzZWQgZGVt YW5kIGZvci BpdHMgcHJv ZHVjdHMsIG NvbXBlbGxp bmcgdGhlIG NvbXBhbnkg dG8gbG93ZX IgcHJpY2Vz IHRvIG1haW 50YWluIG1h cmtldCBzaG FyZS4gQWRk aXRpb25hbG x5LCBpbmNy ZWFzZWQgb3 BlcmF0aW9u YWwgY29zdH Mgc3RlbW1p bmcgZnJvbS BzdXBwbHkg Y2hhaW4gY2 hhbGxlbmdl cyBjb3VsZC BmdXJ0aGVy IHByZXNzdX JlIG1hcmdp bnMuIEFzIG EgcmVzdWx0 LCBncm9zcy BtYXJnaW5z IGNvdWxkIG RlY2xpbmUg c2lnbmlmaW NhbnRseSwg cG90ZW50aW FsbHkgZHJv cHBpbmcgYn kgc2V2ZXJh bCBwZXJjZW 50YWdlIHBv aW50cy48Yn I+Mi4gPHN0 cm9uZz5DYX NoIEZsb3c8 L3N0cm9uZz 46IFRoZSBj b21wYW554o CZcyBjYXNo IGZsb3cgd2 91bGQgYWxz byBiZSBhZH ZlcnNlbHkg aW1wYWN0ZW QuIFdpdGgg bG93ZXIgcm V2ZW51ZXMg c3RlbW1pbm cgZnJvbSBk aW1pbmlzaG VkIHNhbGVz IGFuZCByZW R1Y2VkIGF2 ZXJhZ2Ugc2 VsbGluZyBw cmljZXMgKE FTUHMpLCBv cGVyYXRpbm cgY2FzaCBm bG93IGNvdW xkIGRlY2xp bmUgc3Vic3 RhbnRpYWxs eS4gRnVydG hlcm1vcmUs IGlmIEJyb2 FkY29tIHdl cmUgdG8gaW 5jcmVhc2Ug Y2FwaXRhbC BleHBlbmRp dHVyZXMgdG 8gaW5ub3Zh dGUgb3IgaW 1wcm92ZSBl ZmZpY2llbm N5IGluIHJl c3BvbnNlIH RvIGNvbXBl dGl0aW9uLC BpdHMgZnJl ZSBjYXNoIG Zsb3cgY291 bGQgdHVybi BuZWdhdGl2 ZS4gVGhpcy Bjb3VsZCBo aW5kZXIgdG hlIGNvbXBh bnnigJlzIG NhcGFjaXR5 IHRvIGludm VzdCBpbiBn cm93dGggaW 5pdGlhdGl2 ZXMgb3Igcm V0dXJuIGNh cGl0YWwgdG 8gc2hhcmVo b2xkZXJzLC BmdXJ0aGVy IHdlYWtlbm luZyBpbnZl c3RvciBjb2 5maWRlbmNl Ljxicj4zLi A8c3Ryb25n PkJhbGFuY2 UgU2hlZXQ8 L3N0cm9uZz 46IE9uIHRo ZSBiYWxhbm NlIHNoZWV0 LCB0aGUgZW ZmZWN0cyBv ZiByZWR1Y2 VkIGNhc2gg ZmxvdyBjb3 VsZCBsZWFk IHRvIGluY3 JlYXNlZCBs ZXZlcmFnZS wgYXMgQnJv YWRjb20gbW lnaHQgcmVz b3J0IHRvIG RlYnQgZmlu YW5jaW5nIH RvIGNvdmVy IG9wZXJhdG lvbmFsIGNv c3RzIGFuZC BtYWludGFp biBsaXF1aW RpdHkuIFRo aXMgY291bG QgcmVzdWx0 IGluIGEgaG lnaGVyIGRl YnQtdG8tZX F1aXR5IHJh dGlvLCB3aG ljaCB3b3Vs ZCBjb25jZX JuIGludmVz dG9ycyBhbm QgY3JlZGl0 IHJhdGluZy BhZ2VuY2ll cy4gQWRkaX Rpb25hbGx5 LCBpZiBCcm 9hZGNvbeKA mXMgaW52ZW 50b3J5IGxl dmVscyByaX NlIGR1ZSB0 byB1bnNvbG QgcHJvZHVj dHMgYW1pZC BkZWNsaW5p bmcgZGVtYW 5kLCBpdCBt YXkgbmVlZC B0byB3cml0 ZSBkb3duIH RoZSB2YWx1 ZSBvZiBpdH MgaW52ZW50 b3J5LCBpbX BhY3Rpbmcg Ym90aCBhc3 NldHMgYW5k IGVxdWl0eS 48YnI+SW4g dGhpcyBzY2 VuYXJpbywg QnJvYWRjb2 0gY291bGQg ZmFjZSBhIH Byb2xvbmdl ZCBwZXJpb2 Qgb2YgZmlu YW5jaWFsIH N0cmFpbiwg d2l0aCBjaG FsbGVuZ2Vz IGluIHJlY2 92ZXJpbmcg aXRzIHByZX Zpb3VzIGxl dmVscyBvZi Bwcm9maXRh YmlsaXR5IG FuZCBncm93 dGgsIHVsdG ltYXRlbHkg aW1wYWN0aW 5nIGl0cyBt YXJrZXQgcG 9zaXRpb24g YW5kIGxvbm ctdGVybSBz dXN0YWluYW JpbGl0eS48 YnI+

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 bG9nb3MvSH ZMSUZJRGlI UTJ3WmVYeE ZDRW0ud2Vi cCIgYWx0PS JCcm9hZGNv bSIgdGl0bG U9IkJyb2Fk Y29tIiAgY2 xhc3M9Imlt Zy1mbHVpZC IgaGVpZ2h0 PTUwIHdpZH RoPTUwIGxv 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 Fib3V0IEJy b2FkY29tPw 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+agCBEb2 7igJl0IG1p c3MgPGk+Il RoZSBDaGVj a2xpc3QgVm FsdWUgSW52 ZXN0b3Ig4o CUIEEgU21h cnRlciBXYX kgdG8gUGlj ayBTdG9ja3 MiPC9pPiDi gJQgZnJlZS EKICAgICAg 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 dRbkp2WVcg UmpiMjBnUT I5eSBjRzl5 WVhScGIyID RnZDJGeklH WnYgZFc1a1 pXUWdhVyA0 Z01UazVNU0 JpIGVTQkla VzV5ZVMgQl RZVzExWld4 cCBJR0Z1Wk NCSVpXIDV5 ZVNCT2FXTm 8gYjJ4aGN5 QkpTVSBrc0 lIUjNieUJo IGJIVnRibW tnWm4gSnZi U0IwYUdVZy BWVzVwZG1W eWMyIGwwZV NCdlppQkQg WVd4cFptOX libSBsaExD Qk1iM01nIF FXNW5aV3hs Y3kgQW9WVU 5NUVNrdSBQ R0p5UGpJdU lGIFJvWlNC amIyMXcgWV c1NTRvQ1pj eSBCb1pXRm tjWFZoIGNu Umxjbk1nWV ggSmxJR3h2 WTJGMCBaV1 FnYVc0Z1Uy IEZ1SUVwdm MyVXMgSUVO aGJHbG1iMy BKdWFXRXVQ R0p5IFBqTX VJRUp5YjIg RmtZMjl0NG 9DWiBjeUJ2 Y21sbmFXID VoYkNCdVlX MWwgSUhkaG N5QkNjbSA5 aFpHSmhibV FnIFEyOXRi WFZ1YVcgTm hkR2x2Ym5N cyBJR0oxZE NCcGRDIEIz WVhNZ2JHRj AgWlhJZ1ky aGhibSBkbF pDQjBieUJD IGNtOWhaR0 52YlMgQnBi aUF4T1RrMS BManhpY2o0 MExpIEJVYU dVZ1kyOXQg Y0dGdWVlS0 FtWCBNZ1pt bHljM1FnIG NISnZaSFZq ZEMgQjNZWE 1nWVNCbyBh V2RvTFhOd1 pXIFZrSUcx dlpHVnQgSU dOb2FYQWdk RyBoaGRDQj BjbUZ1IGMy MXBkSFJsWk MgQmtZWFJo SUc5MiBaWE lnZEdWc1pY IEJvYjI1bE lHeHAgYm1W ekxDQndjbS A5MmFXUnBi bWNnIFptRn pkR1Z5SUcg bHVkR1Z5Ym 1WMCBJR052 Ym01bFkzIF JwYjI1eklI UnYgSUhWel pYSnpMaiB4 aWNqNDFMaU JKIGJpQXhP VGs0TEMgQk NjbTloWkdO diBiU0JoWT NGMWFYIEps WkNCaElHMW ggYW05eUlI TmxiVyBsam IyNWtkV04w IGIzSWdZMj l0Y0cgRnVl U0JqWVd4cy BaV1FnUjJ4 dlltIEZzSU ZacGJHeGgg WjJVZ1EyOX RiWCBWdWFX TmhkR2x2IG JpQm1iM0ln SkQgWXlJRz FwYkd4cCBi MjR1UEdKeV BqIFl1SUVK eWIyRmsgWT I5dElIZGxi biBRZ2NIVm liR2xqIElH bHVJREU1T1 QgZ2dZVzVr SUhKaCBhWE 5sWkNCdmRt IFZ5SUNRME lHSnAgYkd4 cGIyNGdhVy A0Z2FYUnpJ R2x1IGFYUn BZV3dnY0gg VmliR2xqSU c5bSBabVZ5 YVc1bklDIG hKVUU4cExp QlUgYUdsek lIZGhjeSBC dmJtVWdiMl lnIGRHaGxJ R3hoY20gZG xjM1FnU1ZC UCBjeUJwYm lCMGFHIFVn YUdsemRHOX kgZVNCdlpp QjBhRyBVZ2 RHVmphRzV2 IGJHOW5lU0 JwYm0gUjFj M1J5ZVM0OC BZbkkrTnk0 Z1FuIEp2WV dSamIyM2kg Z0pseklHWn BjbiBOMElH MWhhbTl5IE lITjFZMk5s YzMgTWdZMk Z0WlNCcCBi aUF5TURBek lIIGRvWlc0 Z2FYUWcgYV c1MGNtOWtk VyBObFpDQj BhR1VnIFpt bHljM1FnYz IgbHVaMnhs TFdObyBhWE FnT0RBeUxq IEV4WnlCWG FTMUcgYVNC emIyeDFkRy BsdmJpNGdW R2hwIGN5Qn djbTlrZFcg TjBJSGRoY3 lCMyBhV1Js YkhrZ1lXIF J2Y0hSbFpD QmkgZVNCdF lXcHZjaSBC c1lYQjBiM0 FnIGJXRnVk V1poWTMgUj FjbVZ5Y3l3 ZyBiR1ZoWk dsdVp5IEIw YnlCemFXZH UgYVdacFky RnVkQyBCbm NtOTNkR2dn IFptOXlJSF JvWlMgQmpi MjF3WVc1NS BManhpY2o0 NExpIEJDY2 05aFpHTnYg YmVLQW1YTW diVyBGcGJp Qm1iMk4xIG N5QnBjeUJ2 YmkgQjBhR1 VnWkdWMiBa V3h2Y0cxbG JuIFFnWVc1 a0lIQnkgYj JSMVkzUnBi MiA0Z2IyWW djMlZ0IGFX TnZibVIxWT MgUnZjbk1n Wm05eSBJSG RwY21Wc1pY IE56SUdGdV pDQjMgYVhK bFpDQmpiMi AxdGRXNXBZ MkYwIGFXOX VJR0Z3Y0cg eHBZMkYwYV c5dSBjeXdn YzNWamFDIE JoY3lCWGFT MUcgYVN3Z1 FteDFaWCBS dmIzUm9MQ0 JoIGJtUWdi VzlpYVcgeG xJSEJvYjI1 bCBJR05vYV hCekxqIHhp Y2o0NUxpQl UgYUdVZ1ky OXRjRyBGdW VTQm9ZWE1n IFlTQnpkSE p2Ym0gY2dj SEpsYzJWdS BZMlVnYVc0 Z2RHIGhsSU hOdFlYSjAg SUdodmJXVW dZVyA1a0lH RjFkRzl0IG IzUnBkbVVn YlcgRnlhMl YwY3lCaCBj eUIzWld4c0 xDIEJ3Y205 MmFXUnAgYm 1jZ1kyOXVi bSBWamRHbD JhWFI1IElI TnZiSFYwYV cgOXVjeUJt YjNJZyBaR1 YyYVdObGN5 IEJzYVd0bE lITnQgWVhK MElIUm9aWC BKdGIzTjBZ WFJ6IExDQn paV04xY20g bDBlU0J6ZV hOMCBaVzF6 TENCaGJtIF FnYzJWc1pp MWsgY21sMm FXNW5JRyBO aGNuTXVQR0 p5IFBqRXdM aUJDY20gOW haR052YlNC byBZWE1nWV dOeGRXIGx5 WldRZ2JuVn QgWlhKdmRY TWdZMiA5dG NHRnVhV1Z6 IElIUm9jbT kxWjIgaHZk WFFnYVhSei BJR2hwYzNS dmNuIGtzSU dsdVkyeDEg WkdsdVp5Qn RZVyBwdmNp QmpiMjF3IF lXNXBaWE1n YkcgbHJaU0 JEUVNCVSBa V05vYm05c2 IyIGRwWlhN c0lFSnkgYj JOaFpHVWdR MiA5dGJYVn VhV05oIGRH bHZibk1nVT MgbHpkR1Z0 Y3l3ZyBZVz VrSUZONWJX IEZ1ZEdWak lFTnYgY25C dmNtRjBhVy A5dUxqeGlj ajR4IE1TNG dTVzRnTWog QXhPQ3dnVU hKbCBjMmxr Wlc1MElGIF J5ZFcxd0lH SnMgYjJOcl pXUWdRbiBK dllXUmpiMj NpIGdKbHpJ R2h2YzMgUn BiR1VnZEdG ciBaVzkyWl hJZ1ltIGxr SUdadmNpQn kgYVhaaGJD QmphRyBsd2 JXRnJaWEln IFVYVmhiR0 52YlcgMHNJ R05wZEdsdS BaeUJ1WVhS cGIyIDVoYk NCelpXTjEg Y21sMGVTQm piMiA1alpY SnVjeTQ4IF luSStNVEl1 SUUgbHVJRE l3TVRrcyBJ RUp5YjJGa1 kyIDl0SUhk aGN5QnMgYV hOMFpXUWdZ WCBNZ2RHaG xJREkwIGRH Z2diR0Z5Wj IgVnpkQ0J6 WlcxcCBZMj l1WkhWamRH IDl5SUdOdm JYQmggYm5r Z2FXNGdkRy BobElIZHZj bXhrIElHSj VJSEpsZG0g VnVkV1VzSU hkcCBkR2dn WVc1dWRXIE ZzSUdWaGNt NXAgYm1kek lHOW1JRyA5 MlpYSWdKRE l5IElHSnBi R3hwYjIgNH VQR0p5UGpF eiBMaUJVYU dVZ1kyIDl0 Y0dGdWVTQn AgY3lCcmJt OTNiaSBCbW IzSWdhWFJ6 IElHbHVibT kyWVggUnBk bVVnWVc1ay BJR1ZtWm1s amFXIFZ1ZE NCamFHbHcg SUdSbGMybG 5iaSB3Z2Qy aHBZMmdnIG FHRnpJR1Zo Y20gNWxaQ0 JwZENCdSBk VzFsY205MW N5IEJoZDJG eVpITWcgWV c1a0lISmxZ MiA5bmJtbD BhVzl1IGN5 QnBiaUIwYU cgVWdhVzVr ZFhOMCBjbm t1UEdKeVBq IEUwTGlCQ2 NtOWggWkdO dmJTQm9ZWC BNZ1lTQnpk SEp2IGJtY2 dZMjl0Ylcg bDBiV1Z1ZE NCMCBieUJ6 ZFhOMFlXIG x1WVdKcGJH bDAgZVNCaG JtUWdhRyBG eklHbHRjR3 hsIGJXVnVk R1ZrSUggWm hjbWx2ZFhN ZyBhVzVwZE dsaGRHIGwy WlhNZ2RHOG cgY21Wa2RX TmxJRyBsMG N5Qmxiblpw IGNtOXViV1 Z1ZEcgRnNJ R2x0Y0dGai BkQ3dnYVc1 amJIIFZrYV c1bklHVnUg WlhKbmVTQm xabSBacFky bGxibU41IE lHbHRjSEp2 ZG0gVnRaVz UwY3l3ZyBk MkZ6ZEdVZ2 NtIFZrZFdO MGFXOXUgTE NCaGJtUWdk MiBGMFpYSW dZMjl1IGMy VnlkbUYwYV cgOXVManhp Y2o0eCBOUz RnVkdobElH IE52YlhCaG Jua2cgYUdG eklHRWdaRy BsMlpYSnpa U0IzIGIzSn JabTl5WTIg VWdZVzVrSU doaCBjeUJp WldWdUlIIE psWTI5bmJt bDYgWldRZ1 ptOXlJRyBs MGN5QmxabV p2IGNuUnpJ R2x1SUggQn liMjF2ZEds dSBaeUJrYV habGNuIE5w ZEhrZ1lXNW sgSUdsdVky eDFjMiBsdm JpQnBiaUIw IGFHVWdkMj l5YTMgQnNZ V05sTGc9PQ ogICAgICAg IDwvc3Bhbj 4KICAgICAg ICAKICAgIC AgICA=