Littelfuse

Live  

Littelfuse is a global company that specializes in circuit protection products and solutions. They were founded in 1927 and are headquartered in Chicago, Illinois. Littelfuse designs, manufactures, and sells a wide range of products including fuses, arresters, sensors, switches, and relays to protect electrical equipment and systems from overcurrent, overvoltage, and other hazardous conditions. Their products are used in a variety of industries including automotive, industrial, telecommunications, consumer electronics, and more. Littelfuse has a presence in over 15 countries and serves customers in more than 150 countries around the world. They are committed to innovation, sustainability, and providing reliable and high-quality products to their customers.

TGl0dGVsZn VzZSBpcyBh IGNvbXBhbn kgdGhhdCBt YWtlcyB0aW 55IGVsZWN0 cm9uaWMgcG FydHMgdGhh dCBoZWxwIG tlZXAgZGV2 aWNlcyBhbm Qgc3lzdGVt cyBzYWZlLi BJbWFnaW5l IGFsbCB0aG UgZ2FkZ2V0 cyBhbmQgbW FjaGluZXMg d2UgdXNlIG V2ZXJ5IGRh eSwgbGlrZS B5b3VyIHBo b25lLCBjb2 1wdXRlciwg b3IgZXZlbi BhIGNhci4g VGhlc2UgZG V2aWNlcyBu ZWVkIHByb3 RlY3Rpb24g ZnJvbSB0aG luZ3MgbGlr ZSB0b28gbX VjaCBlbGVj dHJpY2l0eS wgd2hpY2gg Y2FuIGNhdX NlIHRoZW0g dG8gYnJlYW sgb3IgZXZl biBjYXRjaC BmaXJlLiBM aXR0ZWxmdX NlIG1ha2Vz IHNwZWNpYW wgaXRlbXMs IGxpa2UgZn VzZXMgYW5k IGNpcmN1aX QgcHJvdGVj dGlvbiBkZX ZpY2VzLCB0 aGF0IHN0b3 AgdG9vIG11 Y2ggZWxlY3 RyaWNpdHkg ZnJvbSBmbG 93aW5nIHRo cm91Z2ggYW 5kIGRhbWFn aW5nIHRoZX NlIGRldmlj ZXMuPGJyPk xpdHRlbGZ1 c2UgbWFrZX MgbW9uZXkg Ynkgc2VsbG luZyB0aGVz ZSBpbXBvcn RhbnQgcGFy dHMgdG8gb3 RoZXIgY29t cGFuaWVzIH RoYXQgYnVp bGQgZWxlY3 Ryb25pY3Mg YW5kIG1hY2 hpbmVzLiBK dXN0IGxpa2 UgaG93IHlv dSBtaWdodC BzZWxsIGxl bW9uYWRlIG 9yIGNvb2tp ZXMgdG8gbW FrZSBzb21l IG1vbmV5LC BMaXR0ZWxm dXNlIHNlbG xzIGl0cyBw cm9kdWN0cy B0byBkaWZm ZXJlbnQgYn VzaW5lc3Nl cyBhcm91bm QgdGhlIHdv cmxkLjxicj 5UaGUgY29t cGFueSBpcy BzdWNjZXNz ZnVsIGZvci BhIGZldyBy ZWFzb25zLi BGaXJzdCwg dGhlcmUgaX MgYWx3YXlz IGEgbmVlZC Bmb3Igc2Fm ZXR5IGluIG VsZWN0cm9u aWNzLCB3aG ljaCBtZWFu cyBwZW9wbG Ugd2lsbCBj b250aW51ZS B0byBidXkg dGhlaXIgcH JvZHVjdHMu IFNlY29uZC wgdGhleSBh cmUgZ29vZC BhdCBjcmVh dGluZyBuZX cgYW5kIGJl dHRlciB0ZW Nobm9sb2dp ZXMgdG8ga2 VlcCB1cCB3 aXRoIGNoYW 5naW5nIG5l ZWRzLiBBcy Btb3JlIGFu ZCBtb3JlIH RoaW5ncyBi ZWNvbWUgZW xlY3Ryb25p YywgbGlrZS BzbWFydCBo b21lcyBhbm QgZWxlY3Ry aWMgY2Fycy wgTGl0dGVs ZnVzZSBjYW 4gcHJvdmlk ZSBzYWZldH kgc29sdXRp b25zIGZvci B0aGVzZSBu ZXcgaW52ZW 50aW9ucy48 YnI+TG9va2 luZyB0byB0 aGUgZnV0dX JlLCBMaXR0 ZWxmdXNlIH dpbGwgbGlr ZWx5IHN0YX kgc3VjY2Vz c2Z1bCBiZW NhdXNlIHRo ZXkga2VlcC BpbnZlbnRp bmcgbmV3IH Byb2R1Y3Rz LCB0aGV5IH dvcmsgd2l0 aCBtYW55IG RpZmZlcmVu dCBpbmR1c3 RyaWVzLCBh bmQgc2FmZX R5IGlzIGFs d2F5cyBpbX BvcnRhbnQg aW4gb3VyIH RlY2hub2xv Z3ktZHJpdm VuIHdvcmxk LiBQbHVzLC BhcyB0ZWNo bm9sb2d5IG dyb3dzLCBz byBkb2VzIH RoZSBkZW1h bmQgZm9yIH RoZWlyIHNw ZWNpYWwgcG FydHMsIGVu c3VyaW5nIH RoZXkgd2ls bCBoYXZlIG 1hbnkgY3Vz dG9tZXJzIG ZvciB5ZWFy cyB0byBjb2 1lLjxicj4=

MS4gUGlvbm VlcmluZyBJ bmR1c3RyeS BMZWFkZXI6 IExpdHRlbG Z1c2UgaXMg YSBnbG9iYW wgbGVhZGVy IGluIGNpcm N1aXQgcHJv dGVjdGlvbi wgcG93ZXIg Y29udHJvbC wgYW5kIHNl bnNpbmcgdG VjaG5vbG9n aWVzLCB3aX RoIG1vcmUg dGhhbiA4MC B5ZWFycyBv ZiBleHBlcm llbmNlIGlu IHRoZSBpbm R1c3RyeS48 YnI+Mi4gRG l2ZXJzZSBQ cm9kdWN0IF BvcnRmb2xp bzogVGhlIG NvbXBhbnkg b2ZmZXJzIG Egd2lkZSBy YW5nZSBvZi Bwcm9kdWN0 cyBpbmNsdW RpbmcgZnVz ZXMsIHRoeX Jpc3RvcnMs IGdhcyBkaX NjaGFyZ2Ug dHViZXMsIH RyYW5zaWVu dCB2b2x0YW dlIHN1cHBy ZXNzb3JzLC BzZW5zb3Jz LCByZWxheX MsIGFuZCBz d2l0Y2hlcy 48YnI+My4g U3Ryb25nIE lubm92YXRp b24gRm9jdX M6IExpdHRl bGZ1c2UgaW 52ZXN0cyBo ZWF2aWx5IG luIHJlc2Vh cmNoIGFuZC BkZXZlbG9w bWVudCwgcm VzdWx0aW5n IGluIG92ZX IgNSwwMDAg cGF0ZW50cy BhbmQgbnVt ZXJvdXMgaW 5kdXN0cnkg YXdhcmRzIG ZvciB0aGVp ciBpbm5vdm F0aXZlIHBy b2R1Y3RzLj xicj40LiBH bG9iYWwgUH Jlc2VuY2U6 IExpdHRlbG Z1c2UgaGFz IGEgc3Ryb2 5nIGdsb2Jh bCBwcmVzZW 5jZSB3aXRo IG1hbnVmYW N0dXJpbmcg ZmFjaWxpdG llcywgc2Fs ZXMgb2ZmaW NlcywgYW5k IGRpc3RyaW J1dGlvbiBj aGFubmVscy BpbiBvdmVy IDE1IGNvdW 50cmllcy48 YnI+NS4gQ3 VzdG9tZXIt Q2VudHJpYy BBcHByb2Fj aDogVGhlIG NvbXBhbnkg Zm9jdXNlcy BvbiB1bmRl cnN0YW5kaW 5nIGFuZCBt ZWV0aW5nIH RoZSBuZWVk cyBvZiBpdH MgY3VzdG9t ZXJzLCBwcm 92aWRpbmcg Y3VzdG9taX plZCBzb2x1 dGlvbnMgYW 5kIGV4Y2Vs bGVudCBjdX N0b21lciBz ZXJ2aWNlLj xicj42LiBD b21taXRtZW 50IHRvIFN1 c3RhaW5hYm lsaXR5OiBM aXR0ZWxmdX NlIGlzIGNv bW1pdHRlZC B0byBzdXN0 YWluYWJpbG l0eSwgYW5k IGhhcyBpbX BsZW1lbnRl ZCB2YXJpb3 VzIGluaXRp YXRpdmVzIH RvIHJlZHVj ZSB0aGVpci BlbnZpcm9u bWVudGFsIG ltcGFjdCwg aW5jbHVkaW 5nIGVuZXJn eS1lZmZpY2 llbnQgbWFu dWZhY3R1cm luZyBwcmFj dGljZXMgYW 5kIGVjby1m cmllbmRseS Bwcm9kdWN0 cy48YnI+Ny 4gU3Ryb25n IEZpbmFuY2 lhbCBQZXJm b3JtYW5jZT ogTGl0dGVs ZnVzZSBoYX MgY29uc2lz dGVudGx5IG RlbGl2ZXJl ZCBzdHJvbm cgZmluYW5j aWFsIHBlcm Zvcm1hbmNl LCB3aXRoIG luY3JlYXNl ZCByZXZlbn VlcyBhbmQg cHJvZml0YW JpbGl0eSwg bWFraW5nIG l0IGEgdHJ1 c3RlZCBhbm QgcmVsaWFi bGUgY29tcG FueSBmb3Ig c2hhcmVob2 xkZXJzLjxi cj44LiBDb3 Jwb3JhdGUg U29jaWFsIF Jlc3BvbnNp YmlsaXR5Oi BMaXR0ZWxm dXNlIGlzIG NvbW1pdHRl ZCB0byBnaX ZpbmcgYmFj ayB0byB0aG UgY29tbXVu aXR5IGFuZC BlbmdhZ2lu ZyBpbiBzb2 NpYWxseSBy ZXNwb25zaW JsZSBpbml0 aWF0aXZlcy wgaW5jbHVk aW5nIHBhcn RuZXJzaGlw cyB3aXRoIG NoYXJpdGFi bGUgb3JnYW 5pemF0aW9u cyBhbmQgY2 9tbXVuaXR5 IG91dHJlYW NoIHByb2dy YW1zLjxicj 45LiBIaWdo LVF1YWxpdH kgU3RhbmRh cmRzOiBUaG UgY29tcGFu eSBoYXMgcm lnb3JvdXMg cXVhbGl0eS Bjb250cm9s IG1lYXN1cm VzIGluIHBs YWNlLCBlbn N1cmluZyB0 aGF0IGFsbC BvZiB0aGVp ciBwcm9kdW N0cyBtZWV0 IG9yIGV4Y2 VlZCBpbmR1 c3RyeSBzdG FuZGFyZHMg YW5kIHJlZ3 VsYXRpb25z Ljxicj4xMC 4gQXdhcmQt d2lubmluZy BDb21wYW55 IEN1bHR1cm U6IExpdHRl bGZ1c2UgaG FzIGJlZW4g cmVjb2duaX plZCBhcyBv bmUgb2YgdG hlIGJlc3Qg cGxhY2VzIH RvIHdvcmsg aW4gdmFyaW 91cyBjb3Vu dHJpZXMsIG RlbW9uc3Ry YXRpbmcgdG hlaXIgY29t bWl0bWVudC B0byBlbXBs b3llZSBzYX Rpc2ZhY3Rp b24gYW5kIG RldmVsb3Bt ZW50Lg==

VGhlIExpdH RlbGZ1c2Ug Y29tcGFueS dzIGJ1c2lu ZXNzIG1vZG VsIGlzIGZv Y3VzZWQgb2 4gZGVzaWdu aW5nLCBtYW 51ZmFjdHVy aW5nLCBhbm Qgc2VsbGlu ZyBjaXJjdW l0IHByb3Rl Y3Rpb24gcH JvZHVjdHMg YW5kIHNvbH V0aW9ucyBm b3IgYSB2YX JpZXR5IG9m IGluZHVzdH JpZXMgYW5k IGFwcGxpY2 F0aW9ucy4g VGhpcyBpbm NsdWRlcyBw cm9kdWN0cy BzdWNoIGFz IGZ1c2VzLC BzdXJnZSBw cm90ZWN0aW 9uIGRldmlj ZXMsIGNpcm N1aXQgYnJl YWtlcnMsIG FuZCBzZW5z b3JzLiBUaG UgY29tcGFu eSBoYXMgYS BnbG9iYWwg cHJlc2VuY2 UgYW5kIHNl cnZlcyBjdX N0b21lcnMg aW4gdGhlIG F1dG9tb3Rp dmUsIGluZH VzdHJpYWws IGVsZWN0cm ljYWwsIGFu ZCBlbGVjdH JvbmljIG1h cmtldHMuIF RoZWlyIGJ1 c2luZXNzIG 1vZGVsIGlz IGJhc2VkIG 9uIGlubm92 YXRpb24sIH F1YWxpdHks IGFuZCBjdX N0b21lciBz ZXJ2aWNlIH RvIHByb3Zp ZGUgcmVsaW FibGUgYW5k IGNvc3QtZW ZmZWN0aXZl IHNvbHV0aW 9ucyBmb3Ig cHJvdGVjdG luZyBlbGVj dHJvbmljIG FuZCBlbGVj dHJpY2FsIH N5c3RlbXMu

AI could potentially pose some challenges to Littelfuse’s products and competitive positioning, but the extent and materiality of these threats depend on various factors.
1. Substitution: AI technologies can enable new types of products or systems that might substitute some of Littelfuse’s traditional offerings, especially in areas where intelligent monitoring and automated systems can optimize electrical protection and control. For instance, AI could enhance circuit protection systems with predictive analytics, reducing reliance on conventional circuit protection solutions. However, Littelfuse has a strong brand reputation and established market presence, which can help mitigate substitution risks.
2. Disintermediation: AI could streamline supply chains and lead to direct sales models, potentially reducing the need for intermediaries. However, Littelfuse is deeply embedded in the electronic components market, and its relationships with distributors and manufacturers might mitigate the risk of disintermediation. Furthermore, the complexity of its products may still require expert knowledge that AI alone cannot replace.
3. Margin Pressure: As AI technologies advance, competitors may leverage them to reduce costs, enhance productivity, and offer lower-priced alternatives. This could apply pressure on Littelfuse’s margins. However, Littelfuse’s focus on innovation and quality could enable it to differentiate its products sufficiently to maintain healthy margins despite competitive pressures.
Overall, while AI presents potential threats to Littelfuse in terms of substitution, disintermediation, and margin pressures, the company’s established market position, product innovation efforts, and brand strength can provide a buffer against some of these risks. The key will be how effectively Littelfuse can integrate AI into its own product offerings and operations to remain competitive.

Littelfuse’s earnings, cash flow, and valuation can be sensitive to changes in interest rates for several reasons:
1. Cost of Debt: If Littelfuse has significant debt, increases in interest rates can lead to higher interest expenses, impacting net earnings and cash flow. Higher borrowing costs can reduce profitability, especially if the company’s revenue growth does not keep pace with these costs.
2. Investment and Expansion Plans: Rising interest rates can affect the company’s decisions on capital expenditures and investments. If borrowing becomes more expensive, Littelfuse may delay or scale back expansion projects, which can impact long-term growth and cash flow.
3. Valuation Metrics: With a discount rate often influenced by interest rates, changes can affect the present value of future cash flows used in valuations. Higher interest rates typically lead to lower present values, which can result in a reduced market valuation of the company.
4. Consumer Demand and Market Environment: Higher interest rates can slow down economic growth, affecting overall demand for Littelfuse’s products. If customers face higher borrowing costs, it may lead to reduced spending, impacting sales, revenue, and ultimately cash flow.
5. Competitive Positioning: If certain sectors or competitors have lower sensitivity to interest rate changes, Littelfuse could lose competitive advantage, impacting market share and operational effectiveness.
Overall, the degree of sensitivity will depend on Littelfuse’s specific financial structure, business model, industry dynamics, and how well the company can manage cost pressures and maintain growth amid fluctuating interest rates.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgTG l0dGVsZnVz ZeKAmXMgZW Nvbm9taWNz IG92ZXIgdG hlIG5leHQg M+KAkzUgeW VhcnMgbWln aHQgaW52b2 x2ZSBhIHNp Z25pZmljYW 50IGFuZCBw cm9sb25nZW QgZG93bnR1 cm4gaW4ga2 V5IG1hcmtl dHMgd2hlcm UgdGhlIGNv bXBhbnkgb3 BlcmF0ZXMs IHN1Y2ggYX MgYXV0b21v dGl2ZSBhbm QgaW5kdXN0 cmlhbCBzZW N0b3JzLCBk dWUgdG8gYS Bjb21iaW5h dGlvbiBvZi BzZXZlcmFs IGZhY3Rvcn MuIEZvciBl eGFtcGxlLC BmYWN0b3Jz IG1pZ2h0IG luY2x1ZGUg YSBzaGlmdC B0b3dhcmRz IGFsdGVybm F0aXZlIHRl Y2hub2xvZ2 llcyB0aGF0 IHJlZHVjZS B0aGUgbmVl ZCBmb3IgTG l0dGVsZnVz ZeKAmXMgcH JvZHVjdHMs IGluY3JlYX NlZCBjb21w ZXRpdGlvbi Bmcm9tIGxv dy1jb3N0IG 1hbnVmYWN0 dXJlcnMsIG FuZCBzdXBw bHkgY2hhaW 4gZGlzcnVw dGlvbnMgb3 IgZ2VvcG9s aXRpY2FsIH RlbnNpb25z IGltcGFjdG luZyBwcm9k dWN0aW9uLj xicj5JbiB0 aGlzIHNjZW 5hcmlvLCBM aXR0ZWxmdX NlIGNvdWxk IHNlZSBpdH MgcmV2ZW51 ZXMgZGVjbG luZSBzaGFy cGx5IGFzIG N1c3RvbWVy IGRlbWFuZC BwbHVtbWV0 cy4gSWYgZW xlY3RyaWMg dmVoaWNsZS BhZG9wdGlv biBmYWlscy B0byBtYXRl cmlhbGl6ZS BhcyBleHBl Y3RlZCBvci BpZiB0aGVy ZSBpcyBhIH NpZ25pZmlj YW50IHRlY2 hub2xvZ2lj YWwgc2hpZn QgdGhhdCBy ZW5kZXJzIH NvbWUgb2Yg aXRzIHNlbW ljb25kdWN0 b3IgcHJvZH VjdHMgb2Jz b2xldGUsIH RoaXMgY291 bGQgZnVydG hlciBjb21w b3VuZCB0aG UgaXNzdWUu IFRoaXMgZG VjbGluZSBp biByZXZlbn VlIHdvdWxk IGxpa2VseS BsZWFkIHRv IHJlZHVjZW QgcHJvZml0 IG1hcmdpbn MsIGVzcGVj aWFsbHkgaW YgZml4ZWQg Y29zdHMgcm VtYWluIGNv bnN0YW50IH doaWxlIHNh bGVzIGRlY2 xpbmUuIFRo ZSBjb21wYW 55IG1heSBz dHJ1Z2dsZS B3aXRoIG9w ZXJhdGluZy BlZmZpY2ll bmNpZXMgYW 5kIG92ZXJo ZWFkLCBsZW FkaW5nIHRv IGFuIGVyb3 Npb24gb2Yg Z3Jvc3MgYW 5kIG9wZXJh dGluZyBtYX JnaW5zLjxi cj5DYXNoIG Zsb3cgd291 bGQgYWxzby BiZSBuZWdh dGl2ZWx5IG ltcGFjdGVk LiBJZiBzYW xlcyBkcm9w IHNpZ25pZm ljYW50bHks IExpdHRlbG Z1c2UgbWln aHQgZmluZC BpdCBjaGFs bGVuZ2luZy B0byBnZW5l cmF0ZSBzdW ZmaWNpZW50 IG9wZXJhdG luZyBjYXNo IGZsb3cgdG 8gY292ZXIg Y2FwaXRhbC BleHBlbmRp dHVyZXMgYW 5kIHRvIHN1 c3RhaW4gZG l2aWRlbmRz LiBBZGRpdG lvbmFsbHks IGlmIHRoZS Bjb21wYW55 IGF0dGVtcH RzIHRvIG1h aW50YWluIH ByaWNpbmcg aW4gYSBoaW dobHkgY29t cGV0aXRpdm UgbWFya2V0 LCBpdCBjb3 VsZCBmdXJ0 aGVyIHNxdW VlemUgcHJv Zml0cy4gSW 4gYSBwcm9s b25nZWQgZG 93bnR1cm4s IExpdHRlbG Z1c2UgbWF5 IGFsc28gbm VlZCB0byBj b25zaWRlci ByZXN0cnVj dHVyaW5nIG 9yIHdyaXRl ZG93bnMgb2 YgaW52ZW50 b3J5IGFuZC Bhc3NldHMs IG5lZ2F0aX ZlbHkgaW1w YWN0aW5nIG Nhc2ggZmxv dyB5ZXQgZn VydGhlci48 YnI+T24gdG hlIGJhbGFu Y2Ugc2hlZX QsIGEgc2ln bmlmaWNhbn QgZG93bnR1 cm4gY291bG QgbGVhZCB0 byBpbmNyZW FzZWQgZGVi dCBsZXZlbH MgaWYgdGhl IGNvbXBhbn kgYm9ycm93 cyB0byBjb3 ZlciBzaG9y dC10ZXJtIG xvc3NlcyBv ciB0byBpbn Zlc3QgaW4g bmV3IHRlY2 hub2xvZ2ll cyB0byBjb2 1wZXRlIGVm ZmVjdGl2ZW x5LiBJZiBj YXNoIGZsb3 cgcmVtYWlu cyB3ZWFrIG 92ZXIgc2V2 ZXJhbCBwZX Jpb2RzLCB0 aGlzIGNvdW xkIGxlYWQg dG8gY2hhbG xlbmdlcyBp biBtZWV0aW 5nIGRlYnQg Y292ZW5hbn RzLCBwcm9t cHRpbmcgYS ByZWFzc2Vz c21lbnQgb3 IgcmVuZWdv dGlhdGlvbi BvZiBleGlz dGluZyBib3 Jyb3dpbmcg YXJyYW5nZW 1lbnRzLiBN b3Jlb3Zlci wgaW5jcmVh c2VkIGludm VudG9yeSBs ZXZlbHMgZH VlIHRvIHJl ZHVjZWQgc2 FsZXMgbWln aHQgaW5mbG F0ZSBjdXJy ZW50IGFzc2 V0cywgd2hp bGUgZGVjbG luaW5nIHJl dmVudWVzIG NvdWxkIGRp bWluaXNoIH dvcmtpbmcg Y2FwaXRhbC wgbGVhZGlu ZyB0byBsaX F1aWRpdHkg Y29uY2Vybn MuIDxicj5P dmVyYWxsLC BpbiB0aGlz IHNjZW5hcm lvLCBMaXR0 ZWxmdXNlIH dvdWxkIGZh Y2UgbG93ZX IgbWFyZ2lu cywgd2Vha2 VuZWQgY2Fz aCBmbG93LC BhbmQgYSBz dHJlc3NlZC BiYWxhbmNl IHNoZWV0LC BsZWFkaW5n IHRvIGxvbm ctdGVybSBy ZXBlcmN1c3 Npb25zIGlm IHN0cmF0ZW dpYyBhZGp1 c3RtZW50cy BhcmVu4oCZ dCBlZmZlY3 RpdmVseSBp bXBsZW1lbn RlZC48YnI+

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 bG9nb3MvSn lmVjlsZ1Ft c2NsODVrOV dTblIud2Vi cCIgYWx0PS JMaXR0ZWxm dXNlIiB0aX RsZT0iTGl0 dGVsZnVzZS IgIGNsYXNz PSJpbWctZm x1aWQiIGhl aWdodD01MC B3aWR0aD01 MCBsb2FkaW 5nPSdsYXp5 JyBzdHlsZT 0nYm9yZGVy LXJhZGl1cz ogNnB4Oyc+ CgogICAgIC AgICAgICAg ICAgICAgID xkaXYgc3R5 bGU9J2ZsZX g6IDE7IHRl eHQtYWxpZ2 46IGNlbnRl cjsgbWFyZ2 luLWxlZnQ6 IDVweDsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8cCBzdH lsZT0nZm9u dC1zaXplOi AyNnB4OyBj b2xvcjogIz MzMzsgbWFy Z2luLWJvdH RvbTogMTVw eDsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAg8J+TiC BXYW50IHRv IHJlYWQgbW 9yZSBhYm91 dCBMaXR0ZW xmdXNlPwog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L3A+Cgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdpbmRleC 5waHA/cGFn ZT1zaWdudX AnIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJhY2tncm 91bmQtY29s b3I6ICMwMD dCRkY7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBjb2xv cjogI2ZmZj sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH BhZGRpbmc6 IDEwcHggMj BweDsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJvcmRl ci1yYWRpdX M6IDVweDsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHRl eHQtZGVjb3 JhdGlvbjog bm9uZTsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGZvbn Qtd2VpZ2h0 OiBib2xkOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgbW FyZ2luLXJp Z2h0OiAxMH B4OwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdHJhbnNp dGlvbjogYm Fja2dyb3Vu ZC1jb2xvci AwLjNzIGVh c2U7JwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgb25tb3 VzZW92ZXI9 J3RoaXMuc3 R5bGUuYmFj a2dyb3VuZE NvbG9yPSIj MDA1NmIzIi cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG 9ubW91c2Vv dXQ9J3RoaX Muc3R5bGUu YmFja2dyb3 VuZENvbG9y PSIjMDA3Qk ZGIic+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBTaWdu IHVwIGZvci BmcmVlCiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvYT4KCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xzcGFuIHN0 eWxlPSdtYX JnaW46IDAg OHB4OyBjb2 xvcjogIzU1 NTsnPm9yPC 9zcGFuPgoK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGEgaHJl Zj0naW5kZX gucGhwP3Bh Z2U9bG9naW 4nIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGNvbG9yOi AjMDA3QkZG OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dGV4dC1kZW NvcmF0aW9u OiB1bmRlcm xpbmU7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBmb250 LXdlaWdodD ogNTAwOyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBs b2cgaW4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9hPgoKCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxwIHN0eW xlPSdtYXJn aW4tdG9wOi AxNXB4OyBm b250LXNpem U6IDEzcHg7 IGZvbnQtd2 VpZ2h0OiBi b2xkOyBjb2 xvcjogI2Qz MmYyZjsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAg8J +SoSBMZWFy biBzbWFydG VyIHN0b2Nr IHBpY2tzIH dpdGggPGk+ IlRoZSBDaG Vja2xpc3Qg VmFsdWUgSW 52ZXN0b3Ig 4oCUIEEgU2 1hcnRlciBX YXkgdG8gUG ljayBTdG9j a3MiPC9pPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L3A+Cg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8IS0tCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxkaXYgc3 R5bGU9J21h cmdpbi10b3 A6IDEycHg7 IGZvbnQtc2 l6ZTogMTNw eDsgY29sb3 I6ICM0NDQ7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IFNpZ24gdX Agbm93IGFu ZCBnZXQgb3 VyIGZyZWUg ZUJvb2sgCi AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICA8Yj 5UaGUgQ2hl Y2tsaXN0IF ZhbHVlIElu dmVzdG9yIO KAlCBBIFNt YXJ0ZXIgV2 F5IHRvIFBp Y2sgU3RvY2 tzPC9iPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgLS0+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID whLS0KICAg ICAgICAgIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nbWFyZ2 luLXRvcDog MTZweDsgZm 9udC1zaXpl OiAxNHB4Oy Bjb2xvcjog IzQ0NDsgZm 9udC1mYW1p bHk6IC1hcH BsZS1zeXN0 ZW0sIEJsaW 5rTWFjU3lz dGVtRm9udC wgU2Vnb2Ug VUksIFJvYm 90bywgSGVs dmV0aWNhIE 5ldWUsIHNh bnMtc2VyaW Y7IGxpbmUt aGVpZ2h0Oi AxLjY7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIEhh dmUgeW91IG hlYXJkIGFi b3V0IG91ci BzaG9ydCA8 c3Ryb25nIH N0eWxlPSdm b250LXdlaW dodDogNjAw Oyc+RGFpbH kgVmlkZW8g TmV3c2xldH Rlcjwvc3Ry b25nPj8KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIDxhIG hyZWY9J2h0 dHBzOi8vd3 d3Lmluc2ln aHRmdWx2YW x1ZS5jb20v bmV3c2xldH Rlci5waHAn IHRhcmdldD 0nX2JsYW5r JyBzdHlsZT 0nY29sb3I6 ICMwMDdCRk Y7IHRleHQt ZGVjb3JhdG lvbjogbm9u ZTsgZm9udC 13ZWlnaHQ6 IDUwMDsgbW FyZ2luLWxl ZnQ6IDZweD snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIEZp bmQgb3V0IG 1vcmUKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvYT4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIC0tPgog ICAgICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICAKIC AgICAgICAK ICAgICAgIC A8c3BhbiBj bGFzcz0nYm x1cnJlZC10 ZXh0Jz4KIC AgICAgICAg ICAgTVM0Z1 ZHaGxJRSB4 cGRIUmxiR1 oxIGMyVWdZ Mjl0Y0cgRn VlU0IzWVhN ZyBabTkxYm 1SbFpDIEJw YmlBeE9UST MgSUdKNUlF VmtkMiBGeV pDQldMaUJU IGRXNWtkQ0 JwYmkgQkRh R2xqWVdkdi BMQ0JKYkd4 cGJtIDlwY3 k0Z1NYUWcg ZDJGeklHOX lhVyBkcGJt RnNiSGtnIG JtRnRaV1Fn VkcgaGxJRX hwZEhScyBa V1oxYzJVZ1 EyIDl0Y0dG dWVTQmggYm 1RZ2MzQmxZ MiBsaGJHbD ZaV1FnIGFX NGdiV0Z1ZF cgWmhZM1Ix Y21sdSBaeU J6YldGc2JD IEJtZFhObG N5Qm0gYjNJ Z2RHaGxJRy BGMWRHOXRi M1JwIGRtVW dhVzVrZFgg TjBjbmt1UE dKeSBQakl1 SUVsdUlEIE U1TkRVc0lF eHAgZEhSbG JHWjFjMiBV Z1pHVjJaV3 h2IGNHVmtJ SFJvWlMgQm 1hWEp6ZENC aCBkWFJ2Yl c5MGFYIFps SUdKc1lXUm wgSUdaMWMy VXNJSCBkb2 FXTm9JR0ps IFkyRnRaU0 IwYUcgVWdh VzVrZFhOMC BjbmtnYzNS aGJtIFJoY2 1RZ1lXNWsg SUdseklITj BhVyB4c0lI ZHBaR1ZzIG VTQjFjMlZr SUggUnZaR0 Y1TGp4aSBj ajR6TGlCVW FHIFVnWTI5 dGNHRnUgZW VLQW1YTWda bSBseWMzUW diV0ZxIGIz SWdZbkpsWV cgdDBhSEp2 ZFdkbyBJR0 5oYldVZ2FX IDRnTVRrMk 1pQjMgYUdW dUlIUm9aWC BrZ1pHVjJa V3h2IGNHVm tJSFJvWlMg Qm1hWEp6ZE NCbSBZWE4w TFdGamRHIG x1WnlCbGJH VmogZEhKdm JtbGpJRyBa MWMyVXNJR3 R1IGIzZHVJ R0Z6SUggUm 9aU0JCZFhS diBablZ6Wl M0Z1ZHIGhw Y3lCeVpYWn YgYkhWMGFX OXVhWCBwbF pDQjBhR1Vn IGNISnZkR1 ZqZEcgbHZi aUJ2WmlCbC BiR1ZqZEhK dmJtIGxqSU dOcGNtTjEg YVhSeklHRn VaQyBCc1pX UWdkRzhnIF pYaDBaVzV6 YVggWmxJR2 R5YjNkMCBh Q0JtYjNJZ2 RHIGhsSUdO dmJYQmggYm 5rdVBHSnlQ aiBRdUlFbH VJREU1IE5q WXNJRXhwZE ggUmxiR1ox YzJVZyBkMl Z1ZENCd2RX IEpzYVdNZ1 lXNWsgSUdK bFoyRnVJSC BSeVlXUnBi bWNnIGIyNG dkR2hsSUUg Tm9hV05oWj I4ZyBVM1J2 WTJzZ1JYIG hqYUdGdVoy VXUgSUVsdU lERTVPVCBN c0lIUm9aU0 JqIGIyMXdZ VzU1SUcgMX ZkbVZrSUhS diBJSFJvWl NCT1FWIE5F UVZFZ2MzUn YgWTJzZ1pY aGphRyBGdV oyVXNJSGRv IFpYSmxJR2 wwSUcgTjFj bkpsYm5Scy BlU0IwY21G a1pYIE1nZF c1a1pYSWcg ZEdobElIUn BZMiB0bGNp QnplVzFpIG Iyd2dURVpW VXkgNDhZbk krTlM0ZyBU R2wwZEdWc1 puIFZ6WlNC b1lYTWcgWV NCemRISnZi bSBjZ2NISm xjMlZ1IFky VWdhVzRnZE cgaGxJR2Rz YjJKaCBiQ0 J0WVhKclpY IFFzSUhkcG RHZ2cgYkc5 allYUnBiMi A1eklHbHVJ RzkyIFpYSW dNVFVnWTIg OTFiblJ5YV dWeiBJR0Z1 WkNCamRYIE 4wYjIxbGNu TWcgYVc0Z2 JXOXlaUyBC MGFHRnVJRE UxIE1DQmpi M1Z1ZEggSn BaWE11UEdK eSBQall1SU ZSb1pTIEJq YjIxd1lXNT UgNG9DWmN5 QndjbSA5a2 RXTjBjeUJo IGNtVWdkWE 5sWkMgQnBi aUJoSUhkcC BaR1VnY21G dVoyIFVnYj JZZ2FXNWsg ZFhOMGNtbG xjeSB3Z2FX NWpiSFZrIG FXNW5JR0Yx ZEcgOXRiM1 JwZG1VcyBJ R052Ym5OMW JXIFZ5SUdW c1pXTjAgY2 05dWFXTnpM QyBCcGJtUj FjM1J5IGFX RnNJR1Z4ZF cgbHdiV1Z1 ZEN3ZyBkR1 ZzWldOdmJX IDExYm1sal lYUnAgYjI1 ekxDQmhibS BRZ2NtVnVa WGRoIFlteG xJR1Z1Wlgg Sm5lUzQ4WW 5JKyBOeTRn U1c0Z01UIG s1TVN3Z1RH bDAgZEdWc1 puVnpaUyBC aFkzRjFhWE psIFpDQjBh R1VnZDIgVn NiQzFyYm05 MyBiaUJtZF hObElHIEp5 WVc1a0xDQk MgVlZOVExD QmhibSBRZ1 ltVmpZVzFs IElIUm9aU0 JzWlcgRmth VzVuSUcxaC BiblZtWVdO MGRYIEpsY2 lCdlppQmog YVhKamRXbD BJSCBCeWIz UmxZM1JwIG IyNGdjSEp2 WkggVmpkSE 11SUZSbyBa U0JDVlZOVE lHIEp5WVc1 a0lHbHogSU hOMGFXeHNJ SCBkcFpHVn NlU0IxIGMy VmtJR0o1SU cgTjFjM1J2 YldWeSBjeU IwYjJSaGVT IDQ4WW5JK0 9DNGcgVEds MGRHVnNabi BWelpTQm9Z WE1nIGNtVm paV2wyWlcg UWdiblZ0Wl hKdiBkWE1n WVhkaGNtIF J6SUdGdVpD QnkgWldOdl oyNXBkRyBs dmJuTXNJR2 x1IFkyeDFa R2x1WnkgQm laV2x1WnlC dSBZVzFsWk NCdmJtIFVn YjJZZ1EyaH AgWTJGbmIr S0FtWCBNZ1 RXOXpkQ0JK IGJtNXZkbU YwYVggWmxJ RU52YlhCaC BibWxsY3lC aWVTIEJEY2 1GcGJ1S0Eg bVhNZ1EyaH BZMiBGbmJ5 QkNkWE5wIG JtVnpjeUJw YmkgQXlNRE UwTGp4aSBj ajQ1TGlCVW FHIFVnWTI5 dGNHRnUgZV NCcGN5Qmpi MiAxdGFYUj BaV1FnIGRH OGdjM1Z6ZE cgRnBibUZp YkdVZyBjSE poWTNScFky IFZ6SUdGdV pDQm8gWVhN Z2FXMXdiRy BWdFpXNTBa V1FnIGJuVn RaWEp2ZFgg TWdhVzVwZE dsaCBkR2wy WlhNc0lHIG x1WTJ4MVpH bHUgWnlCeV pXUjFZMiBs dVp5Qm5jbV ZsIGJtaHZk WE5sSUcgZG hjeUJsYlds eiBjMmx2Ym 5Nc0lHIE52 Ym5ObGNuWn AgYm1jZ2Qy RjBaWCBJc0 lHRnVaQ0Ix IGRHbHNhWH BwYm0gY2dj bVZ1WlhkaC BZbXhsSUdW dVpYIEpuZV NCemIzVnkg WTJWekxqeG ljaiA0eE1D NGdUR2wwIG RHVnNablZ6 WlMgQm9ZWE 1nWVNCeiBk SEp2Ym1jZ1 ptIDlqZFhN Z2IyNGcgWT I5eWNHOXlZ WCBSbElITn ZZMmxoIGJD QnlaWE53Yj IgNXphV0pw YkdsMCBlU0 JoYm1RZ2FH IEZ6SUdKbF pXNGcgY21W amIyZHVhWC BwbFpDQm1i M0lnIGFYUn pJR1ZtWm0g OXlkSE1nYV c0ZyBjSEp2 Ylc5MGFXID VuSUdScGRt VnkgYzJsMG VTd2djMyBW d2NHOXlkR2 x1IFp5QnNi Mk5oYkMgQm piMjF0ZFc1 cCBkR2xsY3 l3Z1lXIDVr SUhCeWIyMX YgZEdsdVp5 QmxibiBacG NtOXViV1Z1 IGRHRnNJSE 4xYzMgUmhh VzVoWW1scy BhWFI1TGc9 PQogICAgIC AgIDwvc3Bh bj4KICAgIC AgICAKICAg ICAgICA=