Cintas

Live  

Cintas Corporation is a global provider of corporate identity uniforms and workwear, entrance mats, restroom supplies, promotional products, first aid, safety, fire protection products and services, and industrial carpet and tile cleaning. The company was founded in 1929 by Richard Farmer in Cincinnati, Ohio, and is currently headquartered in Mason, Ohio.
Cintas operates in over 420 facilities in North America, Europe, Latin America, and Asia, serving over 1 million businesses of all sizes in various industries such as healthcare, food service, transportation, hospitality, and manufacturing.
The company's core business is providing rental and lease services for uniforms, mats, and other workplace products. Cintas also sells and services fire extinguishers, fire suppression systems, and safety products, and provides first aid and safety training.
In addition to its main operations, Cintas has several subsidiaries, including G&K Services, which it acquired in 2017, and ZEE Medical, which it acquired in 2003.
Cintas has a strong commitment to sustainability and has implemented various initiatives to reduce its environmental impact, such as using energy-efficient equipment and implementing recycling programs.
Cintas has been recognized for its industry leadership and commitment to excellence, receiving awards and accolades from organizations such as Fortune, Ethisphere Institute and Corporate Responsibility Magazine.
The Cintas brand is represented by its iconic logo, a flame with the word "Cintas" written inside, which symbolizes its fire protection and safety products and services.
In addition to its business operations, Cintas also supports various charitable initiatives through its Cintas Foundation, including disaster relief efforts, educational scholarships, and community service projects.
Overall, Cintas is a well-established and reputable company that strives to provide high-quality products and services to its clients while promoting sustainability and giving back to the community.

Q2ludGFzIG lzIGEgY29t cGFueSB0aG F0IGhlbHBz IG90aGVyIG J1c2luZXNz ZXMgbG9vay BuZWF0IGFu ZCBwcm9mZX NzaW9uYWwu IFRoZXkgZG 8gdGhpcyBi eSBwcm92aW RpbmcgdGhp bmdzIGxpa2 UgdW5pZm9y bXMgZm9yIH dvcmtlcnMs IGNsZWFuaW 5nIHN1cHBs aWVzLCBhbm QgZXZlbiBp dGVtcyBmb3 IgZmlyc3Qg YWlkIGtpdH MuIFlvdSBr bm93IGhvdy Bzb21lIHBl b3BsZSB3ZW FyIHNwZWNp YWwgY2xvdG hlcyBmb3Ig dGhlaXIgam 9icywgbGlr ZSBjaGVmcy BpbiByZXN0 YXVyYW50cy BvciBudXJz ZXMgaW4gaG 9zcGl0YWxz PyBDaW50YX MgbWFrZXMg YW5kIHJlbn RzIG91dCB0 aG9zZSB1bm lmb3Jtcywg c28gYnVzaW 5lc3NlcyBk b27igJl0IG hhdmUgdG8g YnV5IHRoZW 0gb3V0cmln aHQuIDxicj 5DaW50YXMg bWFrZXMgbW 9uZXkgYnkg Y2hhcmdpbm cgdGhlc2Ug YnVzaW5lc3 NlcyBmb3Ig dGhlIHVuaW Zvcm1zIGFu ZCBvdGhlci BzdXBwbGll cyB0aGV5IG 5lZWQuIFRo ZXkgYWxzby BzZWxsIHNl cnZpY2VzIG xpa2Ugd2Fz aGluZyBhbm QgbWFpbnRh aW5pbmcgdG hlIHVuaWZv cm1zLCBtYW tpbmcgc3Vy ZSBldmVyeX RoaW5nIGlz IGNsZWFuIG FuZCByZWFk eSB0byB1c2 UuIFRoaXMg d2F5LCBidX NpbmVzc2Vz IGNhbiBmb2 N1cyBvbiB3 aGF0IHRoZX kgZG8gYmVz dCB3aXRob3 V0IHdvcnJ5 aW5nIGFib3 V0IGNsZWFu aW5nIG9yIG 9yZ2FuaXpp bmcgdGhlaX IgdW5pZm9y bXMuPGJyPl RoZSBjb21w YW55IGlzIH N1Y2Nlc3Nm dWwgYmVjYX VzZSBpdCBo ZWxwcyBidX NpbmVzc2Vz IGxvb2sgZ2 9vZCBhbmQg c3RheSBvcm dhbml6ZWQs IHdoaWNoIG lzIGltcG9y dGFudCBmb3 IgbWFraW5n IGEgZ3JlYX QgaW1wcmVz c2lvbiBvbi BjdXN0b21l cnMuIFRoZX kgaGF2ZSBh IGxvdCBvZi BiaWcgY3Vz dG9tZXJzLC BsaWtlIGhv c3BpdGFscy wgaG90ZWxz LCBhbmQgcm VzdGF1cmFu dHMsIGFuZC B0aGV5IGFy ZSBnb29kIG F0IHByb3Zp ZGluZyBzZX J2aWNlIHF1 aWNrbHkgYW 5kIGVmZmlj aWVudGx5Lj xicj5DaW50 YXMgaXMgbG lrZWx5IHRv IHN0YXkgc3 VjY2Vzc2Z1 bCBpbiB0aG UgZnV0dXJl IGJlY2F1c2 UgdGhlcmUg d2lsbCBhbH dheXMgYmUg YSBuZWVkIG ZvciBidXNp bmVzc2VzIH RvIGxvb2sg cHJvZmVzc2 lvbmFsIGFu ZCBrZWVwIH RoaW5ncyBj bGVhbi4gQX MgbG9uZyBh cyB0aGVyZS BhcmUgY29t cGFuaWVzIH RoYXQgbmVl ZCB1bmlmb3 JtcyBhbmQg b3RoZXIgc3 VwcGxpZXMs IENpbnRhcy B3aWxsIGJl IHRoZXJlIH RvIGhlbHAs IGFuZCB0aG V5IGtlZXAg ZmluZGluZy BuZXcgd2F5 cyB0byBpbX Byb3ZlIHRo ZWlyIHNlcn ZpY2VzLiBU aGF0IG1lYW 5zIHRoZXkg YXJlIGFsd2 F5cyB0aGlu a2luZyBhYm 91dCBob3cg dG8gbWFrZS B0aGVpciBj dXN0b21lcn MgaGFwcHkg YW5kIGFkYX B0IHRvIHRo ZWlyIG5lZW RzITxicj4=

MS4gV2lkZS BSYW5nZSBv ZiBQcm9kdW N0cyBhbmQg U2VydmljZX M6IENpbnRh cyBvZmZlcn MgYSBkaXZl cnNlIHJhbm dlIG9mIHBy b2R1Y3RzIG FuZCBzZXJ2 aWNlcywgaW 5jbHVkaW5n IGZhY2lsaX R5IHNlcnZp Y2VzLCB1bm lmb3Jtcywg Zmlyc3QgYW lkIGFuZCBz YWZldHkgcH JvZHVjdHMs IGZpcmUgcH JvdGVjdGlv biwgcmVzdH Jvb20gc3Vw cGxpZXMsIG FuZCBtb3Jl LiBUaGlzIG FsbG93cyB0 aGUgY29tcG FueSB0byBv ZmZlciBhIG NvbXByZWhl bnNpdmUgc2 9sdXRpb24g Zm9yIGJ1c2 luZXNzZXMg b2YgYWxsIH NpemVzLjxi cj4yLiBJbm R1c3RyeSBM ZWFkZXI6IE NpbnRhcyBo YXMgc3Ryb2 5nIG1hcmtl dCBwcmVzZW 5jZSBhbmQg aXMgcmVjb2 duaXplZCBh cyBhbiBpbm R1c3RyeSBs ZWFkZXIgaW 4gdGhlIHNl cnZpY2VzIG l0IG9mZmVy cy4gSXRzIH F1YWxpdHkg cHJvZHVjdH MsIGV4Y2Vs bGVudCBjdX N0b21lciBz ZXJ2aWNlLC BhbmQgZXh0 ZW5zaXZlIG V4cGVydGlz ZSBpbiBtdW x0aXBsZSBp bmR1c3RyaW VzIGhhdmUg Y29udHJpYn V0ZWQgdG8g aXRzIHN1Y2 Nlc3MuPGJy PjMuIENvcn BvcmF0ZSBT b2NpYWwgUm VzcG9uc2li aWxpdHk6IE NpbnRhcyBo YXMgYSBzdH JvbmcgY29t bWl0bWVudC B0byBlbnZp cm9ubWVudG FsIHN1c3Rh aW5hYmlsaX R5IGFuZCBz b2NpYWwgcm VzcG9uc2li aWxpdHkuIF RoZSBjb21w YW55IGhhcy BpbXBsZW1l bnRlZCB2YX Jpb3VzIGlu aXRpYXRpdm VzIHRvIHJl ZHVjZSBpdH MgZW52aXJv bm1lbnRhbC BpbXBhY3Qg YW5kIHN1cH BvcnQgbG9j YWwgY29tbX VuaXRpZXMu PGJyPjQuIE VtcGhhc2lz IG9uIEVtcG xveWVlIERl dmVsb3BtZW 50OiBDaW50 YXMgcHJpb3 JpdGl6ZXMg dGhlIGRldm Vsb3BtZW50 IGFuZCB3ZW xsLWJlaW5n IG9mIGl0cy BlbXBsb3ll ZXMuIFRoZS Bjb21wYW55 IG9mZmVycy B2YXJpb3Vz IHRyYWluaW 5nIGFuZCBk ZXZlbG9wbW VudCBwcm9n cmFtcywgZW 1wbG95ZWUg cmVjb2duaX Rpb24gcHJv Z3JhbXMsIG FuZCBhIHBv c2l0aXZlIH dvcmsgY3Vs dHVyZSwgd2 hpY2ggaGFz IHJlc3VsdG VkIGluIGhp Z2ggZW1wbG 95ZWUgc2F0 aXNmYWN0aW 9uIGFuZCBy ZXRlbnRpb2 4gcmF0ZXMu PGJyPjUuIE lubm92YXRp dmUgVGVjaG 5vbG9neTog Q2ludGFzIG lzIGtub3du IGZvciBpdH MgdXNlIG9m IGlubm92YX RpdmUgdGVj aG5vbG9neS wgaW5jbHVk aW5nIGFkdm FuY2VkIGxh dW5kcnkgc3 lzdGVtcywg UkZJRCB0cm Fja2luZywg YW5kIGN1c3 RvbSBtb2Jp bGUgYXBwbG ljYXRpb25z LiBUaGlzIG FsbG93cyB0 aGUgY29tcG FueSB0byBw cm92aWRlIG VmZmljaWVu dCBhbmQgZW ZmZWN0aXZl IHNvbHV0aW 9ucyB0byBp dHMgY3VzdG 9tZXJzLjxi cj42LiBTdH JvbmcgQ3Vz dG9tZXIgUm VsYXRpb25z aGlwczogQ2 ludGFzIHZh bHVlcyBpdH MgcmVsYXRp b25zaGlwcy B3aXRoIGl0 cyBjdXN0b2 1lcnMgYW5k IHdvcmtzIH RvIGJ1aWxk IGxvbmctdG VybSBwYXJ0 bmVyc2hpcH MuIFRoZSBj b21wYW55IH Byb3ZpZGVz IHBlcnNvbm FsaXplZCBz b2x1dGlvbn MgYW5kIGV4 Y2VsbGVudC BjdXN0b21l ciBzZXJ2aW NlLCB3aGlj aCBoYXMgcm VzdWx0ZWQg aW4gYSBsb3 lhbCBjdXN0 b21lciBiYX NlLjxicj43 LiBGaW5hbm NpYWwgU3Rh YmlsaXR5Oi BDaW50YXMg aGFzIGEgc3 Ryb25nIGZp bmFuY2lhbC ByZWNvcmQg YW5kIGhhcy Bjb25zaXN0 ZW50bHkgc2 hvd24gZ3Jv d3RoIGFuZC Bwcm9maXRh YmlsaXR5IG 92ZXIgdGhl IHllYXJzLi BUaGlzIHN0 YWJpbGl0eS BoYXMgYWxs b3dlZCB0aG UgY29tcGFu eSB0byBpbn Zlc3QgaW4g bmV3IHRlY2 hub2xvZ3ks IGV4cGFuZC BpdHMgc2Vy dmljZXMsIG FuZCBtYWtl IHN0cmF0ZW dpYyBhY3F1 aXNpdGlvbn MuPGJyPjgu IFNhZmV0eS BGb2N1czog QXMgYSBwcm 92aWRlciBv ZiBzYWZldH kgZXF1aXBt ZW50IGFuZC B0cmFpbmlu ZywgQ2ludG FzIGFsc28g cHJpb3JpdG l6ZXMgc2Fm ZXR5IHdpdG hpbiBpdHMg b3duIG9wZX JhdGlvbnMu IFRoZSBjb2 1wYW55IGhh cyBpbXBsZW 1lbnRlZCBy aWdvcm91cy BzYWZldHkg cHJvdG9jb2 xzIGFuZCBo YXMgd29uIG F3YXJkcyBm b3IgaXRzIG NvbW1pdG1l bnQgdG8gbW FpbnRhaW5p bmcgYSBzYW ZlIHdvcmsg ZW52aXJvbm 1lbnQuPGJy PjkuIERpdm Vyc2l0eSBh bmQgSW5jbH VzaW9uOiBD aW50YXMgcH JvbW90ZXMg ZGl2ZXJzaX R5IGFuZCBp bmNsdXNpb2 4gd2l0aGlu IGl0cyB3b3 JrZm9yY2Ug YW5kIGhhcy ByZWNlaXZl ZCByZWNvZ2 5pdGlvbiBm b3IgaXRzIG VmZm9ydHMg aW4gY3JlYX RpbmcgYSBk aXZlcnNlIG FuZCBlcXVp dGFibGUgd2 9ya3BsYWNl Ljxicj4xMC 4gQXdhcmRz IGFuZCBSZW NvZ25pdGlv bjogQ2ludG FzIGhhcyBy ZWNlaXZlZC BudW1lcm91 cyBhd2FyZH MgYW5kIHJl Y29nbml0aW 9uIGZvciBp dHMgcHJvZH VjdHMsIHNl cnZpY2VzLC BhbmQgd29y a3BsYWNlIG N1bHR1cmUu IFRoaXMgaW 5jbHVkZXMg YmVpbmcgbm FtZWQgb25l IG9mIHRoZS BXb3JsZCdz IE1vc3QgQW RtaXJlZCBD b21wYW5pZX MgYnkgRm9y dHVuZSBhbm Qgb25lIG9m IEFtZXJpY2 EncyBCZXN0 IEVtcGxveW VycyBmb3Ig RGl2ZXJzaX R5IGJ5IEZv cmJlcy4=

VGhlIENpbn RhcyBDb3Jw b3JhdGlvbi BpcyBhIGJ1 c2luZXNzIH NlcnZpY2Vz IGNvbXBhbn kgdGhhdCBw cm92aWRlcy BzcGVjaWFs aXplZCBwcm 9kdWN0cyBh bmQgc2Vydm ljZXMgdG8g dmFyaW91cy BpbmR1c3Ry aWVzLCBpbm NsdWRpbmcg bWFudWZhY3 R1cmluZywg aGVhbHRoY2 FyZSwgcmV0 YWlsLCBob3 NwaXRhbGl0 eSwgdHJhbn Nwb3J0YXRp b24sIGFuZC Bnb3Zlcm5t ZW50IGFnZW 5jaWVzLiBU aGVpciBidX NpbmVzcyBt b2RlbCBpcy BiYXNlZCBv biBvZmZlcm luZyBhIGNv bXByZWhlbn NpdmUgcmFu Z2Ugb2Ygc2 9sdXRpb25z IHRvIG1lZX QgdGhlIG5l ZWRzIG9mIH RoZWlyIGN1 c3RvbWVycy wgaW5jbHVk aW5nOjxicj 4xLiBVbmlm b3JtcyBhbm QgQXBwYXJl bCAtIENpbn RhcyBvZmZl cnMgcmVudG FsLCBsZWFz aW5nLCBhbm Qgc2FsZXMg b2YgdW5pZm 9ybXMsIHdv cmsgYXBwYX JlbCwgYW5k IGFjY2Vzc2 9yaWVzIHRv IGJ1c2luZX NzZXMgYW5k IG9yZ2FuaX phdGlvbnMg b2YgYWxsIH NpemVzLjxi cj4yLiBGYW NpbGl0eSBT ZXJ2aWNlcy AtIFRoZXkg cHJvdmlkZS BhIHdpZGUg cmFuZ2Ugb2 Ygc2Vydmlj ZXMsIHN1Y2 ggYXMgcmVz dHJvb20gc3 VwcGxpZXMs IGphbml0b3 JpYWwgc3Vw cGxpZXMsIG Zsb29yIG1h dHMsIGFuZC BjbGVhbmlu ZyBlcXVpcG 1lbnQsIHRv IGhlbHAgYn VzaW5lc3Nl cyBtYWludG FpbiBhIGNs ZWFuIGFuZC BzYWZlIHdv cmtwbGFjZS 48YnI+My4g Rmlyc3QgQW lkIGFuZCBT YWZldHkgLS BDaW50YXMg b2ZmZXJzIG EgY29tcHJl aGVuc2l2ZS BzZWxlY3Rp b24gb2YgZm lyc3QgYWlk IGFuZCBzYW ZldHkgcHJv ZHVjdHMsIG luY2x1ZGlu ZyBmaXJzdC BhaWQga2l0 cywgc2FmZX R5IHN1cHBs aWVzLCBhbm QgdHJhaW5p bmcgc2Vydm ljZXMgdG8g aGVscCBidX NpbmVzc2Vz IGNvbXBseS B3aXRoIHNh ZmV0eSByZW d1bGF0aW9u cyBhbmQga2 VlcCB0aGVp ciBlbXBsb3 llZXMgc2Fm ZS48YnI+NC 4gRmlyZSBQ cm90ZWN0aW 9uIC0gVGhl eSBvZmZlci BhIGZ1bGwg bGluZSBvZi BmaXJlIHBy b3RlY3Rpb2 4gc2Vydmlj ZXMsIGluY2 x1ZGluZyBp bnN0YWxsYX Rpb24sIG1h aW50ZW5hbm NlLCBhbmQg aW5zcGVjdG lvbnMgb2Yg ZmlyZSBleH Rpbmd1aXNo ZXJzLCBhbG FybXMsIHNw cmlua2xlci BzeXN0ZW1z LCBhbmQgZW 1lcmdlbmN5 IGxpZ2h0cy 48YnI+NS4g RG9jdW1lbn QgTWFuYWdl bWVudCAtIE NpbnRhcyBw cm92aWRlcy Bkb2N1bWVu dCBkZXN0cn VjdGlvbiwg c3RvcmFnZS wgYW5kIHNj YW5uaW5nIH NlcnZpY2Vz IHRvIGhlbH AgYnVzaW5l c3NlcyBwcm 90ZWN0IHRo ZWlyIGNvbm ZpZGVudGlh bCBpbmZvcm 1hdGlvbiBh bmQgY29tcG x5IHdpdGgg cHJpdmFjeS BsYXdzLjxi cj5PdmVyYW xsLCB0aGVp ciBidXNpbm VzcyBtb2Rl bCBmb2N1c2 VzIG9uIHBy b3ZpZGluZy Bjb252ZW5p ZW50LCBjb3 N0LWVmZmVj dGl2ZSwgYW 5kIGhpZ2gt cXVhbGl0eS Bzb2x1dGlv bnMgdG8gaG VscCBidXNp bmVzc2VzIG ltcHJvdmUg dGhlaXIgb3 BlcmF0aW9u cyBhbmQgY3 JlYXRlIGEg c2FmZXIsIG 1vcmUgcHJv ZmVzc2lvbm FsIHdvcmsg ZW52aXJvbm 1lbnQu

AI can influence Cintas’s products, services, and competitive positioning in several ways, which could potentially pose material threats through substitution, disintermediation, or margin pressure.
1. Substitution: AI technologies can enhance or replace certain aspects of Cintas’s offerings, especially in areas such as uniform management, inventory tracking, and service delivery. For instance, AI-driven platforms could automate the process of uniform rentals and inventory management, reducing the need for manpower and traditional service models. If competitors adopt such technologies effectively, they could offer similar or enhanced services at lower costs, making it challenging for Cintas to maintain its market share.
2. Disintermediation: With advancements in AI, businesses may increasingly opt for direct-to-consumer models, bypassing traditional rental and service providers like Cintas. AI could enable companies to manage their own uniforms and work apparel through automated systems, reducing the reliance on third-party services. This shift could threaten Cintas’s traditional business model, leading to decreased demand for its services as companies seek more direct solutions.
3. Margin Pressure: The integration of AI can reduce operational costs, and companies that successfully implement AI-driven efficiencies may pass on these savings to their customers in the form of lower prices. As a result, Cintas could face pressure to reduce its own prices or to invest in AI itself to remain competitive, which could affect profit margins. Additionally, if competitors leverage AI to improve their offerings while Cintas does not adapt, it could lead to a loss of customers, further increasing margin pressures.
In summary, while AI presents opportunities for innovation and improvement, it also poses threats to Cintas through potential substitution of services, disintermediation of traditional business models, and margin pressures from increased competition. Adapting to these challenges will require continuous investment and strategic innovation from Cintas.

The sensitivity of Cintas Corporation’s earnings, cash flow, and valuation to changes in interest rates can be analyzed from several perspectives:
1. Earnings Sensitivity: Cintas, as a service-oriented company providing uniform rental and facility services, may see its earnings impacted indirectly by interest rates. If interest rates rise, businesses may cut back on spending, which could affect demand for Cintas’s services. Additionally, higher interest rates could increase the cost of capital for Cintas if it relies on borrowing for growth initiatives, impacting net income.
2. Cash Flow Sensitivity: Interest rate fluctuations can significantly impact cash flows, especially if Cintas carries debt. Higher rates increase interest expenses, reducing free cash flow available for reinvestment or shareholder returns. Conversely, lower rates could enhance cash flow through reduced interest obligations. The sensitivity is also dependent on the company’s capital structure and how much debt it has relative to equity.
3. Valuation Sensitivity: The valuation of Cintas, like many companies, is sensitive to interest rates as they influence the discount rate in discounted cash flow (DCF) models. Higher interest rates typically lead to a higher discount rate, which can decrease the present value of future cash flows, resulting in a lower valuation. Conversely, a decline in interest rates would generally yield a higher present value of projected cash flows and increase the company’s valuation.
In summary, Cintas’s exposure to interest rate changes is multifaceted, influencing earnings through demand shifts, cash flow through interest costs, and valuation through the discount rate applied to future earnings forecasts. The overall impact would depend on the company’s operational leverage, debt levels, and the economic environment.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgQ2 ludGFzIENv cnBvcmF0aW 9u4oCZcyBl Y29ub21pY3 Mgb3ZlciB0 aGUgbmV4dC Az4oCTNSB5 ZWFycyBpcy BhIHNpZ25p ZmljYW50IG FuZCBwcm9s b25nZWQgcm VjZXNzaW9u IGNvbWJpbm VkIHdpdGgg Y2hhbmdlcy BpbiBsYWJv ciBsYXdzIH RoYXQgZmF2 b3IgZ2lnIG Vjb25vbXkg d29yayBvdm VyIHRyYWRp dGlvbmFsIG VtcGxveW1l bnQgbW9kZW xzLiBBcyBD aW50YXMgcH JpbWFyaWx5 IHByb3ZpZG VzIHVuaWZv cm0gcmVudG FsLCBmYWNp bGl0eSBzZX J2aWNlcywg YW5kIHJlbG F0ZWQgcHJv ZHVjdHMgdG 8gYSB3aWRl IHJhbmdlIG 9mIGJ1c2lu ZXNzZXMsIG 1hbnkgb2Yg dGhlc2UgY2 9tcGFuaWVz IGNvdWxkIG Rvd25zaXpl IG9yIGNsb3 NlIGR1cmlu ZyBhbiBlY2 9ub21pYyBk b3dudHVybi wgZGlyZWN0 bHkgaW1wYW N0aW5nIENp bnRhc+KAmX MgcmV2ZW51 ZSBzdHJlYW 1zLjxicj5J biB0aGlzIH NjZW5hcmlv LCBDaW50YX MgbWlnaHQg c2VlIGEgc3 Vic3RhbnRp YWwgZGVjbG luZSBpbiBz YWxlcyBhcy BtYW55IG9m IGl0cyBjbG llbnRzIGN1 dCBjb3N0cy BhbmQgcmVk dWNlIHRoZW lyIG5lZWQg Zm9yIHVuaW Zvcm0gc2Vy dmljZXMgb3 IgcmVsYXRl ZCBwcm9kdW N0cy4gVGhl IGNvbXBhbn kgY291bGQg ZmFjZSBwcm Vzc3VyZSB0 byBsb3dlci BwcmljZXMg dG8gcmV0YW luIGN1c3Rv bWVycywgbG VhZGluZyB0 byBkZWNyZW FzZWQgbWFy Z2lucy4gSW YgY3VzdG9t ZXIgZGVtYW 5kIHJlY2Vk ZXMgc2lnbm lmaWNhbnRs eSwgQ2ludG FzIGNvdWxk IGFsc28gc3 RydWdnbGUg d2l0aCBleG Nlc3MgaW52 ZW50b3J5IG FuZCBpbmNy ZWFzZWQgb3 BlcmF0aW9u YWwgY29zdH MsIGZ1cnRo ZXIgc3F1ZW V6aW5nIG1h cmdpbnMuPG JyPkNhc2gg ZmxvdyB3b3 VsZCBsaWtl bHkgZGV0ZX Jpb3JhdGUg YXMgY2xpZW 50cyBkZWxh eSBwYXltZW 50cyBvciBk ZWZhdWx0IG 9uIGFjY291 bnRzIGR1ZS B0byB0aGVp ciBvd24gZm luYW5jaWFs IGRpZmZpY3 VsdGllcy4g VGhpcyBjb3 VsZCBsZWFk IHRvIGluY3 JlYXNlZCBk YXlzIHNhbG VzIG91dHN0 YW5kaW5nIC hEU08pLCBz dHJhaW5pbm cgQ2ludGFz 4oCZcyBsaX F1aWRpdHku IEFzIGNhc2 ggZmxvdyB0 aWdodGVucy wgdGhlIGNv bXBhbnkgbW lnaHQgZmlu ZCBpdCBuZW Nlc3Nhcnkg dG8gZHJhdy BvbiBjcmVk aXQgbGluZX Mgb3IgaW5j cmVhc2UgaX RzIGRlYnQg bGV2ZWxzIH RvIG1haW50 YWluIG9wZX JhdGlvbnMg b3IgaW52ZX N0IGluIG5l dyBidXNpbm VzcyBtb2Rl bHMsIHN1Y2 ggYXMgb2Zm ZXJpbmcgbW 9yZSBhZ2ls ZSwgZ2lnLW xpa2Ugc2Vy dmljZXMuPG JyPk9uIHRo ZSBiYWxhbm NlIHNoZWV0 LCBhcyBhIH Jlc3VsdCBv ZiBkZWNsaW 5pbmcgcmV2 ZW51ZXMgYW 5kIGNhc2gg Zmxvd3MsIH lvdSB3b3Vs ZCBleHBlY3 QgdG8gc2Vl IGFuIGluY3 JlYXNlIGlu IGxldmVyYW dlIHJhdGlv cywgd2l0aC ByaXNpbmcg ZGVidCBsZX ZlbHMgcG90 ZW50aWFsbH kgbGVhZGlu ZyB0byBhIG NyZWRpdCBk b3duZ3JhZG UuIEFkZGl0 aW9uYWxseS wgaWYgYXNz ZXQgaW1wYW lybWVudHMg b2NjdXIgZH VlIHRvIHJl ZHVjZWQgZG VtYW5kIGZv ciByZW50YW wgcHJvZHVj dHMgb3Igcm VhbCBlc3Rh dGUgaG9sZG luZ3MsIHRo ZSBjb21wYW 554oCZcyBl cXVpdHkgYm FzZSBjb3Vs ZCBzaHJpbm ssIGZ1cnRo ZXIgaW1wYW lyaW5nIGl0 cyBmaW5hbm NpYWwgc3Rh YmlsaXR5Lj xicj5JbiBz dW1tYXJ5LC B0aGlzIHNj ZW5hcmlvIG NvdWxkIGxl YWQgdG8gcm VkdWNlZCBt YXJnaW5zIG R1ZSB0byBs b3dlciBwcm ljaW5nIHBv d2VyIGFuZC BoaWdoZXIg Y29zdHMsIG 5lZ2F0aXZl IGNhc2ggZm xvdyBmcm9t IG9wZXJhdG lvbmFsIGNo YWxsZW5nZX MgYW5kIHJp c2luZyBEU0 8sIGFuZCBh IHdlYWtlbm VkIGJhbGFu Y2Ugc2hlZX QgY2hhcmFj dGVyaXplZC BieSBpbmNy ZWFzZWQgZG VidCBsZXZl bHMgYW5kIH Bvc3NpYmxl IGFzc2V0IG ltcGFpcm1l bnRzLiBUaG lzIGNvbWJp bmF0aW9uIG NvdWxkIGZ1 bmRhbWVudG FsbHkgYWx0 ZXIgQ2ludG Fz4oCZcyBi dXNpbmVzcy Btb2RlbCBh bmQgbG9uZy 10ZXJtIHZp YWJpbGl0eS 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 bG9nb3MvSz VnR1A3OG1L bWkyNEt5Mz hQREUud2Vi cCIgYWx0PS JDaW50YXMi IHRpdGxlPS JDaW50YXMi ICBjbGFzcz 0iaW1nLWZs dWlkIiBoZW lnaHQ9NTAg d2lkdGg9NT AgbG9hZGlu Zz0nbGF6eS cgc3R5bGU9 J2JvcmRlci 1yYWRpdXM6 IDZweDsnPg oKICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdmbGV4 OiAxOyB0ZX h0LWFsaWdu OiBjZW50ZX I7IG1hcmdp bi1sZWZ0Oi A1cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPHAgc3R5 bGU9J2Zvbn Qtc2l6ZTog MjZweDsgY2 9sb3I6ICMz MzM7IG1hcm dpbi1ib3R0 b206IDE1cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIPCfk4gg V2FudCB0by ByZWFkIG1v cmUgYWJvdX QgQ2ludGFz PwogICAgIC AgICAgICAg ICAgICAgIC AgICA8L3A+ CgogICAgIC AgICAgICAg ICAgICAgIC AgICA8YSBo cmVmPSdpbm RleC5waHA/ cGFnZT1zaW dudXAnIHN0 eWxlPScKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJhY2 tncm91bmQt Y29sb3I6IC MwMDdCRkY7 CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBj b2xvcjogI2 ZmZjsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIHBhZGRp bmc6IDEwcH ggMjBweDsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGJv cmRlci1yYW RpdXM6IDVw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHRleHQtZG Vjb3JhdGlv bjogbm9uZT sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG ZvbnQtd2Vp Z2h0OiBib2 xkOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgbWFyZ2lu LXJpZ2h0Oi AxMHB4Owog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgdHJh bnNpdGlvbj ogYmFja2dy b3VuZC1jb2 xvciAwLjNz IGVhc2U7Jw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgb2 5tb3VzZW92 ZXI9J3RoaX Muc3R5bGUu YmFja2dyb3 VuZENvbG9y PSIjMDA1Nm IzIicKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIG9ubW91 c2VvdXQ9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A3QkZGIic+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBT aWduIHVwIG ZvciBmcmVl CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvYT4K CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxzcGFu IHN0eWxlPS dtYXJnaW46 IDAgOHB4Oy Bjb2xvcjog IzU1NTsnPm 9yPC9zcGFu PgoKICAgIC AgICAgICAg ICAgICAgIC AgICAgPGEg aHJlZj0naW 5kZXgucGhw P3BhZ2U9bG 9naW4nIHN0 eWxlPScKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGNvbG 9yOiAjMDA3 QkZGOwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdGV4dC 1kZWNvcmF0 aW9uOiB1bm RlcmxpbmU7 CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBm b250LXdlaW dodDogNTAw Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBsb2cgaW 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9hPg oKCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxwIH N0eWxlPSdt YXJnaW4tdG 9wOiAxNXB4 OyBmb250LX NpemU6IDEz cHg7IGZvbn Qtd2VpZ2h0 OiBib2xkOy Bjb2xvcjog I2QzMmYyZj snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Ag8J+TpSBH ZXQgb3VyIG ZyZWUgZUJv b2sgbm93Oi A8aT4iVGhl IENoZWNrbG lzdCBWYWx1 ZSBJbnZlc3 RvciDigJQg QSBTbWFydG VyIFdheSB0 byBQaWNrIF N0b2NrcyI8 L2k+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv cD4KCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwh LS0KICAgIC AgICAgICAg ICAgICAgIC AgICAgPGRp diBzdHlsZT 0nbWFyZ2lu LXRvcDogMT JweDsgZm9u dC1zaXplOi AxM3B4OyBj b2xvcjogIz Q0NDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgU2ln biB1cCBub3 cgYW5kIGdl dCBvdXIgZn JlZSBlQm9v ayAKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IDxiPlRoZS BDaGVja2xp c3QgVmFsdW UgSW52ZXN0 b3Ig4oCUIE EgU21hcnRl ciBXYXkgdG 8gUGljayBT dG9ja3M8L2 I+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AgICAgICAg ICAgICAtLT 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPCEtLQ ogICAgICAg ICAgICAgIC AgICAgICAg ICA8ZGl2IH N0eWxlPSdt YXJnaW4tdG 9wOiAxNnB4 OyBmb250LX NpemU6IDE0 cHg7IGNvbG 9yOiAjNDQ0 OyBmb250LW ZhbWlseTog LWFwcGxlLX N5c3RlbSwg QmxpbmtNYW NTeXN0ZW1G b250LCBTZW dvZSBVSSwg Um9ib3RvLC BIZWx2ZXRp Y2EgTmV1ZS wgc2Fucy1z ZXJpZjsgbG luZS1oZWln aHQ6IDEuNj snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgSGF2ZSB5 b3UgaGVhcm QgYWJvdXQg b3VyIHNob3 J0IDxzdHJv bmcgc3R5bG U9J2ZvbnQt d2VpZ2h0Oi A2MDA7Jz5E YWlseSBWaW RlbyBOZXdz bGV0dGVyPC 9zdHJvbmc+ PwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg PGEgaHJlZj 0naHR0cHM6 Ly93d3cuaW 5zaWdodGZ1 bHZhbHVlLm NvbS9uZXdz bGV0dGVyLn BocCcgdGFy Z2V0PSdfYm xhbmsnIHN0 eWxlPSdjb2 xvcjogIzAw N0JGRjsgdG V4dC1kZWNv cmF0aW9uOi Bub25lOyBm b250LXdlaW dodDogNTAw OyBtYXJnaW 4tbGVmdDog NnB4Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgRmluZCBv dXQgbW9yZQ ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9hPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgICAgICAg ICAgICAgLS 0+CiAgICAg ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg IAogICAgIC AgIAogICAg ICAgIDxzcG FuIGNsYXNz PSdibHVycm VkLXRleHQn PgogICAgIC AgICAgICBN UzRnUTJsdW RHIEZ6SUVO dmNuQnYgY2 1GMGFXOXVJ SCBkaGN5Qm 1iM1Z1IFpH VmtJR2x1SU QgRTVNamtn WW5rZyBkSG R2SUdKeWIz IFJvWlhKek xDQlMgYVdO b1lYSmtJRy BGdVpDQlNi M2tnIFJtRn liV1Z5TGkg QlVhR1VnWT I5dCBjR0Z1 ZVNCM1lYIE 1nYjNKcFoy bHUgWVd4c2 VTQmpZVyB4 c1pXUWdRV0 50IFpTQkpi bVIxYzMgUn lhV0ZzSUV4 aCBkVzVrY2 5rZ1EyIDl0 Y0dGdWVTQm ggYm1RZ2Iz QmxjbSBGMF pXUWdiM1Yw IElHOW1JR0 VnY20gVnVk R1ZrSUdkaC BjbUZuWlNC cGJpIEJEYV c1amFXNXUg WVhScExDQl BhRyBsdkxq eGljajR5IE xpQlVhR1Vn WTIgOXRjR0 Z1ZVNCaiBh R0Z1WjJWa0 lHIGwwY3lC dVlXMWwgSU hSdklFTnBi biBSaGN5Qn BiaUF4IE9U WTRMQ0IzYU cgbGphQ0Jw Y3lCaCBJR0 52YldKcGJt IEYwYVc5dU lHOW0gSUhS b1pTQjNiMy BKa2N5Qmph VzRnIFptOX lJRU5wYm0g TnBibTVoZE drZyBZVzVr SUhSaGN5IE JtYjNJZ2RH VjQgZEdsc1 pYTXVQRyBK eVBqTXVJRU 5wIGJuUmhj eUJ2Y0cgVn VaV1FnYVhS eiBJR1pwY2 5OMElHIEYx ZEc5dFlYUm wgWkNCc1lY VnVaSCBKNU lHWmhZMmxz IGFYUjVJR2 x1SUQgRTVN ekFzSUhkby BhV05vSUhk aGN5IEJ2Ym 1VZ2IyWWcg ZEdobElHWn BjbiBOMElH OW1JR2wwIG N5QnJhVzVr SUcgbHVJSF JvWlNCcCBi bVIxYzNSeW VTIDQ4WW5J K05DNGcgUT JsdWRHRno0 byBDWklITn BaMjVoIGRI VnlaU0JqYj IgeHZjaXdn WVNCaSBjbW xuYUhRZ2My IGhoWkdVZ2 IyWWcgY21W a0xDQjNZWC BNZ1kyaHZj MlZ1IElHSj VJR1p2ZFcg NWtaWElnVW 1saiBhR0Z5 WkNCR1lYIE p0WlhJZ1lt VmogWVhWel pTQnBkQyBC M1lYTWdaV0 Z6IGFXeDVJ SFpwYzIgbG liR1VnWm5K diBiU0JoSU dScGMzIFJo Ym1ObElHRn UgWkNCd2Iz SjBjbSBGNV pXUWdZU0J6 IFpXNXpaU0 J2WmkgQjFj bWRsYm1ONS BJR0Z1WkNC MWNtIGRsYm 1ONUxqeGkg Y2o0MUxpQl VhRyBVZ1ky OXRjR0Z1IG VTQmlaV05o YlcgVWdjSF ZpYkdsaiBi SGtnZEhKaF pHIFZrSUds dUlERTUgT0 RNZ1lXNWtJ RyBseklHeH BjM1JsIFpD QnZiaUIwYU cgVWdUbUZ6 WkdGeCBJSE 4wYjJOcklH IFY0WTJoaG JtZGwgSUhW dVpHVnlJSC BSb1pTQjBh V05yIFpYSW djM2x0WW0g OXNJRU5VUV ZNdSBQR0p5 UGpZdUlFIE 5wYm5SaGN5 QnAgY3lCMG FHVWdiRyBG eVoyVnpkQ0 J3IGNtOTJh V1JsY2kgQn ZaaUJqYjNK dyBiM0poZE dVZ2RXIDVw Wm05eWJYTW cgYVc0Z2RH aGxJRiBWdW FYUmxaQ0JU IGRHRjBaWE 1zSUcgRnVa Q0JoYkhOdi BJRzltWm1W eWN5IEJoSU haaGNtbGwg ZEhrZ2IyWW diMyBSb1pY SWdjMlZ5IG RtbGpaWE1n YVcgNWpiSF ZrYVc1biBJ R1poWTJsc2 FYIFI1SUhO bGNuWnAgWT JWekxDQm1h WCBKemRDQm hhV1FnIFlX NWtJSE5oWm 0gVjBlU0J3 Y205ayBkV0 4wY3l3Z1lX IDVrSUdacG NtVWcgY0hK dmRHVmpkRy BsdmJpQnpa WEoyIGFXTm xjeTQ4WW4g SStOeTRnVk dobCBJR052 YlhCaGJuIG tnYUdGeklH OTIgWlhJZ0 5EQXNNRCBB d0lHVnRjR3 h2IGVXVmxj eUJoYm0gUW diM0JsY21G MCBaWE1nYV c0Z2IzIFps Y2lBME1EQW cgWm1GamFX eHBkRyBsbG N5QmhZM0p2 IGMzTWdkR2 hsSUYgVnVh WFJsWkNCVC BkR0YwWlhN Z1lXIDVrSU VOaGJtRmsg WVM0OFluSS tPQyA0Z1NX NGdZV1JrIG FYUnBiMjRn ZEcgOGdhWF J6SUdOdiBi VzFsY21OcF lXIHdnWVc1 a0lHbHUgWk hWemRISnBZ VyB3Z2MyVn lkbWxqIFpY TXNJRU5wYm 4gUmhjeUJo YkhOdiBJR2 hoY3lCaElH IFJwZG1sem FXOXUgSUhS b1lYUWdjMi BWeWRtVnpJ SFJvIFpTQm 9iM053YVgg UmhiR2wwZV NCcCBibVIx YzNSeWVTIH dnY0hKdmRt bGsgYVc1bk lIVnVhVyBa dmNtMXpJR0 Z1IFpDQnZk R2hsY2kgQn paWEoyYVdO bCBjeUIwYn lCb2IzIFJs YkhNc0lISm wgYzNSaGRY SmhibiBSek xDQmhibVFn IGNtVnpiM0 owY3kgNDhZ bkkrT1M0Zy BRMmx1ZEdG eklHIGhoY3 lCaVpXVnUg SUhKbFkyOW 5ibSBsNlpX UWdZWE1nIG IyNWxJRzlt SUggUm9aU0 JpWlhOMCBJ SEJzWVdObG N5IEIwYnlC M2IzSnIgSU dsdUlITmxk bSBWeVlXd2 djSFZpIGJH bGpZWFJwYj IgNXpMQ0Jw Ym1OcyBkV1 JwYm1jZ1Jt IDl5ZEhWdV pTQnQgWVdk aGVtbHVaUy BCaGJtUWdS bTl5IFltVn pManhpY2og NHhNQzRnVk dobCBJR052 YlhCaGJuIG tnYUdGeklH RWcgYzNSeW IyNW5JRyBO dmJXMXBkRz FsIGJuUWdk RzhnYzMgVn pkR0ZwYm1G aSBhV3hwZE hrZ1lXIDVr SUdoaGN5Qn AgYlhCc1pX MWxibiBSbF pDQnpaWFps IGNtRnNJR2 x1YVggUnBZ WFJwZG1Wei BJSFJ2SUhK bFpIIFZqWl NCcGRITWcg Wlc1MmFYSn ZibSAxbGJu UmhiQ0JwIG JYQmhZM1Fz SUggTjFZMm dnWVhNZyBk WE5wYm1jZ1 pXIE52TFda eWFXVnUgWk d4NUlIQnli MiBSMVkzUn pJR0Z1IFpD QndjbTl0Yj MgUnBibWNn Wlc1bCBjbW Q1SUdOdmJu IE5sY25aaG RHbHYgYmlC aGRDQnBkSC BNZ1ptRmph V3hwIGRHbG xjeTQ9CiAg ICAgICAgPC 9zcGFuPgog ICAgICAgIA ogICAgICAg IA==