Alamo Group

-11.51%

More reviews (2)

Live  

The Alamo Group is a publicly traded company that designs, manufactures, and distributes agricultural equipment, industrial equipment, and infrastructure maintenance equipment for government and commercial customers. The company was founded in 1969 and is headquartered in Seguin, Texas.
The Alamo Group has operations in North America, Europe, Australia, and Brazil. It has approximately 4,200 employees and a network of over 3,000 dealers. The company's products include tractors, mowers, excavators, rotary cutters, street sweepers, snow removal equipment, and more.
In addition to its equipment manufacturing business, the Alamo Group also operates a number of service and parts companies that provide aftermarket support for its products. These companies offer repair and maintenance services, as well as replacement parts and accessories.
The Alamo Group is committed to sustainability and has implemented numerous initiatives to reduce its environmental impact. It has also received numerous awards for its products and services, including several from the International Association of Government Officials and the American Society of Agricultural and Biological Engineers.
The Alamo Group is listed on the New York Stock Exchange under the ticker symbol ALG. Its annual revenue in 2019 was $1.04 billion. The company's current CEO is Ronald A. Robinson.

QWxhbW8gR3 JvdXAgaXMg YSBjb21wYW 55IHRoYXQg bWFrZXMgc3 BlY2lhbCBt YWNoaW5lcy BhbmQgdG9v bHMgdXNlZC BtYWlubHkg Zm9yIHdvcm tpbmcgb24g ZmFybXMsIG luIHBhcmtz LCBhbmQgZm 9yIGtlZXBp bmcgcm9hZH MgY2xlYW4u IFlvdSBrbm 93IGhvdyBz b21ldGltZX MgeW91IHNl ZSBiaWcgbW FjaGluZXMg dGhhdCBjdX QgZ3Jhc3Ms IGNsZWFyIH Nub3csIG9y IGhlbHAgZm FybWVycyB3 aXRoIHRoZW lyIGNyb3Bz PyBXZWxsLC BBbGFtbyBH cm91cCBtYW tlcyB0aG9z ZSBraW5kcy BvZiBtYWNo aW5lcyE8Yn I+VGhlIHdh eSBBbGFtby BHcm91cCBt YWtlcyBtb2 5leSBpcyBi eSBzZWxsaW 5nIHRoZXNl IG1hY2hpbm VzIHRvIG90 aGVyIGJ1c2 luZXNzZXMg b3IgZ292ZX JubWVudHMu IEZvciBleG FtcGxlLCBp ZiBhIGNpdH kgbmVlZHMg YSBuZXcgbW 93ZXIgdG8g a2VlcCBwYX JrcyBsb29r aW5nIG5pY2 UsIHRoZXkg bWlnaHQgYn V5IG9uZSBm cm9tIEFsYW 1vIEdyb3Vw LiBUaGV5IG Fsc28gc2Vs bCBwYXJ0cy BhbmQgb2Zm ZXIgcmVwYW lycywgd2hp Y2ggaGVscH MgdGhlbSBt YWtlIGV2ZW 4gbW9yZSBt b25leS48Yn I+QWxhbW8g R3JvdXAgaX MgY29uc2lk ZXJlZCBzdW NjZXNzZnVs IGZvciBhIG ZldyByZWFz b25zLiBGaX JzdCwgdGhl eSBjcmVhdG UgaGlnaC1x dWFsaXR5IH Byb2R1Y3Rz IHRoYXQgcG VvcGxlIHRy dXN0LCBzby BjdXN0b21l cnMga2VlcC Bjb21pbmcg YmFjayB0by BidXkgbW9y ZS4gU2Vjb2 5kLCB0aGV5 IGFyZSBhbH dheXMgd29y a2luZyBvbi BuZXcgaWRl YXMgdG8gbW FrZSB0aGVp ciBtYWNoaW 5lcyBiZXR0 ZXIgYW5kIG 1vcmUgZWZm aWNpZW50Li BMYXN0bHks IHNpbmNlIG J1c2luZXNz ZXMgYW5kIG NpdGllcyB3 aWxsIGFsd2 F5cyBuZWVk IHRvIHRha2 UgY2FyZSBv ZiB0aGVpci BsYW5kIGFu ZCByb2Fkcy wgdGhlcmUg d2lsbCBhbH dheXMgYmUg YSBkZW1hbm QgZm9yIHRo ZWlyIG1hY2 hpbmVzLjxi cj5Mb29raW 5nIGludG8g dGhlIGZ1dH VyZSwgQWxh bW8gR3JvdX Agc2hvdWxk IGNvbnRpbn VlIHRvIGRv IHdlbGwgYm VjYXVzZSB0 aGV5IGFyZS BpbiBhIGdv b2QgYnVzaW 5lc3MgdGhh dCBoZWxwcy B3aXRoIGlt cG9ydGFudC B0YXNrcyBs aWtlIGZhcm 1pbmcgYW5k IGNsZWFubG luZXNzLiBQ bHVzLCBhcy B0ZWNobm9s b2d5IGltcH JvdmVzLCB0 aGV54oCZbG wgbGlrZWx5 IGtlZXAgaW 52ZW50aW5n IGV2ZW4gYm V0dGVyIG1h Y2hpbmVzLC B3aGljaCB3 aWxsIGhlbH AgdGhlbSBz dGF5IHN0cm 9uZyBhbmQg c3VjY2Vzc2 Z1bCBmb3Ig bWFueSB5ZW FycyB0byBj b21lITxicj 4=

MS4gSGlzdG 9yaWMgU2ln bmlmaWNhbm NlOiBUaGUg QWxhbW8gR3 JvdXAgY29t cGFueSBpcy BuYW1lZCBh ZnRlciB0aG UgZmFtb3Vz IGJhdHRsZS BvZiB0aGUg QWxhbW8gaW 4gMTgzNiwg d2hpY2ggaG 9sZHMgYSBz aWduaWZpY2 FudCBwbGFj ZSBpbiBBbW VyaWNhbiBo aXN0b3J5Li BUaGlzIGFk ZHMgYSBzZW 5zZSBvZiBw cmlkZSBhbm QgaGVyaXRh Z2UgdG8gdG hlIGNvbXBh bnkncyBuYW 1lLjxicj4y LiBEaXZlcn NlIFByb2R1 Y3QgUG9ydG ZvbGlvOiBU aGUgY29tcG FueSBoYXMg YSBkaXZlcn NlIHJhbmdl IG9mIHByb2 R1Y3RzIGlu IGl0cyBwb3 J0Zm9saW8s IGluY2x1ZG luZyBhZ3Jp Y3VsdHVyYW wsIGNvbnN0 cnVjdGlvbi wgYW5kIGlu ZHVzdHJpYW wgZXF1aXBt ZW50LiBUaG lzIGRpdmVy c2lmaWNhdG lvbiBoZWxw cyBtaXRpZ2 F0ZSByaXNr cyBhbmQgcH JvdmlkZXMg c3RhYmlsaX R5IHRvIHRo ZSBjb21wYW 55Ljxicj4z LiBHbG9iYW wgUHJlc2Vu Y2U6IFRoZS BBbGFtbyBH cm91cCBoYX MgYSBnbG9i YWwgcHJlc2 VuY2Ugd2l0 aCBvcGVyYX Rpb25zIGlu IE5vcnRoIE FtZXJpY2Es IEV1cm9wZS wgQXVzdHJh bGlhLCBhbm QgQXNpYS4g VGhpcyBoZW xwcyB0aGUg Y29tcGFueS ByZWFjaCBh IHdpZGVyIG N1c3RvbWVy IGJhc2UgYW 5kIHRhcCBp bnRvIGRpZm ZlcmVudCBt YXJrZXRzLj xicj40LiBJ bm5vdmF0aW 9uIGFuZCBU ZWNobm9sb2 d5OiBUaGUg Y29tcGFueS BoYXMgYSBz dHJvbmcgZm 9jdXMgb24g aW5ub3ZhdG lvbiBhbmQg dXNlcyBhZH ZhbmNlZCB0 ZWNobm9sb2 dpZXMgdG8g ZGV2ZWxvcC BpdHMgcHJv ZHVjdHMuIF RoaXMgaGFz IGhlbHBlZC B0aGUgY29t cGFueSBzdG F5IGFoZWFk IG9mIGl0cy Bjb21wZXRp dG9ycyBpbi B0ZXJtcyBv ZiBwcm9kdW N0IHF1YWxp dHkgYW5kIG VmZmljaWVu Y3kuPGJyPj UuIFN0cm9u ZyBCcmFuZC BSZWNvZ25p dGlvbjogQW xhbW8gR3Jv dXAgaXMgYS B3ZWxsLWVz dGFibGlzaG VkIGFuZCBy ZWNvZ25pem VkIGJyYW5k IGluIHRoZS BpbmR1c3Ry aWVzIGl0IH NlcnZlcy4g SXRzIHJlcH V0YXRpb24g Zm9yIG1hbn VmYWN0dXJp bmcgaGlnaC 1xdWFsaXR5 IGFuZCBkdX JhYmxlIGVx dWlwbWVudC BoYXMgZWFy bmVkIGl0IG EgbG95YWwg Y3VzdG9tZX IgYmFzZS48 YnI+Ni4gQ2 9tbWl0bWVu dCB0byBTdX N0YWluYWJp bGl0eTogVG hlIGNvbXBh bnkgaXMgY2 9tbWl0dGVk IHRvIHN1c3 RhaW5hYmls aXR5IGFuZC BoYXMgaW1w bGVtZW50ZW QgdmFyaW91 cyBlbnZpcm 9ubWVudGFs IGluaXRpYX RpdmVzIGlu IGl0cyBvcG VyYXRpb25z LiBUaGlzIG luY2x1ZGVz IHVzaW5nIH N1c3RhaW5h YmxlIG1hdG VyaWFscywg cmVkdWNpbm cgd2FzdGUs IGFuZCBpbX BsZW1lbnRp bmcgZW5lcm d5LWVmZmlj aWVudCBwcm FjdGljZXMu PGJyPjcuIE VtcGxveWVl IERldmVsb3 BtZW50OiBB bGFtbyBHcm 91cCB2YWx1 ZXMgaXRzIG VtcGxveWVl cyBhbmQgaW 52ZXN0cyBp biB0aGVpci BkZXZlbG9w bWVudCBhbm Qgd2VsbC1i ZWluZy4gVG hpcyBoYXMg cmVzdWx0ZW QgaW4gYSBo aWdobHkgc2 tpbGxlZCBh bmQgbW90aX ZhdGVkIHdv cmtmb3JjZS wgZW5hYmxp bmcgdGhlIG NvbXBhbnkg dG8gbWFpbn RhaW4gaXRz IHBvc2l0aW 9uIGFzIGEg bGVhZGVyIG luIGl0cyBp bmR1c3RyeS 48YnI+OC4g U3Ryb25nIE ZpbmFuY2lh bCBQZXJmb3 JtYW5jZTog VGhlIGNvbX BhbnkgaGFz IGEgc3Ryb2 5nIGZpbmFu Y2lhbCB0cm FjayByZWNv cmQsIHdpdG ggY29uc2lz dGVudCByZX ZlbnVlIGdy b3d0aCBhbm QgcHJvZml0 YWJpbGl0eS 4gVGhpcyBm aW5hbmNpYW wgc3RhYmls aXR5IHByb3 ZpZGVzIGEg c2Vuc2Ugb2 YgcmVsaWFi aWxpdHkgZm 9yIGN1c3Rv bWVycyBhbm QgaW52ZXN0 b3JzLjxicj 45LiBDb21t aXRtZW50IH RvIENvbW11 bml0eTogQW xhbW8gR3Jv dXAgaXMgYW N0aXZlbHkg aW52b2x2ZW QgaW4gc3Vw cG9ydGluZy Bsb2NhbCBj b21tdW5pdG llcyB0aHJv dWdoIHZhcm lvdXMgaW5p dGlhdGl2ZX MgYW5kIHBh cnRuZXJzaG lwcy4gVGhp cyBjb21tdW 5pdHkgaW52 b2x2ZW1lbn QgaGVscHMg dG8gYnVpbG QgYSBwb3Np dGl2ZSBicm FuZCBpbWFn ZSBhbmQgc3 RyZW5ndGhl biByZWxhdG lvbnNoaXBz IHdpdGggc3 Rha2Vob2xk ZXJzLg==

VGhlIEFsYW 1vIEdyb3Vw IGNvbXBhbn kncyBidXNp bmVzcyBtb2 RlbCBpcyBm b2N1c2VkIG 9uIHRoZSBk ZXNpZ24sIG 1hbnVmYWN0 dXJlLCBhbm QgZGlzdHJp YnV0aW9uIG 9mIGhpZ2gt cXVhbGl0eS BlcXVpcG1l bnQgYW5kIG 1hY2hpbmUg cHJvZHVjdH MgZm9yIGFn cmljdWx0dX JlLCBpbmZy YXN0cnVjdH VyZSBtYWlu dGVuYW5jZS wgYW5kIGlu ZHVzdHJpYW wgdXNlLiBU aGUgY29tcG FueSBvcGVy YXRlcyB0aH JvdWdoIHNl dmVyYWwgc3 Vic2lkaWFy aWVzLCBlYW NoIHNwZWNp YWxpemluZy BpbiBhIHNw ZWNpZmljIH Byb2R1Y3Qg bGluZSwgc3 VjaCBhcyBt b3dlcnMsIH Nub3cgYW5k IGljZSByZW 1vdmFsIGVx dWlwbWVudC wgYWdyaWN1 bHR1cmFsIG ltcGxlbWVu dHMsIGFuZC BpcnJpZ2F0 aW9uIHN5c3 RlbXMuIEFs YW1vIEdyb3 VwJ3MgYnVz aW5lc3MgbW 9kZWwgaW5j bHVkZXMgYS Bjb21iaW5h dGlvbiBvZi BkaXJlY3Qg c2FsZXMgdG 8gY3VzdG9t ZXJzLCBhcy B3ZWxsIGFz IGRpc3RyaW J1dGlvbiB0 aHJvdWdoIG RlYWxlcnMg YW5kIHJlbn RhbCBhZ2Vu Y2llcy4gVG hlIGNvbXBh bnkgYWxzby BvZmZlcnMg YWZ0ZXItc2 FsZXMgc2Vy dmljZXMgYW 5kIHN1cHBv cnQsIGluY2 x1ZGluZyBy ZXBsYWNlbW VudCBwYXJ0 cyBhbmQgbW FpbnRlbmFu Y2Ugc2Vydm ljZXMsIHRv IGVuc3VyZS BjdXN0b21l ciBzYXRpc2 ZhY3Rpb24g YW5kIGxveW FsdHkuIEFk ZGl0aW9uYW xseSwgQWxh bW8gR3JvdX AgZW5nYWdl cyBpbiBzdH JhdGVnaWMg YWNxdWlzaX Rpb25zIHRv IGV4cGFuZC BpdHMgcHJv ZHVjdCBvZm ZlcmluZ3Mg YW5kIG1hcm tldCByZWFj aC4=

AI has the potential to impact various industries, and while its effect on Alamo Group’s products and services would require a detailed industry analysis, several general considerations can be drawn.
1. Substitution: AI technologies can lead to the development of new products that may substitute existing offerings. For example, automated machinery and robotics could enhance efficiency in landscaping or agricultural applications, potentially replacing traditional equipment. If competitors leverage AI to create superior or more cost-effective solutions, Alamo Group may face pressure to innovate and adapt.
2. Disintermediation: AI-driven platforms and services may streamline the purchasing process, potentially reducing the need for intermediaries. This could change the dynamics of how customers purchase and interact with equipment manufacturers like Alamo Group. If customers can access direct solutions through AI-enhanced platforms, Alamo Group could lose market share unless it adapts its sales and distribution strategies.
3. Margin Pressure: AI can improve operational efficiencies and reduce costs for competitors, which may lead to increased competition on pricing. If competitors can afford to offer lower prices due to AI efficiencies, Alamo Group might find itself under pressure to reduce prices as well, which could impact profit margins.
In summary, while AI presents opportunities for innovation and improvement, it also poses potential threats to Alamo Group in terms of substitution, disintermediation, and margin pressure. The extent of this impact will largely depend on how quickly the company can adapt to technological advancements and maintain its competitive edge in the market.

The sensitivity of Alamo Group’s earnings, cash flow, and valuation to changes in interest rates can be analyzed through various factors:
1. Interest Expense: If Alamo Group has significant debt, rising interest rates can increase interest expenses, reducing net income and cash flow. Conversely, lower interest rates can decrease these expenses, positively impacting profitability.
2. Cost of Capital: Higher interest rates can increase the company’s weighted average cost of capital (WACC), making it more expensive to finance new projects or acquisitions. This could lead to slower growth or delays in capital expenditures. On the other hand, lower rates could enhance growth potential.
3. Consumer and Business Spending: Interest rates influence consumer spending and business investments. If rates rise, borrowing costs increase, which can lead to reduced spending on capital goods and services. This could negatively impact Alamo Group’s sales. If rates fall, spending may increase, supporting higher revenues.
4. Market Valuation: Higher interest rates typically lead to lower valuations for companies due to the increased discount rate applied to future cash flows. If Alamo Group’s cash flows are seen as riskier in a high-interest environment, this could lead to a decline in its market valuation. Conversely, lower rates could boost its valuation.
5. Economic Cycle: Alamo Group operates in sectors like agricultural and industrial equipment, which can be sensitive to economic cycles. Interest rates that rise significantly may signal an economic downturn, which could further affect demand for its products.
In summary, Alamo Group’s financial performance and stock valuation are likely to be negatively impacted by rising interest rates, while falling rates could enhance profitability, cash flow, and market valuation, depending on the company’s debt levels and overall economic conditions.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgdG hlIEFsYW1v IEdyb3Vw4o CZcyBlY29u b21pY3Mgb3 ZlciB0aGUg bmV4dCAz4o CTNSB5ZWFy cyBtaWdodC BpbnZvbHZl IGEgc2lnbm lmaWNhbnQg ZGlzcnVwdG lvbiBpbiB0 aGUgc3VwcG x5IGNoYWlu IGNvbWJpbm VkIHdpdGgg YSBkcmFzdG ljIGRvd250 dXJuIGluIG tleSBtYXJr ZXQgc2VnbW VudHMuIEZv ciBpbnN0YW 5jZSwgaWYg dGhlcmUgd2 VyZSBhIG1h am9yIGdsb2 JhbCBzaG9y dGFnZSBvZi BjcnVjaWFs IHJhdyBtYX RlcmlhbHMg KGxpa2Ugc3 RlZWwgb3Ig Y29tcG9uZW 50cyBmb3Ig bWFjaGluZX J5KSBkdWUg dG8gZ2VvcG 9saXRpY2Fs IHRlbnNpb2 5zIG9yIG5h dHVyYWwgZG lzYXN0ZXJz LCBjb21iaW 5lZCB3aXRo IGEgc3VzdG FpbmVkIGRl Y2xpbmUgaW 4gZGVtYW5k IGZvciBhZ3 JpY3VsdHVy YWwgZXF1aX BtZW50IG9y IG11bmljaX BhbCBtYWlu dGVuYW5jZS Bwcm9kdWN0 cywgdGhpcy Bjb3VsZCBz ZXZlcmVseS BpbXBhY3Qg QWxhbW8gR3 JvdXDigJlz IG9wZXJhdG lvbnMuPGJy PkluIHN1Y2 ggYSBzY2Vu YXJpbywgdG hlIGNvbXBh bnnigJlzIG 1hcmdpbnMg d291bGQgbG lrZWx5IHRh a2UgYSBoaX QgZHVlIHRv IGluY3JlYX NlZCBwcm9k dWN0aW9uIG Nvc3RzIHN0 ZW1taW5nIG Zyb20gaGln aGVyIHJhdy BtYXRlcmlh bCBwcmljZX MgYW5kIHBv dGVudGlhbC BpbmVmZmlj aWVuY2llcy BjYXVzZWQg Ynkgc3VwcG x5IGNoYWlu IGRpc3J1cH Rpb25zLiBJ ZiB0aGUgY2 9tcGFueSBo YWQgdG8gcG F5IHNpZ25p ZmljYW50bH kgbW9yZSBm b3IgbWF0ZX JpYWxzIHdo aWxlIGJlaW 5nIHVuYWJs ZSB0byBwYX NzIHRob3Nl IGNvc3RzIG Z1bGx5IG9u dG8gY3VzdG 9tZXJzIGR1 ZSB0byBkZW NsaW5pbmcg ZGVtYW5kLC Bwcm9maXQg bWFyZ2lucy Bjb3VsZCBz aHJpbmsgc3 Vic3RhbnRp YWxseSwgcG 90ZW50aWFs bHkgcGx1bW 1ldGluZyBi eSAxMC0yMC Ugb3IgbW9y ZSBjb21wYX JlZCB0byBw cmlvciBsZX ZlbHMuPGJy PkNhc2ggZm xvdyB3b3Vs ZCBhbHNvIG JlIGFkdmVy c2VseSBhZm ZlY3RlZC4g V2l0aCByZW R1Y2VkIHNh bGVzIGFuZC BkaW1pbmlz aGluZyBtYX JnaW5zLCB0 aGUgY2FzaC BpbmZsb3cg ZnJvbSBvcG VyYXRpb25z IHdvdWxkIG xpa2VseSBk ZWNsaW5lLi BNb3Jlb3Zl ciwgaWYgdG hlIGNvbXBh bnkgdHJpZW QgdG8gbWFp bnRhaW4gcH JvZHVjdGlv biBsZXZlbH MgaW4gdGhl IGZhY2Ugb2 YgZmFsbGlu ZyBkZW1hbm QsIGl0IGNv dWxkIGxlYW QgdG8gaW5j cmVhc2VkIG ludmVudG9y eSBsZXZlbH MsIGZ1cnRo ZXIgc3RyYW luaW5nIGNh c2ggZmxvdy 4gQWRkaXRp b25hbGx5LC BpZiBBbGFt byBHcm91cC BuZWVkZWQg dG8gcmVseS BvbiBkZWJ0 IHRvIGNvdm VyIG9wZXJh dGlvbmFsIG Nvc3RzIGR1 cmluZyB0b3 VnaCB0aW1l cywgdGhpcy Bjb3VsZCBs ZWFkIHRvIG hpZ2hlciBp bnRlcmVzdC BleHBlbnNl cywgY29tcG 91bmRpbmcg dGhlIGNhc2 ggZmxvdyBj aGFsbGVuZ2 VzLjxicj5P biB0aGUgYm FsYW5jZSBz aGVldCBmcm 9udCwgaWYg dGhlIHNjZW 5hcmlvIHBl cnNpc3RlZC wgQWxhbW8g R3JvdXAgY2 91bGQgc2Vl IHJpc2luZy BkZWJ0IGxl dmVscyBkdW UgdG8gdGhl IG5lZWQgZm 9yIGZpbmFu Y2luZyBpbi B0aGUgZmFj ZSBvZiBzdX N0YWluZWQg bG93ZXIgcm V2ZW51ZSBh bmQgY2FzaC BmbG93LiBB biBpbmNyZW FzZSBpbiBp bnZlbnRvcn kgdmFsdWF0 aW9ucyB3b3 VsZCBhbHNv IGxlYWQgdG 8gYW4gYXNz ZXQgYnVpbG R1cCB0aGF0 IG1pZ2h0IG 5vdCBiZSBy ZWNvdmVyYW JsZSBpZiB0 aGUgbWFya2 V0IGRvZXMg bm90IHJlY2 92ZXIsIHJp c2tpbmcgYX NzZXQgd3Jp dGUtZG93bn MuIEVxdWl0 eSBjb3VsZC BiZSBzdHJh aW5lZCBpZi B0aGUgY29t cGFueSByZX BvcnRzIGxv c3NlcyBvdm VyIGNvbnNl Y3V0aXZlIH BlcmlvZHMs IGltcGFjdG luZyBzaGFy ZWhvbGRlci Bjb25maWRl bmNlIGFuZC Bwb3NzaWJs eSBsZWFkaW 5nIHRvIGEg ZGVjcmVhc2 UgaW4gc3Rv Y2sgcHJpY2 UuPGJyPk92 ZXJhbGwsIH RoaXMgc2Nl bmFyaW8gY2 91bGQgcmVz dWx0IGluIG EgbG9uZ2Vy LXRlcm0gdH JhbnNmb3Jt YXRpb24gb2 YgQWxhbW8g R3JvdXDigJ lzIG9wZXJh dGlvbmFsIG NhcGFiaWxp dGllcywgaW 52ZXN0b3Ig c2VudGltZW 50LCBhbmQg aXRzIHN0cm F0ZWdpYyBw b3NpdGlvbm luZyB3aXRo aW4gdGhlIG luZHVzdHJ5 LCBtYWtpbm cgcmVjb3Zl cnkgbW9yZS BkaWZmaWN1 bHQgYW5kIH BvdGVudGlh bGx5IGxlYW RpbmcgdG8g YSBmdW5kYW 1lbnRhbCBy ZWV2YWx1YX Rpb24gb2Yg aXRzIGJ1c2 luZXNzIG1v ZGVsLjxicj 4=

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 g4SmV4a2pP Q1JHRHlOaD dEVVEud2Vi cCIgYWx0PS JBbGFtbyBH cm91cCIgdG l0bGU9IkFs YW1vIEdyb3 VwIiAgY2xh c3M9ImltZy 1mbHVpZCIg aGVpZ2h0PT UwIHdpZHRo PTUwIGxvYW Rpbmc9J2xh enknIHN0eW xlPSdib3Jk ZXItcmFkaX VzOiA2cHg7 Jz4KCiAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nZm xleDogMTsg dGV4dC1hbG lnbjogY2Vu dGVyOyBtYX JnaW4tbGVm dDogNXB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxwIH N0eWxlPSdm b250LXNpem U6IDI2cHg7 IGNvbG9yOi AjMzMzOyBt YXJnaW4tYm 90dG9tOiAx NXB4Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICDwn5 OIIFdhbnQg dG8gcmVhZC Btb3JlIGFi b3V0IEFsYW 1vIEdyb3Vw 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 Ag4pyN77iP IFNpZ24gdX AgdG8gZ2V0 IDxpPiJUaG UgQ2hlY2ts aXN0IFZhbH VlIEludmVz dG9yIOKAlC BBIFNtYXJ0 ZXIgV2F5IH RvIFBpY2sg U3RvY2tzIj wvaT4gZm9y IGZyZWUKIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9wPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PCEtLQogIC AgICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdtYXJn aW4tdG9wOi AxMnB4OyBm b250LXNpem U6IDEzcHg7 IGNvbG9yOi AjNDQ0Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBT aWduIHVwIG 5vdyBhbmQg Z2V0IG91ci BmcmVlIGVC b29rIAogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPGI+VG hlIENoZWNr bGlzdCBWYW x1ZSBJbnZl c3RvciDigJ QgQSBTbWFy dGVyIFdheS B0byBQaWNr IFN0b2Nrcz wvYj4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC 0tPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8IS 0tCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J21hcmdpbi 10b3A6IDE2 cHg7IGZvbn Qtc2l6ZTog MTRweDsgY2 9sb3I6ICM0 NDQ7IGZvbn QtZmFtaWx5 OiAtYXBwbG Utc3lzdGVt LCBCbGlua0 1hY1N5c3Rl bUZvbnQsIF NlZ29lIFVJ LCBSb2JvdG 8sIEhlbHZl dGljYSBOZX VlLCBzYW5z LXNlcmlmOy BsaW5lLWhl aWdodDogMS 42Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBIYXZl IHlvdSBoZW FyZCBhYm91 dCBvdXIgc2 hvcnQgPHN0 cm9uZyBzdH lsZT0nZm9u dC13ZWlnaH Q6IDYwMDsn PkRhaWx5IF ZpZGVvIE5l d3NsZXR0ZX I8L3N0cm9u Zz4/CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdodHRw czovL3d3dy 5pbnNpZ2h0 ZnVsdmFsdW UuY29tL25l d3NsZXR0ZX IucGhwJyB0 YXJnZXQ9J1 9ibGFuaycg c3R5bGU9J2 NvbG9yOiAj MDA3QkZGOy B0ZXh0LWRl Y29yYXRpb2 46IG5vbmU7 IGZvbnQtd2 VpZ2h0OiA1 MDA7IG1hcm dpbi1sZWZ0 OiA2cHg7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBGaW5k IG91dCBtb3 JlCiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8L2E+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg ICAgICAgIC AtLT4KICAg ICAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgCiAgIC AgICAgCiAg ICAgICAgPH NwYW4gY2xh c3M9J2JsdX JyZWQtdGV4 dCc+CiAgIC AgICAgICAg IE1TNGdWR2 hsSUUgRnNZ VzF2SUVkeS BiM1Z3SUhk aGN5IEJtYj NWdVpHVmsg SUdsdUlERT VOaiBrZ2FX NGdVMlZuIG RXbHVMQ0JV WlggaGhjeU JpZVNCUyBi MkpsY25RZ1 NDIDRnU21G dGFYTnYgYm lCVGNpNGdT WCBRZ2MzUm hjblJsIFpD QmhjeUJoSU ggTnRZV3hz SUdGbiBjbW xqZFd4MGRY IEpsSUdWeG RXbHcgYldW dWRDQnRZVy A1MVptRmpk SFZ5IGFXNW 5JR052Ylgg QmhibmtnWV c1ayBJR2ho Y3lCdWIzIG NnWW1WamIy MWwgSUdFZ2 JHVmhaRyBs dVp5QndjbT kyIGFXUmxj aUJ2WmkgQm xjWFZwY0cx bCBiblFnWm 05eUlHIEZu Y21samRXeD AgZFhKbExD QnBibSBaeV lYTjBjblZq IGRIVnlaU0 J0WVcgbHVk R1Z1WVc1ai BaU3dnWVc1 a0lHIDkwYU dWeUlHbHUg WkhWemRISn BZVyB3Z2JX RnlhMlYwIG N5NDhZbkkr TWkgNGdWR2 hsSUdOdiBi WEJoYm5uaW dKIGx6SUc1 aGJXVWcgYV hNZ2FXNXpj RyBseVpXUW dZbmtnIGRH aGxJR2hwYz MgUnZjbWxq SUVGcyBZVz F2SUcxcGMz IE5wYjI0Z2 FXNGcgVTJG dUlFRnVkRy A5dWFXOHNJ RlJsIGVHRn pMQ0IzYUcg bGphQ0J6ZV cxaSBiMnhw ZW1WeklIIE 4wY21WdVoz Um8gTENCa1 pYUmxjbSAx cGJtRjBhVz l1IExDQmhi bVFnY0cgVn ljMlYyWlhK aCBibU5sTG p4aWNqIDR6 TGlCSmJpQm ggWkdScGRH bHZiaSBCMG J5QmhaM0pw IFkzVnNkSF Z5WVcgd2da WEYxYVhCdC BaVzUwTENC MGFHIFVnUV d4aGJXOGcg UjNKdmRYQW dZVyB4emJ5 QndjbTlrIG RXTmxjeUJ0 YjMgZHBibW NnWVc1ayBJ R3hoYm1Sel kyIEZ3WlNC dFlXbHUgZE dWdVlXNWpa UyBCbGNYVn BjRzFsIGJu UXNJSE4wY2 0gVmxkQ0J6 ZDJWbCBjR1 Z5Y3l3Z2My IDV2ZHlCeV pXMXYgZG1G c0lHVnhkVy Bsd2JXVnVk Q3dnIFlXNW tJRzkwYUcg VnlJR2x1Wk hWeiBkSEpw WVd3Z1pYIE YxYVhCdFpX NTAgTGp4aW NqNDBMaSBC VWFHVWdRV3 hoIGJXOGdS M0p2ZFggQW dhR0Z6SUdF ZyBaMnh2WW 1Gc0lIIEJ5 WlhObGJtTm wgTENCM2FY Um9JRyA5d1 pYSmhkR2x2 IGJuTWdhVz RnVG0gOXlk R2dnUVcxbC BjbWxqWVN3 Z1JYIFZ5Yj NCbExDQkIg ZFhOMGNtRn NhVyBFc0lH RnVaQ0JCIG MybGhMaUJK ZEMgQm9ZWE 1nYjNabCBj aUExTUNCdF lXIDUxWm1G amRIVnkgYV c1bklHWmhZ MiBsc2FYUn BaWE1nIFlX NWtJSE5sYk cgeHpJR2ww Y3lCdyBjbT lrZFdOMGN5 IEJwYmlCdm RtVnkgSURF d01DQmpiMy BWdWRISnBa WE11IFBHSn lQalV1SUYg TnZiV1VnYj JZZyBkR2hs SUcxdmMzIF FnZDJWc2JD MXIgYm05M2 JpQmljbSBG dVpITWdkVz VrIFpYSWdk R2hsSUUgRn NZVzF2SUVk eSBiM1Z3SU dsdVkyIHgx WkdVZ1FuVn ogYUNCSWIy Y3NJRiBKb2 FXNXZMQ0JV IGFXZGxjaX dnVFcgTkRi MjV1Wld3cy BJRUp2Ylda dmNtIFFzSU ZOd1pXRnkg YUdWaFpDd2 dZVyA1a0lG UmxjbkpoIG FXNGdTMmx1 WnkgNDhZbk krTmk0ZyBW R2hsSUdOdm JYIEJoYm5u aWdKbHogSU hOaGJHVnpJ RyBGdVpDQn laWFpsIGJu VmxJR2hoZG 0gVWdjM1Js WVdScCBiSG tnWjNKdmQy IDRnYjNabG NpQjAgYUdV Z2VXVmhjbi BNc0lISmxZ V05vIGFXNW 5JR0VnY20g VmpiM0prSU NReCBMakVn WW1sc2JHIG x2YmlCcGJp QXkgTURFNU xqeGljaiA0 M0xpQkpiaU JoIFpHUnBk R2x2YmkgQj BieUJwZEhN ZyBZMjl0Yl dWeVkyIGxo YkNCemRXTm ogWlhOekxD QjBhRyBVZ1 FXeGhiVzhn IFIzSnZkWE FnYVggTWdZ V3h6YnlCci BibTkzYmlC bWIzIElnYV hSeklHTnYg YlcxcGRHMW xibiBRZ2RH OGdjMjlqIG FXRnNJR0Z1 WkMgQmxibl pwY205dSBi V1Z1ZEdGc0 lIIEpsYzNC dmJuTnAgWW 1sc2FYUjVM aSBCVWFHVW dZMjl0IGNH RnVlU0JvWV ggTWdhVzF3 YkdWdCBaVz UwWldRZ2Mz IFZ6ZEdGcG JtRmkgYkdV Z1lXNWtJRy BWamJ5MW1j bWxsIGJtUn NlU0J3Y20g RmpkR2xqWl hNZyBhVzRn YVhSeklHID FoYm5WbVlX TjAgZFhKcG JtY2djSCBK dlkyVnpjMl Z6IElHRnVa Q0J6ZFggQn diM0owY3lC MiBZWEpwYj NWeklHIE52 YlcxMWJtbD AgZVNCcGJt bDBhVyBGMG FYWmxjeTQ4 IFluSStPQz RnVkcgaGxJ RUZzWVcxdi BJRWR5YjNW d0lHIGx6SU dGc2MyOGcg YVc1MmIyeD JaVyBRZ2FX NGdjR2hwIG JHRnVkR2h5 YjMgQnBZeU JoWTNScCBk bWwwYVdWek xDIEJwYm1O c2RXUnAgYm 1jZ2NISnZk bSBsa2FXNW 5JR1pwIGJt RnVZMmxoYk MgQnpkWEJ3 YjNKMCBJSF J2SUdScGMy IEZ6ZEdWeU lISmwgYkds bFppd2daVy BSMVkyRjBh Vzl1IFlXd2 djSEp2WjMg SmhiWE1zSU dGdSBaQ0J2 ZEdobGNpIE JqYUdGeWFY UmggWW14bE lHTmhkWCBO bGN5NDhZbk krIE9TNGdW R2hsSUcgTn ZiWEJoYm5r ZyBhR0Z6SU hKbFkyIFZw ZG1Wa0lHNT EgYldWeWIz VnpJRyBGM1 lYSmtjeUJo IGJtUWdjbV ZqYjIgZHVh WFJwYjI1ei BJR1p2Y2lC cGRIIE1nWW 5WemFXNWwg YzNNZ1lXTm 9hVyBWMlpX MWxiblJ6IE xDQnBibU5z ZFcgUnBibW NnWW1WcCBi bWNnY21GdW EyIFZrSUdG eklHOXUgWl NCdlppQjBh RyBVZ2RHOX dJREV3IE1D QmlaWE4wTF cgMWhibUZu WldRZyBZMj l0Y0dGdWFX IFZ6SUdsdU lFRnQgWlhK cFkyRWdZbi BrZ1JtOXlZ bVZ6IElFMW haMkY2YVcg NWxManhpY2 o0eCBNQzRn UkdWemNHIG wwWlNCcGRI TWcgYm1GdF pTQmhibSBR Z1kyOXVibV ZqIGRHbHZi aUIwYnkgQj BhR1VnYUds eiBkRzl5YV dOaGJDIEJC YkdGdGJ5Qn QgYVhOemFX OXVMQyBCMG FHVWdRV3ho IGJXOGdSM0 p2ZFggQWdh WE1nYm05MC BJR0ZtWm1s c2FXIEYwWl dRZ2QybDAg YUNCMGFHVW djMyBSaGRH VWdiMllnIF ZHVjRZWE1n YjMgSWdZVz U1SUdocCBj M1J2Y21sal lXIHdnYjNK bllXNXAgZW 1GMGFXOXVM aSBCSmRDQn phVzF3IGJI a2dkR0ZyWl ggTWdhVzV6 Y0dseSBZWF JwYjI0Z1pu IEp2YlNCMG FHVWcgYlds emMybHZidS BLQW1YTWdk bUZzIGRXVn pJR0Z1WkMg QnplVzFpYj J4cCBjMjB1 CiAgICAgIC AgPC9zcGFu PgogICAgIC AgIAogICAg ICAgIA==