Huntington Ingalls Industries

-13.48%

Live  

Huntington Ingalls Industries (HII) is an American shipbuilding company and a provider of professional services to government, commercial and international customers. The company was formed in 2011 when Northrop Grumman Corporation spun off its shipbuilding sector. Its corporate headquarters are located in Newport News, Virginia.
HII operates primarily through its two divisions: Ingalls Shipbuilding and Newport News Shipbuilding. Ingalls Shipbuilding is located in Pascagoula, Mississippi and is responsible for the design, construction, and testing of a variety of ships for the U.S. Navy and the U.S. Coast Guard. Newport News Shipbuilding, located in Newport News, Virginia, is focused on nuclear-powered aircraft carriers and submarines for the U.S. Navy.
In addition to shipbuilding, HII also includes Technical Solutions, which provides a wide range of professional services to government and commercial customers. These services include fleet maintenance and upgrades, logistics, cybersecurity, and engineering and technical support.
HII has a long history in the shipbuilding industry, dating back to the Civil War era. The company has played a major role in building and maintaining the U.S. Navy's fleet, including constructing all of the U.S. Navy's nuclear-powered aircraft carriers and many of its submarines. HII is also involved in building and maintaining ships for international customers, such as the U.K. Royal Navy and the Japan Maritime Self-Defense Force.
Today, HII is one of the largest employers in Virginia, with over 39,000 employees across the country. The company has a strong commitment to its employees and promotes diversity and inclusion within its workforce.
In recent years, HII has also been recognized for its efforts in sustainability and environmental stewardship, receiving numerous awards for its eco-friendly practices and initiatives.

SHVudGluZ3 RvbiBJbmdh bGxzIEluZH VzdHJpZXMg KEhJSSkgaX MgYSBiaWcg Y29tcGFueS B0aGF0IGJ1 aWxkcyBzaG lwcyBhbmQg c3VibWFyaW 5lcyBmb3Ig dGhlIG1pbG l0YXJ5LiBJ bWFnaW5lIG EgcmVhbGx5 IHNtYXJ0IG dyb3VwIG9m IGJ1aWxkZX JzIHdobyBj cmVhdGUgc3 VwZXIgY29v bCBib2F0cy B0aGF0IGNh biBjYXJyeS BwZW9wbGUg YW5kIGRvIG ltcG9ydGFu dCB0aGluZ3 MgaW4gdGhl IG9jZWFuLi BUaGVpciBt b3N0IGZhbW 91cyBzaGlw cyBhcmUgYW lyY3JhZnQg Y2Fycmllcn MsIHdoaWNo IGFyZSBsaW tlIGZsb2F0 aW5nIGNpdG llcyB0aGF0 IGhlbHAgYW lycGxhbmVz IHRha2Ugb2 ZmIGFuZCBs YW5kIGluIH RoZSBzZWEu PGJyPlRoZS B3YXkgSElJ IG1ha2VzIG 1vbmV5IGlz IGJ5IGdldH RpbmcgY29u dHJhY3RzIG Zyb20gdGhl IGdvdmVybm 1lbnQsIHNw ZWNpZmljYW xseSB0aGUg TmF2eSBhbm Qgb3RoZXIg cGFydHMgb2 YgdGhlIG1p bGl0YXJ5Li BXaGVuIHRo ZSBnb3Zlcm 5tZW50IHdh bnRzIG5ldy BzaGlwcyBv ciByZXBhaX JzIGZvciBv bGQgb25lcy wgdGhleSBw YXkgSElJIH RvIGRvIHRo YXQgd29yay 4gU2luY2Ug dGhlIG1pbG l0YXJ5IG5l ZWRzIHNoaX BzIGZvciBk ZWZlbnNlLC BISUkgZ2V0 cyBhIGxvdC BvZiB0aGVz ZSBjb250cm FjdHMsIHdo aWNoIGhlbH BzIG1ha2Ug dGhlIGNvbX Bhbnkgd2Vh bHRoeS48Yn I+SElJIGlz IHN1Y2Nlc3 NmdWwgZm9y IHNldmVyYW wgcmVhc29u cy4gRmlyc3 QsIGJ1aWxk aW5nIHNoaX BzIGlzIHNv bWV0aGluZy B0aGV5IGhh dmUgZG9uZS Bmb3IgYSBs b25nIHRpbW UsIHNvIHRo ZXkgYXJlIH JlYWxseSBn b29kIGF0IG l0LiBTZWNv bmQsIHRoZX kgaGF2ZSBz a2lsbGVkIH dvcmtlcnMg d2hvIGtub3 cgaG93IHRv IGRlc2lnbi BhbmQgYnVp bGQgdGhlc2 UgY29tcGxl eCBtYWNoaW 5lcy4gVGhp cmQsIHRoZS BtaWxpdGFy eSBhbHdheX MgbmVlZHMg bmV3IHRlY2 hub2xvZ3kg YW5kIHNoaX BzIHRvIHBy b3RlY3QgdG hlIGNvdW50 cnksIHNvIH RoZXJl4oCZ cyBhIGNvbn N0YW50IGRl bWFuZCBmb3 Igd2hhdCB0 aGV5IGRvLj xicj5BcyBm b3IgdGhlIG Z1dHVyZSwg SElJIGlzIG xpa2VseSB0 byBzdGF5IH N1Y2Nlc3Nm dWwgYmVjYX VzZSB0aGUg d29ybGQgaX MgYWx3YXlz IGNoYW5naW 5nLCBhbmQg Y291bnRyaW VzIG5lZWQg c3Ryb25nIG 5hdmllcyB0 byBrZWVwIH RoZWlyIHBl b3BsZSBzYW ZlLiBUaGV5 IGFsc28gZm 9jdXMgb24g bmV3IHRlY2 hub2xvZ2ll cywgbGlrZS BtYWtpbmcg c2hpcHMgdG hhdCBhcmUg YmV0dGVyLC BmYXN0ZXIs IGFuZCB1c2 UgbGVzcyBm dWVsLiBQbH VzLCB3aXRo IEhJSeKAmX MgZXhwZXJp ZW5jZSBhbm QgcmVwdXRh dGlvbiwgdG hleSB3aWxs IGNvbnRpbn VlIHRvIGJl IGEgdG9wIG Nob2ljZSBm b3IgdGhlIG dvdmVybm1l bnQgd2hlbi BpdCBjb21l cyB0byBidW lsZGluZyBz aGlwcy48Yn I+U28sIGlu IHNob3J0LC BIdW50aW5n dG9uIEluZ2 FsbHMgSW5k dXN0cmllcy BidWlsZHMg c2hpcHMgZm 9yIHRoZSBt aWxpdGFyeS wgbWFrZXMg bW9uZXkgYn kgZ2V0dGlu ZyBjb250cm FjdHMgZnJv bSB0aGUgZ2 92ZXJubWVu dCwgYW5kIG lzIGV4cGVj dGVkIHRvIG tlZXAgZG9p bmcgd2VsbC BiZWNhdXNl IHRoZXkgYX JlIHJlYWxs eSBnb29kIG F0IHRoZWly IGpvYiBhbm QgdGhlIG5l ZWQgZm9yIH N0cm9uZyBz aGlwcyB3aW xsIGFsd2F5 cyBiZSB0aG VyZS48YnI+

MS4gTGFyZ2 VzdCBNaWxp dGFyeSBTaG lwYnVpbGRl cjogSHVudG luZ3RvbiBJ bmdhbGxzIE luZHVzdHJp ZXMgKEhJSS kgaXMgdGhl IGxhcmdlc3 QgbWlsaXRh cnkgc2hpcG J1aWxkZXIg aW4gdGhlIF VuaXRlZCBT dGF0ZXMsIH dpdGggYSBo aXN0b3J5IG RhdGluZyBi YWNrIHRvID E4ODYuIFRo ZSBjb21wYW 55IGlzIHJl c3BvbnNpYm xlIGZvciBj b25zdHJ1Y3 RpbmcgYSB3 aWRlIHJhbm dlIG9mIG5h dmFsIHZlc3 NlbHMsIGlu Y2x1ZGluZy BhaXJjcmFm dCBjYXJyaW VycywgZGVz dHJveWVycy wgYW1waGli aW91cyBhc3 NhdWx0IHNo aXBzLCBhbm Qgc3VibWFy aW5lcy48Yn I+Mi4gTG9u Z3N0YW5kaW 5nIEhpc3Rv cnk6IFdpdG ggcm9vdHMg dHJhY2luZy BiYWNrIHRv IHRoZSAxOX RoIGNlbnR1 cnksIEh1bn Rpbmd0b24g SW5nYWxscy BJbmR1c3Ry aWVzIGhhcy BhIGxvbmcs IHJpY2ggaG lzdG9yeSBp biBzaGlwYn VpbGRpbmcg YW5kIGRlZm Vuc2UuIFRo ZSBjb21wYW 55IGhhcyBw bGF5ZWQgYS BjcnVjaWFs IHJvbGUgaW 4gc2hhcGlu ZyB0aGUgVS 5TLiBOYXZ5 IGFuZCBoYX MgYSBsZWdh Y3kgb2YgaW 5ub3ZhdGlv biBhbmQgZX hjZWxsZW5j ZS48YnI+My 4gU3Ryb25n IE5hdGlvbm FsIFNlY3Vy aXR5IEZvY3 VzOiBBcyBh IGxlYWRpbm cgcHJvdmlk ZXIgb2Ygbm F2YWwgZGVm ZW5zZSBwcm 9kdWN0cyBh bmQgc2Vydm ljZXMsIEhJ SSBwbGF5cy BhIGNyaXRp Y2FsIHJvbG UgaW4gc3Vw cG9ydGluZy B0aGUgVS5T LiBtaWxpdG FyeSBhbmQg cHJvdGVjdG luZyBuYXRp b25hbCBzZW N1cml0eS4g VGhlIGNvbX BhbnkgaXMg Y29tbWl0dG VkIHRvIGVu c3VyaW5nIH RoYXQgdGhl IFUuUy4gTm F2eSBoYXMg dGhlIG5lY2 Vzc2FyeSBy ZXNvdXJjZX MgdG8gbWFp bnRhaW4gZG 9taW5hbmNl IG9uIHRoZS BzZWFzLjxi cj40LiBEaX ZlcnNlIFBv cnRmb2xpbz ogSW4gYWRk aXRpb24gdG 8gc2hpcGJ1 aWxkaW5nLC BISUkgYWxz byBoYXMgYS BkaXZlcnNl IHBvcnRmb2 xpbyBvZiBz ZXJ2aWNlcy BhbmQgcHJv ZHVjdHMsIG luY2x1ZGlu ZyBmbGVldC BzdXBwb3J0 IGFuZCBtb2 Rlcm5pemF0 aW9uLCBudW NsZWFyIGFu ZCBlbnZpcm 9ubWVudGFs IHNlcnZpY2 VzLCBhbmQg YWR2YW5jZW QgbWFudWZh Y3R1cmluZy 4gVGhpcyBl bmFibGVzIH RoZSBjb21w YW55IHRvIG JlIGEgY29t cHJlaGVuc2 l2ZSBwcm92 aWRlciBvZi Bzb2x1dGlv bnMgZm9yIH RoZSBVLlMu IE5hdnkgYW 5kIG90aGVy IGdvdmVybm 1lbnQgYWdl bmNpZXMuPG JyPjUuIENv bW1pdG1lbn QgdG8gSW5u b3ZhdGlvbj ogSElJIGlz IGRlZGljYX RlZCB0byBk cml2aW5nIG lubm92YXRp b24gYW5kIH RlY2hub2xv Z3kgYWR2YW 5jZW1lbnRz IGluIHRoZS BzaGlwYnVp bGRpbmcgaW 5kdXN0cnku IFRoZSBjb2 1wYW55IGxl dmVyYWdlcy BjdXR0aW5n LWVkZ2UgdG VjaG5vbG9n aWVzIGFuZC Bwcm9jZXNz ZXMgdG8gZH JpdmUgZWZm aWNpZW5jeS BhbmQgaW1w cm92ZSB0aG UgY2FwYWJp bGl0aWVzIG 9mIG5hdmFs IHZlc3NlbH MuPGJyPjYu IFN0cm9uZy BSZWxhdGlv bnNoaXBzIH dpdGggdGhl IFUuUy4gTm F2eTogSElJ IGhhcyBhIG Nsb3NlIHBh cnRuZXJzaG lwIHdpdGgg dGhlIFUuUy 4gTmF2eSBh bmQgaGFzIG EgcHJvdmVu IHRyYWNrIH JlY29yZCBv ZiBkZWxpdm VyaW5nIGhp Z2gtcXVhbG l0eSwgdGVj aG5vbG9naW NhbGx5IGFk dmFuY2VkIH NoaXBzLiBU aGlzIHN0cm 9uZyByZWxh dGlvbnNoaX AgaGFzIGVu YWJsZWQgdG hlIGNvbXBh bnkgdG8gc2 VjdXJlIGxv bmctdGVybS Bjb250cmFj dHMsIGVuc3 VyaW5nIHN0 YWJpbGl0eS BhbmQgY29u c2lzdGVudC ByZXZlbnVl Ljxicj43Li BDb3Jwb3Jh dGUgU29jaW FsIFJlc3Bv bnNpYmlsaX R5OiBISUkg dmFsdWVzIG NvcnBvcmF0 ZSBzb2NpYW wgcmVzcG9u c2liaWxpdH kgYW5kIGlz IGNvbW1pdH RlZCB0byBn aXZpbmcgYm FjayB0byB0 aGUgY29tbX VuaXRpZXMg d2hlcmUgaX Qgb3BlcmF0 ZXMuIFRoZS Bjb21wYW55 IHN1cHBvcn RzIHZhcmlv dXMgcGhpbG FudGhyb3Bp YyBpbml0aW F0aXZlcyBh bmQgcGFydG 5lcnMgd2l0 aCBsb2NhbC Bvcmdhbml6 YXRpb25zIH RvIGltcHJv dmUgZWR1Y2 F0aW9uLCBo ZWFsdGgsIG FuZCBlY29u b21pYyBkZX ZlbG9wbWVu dC48YnI+OC 4gU3Ryb25n IEZpbmFuY2 lhbCBQZXJm b3JtYW5jZT ogSElJIGhh cyBhIHN0cm 9uZyBmaW5h bmNpYWwgdH JhY2sgcmVj b3JkLCB3aX RoIGNvbnNp c3RlbnQgcm V2ZW51ZSBn cm93dGggYW 5kIHByb2Zp dGFiaWxpdH kuIFRoZSBj b21wYW55IG hhcyBhIHN0 YWJsZSBmaW 5hbmNpYWwg cG9zaXRpb2 4gYW5kIGlz IHdlbGwtcG 9zaXRpb25l ZCBmb3IgZn V0dXJlIGdy b3d0aCBhbm Qgc3VjY2Vz cy4=

VGhlIGJ1c2 luZXNzIG1v ZGVsIG9mIE h1bnRpbmd0 b24gSW5nYW xscyBJbmR1 c3RyaWVzIC hISUkpIGlz IGNlbnRlcm VkIGFyb3Vu ZCBiZWluZy BhIGxlYWRp bmcgbWlsaX Rhcnkgc2hp cGJ1aWxkaW 5nIGFuZCBk ZWZlbnNlIG NvbXBhbnku IEhJSSdzIG 1haW4gZm9j dXMgaXMgb2 4gZGVzaWdu aW5nLCBidW lsZGluZywg YW5kIG1haW 50YWluaW5n IGN1dHRpbm ctZWRnZSBz aGlwcyBhbm Qgc3VibWFy aW5lcyBmb3 IgdGhlIFVT IE5hdnkgYW 5kIENvYXN0 IEd1YXJkLj xicj5UaGUg Y29tcGFueS BwcmltYXJp bHkgb3Blcm F0ZXMgdGhy b3VnaCB0d2 8gYnVzaW5l c3Mgc2VnbW VudHM6IElu Z2FsbHMgU2 hpcGJ1aWxk aW5nIGFuZC BOZXdwb3J0 IE5ld3MgU2 hpcGJ1aWxk aW5nLiBJbm dhbGxzIFNo aXBidWlsZG luZyBmb2N1 c2VzIG9uIG J1aWxkaW5n IHN1cmZhY2 UgY29tYmF0 YW50cywgYW 1waGliaW91 cyBhc3NhdW x0IHNoaXBz LCBhbmQgY2 9tbWVyY2lh bCB2ZXNzZW xzLCB3aGls ZSBOZXdwb3 J0IE5ld3Mg U2hpcGJ1aW xkaW5nIHNw ZWNpYWxpem VzIGluIGRl c2lnbmluZy BhbmQgYnVp bGRpbmcgbn VjbGVhci1w b3dlcmVkIG FpcmNyYWZ0 IGNhcnJpZX JzLCBzdWJt YXJpbmVzLC BhbmQgcmVm dWVsaW5nIG FuZCBvdmVy aGF1bGluZy BleGlzdGlu ZyBzaGlwcy 48YnI+SW4g YWRkaXRpb2 4gdG8gc2hp cGJ1aWxkaW 5nLCBISUkg YWxzbyBvZm ZlcnMgYSBy YW5nZSBvZi Blc3NlbnRp YWwgc2Vydm ljZXMgdG8g c3VwcG9ydC B0aGVpciB2 ZXNzZWxzIH Rocm91Z2hv dXQgdGhlaX IgbGlmZWN5 Y2xlLCBpbm NsdWRpbmcg bW9kZXJuaX phdGlvbiwg cmVwYWlyLC BhbmQgbWFp bnRlbmFuY2 UuPGJyPkFu b3RoZXIgaW 1wb3J0YW50 IGFzcGVjdC BvZiBISUkn cyBidXNpbm VzcyBtb2Rl bCBpcyBpdH MgY29tbWl0 bWVudCB0by BpbnZlc3Rp bmcgaW4gcm VzZWFyY2gg YW5kIGRldm Vsb3BtZW50 IHRvIGNvbn N0YW50bHkg aW1wcm92ZS BpdHMgY2Fw YWJpbGl0aW VzIGFuZCBz dGF5IGF0IH RoZSBmb3Jl ZnJvbnQgb2 YgdGVjaG5v bG9neSBpbi B0aGUgc2hp cGJ1aWxkaW 5nIGluZHVz dHJ5Ljxicj 5PdmVyYWxs LCBISUkncy BidXNpbmVz cyBtb2RlbC BpcyBjZW50 ZXJlZCBhcm 91bmQgcHJv dmlkaW5nIG hpZ2gtcXVh bGl0eSwgaW 5ub3ZhdGl2 ZSwgYW5kIH RlY2hub2xv Z2ljYWxseS BhZHZhbmNl ZCBzaGlwcy BhbmQgc2Vy dmljZXMgdG 8gdGhlIFVT IG1pbGl0YX J5LCB3aXRo IGEgZm9jdX Mgb24gb3Bl cmF0aW9uYW wgZXhjZWxs ZW5jZSwgY3 VzdG9tZXIg c2F0aXNmYW N0aW9uLCBh bmQgbG9uZy 10ZXJtIGdy b3d0aC4=

AI has the potential to impact Huntington Ingalls Industries (HII) in several ways, particularly regarding its products, services, and competitive positioning. Here are the main areas of concern:
1. Substitution: AI may introduce new technologies that could substitute for traditional products and services offered by HII. For instance, advancements in autonomous systems and robotics could lead to alternative solutions for naval defense capabilities. If AI-driven systems prove to be more effective or cost-efficient, they could pose a substitution threat to HII’s existing product lines.
2. Disintermediation: HII operates in a highly specialized industry focused on defense and shipbuilding. While traditional disintermediation might be less prominent in this sector due to government contracts and complex supply chains, AI could streamline certain processes. For example, AI could facilitate direct communication and transactions between defense agencies and alternative manufacturers, potentially displacing HII as the middleman in certain scenarios.
3. Margin Pressure: The integration of AI in manufacturing and operational processes can lead to increased efficiency, which might pressure HII’s profit margins. Competitors that effectively implement AI technologies could reduce costs and offer lower-priced alternatives, thereby challenging HII’s market position. Additionally, AI-driven forecasting and logistics tools might allow competitors to respond more swiftly to changing market demands.
In summary, while AI presents opportunities for improvement and innovation within HII, it also introduces risks related to substitution, disintermediation, and margin pressure, which the company must strategically navigate to maintain its competitive edge.

Huntington Ingalls Industries (HII) is primarily engaged in shipbuilding and defense services, and its earnings, cash flow, and valuation can be affected by changes in interest rates in several ways:
1. Cost of Capital: Higher interest rates increase the cost of borrowing for companies. If HII needs to finance projects through debt, rising interest rates could lead to higher interest expenses, potentially impacting net income and cash flow. Conversely, if rates decrease, financing costs can become more manageable, possibly improving profitability.
2. Discount Rates: Valuation models, such as discounted cash flow (DCF), are sensitive to changes in interest rates. As the discount rate increases with higher interest rates, the present value of future cash flows decreases. This can lead to a reduction in the perceived valuation of HII. Conversely, lower rates generally enhance valuations due to lower discounting of future earnings.
3. Government Spending: HII’s revenue is closely tied to government contracts, particularly with the U.S. Department of Defense. Interest rates can influence government spending budgets. If rates rise and lead to higher debt servicing costs for the government, it could constrain defense spending, impacting HII’s revenue and growth prospects.
4. Economic Impact: Interest rate changes can have broader economic implications, affecting economic growth and spending patterns. A slowing economy may result in reduced demand for defense services, while a robust economy can lead to increased spending, positively influencing HII’s earnings and cash flows.
5. Pension Liabilities: HII has pension obligations, and changes in interest rates can affect the discount rates used in valuing these liabilities. Higher rates may decrease the present value of these obligations, potentially improving cash flow positions in terms of required contributions.
In summary, changes in interest rates can significantly impact Huntington Ingalls Industries’ earnings, cash flow, and valuation through mechanisms involving cost of capital, government spending patterns, and the firm’s pension liabilities.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BIdW50aW5n dG9uIEluZ2 FsbHMgSW5k dXN0cmllc+ KAmSAoSElJ KSBlY29ub2 1pY3Mgb3Zl ciB0aGUgbm V4dCAzIHRv IDUgeWVhcn MgaXMgYSBz aWduaWZpY2 FudCByZWR1 Y3Rpb24gaW 4gVS5TLiBk ZWZlbnNlIH NwZW5kaW5n IGR1ZSB0by BnZW9wb2xp dGljYWwgY2 hhbmdlcywg c2hpZnRzIG luIHBvbGl0 aWNhbCBwcm lvcml0aWVz LCBvciBlY2 9ub21pYyBk b3dudHVybn MgbGVhZGlu ZyB0byBhdX N0ZXJpdHkg bWVhc3VyZX MuIFN1Y2gg YSBzY2VuYX JpbyBjb3Vs ZCBtYW5pZm VzdCBpZiB0 aGUgVS5TLi Bnb3Zlcm5t ZW50IGRlY2 lkZXMgdG8g c3Vic3Rhbn RpYWxseSBj dXQgZGVmZW 5zZSBidWRn ZXRzLCBlaX RoZXIgZHVl IHRvIGEgcG VyY2VpdmVk IHJlZHVjdG lvbiBpbiBn bG9iYWwgdG hyZWF0cyBv ciBhIHNoaW Z0IHRvd2Fy ZCBkb21lc3 RpYyBzcGVu ZGluZyBwcm 9ncmFtcy48 YnI+SW4gdG hpcyBzY2Vu YXJpbywgSE lJ4oCZcyBt YXJnaW5zIG NvdWxkIGJl IGFkdmVyc2 VseSBhZmZl Y3RlZC4gVG hlIGNvbXBh bnkgZGVwZW 5kcyBoZWF2 aWx5IG9uIG dvdmVybm1l bnQgY29udH JhY3RzLCBw cmltYXJpbH kgZnJvbSB0 aGUgVS5TLi BOYXZ5IGFu ZCBDb2FzdC BHdWFyZCwg Zm9yIHNoaX BidWlsZGlu ZyBhbmQgZG VmZW5zZSBw cm9qZWN0cy 4gQSByZWR1 Y3Rpb24gaW 4gZGVmZW5z ZSBzcGVuZG luZyB3b3Vs ZCBsaWtlbH kgbGVhZCB0 byBlaXRoZX IgY2FuY2Vs bGVkIGNvbn RyYWN0cyBv ciB0aGUgc2 NhbGluZyBi YWNrIG9mIG 5ldyBwcm9q ZWN0cy4gQX MgYSByZXN1 bHQsIEhJSe KAmXMgcmV2 ZW51ZSB3b3 VsZCBkZWNy ZWFzZSwgd2 hpY2ggd291 bGQgcHJlc3 N1cml6ZSBw cm9maXQgbW FyZ2lucy4g Rml4ZWQgY2 9zdHMsIGlu Y2x1ZGluZy BsYWJvciBh bmQgb3Zlcm hlYWQsIHdv dWxkIHJlbW FpbiByZWxh dGl2ZWx5IG NvbnN0YW50 IGluIHRoZS BzaG9ydCB0 ZXJtLCBsZW FkaW5nIHRv IGdyZWF0ZX IgZXhwZW5z ZSByYXRpb3 MgYW5kIHNp Z25pZmljYW 50bHkgbG93 ZXIgb3Blcm F0aW5nIG1h cmdpbnMuPG JyPkNhc2gg ZmxvdyB3b3 VsZCBhbHNv IGJlIGltcG FjdGVkIG5l Z2F0aXZlbH kuIFdpdGgg YSByZWR1Y3 Rpb24gaW4g bmV3IGNvbn RyYWN0cyBh bmQgcG90ZW 50aWFsIGRl bGF5cyBpbi Bnb3Zlcm5t ZW50IHBheW 1lbnRzLCBI SUnigJlzIG Nhc2ggaW5m bG93cyB3b3 VsZCBkZWNs aW5lLiBUaG UgY29tcGFu eeKAmXMgYW JpbGl0eSB0 byByZWludm VzdCBpbiBu ZXcgcHJvam VjdHMsIG1h aW50YWluIG RpdmlkZW5k IHBheW91dH MsIG9yIHVu ZGVydGFrZS BzaGFyZSBi dXliYWNrcy B3b3VsZCBi ZSBjdXJ0YW lsZWQuIENv bnNlcXVlbn RseSwgdGhl IGNvbXBhbn kgbWF5IGZh Y2UgY2FzaC BzaG9ydGZh bGxzLCBsZW FkaW5nIGl0 IHRvIHJlbH kgbW9yZSBv biBkZWJ0IG ZpbmFuY2lu ZyBvciByZW R1Y2luZyBj YXBpdGFsIG V4cGVuZGl0 dXJlcyBpbi B0aGUgbG9u ZyB0ZXJtLj xicj5GdXJ0 aGVybW9yZS wgSElJ4oCZ cyBiYWxhbm NlIHNoZWV0 IHdvdWxkIH JlZmxlY3Qg dGhlc2UgZH luYW1pY3Mu IEEgZGVjcm Vhc2UgaW4g cmV2ZW51ZS B3b3VsZCBs aWtlbHkgbG VhZCB0byBh IHJlZHVjdG lvbiBpbiBy ZXRhaW5lZC BlYXJuaW5n cyBhbmQgcG 90ZW50aWFs bHkgbG93ZX Igd29ya2lu ZyBjYXBpdG FsLCBhcyBh Y2NvdW50cy ByZWNlaXZh YmxlIGNvdW xkIGluY3Jl YXNlIGR1ZS B0byBsb25n ZXIgcGF5bW VudCB0ZXJt cy4gSWYgdG hlIGNvbXBh bnkgdGFrZX Mgb24gYWRk aXRpb25hbC BkZWJ0IHRv IHN1cHBvcn Qgb25nb2lu ZyBvcGVyYX Rpb25zIG9y IG1hbmFnZS BjYXNoIGZs b3cgaXNzdW VzLCBpdHMg bGV2ZXJhZ2 UgcmF0aW9z IGNvdWxkIH dvcnNlbiwg cmVzdWx0aW 5nIGluIGEg aGlnaGVyIG RlYnQtdG8t ZXF1aXR5IH JhdGlvLiBU aGlzIHdvdW xkIGluY3Jl YXNlIGZpbm FuY2lhbCBy aXNrIGFuZC Bjb3VsZCBw b3RlbnRpYW xseSBpbXBh Y3QgdGhlIG NvbXBhbnni gJlzIGNyZW RpdHdvcnRo aW5lc3MsIG xlYWRpbmcg dG8gZWxldm F0ZWQgYm9y cm93aW5nIG Nvc3RzIGlu IHRoZSBmdX R1cmUuPGJy Pk92ZXJhbG wsIHRoaXMg c2NlbmFyaW 8gd291bGQg Y3JlYXRlIG EgY2hhbGxl bmdpbmcgZW 52aXJvbm1l bnQgZm9yIE h1bnRpbmd0 b24gSW5nYW xscyBJbmR1 c3RyaWVzLC BpbXBhY3Rp bmcgcHJvZm l0YWJpbGl0 eSwgY2FzaC BnZW5lcmF0 aW9uLCBhbm Qgb3ZlcmFs bCBmaW5hbm NpYWwgaGVh bHRoIGluIG Egd2F5IHRo YXQgY291bG QgaGF2ZSBs YXN0aW5nIH JlcGVyY3Vz c2lvbnMgb2 4gaXRzIG9w ZXJhdGlvbm FsIHN0cmF0 ZWd5LCBtYX JrZXQgcG9z aXRpb25pbm csIGFuZCBp bnZlc3Rvci BzZW50aW1l bnQuPGJyPg ==

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 bG9nb3MvTG 95QzVZcGxN bHlJdXkxVz ZtdTYud2Vi cCIgYWx0PS JIdW50aW5n dG9uIEluZ2 FsbHMgSW5k dXN0cmllcy IgdGl0bGU9 Ikh1bnRpbm d0b24gSW5n YWxscyBJbm R1c3RyaWVz IiAgY2xhc3 M9ImltZy1m bHVpZCIgaG VpZ2h0PTUw IHdpZHRoPT UwIGxvYWRp bmc9J2xhen knIHN0eWxl PSdib3JkZX ItcmFkaXVz OiA2cHg7Jz 4KCiAgICAg ICAgICAgIC AgICAgICAg PGRpdiBzdH lsZT0nZmxl eDogMTsgdG V4dC1hbGln bjogY2VudG VyOyBtYXJn aW4tbGVmdD ogNXB4Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxwIHN0 eWxlPSdmb2 50LXNpemU6 IDI2cHg7IG NvbG9yOiAj MzMzOyBtYX JnaW4tYm90 dG9tOiAxNX B4Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICDwn5OI IFdhbnQgdG 8gcmVhZCBt b3JlIGFib3 V0IEh1bnRp bmd0b24gSW 5nYWxscyBJ bmR1c3RyaW VzPwogICAg ICAgICAgIC AgICAgICAg ICAgICA8L3 A+CgogICAg ICAgICAgIC AgICAgICAg ICAgICA8YS BocmVmPSdp bmRleC5waH A/cGFnZT1z aWdudXAnIH N0eWxlPScK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGJh Y2tncm91bm QtY29sb3I6 ICMwMDdCRk Y7CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bjb2xvcjog I2ZmZjsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIHBhZG Rpbmc6IDEw cHggMjBweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG JvcmRlci1y YWRpdXM6ID VweDsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIHRleHQt ZGVjb3JhdG lvbjogbm9u ZTsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGZvbnQtd2 VpZ2h0OiBi b2xkOwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgbWFyZ2 luLXJpZ2h0 OiAxMHB4Ow ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgdH JhbnNpdGlv bjogYmFja2 dyb3VuZC1j b2xvciAwLj NzIGVhc2U7 JwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg b25tb3VzZW 92ZXI9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA1 NmIzIicKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIG9ubW 91c2VvdXQ9 J3RoaXMuc3 R5bGUuYmFj a2dyb3VuZE NvbG9yPSIj MDA3QkZGIi c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BTaWduIHVw IGZvciBmcm VlCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvYT 4KCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxzcG FuIHN0eWxl PSdtYXJnaW 46IDAgOHB4 OyBjb2xvcj ogIzU1NTsn Pm9yPC9zcG FuPgoKICAg ICAgICAgIC AgICAgICAg ICAgICAgPG EgaHJlZj0n aW5kZXgucG hwP3BhZ2U9 bG9naW4nIH N0eWxlPScK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGNv bG9yOiAjMD A3QkZGOwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgdGV4 dC1kZWNvcm F0aW9uOiB1 bmRlcmxpbm U7CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bmb250LXdl aWdodDogNT AwOyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBsb2cg aW4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9h PgoKCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxw IHN0eWxlPS dtYXJnaW4t dG9wOiAxNX B4OyBmb250 LXNpemU6ID EzcHg7IGZv bnQtd2VpZ2 h0OiBib2xk OyBjb2xvcj ogI2QzMmYy ZjsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAg8J+ZjC BKb2luIG5v dyB0byBnZX QgPGk+IlRo ZSBDaGVja2 xpc3QgVmFs dWUgSW52ZX N0b3Ig4oCU IEEgU21hcn RlciBXYXkg dG8gUGljay BTdG9ja3Mi PC9pPiBhdC BubyBjb3N0 CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvcD4K CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwhLS0K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nbW FyZ2luLXRv cDogMTJweD sgZm9udC1z aXplOiAxM3 B4OyBjb2xv cjogIzQ0ND snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgU2lnbiB1 cCBub3cgYW 5kIGdldCBv dXIgZnJlZS BlQm9vayAK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIDxi PlRoZSBDaG Vja2xpc3Qg VmFsdWUgSW 52ZXN0b3Ig 4oCUIEEgU2 1hcnRlciBX YXkgdG8gUG ljayBTdG9j a3M8L2I+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICAgIC AgICAgICAg ICAtLT4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PCEtLQogIC AgICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdtYXJn aW4tdG9wOi AxNnB4OyBm b250LXNpem U6IDE0cHg7 IGNvbG9yOi AjNDQ0OyBm b250LWZhbW lseTogLWFw cGxlLXN5c3 RlbSwgQmxp bmtNYWNTeX N0ZW1Gb250 LCBTZWdvZS BVSSwgUm9i b3RvLCBIZW x2ZXRpY2Eg TmV1ZSwgc2 Fucy1zZXJp ZjsgbGluZS 1oZWlnaHQ6 IDEuNjsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgSG F2ZSB5b3Ug aGVhcmQgYW JvdXQgb3Vy IHNob3J0ID xzdHJvbmcg c3R5bGU9J2 ZvbnQtd2Vp Z2h0OiA2MD A7Jz5EYWls eSBWaWRlby BOZXdzbGV0 dGVyPC9zdH Jvbmc+Pwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgPGEg aHJlZj0naH R0cHM6Ly93 d3cuaW5zaW dodGZ1bHZh bHVlLmNvbS 9uZXdzbGV0 dGVyLnBocC cgdGFyZ2V0 PSdfYmxhbm snIHN0eWxl PSdjb2xvcj ogIzAwN0JG RjsgdGV4dC 1kZWNvcmF0 aW9uOiBub2 5lOyBmb250 LXdlaWdodD ogNTAwOyBt YXJnaW4tbG VmdDogNnB4 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgRm luZCBvdXQg bW9yZQogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9hPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgLS0+Ci AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgIAog ICAgICAgIA ogICAgICAg IDxzcGFuIG NsYXNzPSdi bHVycmVkLX RleHQnPgog ICAgICAgIC AgICBNUzRn U0hWdWRHIG x1WjNSdmJp QkogYm1kaG JHeHpJRSBs dVpIVnpkSE pwIFpYTWdL RWhKU1Mga2 dhWE1nZEdo bCBJR3hoY2 1kbGMzIFFn Yldsc2FYUm ggY25rZ2My aHBjRyBKMW FXeGthVzVu IElHTnZiWE JoYm4ga2dh VzRnZEdobC BJRlZ1YVhS bFpDIEJUZE dGMFpYTWcg WVc1a0lHRW dhMiBWNUlI QnliM1pwIF pHVnlJRzlt SUggQnliMl psYzNOcCBi MjVoYkNCel pYIEoyYVdO bGN5QjAgYn lCMGFHVWda MiA5MlpYSn ViV1Z1IGRD QmhibVFnWT IgOXRiV1Z5 WTJsaCBiQ0 J0WVhKclpY IFF1UEdKeV BqSXUgSUZS b1pTQmpiMi Axd1lXNTVJ SGRoIGN5Qm 1iM0p0Wlcg UWdhVzRnTW pBeCBNU0Jo Y3lCaElIIE 53YVc0dGIy Wm0gSUdaeW IyMGdkRyBo bElFNXZjbl JvIGNtOXdJ RWR5ZFcgMX RZVzRnUTI5 eSBjRzl5WV hScGIyIDRn WVc1a0lHbH ogSUdobFlX UnhkVyBGeW RHVnlaV1Fn IGFXNGdUbV YzY0cgOXlk Q0JPWlhkei BMQ0JXYVhK bmFXIDVwWV M0OFluSSsg TXk0Z1NIVn VkRyBsdVoz UnZiaUJKIG JtZGhiR3h6 SUUgbHVaSF Z6ZEhKcCBa WE1nYUdGek lHIEVnZDI5 eWEyWnYgY2 1ObElHOW1J RyBGd2NISn ZlR2x0IFlY UmxiSGtnTk QgSXNNREF3 SUdWdCBjR3 h2ZVdWbGN5 IHdnYVc1am JIVmsgYVc1 bklHMXZjbS BVZ2RHaGhi aUExIExEQX dNQ0JsYm0g ZHBibVZsY2 5NZyBZVzVr SUdSbGMyIG xuYm1WeWN5 NDggWW5JK0 5DNGdWRyBo bElHTnZiWE JoIGJua2di M0JsY20gRj BaWE1nZEhk diBJSEJ5YV cxaGNuIGtn YzJocGNHSj EgYVd4a2FX NW5JRyBScG RtbHphVzl1 IGN6b2dUbV YzY0cgOXlk Q0JPWlhkei BJRk5vYVhC aWRXIGxzWk dsdVp5Qmgg Ym1RZ1NXNW 5ZVyB4c2N5 QlRhR2x3IF luVnBiR1Jw Ym0gY3VQR0 p5UGpVdSBJ RWhKU1NCcG N5IEJ5WlhO d2IyNXogYV dKc1pTQm1i MyBJZ1kyOX VjM1J5IGRX TjBhVzVuSU ggTnZiV1Vn YjJZZyBkR2 hsSUcxdmMz IFFnYVdOdm JtbGogSUdG dVpDQjBaVy BOb2JtOXNi MmRwIFkyRn NiSGtnWVcg UjJZVzVqWl dRZyBjMmhw Y0hNZ2FXID RnZEdobElI ZHYgY214a0 xDQnBibSBO c2RXUnBibW NnIGRHaGxJ RlV1VXkgNG dUbUYyZWVL QSBtWE1nWV dseVkzIEpo Wm5RZ1kyRn kgY21sbGNu TXNJSCBOMV ltMWhjbWx1 IFpYTXNJR0 Z1WkMgQmhi WEJvYVdKcC BiM1Z6SUdG emMyIEYxYk hRZ2MyaHAg Y0hNdVBHSn lQaiBZdUlF bHVJR0ZrIF pHbDBhVzl1 SUggUnZJSE 5vYVhCaSBk V2xzWkdsdV p5IHdnU0hW dWRHbHUgWj NSdmJpQkpi bSBkaGJHeH pJRWx1IFpI VnpkSEpwWl ggTWdZV3h6 YnlCdyBjbT kyYVdSbGN5 IEJtYkdWbG RDQnogZFhC d2IzSjBJSC BObGNuWnBZ MlZ6IExDQm thV2RwZEcg RnNJSE52Yk hWMCBhVzl1 Y3l3Z2JuIF ZqYkdWaGNp QncgY205a2 RXTjBjeSB3 Z1lXNWtJRz FoIGFXNTBa VzVoYm0gTm xJR0Z1WkNC dCBiMlJsY2 01cGVtIEYw YVc5dUlITm wgY25acFky VnpJRyBadm NpQnVZWFpo IGJDQjJaWE 56WlcgeHpM anhpY2o0My BMaUJJU1Vr Z2FHIEZ6SU dFZ2JHOXUg WnlCaGJtUW djbSBsamFD Qm9hWE4wIG IzSjVMQ0Iz YVggUm9JR2 wwY3lCeSBi MjkwY3lCa1 lYIFJwYm1j Z1ltRmogYX lCMGJ5QXhP RCBnMklIZG 9aVzRnIFEy OXNiR2x6SU YgQXVJRWgx Ym5ScCBibW QwYjI0Z1lX IDVrSUdocG N5QmggYzNO dlkybGhkRy BWeklHWnZj bTFsIFpDQj BhR1VnVG0g VjNjRzl5ZE NCTyBaWGR6 SUZOb2FYIE JpZFdsc1pH bHUgWnlCaG JtUWdSSCBK NUlFUnZZMn NnIFEyOXRj R0Z1ZVMgND hZbkkrT0M0 ZyBTVzRnTV RreE9TIHdn ZEdobElHTn YgYlhCaGJu a2daRyBWc2 FYWmxjbVZr IElIUm9aU0 JtYVggSnpk Q0JpWVhSMC BiR1ZqY25W cGMyIFZ5TE NCVlUxTWcg UVd4aGMydG hMQyBCMGJ5 QjBhR1VnIF ZTNVRMaUJP WVggWjVMQ0 IzYUdsaiBh Q0J0WVhKcl pXIFFnZEdo bElHSmwgWj JsdWJtbHVa eSBCdlppQn BkSE1nIGJH Vm5ZV041SU cgbHVJSE5v YVhCaSBkV2 xzWkdsdVp5 IDQ4WW5JK0 9TNGcgU0hW dWRHbHVaMy BSdmJpQkpi bWRoIGJHeH pJRWx1Wkgg VnpkSEpwWl hNZyBhR0Z6 SUdKbFpXID RnY21WamIy ZHUgYVhwbF pDQm1iMyBJ Z2FYUnpJSE 4xIGMzUmhh VzVoWW0gbH NhWFI1SUdW bSBabTl5ZE hNc0lHIEZ6 SUdsMElHaG ggY3lCeVpX UjFZMiBWa0 lHZHlaV1Z1 IGFHOTFjMl VnWjIgRnpJ R1Z0YVhOei BhVzl1Y3lC aWVTIEJ2ZG 1WeUlETTQg SlNCemFXNW paUyBBeU1E QTRJR0Z1IF pDQm9ZWE1n YVcgMXdiR1 Z0Wlc1MCBa V1FnYzJWMl pYIEpoYkNC bGJtVnkgWj NrdGMyRjJh VyA1bklHbH VhWFJwIFlY UnBkbVZ6SU cgbHVJR2ww Y3lCdiBjR1 Z5WVhScGIy IDV6TGp4aW NqNHggTUM0 Z1ZHaGxJRy BOdmJYQmhi bmtnIGFHRn pJR0VnYzMg UnliMjVuSU dOdiBiVzFw ZEcxbGJuIF FnZEc4Z2NH aHAgYkdGdW RHaHliMyBC NUlHRnVaQ0 JqIGIyMXRk VzVwZEgga2 djMlZ5ZG1s aiBaU3dnZD JsMGFDIEJo SUdadlkzVn ogSUc5dUlI TjFjSCBCdm NuUnBibWNn IGJXbHNhWF JoY24ga2da bUZ0YVd4cC BaWE1zSUdW a2RXIE5oZE dsdmJpd2cg WVc1a0lHVn VkbSBseWIy NXRaVzUwIF lXd2dZMjl1 YzIgVnlkbU YwYVc5dSBM aUJJU1VrZ2 FHIEZ6SUdS dmJtRjAgWl dRZ2IzWmxj aSBBa01UQW diV2xzIGJH bHZiaUIwYn kgQjJZWEpw YjNWeiBJR0 5vWVhKcGRH IGxsY3lCaG JtUWcgYjNK bllXNXBlbS BGMGFXOXVj eUJwIGJpQj BhR1VnY0cg RnpkQ0JrWl dOaCBaR1V1 CiAgICAgIC AgPC9zcGFu PgogICAgIC AgIAogICAg ICAgIA==