Ferguson

Live  

Ferguson Enterprises is a wholesale plumbing and HVAC distributor headquartered in Newport News, Virginia. The company was founded in 1953 by Charles Ferguson Sr. and originally focused on plumbing supplies for contractors. Today, the company has over 1,400 locations nationwide and offers a wide range of products and services for residential and commercial plumbing, heating, cooling, and building industries.
In addition to supplying products, Ferguson also provides services such as project management, custom fabrication, and inventory management. The company has a strong focus on customer service and has been recognized as a top workplace for multiple years.
Ferguson is a subsidiary of Wolseley plc, a global distributor of building materials and construction products. The company has a long history of growth and expansion through acquisitions and partnerships, including the recent acquisition of Build.com in 2020.
Ferguson's commitment to sustainability and community involvement is evident through their various initiatives such as promoting water conservation and supporting local charities and organizations.
Today, Ferguson is one of the largest wholesale distributors in the United States and continues to be a leader in the plumbing and HVAC industry.

RmVyZ3Vzb2 4gaXMgYSBi aWcgY29tcG FueSB0aGF0 IHNlbGxzIG FsbCBraW5k cyBvZiBzdX BwbGllcyBh bmQgcHJvZH VjdHMgdXNl ZCBpbiBjb2 5zdHJ1Y3Rp b24gYW5kIG hvbWUgaW1w cm92ZW1lbn QuIFRoaW5r IG9mIGl0IG xpa2UgYSBo dWdlIHN0b3 JlIHRoYXQg cHJvdmlkZX MgdGhpbmdz IGxpa2UgcG lwZXMsIHZh bHZlcywgYW 5kIHRvb2xz IHRoYXQgcG VvcGxlIG5l ZWQgdG8gYn VpbGQgb3Ig Zml4IGJ1aW xkaW5ncywg aG91c2VzLC BhbmQgZXZl biByb2Fkcy 4gPGJyPkZl cmd1c29uIG 1ha2VzIG1v bmV5IGJ5IH NlbGxpbmcg dGhlc2Ugc3 VwcGxpZXMg dG8gcGx1bW JlcnMsIGJ1 aWxkZXJzLC BhbmQgY29u dHJhY3Rvcn Mgd2hvIG5l ZWQgdGhlbS Bmb3IgdGhl aXIgcHJvam VjdHMuIFdo ZW4gc29tZW 9uZSB3YW50 cyB0byBidW lsZCBhIGhv dXNlLCB0aG V5IG1pZ2h0 IGdvIHRvIE Zlcmd1c29u IHRvIGJ1eS B0aGUgbWF0 ZXJpYWxzLi BGZXJndXNv biBhbHNvIH NlbGxzIHRo aW5ncyBvbm xpbmUgYW5k IGhhcyBtYW 55IHN0b3Jl cywgc28gaX TigJlzIGVh c3kgZm9yIG N1c3RvbWVy cyB0byBmaW 5kIHdoYXQg dGhleSBuZW VkLjxicj5P bmUgcmVhc2 9uIEZlcmd1 c29uIGlzIH N1Y2Nlc3Nm dWwgaXMgdG hhdCB0aGV5 IGhhdmUgYm VlbiBhcm91 bmQgZm9yIG EgbG9uZyB0 aW1lIGFuZC Brbm93IGEg bG90IGFib3 V0IHdoYXQg cGVvcGxlIG 5lZWQgZm9y IGNvbnN0cn VjdGlvbi4g VGhleSBoYX ZlIGxvdHMg b2YgZGlmZm VyZW50IHBy b2R1Y3RzLC BzbyBjdXN0 b21lcnMgY2 FuIGZpbmQg ZXZlcnl0aG luZyBpbiBv bmUgcGxhY2 UuIFRoaXMg bWFrZXMgaX QgY29udmVu aWVudCBhbm Qga2VlcHMg cGVvcGxlIG NvbWluZyBi YWNrLjxicj 5GZXJndXNv biBpcyBsaW tlbHkgdG8g c3RheSBzdW NjZXNzZnVs IGluIHRoZS BmdXR1cmUg YmVjYXVzZS Bob21lcyBh bmQgYnVpbG RpbmdzIHdp bGwgYWx3YX lzIG5lZWQg dG8gYmUgYn VpbHQgYW5k IG1haW50YW luZWQuIEFz IGNpdGllcy Bncm93IGFu ZCBuZXcgdG VjaG5vbG9n aWVzIGFyZS BkZXZlbG9w ZWQsIHRoZX JlIHdpbGwg YmUgbW9yZS BuZWVkIGZv ciBzcGVjaW FsIHRvb2xz IGFuZCBzdX BwbGllcy4g RmVyZ3Vzb2 4gaXMgYWxy ZWFkeSBhZG FwdGluZyB0 byBuZXcgdH JlbmRzLCBs aWtlIHN1c3 RhaW5hYmls aXR5IGFuZC BlbmVyZ3kt ZWZmaWNpZW 50IG1hdGVy aWFscywgd2 hpY2ggaGVs cHMgdGhlbS BzdGF5IGFo ZWFkIG9mIH RoZSBjb21w ZXRpdGlvbi 4gUGx1cywg dGhleSBrZW VwIGltcHJv dmluZyB0aG VpciBvbmxp bmUgc2hvcH BpbmcsIG1h a2luZyBpdC BlYXNpZXIg Zm9yIGN1c3 RvbWVycyB0 byBvcmRlci B3aGF0IHRo ZXkgbmVlZC Bmcm9tIGFu eXdoZXJlLi BBbGwgdGhp cyBtZWFucy BGZXJndXNv biB3aWxsIH Byb2JhYmx5 IGNvbnRpbn VlIHRvIGRv IHdlbGwgZm 9yIG1hbnkg eWVhcnMgdG 8gY29tZSE8 YnI+

MS4gRXN0YW JsaXNoZWQg aGlzdG9yeT ogVGhlIEZl cmd1c29uIG NvbXBhbnkg aGFzIGJlZW 4gaW4gYnVz aW5lc3MgZm 9yIG92ZXIg NjUgeWVhcn MsIG1ha2lu ZyBpdCBvbm Ugb2YgdGhl IG9sZGVzdC BhbmQgbW9z dCByZXNwZW N0ZWQgY29t cGFuaWVzIG luIHRoZSBw bHVtYmluZy wgSFZBQywg YW5kIHdhdG Vyd29ya3Mg aW5kdXN0cm llcy48YnI+ Mi4gTmF0aW 9uYWwgcmVh Y2g6IFdpdG ggb3ZlciAx LDQwMCBsb2 NhdGlvbnMg YWNyb3NzIH RoZSBVbml0 ZWQgU3RhdG VzLCBGZXJn dXNvbiBoYX MgYSBzdHJv bmcgcHJlc2 VuY2UgYW5k IGV4dGVuc2 l2ZSByZWFj aCB0byBzZX J2ZSBjdXN0 b21lcnMgbm F0aW9ud2lk ZS48YnI+My 4gRGl2ZXJz ZSBwcm9kdW N0IHNlbGVj dGlvbjogVG hlIGNvbXBh bnkgb2ZmZX JzIGEgd2lk ZSByYW5nZS BvZiBwcm9k dWN0cyBmcm 9tIG92ZXIg MSw1MDAgbW FudWZhY3R1 cmVycywgcH JvdmlkaW5n IGN1c3RvbW VycyB3aXRo IGEgdmFyaW V0eSBvZiBv cHRpb25zIH RvIG1lZXQg dGhlaXIgc3 BlY2lmaWMg bmVlZHMuPG JyPjQuIFN0 cm9uZyBjdX N0b21lciBz ZXJ2aWNlOi BGZXJndXNv biBpcyBrbm 93biBmb3Ig aXRzIGV4Y2 VsbGVudCBj dXN0b21lci BzZXJ2aWNl LCBwcm92aW Rpbmcga25v d2xlZGdlYW JsZSBhbmQg cmVzcG9uc2 l2ZSBzdXBw b3J0IHRvIG l0cyBjdXN0 b21lcnMuPG JyPjUuIElu ZHVzdHJ5IG xlYWRlcnNo aXA6IEFzIG EgbGVhZGVy IGluIGl0cy BpbmR1c3Ry eSwgRmVyZ3 Vzb24gaGFz IGEgc3Ryb2 5nIHJlcHV0 YXRpb24gZm 9yIGlubm92 YXRpb24sIH F1YWxpdHks IGFuZCByZW xpYWJpbGl0 eSwgc2V0dG luZyB0aGUg c3RhbmRhcm QgZm9yIG90 aGVycyB0by Bmb2xsb3cu PGJyPjYuIE NvbW1pdG1l bnQgdG8gc3 VzdGFpbmFi aWxpdHk6IF RoZSBjb21w YW55IGlzIG NvbW1pdHRl ZCB0byBzdX N0YWluYWJp bGl0eSBhbm QgaGFzIGlt cGxlbWVudG VkIHZhcmlv dXMgaW5pdG lhdGl2ZXMg dG8gcmVkdW NlIGl0cyBl bnZpcm9ubW VudGFsIGlt cGFjdCwgc3 VjaCBhcyB1 c2luZyBlbm VyZ3ktZWZm aWNpZW50IG xpZ2h0aW5n IGFuZCBpbX BsZW1lbnRp bmcgcmVjeW NsaW5nIHBy b2dyYW1zLj xicj43LiBU cmFpbmluZy BhbmQgZWR1 Y2F0aW9uIH Byb2dyYW1z OiBGZXJndX NvbiBvZmZl cnMgdHJhaW 5pbmcgYW5k IGRldmVsb3 BtZW50IHBy b2dyYW1zIG ZvciBpdHMg ZW1wbG95ZW VzIGFuZCBj dXN0b21lcn MsIGVuc3Vy aW5nIHRoYX QgdGhleSBh cmUga25vd2 xlZGdlYWJs ZSBhYm91dC B0aGUgbGF0 ZXN0IHByb2 R1Y3RzIGFu ZCB0ZWNobm 9sb2d5IGlu IHRoZSBpbm R1c3RyeS48 YnI+OC4gQ2 9tbXVuaXR5 IGludm9sdm VtZW50OiBG ZXJndXNvbi BpcyBhY3Rp dmVseSBpbn ZvbHZlZCBp biB0aGUgY2 9tbXVuaXRp ZXMgaXQgc2 VydmVzLCBz dXBwb3J0aW 5nIGxvY2Fs IGNoYXJpdG llcyBhbmQg b3JnYW5pem F0aW9ucyB0 aHJvdWdoIG RvbmF0aW9u cyBhbmQgdm 9sdW50ZWVy IGVmZm9ydH MuPGJyPjku IEVtcGxveW VlLWZvY3Vz ZWQ6IFRoZS Bjb21wYW55 IHZhbHVlcy BpdHMgZW1w bG95ZWVzIG FuZCBpcyBj b21taXR0ZW QgdG8gY3Jl YXRpbmcgYS Bwb3NpdGl2 ZSB3b3JrIG Vudmlyb25t ZW50LCBvZm ZlcmluZyBi ZW5lZml0cy BhbmQgZGV2 ZWxvcG1lbn Qgb3Bwb3J0 dW5pdGllcy B0byBzdXBw b3J0IHRoZW lyIGdyb3d0 aCBhbmQgc3 VjY2Vzcy48 YnI+MTAuIE NvbnRpbnVv dXMgZ3Jvd3 RoOiBEZXNw aXRlIGJlaW 5nIGEgd2Vs bC1lc3RhYm xpc2hlZCBj b21wYW55LC BGZXJndXNv biBjb250aW 51ZXMgdG8g Z3JvdyBhbm QgZXhwYW5k IGl0cyByZW FjaCwgY29u c3RhbnRseS BhZGFwdGlu ZyB0byBjaG FuZ2luZyBt YXJrZXQgdH JlbmRzIGFu ZCBjdXN0b2 1lciBuZWVk cy4=

VGhlIEZlcm d1c29uIGNv bXBhbnkgaX MgYSBsZWFk aW5nIGRpc3 RyaWJ1dG9y IG9mIHBsdW 1iaW5nIGFu ZCBIVkFDL1 IgcHJvZHVj dHMuIFRoZX kgb3BlcmF0 ZSBvbiBhIE IyQiAoYnVz aW5lc3MtdG 8tYnVzaW5l c3MpIG1vZG VsLCBzdXBw bHlpbmcgdG hlc2UgcHJv ZHVjdHMgdG 8gcHJvZmVz c2lvbmFsIG NvbnRyYWN0 b3JzLCBidW lsZGVycywg YW5kIGNvbW 1lcmNpYWwg Y3VzdG9tZX JzLiA8YnI+ VGhlaXIgYn VzaW5lc3Mg bW9kZWwgaX MgY2VudGVy ZWQgYXJvdW 5kIHByb3Zp ZGluZyBhIH dpZGUgcmFu Z2Ugb2YgaG lnaC1xdWFs aXR5IHByb2 R1Y3RzIGZy b20gdG9wIG JyYW5kcyB0 byB0aGVpci BjdXN0b21l cnMgYXQgY2 9tcGV0aXRp dmUgcHJpY2 VzLiBUaGV5 IGFjaGlldm UgdGhpcyBi eSBsZXZlcm FnaW5nIHRo ZWlyIHN0cm 9uZyByZWxh dGlvbnNoaX BzIHdpdGgg c3VwcGxpZX JzIGFuZCBh Y3RpdmVseS BuZWdvdGlh dGluZyBmb3 IgdGhlIGJl c3QgcHJpY2 luZyBhbmQg dGVybXMuID xicj5GZXJn dXNvbiBhbH NvIG9mZmVy cyB2YWx1ZS 1hZGRlZCBz ZXJ2aWNlcy BzdWNoIGFz IGN1c3RvbW l6ZWQgc29s dXRpb25zLC Bwcm9qZWN0 IHBsYW5uaW 5nLCB0cmFp bmluZywgYW 5kIG1hcmtl dGluZyBzdX Bwb3J0IHRv IGhlbHAgdG hlaXIgY3Vz dG9tZXJzIG dyb3cgdGhl aXIgYnVzaW 5lc3Nlcy4g VGhleSBoYX ZlIGEgbGFy Z2UgbmV0d2 9yayBvZiBv dmVyIDEsND AwIGxvY2F0 aW9ucyBhY3 Jvc3MgdGhl IFVuaXRlZC BTdGF0ZXMs IG1ha2luZy BpdCBlYXN5 IGZvciBjdX N0b21lcnMg dG8gYWNjZX NzIHByb2R1 Y3RzIGFuZC BzZXJ2aWNl cyBxdWlja2 x5IGFuZCBj b252ZW5pZW 50bHkuIDxi cj5BZGRpdG lvbmFsbHks IHRoZSBGZX JndXNvbiBj b21wYW55IG hhcyBpbnZl c3RlZCBpbi B0ZWNobm9s b2d5IGFuZC BlLWNvbW1l cmNlIGNhcG FiaWxpdGll cywgYWxsb3 dpbmcgY3Vz dG9tZXJzIH RvIHBsYWNl IG9yZGVycy wgdHJhY2sg c2hpcG1lbn RzLCBhbmQg YWNjZXNzIH Byb2R1Y3Qg aW5mb3JtYX Rpb24gb25s aW5lLiBUaG lzIGhlbHBz IHRvIHN0cm VhbWxpbmUg dGhlIHB1cm NoYXNpbmcg cHJvY2Vzcy BhbmQgcHJv dmlkZSBhIH NlYW1sZXNz IGV4cGVyaW VuY2UgZm9y IGN1c3RvbW Vycy4gPGJy Pk92ZXJhbG wsIEZlcmd1 c29uJ3MgYn VzaW5lc3Mg bW9kZWwgZm 9jdXNlcyBv biBwcm92aW RpbmcgYSBj b21wcmVoZW 5zaXZlIHJh bmdlIG9mIH Byb2R1Y3Rz IGFuZCBzZX J2aWNlcywg ZXhjZWxsZW 50IGN1c3Rv bWVyIHNlcn ZpY2UsIGFu ZCBhIHN0cm 9uZyBkaXN0 cmlidXRpb2 4gbmV0d29y aywgcG9zaX Rpb25pbmcg dGhlbSBhcy BhIGxlYWRl ciBpbiB0aG UgcGx1bWJp bmcgYW5kIE hWQUMvUiBp bmR1c3RyeS 4=

AI does pose potential threats to companies like Ferguson, which operates in the plumbing, HVAC, and building materials sectors. Here are some considerations related to substitution, disintermediation, and margin pressure:
1. Substitution: AI technologies could enhance the capabilities of competing products or services, leading to alternatives that fulfill customer needs more effectively or efficiently. Innovations in smart home technology or automated systems for HVAC or plumbing could reduce reliance on traditional products offered by Ferguson.
2. Disintermediation: As AI-driven platforms emerge, they could streamline the supply chain by directly connecting manufacturers with consumers or contractors. This could eliminate the need for intermediaries like Ferguson, reducing their role in the distribution of products.
3. Margin Pressure: The implementation of AI could lead to increased competition as new entrants leverage technology to reduce costs and increase operational efficiency. This competition might force companies like Ferguson to lower prices or invest more in technology, impacting profit margins.
In summary, while AI offers many opportunities for improving efficiencies and enhancing service, it also carries risks that Ferguson must navigate to protect its market position and profitability.

The sensitivity of Ferguson company’s earnings, cash flow, and valuation to changes in interest rates can vary based on several factors, including its business model, level of debt, capital structure, and market conditions.
1. Earnings Sensitivity: Changes in interest rates can significantly impact Ferguson’s earnings, especially if the company has substantial debt. Higher interest rates typically increase borrowing costs, which can reduce net income if the company has variable-rate debt. Conversely, lower interest rates can enhance earnings as interest expenses decrease. Additionally, rising rates may impact consumer spending and demand in the construction and plumbing sectors, potentially affecting revenue.
2. Cash Flow Sensitivity: Cash flows can also be sensitive to interest rate changes. If Ferguson’s financing costs rise, free cash flow may decrease as more cash is used for interest payments rather than reinvestment or distribution to shareholders. On the flip side, falling interest rates might improve cash flows by lowering costs, allowing for better operational flexibility and investment opportunities.
3. Valuation Sensitivity: Valuation is closely tied to interest rates through the discounted cash flow (DCF) model. When interest rates rise, the discount rate used to value future cash flows increases, which can lead to a lower present value for the company. This might result in decreased stock prices or market valuation. Conversely, lower interest rates typically lead to an increase in valuation, as future cash flows are discounted at a lower rate.
In summary, Ferguson’s earnings, cash flow, and valuation are somewhat sensitive to interest rate changes, primarily through the effects on borrowing costs, consumer demand, and discount rates applied in valuation models. Monitoring economic trends and interest rate movements is crucial for assessing potential impacts on the company’s financial performance.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgRm VyZ3Vzb27i gJlzIGVjb2 5vbWljcyBv dmVyIHRoZS BuZXh0IDPi gJM1IHllYX JzIGNvdWxk IGJlIGEgc2 lnbmlmaWNh bnQgc2hpZn QgaW4gcmVn dWxhdGlvbn MgcmVsYXRl ZCB0byB0aG UgcGx1bWJp bmcgYW5kIG hlYXRpbmcg aW5kdXN0cm llcywgcGFy dGljdWxhcm x5IHN1cnJv dW5kaW5nIG Vudmlyb25t ZW50YWwgc3 RhbmRhcmRz LiBUaGlzIG NvdWxkIGlu Y2x1ZGUgc3 RyaW5nZW50 IGVtaXNzaW 9ucyByZWd1 bGF0aW9ucy BvciB0aGUg d2lkZXNwcm VhZCBhZG9w dGlvbiBvZi Bsb3ctaW1w YWN0IG1hdG VyaWFscywg d2hpY2ggd2 91bGQgcmVx dWlyZSBGZX JndXNvbiB0 byBpbnZlc3 QgaGVhdmls eSBpbiBuZX cgdGVjaG5v bG9naWVzLC ByZXRyYWlu aW5nLCBvci Bzb3VyY2lu ZyBhbHRlcm 5hdGl2ZSBw cm9kdWN0cy 4gPGJyPklm IHN1Y2ggcm VndWxhdGlv bnMgd2VyZS BlbmFjdGVk LCBGZXJndX NvbiBtaWdo dCBmYWNlIG luY3JlYXNl ZCBvcGVyYX Rpb25hbCBj b3N0cyBkdW UgdG8gY29t cGxpYW5jZS wgd2hpY2gg Y291bGQgbm VnYXRpdmVs eSBpbXBhY3 QgaXRzIHBy b2ZpdCBtYX JnaW5zLiBU aGUgaW1tZW RpYXRlIHJl c3BvbnNlIG 1pZ2h0IGJl IGFuIGluY3 JlYXNlIGlu IHByaWNlcy wgYnV0IHRo ZSBjb21wZX RpdGl2ZSBu YXR1cmUgb2 YgdGhlIGlu ZHVzdHJ5IG NvdWxkIGxp bWl0IGhvdy BtdWNoIG9m IHRob3NlIG Nvc3RzIGNv dWxkIGJlIH Bhc3NlZCBv biB0byBjdX N0b21lcnMu IFRoaXMgcH Jlc3N1cmUg Y291bGQgbG VhZCB0byBy ZWR1Y2VkIG 1hcmdpbnMs IHBhcnRpY3 VsYXJseSBp ZiBjb21wZX RpdG9ycyBm aW5kIHdheX MgdG8gbmF2 aWdhdGUgdG hlIHJlZ3Vs YXRvcnkgbG FuZHNjYXBl IG1vcmUgZW ZmaWNpZW50 bHkgb3IgaW YgdGhleSBp bm5vdmF0ZS BmYXN0ZXIg aW4gdGhlIG RldmVsb3Bt ZW50IG9mIG NvbXBsaWFu dCBwcm9kdW N0cy48YnI+ QWRkaXRpb2 5hbGx5LCBp ZiBGZXJndX NvbiBzdHJ1 Z2dsZWQgdG 8gbWVldCB0 aGVzZSBuZX cgZGVtYW5k cyBvciBpZi BpdHMgaW52 ZXN0bWVudH MgaW4gY29t cGxpYW5jZS BkaWQgbm90 IHlpZWxkIH RoZSBleHBl Y3RlZCByZX R1cm5zLCBj YXNoIGZsb3 dzIGNvdWxk IGJlIGFkdm Vyc2VseSBh ZmZlY3RlZC 4gTG93ZXIg cHJvZml0YW JpbGl0eSBj b3VsZCBsZW FkIHRvIGRp bWluaXNoZW QgY2FzaCBm bG93LCBpbX BhY3Rpbmcg dGhlIGNvbX BhbnnigJlz IGFiaWxpdH kgdG8gcmVp bnZlc3QgaW 4gdGhlIGJ1 c2luZXNzIG 9yIHJldHVy biB2YWx1ZS B0byBzaGFy ZWhvbGRlcn MuPGJyPk9u IHRoZSBiYW xhbmNlIHNo ZWV0LCBpZi B0aGUgY29t cGFueSBuZW VkZWQgdG8g dGFrZSBvbi BzaWduaWZp Y2FudCBkZW J0IHRvIGZp bmFuY2UgY2 9tcGxpYW5j ZSB3aXRoIH RoZXNlIG5l dyByZWd1bG F0aW9ucywg dGhpcyB3b3 VsZCBpbmNy ZWFzZSBsZX ZlcmFnZSBy YXRpb3MgYW 5kIHBvdGVu dGlhbGx5IG FmZmVjdCBj cmVkaXQgcm F0aW5ncywg bGVhZGluZy B0byBoaWdo ZXIgYm9ycm 93aW5nIGNv c3RzLiBBc3 NldCB2YWx1 ZXMgbWlnaH QgZGVjbGlu ZSBpZiB0aG UgY29tcGFu eSBmYWlscy B0byBhZGFw dCBlZmZlY3 RpdmVseSwg YXMgb2xkZX IgaW52ZW50 b3J5IG9yIG ZhY2lsaXRp ZXMgY291bG QgYmVjb21l IGxlc3Mgcm VsZXZhbnQg b3IgZXZlbi BvYnNvbGV0 ZSB1bmRlci BuZXcgcmVn dWxhdGlvbn MuPGJyPklu IHN1bW1hcn ksIGluIHRo aXMgc2Nlbm FyaW8sIEZl cmd1c29u4o CZcyBtYXJn aW5zIHdvdW xkIGxpa2Vs eSBzaHJpbm sgZHVlIHRv IGluY3JlYX NlZCBjb3N0 cywgY2FzaC BmbG93IHdv dWxkIGJlIG NvbnN0cmFp bmVkIGJ5IG xvd2VyIHBy b2ZpdGFiaW xpdHkgYW5k IGhpZ2hlci BkZWJ0IHNl cnZpY2luZy Bjb3N0cywg YW5kIHRoZS BiYWxhbmNl IHNoZWV0IH dvdWxkIHJl ZmxlY3QgaW 5jcmVhc2Vk IGxpYWJpbG l0aWVzIGFu ZCBwb3Rlbn RpYWxseSBy ZWR1Y2VkIG Fzc2V0IHZh bHVlcywgcm VzdWx0aW5n IGluIGEgbG VzcyBmYXZv cmFibGUgZm luYW5jaWFs IHBvc2l0aW 9uLjxicj4=

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 bG9nb3MvT0 IzUVRmRERa RUxTZ3VOWn g1bW0ud2Vi cCIgYWx0PS JGZXJndXNv biIgdGl0bG U9IkZlcmd1 c29uIiAgY2 xhc3M9Imlt Zy1mbHVpZC IgaGVpZ2h0 PTUwIHdpZH RoPTUwIGxv YWRpbmc9J2 xhenknIHN0 eWxlPSdib3 JkZXItcmFk aXVzOiA2cH g7Jz4KCiAg ICAgICAgIC AgICAgICAg ICAgPGRpdi BzdHlsZT0n ZmxleDogMT sgdGV4dC1h bGlnbjogY2 VudGVyOyBt YXJnaW4tbG VmdDogNXB4 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxw IHN0eWxlPS dmb250LXNp emU6IDI2cH g7IGNvbG9y OiAjMzMzOy BtYXJnaW4t Ym90dG9tOi AxNXB4Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICDw n5OIIFdhbn QgdG8gcmVh ZCBtb3JlIG Fib3V0IEZl cmd1c29uPw ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L3A+Cg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdpbmRl eC5waHA/cG FnZT1zaWdu dXAnIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICMw MDdCRkY7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBjb2 xvcjogI2Zm ZjsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHBhZGRpbm c6IDEwcHgg MjBweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJvcm Rlci1yYWRp dXM6IDVweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH RleHQtZGVj b3JhdGlvbj ogbm9uZTsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGZv bnQtd2VpZ2 h0OiBib2xk OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luLX JpZ2h0OiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdHJhbn NpdGlvbjog YmFja2dyb3 VuZC1jb2xv ciAwLjNzIG Vhc2U7Jwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgb25t b3VzZW92ZX I9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA1NmIz IicKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IG9ubW91c2 VvdXQ9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA3 QkZGIic+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIGZv ciBmcmVlCi AgICAgICAg ICAgICAgIC AgICAgICAg IDwvYT4KCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxzcGFuIH N0eWxlPSdt YXJnaW46ID AgOHB4OyBj b2xvcjogIz U1NTsnPm9y PC9zcGFuPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPGEgaH JlZj0naW5k ZXgucGhwP3 BhZ2U9bG9n aW4nIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGNvbG9y OiAjMDA3Qk ZGOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdGV4dC1k ZWNvcmF0aW 9uOiB1bmRl cmxpbmU7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBmb2 50LXdlaWdo dDogNTAwOy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bsb2cgaW4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9hPgoK CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxwIHN0 eWxlPSdtYX JnaW4tdG9w OiAxNXB4Oy Bmb250LXNp emU6IDEzcH g7IGZvbnQt d2VpZ2h0Oi Bib2xkOyBj b2xvcjogI2 QzMmYyZjsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg 8J+TmiBZb3 VyIGZyZWUg Y29weSBvZi A8aT4iVGhl IENoZWNrbG lzdCBWYWx1 ZSBJbnZlc3 RvciDigJQg QSBTbWFydG VyIFdheSB0 byBQaWNrIF N0b2NrcyI8 L2k+IGlzIH dhaXRpbmcK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9wPgoK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPCEtLQog ICAgICAgIC AgICAgICAg ICAgICAgIC A8ZGl2IHN0 eWxlPSdtYX JnaW4tdG9w OiAxMnB4Oy Bmb250LXNp emU6IDEzcH g7IGNvbG9y OiAjNDQ0Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BTaWduIHVw IG5vdyBhbm QgZ2V0IG91 ciBmcmVlIG VCb29rIAog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgPGI+ VGhlIENoZW NrbGlzdCBW YWx1ZSBJbn Zlc3RvciDi gJQgQSBTbW FydGVyIFdh eSB0byBQaW NrIFN0b2Nr czwvYj4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IC0tPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 IS0tCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxk aXYgc3R5bG U9J21hcmdp bi10b3A6ID E2cHg7IGZv bnQtc2l6ZT ogMTRweDsg Y29sb3I6IC M0NDQ7IGZv bnQtZmFtaW x5OiAtYXBw bGUtc3lzdG VtLCBCbGlu a01hY1N5c3 RlbUZvbnQs IFNlZ29lIF VJLCBSb2Jv dG8sIEhlbH ZldGljYSBO ZXVlLCBzYW 5zLXNlcmlm OyBsaW5lLW hlaWdodDog MS42Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBIYX ZlIHlvdSBo ZWFyZCBhYm 91dCBvdXIg c2hvcnQgPH N0cm9uZyBz dHlsZT0nZm 9udC13ZWln aHQ6IDYwMD snPkRhaWx5 IFZpZGVvIE 5ld3NsZXR0 ZXI8L3N0cm 9uZz4/CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8YSBo cmVmPSdodH RwczovL3d3 dy5pbnNpZ2 h0ZnVsdmFs dWUuY29tL2 5ld3NsZXR0 ZXIucGhwJy B0YXJnZXQ9 J19ibGFuay cgc3R5bGU9 J2NvbG9yOi AjMDA3QkZG OyB0ZXh0LW RlY29yYXRp b246IG5vbm U7IGZvbnQt d2VpZ2h0Oi A1MDA7IG1h cmdpbi1sZW Z0OiA2cHg7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBGaW 5kIG91dCBt b3JlCiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICA8L2E+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICAgIC AgICAgICAg ICAtLT4KIC AgICAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgCiAg ICAgICAgCi AgICAgICAg PHNwYW4gY2 xhc3M9J2Js dXJyZWQtdG V4dCc+CiAg ICAgICAgIC AgIE1TNGdW R2hsSUUgWm xjbWQxYzI5 dSBJR052Yl hCaGJuIGtn ZDJGeklHWn YgZFc1a1pX UWdhVyA0Z0 1UazFNeUJp IGVTQkRhR0 Z5YkcgVnpJ RVpsY21kMS BjMjl1SUdG eklHIEVnY0 d4MWJXSnAg Ym1jZ2MzVn djRyB4NUlH SjFjMmx1IF pYTnpJR2x1 SUUgNWxkM0 J2Y25RZyBU bVYzY3l3Z1 ZtIGx5WjJs dWFXRXUgUE dKeVBqSXVJ RiBSb1pTQm piMjF3IFlX NTVJR2x6SU cgRWdiR1Zo WkdsdSBaeU JrYVhOMGNt IGxpZFhSdm NpQnYgWmlC d2JIVnRZbS BsdVp5d2dT RlpCIFF5d2 dkMkYwWlgg SjNiM0pyY3 l3ZyBZVzVr SUdsdVpIIF Z6ZEhKcFlX d2cgY0hKdl pIVmpkSCBN Z2RHOGdjSE p2IFptVnpj Mmx2Ym0gRn NJR052Ym5S eSBZV04wYj NKeklHIEZ1 WkNCaWRXbH MgWkdWeWN5 QnBiaSBCMG FHVWdWVzVw IGRHVmtJRk 4wWVggUmxj eTQ4WW5JKy BNeTRnU1c0 Z01UIGszTW l3Z1JtVnkg WjNWemIyNG dZbSBWallX MWxJR0VnIG MzVmljMmxr YVcgRnllU0 J2WmlCWCBi Mnh6Wld4bG VTIEJ3YkdN c0lHRWcgYl hWc2RHbHVZ WCBScGIyNW hiQ0JpIGRX bHNaR2x1Wn kgQnRZWFJs Y21saCBiSE 1nWkdsemRI IEpwWW5WMG FXOXUgSUdO dmJYQmhibi BrZ1ltRnpa V1FnIGFXNG dkR2hsSUYg VnVhWFJsWk NCTCBhVzVu Wkc5dExqIH hpY2o0MExp QkcgWlhKbm RYTnZiaSBC b1lYTWdiVz l5IFpTQjBh R0Z1SUQgRX NOREF3SUd4 diBZMkYwYV c5dWN5IEJo Ym1RZ1lYQn cgY205NGFX MWhkRyBWc2 VTQXlOeXd3 IE1EQWdaVz F3YkcgOTVa V1Z6SUdsdS BJR0ZzYkNB MU1DIEJ6ZE dGMFpYTXMg SUcxaGEybH VaeSBCcGRD QjBhR1VnIG JHRnlaMlZ6 ZEMgQmthWE 4wY21saSBk WFJ2Y2lCdl ppIEJ3YkhW dFltbHUgWn lCemRYQndi RyBsbGN5Qn BiaUIwIGFH VWdZMjkxYm 4gUnllUzQ4 WW5JKyBOUz RnU1c0Z1lX IFJrYVhScG IyNGcgZEc4 Z2FYUnpJSC BCc2RXMWlh VzVuIElIQn liMlIxWTMg UnpMQ0JHWl hKbiBkWE52 YmlCaGJIIE 52SUc5bVpt VnkgY3lCbG JHVmpkSCBK cFkyRnNJR0 Z1IFpDQnNh V2RvZEcgbH VaeUJ6ZFhC dyBiR2xsY3 l3Z1lYIEJ3 YkdsaGJtTm wgY3l3Z1lX NWtJRyB0cG RHTm9aVzRn IFlXNWtJR0 poZEcgZ2da bWw0ZEhWeS BaWE11UEdK eVBqIFl1SU ZSb1pTQmog YjIxd1lXNT VJSCBObGNu WmxjeUJoIE lIZHBaR1Vn Y20gRnVaMl VnYjJZZyBZ M1Z6ZEc5dF pYIEp6TENC cGJtTnMgZF dScGJtY2dj bSBWemFXUm xiblJwIFlX d2dZVzVrSU cgTnZiVzFs Y21OcCBZV3 dnWTI5dWRI IEpoWTNSdm NuTXMgSUdk dmRtVnlibS AxbGJuUWdZ V2RsIGJtTn BaWE1zSUcg RnVaQ0JwYm 1SMSBjM1J5 YVdGc0lHIF poWTJsc2FY UnAgWlhNdV BHSnlQaiBj dUlFWmxjbW QxIGMyOXVJ R2hoY3kgQm hJSE4wY205 dSBaeUJqYj IxdGFYIFJ0 Wlc1MElIUn YgSUhOMWMz UmhhVyA1aF ltbHNhWFI1 IElHRnVaQ0 JvWVggTWdh VzF3YkdWdC BaVzUwWldR Z2RtIEZ5YV c5MWN5QnAg Ym1sMGFXRj BhWCBabGN5 QjBieUJ5IF pXUjFZMlVn YVggUnpJR1 Z1ZG1seSBi MjV0Wlc1MF lXIHdnYVcx d1lXTjAgTE NCemRXTm9J RyBGeklISm xZM2xqIGJH bHVaeUJ3Y2 0gOW5jbUZ0 Y3lCaCBibV FnWlc1bGNt IGQ1TFdWbV ptbGogYVdW dWRDQnNhVy Bkb2RHbHVa eUJ6IGVYTj BaVzF6SUcg bHVJR2wwY3 lCbSBZV05w YkdsMGFXIF Z6TGp4aWNq NDQgTGlCSm JpQXlNRCBF NExDQkdaWE puIGRYTnZi aUIzWVggTW dibUZ0WldR ZyBiMjVsSU c5bUlFIFp2 Y25SMWJtWG kgZ0pseklG ZHZjbSB4az RvQ1pjeUJO IGIzTjBJRU ZrYlcgbHla V1FnUTI5dC BjR0Z1YVdW eklHIGx1SU hSb1pTQmkg ZFdsc1pHbH VaeSBCdFlY UmxjbWxoIG JITWdhVzVr ZFggTjBjbm tnWm05eSBJ SFJvWlNCdW FXIDUwYUNC amIyNXogWl dOMWRHbDJa UyBCNVpXRn lManhpIGNq NDVMaUJVYU cgVWdZMjl0 Y0dGdSBlU0 JvWVhNZ1lt IFZsYmlCaE lHMWggYW05 eUlITndiMi A1emIzSWdi MllnIFNHRm lhWFJoZEMg Qm1iM0lnU0 hWdCBZVzVw ZEhrc0lIIE J5YjNacFpH bHUgWnlCd2 JIVnRZbSBs dVp5QnpkWE J3IGJHbGxj eUJoYm0gUW dkbTlzZFc1 MCBaV1Z5SU d4aFltIDl5 SUdadmNpQm 8gYjIxbFlu VnBiRyBScG JtY2djSEp2 IGFtVmpkSE 11UEcgSnlQ akV3TGlCRy BaWEpuZFhO dmJpIEJvWV hNZ1lXeHog YnlCaVpXVn VJSCBKbFky OW5ibWw2IF pXUWdabTl5 SUcgbDBjeU J3YUdscyBZ VzUwYUhKdm NHIGxqSUdW bVptOXkgZE hNc0lIZHBk RyBnZ2FYUn pJR1Z0IGNH eHZlV1ZsY3 kgQmhibVFn Wm05MSBibV JoZEdsdmJp IEJ3Y205Mm FXUnAgYm1j Z2MzVndjRy A5eWRDQjBi eUJ1IGRXMW xjbTkxY3kg QmphR0Z5YV hSaCBZbXhs SUc5eVoyIE Z1YVhwaGRH bHYgYm5NZ1 lXNWtJRyBS cGMyRnpkR1 Z5IElISmxi R2xsWmkgQm xabVp2Y25S eiBMZz09Ci AgICAgICAg PC9zcGFuPg ogICAgICAg IAogICAgIC AgIA==