AAON

-9.89%

More reviews (2)

Live  

AAON is a leading manufacturer of heating, ventilation, and air conditioning (HVAC) equipment. The company was founded in 1988 by Norm Asbjornson and is headquartered in Tulsa, Oklahoma. AAON has grown to become one of the top HVAC companies in the United States, with over 2,000 employees and annual revenues of over $500 million.
The company prides itself on its innovative and energy-efficient products, with a focus on research and development to continually improve and advance their technologies. AAON also takes a customer-focused approach, providing superior service and support to their clients.
In addition to their main manufacturing facility in Tulsa, AAON also has production facilities in Longview, Texas and in Phoenix, Arizona. They have a broad range of products, including rooftop units, chillers, air handlers, and heat pumps, that are used in commercial, industrial, and residential settings.
AAON’s reputation for high-quality and reliable products has earned them numerous industry awards, including the Most Innovative award from the AHR Expo and Manufacturer of the Year from the Mechanical Contractors Association of America.
Overall, AAON is a well-respected and established company in the HVAC industry, known for their commitment to innovation, customer service, and energy efficiency.

QUFPTiBpcy BhIGNvbXBh bnkgdGhhdC BtYWtlcyBo ZWF0aW5nLC Bjb29saW5n LCBhbmQgdm VudGlsYXRp b24gZXF1aX BtZW50IGZv ciBidWlsZG luZ3MuIFRo aW5rIG9mIG l0IGxpa2Ug dGhlIG1hY2 hpbmVzIHRo YXQga2VlcC BvdXIgaG91 c2VzLCBzY2 hvb2xzLCBh bmQgc3Rvcm VzIHdhcm0g aW4gd2ludG VyIGFuZCBj b29sIGluIH N1bW1lci4g VGhleSBwcm 9kdWNlIHN5 c3RlbXMgdG hhdCBoZWxw IG1hbmFnZS B0aGUgYWly IGluc2lkZS BidWlsZGlu Z3Mgc28gcG VvcGxlIGNh biBiZSBjb2 1mb3J0YWJs ZSwgc3RheS BoZWFsdGh5 LCBhbmQgYn JlYXRoZSBj bGVhbiBhaX IuPGJyPlRo ZSB3YXkgQU FPTiBtYWtl cyBtb25leS BpcyBieSBk ZXNpZ25pbm cgYW5kIHNl bGxpbmcgdG hlc2UgaGVh dGluZyBhbm QgY29vbGlu ZyBtYWNoaW 5lcyB0byBi dXNpbmVzc2 VzIGFuZCBv dGhlciBvcm dhbml6YXRp b25zLiBXaG VuIGEgYmln IGJ1aWxkaW 5nIGxpa2Ug YSBzaG9wcG luZyBtYWxs IG9yIGEgaG 9zcGl0YWwg bmVlZHMgdG 8gaW5zdGFs bCBhbiBhaX IgY29uZGl0 aW9uZXIgb3 IgYSBoZWF0 ZXIsIHRoZX kgb2Z0ZW4g YnV5IGl0IG Zyb20gQUFP Ti4gVGhlIG NvbXBhbnkg YWxzbyBwcm 92aWRlcyBz ZXJ2aWNlcy B0byBoZWxw IG1haW50YW luIHRoZXNl IHN5c3RlbX MsIHdoaWNo IG1lYW5zIH RoZXkgY2Fu IGVhcm4gbW 9yZSBtb25l eSBvdmVyIH RpbWUuPGJy PkFBT04gaX Mgc3VjY2Vz c2Z1bCBmb3 IgYSBmZXcg cmVhc29ucy 4gRmlyc3Qs IHRoZXkgbW FrZSBoaWdo LXF1YWxpdH kgcHJvZHVj dHMgdGhhdC BsYXN0IGEg bG9uZyB0aW 1lIGFuZCB3 b3JrIHZlcn kgd2VsbCwg d2hpY2ggbW VhbnMgY3Vz dG9tZXJzIH RydXN0IHRo ZW0gYW5kIG NvbWUgYmFj ayBmb3IgbW 9yZS4gVGhl eSBhbHNvIH BheSBhdHRl bnRpb24gdG 8gdGhlIGVu dmlyb25tZW 50IGFuZCB0 cnkgdG8gbW FrZSB0aGVp ciBtYWNoaW 5lcyB1c2Ug bGVzcyBlbm VyZ3ksIHdo aWNoIGlzIG ltcG9ydGFu dCBhcyBwZW 9wbGUgd2Fu dCB0byBzYX ZlIG1vbmV5 IG9uIGVuZX JneSBiaWxs cyBhbmQgaG VscCB0aGUg cGxhbmV0Lj xicj5Mb29r aW5nIHRvIH RoZSBmdXR1 cmUsIEFBT0 4gaXMgbGlr ZWx5IHRvIH N0YXkgc3Vj Y2Vzc2Z1bC BiZWNhdXNl IG1vcmUgYW 5kIG1vcmUg cGVvcGxlIG FuZCBjb21w YW5pZXMgd2 FudCB0byBw YXkgYXR0ZW 50aW9uIHRv IGVuZXJneS BlZmZpY2ll bmN5IGFuZC BjbGltYXRl IGNoYW5nZS 4gQXMgYnVp bGRpbmdzIG dldCBiaWdn ZXIgYW5kIH RoZSBkZW1h bmQgZm9yIG dvb2QgYWly IHF1YWxpdH kgZ3Jvd3Ms IEFBT07igJ lzIHByb2R1 Y3RzIHdpbG wgYmUgbmVl ZGVkIGV2ZW 4gbW9yZS4g UGx1cywgdG hleSBjb250 aW51ZSB0by Bpbm5vdmF0 ZSBhbmQgaW 1wcm92ZSB0 aGVpciBtYW NoaW5lcywg d2hpY2ggaG VscHMgdGhl bSBzdGF5IG FoZWFkIG9m IHRoZSBjb2 1wZXRpdGlv bi4gU28sIH RoZWlyIGNv bWJpbmF0aW 9uIG9mIGdy ZWF0IHByb2 R1Y3RzLCBz dHJvbmcgY3 VzdG9tZXIg cmVsYXRpb2 5zaGlwcywg YW5kIGEgZm 9jdXMgb24g dGhlIGZ1dH VyZSBtYWtl cyB0aGVtIG EgY29tcGFu eSB0aGF0IH Nob3VsZCBk byB3ZWxsIG ZvciBtYW55 IHllYXJzIH RvIGNvbWUu PGJyPg==

MS4gSW5ub3 ZhdGl2ZSBh bmQgZW5lcm d5LWVmZmlj aWVudCBwcm 9kdWN0czog QUFPTiBpcy Brbm93biBm b3IgaXRzIG N1dHRpbmct ZWRnZSB0ZW Nobm9sb2d5 IGFuZCBlbm VyZ3ktZWZm aWNpZW50IH Byb2R1Y3Rz LiBUaGV5IH dlcmUgb25l IG9mIHRoZS BmaXJzdCBj b21wYW5pZX MgdG8gdXNl IHZhcmlhYm xlIHNwZWVk IGNvbXByZX Nzb3JzIGlu IHRoZWlyIE hWQUMgc3lz dGVtcywgcm VzdWx0aW5n IGluIHNpZ2 5pZmljYW50 IGVuZXJneS BzYXZpbmdz IGZvciB0aG VpciBjdXN0 b21lcnMuPG JyPjIuIEN1 c3RvbWl6YW JsZSBzb2x1 dGlvbnM6IE FBT04gb2Zm ZXJzIGN1c3 RvbWl6YWJs ZSBzb2x1dG lvbnMgZm9y IGl0cyBjdX N0b21lcnMs IGFsbG93aW 5nIHRoZW0g dG8gdGFpbG 9yIHRoZWly IHByb2R1Y3 RzIGFjY29y ZGluZyB0by B0aGVpciBz cGVjaWZpYy BuZWVkcy4g VGhpcyBmbG V4aWJpbGl0 eSBoYXMgbW FkZSBBQU9O IGEgcHJlZm VycmVkIGNo b2ljZSBmb3 IgbWFueSBj b21tZXJjaW FsIGFuZCBp bmR1c3RyaW FsIGN1c3Rv bWVycy48Yn I+My4gRm9j dXMgb24gY3 VzdG9tZXIg c2F0aXNmYW N0aW9uOiBB QU9OIGhhcy BhIGRlZGlj YXRlZCBjdX N0b21lciBz ZXJ2aWNlIH RlYW0gdGhh dCBzdHJpdm VzIHRvIHBy b3ZpZGUgZX hjZWxsZW50 IHN1cHBvcn QgdG8gdGhl aXIgY2xpZW 50cywgZnJv bSBwcm9kdW N0IHNlbGVj dGlvbiB0by BpbnN0YWxs YXRpb24gYW 5kIG1haW50 ZW5hbmNlLi BUaGV5IGhh dmUgYSBzdH JvbmcgZm9j dXMgb24gY3 VzdG9tZXIg c2F0aXNmYW N0aW9uIGFu ZCB3b3JrIH Rvd2FyZHMg YnVpbGRpbm cgbG9uZy10 ZXJtIHJlbG F0aW9uc2hp cHMgd2l0aC B0aGVpciBj dXN0b21lcn MuPGJyPjQu IFF1YWxpdH kgYW5kIHJl bGlhYmlsaX R5OiBBQU9O IGhhcyBhIH JlcHV0YXRp b24gZm9yIG RlbGl2ZXJp bmcgaGlnaC 1xdWFsaXR5 LCByZWxpYW JsZSBlcXVp cG1lbnQuIF RoZXkgdXNl IHByZW1pdW 0gY29tcG9u ZW50cyBhbm QgYWR2YW5j ZWQgbWFudW ZhY3R1cmlu ZyBwcm9jZX NzZXMgdG8g ZW5zdXJlIH RoZWlyIHBy b2R1Y3RzIG 1lZXQgdGhl IGhpZ2hlc3 Qgc3RhbmRh cmRzIG9mIH F1YWxpdHkg YW5kIHBlcm Zvcm1hbmNl Ljxicj41Li BWZXJ0aWNh bCBpbnRlZ3 JhdGlvbjog QUFPTiBoYX MgY29udHJv bCBvdmVyIH RoZWlyIGVu dGlyZSBzdX BwbHkgY2hh aW4sIGZyb2 0gZGVzaWdu IHRvIHByb2 R1Y3Rpb24s IGFsbG93aW 5nIHRoZW0g dG8gbWFpbn RhaW4gaGln aCBsZXZlbH Mgb2YgcXVh bGl0eSBhbm QgZWZmaWNp ZW5jeS4gVG hpcyB2ZXJ0 aWNhbCBpbn RlZ3JhdGlv biBhbHNvIG dpdmVzIHRo ZW0gdGhlIG FiaWxpdHkg dG8gcXVpY2 tseSBhZGFw dCB0byBjaG FuZ2luZyBt YXJrZXQgZG VtYW5kcyBh bmQgcHJvdm lkZSBjdXN0 b21pemVkIH NvbHV0aW9u cy48YnI+Ni 4gU3VzdGFp bmFibGUgcH JhY3RpY2Vz OiBBQU9OIG lzIGNvbW1p dHRlZCB0by BzdXN0YWlu YWJpbGl0eS BhbmQgaGFz IGltcGxlbW VudGVkIHZh cmlvdXMgaW 5pdGlhdGl2 ZXMgdG8gcm VkdWNlIHRo ZWlyIGVudm lyb25tZW50 YWwgaW1wYW N0LiBUaGV5 IGhhdmUgYS BMRUVELWNl cnRpZmllZC BoZWFkcXVh cnRlcnMgYW 5kIGFsc28g b2ZmZXIgZW 5lcmd5LXNh dmluZyBvcH Rpb25zIGZv ciB0aGVpci Bwcm9kdWN0 cywgcHJvbW 90aW5nIGEg Z3JlZW5lci BhbmQgbW9y ZSBzdXN0YW luYWJsZSBm dXR1cmUuPG JyPjcuIFJl Y29nbml0aW 9ucyBhbmQg YXdhcmRzOi BBQU9OIGhh cyByZWNlaX ZlZCBudW1l cm91cyBhd2 FyZHMgYW5k IHJlY29nbm l0aW9ucyBm b3IgdGhlaX IgcHJvZHVj dHMsIGluY2 x1ZGluZyB0 aGUgcHJlc3 RpZ2lvdXMg 4oCcTW9zdC BJbm5vdmF0 aXZlIFByb2 R1Y3Qgb2Yg dGhlIFllYX LigJ0gYnkg dGhlIEFIUi BFeHBvLiBU aGVpciBjb2 1taXRtZW50 IHRvIGlubm 92YXRpb24g YW5kIGN1c3 RvbWVyIHNh dGlzZmFjdG lvbiBoYXMg YmVlbiBhY2 tub3dsZWRn ZWQgYnkgdm FyaW91cyBp bmR1c3RyeS Bvcmdhbml6 YXRpb25zLj xicj44LiBF bXBsb3llZS 1mb2N1c2Vk IGN1bHR1cm U6IEFBT04g dmFsdWVzIG l0cyBlbXBs b3llZXMgYW 5kIGNyZWF0 ZXMgYSBwb3 NpdGl2ZSB3 b3JrIGVudm lyb25tZW50 IGZvciB0aG VtLiBUaGV5 IG9mZmVyIG NvbXBldGl0 aXZlIGJlbm VmaXRzLCB0 cmFpbmluZy BhbmQgZGV2 ZWxvcG1lbn QgcHJvZ3Jh bXMsIGFuZC BvcHBvcnR1 bml0aWVzIG ZvciBncm93 dGggYW5kIG FkdmFuY2Vt ZW50IHdpdG hpbiB0aGUg Y29tcGFueS 4gVGhpcyBo YXMgcmVzdW x0ZWQgaW4g YSBoaWdobH kgc2tpbGxl ZCBhbmQgZG VkaWNhdGVk IHdvcmtmb3 JjZSwgY29u dHJpYnV0aW 5nIHRvIHRo ZSBjb21wYW 554oCZcyBz dWNjZXNzLg ==

VGhlIEFBT0 4gY29tcGFu eeKAmXMgYn VzaW5lc3Mg bW9kZWwgaX MgZm9jdXNl ZCBvbiBkZX NpZ25pbmcs IG1hbnVmYW N0dXJpbmcs IGFuZCBzZW xsaW5nIGhp Z2gtcXVhbG l0eSBoZWF0 aW5nLCB2ZW 50aWxhdGlv biwgYW5kIG FpciBjb25k aXRpb25pbm cgKEhWQUMp IHN5c3RlbX MgZm9yIGNv bW1lcmNpYW wgYW5kIHJl c2lkZW50aW FsIG1hcmtl dHMuIFRoZX kgcHJvdmlk ZSBhIHJhbm dlIG9mIHBy b2R1Y3RzIG luY2x1ZGlu ZyByb29mdG 9wIHVuaXRz LCBjaGlsbG VycywgYm9p bGVycywgYW lyIGhhbmRs aW5nIHVuaX RzLCBhbmQg b3RoZXIgSF ZBQyBjb21w b25lbnRzLi BUaGVpciBi dXNpbmVzcy Btb2RlbCBh bHNvIGluY2 x1ZGVzIHBy b3ZpZGluZy BleGNlcHRp b25hbCBjdX N0b21lciBz ZXJ2aWNlIG FuZCBzdXBw b3J0LCBhcy B3ZWxsIGFz IGludmVzdG luZyBpbiBy ZXNlYXJjaC BhbmQgZGV2 ZWxvcG1lbn QgdG8gY29u dGludW91c2 x5IGltcHJv dmUgYW5kIG V4cGFuZCB0 aGVpciBwcm 9kdWN0IG9m ZmVyaW5ncy 4gQUFPTuKA mXMgdGFyZ2 V0IG1hcmtl dCBpbmNsdW RlcyB2YXJp b3VzIGNvbW 1lcmNpYWwg YnVpbGRpbm dzIHN1Y2gg YXMgd2FyZW hvdXNlcywg c2Nob29scy wgaG9zcGl0 YWxzLCBhbm Qgb2ZmaWNl IGJ1aWxkaW 5ncywgYXMg d2VsbCBhcy ByZXNpZGVu dGlhbCBob2 1lcy4gVGhl eSBhbHNvIG hhdmUgYSBz dHJvbmcgZm 9jdXMgb24g ZW5lcmd5IG VmZmljaWVu Y3kgYW5kIH N1c3RhaW5h YmlsaXR5IG luIHRoZWly IHByb2R1Y3 RzIGFuZCBv cGVyYXRpb2 5zLg==

AI could potentially pose a material threat to AAON’s products, services, or competitive positioning in several ways.
1. Substitution: If AI technology leads to the development of alternative HVAC solutions that are more energy-efficient, cost-effective, or feature advanced automation, it could substitute traditional products offered by AAON. For example, smart HVAC systems that utilize AI for predictive maintenance and optimal energy usage might attract customers seeking innovative solutions.
2. Disintermediation: AI can streamline processes within the supply chain and operations, potentially allowing companies to bypass traditional distribution channels. This could lead to increased competition from new entrants who leverage AI to reduce costs and provide direct-to-consumer services, thereby undermining AAON’s established distribution networks.
3. Margin Pressure: As AI technology becomes more integrated into HVAC systems, companies that adopt these advancements may gain competitive advantages through lower operational costs and improved efficiencies. This could lead to price competition, putting pressure on AAON’s profit margins as they may need to reduce prices to maintain market share. Additionally, if competitors use AI to optimize production and logistics, they may achieve cost savings that allow them to offer lower prices.
In summary, while AI presents opportunities for innovation and improvement within the HVAC industry, it also poses threats through potential substitution, disintermediation, and margin pressure that AAON needs to address proactively.

AAON, like many companies, can be sensitive to changes in interest rates due to several factors related to its earnings, cash flow, and overall valuation.
1. Earnings Sensitivity: Higher interest rates can increase borrowing costs for AAON if the company relies on debt financing for operations or expansion. This can lead to reduced margins if the increased costs cannot be passed on to customers through higher prices. Conversely, lower interest rates could support higher earnings by reducing expenses associated with financing.
2. Cash Flow Sensitivity: Cash flow is impacted by interest rates primarily through financing costs and investment activities. If AAON needs to refinance existing debt or finance new projects, higher interest rates may reduce free cash flow due to increased interest payments. This could limit the company’s ability to invest in growth or return capital to shareholders. Lower rates typically boost cash flow by decreasing interest payments.
3. Valuation Sensitivity: The valuation of AAON is likely influenced by interest rates, particularly through the discount rate used in discounted cash flow models. Higher interest rates can increase the discount rate applied to future cash flows, leading to a lower present value of those cash flows and subsequently a lower valuation. Conversely, when interest rates are low, the present value of future earnings improves, potentially leading to a higher valuation.
Overall, AAON’s financial performance and market valuation are susceptible to shifts in interest rates, with potential implications for growth, investment decisions, and shareholder returns.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BBQU9O4oCZ cyBlY29ub2 1pY3Mgb3Zl ciB0aGUgbm V4dCAz4oCT NSB5ZWFycy BpcyBhIHNp Z25pZmljYW 50IGFuZCBz dXN0YWluZW QgaW5jcmVh c2UgaW4gcm F3IG1hdGVy aWFsIHByaW NlcywgcGFy dGljdWxhcm x5IGZvciBt ZXRhbHMgYW 5kIGNvbXBv bmVudHMgZX NzZW50aWFs IHRvIG1hbn VmYWN0dXJp bmcgSFZBQy BlcXVpcG1l bnQuIFRoaX MgY291bGQg YmUgZHJpdm VuIGJ5IGdl b3BvbGl0aW NhbCB0ZW5z aW9ucywgdH JhZGUgZGlz cHV0ZXMsIG 9yIGdsb2Jh bCBzdXBwbH kgY2hhaW4g ZGlzcnVwdG lvbnMuPGJy PklmIHRoaX Mgc2NlbmFy aW8gd2VyZS B0byBwbGF5 IG91dCwgQU FPTuKAmXMg bWFyZ2lucy B3b3VsZCBs aWtlbHkgZX hwZXJpZW5j ZSBhIHN1Yn N0YW50aWFs IGNvbnRyYW N0aW9uLiBB cyB0aGUgY2 9zdCBvZiBt YXRlcmlhbH MgcmlzZXMs IHRoZSBjb2 1wYW55IG1h eSBzdHJ1Z2 dsZSB0byBw YXNzIG9uIH RoZXNlIGlu Y3JlYXNlcy B0byBjdXN0 b21lcnMgd2 l0aG91dCBs b3NpbmcgbW Fya2V0IHNo YXJlLiBDb2 5zZXF1ZW50 bHksIG9wZX JhdGluZyBt YXJnaW5zIG NvdWxkIGRy b3Agc2lnbm lmaWNhbnRs eSwgbGVhZG luZyB0byBs b3dlciBwcm 9maXRhYmls aXR5LiBGb3 IgaW5zdGFu Y2UsIGlmIG Nvc3Qgb2Yg Z29vZHMgc2 9sZCBpbmNy ZWFzZXMgYn kgMjAlIHdo aWxlIHNlbG xpbmcgcHJp Y2VzIHJlbW FpbiBzdGFn bmFudCwgdG hlIGdyb3Nz IG1hcmdpbi B3b3VsZCBz aHJpbmssIH BvdGVudGlh bGx5IGltcG FjdGluZyBF QklUREEgbW FyZ2lucyBi eSBhcyBtdW NoIGFzIDUt MTAlLjxicj 5DYXNoIGZs b3cgd291bG QgYWxzbyBi ZSBhZHZlcn NlbHkgYWZm ZWN0ZWQuIE hpZ2hlciBy YXcgbWF0ZX JpYWwgY29z dHMgY2FuIG xlYWQgdG8g aW5jcmVhc2 VkIHdvcmtp bmcgY2FwaX RhbCByZXF1 aXJlbWVudH MsIGFzIHRo ZSBjb21wYW 55IHdvdWxk IG5lZWQgdG 8gaG9sZCBt b3JlIGludm VudG9yeSB0 byBzZWN1cm Ugc3VwcGxp ZXMuIFRoaX MgY291bGQg c3RyYWluIG Nhc2ggZmxv dyBmdXJ0aG VyLCBlc3Bl Y2lhbGx5IG lmIGN1c3Rv bWVyIHBheW 1lbnRzIGFy ZSBkZWxheW VkLiBNb3Jl b3Zlciwgc2 hvdWxkIHRo ZSBtYXJrZX QgZXhwZXJp ZW5jZSBhIG Rvd250dXJu LCB0aGUgZG VjcmVhc2Vk IGRlbWFuZC Bjb21iaW5l ZCB3aXRoIG luZmxhdGVk IGNvc3RzIG NvdWxkIGZ1 cnRoZXIgZX hhY2VyYmF0 ZSBjYXNoIG Zsb3cgaXNz dWVzLCBwb3 RlbnRpYWxs eSBsZWFkaW 5nIHRvIG5l Z2F0aXZlIG ZyZWUgY2Fz aCBmbG93Lj xicj5PbiB0 aGUgYmFsYW 5jZSBzaGVl dCwgaW5jcm Vhc2VkIGRl YnQgbGV2ZW xzIG1pZ2h0 IGJlIG5lY2 Vzc2FyeSB0 byBmdW5kIG 9wZXJhdGlv bmFsIGFkan VzdG1lbnRz LCBpbnZlbn RvcnkgYnVp bGRzLCBvci BjYXBpdGFs IGV4cGVuZG l0dXJlcyBh aW1lZCBhdC BtYWludGFp bmluZyBjb2 1wZXRpdGl2 ZW5lc3MgaW 4gYSBoaWdo LWNvc3QgZW 52aXJvbm1l bnQuIFRoaX MgY291bGQg cmVzdWx0IG luIGEgZGV0 ZXJpb3JhdG luZyBkZWJ0 LXRvLWVxdW l0eSByYXRp bywgcmFpc2 luZyBjb25j ZXJucyBhbW 9uZyBpbnZl c3RvcnMgYW 5kIGNyZWRp dG9ycyBhYm 91dCB0aGUg Y29tcGFuee KAmXMgZmlu YW5jaWFsIH N0YWJpbGl0 eS4gQWRkaX Rpb25hbGx5 LCBpZiBwZX JzaXN0ZW50 IGluZmxhdG lvbiBwZXJz aXN0cywgQU FPTiBtaWdo dCBuZWVkIH RvIGNvbnNp ZGVyIGxvbm ctdGVybSBj YXBpdGFsIH Byb2plY3Rz IHRvIG1vZG Vybml6ZSBm YWNpbGl0aW VzIG9yIGlt cHJvdmUgZW ZmaWNpZW5j eSwgZnVydG hlciBpbXBh Y3RpbmcgaX RzIGxpcXVp ZGl0eSBhbm QgcG90ZW50 aWFsbHkgaW 5jcmVhc2lu ZyBpdHMgbG V2ZXJhZ2Uu PGJyPkluIH N1bW1hcnks IGlmIGEgcH JvbG9uZ2Vk IGluY3JlYX NlIGluIHJh dyBtYXRlcm lhbCBwcmlj ZXMgb2NjdX JzLCBBQU9O IGNvdWxkIG ZhY2Ugc2hy aW5raW5nIG 1hcmdpbnMs IHByZXNzdX JlZCBjYXNo IGZsb3dzLC BhbmQgYSB3 ZWFrZW5lZC BiYWxhbmNl IHNoZWV0LC BsZWFkaW5n IHRvIGxvbm ctdGVybSBj aGFsbGVuZ2 VzIGluIG1h aW50YWluaW 5nIGl0cyBt YXJrZXQgcG 9zaXRpb24g YW5kIGZpbm FuY2lhbCBo ZWFsdGguPG JyPg==

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 cyRDZWNHJW bzVIY1JYV0 xobnoud2Vi cCIgYWx0PS JBQU9OIiB0 aXRsZT0iQU FPTiIgIGNs YXNzPSJpbW ctZmx1aWQi IGhlaWdodD 01MCB3aWR0 aD01MCBsb2 FkaW5nPSds YXp5JyBzdH lsZT0nYm9y ZGVyLXJhZG l1czogNnB4 Oyc+CgogIC AgICAgICAg ICAgICAgIC AgIDxkaXYg c3R5bGU9J2 ZsZXg6IDE7 IHRleHQtYW xpZ246IGNl bnRlcjsgbW FyZ2luLWxl ZnQ6IDVweD snPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8cC BzdHlsZT0n Zm9udC1zaX plOiAyNnB4 OyBjb2xvcj ogIzMzMzsg bWFyZ2luLW JvdHRvbTog MTVweDsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAg8J +TiCBXYW50 IHRvIHJlYW QgbW9yZSBh Ym91dCBBQU 9OPwogICAg 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+TpS BHZXQgb3Vy IGZyZWUgZU Jvb2sgbm93 OiA8aT4iVG hlIENoZWNr bGlzdCBWYW x1ZSBJbnZl c3RvciDigJ QgQSBTbWFy dGVyIFdheS B0byBQaWNr IFN0b2Nrcy I8L2k+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvcD4KCiAg ICAgICAgIC AgICAgICAg ICAgICAgID whLS0KICAg ICAgICAgIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nbWFyZ2 luLXRvcDog MTJweDsgZm 9udC1zaXpl OiAxM3B4Oy Bjb2xvcjog IzQ0NDsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgU2 lnbiB1cCBu b3cgYW5kIG dldCBvdXIg ZnJlZSBlQm 9vayAKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIDxiPlRo ZSBDaGVja2 xpc3QgVmFs dWUgSW52ZX N0b3Ig4oCU IEEgU21hcn RlciBXYXkg dG8gUGljay BTdG9ja3M8 L2I+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICAgICAgIC AgICAgICAt LT4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPCEt LQogICAgIC AgICAgICAg ICAgICAgIC AgICA8ZGl2 IHN0eWxlPS dtYXJnaW4t dG9wOiAxNn B4OyBmb250 LXNpemU6ID E0cHg7IGNv bG9yOiAjND Q0OyBmb250 LWZhbWlseT ogLWFwcGxl LXN5c3RlbS wgQmxpbmtN YWNTeXN0ZW 1Gb250LCBT ZWdvZSBVSS wgUm9ib3Rv LCBIZWx2ZX RpY2EgTmV1 ZSwgc2Fucy 1zZXJpZjsg bGluZS1oZW lnaHQ6IDEu NjsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgSGF2ZS B5b3UgaGVh cmQgYWJvdX Qgb3VyIHNo b3J0IDxzdH Jvbmcgc3R5 bGU9J2Zvbn Qtd2VpZ2h0 OiA2MDA7Jz 5EYWlseSBW aWRlbyBOZX dzbGV0dGVy PC9zdHJvbm c+PwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGEgaHJl Zj0naHR0cH M6Ly93d3cu aW5zaWdodG Z1bHZhbHVl LmNvbS9uZX dzbGV0dGVy LnBocCcgdG FyZ2V0PSdf YmxhbmsnIH N0eWxlPSdj b2xvcjogIz AwN0JGRjsg dGV4dC1kZW NvcmF0aW9u OiBub25lOy Bmb250LXdl aWdodDogNT AwOyBtYXJn aW4tbGVmdD ogNnB4Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgRmluZC BvdXQgbW9y ZQogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9hPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgICAgIC AgICAgICAg LS0+CiAgIC AgICAgICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgIAogICAg ICAgIAogIC AgICAgIDxz cGFuIGNsYX NzPSdibHVy cmVkLXRleH QnPgogICAg ICAgICAgIC BMU0JCUVU5 T0xDIEJKYm 1NdUlHbHog SUdFZ2JHVm haRyBsdVp5 QnRZVzUxIF ptRmpkSFZ5 WlggSWdiMl lnYUdWaCBk R2x1Wnl3Z2 RtIFZ1ZEds c1lYUnAgYj I0c0lHRnVa QyBCaGFYSW dZMjl1IFpH bDBhVzl1YV cgNW5JQ2hJ VmtGRCBLU0 JsY1hWcGNH IDFsYm5RZ1 ptOXkgSUdO dmJXMWxjbS BOcFlXd2dZ VzVrIElHbH VaSFZ6ZEgg SnBZV3dnWW 5WcCBiR1Jw Ym1kekxpIE E4WW5JK0xT QlUgYUdVZ1 kyOXRjRyBG dWVTQjNZWE 1nIFptOTFi bVJsWkMgQn BiaUF4T1Rn NCBJR2x1SU ZSMWJIIE5o TENCUGEyeG ggYUc5dFlT QmllUyBCRF JVOGdUbTl5 IGJTQkJjMk pxYjMgSnVj Mjl1TGlBOC BZbkkrTFNC VWFHIFVnYm 1GdFpTQkIg UVU5T0lITj BZVyA1a2N5 Qm1iM0lnIF FYTmlhbTl5 Ym4gTnZiaT FCYkd4cCBj Mjl1TFU5a2 JHIEZ1WkNC T1pYUjMgYj NKckxDQm9i MiA1dmNtbH VaeUIwIGFH VWdkR2h5Wl cgVWdabTkx Ym1ScCBibW NnY0dGeWRH IDVsY25NdU lEeGkgY2o0 dElFRkJUMC A0Z2FHRnpJ RzkyIFpYSW dNaXd3TUQg QWdaVzF3Yk c5NSBaV1Z6 SUdGdVpDIE J2Y0dWeVlY UmwgY3lCdF lXNTFabSBG amRIVnlhVz VuIElHWmhZ MmxzYVggUn BaWE1nYVc0 ZyBWSFZzYz JFc0lFIDlM SUdGdVpDQk 0gYjI1bmRt bGxkeSB3Z1 ZGZ3NJR0Z6 IElIZGxiR3 dnWVggTWdZ U0JrYVhOMC BjbWxpZFhS cGIyIDRnWT JWdWRHVnkg SUdsdUlFTm hiRyBsbWIz SnVhV0V1IE lEeGljajR0 SUYgUm9aU0 JqYjIxdyBZ VzU1NG9DWm N5IEJ3Y205 a2RXTjAgY3 lCaGNtVWdj MiA5c1pDQn BiaUJoIGJH d2dOVEFnYz MgUmhkR1Z6 SUdGdSBaQ0 JwYmlCdmRt IFZ5SURnd0 lHTnYgZFc1 MGNtbGxjeS BCM2IzSnNa SGRwIFpHVX VJRHhpY2og NHRJRUZCVD A0ZyBhR0Z6 SUhKbFkyIF ZwZG1Wa0lH NTEgYldWeW IzVnpJRyBG M1lYSmtjeU JoIGJtUWdj bVZqYjIgZH VhWFJwYjI0 ZyBabTl5SU dsMGN5IEJs Ym1WeVoza3 QgWldabWFX TnBaVyA1ME lHRnVaQ0J6 IGRYTjBZV2 x1WVcgSnNa U0JJVmtGRC BJSE41YzNS bGJYIE1zSU dsdVkyeDEg WkdsdVp5Qj BhRyBVZ1JX NWxjbWQ1IE lGTjBZWEln VUcgRnlkRz VsY2lCdiBa aUIwYUdVZ1 dXIFZoY2lC aGQyRnkgWk NCbWNtOXRJ SCBSb1pTQl ZMbE11IElF VnVkbWx5Yj IgNXRaVzUw WVd3ZyBVSE p2ZEdWamRH IGx2YmlCQl oyVnUgWTNr dUlEeGljai A0dElFbHVJ R0ZrIFpHbD BhVzl1SUgg UnZJRWhXUV VNZyBaWEYx YVhCdFpXID UwTENCQlFV OU8gSUdGc2 MyOGdiMiBa bVpYSnpJR0 52IGJuUnli MndnYzMgbH pkR1Z0Y3l3 ZyBaVzVsY2 1kNUlIIEps WTI5MlpYSj UgSUhWdWFY UnpMQyBCaG JtUWdkR1Z6 IGRDQmphR0 Z0WW0gVnlj eUJtYjNJZy BkR2hsSUdG MWRHIDl0Yj NScGRtVWcg YVc1a2RYTj BjbiBrdUlE eGljajR0IE lGUm9aU0Jq YjIgMXdZVz U1NG9DWiBj eUJvWldGa2 NYIFZoY25S bGNuTWcgYV c0Z1ZIVnNj MiBFc0lFOU xJR1psIFlY UjFjbVZ6SU cgRWdNelkx TERBdyBNQ0 J6Y1hWaGNt IFVnWm05dm RDQnQgWVc1 MVptRmpkSC BWeWFXNW5J R1poIFkybH NhWFI1SUcg RnVaQ0JoSU hOMCBZWFJs TFc5bUxYIF JvWlMxaGNu UWcgZEdWem RHbHVaeSBC c1lXSnZjbU YwIGIzSjVM aUE4WW4gSS tMU0JCUVU5 TyBJR2x6SU dFZ2NIIFZp YkdsamJIa2 cgZEhKaFpH VmtJRyBOdm JYQmhibmtn IGIyNGdkR2 hsSUUgNUJV MFJCVVNCei BkRzlqYXlC bGVHIE5vWV c1blpTQjEg Ym1SbGNpQj BhRyBVZ2RH bGphMlZ5IE lITjViV0p2 YkMgQkJRVT lPTGlBOCBZ bkkrTFNCVW FHIFVnWTI5 dGNHRnUgZV NCb1lYTWdZ UyBCemRISn ZibWNnIFky OXRiV2wwYl cgVnVkQ0Iw YnlCbCBibl pwY205dWJX IFZ1ZEdGc0 lITjEgYzNS aGFXNWhZbS Bsc2FYUjVM Q0JwIGJtTn ZjbkJ2Y20g RjBhVzVuSU dWdSBaWEpu ZVMxbFptIF pwWTJsbGJu UWcgWkdWem FXZHVJRyBG dVpDQndjbT lrIGRXTjBh Vzl1SUggQn lZV04wYVdO bCBjeUJwYm lCcGRIIE1n YjNCbGNtRj AgYVc5dWN5 QmhibSBRZ2 NISnZaSFZq IGRITXUKIC AgICAgICA8 L3NwYW4+Ci AgICAgICAg CiAgICAgIC Ag