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+Gky BEaXNjb3Zl ciA8aT4iVG hlIENoZWNr bGlzdCBWYW x1ZSBJbnZl c3RvciDigJ QgQSBTbWFy dGVyIFdheS B0byBQaWNr IFN0b2Nrcy I8L2k+IOKA lCBmcmVlIG VCb29rIQog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L3A+Cgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8IS0tCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xkaXYgc3R5 bGU9J21hcm dpbi10b3A6 IDEycHg7IG ZvbnQtc2l6 ZTogMTNweD sgY29sb3I6 ICM0NDQ7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIF NpZ24gdXAg bm93IGFuZC BnZXQgb3Vy IGZyZWUgZU Jvb2sgCiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8Yj5U aGUgQ2hlY2 tsaXN0IFZh bHVlIEludm VzdG9yIOKA lCBBIFNtYX J0ZXIgV2F5 IHRvIFBpY2 sgU3RvY2tz PC9iPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgICAgIC AgICAgICAg LS0+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwh LS0KICAgIC AgICAgICAg ICAgICAgIC AgICAgPGRp diBzdHlsZT 0nbWFyZ2lu LXRvcDogMT ZweDsgZm9u dC1zaXplOi AxNHB4OyBj b2xvcjogIz Q0NDsgZm9u dC1mYW1pbH k6IC1hcHBs ZS1zeXN0ZW 0sIEJsaW5r TWFjU3lzdG VtRm9udCwg U2Vnb2UgVU ksIFJvYm90 bywgSGVsdm V0aWNhIE5l dWUsIHNhbn Mtc2VyaWY7 IGxpbmUtaG VpZ2h0OiAx LjY7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIEhhdm UgeW91IGhl YXJkIGFib3 V0IG91ciBz aG9ydCA8c3 Ryb25nIHN0 eWxlPSdmb2 50LXdlaWdo dDogNjAwOy c+RGFpbHkg VmlkZW8gTm V3c2xldHRl cjwvc3Ryb2 5nPj8KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIDxhIGhy ZWY9J2h0dH BzOi8vd3d3 Lmluc2lnaH RmdWx2YWx1 ZS5jb20vbm V3c2xldHRl ci5waHAnIH RhcmdldD0n X2JsYW5rJy BzdHlsZT0n Y29sb3I6IC MwMDdCRkY7 IHRleHQtZG Vjb3JhdGlv bjogbm9uZT sgZm9udC13 ZWlnaHQ6ID UwMDsgbWFy Z2luLWxlZn Q6IDZweDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIEZpbm Qgb3V0IG1v cmUKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IDwvYT4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IC0tPgogIC AgICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAKICAg ICAgICAKIC AgICAgICA8 c3BhbiBjbG Fzcz0nYmx1 cnJlZC10ZX h0Jz4KICAg ICAgICAgIC AgTFNCQlFV OU9MQyBCSm JtTXVJR2x6 IElHRWdiR1 ZoWkcgbHVa eUJ0WVc1MS BabUZqZEhW eVpYIElnYj JZZ2FHVmgg ZEdsdVp5d2 dkbSBWdWRH bHNZWFJwIG IyNHNJR0Z1 WkMgQmhhWE lnWTI5dSBa R2wwYVc5dW FXIDVuSUNo SVZrRkQgS1 NCbGNYVnBj RyAxbGJuUW dabTl5IElH TnZiVzFsY2 0gTnBZV3dn WVc1ayBJR2 x1WkhWemRI IEpwWVd3Z1 luVnAgYkdS cGJtZHpMaS BBOFluSStM U0JVIGFHVW dZMjl0Y0cg RnVlU0IzWV hNZyBabTkx Ym1SbFpDIE JwYmlBeE9U ZzQgSUdsdU lGUjFiSCBO aExDQlBhMn hoIGFHOXRZ U0JpZVMgQk RSVThnVG05 eSBiU0JCYz JKcWIzIEp1 YzI5dUxpQT ggWW5JK0xT QlVhRyBVZ2 JtRnRaU0JC IFFVOU9JSE 4wWVcgNWtj eUJtYjNJZy BRWE5pYW05 eWJuIE52Ym kxQmJHeHAg YzI5dUxVOW tiRyBGdVpD Qk9aWFIzIG IzSnJMQ0Jv YjIgNXZjbW x1WnlCMCBh R1VnZEdoeV pXIFVnWm05 MWJtUnAgYm 1jZ2NHRnlk RyA1bGNuTX VJRHhpIGNq NHRJRUZCVD AgNGdhR0Z6 SUc5MiBaWE lnTWl3d01E IEFnWlcxd2 JHOTUgWldW eklHRnVaQy BCdmNHVnlZ WFJsIGN5Qn RZVzUxWm0g RmpkSFZ5YV c1biBJR1po WTJsc2FYIF JwWlhNZ2FX NGcgVkhWc2 MyRXNJRSA5 TElHRnVaQ0 JNIGIyNW5k bWxsZHkgd2 dWRmdzSUdG eiBJSGRsYk d3Z1lYIE1n WVNCa2FYTj AgY21saWRY UnBiMiA0Z1 kyVnVkR1Z5 IElHbHVJRU 5oYkcgbG1i M0p1YVdFdS BJRHhpY2o0 dElGIFJvWl NCamIyMXcg WVc1NTRvQ1 pjeSBCd2Nt OWtkV04wIG N5QmhjbVVn YzIgOXNaQ0 JwYmlCaCBi R3dnTlRBZ2 MzIFJoZEdW eklHRnUgWk NCcGJpQnZk bSBWeUlEZ3 dJR052IGRX NTBjbWxsY3 kgQjNiM0pz WkhkcCBaR1 V1SUR4aWNq IDR0SUVGQl QwNGcgYUdG eklISmxZMi BWcGRtVmtJ RzUxIGJXVn liM1Z6SUcg RjNZWEprY3 lCaCBibVFn Y21WamIyIG R1YVhScGIy NGcgWm05eU lHbDBjeSBC bGJtVnlaM2 t0IFpXWm1h V05wWlcgNT BJR0Z1WkNC eiBkWE4wWV dsdVlXIEpz WlNCSVZrRk QgSUhONWMz UmxiWCBNc0 lHbHVZMngx IFpHbHVaeU IwYUcgVWdS VzVsY21kNS BJRk4wWVhJ Z1VHIEZ5ZE c1bGNpQnYg WmlCMGFHVW dXVyBWaGNp QmhkMkZ5IF pDQm1jbTl0 SUggUm9aU0 JWTGxNdSBJ RVZ1ZG1seW IyIDV0Wlc1 MFlXd2cgVU hKdmRHVmpk RyBsdmJpQk JaMlZ1IFkz a3VJRHhpY2 ogNHRJRWx1 SUdGayBaR2 wwYVc5dUlI IFJ2SUVoV1 FVTWcgWlhG MWFYQnRaVy A1MExDQkJR VTlPIElHRn NjMjhnYjIg Wm1aWEp6SU dOdiBiblJ5 YjJ3Z2MzIG x6ZEdWdGN5 d2cgWlc1bG NtZDVJSCBK bFkyOTJaWE o1IElIVnVh WFJ6TEMgQm hibVFnZEdW eiBkQ0JqYU dGdFltIFZ5 Y3lCbWIzSW cgZEdobElH RjFkRyA5dG IzUnBkbVVn IGFXNWtkWE 4wY24ga3VJ RHhpY2o0dC BJRlJvWlNC amIyIDF3WV c1NTRvQ1og Y3lCb1pXRm tjWCBWaGNu Umxjbk1nIG FXNGdWSFZz YzIgRXNJRT lMSUdabCBZ WFIxY21Wek lHIEVnTXpZ MUxEQXcgTU NCemNYVmhj bSBVZ1ptOX ZkQ0J0IFlX NTFabUZqZE ggVnlhVzVu SUdaaCBZMm xzYVhSNUlH IEZ1WkNCaE lITjAgWVhS bExXOW1MWC BSb1pTMWhj blFnIGRHVn pkR2x1Wnkg QnNZV0p2Y2 1GMCBiM0o1 TGlBOFluIE krTFNCQlFV OU8gSUdsek lHRWdjSCBW aWJHbGpiSG tnIGRISmha R1ZrSUcgTn ZiWEJoYm5r ZyBiMjRnZE dobElFIDVC VTBSQlVTQn ogZEc5amF5 QmxlRyBOb1 lXNW5aU0Ix IGJtUmxjaU IwYUcgVWdk R2xqYTJWeS BJSE41YldK dmJDIEJCUV U5T0xpQTgg WW5JK0xTQl VhRyBVZ1ky OXRjR0Z1IG VTQm9ZWE1n WVMgQnpkSE p2Ym1jZyBZ Mjl0YldsMG JXIFZ1ZENC MGJ5QmwgYm 5acGNtOXVi VyBWdWRHRn NJSE4xIGMz UmhhVzVoWW 0gbHNhWFI1 TENCcCBibU 52Y25CdmNt IEYwYVc1bk lHVnUgWlhK bmVTMWxabS BacFkybGxi blFnIFpHVn phV2R1SUcg RnVaQ0J3Y2 05ayBkV04w YVc5dUlIIE J5WVdOMGFX TmwgY3lCcG JpQnBkSCBN Z2IzQmxjbU YwIGFXOXVj eUJoYm0gUW djSEp2WkhW aiBkSE11Ci AgICAgICAg PC9zcGFuPg ogICAgICAg IAogICAgIC AgIA==