Finning

-7.46%

Live  

Finning International Inc. is the world's largest Caterpillar equipment dealer, with operations in Canada, the United Kingdom, Ireland, and South America. The company specializes in selling, renting, and providing parts and services for Caterpillar equipment, including bulldozers, backhoes, excavators, and trucks. It also offers customized financial solutions for customers to purchase or lease their equipment. Finning has a history dating back to 1933, and today, it employs over 13,000 people worldwide. The company is headquartered in Vancouver, Canada, and trades on the Toronto Stock Exchange (TSX) under the symbol FTT.

RmlubmluZy BpcyBhIGNv bXBhbnkgdG hhdCBzZWxs cyBhbmQgc2 VydmljZXMg YmlnIG1hY2 hpbmVzLCBl c3BlY2lhbG x5IHRob3Nl IG1hZGUgYn kgYSBmYW1v dXMgYnJhbm QgY2FsbGVk IENhdGVycG lsbGFyLiBU aGVzZSBtYW NoaW5lcyBh cmUgdXNlZC BpbiBjb25z dHJ1Y3Rpb2 4sIG1pbmlu ZywgYW5kIG 90aGVyIGhl YXZ5IHdvcm suIEltYWdp bmUgZ2lhbn QgZGlnZ2Vy cywgYnVsbG RvemVycywg YW5kIHRydW NrcyB0aGF0 IGhlbHAgYn VpbGQgcm9h ZHMgb3IgZG lnIHVwIHJv Y2tzIGFuZC BkaXJ0IOKA kyB0aGF04o CZcyB3aGF0 IHRoZXkgaG VscCBwcm92 aWRlITxicj 5GaW5uaW5n IG1ha2VzIG 1vbmV5IGJ5 IGRvaW5nIG EgZmV3IHRo aW5ncy4gRm lyc3QsIHRo ZXkgc2VsbC B0aGVzZSBi aWcgbWFjaG luZXMgdG8g Y29tcGFuaW VzIHRoYXQg bmVlZCB0aG VtLiBUaGVu LCB0aGV5IG Fsc28gcHJv dmlkZSBwYX J0cyBhbmQg c2VydmljZX MgdG8ga2Vl cCB0aG9zZS BtYWNoaW5l cyBydW5uaW 5nLiBJZiBh IG1hY2hpbm UgYnJlYWtz IGRvd24sIE Zpbm5pbmcg Y2FuIGZpeC BpdCBvciBz ZWxsIHJlcG xhY2VtZW50 IHBhcnRzLC B3aGljaCBt ZWFucyB0aG V5IGVhcm4g bW9uZXkgZX ZlbiBhZnRl ciB0aGUgbW FjaGluZSBp cyBzb2xkLi A8YnI+Tm93 LCB3aHkgaX MgRmlubmlu ZyBzdWNjZX NzZnVsPyBX ZWxsLCB0aG V5IGhhdmUg YmVlbiBpbi B0aGUgYnVz aW5lc3MgZm 9yIGEgbG9u ZyB0aW1lIG FuZCBrbm93 IGEgbG90IG Fib3V0IHRo ZXNlIG1hY2 hpbmVzLiBU aGV5IGhhdm UgdHJhaW5l ZCB3b3JrZX JzIHdobyBj YW4gaGVscC BjdXN0b21l cnMgd2l0aC Bhbnl0aGlu ZyB0aGV5IG 5lZWQuIFRo ZXkgYWxzby BoYXZlIGxv dHMgb2YgbG 9jYXRpb25z LCB3aGljaC BtYWtlcyBp dCBlYXNpZX IgZm9yIGN1 c3RvbWVycy B0byBmaW5k IHRoZW0uIF BsdXMsIGFz IGNvbnN0cn VjdGlvbiBh bmQgbWluaW 5nIGNvbnRp bnVlIHRvIG dyb3csIG1v cmUgcGVvcG xlIHdpbGwg bmVlZCB0aG VzZSBtYWNo aW5lcywgd2 hpY2ggaGVs cHMgRmlubm luZyBrZWVw IG1ha2luZy Btb25leS48 YnI+TG9va2 luZyBpbnRv IHRoZSBmdX R1cmUsIEZp bm5pbmcgaX MgbGlrZWx5 IHRvIHN0YX kgc3VjY2Vz c2Z1bC4gTW 9yZSBwZW9w bGUgYXJvdW 5kIHRoZSB3 b3JsZCB3aW xsIGFsd2F5 cyBuZWVkIH RvIGJ1aWxk IHRoaW5ncy BsaWtlIGhv dXNlcywgcm 9hZHMsIGFu ZCBzY2hvb2 xzLCBhbmQg dGhhdCBtZW FucyB0aGV5 IHdpbGwgbm VlZCBlcXVp cG1lbnQuIE Zpbm5pbmcg aXMgYWxzby B3b3JraW5n IG9uIGJlaW 5nIG1vcmUg ZW52aXJvbm 1lbnRhbGx5 IGZyaWVuZG x5IGFuZCB1 c2luZyBuZX cgdGVjaG5v bG9naWVzLC B3aGljaCBj YW4gaGVscC B0aGVtIHN0 YXkgYWhlYW Qgb2YgdGhl IGNvbXBldG l0aW9uLiBT bywgYXMgbG 9uZyBhcyBw ZW9wbGUga2 VlcCBidWls ZGluZyBhbm QgZGlnZ2lu ZywgRmlubm luZyB3aWxs IGJlIHRoZX JlIHRvIHBy b3ZpZGUgdG hlIG1hY2hp bmVzIHRoZX kgbmVlZCE8 YnI+

VGhlcmUgYX JlIHNldmVy YWwgYXNwZW N0cyB0aGF0 IG1ha2UgRm lubmluZyBh IHNwZWNpYW wgY29tcGFu eTo8YnI+MS 4gTG9uZy1z dGFuZGluZy BIaXN0b3J5 OiBGaW5uaW 5nIHdhcyBm b3VuZGVkIG luIDE5MzMg YW5kIGhhcy BiZWVuIGlu IGJ1c2luZX NzIGZvciBv dmVyIDg1IH llYXJzLiBU aGlzIGRlbW 9uc3RyYXRl cyB0aGUgY2 9tcGFueSdz IHN0YWJpbG l0eSBhbmQg bG9uZ2V2aX R5IGluIHRo ZSBtYXJrZX QuPGJyPjIu IEdsb2JhbC BQcmVzZW5j ZTogRmlubm luZyBvcGVy YXRlcyBpbi BtdWx0aXBs ZSBjb3VudH JpZXMgYXJv dW5kIHRoZS B3b3JsZCwg aW5jbHVkaW 5nIENhbmFk YSwgVW5pdG VkIEtpbmdk b20sIFNvdX RoIEFtZXJp Y2EsIGFuZC Btb3JlLiBU aGlzIGdsb2 JhbCBwcmVz ZW5jZSBhbG xvd3MgdGhl bSB0byBzZX J2ZSBkaXZl cnNlIG1hcm tldHMgYW5k IGN1c3RvbW Vycy48YnI+ My4gRm9jdX NlZCBvbiBD YXRlcnBpbG xhciBFcXVp cG1lbnQ6IE Zpbm5pbmcg aXMgdGhlIH dvcmxkJ3Mg bGFyZ2VzdC BDYXRlcnBp bGxhciBkZW FsZXIsIHBy b3ZpZGluZy BzYWxlcywg cGFydHMsIG FuZCBzZXJ2 aWNlIGZvci BDYXRlcnBp bGxhciBoZW F2eSBlcXVp cG1lbnQuIF RoaXMgZXhj bHVzaXZlIH BhcnRuZXJz aGlwIHdpdG ggQ2F0ZXJw aWxsYXIgZ2 l2ZXMgdGhl bSBhIHVuaX F1ZSBwb3Np dGlvbiBpbi B0aGUgbWFy a2V0Ljxicj 40LiBFbXBo YXNpcyBvbi BTdXN0YWlu YWJpbGl0eT ogRmlubmlu ZyBpcyBjb2 1taXR0ZWQg dG8gc3VzdG FpbmFibGUg cHJhY3RpY2 VzIGFuZCBo YXMgaW1wbG VtZW50ZWQg aW5pdGlhdG l2ZXMgdG8g cmVkdWNlIG VtaXNzaW9u cywgaW1wcm 92ZSBlbmVy Z3kgZWZmaW NpZW5jeSwg YW5kIHByb2 1vdGUgZW52 aXJvbm1lbn RhbCBzdGV3 YXJkc2hpcC 4gVGhleSBo YXZlIGJlZW 4gcmVjb2du aXplZCBhcy BhIHN1c3Rh aW5hYmlsaX R5IGxlYWRl ciBpbiB0aG UgaW5kdXN0 cnkuPGJyPj UuIEVtcGxv eWVlIERldm Vsb3BtZW50 OiBGaW5uaW 5nIGhhcyBh IHN0cm9uZy Bmb2N1cyBv biBlbXBsb3 llZSBkZXZl bG9wbWVudC BhbmQgb2Zm ZXJzIHZhcm lvdXMgdHJh aW5pbmcgcH JvZ3JhbXMs IGNhcmVlci BhZHZhbmNl bWVudCBvcH BvcnR1bml0 aWVzLCBhbm QgYmVuZWZp dHMuIFRoaX MgaGFzIGhl bHBlZCB0aG VtIHJldGFp biBhIHNraW xsZWQgYW5k IGRlZGljYX RlZCB3b3Jr Zm9yY2UuPG JyPjYuIEN1 c3RvbWVyLW NlbnRyaWMg QXBwcm9hY2 g6IEZpbm5p bmcgcHV0cy B0aGVpciBj dXN0b21lcn MgYXQgdGhl IGNlbnRlci BvZiBldmVy eXRoaW5nIH RoZXkgZG8u IFRoZXkgc3 RyaXZlIHRv IHVuZGVyc3 RhbmQgdGhl aXIgY3VzdG 9tZXJzJyBu ZWVkcyBhbm QgcHJvdmlk ZSBpbm5vdm F0aXZlIHNv bHV0aW9ucy B0byBtZWV0 IHRoZW0uPG JyPjcuIENv bnRyaWJ1dG lvbiB0byBD b21tdW5pdG llczogRmlu bmluZyBpcy BpbnZvbHZl ZCBpbiB2YX Jpb3VzIGNv bW11bml0eS Bpbml0aWF0 aXZlcywgc3 VjaCBhcyBz dXBwb3J0aW 5nIGxvY2Fs IGNoYXJpdG llcywgc3Bv bnNvcmluZy BldmVudHMs IGFuZCBvZm ZlcmluZyBl bXBsb3llZS B2b2x1bnRl ZXIgcHJvZ3 JhbXMuIFRo aXMgc2hvd3 MgdGhlaXIg Y29tbWl0bW VudCB0byBn aXZpbmcgYm FjayB0byB0 aGUgY29tbX VuaXRpZXMg dGhleSBvcG VyYXRlIGlu Lg==

VGhlIEZpbm 5pbmcgY29t cGFueSBpcy BhIGdsb2Jh bCBwcm92aW RlciBvZiBo ZWF2eSBlcX VpcG1lbnQs IHBhcnRzLC BhbmQgc2Vy dmljZXMgZm 9yIHZhcmlv dXMgaW5kdX N0cmllcyBz dWNoIGFzIG 1pbmluZywg Y29uc3RydW N0aW9uLCBh Z3JpY3VsdH VyZSwgZW5l cmd5LCBhbm QgZm9yZXN0 cnkuIFRoZW lyIGJ1c2lu ZXNzIG1vZG VsIHJldm9s dmVzIGFyb3 VuZCBzZWxs aW5nIGFuZC ByZW50aW5n IGhpZ2gtcX VhbGl0eSwg bmV3IGFuZC B1c2VkIGVx dWlwbWVudC Bmcm9tIGxl YWRpbmcgbW FudWZhY3R1 cmVycyBzdW NoIGFzIENh dGVycGlsbG FyLCBwcm92 aWRpbmcgbW FpbnRlbmFu Y2UsIHJlcG FpciwgYW5k IHN1cHBvcn Qgc2Vydmlj ZXMgZm9yIH RoaXMgZXF1 aXBtZW50LC BhbmQgb2Zm ZXJpbmcgZm luYW5jaW5n IGFuZCBpbn N1cmFuY2Ug b3B0aW9ucy B0byBjbGll bnRzLjxicj 5GaW5uaW5n IGFsc28gdX RpbGl6ZXMg YWR2YW5jZW QgdGVjaG5v bG9neSBhbm QgZGF0YSBh bmFseXRpY3 MgdG8gaW1w cm92ZSB0aG UgZWZmaWNp ZW5jeSBhbm QgcHJvZHVj dGl2aXR5IG 9mIHRoZWly IGNsaWVudH MnIG9wZXJh dGlvbnMsIH doaWxlIGFs c28gcHJvdm lkaW5nIHN1 c3RhaW5hYm xlIGFuZCBl bnZpcm9ubW VudGFsbHkt ZnJpZW5kbH kgc29sdXRp b25zLiBUaG V5IGhhdmUg YSBzdHJvbm cgZm9jdXMg b24gY3VzdG 9tZXIgc2Vy dmljZSBhbm QgbG9uZy10 ZXJtIGN1c3 RvbWVyIHJl bGF0aW9uc2 hpcHMsIHBy aW9yaXRpem luZyB0aGUg bmVlZHMgYW 5kIHN1Y2Nl c3Mgb2YgdG hlaXIgY2xp ZW50cy48Yn I+SW4gYWRk aXRpb24gdG 8gdGhlaXIg ZXF1aXBtZW 50IGFuZCBz ZXJ2aWNlcy wgRmlubmlu ZyBhbHNvIG 9mZmVycyB0 cmFpbmluZy Bwcm9ncmFt cyBmb3Igb3 BlcmF0b3Jz IGFuZCB0ZW NobmljaWFu cywgYXMgd2 VsbCBhcyBy ZW50YWwgb3 B0aW9ucyBm b3Igc2hvcn QtdGVybSBv ciBzZWFzb2 5hbCBlcXVp cG1lbnQgbm VlZHMuIFRo ZXkgYWxzby BoYXZlIGFu IGV4dGVuc2 l2ZSBuZXR3 b3JrIG9mIG RlYWxlcnNo aXBzLCBzZX J2aWNlIGNl bnRlcnMsIG FuZCBwYXJ0 cyBkaXN0cm lidXRpb24g Y2VudGVycy B0byBlbnN1 cmUgdGltZW x5IGFuZCBj b21wcmVoZW 5zaXZlIHN1 cHBvcnQgZm 9yIHRoZWly IGNsaWVudH MuIE92ZXJh bGwsIHRoZW lyIGJ1c2lu ZXNzIG1vZG VsIGlzIGNl bnRlcmVkIG Fyb3VuZCBw cm92aWRpbm cgYSBjb21w cmVoZW5zaX ZlIGFuZCBp bnRlZ3JhdG VkIHNvbHV0 aW9uIGZvci B0aGVpciBj bGllbnRzJy BoZWF2eSBl cXVpcG1lbn QgbmVlZHMu IDxicj4=

AI does pose potential threats to Finning, which is a company that sells and services heavy machinery, primarily in the Caterpillar product line. Here are some considerations regarding substitution, disintermediation, and margin pressure:
1. Substitution: AI technologies, particularly in automation and robotics, could lead to the development of alternative solutions for tasks traditionally performed by heavy machinery. For instance, advancements in autonomous vehicles and drones might provide alternative methods for construction and mining operations. If these technologies become reliable and cost-effective, customers might opt for these AI-driven solutions instead of traditional heavy machinery, impacting Finning’s product sales.
2. Disintermediation: The rise of AI applications could facilitate direct interaction between consumers and manufacturers, reducing the need for intermediaries like Finning. For example, companies that manufacture equipment could use AI to optimize supply chains and customer interactions, enabling them to sell directly to end-users. As a result, Finning could face competitive pressure if customers can bypass traditional distribution channels.
3. Margin Pressure: AI-driven efficiencies in operations, such as predictive maintenance and performance monitoring, might lower operational costs for end-users. Consequently, customers may demand lower prices for Finning’s products and services, putting pressure on profit margins. Additionally, competition from companies adopting AI technologies could lead to price wars, further impacting profitability.
In summary, while Finning has established products and services, the integration of AI into their industry poses challenges that could affect their competitive positioning through substitution, potential disintermediation, and margin pressures. To mitigate these threats, Finning may need to innovate by integrating AI into their offerings and focusing on enhancing value-added services that leverage technology.

The sensitivity of Finning’s earnings, cash flow, and valuation to changes in interest rates can be analyzed through several key factors:
1. Earnings Impact: Finning’s earnings can be influenced by interest rates primarily through the cost of borrowing. As interest rates rise, the cost of financing debt increases, which can lead to higher interest expenses. This could reduce net earnings if the company does not manage to offset these costs through increased revenues or improved operational efficiency. Furthermore, if higher rates affect economic conditions, there may be reduced demand for construction and mining equipment, leading to lower sales and profitability.
2. Cash Flow Sensitivity: Cash flows are also sensitive to interest rates due to the company’s financing arrangements. If interest rates rise, not only do existing variable-rate debt obligations become more expensive, but new borrowing costs increase. This can impact free cash flow, as more cash would be allocated toward interest payments. Additionally, if rising interest rates dampen economic growth, cash inflows from operations may decline as customers delay or reduce investment in equipment.
3. Valuation Effects: Valuation is heavily impacted by interest rates through the discount rate applied in discounted cash flow (DCF) models. As interest rates rise, the discount rate typically increases, leading to a lower present value of future cash flows. This can result in a decreased valuation for Finning. Moreover, in environments of rising rates, investors may demand higher returns, which can further affect equity valuations and overall market sentiment toward the company.
Overall, Finning’s susceptibility to interest rate fluctuations is significant, as they can affect financing costs, operational performance, and market valuation. The company’s overall financial health and strategic management of debt, alongside external economic conditions, will play a critical role in mitigating these sensitivities.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgRm lubmluZ+KA mXMgZWNvbm 9taWNzIG92 ZXIgdGhlIG 5leHQgMy01 IHllYXJzIG lzIGEgcHJv bG9uZ2VkIG Rvd250dXJu IGluIHRoZS Bjb25zdHJ1 Y3Rpb24gYW 5kIG1pbmlu ZyBpbmR1c3 RyaWVzLCBk cml2ZW4gYn kgYSBjb21i aW5hdGlvbi BvZiBmYWN0 b3JzIHN1Y2 ggYXMgYSBn bG9iYWwgZW Nvbm9taWMg cmVjZXNzaW 9uLCBpbmNy ZWFzZWQgY2 9tcGV0aXRp b24gZnJvbS BhbHRlcm5h dGl2ZSBlcX VpcG1lbnQg cHJvdmlkZX JzLCBhbmQg YSBzaGlmdC B0b3dhcmRz IGF1dG9tYX Rpb24gYW5k IGVsZWN0cm ljIG1hY2hp bmVyeSB0aG F0IGRpbWlu aXNoZXMgZG VtYW5kIGZv ciB0cmFkaX Rpb25hbCBo ZWF2eSBlcX VpcG1lbnQu PGJyPkluIH RoaXMgc2Nl bmFyaW8sIE Zpbm5pbmfi gJlzIG1hcm dpbnMgd291 bGQgbGlrZW x5IGRlY2xp bmUgc2lnbm lmaWNhbnRs eS4gVGhlIG RlY3JlYXNl ZCBkZW1hbm QgZm9yIG1h Y2hpbmVyeS Bjb3VsZCBs ZWFkIHRvIG luY3JlYXNl ZCBwcmljZS Bjb21wZXRp dGlvbiwgcm VzdWx0aW5n IGluIGxvd2 VyIHNhbGVz IHByaWNlcy BhbmQgcmVk dWNlZCBwcm 9maXRhYmls aXR5LiBBcy BhIHJlc3Vs dCwgdGhlIG NvbXBhbnni gJlzIG9wZX JhdGluZyBt YXJnaW5zIG 1pZ2h0IHNo cmluayBmcm 9tIHRoZWly IGhpc3Rvcm ljYWwgYXZl cmFnZXMsIH BvdGVudGlh bGx5IGZhbG xpbmcgYmVs b3cgaW5kdX N0cnkgc3Rh bmRhcmRzLi A8YnI+Q2Fz aCBmbG93IH dvdWxkIGJl IG5lZ2F0aX ZlbHkgaW1w YWN0ZWQgYX Mgd2VsbC4g V2l0aCByZW R1Y2VkIHNh bGVzIHZvbH VtZSBhbmQg dGlnaHRlci BtYXJnaW5z LCB0aGUgY2 9tcGFueeKA mXMgYWJpbG l0eSB0byBn ZW5lcmF0ZS BmcmVlIGNh c2ggZmxvdy B3b3VsZCBk aW1pbmlzaC 4gVGhlIGNv bWJpbmF0aW 9uIG9mIHN0 YWduYW50IG 9yIGRlY2xp bmluZyByZX ZlbnVlcywg Y291cGxlZC B3aXRoIGZp eGVkIGNvc3 RzIHRoYXQg cGVyc2lzdC ByZWdhcmRs ZXNzIG9mIH NhbGVzIHBl cmZvcm1hbm NlLCB3b3Vs ZCBsZWFkIH RvIHNxdWVl emUgb24gbG lxdWlkaXR5 LiBUaGlzIG NvdWxkIGZv cmNlIEZpbm 5pbmcgdG8g cmVldmFsdW F0ZSBpdHMg Y2FwaXRhbC BleHBlbmRp dHVyZXMsIH BlcmhhcHMg cG9zdHBvbm luZyBpbnZl c3RtZW50IG luIG5ldyB0 ZWNobm9sb2 d5IG9yIGV4 cGFuc2lvbi Bpbml0aWF0 aXZlcyB0by BwcmVzZXJ2 ZSBjYXNoLj xicj5PbiB0 aGUgYmFsYW 5jZSBzaGVl dCwgdGhlIH NjZW5hcmlv IGNvdWxkIH Jlc3VsdCBp biBhIGRldG VyaW9yYXRp b24gb2YgZm luYW5jaWFs IGhlYWx0aC 4gRGVjcmVh c2VkIHJldm VudWVzIG1h eSBsZWFkIH RvIGxvd2Vy IGFzc2V0IH ZhbHVhdGlv bnMsIGVzcG VjaWFsbHkg aWYgZXF1aX BtZW50IGlu dmVudG9yaW VzIGFjY3Vt dWxhdGUgZH VlIHRvIGZh bGxpbmcgZG VtYW5kLiBU aGlzIGNvdW xkIGFkdmVy c2VseSBhZm ZlY3QgdGhl IGNvbXBhbn nigJlzIHdv cmtpbmcgY2 FwaXRhbCwg aGVpZ2h0ZW 5pbmcgdGhl IHJpc2sgb2 YgZmFjaW5n IG9wZXJhdG lvbmFsIGNo YWxsZW5nZX MuIEFkZGl0 aW9uYWxseS wgaWYgRmlu bmluZyByZW xpZWQgb24g ZGVidCB0by BuYXZpZ2F0 ZSB0aHJvdW doIGNoYWxs ZW5naW5nIH RpbWVzLCBp bmNyZWFzZW QgbGV2ZXJh Z2UgY291bG QgcmFpc2Ug ZGVidCBzZX J2aWNpbmcg Y29zdHMsIG Z1cnRoZXIg c3RyZXNzaW 5nIHRoZSBi YWxhbmNlIH NoZWV0Ljxi cj5JbiBzdW 1tYXJ5LCBp ZiB0aGlzIH NjZW5hcmlv IHdlcmUgdG 8gdW5mb2xk LCBGaW5uaW 5nIG1pZ2h0 IGV4cGVyaW VuY2UgYSBz aWduaWZpY2 FudCBkZWNs aW5lIGluIG 1hcmdpbnMs IGEgcmVkdW NlZCBhYmls aXR5IHRvIG dlbmVyYXRl IGNhc2ggZm xvdywgYW5k IG92ZXJhbG wgd2Vha2Vu aW5nIG9mIG l0cyBiYWxh bmNlIHNoZW V0LCBwb3Rl bnRpYWxseS BtYWtpbmcg aXQgbW9yZS B2dWxuZXJh YmxlIHRvIG Vjb25vbWlj IHNob2Nrcy BhbmQgbGlt aXRpbmcgaX RzIHN0cmF0 ZWdpYyBvcH Rpb25zIGZv ciByZWNvdm VyeSBvciBn cm93dGguPG 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 bG9nb3MvUF JDcUtVVzJF TXBoMmZCWX doTGEud2Vi cCIgYWx0PS JGaW5uaW5n IiB0aXRsZT 0iRmlubmlu ZyIgIGNsYX NzPSJpbWct Zmx1aWQiIG hlaWdodD01 MCB3aWR0aD 01MCBsb2Fk aW5nPSdsYX p5JyBzdHls ZT0nYm9yZG VyLXJhZGl1 czogNnB4Oy c+CgogICAg ICAgICAgIC AgICAgICAg IDxkaXYgc3 R5bGU9J2Zs ZXg6IDE7IH RleHQtYWxp Z246IGNlbn RlcjsgbWFy Z2luLWxlZn Q6IDVweDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8cCBz dHlsZT0nZm 9udC1zaXpl OiAyNnB4Oy Bjb2xvcjog IzMzMzsgbW FyZ2luLWJv dHRvbTogMT VweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAg8J+T iCBXYW50IH RvIHJlYWQg bW9yZSBhYm 91dCBGaW5u aW5nPwogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L3A+CgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 YSBocmVmPS dpbmRleC5w aHA/cGFnZT 1zaWdudXAn IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG JhY2tncm91 bmQtY29sb3 I6ICMwMDdC RkY7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBjb2xvcj ogI2ZmZjsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHBh ZGRpbmc6ID EwcHggMjBw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJvcmRlci 1yYWRpdXM6 IDVweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIHRleH QtZGVjb3Jh dGlvbjogbm 9uZTsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGZvbnQt d2VpZ2h0Oi Bib2xkOwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgbWFy Z2luLXJpZ2 h0OiAxMHB4 OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dHJhbnNpdG lvbjogYmFj a2dyb3VuZC 1jb2xvciAw LjNzIGVhc2 U7JwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Agb25tb3Vz ZW92ZXI9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A1NmIzIicK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIG9u bW91c2VvdX Q9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA3QkZG Iic+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIGZvciBm cmVlCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv YT4KCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxz cGFuIHN0eW xlPSdtYXJn aW46IDAgOH B4OyBjb2xv cjogIzU1NT snPm9yPC9z cGFuPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PGEgaHJlZj 0naW5kZXgu cGhwP3BhZ2 U9bG9naW4n IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG NvbG9yOiAj MDA3QkZGOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgdG V4dC1kZWNv cmF0aW9uOi B1bmRlcmxp bmU7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBmb250LX dlaWdodDog NTAwOyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBsb2 cgaW4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9hPgoKCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xwIHN0eWxl PSdtYXJnaW 4tdG9wOiAx NXB4OyBmb2 50LXNpemU6 IDEzcHg7IG ZvbnQtd2Vp Z2h0OiBib2 xkOyBjb2xv cjogI2QzMm YyZjsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAg8J+T liBHZXQgaW 5zaWdodHMg ZnJvbSA8aT 4iVGhlIENo ZWNrbGlzdC BWYWx1ZSBJ bnZlc3Rvci DigJQgQSBT bWFydGVyIF dheSB0byBQ aWNrIFN0b2 NrcyI8L2k+ IG5vdyEKIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9wPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PCEtLQogIC AgICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdtYXJn aW4tdG9wOi AxMnB4OyBm b250LXNpem U6IDEzcHg7 IGNvbG9yOi AjNDQ0Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBT aWduIHVwIG 5vdyBhbmQg Z2V0IG91ci BmcmVlIGVC b29rIAogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPGI+VG hlIENoZWNr bGlzdCBWYW x1ZSBJbnZl c3RvciDigJ QgQSBTbWFy dGVyIFdheS B0byBQaWNr IFN0b2Nrcz wvYj4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC 0tPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8IS 0tCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J21hcmdpbi 10b3A6IDE2 cHg7IGZvbn Qtc2l6ZTog MTRweDsgY2 9sb3I6ICM0 NDQ7IGZvbn QtZmFtaWx5 OiAtYXBwbG Utc3lzdGVt LCBCbGlua0 1hY1N5c3Rl bUZvbnQsIF NlZ29lIFVJ LCBSb2JvdG 8sIEhlbHZl dGljYSBOZX VlLCBzYW5z LXNlcmlmOy BsaW5lLWhl aWdodDogMS 42Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBIYXZl IHlvdSBoZW FyZCBhYm91 dCBvdXIgc2 hvcnQgPHN0 cm9uZyBzdH lsZT0nZm9u dC13ZWlnaH Q6IDYwMDsn PkRhaWx5IF ZpZGVvIE5l d3NsZXR0ZX I8L3N0cm9u Zz4/CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdodHRw czovL3d3dy 5pbnNpZ2h0 ZnVsdmFsdW UuY29tL25l d3NsZXR0ZX IucGhwJyB0 YXJnZXQ9J1 9ibGFuaycg c3R5bGU9J2 NvbG9yOiAj MDA3QkZGOy B0ZXh0LWRl Y29yYXRpb2 46IG5vbmU7 IGZvbnQtd2 VpZ2h0OiA1 MDA7IG1hcm dpbi1sZWZ0 OiA2cHg7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBGaW5k IG91dCBtb3 JlCiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8L2E+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg ICAgICAgIC AtLT4KICAg ICAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgCiAgIC AgICAgCiAg ICAgICAgPH NwYW4gY2xh c3M9J2JsdX JyZWQtdGV4 dCc+CiAgIC AgICAgICAg IE1Ta2dSbW x1Ym0gbHVa eUJKYm5SbC BjbTVoZEds dmJtIEZzSU dseklIUm8g WlNCM2IzSn NaTyBLQW1Y TWdiR0Z5IF oyVnpkQ0JE WVggUmxjbk JwYkd4aCBj aUJsY1hWcG NHIDFsYm5R Z1pHVmggYk dWeUxDQjNh WCBSb0lHOX daWEpoIGRH bHZibk1nYV cgNGdiM1ps Y2lBeiBOU0 JqYjNWdWRI IEpwWlhNdV BHSnkgUGpJ cElGUm9aUy BCamIyMXdZ VzU1IElIZG hjeUJtYjMg VnVaR1ZrSU dsdSBJREU1 TXpNZ1luIG tnUldGeWJD QkMgTGlCR2 FXNXVhVyA1 bkxDQjNhRz hnIFltVm5Z VzRnWW4ga2 djMlZzYkds dSBaeUJtWV hKdElHIFZ4 ZFdsd2JXVn UgZENCcGJp QkNjbSBsMG FYTm9JRU52 IGJIVnRZbW xoTEMgQkRZ VzVoWkdFdS BQR0p5UGpN cElFIFpwYm 01cGJtY2cg YUdGeklHSm xaVyA0Z1lT QndkV0pzIG FXTnNlU0Iw Y20gRmtaV1 FnWTI5dCBj R0Z1ZVNCem FXIDVqWlNB eE9UZzAgSU dGdVpDQnBj eSBCc2FYTj BaV1FnIGIy NGdZbTkwYU MgQjBhR1Vn Vkc5eSBiMj UwYnlCaGJt IFFnVEc5dV pHOXUgSUhO MGIyTnJJRy BWNFkyaGhi bWRsIGN5ND hZbkkrTkMg a2dWR2hsSU dOdiBiWEJo Ym5uaWdKIG x6SUdobFlX UnggZFdGeW RHVnljeSBC aGNtVWdiRz lqIFlYUmxa Q0JwYmkgQl dZVzVqYjNW MiBaWElzSU VKeWFYIFJw YzJnZ1EyOX MgZFcxaWFX RXNJRSBOaG JtRmtZUzQ4 IFluSStOU2 tnU1cgNGdN akF4T0N3Zy BSbWx1Ym1s dVp5IEIzWV hNZ2JtRnQg WldRZ2IyNW xJRyA5bUlI Um9aU0JVIG IzQWdNVEF3 SUUgVnRjR3 h2ZVdWeSBj eUJwYmlCRF lXIDVoWkdF Z1ptOXkgSU hSb1pTQm1i MyBWeWRHZ2 dZMjl1IGMy VmpkWFJwZG 0gVWdlV1Zo Y2k0OCBZbk krTmlrZ1Jt IGx1Ym1sdV p5QnAgY3lC amIyMXRhWC BSMFpXUWdk RzhnIGMzVn pkR0ZwYm0g RmlhV3hwZE hrZyBZVzVr SUdoaGN5IE J6WlhRZ1lX MWkgYVhScG IzVnpJRyBk dllXeHpJSF J2IElISmxa SFZqWlMgQn BkSE1nWjNK bCBaVzVvYj NWelpTIEJu WVhNZ1pXMX AgYzNOcGIy NXpJRyBGek lIZGxiR3dn IFlYTWdhWF J6SUcgVnVk bWx5YjI1dC BaVzUwWVd3 Z2FXIDF3WV dOMExqeGkg Y2o0M0tTQl VhRyBVZ1ky OXRjR0Z1IG VTQm9ZWE1n WVMgQmtaV1 JwWTJGMCBa V1FnZEdWam FHIDV2Ykc5 bmVTQmggYm 1RZ1pHbG5h WCBSaGJDQm thWFpwIGMy bHZiaXdnWT IgRnNiR1Zr SUVacCBibT VwYm1jZ1JH IGxuYVhSaG JDd2cgZDJo cFkyZ2dabS A5amRYTmxj eUJ2IGJpQn djbTkyYVcg UnBibWNnWk dsbiBhWFJo YkNCemIyIH gxZEdsdmJu TWcgWm05eU lHbDBjeSBC amRYTjBiMj FsIGNuTXVQ R0p5UGogZ3 BJRVpwYm01 cCBibWNnYU dGeklHIEVn YzNSeWIyNW 4gSUhCeVpY TmxibSBObE lHbHVJSFJv IFpTQnRhVz VwYm0gY2dh VzVrZFhOMC BjbmtzSUhO MWNIIEJzZV dsdVp5Qmwg Y1hWcGNHMW xibiBRZ1lX NWtJSE5sIG NuWnBZMlZ6 SUggUnZJSE 52YldVZyBi MllnZEdobE lIIGR2Y214 azRvQ1ogY3 lCc1lYSm5a WCBOMElHMX BibWx1IFp5 QmpiMjF3WV cgNXBaWE11 UEdKeSBQam twSUZSb1pT IEJqYjIxd1 lXNTUgSUdo aGN5QmhJRy B4dmJtY2dh R2x6IGRHOX llU0J2Wmkg QnpkWEJ3Yj NKMCBhVzVu SUhSb1pTIE JqYjIxdGRX NXAgZEdsbG N5QnBiaSBC M2FHbGphQ0 JwIGRDQnZj R1Z5WVggUm xjeXdnZEdo eSBiM1ZuYU NCamFHIEZ5 YVhSaFlteG wgSUdSdmJt RjBhVyA5dW N5QmhibVFn IFpXMXdiRz k1WlcgVWdk bTlzZFc1MC BaV1Z5YVhO dExqIHhpY2 o0eE1Da2cg U1c0Z01qQX hPUyB3Z1Jt bHVibWx1IF p5QjNZWE1n Ym0gRnRaV1 FnYjI1bCBJ RzltSUVOaG JtIEZrWWVL QW1YTWcgVF c5emRDQkJa RyAxcGNtVm tJRU52IGNu QnZjbUYwWl MgQkRkV3gw ZFhKbCBjeU JpZVNCWFlY IFJsY25OMG IyNWwgSUVo MWJXRnVJRS BOaGNHbDBZ V3dnIFptOX lJSFJvWlMg QnphWGgwYU NCMCBhVzFs TGc9PQogIC AgICAgIDwv c3Bhbj4KIC AgICAgICAK ICAgICAgIC A=