Pinnacle West Capital

-13.35%

Live  

Pinnacle West Capital is a public utility holding company based in Phoenix, Arizona. It was founded in 1920 as Arizona Power Company and changed its name to Pinnacle West Capital in 1985. The company provides electricity and related products and services to over 1.2 million customers in Arizona through its subsidiaries Arizona Public Service (APS) and Bright Canyon Energy.
Pinnacle West Capital is a Fortune 500 company and is one of the largest electric utilities in the United States. It owns and operates power plants fueled by coal, nuclear, and natural gas, as well as renewable energy facilities such as solar and wind.
In addition to providing electricity, Pinnacle West Capital and its subsidiaries are committed to supporting the communities they serve through various philanthropic and volunteer efforts. The company has a strong focus on sustainability and is working towards a clean energy future by investing in renewable resources and energy efficiency programs.
Pinnacle West Capital is led by a Board of Directors and executive team, with Robert G. Bement currently serving as the company's Chairman, President, and CEO.
Overall, Pinnacle West Capital is a leader in the energy industry and strives to provide reliable, affordable, and sustainable energy to its customers in Arizona.

UGlubmFjbG UgV2VzdCBD YXBpdGFsIG lzIGEgY29t cGFueSB0aG F0IHByb3Zp ZGVzIGVsZW N0cmljaXR5 IHRvIHBlb3 BsZSBhbmQg YnVzaW5lc3 NlcyBpbiBj ZXJ0YWluIG FyZWFzLCBt YWlubHkgaW 4gQXJpem9u YS4gVGhpbm sgb2YgaXQg bGlrZSBhIG JpZyBwb3dl ciBjb21wYW 55IHRoYXQg aGVscHMgdG 8ga2VlcCB0 aGUgbGlnaH RzIG9uIGlu IGhvbWVzIG FuZCB0aGUg bWFjaGluZX MgcnVubmlu ZyBpbiBzdG 9yZXMgYW5k IGZhY3Rvcm llcy48YnI+ Tm93LCBob3 cgZG9lcyBQ aW5uYWNsZS BXZXN0IENh cGl0YWwgbW FrZSBtb25l eT8gV2VsbC wgd2hlbiB5 b3UgdXNlIG VsZWN0cmlj aXR5IHRvIH R1cm4gb24g eW91ciBsaW dodHMsIHVz ZSB5b3VyIG NvbXB1dGVy LCBvciBydW 4geW91ciBy ZWZyaWdlcm F0b3IsIHlv dSBwYXkgYS BiaWxsIHRv IHlvdXIgZW xlY3RyaWNp dHkgcHJvdm lkZXIuIFBp bm5hY2xlIF dlc3QgQ2Fw aXRhbCBpcy B0aGF0IHBy b3ZpZGVyIG ZvciBtYW55 IHBlb3BsZS 4gVGhleSBj aGFyZ2UgcG VvcGxlIGZv ciB0aGUgZW xlY3RyaWNp dHkgdGhleS B1c2UsIGFu ZCB0aGF0IG lzIGhvdyB0 aGV5IG1ha2 UgbW9uZXku IFRoZXkgYW xzbyBwcm92 aWRlIHNlcn ZpY2VzIHN1 Y2ggYXMgYn VpbGRpbmcg cG93ZXIgcG xhbnRzIGFu ZCBtYWludG FpbmluZyBw b3dlciBsaW 5lcywgd2hp Y2ggY2FuIG JyaW5nIGlu IGV4dHJhIG luY29tZS48 YnI+QXMgZm 9yIHdoeSBQ aW5uYWNsZS BXZXN0IGlz IHN1Y2Nlc3 NmdWwgYW5k IGxpa2VseS B0byBzdGF5 IHRoYXQgd2 F5IGluIHRo ZSBmdXR1cm UsIHRoZXJl IGFyZSBhIG ZldyByZWFz b25zLiBGaX JzdCwgZWxl Y3RyaWNpdH kgaXMgc29t ZXRoaW5nIH RoYXQgZXZl cnlvbmUgbm VlZHMgZXZl cnkgZGF5LC BzbyB0aGVy ZSB3aWxsIG Fsd2F5cyBi ZSBhIGRlbW FuZCBmb3Ig dGhlaXIgc2 VydmljZXMu IFNlY29uZC wgdGhleSBh cmUgd29ya2 luZyBvbiB1 c2luZyBjbG VhbmVyIGVu ZXJneSBzb3 VyY2VzIGxp a2Ugc29sYX IgYW5kIHdp bmQgcG93ZX IsIHdoaWNo IGlzIGltcG 9ydGFudCBh cyBtb3JlIH Blb3BsZSB3 YW50IHRvIG hlbHAgdGhl IGVudmlyb2 5tZW50LiBU aGlzIGZvY3 VzIG9uIGNs ZWFuIGVuZX JneSBoZWxw cyB0aGVtIG Vhcm4gdGhl IHRydXN0IG 9mIGN1c3Rv bWVycyBhbm QgY2FuIGF0 dHJhY3Qgbm V3IG9uZXMu PGJyPkFsc2 8sIFBpbm5h Y2xlIFdlc3 QgQ2FwaXRh bCBoYXMgZX hwZXJpZW5j ZSBhbmQga2 5vd2xlZGdl IGluIHByb3 ZpZGluZyBl bGVjdHJpY2 l0eSwgd2hp Y2ggaGVscH MgdGhlbSBv cGVyYXRlIG VmZmljaWVu dGx5IGFuZC BrZWVwIGNv c3RzIHJlYX NvbmFibGUu IFRoZXkgYX JlIGFsd2F5 cyBsb29raW 5nIHRvIGlt cHJvdmUgYW 5kIGFkYXB0 IHRvIGNoYW 5nZXMsIHdo aWNoIGNhbi BoZWxwIHRo ZW0gc3RheS BzdWNjZXNz ZnVsIGluIH RoZSBmdXR1 cmUuIFNvLC B3aXRoIGNv bnRpbnVpbm cgZGVtYW5k IGZvciBlbG VjdHJpY2l0 eSBhbmQgYS Bmb2N1cyBv biBjbGVhbi BlbmVyZ3ks IHRoZXkgYX JlIGxpa2Vs eSB0byBkby B3ZWxsIGZv ciBtYW55IH llYXJzIGFo ZWFkITxicj 4=

VGhlcmUgYX JlIGEgZmV3 IG5vdGFibG UgYXNwZWN0 cyB0aGF0IG 1ha2UgUGlu bmFjbGUgV2 VzdCBDYXBp dGFsIHN0YW 5kIG91dCBh cyBhIGNvbX Bhbnk6PGJy PjEuIERpdm Vyc2lmaWVk IEVuZXJneS BQcm92aWRl cjogUGlubm FjbGUgV2Vz dCBDYXBpdG FsIGlzIHRo ZSBwYXJlbn QgY29tcGFu eSBvZiBBcm l6b25hIFB1 YmxpYyBTZX J2aWNlIChB UFMpLCBvbm Ugb2YgdGhl IGxhcmdlc3 QgZWxlY3Ry aWMgdXRpbG l0aWVzIGlu IHRoZSBVUy 4gQVBTIHNl cnZlcyBtb3 JlIHRoYW4g MS4yIG1pbG xpb24gY3Vz dG9tZXJzIG luIEFyaXpv bmEgYW5kIG lzIHRoZSBw cmltYXJ5IH Byb3ZpZGVy IG9mIGVsZW N0cmljaXR5 IGluIHRoZS BzdGF0ZS4g SW4gYWRkaX Rpb24gdG8g ZWxlY3RyaW NpdHksIFBp bm5hY2xlIF dlc3QgQ2Fw aXRhbCBhbH NvIGhhcyBp bnRlcmVzdH MgaW4gcmVu ZXdhYmxlIG VuZXJneSwg bmF0dXJhbC BnYXMsIGFu ZCB3YXRlci BzZXJ2aWNl cywgbWFraW 5nIGl0IGEg ZGl2ZXJzaW ZpZWQgZW5l cmd5IHByb3 ZpZGVyLjxi cj4yLiBTdH JvbmcgQ29t bWl0bWVudC B0byBDbGVh biBFbmVyZ3 k6IFBpbm5h Y2xlIFdlc3 QgQ2FwaXRh bCBoYXMgYm VlbiByZWNv Z25pemVkIG ZvciBpdHMg c3Ryb25nIG NvbW1pdG1l bnQgdG8gY2 xlYW4gZW5l cmd5IGFuZC BzdXN0YWlu YWJsZSBwcm FjdGljZXMu IEl0IGhhcy BzZXQgYSBn b2FsIHRvIH JlZHVjZSBp dHMgY2FyYm 9uIGVtaXNz aW9ucyBieS A1MCUgYnkg MjAzMCBhbm QgaGFzIGlu dmVzdGVkIG luIHJlbmV3 YWJsZSBlbm VyZ3kgcHJv amVjdHMgc3 VjaCBhcyBz b2xhciBhbm Qgd2luZCBm YXJtcy48Yn I+My4gQ29t bXVuaXR5IE VuZ2FnZW1l bnQ6IFBpbm 5hY2xlIFdl c3QgQ2FwaX RhbCBpcyBh Y3RpdmVseS BpbnZvbHZl ZCBpbiBjb2 1tdW5pdHkg ZW5nYWdlbW VudCBhbmQg cGhpbGFudG hyb3B5IGVm Zm9ydHMuIF RoZSBjb21w YW55IGhhcy BhIGNoYXJp dGFibGUgZm 91bmRhdGlv biB0aGF0IH N1cHBvcnRz IGVkdWNhdG lvbiwgY29t bXVuaXR5IG RldmVsb3Bt ZW50LCBhbm Qgb3RoZXIg aW5pdGlhdG l2ZXMgaW4g QXJpem9uYS 48YnI+NC4g U3RhYmxlIG FuZCBQcm9m aXRhYmxlOi BQaW5uYWNs ZSBXZXN0IE NhcGl0YWwg aGFzIGEgc2 9saWQgZmlu YW5jaWFsIH RyYWNrIHJl Y29yZCBhbm QgaGFzIGNv bnNpc3Rlbn RseSBkZWxp dmVyZWQgc3 Ryb25nIHJl dHVybnMgdG 8gaXRzIHNo YXJlaG9sZG Vycy4gSXQg aGFzIGEgc3 Ryb25nIGNy ZWRpdCByYX RpbmcgYW5k IGEgaGlzdG 9yeSBvZiBw YXlpbmcgZG l2aWRlbmRz LCBtYWtpbm cgaXQgYW4g YXR0cmFjdG l2ZSBvcHRp b24gZm9yIG ludmVzdG9y cy48YnI+NS 4gTGVhZGVy c2hpcCBpbi BFbmVyZ3kg SW5ub3ZhdG lvbjogUGlu bmFjbGUgV2 VzdCBDYXBp dGFsIGlzIG RlZGljYXRl ZCB0byBwcm 9tb3Rpbmcg aW5ub3ZhdG lvbiBpbiB0 aGUgZW5lcm d5IHNlY3Rv ci4gSXQgaG FzIHBhcnRu ZXJlZCB3aX RoIHVuaXZl cnNpdGllcy BhbmQgcmVz ZWFyY2ggaW 5zdGl0dXRp b25zIHRvIG FkdmFuY2Ug ZW5lcmd5IH Jlc2VhcmNo IGFuZCBoYX MgaW1wbGVt ZW50ZWQgaW 5ub3ZhdGl2 ZSB0ZWNobm 9sb2dpZXMg d2l0aGluIG l0cyBvcGVy YXRpb25zLj xicj5PdmVy YWxsLCBQaW 5uYWNsZSBX ZXN0IENhcG l0YWwgaXMg YSB3ZWxsLW VzdGFibGlz aGVkIGFuZC ByZXB1dGFi bGUgZW5lcm d5IHByb3Zp ZGVyIHdpdG ggYSBzdHJv bmcgY29tbW l0bWVudCB0 byBjbGVhbi BlbmVyZ3ks IGNvbW11bm l0eSBlbmdh Z2VtZW50LC BhbmQgZmlu YW5jaWFsIH N0YWJpbGl0 eS4=

VGhlIFBpbm 5hY2xlIFdl c3QgQ2FwaX RhbCBjb21w YW55J3MgYn VzaW5lc3Mg bW9kZWwgaX MgdG8gZ2Vu ZXJhdGUsIG Rpc3RyaWJ1 dGUsIGFuZC BzZWxsIGVs ZWN0cmljaX R5IGFuZCBy ZWxhdGVkIH Byb2R1Y3Rz IGFuZCBzZX J2aWNlcyB0 byBpdHMgY3 VzdG9tZXJz LiBUaGlzIG luY2x1ZGVz IG93bmluZy BhbmQgb3Bl cmF0aW5nIH Bvd2VyIHBs YW50cywgdH JhbnNtaXNz aW9uIGFuZC BkaXN0cmli dXRpb24gaW 5mcmFzdHJ1 Y3R1cmUsIG FuZCBwcm92 aWRpbmcgZW 5lcmd5LXJl bGF0ZWQgc2 VydmljZXMg c3VjaCBhcy ByZW5ld2Fi bGUgZW5lcm d5IHNvbHV0 aW9ucy4gVG hlIGNvbXBh bnkncyBwcm ltYXJ5IGZv Y3VzIGlzIG 9uIHByb3Zp ZGluZyByZW xpYWJsZSwg YWZmb3JkYW JsZSwgYW5k IHN1c3RhaW 5hYmxlIGVu ZXJneSB0by BpdHMgY3Vz dG9tZXJzIH doaWxlIG1h aW50YWluaW 5nIHN0cm9u ZyBmaW5hbm NpYWwgcGVy Zm9ybWFuY2 UgZm9yIGl0 cyBzaGFyZW hvbGRlcnMu IEFkZGl0aW 9uYWxseSwg UGlubmFjbG UgV2VzdCBD YXBpdGFsIG lzIGNvbW1p dHRlZCB0by Bwcm9tb3Rp bmcgZW52aX Jvbm1lbnRh bCBzdGV3YX Jkc2hpcCBh bmQgY29tbX VuaXR5IGlu dm9sdmVtZW 50IGluIGl0 cyBvcGVyYX Rpb25zLg==

AI has the potential to impact Pinnacle West Capital, which operates in the electric utility sector, in several ways.
First, in terms of substitution, while AI may not directly substitute the electricity itself, it can enhance energy efficiency and management through smart grids and advanced analytics. This could lead to consumers relying more on distributed energy resources, such as solar power and energy storage systems, that use AI to optimize usage and efficiency. This trend could create competition for traditional utility companies.
Second, concerning disintermediation, AI-enabled technologies can empower consumers to generate and manage their own energy. With advancements like smart home devices, peer-to-peer energy trading platforms, and blockchain technology, customers could bypass traditional utility models. This shift may challenge Pinnacle West’s traditional business structure and customer base, necessitating adaptation to new energy paradigms.
Lastly, regarding margin pressure, AI can optimize operational processes within utilities, potentially reducing costs and improving efficiency. However, as more consumers adopt AI-driven technologies for energy management and generation, traditional utilities like Pinnacle West may face downward pressure on margins due to increased competition and the need to invest in technology to keep pace.
In summary, while AI offers opportunities for operational improvements, it simultaneously poses a material threat by enabling competition and changing how consumers interact with energy sources. This dual influence necessitates strategic adaptations from Pinnacle West to maintain its competitive positioning in the evolving energy landscape.

Pinnacle West Capital Corporation, as a utility company, has certain sensitivities to changes in interest rates that can impact its earnings, cash flow, and overall valuation.
1. Earnings Sensitivity: Utility companies like Pinnacle West often rely on regulated pricing structures that are tied to their cost of capital. When interest rates rise, the cost of borrowing increases, which can affect profit margins. Furthermore, higher rates may impact the company’s ability to invest in infrastructure and growth projects, potentially leading to reduced earnings growth in the long run.
2. Cash Flow Sensitivity: Cash flow is closely linked to interest rates as well. Higher interest rates can lead to increased interest expenses on debt, which may reduce free cash flow available for dividends, investments, or other corporate needs. Additionally, if customer demand declines due to a higher interest rate environment leading to increased costs for consumers, revenue could be negatively impacted, further squeezing cash flow.
3. Valuation Sensitivity: The valuation of Pinnacle West Capital can be affected by shifts in interest rates given that utility stocks are often valued based on their dividend yield relative to prevailing interest rates. When interest rates rise, alternative investment options become more attractive, which can lead to a decrease in the stock’s valuation as investors require a higher return to compensate for the increased risk in fixed income investments. Conversely, if rates fall, the relative attractiveness of utility stocks may increase, potentially boosting their valuation.
In summary, Pinnacle West’s earnings, cash flow, and valuation are all negatively affected by rising interest rates while potentially benefiting from lower rates. The interplay of these factors necessitates careful financial management and strategic planning within the company to mitigate adverse impacts.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgUG lubmFjbGUg V2VzdCBDYX BpdGFs4oCZ cyBlY29ub2 1pY3Mgb3Zl ciB0aGUgbm V4dCAzLTUg eWVhcnMgbW lnaHQgaW52 b2x2ZSBhIG NvbWJpbmF0 aW9uIG9mIH JlZ3VsYXRv cnkgY2hhbm dlcyBhbmQg YSBzaWduaW ZpY2FudCBz aGlmdCBpbi BlbmVyZ3kg bWFya2V0IG R5bmFtaWNz LCBkcml2ZW 4gYnkgYWNj ZWxlcmF0ZW QgYWRvcHRp b24gb2Ygcm VuZXdhYmxl IGVuZXJneS BhbmQgdGVj aG5vbG9naW NhbCBhZHZh bmNlbWVudH MgaW4gZW5l cmd5IHN0b3 JhZ2UuIDxi cj5JbiB0aG lzIHNjZW5h cmlvLCBhIG 1ham9yIHNo aWZ0IHRvd2 FyZCBkZWNh cmJvbml6YX Rpb24gY291 bGQgbGVhZC B0byBuZXcg cmVndWxhdG lvbnMgdGhh dCBtYW5kYX RlIHJhcGlk IGNsb3N1cm Ugb2YgZm9z c2lsLWZ1ZW wtYmFzZWQg cG93ZXIgcG xhbnRzLiBJ ZiBQaW5uYW NsZSBXZXN0 IGlzIGhlYX ZpbHkgaW52 ZXN0ZWQgaW 4gdHJhZGl0 aW9uYWwgZW 5lcmd5IHNv dXJjZXMsIH N1Y2ggYXMg Y29hbCBvci BuYXR1cmFs IGdhcywgdG hpcyBjb3Vs ZCByZXN1bH QgaW4gc3Vi c3RhbnRpYW wgYXNzZXQg d3JpdGUtZG 93bnMgYW5k IHN0cmFuZG VkIGNvc3Rz LCBhcyB0aG VzZSBwbGFu dHMgd291bG QgbmVlZCB0 byBjZWFzZS BvcGVyYXRp b25zIGVhcm xpZXIgdGhh biBhbnRpY2 lwYXRlZC4g QWRkaXRpb2 5hbGx5LCBp bmNyZWFzZX MgaW4gcmVu ZXdhYmxlIG VuZXJneSBw cm9kdWN0aW 9uIGFuZCBl bmhhbmNlZC BlbmVyZ3kg ZWZmaWNpZW 5jeSBtZWFz dXJlcyBjb3 VsZCBsZWFk IHRvIGRlY3 JlYXNlZCBk ZW1hbmQgZm 9yIHRoZSBj b21wYW554o CZcyB0cmFk aXRpb25hbC Bwb3dlciBn ZW5lcmF0aW 9uIHNlcnZp Y2VzLjxicj 5BcyByZW5l d2FibGUgZW 5lcmd5IHNv dXJjZXMgYm Vjb21lIG1v cmUgY29zdC 1lZmZlY3Rp dmUgYW5kIG NvbXBldGl0 aXZlLCBQaW 5uYWNsZSBX ZXN0IG1pZ2 h0IGZhY2Ug YSBzaWduaW ZpY2FudCBs b3NzIG9mIG 1hcmtldCBz aGFyZS4gVG hpcyBzaGlm dCBjb3VsZC BwcmVzc3Vy ZSB0aGUgY2 9tcGFueeKA mXMgcHJpY2 luZyBwb3dl ciwgbGVhZG luZyB0byBy ZWR1Y2VkIG 1hcmdpbnMg YXMgdGhleS BzdHJ1Z2ds ZSB0byBjb2 1wZXRlIGFn YWluc3QgY2 hlYXBlciBy ZW5ld2FibG Ugc291cmNl cy4gQ3VzdG 9tZXIgYXR0 cml0aW9uIH RvIG1vcmUg c3VzdGFpbm FibGUgYWx0 ZXJuYXRpdm VzIGNvdWxk IGZ1cnRoZX IgZXhhY2Vy YmF0ZSB0aG lzIGlzc3Vl LCBsZWFkaW 5nIHRvIGxv d2VyIHJldm VudWUgb3Zl cmFsbC48Yn I+Q2FzaCBm bG93IHdvdW xkIGxpa2Vs eSBiZSBhZm ZlY3RlZCBu ZWdhdGl2ZW x5IGR1ZSB0 byBkZWNyZW FzZWQgcmV2 ZW51ZXMgYW 5kIHBvc3Np Ymx5IGluY3 JlYXNlZCBl eHBlbmRpdH VyZXMgcmVs YXRlZCB0by ByZXRyb2Zp dHRpbmcgb3 IgYWRhcHRp bmcgZXhpc3 RpbmcgaW5m cmFzdHJ1Y3 R1cmUgdG8g Y29tcGx5IH dpdGggbmV3 IHJlZ3VsYX Rpb25zLiBJ ZiBzaWduaW ZpY2FudCBj YXBpdGFsIG ludmVzdG1l bnRzIGFyZS ByZXF1aXJl ZCB0byB0cm Fuc2l0aW9u IHRvIHJlbm V3YWJsZSBl bmVyZ3ksIF Bpbm5hY2xl IFdlc3QgbW lnaHQgZmlu ZCBpdHMgY2 FzaCBmbG93 IHN0cmFpbm VkLjxicj5J biB0ZXJtcy BvZiB0aGUg YmFsYW5jZS BzaGVldCwg dGhlIGltcG Fpcm1lbnRz IGFzc29jaW F0ZWQgd2l0 aCBzdHJhbm RlZCBhc3Nl dHMgY291bG QgbGVhZCB0 byByZWR1Y2 VkIGFzc2V0 IHZhbHVlcy BhbmQgYSBs b3dlciBvdm VyYWxsIGVx dWl0eSBiYX NlLiBJZiBQ aW5uYWNsZS BXZXN0IGZh Y2VzIGluY3 JlYXNlZCBk ZWJ0IHRvIG NvdmVyIHRo ZSBjb3N0cy BvZiB0cmFu c2l0aW9uIG FuZCBwb3Rl bnRpYWwgbG 9zc2VzIGZy b20gZWFybG llci10aGFl eHBlY3RlZC BwbGFudCBj bG9zdXJlcy wgZGVidCBs ZXZlbHMgY2 91bGQgcmlz ZSwgd29yc2 VuaW5nIGxl dmVyYWdlIH JhdGlvcy4g SW52ZXN0b3 JzIG1pZ2h0 IHJlYWN0IG 5lZ2F0aXZl bHksIGxlYW RpbmcgdG8g YSBkZWNyZW FzZSBpbiBz dG9jayBwcm ljZXMgYW5k IGVzY2FsYX RpbmcgZmlu YW5jaW5nIG Nvc3RzLjxi cj5JbiBzdW 1tYXJ5LCB0 aGUgY29tYm luZWQgZWZm ZWN0cyBvZi ByZWd1bGF0 b3J5IGNoYW 5nZXMgZHJp dmluZyBkZW NhcmJvbml6 YXRpb24sIH NoaWZ0cyB0 b3dhcmQgcm VuZXdhYmxl IGVuZXJneS wgZGVjcmVh c2VkIG1hcm dpbnMgdGhy b3VnaCBjb2 1wZXRpdGl2 ZSBwcmVzc3 VyZXMsIGRp bWluaXNoZW QgY2FzaCBm bG93IGZyb2 0gbG93ZXIg cmV2ZW51ZX MsIGFuZCBh IHN0cmVzc2 VkIGJhbGFu Y2Ugc2hlZX QgZHVlIHRv IGltcGFpcm 1lbnRzIGFu ZCBpbmNyZW FzZWQgZGVi dCBjb3VsZC Bwb3NlIHNl cmlvdXMgbG 9uZy10ZXJt IGNoYWxsZW 5nZXMgZm9y IFBpbm5hY2 xlIFdlc3Qg Q2FwaXRhbC 48YnI+

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 bG9nb3MvUU Z4d0gxbDlK eUhVV21odz M3Q2Qud2Vi cCIgYWx0PS JQaW5uYWNs ZSBXZXN0IE NhcGl0YWwi IHRpdGxlPS JQaW5uYWNs ZSBXZXN0IE NhcGl0YWwi ICBjbGFzcz 0iaW1nLWZs dWlkIiBoZW lnaHQ9NTAg d2lkdGg9NT AgbG9hZGlu Zz0nbGF6eS cgc3R5bGU9 J2JvcmRlci 1yYWRpdXM6 IDZweDsnPg oKICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdmbGV4 OiAxOyB0ZX h0LWFsaWdu OiBjZW50ZX I7IG1hcmdp bi1sZWZ0Oi A1cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPHAgc3R5 bGU9J2Zvbn Qtc2l6ZTog MjZweDsgY2 9sb3I6ICMz MzM7IG1hcm dpbi1ib3R0 b206IDE1cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIPCfk4gg V2FudCB0by ByZWFkIG1v cmUgYWJvdX QgUGlubmFj bGUgV2VzdC BDYXBpdGFs PwogICAgIC AgICAgICAg ICAgICAgIC AgICA8L3A+ CgogICAgIC AgICAgICAg ICAgICAgIC AgICA8YSBo cmVmPSdpbm RleC5waHA/ cGFnZT1zaW dudXAnIHN0 eWxlPScKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJhY2 tncm91bmQt Y29sb3I6IC MwMDdCRkY7 CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBj b2xvcjogI2 ZmZjsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIHBhZGRp bmc6IDEwcH ggMjBweDsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGJv cmRlci1yYW RpdXM6IDVw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHRleHQtZG Vjb3JhdGlv bjogbm9uZT sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG ZvbnQtd2Vp Z2h0OiBib2 xkOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgbWFyZ2lu LXJpZ2h0Oi AxMHB4Owog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgdHJh bnNpdGlvbj ogYmFja2dy b3VuZC1jb2 xvciAwLjNz IGVhc2U7Jw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgb2 5tb3VzZW92 ZXI9J3RoaX Muc3R5bGUu YmFja2dyb3 VuZENvbG9y PSIjMDA1Nm IzIicKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIG9ubW91 c2VvdXQ9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A3QkZGIic+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBT aWduIHVwIG ZvciBmcmVl CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvYT4K CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxzcGFu IHN0eWxlPS dtYXJnaW46 IDAgOHB4Oy Bjb2xvcjog IzU1NTsnPm 9yPC9zcGFu PgoKICAgIC AgICAgICAg ICAgICAgIC AgICAgPGEg aHJlZj0naW 5kZXgucGhw P3BhZ2U9bG 9naW4nIHN0 eWxlPScKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGNvbG 9yOiAjMDA3 QkZGOwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdGV4dC 1kZWNvcmF0 aW9uOiB1bm RlcmxpbmU7 CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBm b250LXdlaW dodDogNTAw Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBsb2cgaW 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9hPg oKCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxwIH N0eWxlPSdt YXJnaW4tdG 9wOiAxNXB4 OyBmb250LX NpemU6IDEz cHg7IGZvbn Qtd2VpZ2h0 OiBib2xkOy Bjb2xvcjog I2QzMmYyZj snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Ag8J+SoSBM ZWFybiBzbW FydGVyIHN0 b2NrIHBpY2 tzIHdpdGgg PGk+IlRoZS BDaGVja2xp c3QgVmFsdW UgSW52ZXN0 b3Ig4oCUIE EgU21hcnRl ciBXYXkgdG 8gUGljayBT dG9ja3MiPC 9pPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8L3 A+CgogICAg ICAgICAgIC AgICAgICAg ICAgICA8IS 0tCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J21hcmdpbi 10b3A6IDEy cHg7IGZvbn Qtc2l6ZTog MTNweDsgY2 9sb3I6ICM0 NDQ7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIFNpZ2 4gdXAgbm93 IGFuZCBnZX Qgb3VyIGZy ZWUgZUJvb2 sgCiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8Yj5UaGUg Q2hlY2tsaX N0IFZhbHVl IEludmVzdG 9yIOKAlCBB IFNtYXJ0ZX IgV2F5IHRv IFBpY2sgU3 RvY2tzPC9i PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgLS0+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwhLS0K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nbW FyZ2luLXRv cDogMTZweD sgZm9udC1z aXplOiAxNH B4OyBjb2xv cjogIzQ0ND sgZm9udC1m YW1pbHk6IC 1hcHBsZS1z eXN0ZW0sIE JsaW5rTWFj U3lzdGVtRm 9udCwgU2Vn b2UgVUksIF JvYm90bywg SGVsdmV0aW NhIE5ldWUs IHNhbnMtc2 VyaWY7IGxp bmUtaGVpZ2 h0OiAxLjY7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IEhhdmUgeW 91IGhlYXJk IGFib3V0IG 91ciBzaG9y dCA8c3Ryb2 5nIHN0eWxl PSdmb250LX dlaWdodDog NjAwOyc+RG FpbHkgVmlk ZW8gTmV3c2 xldHRlcjwv c3Ryb25nPj 8KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgID xhIGhyZWY9 J2h0dHBzOi 8vd3d3Lmlu c2lnaHRmdW x2YWx1ZS5j b20vbmV3c2 xldHRlci5w aHAnIHRhcm dldD0nX2Js YW5rJyBzdH lsZT0nY29s b3I6ICMwMD dCRkY7IHRl eHQtZGVjb3 JhdGlvbjog bm9uZTsgZm 9udC13ZWln aHQ6IDUwMD sgbWFyZ2lu LWxlZnQ6ID ZweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IEZpbmQgb3 V0IG1vcmUK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv YT4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIC0t PgogICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AKICAgICAg ICAKICAgIC AgICA8c3Bh biBjbGFzcz 0nYmx1cnJl ZC10ZXh0Jz 4KICAgICAg ICAgICAgTF NCUWFXNXVZ VyBOc1pTQl haWE4wIElF TmhjR2wwWV cgd2dhWE1n WVNCRyBiM0 owZFc1bElE IFV3TUNCam IyMXcgWVc1 NUlHRnVaQy BCdmJtVWdi MllnIGRHaG xJR3hoY20g ZGxjM1FnWl c1bCBjbWQ1 SUdodmJHIF JwYm1jZ1ky OXQgY0dGdW FXVnpJRyBs dUlIUm9aU0 JWIGJtbDBa V1FnVTMgUm hkR1Z6TGp4 aSBjajR0SU ZSb1pTIEJq YjIxd1lXNT UgSUhkaGN5 Qm1iMyBWdV pHVmtJR2x1 IElERTVNak FnWVggTWdR WEpwZW05dS BZU0JRYjNk bGNpIEJEYj Ixd1lXNTUg SUdGdVpDQm phRyBGdVoy VmtJR2wwIG N5QnVZVzFs SUggUnZJRk JwYm01aCBZ MnhsSUZkbG MzIFFnUTJG d2FYUmggYk NCRGIzSndi MyBKaGRHbH ZiaUJwIGJp QXhPVGcxTG ogeGljajR0 SUZCcCBibT VoWTJ4bElG IGRsYzNRZ1 EyRncgYVhS aGJDQnBjeS BCMGFHVWdj R0Z5IFpXNT BJR052Ylgg QmhibmtnYj JZZyBRWEpw ZW05dVlTIE JRZFdKc2FX TWcgVTJWeW RtbGpaUyBB b1FWQlRLU3 dnIGRHaGxJ R3hoY20gZG xjM1FnWld4 bCBZM1J5YV dNZ2RYIFJw YkdsMGVTQn AgYmlCQmNt bDZiMiA1aE xDQnpaWEoy IGFXNW5JRz F2Y20gVWdk R2hoYmlBeC BMaklnYlds c2JHIGx2Ym lCamRYTjAg YjIxbGNuTX VQRyBKeVBp MGdWR2hsIE lHTnZiWEJo Ym4gbmlnSm x6SUdobCBZ V1J4ZFdGeW RHIFZ5Y3lC aGNtVWcgYk c5allYUmxa QyBCcGJpQl FhRzlsIGJt bDRMQ0JCY2 0gbDZiMjVo TGp4aSBjaj R0SUZCcGJt IDVoWTJ4bE lGZGwgYzNR Z1EyRndhWC BSaGJPS0Ft WE1nIGNISn BiV0Z5ZVMg QnpiM1Z5WT JVZyBiMlln Wlc1bGNtIG Q1SUdseklH WnkgYjIwZ2 FYUnpJRCBF eElIQnZkMl Z5IElIQnNZ VzUwY3kgd2 dkMmhwWTJn ZyBhVzVqYk hWa1pTIEJ6 YjJ4aGNpd2 cgWjJGekxD QmhibSBRZ1 kyOWhiQzFt IGFYSmxaQ0 JtWVcgTnBi R2wwYVdWei BManhpY2o0 dElGIFJvWl NCamIyMXcg WVc1NUlHbH pJRyBOdmJX MXBkSFJsIF pDQjBieUJ5 WlcgNWxkMk ZpYkdVZyBa VzVsY21kNU lHIEZ1WkNC b1lYTWcgYz JWMElHRWda MiA5aGJDQj BieUJrIFpX eHBkbVZ5SU QgWTFKU0Jq YkdWaCBiaX dnWTJGeVlt IDl1TFdaeV pXVWcgWld4 bFkzUnlhVy BOcGRIa2dZ bmtnIE1qQX pNQ0JoYm0g UWdjbVZoWT JnZyBibVYw TFhwbGNtID hnWTJGeVlt OXUgSUdWdG FYTnphVyA5 dWN5QmllU0 F5IE1EVXdM anhpY2ogNH RJRWx1SUdG ayBaR2wwYV c5dUlIIFJ2 SUhCeWIzWn AgWkdsdVp5 QmxibSBWeV oza3NJRkJw IGJtNWhZMn hsSUYgZGxj M1FnUTJGdy BhWFJoYkNC cGN5IEJoWT NScGRtVnMg ZVNCcGJuWn ZiSCBabFpD QnBiaUJ6IG RYQndiM0ow YVcgNW5JSF JvWlNCaiBi MjF0ZFc1cG RHIGxsY3lC cGRDQnogWl hKMlpYTWdk RyBoeWIzVm 5hQ0IyIFlY SnBiM1Z6SU cgTm9ZWEpw ZEdGaSBiR1 VnWVc1a0lI IFp2YkhWdW RHVmwgY2lC cGJtbDBhVy BGMGFYWmxj eTQ4IFluSS tMU0JVYUcg VWdZMjl0Y0 dGdSBlU0Jv WVhNZ1ltIF ZsYmlCeVpX TnYgWjI1cG VtVmtJRyBa dmNpQnBkSE 1nIFkyOXRi V2wwYlcgVn VkQ0IwYnlC eiBkWE4wWV dsdVlXIEpw YkdsMGVTQm ggYm1RZ2Qy RnpJRyA1aG JXVmtJRzl1 IFpTQnZaaU IwYUcgVWdW Mjl5YkdUaS BnSmx6SUUx dmMzIFFnUV dSdGFYSmwg WkNCRGIyMX dZVyA1cFpY TWdZbmtnIF JtOXlkSFZ1 WlMgQnRZV2 RoZW1sdSBa U0JwYmlBeU 1EIEl3TGp4 aWNqNHQgSU ZCcGJtNWhZ MiB4bElGZG xjM1FnIFEy RndhWFJoYk MgQm9ZWE1n WVNCayBhWF psY25ObElI IGR2Y210bW IzSmogWlN3 Z2QybDBhQy BCdGIzSmxJ SFJvIFlXNG dNamNsSUcg OW1JR2wwY3 lCbCBiWEJz YjNsbFpYIE 1nYVdSbGJu UnAgWm5scG JtY2dZWCBN Z1pYUm9ibW xqIElHMXBi bTl5YVggUn BaWE1nWVc1 ayBJRzF2Y2 1VZ2RHIGho YmlBek1DVW cgYVdSbGJu UnBabiBscG JtY2dZWE1n IGQyOXRaVz R1UEcgSnlQ aTBnVUdsdS BibUZqYkdV Z1YyIFZ6ZE NCRFlYQnAg ZEdGc0lHbH pJSCBCMVlt eHBZMng1IE lIUnlZV1Js WkMgQnZiaU IwYUdVZyBU bVYzSUZsdm NtIHNnVTNS dlkyc2cgUl hoamFHRnVa MiBVZ2RXNW taWElnIGRH aGxJSFJwWT IgdGxjaUJ6 ZVcxaSBiMn dnVUU1WExn ID09CiAgIC AgICAgPC9z cGFuPgogIC AgICAgIAog ICAgICAgIA ==