Watts Water Technologies

-12.97%

Live  

Watts Water Technologies is an American company that specializes in the production of water control and management products. The company was founded in 1874 by Joseph E. Watts, and is headquartered in North Andover, Massachusetts.
The main focus of Watts Water Technologies is providing solutions for water safety, conservation, and control. The company offers a wide range of products including valves, controls, fittings, plumbing and drainage systems, water filtration and purification systems, and more.
Watts Water Technologies serves various industries such as residential, commercial, industrial, and municipal. They also have a presence in over 100 countries, making them a global leader in the water industry.
The company has a strong commitment to sustainability and innovation, aiming to create products that are energy-efficient and environmentally friendly. They also have a focus on social responsibility, implementing programs to support clean water access and education in developing countries.
Watts Water Technologies has a strong reputation in the industry for their high-quality products, advanced technology, and reliable customer service. They continue to grow and expand their product offerings, remaining a top choice for water control solutions.

V2F0dHMgV2 F0ZXIgVGVj aG5vbG9naW VzIGlzIGEg Y29tcGFueS B0aGF0IG1h a2VzIHByb2 R1Y3RzIHRv IGhlbHAgd2 F0ZXIgZmxv dyBzYWZlbH kgYW5kIGVm ZmljaWVudG x5IGluIGhv bWVzLCBidW lsZGluZ3Ms IGFuZCBldm VuIGluIGJp ZyBmYWN0b3 JpZXMuIElt YWdpbmUgdG hlIHBpcGVz IGluIHlvdX IgaG91c2Ug dGhhdCBjYX JyeSB3YXRl ciB0byB5b3 VyIGtpdGNo ZW4gYW5kIG JhdGhyb29t LiBXYXR0cy BtYWtlcyB0 aGluZ3MgbG lrZSB2YWx2 ZXMsIHdoaW NoIGNvbnRy b2wgaG93IG 11Y2ggd2F0 ZXIgY2FuIG Zsb3csIGFu ZCBvdGhlci B0b29scyB0 aGF0IGhlbH AgbWFrZSBz dXJlIHRoZS B3YXRlciBz eXN0ZW0gd2 9ya3Mgd2Vs bCBhbmQgZG 9lc27igJl0 IGxlYWsuPG JyPlRoZXkg bWFrZSBtb2 5leSBieSBz ZWxsaW5nIH RoZXNlIHBy b2R1Y3RzIH RvIGNvbnN0 cnVjdGlvbi Bjb21wYW5p ZXMsIHBsdW 1iZXJzLCBh bmQgb3RoZX IgYnVzaW5l c3NlcyB0aG F0IG5lZWQg Z29vZCB3YX RlciBzeXN0 ZW1zLiBXaG VuIHNvbWVv bmUgYnVpbG RzIGEgbmV3 IGhvdXNlIG 9yIGZpeGVz IG9sZCBwbH VtYmluZywg dGhleSBvZn RlbiBidXkg V2F0dHMgcH JvZHVjdHMg dG8gaGVscC B3aXRoIHRo YXQuPGJyPl dhdHRzIGlz IHN1Y2Nlc3 NmdWwgZm9y IGEgZmV3IH JlYXNvbnMu IEZpcnN0LC B0aGV5IGhh dmUgYSBsb3 Qgb2YgZXhw ZXJpZW5jZS BhbmQga25v dy1ob3cgaW 4gbWFraW5n IGhpZ2gtcX VhbGl0eSBw cm9kdWN0cy wgYW5kIHRo ZXkgYXJlIH RydXN0ZWQg YnkgdGhlaX IgY3VzdG9t ZXJzLiBTZW NvbmQsIHdh dGVyIGlzIH NvbWV0aGlu ZyBldmVyeW 9uZSBuZWVk cywgc28gdG hlcmUgaXMg YWx3YXlzIG EgZGVtYW5k IGZvciBnb2 9kIHdhdGVy IHRlY2hub2 xvZ3kuIExh c3RseSwgYX MgbW9yZSBw ZW9wbGUgYX JlIGJlY29t aW5nIGF3YX JlIG9mIHNh dmluZyB3YX RlciBhbmQg dXNpbmcgaX Qgd2lzZWx5 LCBXYXR0cy BjcmVhdGVz IHByb2R1Y3 RzIHRoYXQg aGVscCB3aX RoIHRoYXQs IHdoaWNoIG 1ha2VzIHRo ZW0gZXZlbi Btb3JlIHZh bHVhYmxlLj xicj5JbiB0 aGUgZnV0dX JlLCBhcyBt b3JlIGNpdG llcyBncm93 IGFuZCB0aG UgbmVlZCBm b3IgY2xlYW 4sIHNhZmUg ZHJpbmtpbm cgd2F0ZXIg aW5jcmVhc2 VzLCBXYXR0 cyBXYXRlci BUZWNobm9s b2dpZXMgd2 lsbCBwcm9i YWJseSBrZW VwIGRvaW5n IHdlbGwgYm VjYXVzZSB0 aGV5IHByb3 ZpZGUgaW1w b3J0YW50IH NvbHV0aW9u cyB0byB0aG VzZSBwcm9i bGVtcy48Yn I+

MS4gTGVhZG VyIGluIHRo ZSBJbmR1c3 RyeTogV2F0 dHMgV2F0ZX IgVGVjaG5v bG9naWVzIG lzIGEgZ2xv YmFsIGxlYW RlciBpbiBk ZXNpZ25pbm cgYW5kIG1h bnVmYWN0dX JpbmcgaW5u b3ZhdGl2ZS B3YXRlciBj b250cm9sIH NvbHV0aW9u cyBmb3Igcm VzaWRlbnRp YWwsIGNvbW 1lcmNpYWws IGFuZCBpbm R1c3RyaWFs IGFwcGxpY2 F0aW9ucy48 YnI+Mi4gRG l2ZXJzZSBQ cm9kdWN0IF BvcnRmb2xp bzogVGhlIG NvbXBhbnkg b2ZmZXJzIG EgZGl2ZXJz ZSBwb3J0Zm 9saW8gb2Yg cHJvZHVjdH MgaW5jbHVk aW5nIHdhdG VyIGZpbHRy YXRpb24sIH BsdW1iaW5n LCBoZWF0aW 5nLCBhbmQg ZHJhaW5hZ2 Ugc3lzdGVt cywgbWFraW 5nIHRoZW0g YSBvbmUtc3 RvcCBzb2x1 dGlvbiBwcm 92aWRlciBm b3IgYWxsIH dhdGVyIG1h bmFnZW1lbn QgbmVlZHMu PGJyPjMuIE xvbmcgSGlz dG9yeSBhbm QgRXhwZXJp ZW5jZTogV2 F0dHMgV2F0 ZXIgVGVjaG 5vbG9naWVz IGhhcyBhIG xvbmcgaGlz dG9yeSBvZi BvdmVyIDE0 MCB5ZWFycy BpbiB0aGUg aW5kdXN0cn ksIHByb3Zp ZGluZyB0aG VtIHdpdGgg ZXh0ZW5zaX ZlIGV4cGVy aWVuY2UgYW 5kIGV4cGVy dGlzZSBpbi B0aGVpciBm aWVsZC48Yn I+NC4gQ29t bWl0bWVudC B0byBTdXN0 YWluYWJpbG l0eTogVGhl IGNvbXBhbn kgaXMgY29t bWl0dGVkIH RvIHN1c3Rh aW5hYmlsaX R5IGFuZCBl bnZpcm9ubW VudGFsIHJl c3BvbnNpYm lsaXR5LCBh bmQgdGhlaX IgcHJvZHVj dHMgYXJlIG Rlc2lnbmVk IHRvIGNvbn NlcnZlIHdh dGVyLCBlbm VyZ3ksIGFu ZCByZWR1Y2 UgY2FyYm9u IGZvb3Rwcm ludC48YnI+ NS4gR2xvYm FsIFByZXNl bmNlOiBXaX RoIGEgcHJl c2VuY2UgaW 4gb3ZlciAx MDAgY291bn RyaWVzLCBX YXR0cyBXYX RlciBUZWNo bm9sb2dpZX MgaGFzIGVz dGFibGlzaG VkIGEgc3Ry b25nIGdsb2 JhbCBwcmVz ZW5jZSwgYW xsb3dpbmcg dGhlbSB0by BzZXJ2ZSBh IHdpZGUgcm FuZ2Ugb2Yg bWFya2V0cy BhbmQgY3Vz dG9tZXJzLj xicj42LiBG b2N1cyBvbi BJbm5vdmF0 aW9uOiBUaG UgY29tcGFu eSBpbnZlc3 RzIGhlYXZp bHkgaW4gcm VzZWFyY2gg YW5kIGRldm Vsb3BtZW50 LCBjb25zdG FudGx5IHN0 cml2aW5nIH RvIGlubm92 YXRlIGFuZC BpbXByb3Zl IHRoZWlyIH Byb2R1Y3Rz IHRvIG1lZX QgdGhlIGV2 b2x2aW5nIG 5lZWRzIG9m IHRoZWlyIG N1c3RvbWVy cy48YnI+Ny 4gU3Ryb25n IEN1c3RvbW VyIFJlbGF0 aW9uc2hpcH M6IFdhdHRz IFdhdGVyIF RlY2hub2xv Z2llcyBoYX MgYSBzdHJv bmcgZm9jdX Mgb24gYnVp bGRpbmcgYW 5kIG1haW50 YWluaW5nIH JlbGF0aW9u c2hpcHMgd2 l0aCB0aGVp ciBjdXN0b2 1lcnMsIHBy b3ZpZGluZy B0aGVtIHdp dGggZXhjZW xsZW50IGN1 c3RvbWVyIH NlcnZpY2Ug YW5kIHN1cH BvcnQuPGJy PjguIENvcn BvcmF0ZSBT b2NpYWwgUm VzcG9uc2li aWxpdHk6IF RoZSBjb21w YW55IGlzIG NvbW1pdHRl ZCB0byBnaX ZpbmcgYmFj ayB0byB0aG UgY29tbXVu aXR5IHRocm 91Z2ggdmFy aW91cyBjb3 Jwb3JhdGUg c29jaWFsIH Jlc3BvbnNp YmlsaXR5IG luaXRpYXRp dmVzLCBpbm NsdWRpbmcg c3VwcG9ydG luZyBsb2Nh bCBjb21tdW 5pdGllcyBh bmQgcHJvbW 90aW5nIGVt cGxveWVlIH ZvbHVudGVl cmlzbS48Yn I+OS4gUmVj b2duaXRpb2 4gYW5kIEF3 YXJkczogV2 F0dHMgV2F0 ZXIgVGVjaG 5vbG9naWVz IGhhcyByZW NlaXZlZCBu dW1lcm91cy Bhd2FyZHMg YW5kIGFjY2 9sYWRlcyBm b3IgdGhlaX IgcHJvZHVj dHMsIHNlcn ZpY2VzLCBh bmQgY29tbW l0bWVudCB0 byBzdXN0YW luYWJpbGl0 eSwgZnVydG hlciBzb2xp ZGlmeWluZy B0aGVpciBw b3NpdGlvbi BhcyBhbiBp bmR1c3RyeS BsZWFkZXIu PGJyPjEwLi BTdHJvbmcg RmluYW5jaW FsIFBlcmZv cm1hbmNlOi BUaGUgY29t cGFueSBoYX MgYSBzdHJv bmcgZmluYW 5jaWFsIHBl cmZvcm1hbm NlLCBjb25z aXN0ZW50bH kgZGVsaXZl cmluZyBncm 93dGggYW5k IHByb2ZpdG FiaWxpdHks IG1ha2luZy B0aGVtIGEg cmVsaWFibG UgYW5kIHN0 YWJsZSBjaG 9pY2UgZm9y IGN1c3RvbW VycywgZW1w bG95ZWVzLC BhbmQgaW52 ZXN0b3JzLg ==

VGhlIFdhdH RzIFdhdGVy IFRlY2hub2 xvZ2llcyBj b21wYW55IG lzIGEgZ2xv YmFsIHByb3 ZpZGVyIG9m IHBsdW1iaW 5nLCBoZWF0 aW5nLCBhbm Qgd2F0ZXIg cXVhbGl0eS Bzb2x1dGlv bnMuIEl0cy BidXNpbmVz cyBtb2RlbC BpcyBmb2N1 c2VkIG9uIG Rlc2lnbmlu ZywgbWFudW ZhY3R1cmlu ZywgYW5kIH NlbGxpbmcg YSB3aWRlIH JhbmdlIG9m IHByb2R1Y3 RzIGFuZCBz eXN0ZW1zIH RoYXQgZW5z dXJlIHRoZS BzYWZlIGFu ZCBlZmZpY2 llbnQgZmxv dywgY29udH JvbCwgYW5k IGNvbnNlcn ZhdGlvbiBv ZiB3YXRlci 4gVGhpcyBp bmNsdWRlcy Bwcm9kdWN0 cyBzdWNoIG FzIHZhbHZl cywgY29udH JvbHMsIGZp dHRpbmdzLC BwaXBlcywg YW5kIHdhdG VyIGZpbHRy YXRpb24gYW 5kIHRyZWF0 bWVudCBzeX N0ZW1zLiBU aGUgY29tcG FueSBzZXJ2 ZXMgYm90aC ByZXNpZGVu dGlhbCBhbm QgY29tbWVy Y2lhbCBjdX N0b21lcnMs IGFzIHdlbG wgYXMgdGhl IGluZHVzdH JpYWwgYW5k IGluZnJhc3 RydWN0dXJl IG1hcmtldH MuIDxicj5J biBhZGRpdG lvbiB0byBp dHMgcHJvZH VjdCBvZmZl cmluZ3MsIH RoZSBXYXR0 cyBXYXRlci BUZWNobm9s b2dpZXMgY2 9tcGFueSBh bHNvIHByb3 ZpZGVzIHNl cnZpY2VzIH N1Y2ggYXMg dGVjaG5pY2 FsIHN1cHBv cnQsIHRyYW luaW5nLCBh bmQgaW5zdG FsbGF0aW9u IGFzc2lzdG FuY2UgdG8g aXRzIGN1c3 RvbWVycy4g SXQgb3Blcm F0ZXMgdGhy b3VnaCBhIG RpdmVyc2Ug cG9ydGZvbG lvIG9mIGJy YW5kcyBhbm QgaGFzIGEg Z2xvYmFsIH ByZXNlbmNl IHdpdGggc2 FsZXMgYW5k IG1hbnVmYW N0dXJpbmcg ZmFjaWxpdG llcyBpbiBv dmVyIDUwIG NvdW50cmll cy4gPGJyPl RoZSBjb21w YW55J3MgYn VzaW5lc3Mg bW9kZWwgaX MgYmFzZWQg b24gaW5ub3 ZhdGlvbiwg cXVhbGl0eS wgYW5kIGN1 c3RvbWVyIH NhdGlzZmFj dGlvbi4gSX QgZm9jdXNl cyBvbiBkZX ZlbG9waW5n IGFuZCBkZW xpdmVyaW5n IGlubm92YX RpdmUgc29s dXRpb25zIH RoYXQgbWVl dCB0aGUgbm VlZHMgb2Yg aXRzIGN1c3 RvbWVycyB3 aGlsZSBhbH NvIGFkaGVy aW5nIHRvIG hpZ2ggc3Rh bmRhcmRzIG 9mIHF1YWxp dHkuIEl0IG Fsc28gcHJp b3JpdGl6ZX MgYnVpbGRp bmcgc3Ryb2 5nIGN1c3Rv bWVyIHJlbG F0aW9uc2hp cHMgYW5kIH Byb3ZpZGlu ZyBleGNlcH Rpb25hbCBz ZXJ2aWNlIH RvIG1haW50 YWluIGxvbm ctdGVybSBw YXJ0bmVyc2 hpcHMuIDxi cj5PdmVyYW xsLCB0aGUg V2F0dHMgV2 F0ZXIgVGVj aG5vbG9naW VzIGNvbXBh bnkncyBidX NpbmVzcyBt b2RlbCByZX ZvbHZlcyBh cm91bmQgYm VpbmcgYSB0 cnVzdGVkIG FuZCByZWxp YWJsZSBwcm 92aWRlciBv ZiB3YXRlci Bzb2x1dGlv bnMsIHdoaW xlIGFsc28g Y29udGludW 91c2x5IGV2 b2x2aW5nIG FuZCBhZGFw dGluZyB0by B0aGUgY2hh bmdpbmcgbm VlZHMgYW5k IGRlbWFuZH Mgb2YgdGhl IGluZHVzdH J5Lg==

AI has the potential to pose a material threat to Watts Water Technologies in several ways, but the extent of this threat depends on various factors, including the company’s adaptability and the nature of its products and services.
1. Substitution: AI could lead to the development of new technologies that could substitute traditional water management solutions. For instance, smart water systems powered by AI could optimize water usage, leak detection, and demand forecasting more efficiently than existing products. If competitors innovate faster and implement AI-driven solutions, this could threaten Watts’ market share.
2. Disintermediation: AI could enable direct-to-consumer models, where customers bypass traditional suppliers and manufacturers. AI-driven platforms could facilitate better match-making between customers and small-scale water technology providers, potentially reducing the effectiveness of established distribution channels that Watts relies on.
3. Margin Pressure: The adoption of AI in competitive practices can result in cost-cutting measures and more efficient operations. If Watts does not adopt AI-driven efficiencies in its own operations, it may face pressure to lower prices to remain competitive. This could lead to reduced profit margins, especially if competitors leverage AI to maintain or improve their margins while lowering prices.
In summary, while AI does pose potential threats through substitution, disintermediation, and margin pressure, Watts Water Technologies can mitigate these risks by investing in AI-driven innovation, enhancing its product offerings, and adapting its business model to meet changing market demands.

The sensitivity of Watts Water Technologies’ earnings, cash flow, and valuation to changes in interest rates can be analyzed from several perspectives:
1. Earnings Sensitivity: Interest rates can affect Watts Water’s earnings through various avenues. Higher interest rates generally increase borrowing costs for companies, which can lead to higher interest expenses if the company has significant debt. This could negatively impact net income. Additionally, demand for capital-intensive products might decrease as consumer financing becomes more expensive, potentially impacting sales and revenue.
2. Cash Flow Sensitivity: Cash flow is also sensitive to interest rates, especially if Watts Water has variable-rate debt. Rising rates can lead to increased cash outflows for interest payments, reducing free cash flow and limiting the company’s ability to invest in growth opportunities or return capital to shareholders. Conversely, if interest rates rise and the economy slows, cash flow from operations may also decline due to lower demand for its products.
3. Valuation Sensitivity: Valuation is typically affected by changes in interest rates through the discount rate applied in discounted cash flow (DCF) models. As interest rates rise, the discount rate increases, which generally lowers the present value of future cash flows, leading to a decrease in company valuation. This could result in a decline in stock price if investor sentiment turns negative, particularly if investors see the rising rates as a precursor to economic slowdown.
In summary, while the specific sensitivity of Watts Water Technologies to interest rate changes will depend on its capital structure, market dynamics, and overall economic conditions, rising interest rates can pose challenges by increasing costs, reducing cash flow, and negatively impacting valuation.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci B0aGUgZWNv bm9taWNzIG 9mIFdhdHRz IFdhdGVyIF RlY2hub2xv Z2llcyBvdm VyIHRoZSBu ZXh0IDMtNS B5ZWFycyBp cyBhIHNpZ2 5pZmljYW50 IGFuZCBzdX N0YWluZWQg aW5jcmVhc2 UgaW4gcmF3 IG1hdGVyaW FsIGNvc3Rz LCBwYXJ0aW N1bGFybHkg Zm9yIHBsYX N0aWNzIGFu ZCBtZXRhbH MsIHdoaWNo IGFyZSBjcn VjaWFsIGZv ciBtYW51Zm FjdHVyaW5n IHBsdW1iaW 5nIGFuZCB3 YXRlciBzeX N0ZW0gY29t cG9uZW50cy 4gVGhpcyBz cGlrZSBjb3 VsZCBiZSBk cml2ZW4gYn kgdmFyaW91 cyBmYWN0b3 JzLCBzdWNo IGFzIGdlb3 BvbGl0aWNh bCB0ZW5zaW 9ucyBsZWFk aW5nIHRvIH RyYWRlIHJl c3RyaWN0aW 9ucywgaW5j cmVhc2VkIG dsb2JhbCBk ZW1hbmQsIG 9yIG5hdHVy YWwgZGlzYX N0ZXJzIGlt cGFjdGluZy BzdXBwbHkg Y2hhaW5zLj xicj5JZiB0 aGlzIHNjZW 5hcmlvIHdl cmUgdG8gdW 5mb2xkLCB0 aGUgY29tcG FueeKAmXMg bWFyZ2lucy B3b3VsZCBs aWtlbHkgZX hwZXJpZW5j ZSBhIHN1Yn N0YW50aWFs IGNvbXByZX NzaW9uLiBU aGUgaW5jcm Vhc2VkIGNv c3RzIG9mIH JhdyBtYXRl cmlhbHMgd2 91bGQgcmVz dWx0IGluIG hpZ2hlciBw cm9kdWN0aW 9uIGV4cGVu c2VzLCBhbm QgdW5sZXNz IFdhdHRzIF dhdGVyIGNv dWxkIHBhc3 MgdGhlc2Ug Y29zdHMgb2 50byBjdXN0 b21lcnPigJ Rzb21ldGhp bmcgdGhhdC BtYXkgbm90 IGJlIGZlYX NpYmxlIGlu IGEgY29tcG V0aXRpdmUg bWFya2V04o CUaXRzIHBy b2ZpdCBtYX JnaW5zIHdv dWxkIHNocm luay4gT3Bl cmF0aW5nIG 1hcmdpbnMs IHdoaWNoIG FyZSBhbHJl YWR5IHJlbG F0aXZlbHkg dGhpbiBpbi BtYW51ZmFj dHVyaW5nLC Bjb3VsZCBk cm9wIGJ5IH NldmVyYWwg cGVyY2VudG FnZSBwb2lu dHMsIG5lZ2 F0aXZlbHkg aW1wYWN0aW 5nIHRoZSBv dmVyYWxsIH Byb2ZpdGFi aWxpdHkgb2 YgdGhlIGNv bXBhbnkuPG JyPkluIHRl cm1zIG9mIG Nhc2ggZmxv dywgdGhlIG luY3JlYXNl ZCBleHBlbn NlcyB3b3Vs ZCBhbHNvIG xlYWQgdG8g cmVkdWNlZC BmcmVlIGNh c2ggZmxvdy 4gV2l0aCBo aWdoZXIgaW 5wdXQgY29z dHMgYW5kIH BvdGVudGlh bGx5IGZld2 VyIHNhbGVz IGFzIGN1c3 RvbWVycyBy ZWFjdCB0by ByaXNpbmcg cHJpY2VzLC BXYXR0cyBX YXRlciBtaW dodCBzdHJ1 Z2dsZSB0by BtYWludGFp biBpdHMgaG lzdG9yaWNh bCBsZXZlbH Mgb2YgY2Fz aCBnZW5lcm F0aW9uLiBU aGlzIGRlY2 xpbmUgY291 bGQgZm9yY2 UgdGhlIGNv bXBhbnkgdG 8gcmVjb25z aWRlciBpdH MgY2FwaXRh bCBleHBlbm RpdHVyZXMs IHBvdGVudG lhbGx5IGRl bGF5aW5nIG 9yIGNhbmNl bGluZyBleH BhbnNpb24g cHJvamVjdH Mgb3IgaW52 ZXN0bWVudH MgaW4gaW5u b3ZhdGlvbi B0aGF0IGFy ZSB2aXRhbC Bmb3IgbG9u Zy10ZXJtIG dyb3d0aC48 YnI+T24gdG hlIGJhbGFu Y2Ugc2hlZX Qgc2lkZSwg aWYgdGhlIG NvbXBhbnkg Y2Fubm90IG 1hbmFnZSBp dHMgY2FzaC BmbG93IGVm ZmVjdGl2ZW x5IGFtaWQg cmlzaW5nIG Nvc3RzLCBp dCBjb3VsZC BzZWUgYSBk ZXRlcmlvcm F0aW9uIGlu IGl0cyBmaW 5hbmNpYWwg aGVhbHRoLi BJbmNyZWFz ZWQgYm9ycm 93aW5nIG1p Z2h0IGJlIG 5lY2Vzc2Fy eSB0byBjb3 ZlciB3b3Jr aW5nIGNhcG l0YWwgbmVl ZHMgb3IgZn VuZCBvcGVy YXRpb25zLC BsZWFkaW5n IHRvIGEgaG lnaGVyIGRl YnQgbG9hZC 4gSWYgY2Fz aCByZXNlcn ZlcyBkd2lu ZGxlIGR1ZS B0byBsb3dl ciBvcGVyYX RpbmcgY2Fz aCBmbG93IG FuZCBwb3Rl bnRpYWwgaW 5jcmVhc2Vk IGxldmVyYW dlLCBsaXF1 aWRpdHkgcm lza3MgY291 bGQgYWxzby BiZWNvbWUg YSBjb25jZX JuLCBhZmZl Y3RpbmcgdG hlIGNvbXBh bnnigJlzIG FiaWxpdHkg dG8gd2VhdG hlciBlY29u b21pYyBkb3 dudHVybnMg b3IgaW52ZX N0IGluIHN0 cmF0ZWdpYy BvcHBvcnR1 bml0aWVzLj xicj5PdmVy YWxsLCB0aG lzIHNjZW5h cmlvIGNvdW xkIHBlcm1h bmVudGx5IG FsdGVyIFdh dHRzIFdhdG VyIFRlY2hu b2xvZ2llc+ KAmSBidXNp bmVzcyBtb2 RlbCwgZm9y Y2luZyBpdC B0byBhZGFw dCBvcGVyYX Rpb25hbGx5 IGFuZCBzdH JhdGVnaWNh bGx5LCB3aG ljaCBjb3Vs ZCBpbmNsdW RlIGRpdmVy c2lmeWluZy BzdXBwbGll cnMsIGV4cG xvcmluZyBh bHRlcm5hdG l2ZSBtYXRl cmlhbHMsIG 9yIGVuaGFu Y2luZyBlZm ZpY2llbmN5 IHRvIG1pdG lnYXRlIHRo ZSBpbXBhY3 Qgb2Ygcmlz aW5nIGlucH V0IGNvc3Rz Ljxicj4=

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 bG9nb3MvUW xveWdiOERa OTBQZDhNWD FMRGUud2Vi cCIgYWx0PS JXYXR0cyBX YXRlciBUZW Nobm9sb2dp ZXMiIHRpdG xlPSJXYXR0 cyBXYXRlci BUZWNobm9s b2dpZXMiIC BjbGFzcz0i aW1nLWZsdW lkIiBoZWln aHQ9NTAgd2 lkdGg9NTAg bG9hZGluZz 0nbGF6eScg c3R5bGU9J2 JvcmRlci1y YWRpdXM6ID ZweDsnPgoK ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdmbGV4Oi AxOyB0ZXh0 LWFsaWduOi BjZW50ZXI7 IG1hcmdpbi 1sZWZ0OiA1 cHg7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PHAgc3R5bG U9J2ZvbnQt c2l6ZTogMj ZweDsgY29s b3I6ICMzMz M7IG1hcmdp bi1ib3R0b2 06IDE1cHg7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IPCfk4ggV2 FudCB0byBy ZWFkIG1vcm UgYWJvdXQg V2F0dHMgV2 F0ZXIgVGVj aG5vbG9naW VzPwogICAg 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 ICAg4pyN77 iPIFNpZ24g dXAgdG8gZ2 V0IDxpPiJU aGUgQ2hlY2 tsaXN0IFZh bHVlIEludm VzdG9yIOKA lCBBIFNtYX J0ZXIgV2F5 IHRvIFBpY2 sgU3RvY2tz IjwvaT4gZm 9yIGZyZWUK 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 MkYwZEggTW dWMkYwWlhJ ZyBWR1ZqYU c1dmJHIDlu YVdWeklIZG ggY3lCbWIz VnVaRyBWa0 lHbHVJREU0 IE56UWdZbm tnU20gOXpa WEJvSUVVdS BJRmRoZEhS ekxDIEJoSU dKc1lXTnIg YzIxcGRHZ2 dZVyA1a0lH bHVkbVZ1IG RHOXlJR1p5 YjIgMGdUR0 YzY21WdSBZ MlVzSUUxaG MzIE5oWTJo MWMyVjAgZE hNdVBHSnlQ aiBJdUlGUm 9aU0JqIGIy MXdZVzU1SU ggZGhjeUJ2 Y21sbiBhVz VoYkd4NUlH IDVoYldWa0 lGZGggZEhS eklGSmxaMy BWc1lYUnZj aUJEIGIyMX dZVzU1SUcg RnVaQ0JtYj JOMSBjMlZr SUc5dUlHID FoYm5WbVlX TjAgZFhKcG JtY2dZVyA1 a0lITmxiR3 hwIGJtY2dj SEpsYzMgTj FjbVVnWVc1 ayBJSFJsYl hCbGNtIEYw ZFhKbElHTn YgYm5SeWIy d2dkbSBGc2 RtVnpJR1p2 IGNpQnpkR1 ZoYlMgQnpl WE4wWlcxei BManhpY2o0 ekxpIEJYWV hSMGN5Qlgg WVhSbGNpQl VaVyBOb2Jt OXNiMmRwIF pYTWdkMkZ6 SUcgOXVaU0 J2WmlCMCBh R1VnWm1seW MzIFFnWTI5 dGNHRnUgYV dWeklIUnZJ RyBsdWRISn ZaSFZqIFpT QjJZV3gyWl MgQmhibVFn Wm1sMCBkR2 x1WnlCd2Nt IDlrZFdOMG N5QnogY0dW amFXRnNiSC BrZ1pHVnph V2R1IFpXUW dabTl5SUcg aHZkQ0IzWV hSbCBjaUJv WldGMGFXID VuSUhONWMz UmwgYlhNZ2 FXNGdkRyBo bElHeGhkR1 VnIE1UZ3dN SE11UEcgSn lQalF1SUVs dSBJSFJvWl NCbFlYIEpz ZVNBeE9UQX cgY3l3Z2RH aGxJRyBOdm JYQmhibmtn IFpYaHdZVz VrWlcgUWdh WFJ6SUhCeS BiMlIxWTNR Z2JHIGx1Wl NCMGJ5QnAg Ym1Oc2RXUm xJSCBkaGRH VnlJSEJ5IF pYTnpkWEps SUggSmxaM1 ZzWVhSdiBj bk1zSUdKaF kyIHRtYkc5 M0lIQnkgWl habGJuUmxj biBNc0lHRn VaQ0JsIGJH VmpkSEpwWX kgQjNZWFJs Y2lCbyBaV0 YwWlhKekxq IHhpY2o0MU xpQkUgZFhK cGJtY2dWMi A5eWJHUWdW MkZ5IElFbE pMQ0JYWVgg UjBjeUJYWV hSbCBjaUJV WldOb2JtID lzYjJkcFpY TWcgYzJocF puUmxaQyBC cGRITWdjSE p2IFpIVmpk R2x2YmkgQj BieUJ6ZFhC dyBiM0owSU hSb1pTIEIz WVhJZ1pXWm 0gYjNKMElH SjVJRyAxaG JuVm1ZV04w IGRYSnBibW NnY0cgRnlk SE1nWm05eS BJRzFwYkds MFlYIEo1SU habGFHbGog YkdWeklHRn VaQyBCaGFY SmpjbUZtIG RDNDhZbkkr TmkgNGdTVz RnTVRrMyBO U3dnZEdobE lHIE52YlhC aGJua2cgWT JoaGJtZGxa QyBCcGRITW dibUZ0IFpT QjBieUJYWV ggUjBjeUJK Ym1SMSBjM1 J5YVdWekxD IEJKYm1NdU lIUnYgSUhK bFpteGxZMy BRZ2FYUnpJ R2R5IGIzZH BibWNnY20g RnVaMlVnYj JZZyBjSEp2 WkhWamRIIE 1nWVc1a0lI TmwgY25acF kyVnpMaiB4 aWNqNDNMaU JKIGJpQXhP VGcxTEMgQl hZWFIwY3lC SiBibVIxYz NSeWFXIFZ6 SUdKbFkyRn QgWlNCaElI QjFZbSB4cF kyeDVJSFJ5 IFlXUmxaQ0 JqYjIgMXdZ VzU1SUc5dS BJSFJvWlNC T1pYIGNnV1 c5eWF5QlQg ZEc5amF5Qk ZlRyBOb1lX NW5aUzQ4IF luSStPQzRn VkcgaGxJR0 52YlhCaCBi bm5pZ0psek lHIE4xY25K bGJuUWcgUT BWUExDQlNi MiBKbGNuUW dTaTRnIFVH Rm5ZVzV2SU UgcHlMaXdn YW05cCBibV ZrSUZkaGRI IFJ6SUZkaG RHVnkgSUZS bFkyaHViMi B4dloybGxj eUJoIGN5Qm hJSE5oYkcg VnpJSEpsY0 hKbCBjMlZ1 ZEdGMGFYIF psSUdsdUlE RTUgT1RBZ1 lXNWtJRyBo aGN5QnlhWE 5sIGJpQjBi eUIwYUcgVW dkRzl3SUd4 bCBZV1JsY2 5Ob2FYIEFn Y0c5emFYUn AgYjI0Z2Iz WmxjaSBCMG FHVWdZMjkx IGNuTmxJRz ltSUcgaHBj eUF6TUMxNS BaV0Z5SUdO aGNtIFZsY2 lCM2FYUm8g SUhSb1pTQm piMiAxd1lX NTVManhpIG NqNDVMaUJY WVggUjBjeU JYWVhSbCBj aUJVWldOb2 JtIDlzYjJk cFpYTWcgYU dGeklHSmxa VyA0Z2NtVm piMmR1IGFY cGxaQ0JtYj MgSWdhWFJ6 SUdOdiBiVz FwZEcxbGJu IFFnZEc4Z1 pXNTIgYVhK dmJtMWxibi BSaGJDQnpk WE4wIFlXbH VZV0pwYkcg bDBlU3dnY2 1WaiBaV2wy YVc1bklIIF JvWlNBeU1E RTUgSUVkc2 IySmhiQyBC SGNtVmxiaU JCIGQyRnla Q0JtYjMgSW dSWGhqWld4 cyBaVzVqWl NCcGJpIEJU ZFhOMFlXbH UgWVdKc1pT Qk5ZVyA1MV ptRmpkSFZ5 IGFXNW5Man hpY2ogNHhN QzRnVkdobC BJR052YlhC aGJuIGtnYU dGeklHRWcg WjJ4dlltRn NJSCBCeVpY TmxibU5sIE xDQjNhWFJv SUcgMXZjbV VnZEdoaCBi aUEzTUNCdF lXIDUxWm1G amRIVnkgYV c1bklHWmhZ MiBsc2FYUn BaWE1nIFlX NWtJR1JwYz MgUnlhV0ox ZEdsdiBiaU JqWlc1MFpY IEp6SUdsdU lFNXYgY25S b0lFRnRaWC BKcFkyRXNJ RVYxIGNtOX daU3dnUVgg TnBZU3dnWV c1ayBJRUYx YzNSeVlXIH hwWVM0OFlu SSsgTVRFdU lGZGhkSCBS eklGZGhkR1 Z5IElGUmxZ Mmh1YjIgeH ZaMmxsYytL QSBtU0J3Y2 05a2RXIE4w SUhCdmNuUm 0gYjJ4cGJ5 QnBibSBOc2 RXUmxjeUJo IElIZHBaR1 VnY20gRnVa MlVnYjJZZy BjR3gxYldK cGJtIGNzSU dobFlYUnAg Ym1jc0lHRn VaQyBCM1lY UmxjaUJ4IG RXRnNhWFI1 SUggTnZiSF YwYVc5dSBj eXdnYzNWam FDIEJoY3lC M1lYUmwgY2 lCbWFXeDBj bSBGMGFXOX VJSE41IGMz UmxiWE1zSU cgWmhkV05s ZEhNcyBJSG RoZEdWeUlI IE5vZFhSdl ptWWcgZG1G c2RtVnpMQy BCaGJtUWdi Vzl5IFpTND hZbkkrTVQg SXVJRmRoZE hSeiBJRmRo ZEdWeUlGIF JsWTJodWIy eHYgWjJsbG N5Qm9ZWCBN Z1lTQnpkSE p2IGJtY2da bTlqZFggTW diMjRnYVc1 dSBiM1poZE dsdmJpIEJo Ym1RZ2FXNT IgWlhOMGN5 QnBiaSBCeV pYTmxZWEpq IGFDQmhibV FnWkcgVjJa V3h2Y0cxbC BiblFnZEc4 Z1kyIDl1ZE dsdWRXOTEg YzJ4NUlHbH RjSCBKdmRt VWdZVzVrIE lHVjRjR0Z1 WkMgQnBkSE 1nY0hKdiBa SFZqZENCdl ptIFpsY21s dVozTXUgUE dKeVBqRXpM aSBCSmJpQX lNREl3IExD QjBhR1VnWT IgOXRjR0Z1 ZVNCeSBaWE J2Y25SbFpD IEJoYm01MV lXd2cgYzJG c1pYTWdiMi BZZ0pERXVO U0JpIGFXeH NhVzl1SUcg RnVaQ0JsYl hCcyBiM2x6 SUc5MlpYIE lnTlN3d01E QWcgY0dWdm NHeGxJSCBk dmNteGtkMm xrIFpTNDhZ bkkrTVQgUX VJRmRoZEhS eiBJRmRoZE dWeUlGIFJs WTJodWIyeH YgWjJsbGN5 Qm9ZWCBNZ1 lTQm9hWE4w IGIzSjVJRz ltSUggTjFj SEJ2Y25ScC BibWNnWTJo aGNtIGwwWV dKc1pTQmog WVhWelpYTW dZVyA1a0lH UnBjMkZ6IG RHVnlJSEps YkcgbGxaaU JsWm1adiBj blJ6TENCcG JtIE5zZFdS cGJtY2cgWk c5dVlYUnBi bSBjZ2QyRj BaWElnIFpt bHNkSEpoZE cgbHZiaUJs Y1hWcCBjRz FsYm5RZ2RH IDhnWTI5dG JYVnUgYVhS cFpYTWdhVy A0Z2JtVmxa Q0JoIGJtUW dZV2xrYVcg NW5JR2x1SU doMSBjbkpw WTJGdVpTIE JoYm1RZ1pX RnkgZEdoeG RXRnJaUyBC eVpXeHBaV1 lnIFpXWm1i M0owY3kgND hZbkkrTVRV dSBJRlJvWl NCamIyIDF3 WVc1NUlHbH ogSUdOdmJX MXBkSCBSbF pDQjBieUJ3 IGNtOXRiM1 JwYm0gY2da R2wyWlhKei BhWFI1SUdG dVpDIEJwYm 1Oc2RYTnAg YjI0c0lIZH BkRyBnZ2FX NXBkR2xoIG RHbDJaWE1n YzMgVmphQ0 JoY3lCcCBk SE1nUlcxd2 JHIDk1WldV Z1VtVnogYj NWeVkyVWdS MyBKdmRYQX NJRmR2IGJX VnVJR2x1SU YgZGhkSFJ6 TENCMyBhR2 xqYUNCemRY IEJ3YjNKMG N5QjAgYUdV Z1lXUjJZVy A1alpXMWxi blFnIFlXNW tJR1JsZG0g VnNiM0J0Wl c1MCBJRzlt SUhkdmJXIF Z1SUhkcGRH aHAgYmlCMG FHVWdZMiA5 dGNHRnVlUz Q9CiAgICAg ICAgPC9zcG FuPgogICAg ICAgIAogIC AgICAgIA==