Argan Inc

-7.96%

Live  

Argan Inc. is a company primarily involved in the construction and operation of power generation facilities. Founded in 1967 and based in Rockville, Maryland, Argan focuses on providing a range of services within the energy sector, primarily geared towards the development and management of power projects. The company operates through various subsidiaries and is recognized for its expertise in engineering, procurement, and construction (EPC) services.
One of Argan’s notable subsidiaries is Gemma Power Systems, which specializes in the construction of natural gas-fired and renewable energy power plants. Argan Inc. is also involved in the provision of maintenance and operation services for these facilities.
The company is publicly traded and has been known for its financial growth and strategic acquisitions within the energy sector. Argan has emphasized the importance of sustainable energy solutions and has been active in advancing projects that aim to reduce environmental impact while meeting energy demands.
Overall, Argan Inc. is distinguished by its commitment to the energy industry and its capacity to deliver large-scale projects that contribute to the infrastructure and growth of power generation in the United States and beyond.

QXJnYW4gSW 5jIGlzIGEg Y29tcGFueS B0aGF0IGhl bHBzIGJ1aW xkIGFuZCB0 YWtlIGNhcm Ugb2YgYmln IHRoaW5ncy wgbGlrZSBw b3dlciBwbG FudHMgYW5k IG90aGVyIG ltcG9ydGFu dCBidWlsZG luZ3MgdGhh dCBnZW5lcm F0ZSBlbmVy Z3kuIEltYW dpbmUgaWYg c29tZW9uZS B3YW50ZWQg dG8gY3JlYX RlIGEgZ2lh bnQgYmF0dG VyeSBvciBh IHBsYWNlIH doZXJlIGVs ZWN0cmljaX R5IGlzIG1h ZGU7IEFyZ2 FuIEluYyB3 b3VsZCBiZS B0aGUgdGVh bSB0aGF0IG NvbWVzIGlu IHRvIG1ha2 UgdGhhdCBo YXBwZW4uID xicj5UaGUg d2F5IHRoZX kgbWFrZSBt b25leSBpcy BieSBiZWlu ZyBoaXJlZC BieSBvdGhl ciBjb21wYW 5pZXMgb3Ig dGhlIGdvdm Vybm1lbnQg dG8gYnVpbG QgdGhlc2Ug ZmFjaWxpdG llcy4gVGhl eSBhbHNvIG hlbHAgbWFr ZSBzdXJlIG V2ZXJ5dGhp bmcgcnVucy BzbW9vdGhs eSBhZnRlci BpdOKAmXMg YnVpbHQsIH doaWNoIG1l YW5zIHRoZX kgY2FuIGVh cm4gbW9uZX kgb3ZlciBh bmQgb3Zlci BhZ2Fpbi4g PGJyPkFyZ2 FuIEluYyBp cyBzdWNjZX NzZnVsIGZv ciBhIGZldy ByZWFzb25z LiBGaXJzdC wgZW5lcmd5 IGlzIHNvbW V0aGluZyBw ZW9wbGUgYW x3YXlzIG5l ZWQsIHNvIH RoZXJl4oCZ cyBhIGNvbn N0YW50IGRl bWFuZCBmb3 IgbmV3IHBv d2VyIHBsYW 50cyBhbmQg aW1wcm92ZW 1lbnRzIHRv IG9sZCBvbm VzLiBTZWNv bmQsIHRoZX kgZG8gYSBn b29kIGpvYi BhbmQgaGF2 ZSBhIHJlcH V0YXRpb24g Zm9yIGJlaW 5nIHJlbGlh YmxlLCB3aG ljaCBtZWFu cyBtb3JlIG J1c2luZXNz ZXMgd2FudC B0byB3b3Jr IHdpdGggdG hlbS4gTGFz dGx5LCB0aG V5IGFyZSBh bHdheXMgbG 9va2luZyBm b3Igd2F5cy B0byBpbXBy b3ZlIHdoYX QgdGhleSBk byBhbmQga2 VlcCB1cCB3 aXRoIG5ldy B0ZWNobm9s b2d5LCB3aG ljaCBoZWxw cyB0aGVtIH N0YXkgYWhl YWQgb2YgdG hlIGNvbXBl dGl0aW9uLj xicj5JbiB0 aGUgZnV0dX JlLCBhcyB0 aGUgd29ybG QgY29udGlu dWVzIHRvIG 5lZWQgbW9y ZSBlbmVyZ3 kgYW5kIGZp bmRzIG5ldy B3YXlzIHRv IGNyZWF0ZS BpdCwgY29t cGFuaWVzIG xpa2UgQXJn YW4gSW5jIH dpbGwgYmUg dmVyeSBpbX BvcnRhbnQu IEJlY2F1c2 Ugb2YgdGhp cywgaXTigJ lzIGxpa2Vs eSB0aGF0IH RoZXkgd2ls bCBrZWVwIG JlaW5nIHN1 Y2Nlc3NmdW wgZm9yIGEg bG9uZyB0aW 1lLjxicj4=

QXJnYW4gSW 5jLiBpcyBh IGNvbXBhbn kga25vd24g Zm9yIGl0cy Bmb2N1cyBv biBwcm92aW RpbmcgY3Jp dGljYWwgaW 5mcmFzdHJ1 Y3R1cmUgYW 5kIHJlbGF0 ZWQgc2Vydm ljZXMgaW4g dGhlIGVuZX JneSwgd2F0 ZXIsIGFuZC BlbnZpcm9u bWVudGFsIH NlY3RvcnMu IEl0IGlzIH BhcnRpY3Vs YXJseSBub3 RhYmxlIGZv ciBpdHMgd2 9yayBpbiB0 aGUgcG93ZX IgZ2VuZXJh dGlvbiBhbm QgcmVuZXdh YmxlIGVuZX JneSBpbmR1 c3RyaWVzLi BUaGUgY29t cGFueSBvcG VyYXRlcyB0 aHJvdWdoIH ZhcmlvdXMg c3Vic2lkaW FyaWVzIGFu ZCBoYXMgYS BzdHJvbmcg ZW1waGFzaX Mgb24gZW5n aW5lZXJpbm cgYW5kIGNv bnN0cnVjdG lvbiBzZXJ2 aWNlcy4gPG JyPk9uZSBv ZiB0aGUga2 V5IGFzcGVj dHMgdGhhdC BzZXRzIEFy Z2FuIEluYy 4gYXBhcnQg aXMgaXRzIG NvbW1pdG1l bnQgdG8gc3 VzdGFpbmFi bGUgZW5lcm d5IHNvbHV0 aW9ucyBhbm QgcHJvdmlk aW5nIGlubm 92YXRpdmUg c2VydmljZX MgdG8gbWVl dCB0aGUgZX ZvbHZpbmcg bmVlZHMgb2 YgaXRzIGN1 c3RvbWVycy 4gVGhlIGNv bXBhbnkgaG FzIGJlZW4g aW52b2x2ZW QgaW4gc2V2 ZXJhbCBoaW doLXByb2Zp bGUgcHJvam VjdHMsIHdo aWNoIHVuZG Vyc2NvcmVz IGl0cyBleH BlcnRpc2Ug YW5kIHJlcH V0YXRpb24g aW4gdGhlIG luZHVzdHJ5 LiBBZGRpdG lvbmFsbHks IEFyZ2FuIE luYy4gaGFz IGEgc29saW QgZmluYW5j aWFsIGZvdW 5kYXRpb24g YW5kIGhhcy BzaG93biBz aWduaWZpY2 FudCBncm93 dGggb3Zlci B0aGUgeWVh cnMsIHdoaW NoIGhhcyBt YWRlIGl0IG FuIGF0dHJh Y3RpdmUgaW 52ZXN0bWVu dCBvcHRpb2 4gZm9yIHRo b3NlIGludG VyZXN0ZWQg aW4gc2VjdG 9ycyBhbGln bmVkIHdpdG ggaW5mcmFz dHJ1Y3R1cm UgZGV2ZWxv cG1lbnQgYW 5kIGVuZXJn eS48YnI+TW 9yZW92ZXIs IHRoZSBjb2 1wYW554oCZ cyBhcHByb2 FjaCB0byBm b3N0ZXJpbm cgbG9uZy10 ZXJtIHJlbG F0aW9uc2hp cHMgd2l0aC BjbGllbnRz IGFuZCBzdG FrZWhvbGRl cnMgcG9zaX Rpb25zIGl0 IHN0cm9uZ2 x5IGluIHRo ZSBjb21wZX RpdGl2ZSBs YW5kc2NhcG Ugb2YgaW5m cmFzdHJ1Y3 R1cmUgZGV2 ZWxvcG1lbn QuPGJyPg==

QXJnYW4gSW 5jLiBvcGVy YXRlcyBwcm ltYXJpbHkg YXMgYSBob2 xkaW5nIGNv bXBhbnkgdG hhdCBwcm92 aWRlcyB2YX Jpb3VzIHNl cnZpY2VzIG FuZCBzb2x1 dGlvbnMgdG hyb3VnaCBp dHMgc3Vic2 lkaWFyaWVz LCBwYXJ0aW N1bGFybHkg aW4gdGhlIG VuZ2luZWVy aW5nLCBwcm 9jdXJlbWVu dCwgY29uc3 RydWN0aW9u LCBhbmQgbW FpbnRlbmFu Y2Ugc2VjdG 9ycy4gSXRz IG1haW4gYn VzaW5lc3Mg bW9kZWwgcm V2b2x2ZXMg YXJvdW5kIG xldmVyYWdp bmcgaXRzIG RpdmVyc2lm aWVkIHBvcn Rmb2xpbyB0 byBjYXB0dX JlIG9wcG9y dHVuaXRpZX MgaW4gdGhl IGluZHVzdH JpYWwgYW5k IGVuZXJneS BtYXJrZXRz LCBwYXJ0aW N1bGFybHkg Zm9jdXNpbm cgb24gcG93 ZXIgZ2VuZX JhdGlvbiBh bmQgcmVuZX dhYmxlIGVu ZXJneSBwcm 9qZWN0cy48 YnI+VGhlIG NvbXBhbnkg Z2VuZXJhdG VzIHJldmVu dWUgdGhyb3 VnaCBwcm9q ZWN0IGNvbn RyYWN0cywg c2VydmljZS BhZ3JlZW1l bnRzLCBhbm QgbG9uZy10 ZXJtIG1haW 50ZW5hbmNl IHNvbHV0aW 9ucy4gS2V5 IGFzcGVjdH Mgb2YgdGhl aXIgYnVzaW 5lc3MgbW9k ZWwgaW5jbH VkZTo8YnI+ MS4gPHN0cm 9uZz5EaXZl cnNpZmljYX Rpb248L3N0 cm9uZz46IE FyZ2FuIElu Yy4gaW52ZX N0cyBpbiBt dWx0aXBsZS BzZWN0b3Jz LCByZWR1Y2 luZyByZWxp YW5jZSBvbi BhIHNpbmds ZSBtYXJrZX Qgd2hpbGUg ZW5oYW5jaW 5nIG92ZXJh bGwgc3RhYm lsaXR5IGFu ZCBncm93dG ggcG90ZW50 aWFsLjxicj 4yLiA8c3Ry b25nPlZlcn RpY2FsIElu dGVncmF0aW 9uPC9zdHJv bmc+OiBCeS Bjb250cm9s bGluZyB2YX Jpb3VzIHN0 YWdlcyBvZi Bwcm9qZWN0 IGRldmVsb3 BtZW50LCBm cm9tIGVuZ2 luZWVyaW5n IGFuZCBwcm 9jdXJlbWVu dCB0byBjb2 5zdHJ1Y3Rp b24gYW5kIG 1haW50ZW5h bmNlLCBBcm dhbiBJbmMu IGNhbiBzdH JlYW1saW5l IG9wZXJhdG lvbnMsIGlt cHJvdmUgZW ZmaWNpZW5j eSwgYW5kIH JlZHVjZSBj b3N0cy48Yn I+My4gPHN0 cm9uZz5TdH JhdGVnaWMg UGFydG5lcn NoaXBzPC9z dHJvbmc+Oi BUaGUgY29t cGFueSBvZn RlbiBjb2xs YWJvcmF0ZX Mgd2l0aCBv dGhlciBmaX JtcyBhbmQg c3Rha2Vob2 xkZXJzIHRv IGJyb2FkZW 4gaXRzIHBy b2plY3Qgc2 NvcGUsIGVu aGFuY2UgY2 FwYWJpbGl0 aWVzLCBhbm QgZW50ZXIg bmV3IG1hcm tldHMgbW9y ZSBlZmZlY3 RpdmVseS48 YnI+NC4gPH N0cm9uZz5G b2N1cyBvbi BHcm93dGgg QXJlYXM8L3 N0cm9uZz46 IEFyZ2FuIE luYy4gdGVu ZHMgdG8gaW 52ZXN0IHJl c291cmNlcy BpbiBoaWdo LWdyb3d0aC BzZWdtZW50 cyBsaWtlIH JlbmV3YWJs ZSBlbmVyZ3 kgYW5kIGlu ZnJhc3RydW N0dXJlLCBh bGlnbmluZy BpdHMgb2Zm ZXJpbmdzIH dpdGggbWFy a2V0IHRyZW 5kcyBhbmQg Y2xpZW50IG RlbWFuZHMu PGJyPjUuID xzdHJvbmc+ TG9uZy1UZX JtIENvbnRy YWN0czwvc3 Ryb25nPjog QSBzaWduaW ZpY2FudCBw b3J0aW9uIG 9mIHJldmVu dWUgY29tZX MgZnJvbSBs b25nLXRlcm 0gY29udHJh Y3RzIHdpdG ggY2xpZW50 cywgd2hpY2 ggcHJvdmlk ZXMgYSBzdG VhZHkgY2Fz aCBmbG93IG FuZCBoZWxw cyBpbiBmb3 JlY2FzdGlu ZyBmdXR1cm UgZWFybmlu Z3MuPGJyPk FsdG9nZXRo ZXIsIEFyZ2 FuIEluYy7i gJlzIGJ1c2 luZXNzIG1v ZGVsIGlzIG NlbnRlcmVk IG9uIGludG VncmF0ZWQg c2VydmljZS BkZWxpdmVy eSwgZGl2ZX JzaWZpY2F0 aW9uIGFjcm 9zcyBtdWx0 aXBsZSBtYX JrZXQgc2Vn bWVudHMsIG FuZCBzdHJh dGVnaWMgaW 52ZXN0bWVu dHMgaW4gZ3 Jvd3RoIGFy ZWFzLCBhbG wgYWltZWQg YXQgY3JlYX Rpbmcgc3Vz dGFpbmFibG UgcmV2ZW51 ZSBzdHJlYW 1zIGFuZCBj YXBpdGFsaX ppbmcgb24g ZW1lcmdpbm cgb3Bwb3J0 dW5pdGllcy BpbiB0aGUg ZW5lcmd5IG FuZCBpbmR1 c3RyaWFsIH NlY3RvcnMu PGJyPg==

To assess whether AI poses a material threat to Argan Inc.’s products, services, or competitive positioning, we can examine several key areas: substitution, disintermediation, and margin pressure.
1. Substitution: AI technologies could potentially substitute certain functions of Argan Inc.’s offerings, especially if they are related to engineering, project management, or other technical fields. If AI solutions provide more efficient or innovative approaches to the same problems Argan addresses, customers might prefer these over traditional services. However, if Argan’s products offer specialized expertise, high-quality service, or unique capabilities, the threat of substitution could be less pronounced.
2. Disintermediation: AI can streamline operations and reduce the need for middleman roles in various industries, including those related to engineering and construction. If AI tools emerge that can directly connect clients with the services Argan provides, this could reduce demand for their intermediary role or even eliminate certain services. However, the effectiveness of such tools would depend on their ability to meet the complex needs of clients, which may still favor Argan’s established services.
3. Margin Pressure: The introduction of AI solutions may increase competition in certain sectors by lowering barriers to entry or introducing more efficient operational practices. This could put pressure on Argan’s profit margins as it faces competitors who can deliver similar services at lower costs. Moreover, AI-driven efficiencies could lead to pricing pressures as customers seek value for money. If Argan cannot match these efficiencies, it may struggle to maintain its margins.
In summary, while AI presents certain threats in terms of substitution and margin pressure, it also depends on how well Argan Inc. can leverage AI technologies to enhance its own products and services. By adopting AI and integrating it into operations, Argan can potentially mitigate these risks and strengthen its competitive positioning instead of merely being threatened by it.

The sensitivity of Argan Inc.’s earnings, cash flow, and valuation to changes in interest rates can be analyzed through a few key factors:
1. Cost of Debt: If Argan Inc. has outstanding debt, changes in interest rates can significantly impact its interest expense. An increase in interest rates raises the cost of servicing debt, which can negatively affect net income and cash flow. Conversely, if rates decrease, the company’s cost of borrowing may decrease, potentially improving profitability.
2. Discount Rate in Valuation: Valuation methods, particularly Discounted Cash Flow (DCF) analysis, rely on a discount rate that often includes the risk-free rate plus a risk premium. When interest rates rise, the discount rate typically increases, which can lower the present value of future cash flows and, consequently, the company’s valuation. On the other hand, lower interest rates would decrease the discount rate, increasing the valuation.
3. Investment Decisions: Higher interest rates may deter capital investment as financing becomes more expensive. If Argan Inc. faces higher borrowing costs, it may delay or reduce capital expenditures, impacting future growth and operational efficiency. Lower interest rates could encourage investment, potentially leading to enhanced future earnings.
4. Consumer Demand: Changes in interest rates can influence overall economic conditions, affecting consumer and business demand. For example, increased rates may slow down economic growth, reducing demand for Argan Inc.’s products or services, thereby impacting earnings and cash flow.
5. Equity Valuation: Higher interest rates can make fixed-income investments more attractive relative to equities, potentially leading to the reallocation of investment capital away from stocks. This shift may depress Argan Inc.’s stock price as investor sentiment shifts to safer investments.
Overall, Argan Inc.’s earnings, cash flow, and valuation are tied to interest rate changes through their effects on financing costs, investment behavior, economic activity, and investor sentiment. A comprehensive analysis would require a close examination of the company’s financial structure and market positioning to determine the exact sensitivity levels.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BBcmdhbiBJ bmMu4oCZcy BlY29ub21p Y3Mgb3Zlci B0aGUgbmV4 dCAzIHRvID UgeWVhcnMg aXMgYSBzaW duaWZpY2Fu dCBkb3dudH VybiBpbiB0 aGUgZW5lcm d5IHNlY3Rv ciwgcGFydG ljdWxhcmx5 IGluIHRoZS BuYXR1cmFs IGdhcyBhbm QgcG93ZXIg Z2VuZXJhdG lvbiBtYXJr ZXRzLCB3aG VyZSBBcmdh biBvcGVyYX Rlcy4gVGhp cyBkb3dudH VybiBjb3Vs ZCBiZSB0cm lnZ2VyZWQg YnkgYSBjb2 1iaW5hdGlv biBvZiBmYW N0b3JzIHN1 Y2ggYXMgc3 VzdGFpbmVk IGxvdyBlbm VyZ3kgcHJp Y2VzIGR1ZS B0byBvdmVy c3VwcGx5LC BhIHJhcGlk IHRyYW5zaX Rpb24gdG8g cmVuZXdhYm xlIGVuZXJn eSBzb3VyY2 VzLCBvciBy ZWd1bGF0b3 J5IGNoYW5n ZXMgYWltZW QgYXQgcmVk dWNpbmcgZm 9zc2lsIGZ1 ZWwgZGVwZW 5kZW5jeS48 YnI+SW4gdG hpcyBzY2Vu YXJpbywgQX JnYW7igJlz IHJldmVudW VzIHdvdWxk IGxpa2VseS BkZWNsaW5l IHNoYXJwbH kgYXMgZGVt YW5kIGZvci BpdHMgc2Vy dmljZXMgYW 5kIHByb2R1 Y3RzIGRlY3 JlYXNlcy4g VGhlIGNvbX BhbnkgbWF5 IGZhY2UgY2 9udHJhY3Rz IGJlaW5nIH Bvc3Rwb25l ZCBvciBjYW 5jZWxlZCwg cGFydGljdW xhcmx5IGlu IHRoZSBjb2 5zdHJ1Y3Rp b24gb2YgcG 93ZXIgcGxh bnRzIGFuZC BlbmVyZ3kt cmVsYXRlZC BpbmZyYXN0 cnVjdHVyZS 4gQXMgYSBy ZXN1bHQsIH RoZSBtYXJn aW5zIHdvdW xkIGNvbnRy YWN0IGR1ZS B0byBmaXhl ZCBjb3N0cy B0aGF0IGNv bnRpbnVlIH RvIGJlIGlu Y3VycmVkIG V2ZW4gYXMg cmV2ZW51ZS BmYWxscy4g Q29tcGV0aX RpdmUgcHJp Y2luZyBwcm Vzc3VyZXMg Y291bGQgZm 9yY2UgQXJn YW4gdG8gbG 93ZXIgcHJp Y2VzIGZ1cn RoZXIsIGNv bXBvdW5kaW 5nIHRoZSBp bXBhY3Qgb2 4gcHJvZml0 YWJpbGl0eS 48YnI+Q2Fz aCBmbG93IH dvdWxkIGFs c28gYmUgYW R2ZXJzZWx5 IGFmZmVjdG VkIGluIHRo aXMgc2Nlbm FyaW8uIFdp dGggZGVjbG luaW5nIHJl dmVudWVzIG FuZCBwb3Rl bnRpYWwgcH JvamVjdCBj YW5jZWxsYX Rpb25zLCBj YXNoIGluZm xvd3Mgd291 bGQgc2xvdy BzaWduaWZp Y2FudGx5LC BsZWFkaW5n IHRvIGEgdG lnaHRlbmlu ZyBvZiBhdm FpbGFibGUg Y2FzaCBmb3 Igb3BlcmF0 aW9ucy4gVG hlIGNvbXBh bnkgbWlnaH Qgc3RydWdn bGUgdG8gbW FpbnRhaW4g cG9zaXRpdm UgY2FzaCBm bG93LCBmaW 5kaW5nIGl0 IGNoYWxsZW 5naW5nIHRv IG1lZXQgb3 BlcmF0aW9u YWwgZXhwZW 5zZXMsIHNl cnZpY2UgZG VidCwgb3Ig aW52ZXN0IG luIGdyb3d0 aCBvcHBvcn R1bml0aWVz LiBUaGlzIG Nhc2ggZmxv dyBzdHJhaW 4gY291bGQg YWxzbyBsZW FkIHRvIGlu Y3JlYXNlZC ByZWxpYW5j ZSBvbiBjcm VkaXQgZmFj aWxpdGllcy BvciB0aGUg bmVjZXNzaX R5IHRvIHJh aXNlIGNhcG l0YWwsIHBv c3NpYmx5IH Jlc3VsdGlu ZyBpbiBkaW x1dGlvbiBv ZiBleGlzdG luZyBzaGFy ZWhvbGRlcn MuPGJyPlRo ZSBiYWxhbm NlIHNoZWV0 IHdvdWxkIH JlZmxlY3Qg dGhlc2UgY2 hhbGxlbmdl cyB3aXRoIG FuIGluY3Jl YXNlIGluIG xpcXVpZGl0 eSByaXNrLi BJbnZlbnRv cmllcyBjb3 VsZCByaXNl IGFzIHByb2 plY3RzIHNs b3cgZG93bi BhbmQgY29t cGxldGVkIH Byb2plY3Rz IG1pZ2h0IG 5vdCBnZW5l cmF0ZSBleH BlY3RlZCBu ZWFyLXRlcm 0gY2FzaCBp bmZsb3dzLi BBY2NvdW50 cyByZWNlaX ZhYmxlIG1h eSBpbmNyZW FzZSBhcyBj bGllbnRzIG RlbGF5IHBh eW1lbnRzIG R1ZSB0byB0 aGVpciBvd2 4gZmluYW5j aWFsIHByZX NzdXJlcy4g SWYgQXJnYW 4gd2VyZSBm b3JjZWQgdG 8gYm9ycm93 IG1vcmUgdG 8gY292ZXIg b3BlcmF0aW 9uYWwgZXhw ZW5zZXMsIH RoZSBkZWJ0 LXRvLWVxdW l0eSByYXRp byB3b3VsZC B3b3JzZW4s IHNpZ25hbG luZyBpbmNy ZWFzZWQgZm luYW5jaWFs IGxldmVyYW dlIGFuZCBy aXNrLjxicj 5JbiBzdW1t YXJ5LCBpZi B0aGlzIGRv d250dXJuIH NjZW5hcmlv IHdlcmUgdG 8gbWF0ZXJp YWxpemUsIE FyZ2FuIElu Yy4gd291bG QgZmFjZSBz aHJpbmtpbm cgbWFyZ2lu cywgbmVnYX RpdmUgY2Fz aCBmbG93IH RyZW5kcywg YW5kIGEgZG V0ZXJpb3Jh dGluZyBiYW xhbmNlIHNo ZWV0LCBsZW FkaW5nIHRv IGxvbmctdG VybSBlY29u b21pYyBpbX BhaXJtZW50 IGZvciB0aG UgY29tcGFu eS48YnI+

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 bG9nb3MvUX NTZnZSU1NQ cHNnSkxOYj gwNE8ud2Vi cCIgYWx0PS JBcmdhbiBJ bmMiIHRpdG xlPSJBcmdh biBJbmMiIC 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 QXJnYW4gSW 5jPwogICAg 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+SoS BMZWFybiBz bWFydGVyIH N0b2NrIHBp Y2tzIHdpdG ggPGk+IlRo ZSBDaGVja2 xpc3QgVmFs dWUgSW52ZX N0b3Ig4oCU IEEgU21hcn RlciBXYXkg dG8gUGljay BTdG9ja3Mi PC9pPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L3A+CgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 IS0tCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxk aXYgc3R5bG U9J21hcmdp bi10b3A6ID EycHg7IGZv bnQtc2l6ZT ogMTNweDsg Y29sb3I6IC M0NDQ7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIFNp Z24gdXAgbm 93IGFuZCBn ZXQgb3VyIG ZyZWUgZUJv b2sgCiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICA8Yj5UaG UgQ2hlY2ts aXN0IFZhbH VlIEludmVz dG9yIOKAlC BBIFNtYXJ0 ZXIgV2F5IH RvIFBpY2sg U3RvY2tzPC 9iPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgICAgICAg ICAgICAgLS 0+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwhLS 0KICAgICAg ICAgICAgIC AgICAgICAg ICAgPGRpdi BzdHlsZT0n bWFyZ2luLX RvcDogMTZw eDsgZm9udC 1zaXplOiAx NHB4OyBjb2 xvcjogIzQ0 NDsgZm9udC 1mYW1pbHk6 IC1hcHBsZS 1zeXN0ZW0s IEJsaW5rTW FjU3lzdGVt Rm9udCwgU2 Vnb2UgVUks IFJvYm90by wgSGVsdmV0 aWNhIE5ldW UsIHNhbnMt c2VyaWY7IG xpbmUtaGVp Z2h0OiAxLj Y7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIEhhdmUg eW91IGhlYX JkIGFib3V0 IG91ciBzaG 9ydCA8c3Ry b25nIHN0eW xlPSdmb250 LXdlaWdodD ogNjAwOyc+ RGFpbHkgVm lkZW8gTmV3 c2xldHRlcj wvc3Ryb25n Pj8KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IDxhIGhyZW Y9J2h0dHBz Oi8vd3d3Lm luc2lnaHRm dWx2YWx1ZS 5jb20vbmV3 c2xldHRlci 5waHAnIHRh cmdldD0nX2 JsYW5rJyBz dHlsZT0nY2 9sb3I6ICMw MDdCRkY7IH RleHQtZGVj b3JhdGlvbj ogbm9uZTsg Zm9udC13ZW lnaHQ6IDUw MDsgbWFyZ2 luLWxlZnQ6 IDZweDsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIEZpbmQg b3V0IG1vcm UKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgID wvYT4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC 0tPgogICAg ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICAKICAgIC AgICAKICAg ICAgICA8c3 BhbiBjbGFz cz0nYmx1cn JlZC10ZXh0 Jz4KICAgIC AgICAgICAg UVhKbllXNG dTVyA1akxp QnBjeUJyIG JtOTNiaUJt YjMgSWdjMl YyWlhKaCBi Q0JwYm5SbG NtIFZ6ZEds dVp5QmggYz NCbFkzUnpJ SCBSb1lYUW daR2x6IGRH bHVaM1ZwYz IgZ2dhWFFn YVc0ZyBkR2 hsSUdsdVpI IFZ6ZEhKNU xpQTggWW5J K1JtbHljMy BRc0lIUm9a U0JqIGIyMX dZVzU1SUgg TndaV05wWV d4cCBlbVZ6 SUdsdUlIIE J5YjNacFpH bHUgWnlCam IyNXpkSCBK MVkzUnBiMj RnIFlXNWtJ R1Z1WjIgbH VaV1Z5YVc1 biBJSE5sY2 5acFkyIFZ6 SUhCeWFXMW ggY21sc2VT Qm1iMyBJZ2 RHaGxJSEJ2 IGQyVnlJR2 RsYm0gVnlZ WFJwYjI0Zy BjMlZqZEc5 eUxDIEJ3WV hKMGFXTjEg YkdGeWJIa2 dabSA5amRY TnBibWNnIG IyNGdkR2hs SUcgVnVaWE puZVNCbSBj bTl0SUc1aG RIIFZ5WVd3 Z1oyRnogSU dGdVpDQnla VyA1bGQyRm liR1VnIGMy OTFjbU5sY3 kgNGdQR0p5 UGxObCBZMj l1WkN3Z1FY IEpuWVc0Z1 NXNWogTGlC dmNHVnlZWC BSbGN5QjBh SEp2IGRXZG 9JSFpoY20g bHZkWE1nYz NWaSBjMmxr YVdGeWFXIF Z6TENCcGJt TnMgZFdScG JtY2dSMiBW dGJXRWdVRz kzIFpYSWdV M2x6ZEcgVn RjeUJoYm1R ZyBRWFJzWV c1MGFXIE1n VUhKdmFtVm ogZEhNZ1Ey OXRjRyBGdW VTd2dkMmhw IFkyZ2daVz VvWVcgNWpa WE1nYVhSei BJR05oY0dG aWFXIHhwZE dsbGN5Qmgg Ym1RZ2NtVm hZMiBnZ2FX NGdkR2hsIE lHVnVaWEpu ZVMgQnRZWE pyWlhSeiBM anhpY2o1VW FHIGx5WkN3 Z2RHaGwgSU dOdmJYQmhi biBrZ2FYTW djbVZqIGIy ZHVhWHBsWk MgQm1iM0ln YVhSeiBJSE p2WW5WemRD IEJ3Y205cV pXTjAgSUdW NFpXTjFkRy BsdmJpd2di MlowIFpXNG dZMjl0Y0cg eGxkR2x1Wn lCdyBjbTlx WldOMGN5IE J2YmlCMGFX MWwgSUdGdV pDQjNhWCBS b2FXNGdZbl ZrIFoyVjBM Q0IzYUcgbG phQ0JvWVhN ZyBaV0Z5Ym 1Wa0lHIGww SUdFZ2MzUn kgYjI1bklI SmxjSCBWMF lYUnBiMjRn IFlXMXZibW NnWTIgeHBa VzUwY3lCaC BibVFnY0dG eWRHIDVsY2 5NdVBHSnkg UGtGa1pHbD BhVyA5dVlX eHNlU3dnIF FYSm5ZVzRn U1cgNWpMaU JvWVhNZyBj Mmh2ZDI0Z1 lTIEJqYjIx dGFYUnQgWl c1MElIUnZJ SCBOMWMzUm hhVzVoIFlt bHNhWFI1SU cgRnVaQ0Js Ym5acCBjbT l1YldWdWRH IEZzSUdGM1 lYSmwgYm1W emN5d2dZVy BOMGFYWmxi SGtnIFpXNW 5ZV2RwYm0g Y2dhVzRnY0 hKdiBhbVZq ZEhNZ2RHIG hoZENCd2Nt OXQgYjNSbE lHVnVaWCBK bmVTQmxabV pwIFkybGxi bU41SUcgRn VaQ0IwYUdV ZyBjbVZrZF dOMGFXIDl1 SUc5bUlHZH kgWldWdWFH OTFjMiBVZ1 oyRnpJR1Z0 IGFYTnphVz l1Y3kgNDhZ bkkrVkdobC BJR052YlhC aGJuIGtnYV hNZ2NIVmkg YkdsamJIa2 dkSCBKaFpH VmtMQ0IzIG FHbGphQ0Jo YkcgeHZkM0 1nYVhRZyBk RzhnY21GcG MyIFVnWTJG d2FYUmggYk NCMGFISnZk VyBkb0lIUm 9aU0J6IGRH OWpheUJ0WV ggSnJaWFFn ZEc4ZyBabl Z1WkNCcGRI IE1nY0hKdm FtVmogZEhN Z1lXNWtJRy A5d1pYSmhk R2x2IGJuTX VJRHhpY2og NU1ZWE4wYk hrcyBJRUZ5 WjJGdUlFIG x1WXk0Z2FH RnogSUdWNG NHVnlhVyBW dVkyVmtJSE 5wIFoyNXBa bWxqWVcgNT BJR2R5YjNk MCBhQ0J6YV c1alpTIEJw ZEhNZ1ptOT EgYm1ScGJt Y3NJRyB4bF lXUnBibWNn IGRHOGdhVz VqY20gVmhj MlZrSUhKbC BkbVZ1ZFdW eklHIEZ1Wk NCaElITnYg Ykdsa0lHWn BibSBGdVky bGhiQ0J3IG IzTnBkR2x2 Ymkgd2dkMm hwWTJnZyBj Rzl6YVhScG IyIDV6SUds MElIZGwgYk d3Z1ptOXlJ RyBaMWRIVn laU0JsIGJt UmxZWFp2Y2 4gTWdhVzRn WVNCayBlVz VoYldsaklH IFZ1WlhKbm VTQnMgWVc1 a2MyTmhjRy BVdVBHSnlQ Zz09CiAgIC AgICAgPC9z cGFuPgogIC AgICAgIAog ICAgICAgIA ==