BRP Inc

-10.13%

Live  

BRP Inc. (Bombardier Recreational Products) is a Canadian company renowned for its innovation and manufacturing of recreational vehicles and related products. The company was originally part of Bombardier Inc., which was founded in 1942, and it became an independent entity in 2003 when Bombardier separated its recreational products division.
BRP specializes in a variety of vehicles and systems, including snowmobiles, personal watercraft, all-terrain vehicles (ATVs), side-by-sides, and electric vehicles. The brand is well known for its Ski-Doo snowmobiles and Sea-Doo personal watercraft, which have established a strong presence in their respective markets.
The company places a strong emphasis on research and development, continually introducing innovative technologies and designs to enhance performance and improve the user experience. BRP operates manufacturing facilities worldwide, with a significant focus on production in Canada, Mexico, and the United States.
In addition to its commitment to innovation and quality, BRP is also noted for its sustainability efforts, aiming to reduce environmental impact through more efficient manufacturing processes and the development of electric-powered vehicles. The company markets its products under several well-known brand names, including CaAm, Ski-Doo, and Sea-Doo, and focuses on creating experiences for enthusiasts and outdoor adventurers.
BRP is publicly traded on the Toronto Stock Exchange and the NASDAQ under the symbol DOO and continues to expand its global footprint while maintaining a legacy of excellence in the recreational products industry.

QlJQIEluYy 4gaXMgYSBj b21wYW55IH RoYXQgbWFr ZXMgZnVuIH ZlaGljbGVz IGZvciBvdX Rkb29yIGFk dmVudHVyZX MuIElmIHlv deKAmXZlIG V2ZXIgc2Vl biBzbm93bW 9iaWxlcywg amV0IHNraX MsIG9yIGFs bC10ZXJyYW luIHZlaGlj bGVzIChBVF ZzKSwgeW91 IG1pZ2h0IG hhdmUgc2Vl biBzb21lIG 9mIHRoZSB0 aGluZ3MgQl JQIGNyZWF0 ZXMuIFRoZX kgYWxzbyBt YWtlIHBlcn NvbmFsIHdh dGVyY3JhZn QsIGxpa2Ug U2VhLURvby wgd2hpY2gg YXJlIHRoZS Bjb29sIG1h Y2hpbmVzIH lvdSBjYW4g cmlkZSBvbi B3YXRlci48 YnI+QlJQIG 1ha2VzIG1v bmV5IGJ5IH NlbGxpbmcg dGhlc2Ugdm VoaWNsZXMg dG8gcGVvcG xlIHdobyBs b3ZlIG91dG Rvb3IgYWN0 aXZpdGllcy 4gRHVyaW5n IHN1bW1lci wgbWFueSBw ZW9wbGUgd2 FudCB0byBl bmpveSB0aG Ugd2F0ZXIg d2l0aCB0aG VpciBTZWEt RG9vLCBhbm QgaW4gd2lu dGVyLCBvdG hlcnMgd2Fu dCB0byByaW RlIHNub3dt b2JpbGVzIG 9uIHNub3d5 IHRyYWlscy 4gVGhleSBh bHNvIHNlbG wgcGFydHMg YW5kIGFjY2 Vzc29yaWVz IHRvIGhlbH AgcGVvcGxl IGtlZXAgdG hlaXIgdmVo aWNsZXMgaW 4gZ29vZCBz aGFwZSwgd2 hpY2ggYnJp bmdzIGluIG V4dHJhIG1v bmV5Ljxicj 5UaGUgcmVh c29uIEJSUC BpcyBzdWNj ZXNzZnVsIG lzIHRoYXQg dGhleSBjcm VhdGUgaGln aC1xdWFsaX R5IGFuZCBl eGNpdGluZy Bwcm9kdWN0 cyB0aGF0IG 1hbnkgcGVv cGxlIHdhbn QgdG8gYnV5 LiBUaGV5IH BheSBhdHRl bnRpb24gdG 8gd2hhdCBj dXN0b21lcn MgbGlrZSBh bmQga2VlcC BpbXByb3Zp bmcgdGhlaX IgdmVoaWNs ZXMgdG8gbW FrZSB0aGVt IGV2ZW4gYm V0dGVyLiBU aGV5IGFsc2 8gZm9jdXMg b24gbWFraW 5nIHN1cmUg dGhlaXIgdm VoaWNsZXMg YXJlIGZ1bi B0byByaWRl IGFuZCBzYW ZlIGF0IHRo ZSBzYW1lIH RpbWUuPGJy Pkxvb2tpbm cgaW50byB0 aGUgZnV0dX JlLCBCUlAg aGFzIHdheX MgdG8ga2Vl cCBiZWluZy BzdWNjZXNz ZnVsLiBUaG V5IGFyZSBp bmNsdWRpbm cgbmV3IHRl Y2hub2xvZ2 llcyBpbiB0 aGVpciB2ZW hpY2xlcywg c3VjaCBhcy BlbGVjdHJp YyBlbmdpbm VzIHRoYXQg YXJlIGJldH RlciBmb3Ig dGhlIGVudm lyb25tZW50 LiBBcyBtb3 JlIHBlb3Bs ZSBjYXJlIG Fib3V0IG5h dHVyZSBhbm Qgd2FudCB0 byBoYXZlIG Z1biB3aGls ZSBiZWluZy ByZXNwb25z aWJsZSwgQl JQIGlzIHJl YWR5IHRvIG 1lZXQgdGhh dCBkZW1hbm QuIFBsdXMs IG91dGRvb3 IgZnVuIGlz IGFsd2F5cy Bwb3B1bGFy LCBzbyBtb3 JlIHBlb3Bs ZSB3aWxsIG xpa2VseSB3 YW50IHRoZW lyIHZlaGlj bGVzLjxicj 5JbiBzaG9y dCwgQlJQIH dpbGwgbGlr ZWx5IHN0YX kgc3VjY2Vz c2Z1bCBiZW NhdXNlIHRo ZXkgbWFrZS BncmVhdCB2 ZWhpY2xlcy wgbGlzdGVu IHRvIHdoYX QgcGVvcGxl IHdhbnQsIG FuZCBhcmUg YWx3YXlzIG xvb2tpbmcg Zm9yIG5ldy B3YXlzIHRv IGltcHJvdm UgYW5kIGhl bHAgdGhlIG Vudmlyb25t ZW50Ljxicj 4=

QlJQIEluYy 4gaXMgbm90 YWJsZSBmb3 Igc2V2ZXJh bCByZWFzb2 5zLiBJdCBp cyBhIGxlYW RpbmcgbWFu dWZhY3R1cm VyIG9mIHJl Y3JlYXRpb2 5hbCB2ZWhp Y2xlcywgaW 5jbHVkaW5n IHNub3dtb2 JpbGVzLCB3 YXRlcmNyYW Z0LCBhbmQg YWxsLXRlcn JhaW4gdmVo aWNsZXMuIF RoZSBjb21w YW55IGlzIG Jlc3Qga25v d24gZm9yIG l0cyBpbm5v dmF0aXZlIH Byb2R1Y3Rz IHVuZGVyIG ljb25pYyBi cmFuZHMgbG lrZSBTa2kt RG9vLCBTZW EtRG9vLCBh bmQgQ2FBbS 4gPGJyPkJS UCBoYXMgYS BzdHJvbmcg ZW1waGFzaX Mgb24gcmVz ZWFyY2ggYW 5kIGRldmVs b3BtZW50LC Bjb25zaXN0 ZW50bHkgaW 50cm9kdWNp bmcgY3V0dG luZy1lZGdl IHRlY2hub2 xvZ3kgdG8g ZW5oYW5jZS BwZXJmb3Jt YW5jZSwgc2 FmZXR5LCBh bmQgZW52aX Jvbm1lbnRh bCBzdXN0YW luYWJpbGl0 eSBpbiB0aG VpciB2ZWhp Y2xlcy4gQW RkaXRpb25h bGx5LCB0aG UgY29tcGFu eSBoYXMgYS BnbG9iYWwg cHJlc2VuY2 UsIHdpdGgg b3BlcmF0aW 9ucyBpbiB2 YXJpb3VzIG NvdW50cmll cywgd2hpY2 ggYWxsb3dz IGl0IHRvIH RhcCBpbnRv IGRpdmVyc2 UgbWFya2V0 cyBhbmQgY2 9uc3VtZXIg cHJlZmVyZW 5jZXMuPGJy PkFub3RoZX Igc3BlY2lh bCBhc3BlY3 Qgb2YgQlJQ IGlzIGl0cy Bjb21taXRt ZW50IHRvIG NvbW11bml0 eSBhbmQgZW 52aXJvbm1l bnRhbCBpbm l0aWF0aXZl cywgaW5jbH VkaW5nIHN1 c3RhaW5hYm lsaXR5IHBy YWN0aWNlcy BpbiBtYW51 ZmFjdHVyaW 5nIGFuZCBl ZmZvcnRzIH RvIHByb21v dGUgcmVzcG 9uc2libGUg cmlkaW5nLi BUaGUgY29t cGFueSBhbH NvIGhhcyBh IHN0cm9uZy Bmb2N1cyBv biBkZWxpdm VyaW5nIGV4 Y2VwdGlvbm FsIGN1c3Rv bWVyIGV4cG VyaWVuY2Vz LCBmdXJ0aG VyIHNvbGlk aWZ5aW5nIG l0cyByZXB1 dGF0aW9uIG luIHRoZSBy ZWNyZWF0aW 9uYWwgdmVo aWNsZSBpbm R1c3RyeS48 YnI+

QlJQIEluYy 4gb3BlcmF0 ZXMgcHJpbW FyaWx5IGlu IHRoZSByZW NyZWF0aW9u YWwgdmVoaW NsZSBpbmR1 c3RyeSwgZm 9jdXNpbmcg b24gdGhlIG Rlc2lnbiwg bWFudWZhY3 R1cmUsIGFu ZCBkaXN0cm lidXRpb24g b2YgaW5ub3 ZhdGl2ZSBt b3Rvcml6ZW QgdmVoaWNs ZXMuIFRoZW lyIGJ1c2lu ZXNzIG1vZG VsIHJldm9s dmVzIGFyb3 VuZCBzZXZl cmFsIGtleS Bjb21wb25l bnRzOjxicj 4xLiBQcm9k dWN0IE9mZm VyaW5nczog QlJQIHByb2 R1Y2VzIGEg cmFuZ2Ugb2 YgcmVjcmVh dGlvbmFsIH ZlaGljbGVz LCBpbmNsdW Rpbmcgc25v d21vYmlsZX MsIHBlcnNv bmFsIHdhdG VyY3JhZnQs IGFsbC10ZX JyYWluIHZl aGljbGVzIC hBVFZzKSwg YW5kIHNpZG UtYnktc2lk ZXMuIFRoZX kgYWxzbyBv ZmZlciByZW xhdGVkIHBh cnRzLCBhY2 Nlc3Nvcmll cywgYW5kIG Nsb3RoaW5n IHRvIGVuaG FuY2UgdGhl IGN1c3RvbW VyIGV4cGVy aWVuY2UuPG JyPjIuIElu bm92YXRpb2 4gYW5kIFIm YW1wO0Q6IF RoZSBjb21w YW55IGludm VzdHMgc2ln bmlmaWNhbn RseSBpbiBy ZXNlYXJjaC BhbmQgZGV2 ZWxvcG1lbn QgdG8gY3Jl YXRlIGN1dH RpbmctZWRn ZSB0ZWNobm 9sb2d5IGFu ZCBpbXByb3 ZlIHByb2R1 Y3QgcGVyZm 9ybWFuY2Us IHNhZmV0eS wgYW5kIGVu dmlyb25tZW 50YWwgc3Vz dGFpbmFiaW xpdHkuIFRo aXMgZm9jdX Mgb24gaW5u b3ZhdGlvbi BoZWxwcyBC UlAgZGlmZm VyZW50aWF0 ZSBpdHNlbG YgaW4gYSBj b21wZXRpdG l2ZSBtYXJr ZXQuPGJyPj MuIEdsb2Jh bCBEaXN0cm lidXRpb246 IEJSUCBvcG VyYXRlcyBh IGdsb2JhbC BkaXN0cmli dXRpb24gbm V0d29yaywg c2VsbGluZy Bwcm9kdWN0 cyB0aHJvdW doIGEgbmV0 d29yayBvZi BkZWFsZXJz IGFuZCBkaX N0cmlidXRv cnMgaW4gdm FyaW91cyBj b3VudHJpZX MuIFRoaXMg d2lkZXNwcm VhZCBwcmVz ZW5jZSBhbG xvd3MgdGhl bSB0byByZW FjaCBkaXZl cnNlIG1hcm tldHMgYW5k IGN1c3RvbW VyIHNlZ21l bnRzLjxicj 40LiBDdXN0 b21lciBFbm dhZ2VtZW50 OiBUaGUgY2 9tcGFueSBl bXBoYXNpem VzIHN0cm9u ZyBjdXN0b2 1lciBlbmdh Z2VtZW50IH Rocm91Z2gg bWFya2V0aW 5nLCBjb21t dW5pdHktYn VpbGRpbmcs IGFuZCBjdX N0b21lciBz dXBwb3J0Li BUaGV5IG9m dGVuIG9yZ2 FuaXplIGV2 ZW50cyBhbm QgY2x1YnMg Zm9yIGVudG h1c2lhc3Rz LCBlbmhhbm NpbmcgYnJh bmQgbG95YW x0eSBhbmQg Y3VzdG9tZX Igc2F0aXNm YWN0aW9uLj xicj41LiBT ZWFzb25hbC BQcm9kdWN0 IERlbWFuZD ogQlJQ4oCZ cyBwcm9kdW N0cyBhcmUg b2Z0ZW4gc2 Vhc29uYWws IHdoaWNoIH JlcXVpcmVz IGVmZmVjdG l2ZSBpbnZl bnRvcnkgYW 5kIHN1cHBs eSBjaGFpbi BtYW5hZ2Vt ZW50IHRvIG FkZHJlc3Mg Zmx1Y3R1YX Rpb25zIGlu IGRlbWFuZC B0aHJvdWdo b3V0IHRoZS B5ZWFyLjxi cj42LiBTdX N0YWluYWJp bGl0eTogQl JQIGlzIGlu Y3JlYXNpbm dseSBmb2N1 c2VkIG9uIH N1c3RhaW5h YmlsaXR5IG luaXRpYXRp dmVzLCB3aG ljaCBpbmNs dWRlIHJlZH VjaW5nIGVt aXNzaW9ucy BhbmQgZGV2 ZWxvcGluZy BlY28tZnJp ZW5kbHkgdG VjaG5vbG9n aWVzLiBUaG lzIG5vdCBv bmx5IG1lZX RzIHJlZ3Vs YXRvcnkgcm VxdWlyZW1l bnRzIGJ1dC BhbHNvIGFw cGVhbHMgdG 8gZW52aXJv bm1lbnRhbG x5LWNvbnNj aW91cyBjb2 5zdW1lcnMu PGJyPlRocm 91Z2ggdGhp cyBtdWx0aW ZhY2V0ZWQg YnVzaW5lc3 MgbW9kZWws IEJSUCBhaW 1zIHRvIHN0 cmVuZ3RoZW 4gaXRzIHBv c2l0aW9uIG luIHRoZSBy ZWNyZWF0aW 9uYWwgdmVo aWNsZSBtYX JrZXQgYW5k IGNvbnRpbn VlIGdyb3dp bmcgaXRzIG JyYW5kIHBy ZXNlbmNlIG dsb2JhbGx5 Ljxicj4=

AI can pose certain risks to BRP Inc.’s products, services, or competitive positioning, but the extent of this threat depends on various factors.
1. Substitution: AI advancements could lead to the development of alternative products that fulfill the same customer needs more efficiently. For instance, smart vehicles equipped with AI can offer enhanced features such as autonomous driving or advanced safety systems, potentially substituting traditional vehicles. If competitors successfully integrate AI into their products, BRP could face challenges in maintaining its market share.
2. Disintermediation: The rise of AI can streamline supply chains and sales processes, leading to direct-to-consumer models that bypass traditional dealerships or intermediaries. If consumers start relying on AI-driven platforms for purchasing recreational vehicles, BRP’s existing sales channels could be impacted. This shift could reduce the importance of intermediaries in the sales process and change the way customers interact with brands.
3. Margin Pressure: The integration of AI can lead to increased efficiency and lower costs for competitors, enabling them to offer similar products at a lower price. This could place pressure on BRP’s profit margins, forcing the company to either lower its prices or find ways to maintain margins through increased efficiency or differentiation in its offerings.
In conclusion, while AI presents potential threats to BRP Inc. in the areas of substitution, disintermediation, and margin pressure, the company can mitigate these risks through innovation, strategic partnerships, and by enhancing the unique value of its products and services. Keeping abreast of technological trends and adapting its business model accordingly will be essential for maintaining a competitive position in the evolving market.

The sensitivity of BRP Inc.’s earnings, cash flow, and valuation to changes in interest rates can be analyzed through several key factors.
1. Earnings Sensitivity: In general, higher interest rates can increase borrowing costs for companies, impacting their profitability. If BRP Inc. has significant debt, an increase in interest rates could lead to higher interest expenses, reducing net income. Additionally, higher interest rates may dampen consumer spending, particularly in discretionary markets like recreational vehicles and powersports, which could negatively impact sales and therefore earnings.
2. Cash Flow Sensitivity: Cash flow is closely related to interest rates, particularly if BRP relies on financing for operations or capital expenditures. Increased interest expenses can reduce free cash flow, limiting the company’s ability to invest in growth or return capital to shareholders. Moreover, if consumers experience higher borrowing costs, they may spend less on BRP’s products, further constraining cash flow.
3. Valuation Sensitivity: The valuation of BRP Inc. is likely influenced by the discount rate used in valuation models, such as discounted cash flow (DCF) analysis. When interest rates rise, the discount rate increases, leading to a lower present value of future cash flows. This could result in a decline in the company’s stock price, reflecting decreased market valuation.
In summary, BRP Inc.’s earnings, cash flow, and valuation are sensitive to changes in interest rates due to impacts on borrowing costs, consumer spending, and valuation models. The extent of this sensitivity can vary based on the company’s financial structure, its debt levels, and the overall economic environment.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgQl JQIEluYy7i gJlzIGVjb2 5vbWljcyBv dmVyIHRoZS BuZXh0IDPi gJM1IHllYX JzIGlzIGEg c2lnbmlmaW NhbnQgYW5k IHByb2xvbm dlZCBkZWNs aW5lIGluIG NvbnN1bWVy IGRlbWFuZC Bmb3IgcmVj cmVhdGlvbm FsIHZlaGlj bGVzIGR1ZS B0byBjaGFu Z2luZyBjb2 5zdW1lciBw cmVmZXJlbm NlcywgZWNv bm9taWMgZG 93bnR1cm5z LCBvciBpbm NyZWFzZWQg ZW52aXJvbm 1lbnRhbCBy ZWd1bGF0aW 9ucy4gRm9y IGluc3Rhbm NlLCBpZiBh IHN1YnN0YW 50aWFsIG51 bWJlciBvZi Bjb25zdW1l cnMgc2hpZn RlZCB0b3dh cmRzIG1vcm Ugc3VzdGFp bmFibGUgbW 9kZXMgb2Yg dHJhbnNwb3 J0YXRpb24g YW5kIGxlaX N1cmUgYWN0 aXZpdGllcy wgQlJQIG1p Z2h0IGZpbm QgaXRzZWxm IGZhY2luZy BhIHBlcnNp c3RlbnQgcm VkdWN0aW9u IGluIHNhbG VzIHZvbHVt ZS48YnI+SW 4gdGhpcyBz Y2VuYXJpby wgdGhlIGNv bXBhbnnigJ lzIHByb2Zp dCBtYXJnaW 5zIHdvdWxk IGxpa2VseS BkaW1pbmlz aCBkdWUgdG 8gc2V2ZXJh bCBmYWN0b3 JzLiBGaXJz dGx5LCBhIG RlY3JlYXNl IGluIHNhbG VzIHZvbHVt ZSBjb3VsZC Bmb3JjZSBC UlAgdG8gaW 1wbGVtZW50 IHByaWNlIH JlZHVjdGlv bnMgb3IgZG lzY291bnRp bmcgc3RyYX RlZ2llcyB0 byBzdGltdW xhdGUgZGVt YW5kLCB0aG VyZWJ5IHNx dWVlemluZy BtYXJnaW5z LiBTZWNvbm RseSwgZml4 ZWQgY29zdH MgcmVsYXRl ZCB0byBtYW 51ZmFjdHVy aW5nLCByZX NlYXJjaCBh bmQgZGV2ZW xvcG1lbnQs IGFuZCBnZW 5lcmFsIGFk bWluaXN0cm F0aW9uIHdv dWxkIHJlbW FpbiByZWxh dGl2ZWx5IH VuY2hhbmdl ZCwgZnVydG hlciBlcm9k aW5nIHByb2 ZpdGFiaWxp dHkgYXMgc2 FsZXMgZGVj bGluZS48Yn I+Q2FzaCBm bG93IHdvdW xkIGFsc28g dGFrZSBhIG hpdCBpbiB0 aGlzIHNjZW 5hcmlvLiBS ZWR1Y2VkIH NhbGVzIHdv dWxkIGxlYW QgdG8gbG93 ZXIgcmV2ZW 51ZSwgbWFr aW5nIGl0IG 1vcmUgY2hh bGxlbmdpbm cgdG8gY292 ZXIgb3Blcm F0aW9uYWwg ZXhwZW5zZX MuIEFkZGl0 aW9uYWxseS wgaWYgQlJQ IHdlcmUgdG 8gYXR0ZW1w dCB0byBtYW ludGFpbiBp dHMgcHJvZH VjdGlvbiBs ZXZlbHMgaW 4gYW50aWNp cGF0aW9uIG 9mIGEgbWFy a2V0IHJlY2 92ZXJ5LCBp dCBjb3VsZC ByZXN1bHQg aW4gb3Zlcn N0b2NrZWQg aW52ZW50b3 J5LCBmdXJ0 aGVyIHR5aW 5nIHVwIGNh c2ggYW5kIH BvdGVudGlh bGx5IGxlYW RpbmcgdG8g aW5jcmVhc2 VkIHdyaXRl LWRvd25zIG 9uIHVuc29s ZCBwcm9kdW N0cy48YnI+ T24gdGhlIG JhbGFuY2Ug c2hlZXQsIH Blcm1hbmVu dCBlY29ub2 1pYyBpbXBh aXJtZW50IG NvdWxkIG1h bmlmZXN0IG FzIGEgYnVp bGR1cCBvZi BpbnZlbnRv cnksIHBvdG VudGlhbGx5 IGxlYWRpbm cgdG8gaW5j cmVhc2VkIG xpYWJpbGl0 eSBhcyB0aG UgY29tcGFu eSBzdHJ1Z2 dsZXMgd2l0 aCBjYXNoIG 1hbmFnZW1l bnQuIElmIH RoZSBkZWNs aW5lIGluIG RlbWFuZCBw ZXJzaXN0ZW QsIEJSUCBt aWdodCBiZS Bjb21wZWxs ZWQgdG8gdG FrZSBvbiBk ZWJ0IHRvIG ZpbmFuY2Ug b3BlcmF0aW 9ucyBvciBp bnZlc3QgaW 4gcmV2YW1w aW5nIGl0cy Bwcm9kdWN0 IGxpbmVzIH RvIGFwcGVh bCB0byBjaG FuZ2luZyBj b25zdW1lci BwcmVmZXJl bmNlcy4gVG hpcyBjb3Vs ZCByZXN1bH QgaW4gYSBo aWdoZXIgZG VidC10by1l cXVpdHkgcm F0aW8sIHJh aXNpbmcgY2 9uY2VybnMg YWJvdXQgdG hlIGNvbXBh bnnigJlzIG ZpbmFuY2lh bCBzdGFiaW xpdHkuPGJy Pk92ZXJhbG wsIHNob3Vs ZCB0aGlzIH NjZW5hcmlv IHBsYXkgb3 V0LCBCUlAg SW5jLiBtaW dodCBmaW5k IGl0c2VsZi BpbiBhIGNo YWxsZW5naW 5nIGVjb25v bWljIHBvc2 l0aW9uIHdp dGggZGV0ZX Jpb3JhdGlu ZyBtYXJnaW 5zLCBzdHJh aW5lZCBjYX NoIGZsb3cs IGFuZCBhIH dlYWtlbmVk IGJhbGFuY2 Ugc2hlZXQs IG5lY2Vzc2 l0YXRpbmcg c2lnbmlmaW NhbnQgc3Ry YXRlZ2ljIG FkanVzdG1l bnRzIHRvIG 5hdmlnYXRl IHRoZSBuZX cgbWFya2V0 IGxhbmRzY2 FwZS48YnI+

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 bG9nb3MvVk 9kZzdKQWta N29JOGRzUl VrQXgud2Vi cCIgYWx0PS JCUlAgSW5j IiB0aXRsZT 0iQlJQIElu YyIgIGNsYX 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 91dCBCUlAg SW5jPwogIC 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 nSBKb2luIH VzIGFuZCBn cmFiIHlvdX IgY29weSBv ZiA8aT4iVG hlIENoZWNr bGlzdCBWYW x1ZSBJbnZl c3RvciDigJ QgQSBTbWFy dGVyIFdheS B0byBQaWNr IFN0b2Nrcy I8L2k+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvcD4KCiAg ICAgICAgIC AgICAgICAg ICAgICAgID whLS0KICAg ICAgICAgIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nbWFyZ2 luLXRvcDog MTJweDsgZm 9udC1zaXpl OiAxM3B4Oy Bjb2xvcjog IzQ0NDsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgU2 lnbiB1cCBu b3cgYW5kIG dldCBvdXIg ZnJlZSBlQm 9vayAKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIDxiPlRo ZSBDaGVja2 xpc3QgVmFs dWUgSW52ZX N0b3Ig4oCU IEEgU21hcn RlciBXYXkg dG8gUGljay BTdG9ja3M8 L2I+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICAgICAgIC AgICAgICAt LT4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPCEt LQogICAgIC AgICAgICAg ICAgICAgIC AgICA8ZGl2 IHN0eWxlPS dtYXJnaW4t dG9wOiAxNn B4OyBmb250 LXNpemU6ID E0cHg7IGNv bG9yOiAjND Q0OyBmb250 LWZhbWlseT ogLWFwcGxl LXN5c3RlbS wgQmxpbmtN YWNTeXN0ZW 1Gb250LCBT ZWdvZSBVSS wgUm9ib3Rv LCBIZWx2ZX RpY2EgTmV1 ZSwgc2Fucy 1zZXJpZjsg bGluZS1oZW lnaHQ6IDEu NjsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgSGF2ZS B5b3UgaGVh cmQgYWJvdX Qgb3VyIHNo b3J0IDxzdH Jvbmcgc3R5 bGU9J2Zvbn Qtd2VpZ2h0 OiA2MDA7Jz 5EYWlseSBW aWRlbyBOZX dzbGV0dGVy PC9zdHJvbm c+PwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGEgaHJl Zj0naHR0cH M6Ly93d3cu aW5zaWdodG Z1bHZhbHVl LmNvbS9uZX dzbGV0dGVy LnBocCcgdG FyZ2V0PSdf YmxhbmsnIH N0eWxlPSdj b2xvcjogIz AwN0JGRjsg dGV4dC1kZW NvcmF0aW9u OiBub25lOy Bmb250LXdl aWdodDogNT AwOyBtYXJn aW4tbGVmdD ogNnB4Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgRmluZC BvdXQgbW9y ZQogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9hPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgICAgIC AgICAgICAg LS0+CiAgIC AgICAgICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgIAogICAg ICAgIAogIC AgICAgIDxz cGFuIGNsYX NzPSdibHVy cmVkLXRleH QnPgogICAg ICAgICAgIC BRbEpRSUVs dVl5IDRnS0 VKdmJXSmgg Y21ScFpYSW dVbSBWamNt VmhkR2x2IG JtRnNJRkJ5 YjIgUjFZM1 J6S1NCcCBj eUJoSUhkbG JHIHd0YTI1 dmQyNGcgYl dGdWRXWmhZ MyBSMWNtVn lJRzltIElI SmxZM0psWV ggUnBiMjVo YkNCMiBaV2 hwWTJ4bGN5 IEJoYm1RZ1 pXNW4gYVc1 bGN5NGdTRy BWeVpTQmhj bVVnIGMyOX RaU0JwYm4g UmxjbVZ6ZE dsdSBaeUJt WVdOMGN5IE JoWW05MWRD QjAgYUdVZ1 kyOXRjRyBG dWVUbzhZbk krIE1TNGdQ SE4wY20gOX VaejVHYjNW dSBaR2x1Wn lCaGJtIFFn U0dsemRHOX kgZVR3dmMz UnliMiA1bl Bqb2dRbEpR IElIZGhjeU J2Y20gbG5h VzVoYkd4NS BJSEJoY25R Z2IyIFlnUW 05dFltRnkg WkdsbGNpQk pibSBNdUxD QjNhR2xqIG FDQjNZWE1n Wm0gOTFibV JsWkNCaSBl U0JLYjNObG NHIGd0UVhK dFlXNWsgSU VKdmJXSmhj bSBScFpYSW dhVzRnIE1U azBNaTRnVk cgaGxJR052 YlhCaCBibm tnYVc1cGRH IGxoYkd4NU lHWnYgWTNW elpXUWdiMi A0Z2MyNXZk MjF2IFltbH NaWE1zSUcg RnVaQ0J2ZG 1WeSBJSFJv WlNCa1pXIE 5oWkdWekxD QnAgZENCbG VIQmhibSBS bFpDQnBkSE 1nIGIyWm1a WEpwYm0gZH pManhpY2o0 eSBMaUE4Yz NSeWIyIDVu UGxkcFpHVW cgVW1GdVoy VWdiMiBZZ1 VISnZaSFZq IGRITThMM0 4wY20gOXVa ejQ2SUVKUy BVQ0JwY3lC bVlXIDF2ZF hNZ1ptOXkg SUdFZ2RtRn lhVyBWMGVT QnZaaUJ5IF pXTnlaV0Yw YVcgOXVZV3 dnZG1WbyBh V05zWlhNc0 lHIGx1WTJ4 MVpHbHUgWn lCemJtOTNi VyA5aWFXeG xjeXdnIGNH VnljMjl1WV cgd2dkMkYw WlhKaiBjbU ZtZEN3Z1lX IHhzTFhSbG NuSmggYVc0 Z2RtVm9hVy BOc1pYTWdL RUZVIFZuTX BMQ0JoYm0g UWdjMmxrWl MxaSBlUzF6 YVdSbElIIF psYUdsamJH VnogTENCaG N5QjNaVyB4 c0lHRnpJSF JvIFpTQkRZ VUZ0SUcgSn lZVzVrSUc5 bSBJSFpsYU dsamJHIFZ6 TGlBOFluSS sgTXk0Z1BI TjBjbSA5dV p6NUpibTV2 IGRtRjBhWF psSUYgUmxZ Mmh1YjJ4di BaMmxsY3p3 dmMzIFJ5Yj I1blBqb2cg UWxKUUlHbH pJSCBKbFky OW5ibWw2IF pXUWdabTl5 SUcgbDBjeU JwYm01diBk bUYwYVc5dU lHIGx1SUhC eWIyUjEgWT NRZ1pHVjJa VyB4dmNHMW xiblFzIElH bHVZMngxWk cgbHVaeUIw YUdVZyBhVz UwY205a2RX IE4wYVc5dU lHOW0gSUhS b1pTQlNiMy BSaGVDQmxi bWRwIGJtVX NJSGRvYVcg Tm9JR2x6SU hkcCBaR1Zz ZVNCMWMyIF ZrSUdsdUlH bDAgY3lCMl pXaHBZMiB4 bGN5NGdWR2 hsIElHTnZi WEJoYm4ga2 dZMjl1ZEds dSBkV0ZzYk hrZ2FXIDUy WlhOMGN5Qn AgYmlCeVpY TmxZWCBKam FDQmhibVFn IFpHVjJaV3 h2Y0cgMWxi blFnZEc4Zy BaVzVvWVc1 alpTIEJ3Wl hKbWIzSnQg WVc1alpTQm hibSBRZ2Mz VnpkR0ZwIG JtRmlhV3hw ZEgga3VQR0 p5UGpRdSBJ RHh6ZEhKdm JtIGMrUjJ4 dlltRnMgSU ZCeVpYTmxi bSBObFBDOX pkSEp2IGJt YytPaUJDVW wgQWdiM0Js Y21GMCBaWE 1nYVc0Z2Iz IFpsY2lBeE 1EQWcgWTI5 MWJuUnlhVy BWeklHRnVa Q0JvIFlYTW dZU0J6ZEgg SnZibWNnYl dGeSBhMlYw SUhCeVpYIE 5sYm1ObExD QncgWVhKMG FXTjFiRyBG eWJIa2dhVz RnIFRtOXlk R2dnUVcgMW xjbWxqWVNC aCBibVFnUl hWeWIzIEJs TGlCSmRITW cgY0hKdlpI VmpkSCBNZ1 lYSmxJSE52 IGJHUWdkR2 h5YjMgVm5h Q0JoSUc1bC BkSGR2Y21z Z2IyIFlnWk dWaGJHVnkg Y3lCaGJtUW daRyBsemRI SnBZblYwIG IzSnpJSGR2 Y20geGtkMm xrWlM0OCBZ bkkrTlM0Z1 BIIE4wY205 dVp6NVQgZF hOMFlXbHVZ VyBKcGJHbD BlU0JKIGJt bDBhV0YwYV ggWmxjend2 YzNSeSBiMj VuUGpvZ1ZH IGhsSUdOdm JYQmggYm5r Z2FYTWdZMi A5dGJXbDBk R1ZrIElIUn ZJSE4xYzMg UmhhVzVoWW 14bCBJSEJ5 WVdOMGFXIE 5sY3l3Z1pt OWogZFhOcG JtY2diMiA0 Z2NtVmtkV0 5wIGJtY2dk R2hsSUcgVn VkbWx5YjI1 dCBaVzUwWV d3Z2FXIDF3 WVdOMElHOW 0gSUdsMGN5 QndjbSA5a2 RXTjBjeUIw IGFISnZkV2 RvSUcgTnNa V0Z1WlhJZy BkR1ZqYUc1 dmJHIDluYV dWeklHRnUg WkNCcGJYQn liMyBabFpD QmxabVpwIF kybGxibU41 TGogeGljaj QyTGlBOCBj M1J5YjI1bl BsIE4wYjJO cklFMWggY2 10bGRDQlFj bSBWelpXNW paVHd2IGMz UnliMjVuUG ogb2dRbEpR SUVsdSBZeT RnWjI5bGN5 IEJ3ZFdKc2 FXTWcgWVc1 a0lIUnlZVy BSbGN5QnZi aUJpIGIzUm 9JSFJvWlMg QlViM0p2Ym 5SdiBJRk4w YjJOcklFIF Y0WTJoaGJt ZGwgSUNoVV UxZ3BJRyBG dVpDQjBhR1 VnIFRrRlRS RUZSTGkgQl VhR2x6SUcx diBkbVVnYU dGeklHIGhs YkhCbFpDQj AgYUdVZ1ky OXRjRyBGdW VTQmxlSEJo IGJtUWdhWF J6SUcgWnBi bUZ1WTJsaC BiQ0J5WlhO dmRYIEpqWl hNZ1ptOXkg SUdkeWIzZD BhQyBCaGJt UWdaR1YyIF pXeHZjRzFs Ym4gUXVQR0 p5UGpjdSBJ RHh6ZEhKdm JtIGMrUTI5 dGNHVjAgYV hScGIyNGdZ VyA1a0lFMW hjbXRsIGRD QlFiM05wZE cgbHZiand2 YzNSeSBiMj VuUGpvZ1Fs IEpRSUdOdm JYQmwgZEdW eklIZHBkRy BnZ2IzUm9a WElnIGJHVm haR2x1Wnkg QnRZVzUxWm 1GaiBkSFZ5 WlhKeklHIG x1SUhSb1pT QnkgWldOeV pXRjBhVyA5 dVlXd2dkbV ZvIGFXTnNa U0J0WVggSn JaWFFzSUhO MSBZMmdnWV hNZ1VHIDlz WVhKcGN5Qm ggYm1RZ1dX RnRZVyBoaE xpQkpkQ0Jv IFlYTWdZMk Z5ZG0gVmtJ RzkxZENCaC BJSE5wWjI1 cFptIGxqWV c1MElHMWgg Y210bGRDQn phRyBGeVpT QmtkV1VnIG RHOGdhWFJ6 SUcgSnlZVz VrSUd4diBl V0ZzZEhrZ1 lXIDVrSUds dWJtOTIgWV hScGRtVWdi MiBabVpYSn BibWR6IExq eGljajQ0TG kgQThjM1J5 YjI1biBQa0 YzWVhKa2N5 IEJoYm1RZ1 VtVmogYjJk dWFYUnBiMi A0OEwzTjBj bTl1IFp6ND ZJRTkyWlgg SWdkR2hsSU hsbCBZWEp6 TENCQ1VsIE FnYUdGeklI SmwgWTJWcG RtVmtJRyA1 MWJXVnliM1 Z6IElHbHVa SFZ6ZEggSj VJR0YzWVhK ayBjeUJtYj NJZ2NIIEp2 WkhWamRDQm sgWlhOcFoy NHNJSCBOaF ptVjBlU3dn IFlXNWtJR2 x1Ym0gOTJZ WFJwYjI0cy BJR2hwWjJo c2FXIGRvZE dsdVp5QnAg ZEhNZ2NtVn dkWCBSaGRH bHZiaUJoIG N5QmhJR3hs WVcgUmxjaU JwYmlCeSBa V055WldGMG FXIDl1WVd3 Z2RtVm8gYV dOc1pTQnRZ VyA1MVptRm pkSFZ5IGFX NW5ManhpY2 ogNDVMaUE4 YzNSeSBiMj VuUGtOMWJI IFIxY21Gc0 lFbHQgY0dG amREd3ZjMy BSeWIyNW5Q am9nIFZHaG xJR052Ylgg QmhibmtnYU dGeiBJR1Js ZG1Wc2IzIE JsWkNCaElI TjAgY205dV p5QmpiMiAx dGRXNXBkSG tnIFlXMXZi bWNnYVggUn pJSFZ6WlhK eiBMQ0J2Y2 1kaGJtIGw2 YVc1bklHVj IgWlc1MGN5 QnNhVyB0bE lIUm9aU0JD IFVsQWdUM2 R1WlggSno0 b0NaSUVkeS BiM1Z3SUhk b1pYIEpsSU dWdWRHaDEg YzJsaGMzUn pJRyBOaGJp QnphR0Z5IF pTQmxlSEJs Y20gbGxibU 5sY3l3ZyBj R0Z5ZEdsam FYIEJoZEdV Z2FXNGcgY2 1sa1pYTXNJ RyBGdVpDQm hZMk5sIGMz TWdaWGhqYk ggVnphWFps SUc5bSBabV Z5Y3k0OFlu IEkrTVRBdU lEeHogZEhK dmJtYytVbS BWalpXNTBJ RVJsIGRtVn NiM0J0Wlcg NTBjend2Yz NSeSBiMjVu UGpvZ1FsIE pRSUdOdmJu UnAgYm5WbG N5QjBieSBC bGVIQmhibV FnIGFXNTBi eUJsYkcgVm pkSEpwWXlC dCBiMkpwYk dsMGVTIEJo Ym1RZ2FYTW cgYVc1MlpY TjBhVyA1bk lHbHVJR1Zz IFpXTjBjbW xqSUggWmxh R2xqYkdVZy BkR1ZqYUc1 dmJHIDluYV dWeklIUnYg SUdGa1lYQj BJSCBSdklH Tm9ZVzVuIG FXNW5JR052 Ym4gTjFiV1 Z5SUhCeSBa V1psY21WdV kyIFZ6SUdG dVpDQnkgWl dkMWJHRjBi MyBKNUlHVn VkbWx5IGIy NXRaVzUwY3 kgQm1iMk4x YzJWayBJRz l1SUhOMWMz IFJoYVc1aF ltbHMgYVhS NUxpQThZbi BJK1ZHaGxj MlVnIGFHbG 5hR3hwWjIg aDBjeUJ5Wl dacyBaV04w SUVKU1VPIE tBbVhNZ2Mz UmggZEhWek lHRnpJRyBF Z2MybG5ibW xtIGFXTmhi blFnY0cgeG hlV1Z5SUds dSBJSFJvWl NCeVpXIE55 WldGMGFXOX UgWVd3Z2Rt Vm9hVyBOc1 pTQnBibVIx IGMzUnllU0 JoYm0gUWdh WFJ6SUdOdi BiVzFwZEcx bGJuIFFnZE c4Z2FXNXUg YjNaaGRHbH ZiaSBCaGJt UWdjM1Z6IG RHRnBibUZp YVcgeHBkSG t1UEdKeSBQ Zz09CiAgIC AgICAgPC9z cGFuPgogIC AgICAgIAog ICAgICAgIA ==