Watsco

-12.51%

More reviews (2)

Live  

Watsco is a company that specializes in the distribution of heating, ventilation, and air conditioning (HVAC) systems. It was founded in 1956 and is headquartered in Coconut Grove, Florida. The company operates in the United States, Canada, Mexico, and Puerto Rico, and has a network of over 600 locations and 5,000 employees.
Watsco's primary business is the distribution of HVAC products from leading manufacturers such as Carrier, Bryant, and Trane to contractors and dealers. The company also offers a variety of services, including technical support, training, and marketing programs to help its customers grow their businesses.
Watsco is a publicly traded company, listed on the New York Stock Exchange under the ticker symbol WSO. The company has a strong financial track record, with annual revenues exceeding $5 billion and a market capitalization of over $8 billion.
Watsco is known for its strong customer focus and commitment to innovation. The company has a history of investing in new technologies and partnerships to better meet the evolving needs of the HVAC industry.
In addition to its core business, Watsco is also committed to sustainability and has implemented initiatives to reduce its carbon footprint and promote energy-efficient products. The company has been recognized for its efforts with numerous industry awards and accolades.
Overall, Watsco is a well-established and successful company in the HVAC industry, known for its reliable products, exceptional customer service, and commitment to sustainability.

V2F0c2NvIG lzIGEgY29t cGFueSB0aG F0IGhlbHBz IHBlb3BsZS BhbmQgYnVz aW5lc3Nlcy BzdGF5IGNv bWZvcnRhYm xlIGluIHRo ZWlyIGhvbW VzIGFuZCBi dWlsZGluZ3 MgYnkgcHJv dmlkaW5nIG hlYXRpbmcs IGFpciBjb2 5kaXRpb25p bmcsIGFuZC ByZWZyaWdl cmF0aW9uIH Byb2R1Y3Rz LiBUaGV5IH NlbGwgdGhp bmdzIGxpa2 UgYWlyIGNv bmRpdGlvbm VycywgZnVy bmFjZXMsIG FuZCBwYXJ0 cyB0aGF0IG hlbHAga2Vl cCB0aGUgYW lyIGNvb2wg b3Igd2FybS wgZGVwZW5k aW5nIG9uIH RoZSBzZWFz b24uPGJyPk 5vdywgbGV0 4oCZcyB0YW xrIGFib3V0 IGhvdyBXYX RzY28gbWFr ZXMgbW9uZX kuIFRoZXkg YnV5IHRoZX NlIHByb2R1 Y3RzIGZyb2 0gbWFudWZh Y3R1cmVycy AodGhlIHBl b3BsZSB3aG 8gbWFrZSB0 aGVtKSBhbm QgdGhlbiBz ZWxsIHRoZW 0gdG8gY29u dHJhY3Rvcn MgYW5kIGJ1 aWxkZXJzLi BUaGVzZSBj b250cmFjdG 9ycyBhcmUg dGhlIG9uZX Mgd2hvIGlu c3RhbGwgdG hlIGhlYXRp bmcgYW5kIG Nvb2xpbmcg c3lzdGVtcy BpbiBob3Vz ZXMgYW5kIG J1aWxkaW5n cy4gV2hlbi B0aGUgY29u dHJhY3Rvcn MgYnV5IGZy b20gV2F0c2 NvLCB0aGUg Y29tcGFueS BlYXJucyBh IHByb2ZpdC wgd2hpY2gg aXMgbW9uZX kgbGVmdCBv dmVyIGFmdG VyIHRoZSBj b3N0cyBvZi BidXlpbmcg dGhlIHByb2 R1Y3RzLjxi cj5XYXRzY2 8gaXMgc3Vj Y2Vzc2Z1bC Bmb3IgYSBm ZXcgcmVhc2 9ucy4gRmly c3QsIHRoZX kgaGF2ZSBi ZWVuIGFyb3 VuZCBmb3Ig YSBsb25nIH RpbWUsIHNv IHRoZXkga2 5vdyBhIGxv dCBhYm91dC B0aGUgaW5k dXN0cnkgYW 5kIGhhdmUg YnVpbHQgc3 Ryb25nIHJl bGF0aW9uc2 hpcHMgd2l0 aCB0aGUgbW FudWZhY3R1 cmVycyBhbm QgdGhlaXIg Y3VzdG9tZX JzLiBTZWNv bmQsIHRoZX kgb2ZmZXIg YSB3aWRlIH JhbmdlIG9m IHByb2R1Y3 RzLCB3aGlj aCBtZWFucy B0aGV5IGNh biBoZWxwIH RoZWlyIGN1 c3RvbWVycy BmaW5kIGV4 YWN0bHkgd2 hhdCB0aGV5 IG5lZWQuIF RoaXJkLCB0 aGV5IHByb3 ZpZGUgZ3Jl YXQgY3VzdG 9tZXIgc2Vy dmljZSwgZW 5zdXJpbmcg dGhhdCBwZW 9wbGUgYXJl IGhhcHB5IH dpdGggdGhl aXIgcHVyY2 hhc2VzLjxi cj5JbiB0aG UgZnV0dXJl LCBXYXRzY2 8gd2lsbCBs aWtlbHkgY2 9udGludWUg dG8gYmUgc3 VjY2Vzc2Z1 bCBiZWNhdX NlIG1vcmUg YW5kIG1vcm UgcGVvcGxl IG5lZWQgaG VhdGluZyBh bmQgY29vbG luZyBzeXN0 ZW1zIGFzIG hvbWVzIGFu ZCBidWlsZG luZ3MgYXJl IGJ1aWx0IG FuZCB1cGRh dGVkLiBQbH VzLCB3aXRo IGNsaW1hdG UgY2hhbmdl IGFuZCB0aG UgaW5jcmVh c2luZyBuZW VkIGZvciBl bmVyZ3ktZW ZmaWNpZW50 IHByb2R1Y3 RzLCBXYXRz Y28gY2FuIG 9mZmVyIG5l d2VyIGFuZC BiZXR0ZXIg dGVjaG5vbG 9neSB0byBo ZWxwIHBlb3 BsZSBzYXZl IGVuZXJneS BhbmQgbW9u ZXkuIFRoaX MgbWVhbnMg dGhleSB3aW xsIGtlZXAg YmVpbmcgaG VscGZ1bCB0 byBjdXN0b2 1lcnMgZm9y IGEgbG9uZy B0aW1lITxi cj4=

MS4gTGVhZG luZyBEaXN0 cmlidXRvci BvZiBBaXIg Q29uZGl0aW 9uaW5nIGFu ZCBIZWF0aW 5nIFByb2R1 Y3RzOiBXYX RzY28gaXMg dGhlIGxhcm dlc3QgZGlz dHJpYnV0b3 Igb2YgYWly IGNvbmRpdG lvbmluZywg aGVhdGluZy wgYW5kIHJl ZnJpZ2VyYX Rpb24gZXF1 aXBtZW50IG FuZCByZWxh dGVkIHBhcn RzIGFuZCBz dXBwbGllcy BpbiB0aGUg VW5pdGVkIF N0YXRlcy48 YnI+Mi4gTm F0aW9uYWxs eSBSZWNvZ2 5pemVkIEJy YW5kOiBUaG UgY29tcGFu eSBoYXMgYS BzdHJvbmcg YnJhbmQgcm Vjb2duaXRp b24gYW5kIG EgcmVwdXRh YmxlIHRyYW NrIHJlY29y ZCBpbiB0aG UgSFZBQyBp bmR1c3RyeS wgd2l0aCBh IHByZXNlbm NlIGluIGJv dGggcmVzaW RlbnRpYWwg YW5kIGNvbW 1lcmNpYWwg bWFya2V0cy 48YnI+My4g RXN0YWJsaX NoZWQgRGlz dHJpYnV0aW 9uIE5ldHdv cms6IFdpdG ggb3ZlciA1 OTAgbG9jYX Rpb25zIGFj cm9zcyAzOC BzdGF0ZXMs IFdhdHNjby BoYXMgYW4g ZXh0ZW5zaX ZlIGRpc3Ry aWJ1dGlvbi BuZXR3b3Jr IHRoYXQgZW 5hYmxlcyB0 aGVtIHRvIH JlYWNoIGEg d2lkZSBjdX N0b21lciBi YXNlIGVmZm ljaWVudGx5 Ljxicj40Li BTdHJvbmcg UmVsYXRpb2 5zaGlwcyB3 aXRoIExlYW RpbmcgTWFu dWZhY3R1cm VyczogV2F0 c2NvIGhhcy Blc3RhYmxp c2hlZCBsb2 5nc3RhbmRp bmcgcmVsYX Rpb25zaGlw cyB3aXRoIH RvcCBtYW51 ZmFjdHVyZX JzIGluIHRo ZSBpbmR1c3 RyeSwgd2hp Y2ggYWxsb3 dzIHRoZW0g dG8gb2ZmZX IgYSB3aWRl IHJhbmdlIG 9mIGhpZ2gt cXVhbGl0eS Bwcm9kdWN0 cyB0byB0aG VpciBjdXN0 b21lcnMuPG JyPjUuIEN1 dHRpbmctRW RnZSBUZWNo bm9sb2d5IG FuZCBFLUNv bW1lcmNlIE NhcGFiaWxp dGllczogVG hlIGNvbXBh bnkgaGFzIG ludmVzdGVk IGluIHN0YX RlLW9mLXRo ZS1hcnQgdG VjaG5vbG9n eSBhbmQgZS 1jb21tZXJj ZSBjYXBhYm lsaXRpZXMs IGFsbG93aW 5nIHRoZW0g dG8gcHJvdm lkZSBzZWFt bGVzcyBhbm QgZWZmaWNp ZW50IHNlcn ZpY2UgdG8g dGhlaXIgY3 VzdG9tZXJz Ljxicj42Li BEaXZlcnNl IFByb2R1Y3 QgUG9ydGZv bGlvOiBXYX RzY28gb2Zm ZXJzIGEgZG l2ZXJzZSBy YW5nZSBvZi Bwcm9kdWN0 cywgaW5jbH VkaW5nIGFp ciBjb25kaX Rpb25pbmcg dW5pdHMsIH JlZnJpZ2Vy YXRpb24gc3 lzdGVtcywg SFZBQyBwYX J0cywgaGVh dGluZyBlcX VpcG1lbnQs IGFuZCB2ZW 50aWxhdGlv biBzeXN0ZW 1zLjxicj43 LiBTdHJvbm cgRmluYW5j aWFsIFBlcm Zvcm1hbmNl OiBJbiBhZG RpdGlvbiB0 byBpdHMgc3 Ryb25nIG1h cmtldCBwb3 NpdGlvbiwg V2F0c2NvIG hhcyBjb25z aXN0ZW50bH kgZGVtb25z dHJhdGVkIH N0cm9uZyBm aW5hbmNpYW wgcGVyZm9y bWFuY2UsIH dpdGggc3Rl YWR5IHJldm VudWUgYW5k IHByb2ZpdC Bncm93dGgg b3ZlciB0aG UgeWVhcnMu PGJyPjguIE NvbW1pdG1l bnQgdG8gU3 VzdGFpbmFi aWxpdHk6IF RoZSBjb21w YW55IGlzIG RlZGljYXRl ZCB0byBwcm 9tb3Rpbmcg c3VzdGFpbm FiaWxpdHkg YW5kIGhhcy BpbXBsZW1l bnRlZCBzZX ZlcmFsIGlu aXRpYXRpdm VzIHRvIHJl ZHVjZSBpdH MgY2FyYm9u IGZvb3Rwcm ludCBhbmQg c3VwcG9ydC BlY28tZnJp ZW5kbHkgcH JhY3RpY2Vz Ljxicj45Li BFbXBsb3ll ZSBEZXZlbG 9wbWVudCBh bmQgQ3VsdH VyZTogV2F0 c2NvIHBsYW NlcyBhIHN0 cm9uZyBlbX BoYXNpcyBv biBlbXBsb3 llZSBkZXZl bG9wbWVudC BhbmQgaGFz IGEgcG9zaX RpdmUgY29t cGFueSBjdW x0dXJlIHRo YXQgdmFsdW VzIHRlYW13 b3JrLCBpbm 5vdmF0aW9u LCBhbmQgY3 VzdG9tZXIg c2VydmljZS 48YnI+MTAu IFNvY2lhbC BSZXNwb25z aWJpbGl0eT ogVGhlIFdh dHNjbyBjb2 1wYW55IGlz IGNvbW1pdH RlZCB0byBn aXZpbmcgYm FjayB0byBp dHMgY29tbX VuaXRpZXMg dGhyb3VnaC B2YXJpb3Vz IHNvY2lhbC ByZXNwb25z aWJpbGl0eS Bpbml0aWF0 aXZlcywgaW 5jbHVkaW5n IGNoYXJpdG FibGUgZG9u YXRpb25zIG FuZCB2b2x1 bnRlZXJpc2 0u

VGhlIFdhdH NjbyBjb21w YW55IGlzIH ByaW1hcmls eSBhIGRpc3 RyaWJ1dG9y IG9mIGhlYX RpbmcsIHZl bnRpbGF0aW 9uLCBhbmQg YWlyIGNvbm RpdGlvbmlu ZyAoSFZBQy kgcHJvZHVj dHMgYW5kIH N1cHBsaWVz LiBUaGVpci BidXNpbmVz cyBtb2RlbC BpbnZvbHZl cyBzb3VyY2 luZyBwcm9k dWN0cyBmcm 9tIHZhcmlv dXMgbWFudW ZhY3R1cmVy cyBhbmQgc2 VsbGluZyB0 aGVtIHRvIG NvbnRyYWN0 b3JzLCBkZW FsZXJzLCBh bmQgb3RoZX IgY3VzdG9t ZXJzIGluIH RoZSBIVkFD IGluZHVzdH J5LiBXYXRz Y28gYWxzby BvZmZlcnMg dmFsdWUtYW RkZWQgc2Vy dmljZXMsIH N1Y2ggYXMg dGVjaG5pY2 FsIHN1cHBv cnQsIHRyYW luaW5nLCBh bmQgbWFya2 V0aW5nIGFz c2lzdGFuY2 UsIHRvIGl0 cyBjdXN0b2 1lcnMuIElu IHJlY2VudC B5ZWFycywg dGhlIGNvbX BhbnkgaGFz IGV4cGFuZG VkIGl0cyBi dXNpbmVzcy B0byBpbmNs dWRlIGUtY2 9tbWVyY2Ug c2FsZXMgYW 5kIHNtYXJ0 IGFuZCBjb2 5uZWN0ZWQg aG9tZSB0ZW Nobm9sb2dp ZXMsIGRpdm Vyc2lmeWlu ZyBpdHMgcm V2ZW51ZSBz dHJlYW1zLi BBZGRpdGlv bmFsbHksIF dhdHNjbyBo YXMgYSBkZW NlbnRyYWxp emVkIG1hbm FnZW1lbnQg c3RydWN0dX JlLCB3aXRo IGluZGVwZW 5kZW50IGJ1 c2luZXNzIH VuaXRzIG9w ZXJhdGluZy BpbiBkaWZm ZXJlbnQgcm VnaW9ucywg YWxsb3dpbm cgZm9yIGxv Y2FsaXplZC BkZWNpc2lv bi1tYWtpbm cgYW5kIHJl c3BvbnNpdm VuZXNzIHRv IGxvY2FsIG 1hcmtldCBj b25kaXRpb2 5zLg==

AI can potentially pose a material threat to Watsco’s products, services, and competitive positioning in several ways:
1. Substitution: AI technologies can lead to the development of more efficient and cost-effective HVAC solutions that might substitute traditional products offered by Watsco. For instance, advancements in smart HVAC systems that optimize energy consumption and enhance user control could make older technology less appealing, impacting Watsco’s sales of conventional products.
2. Disintermediation: AI-driven platforms could enable customers to bypass traditional distributors like Watsco by facilitating direct connections between manufacturers and consumers. If customers can use AI to assess their needs and find suppliers directly, it could reduce Watsco’s role as an intermediary, affecting their market share and revenue.
3. Margin Pressure: The use of AI in optimizing supply chains, pricing strategies, and inventory management can lead to increased efficiency and lower costs for competitors. If rival companies leverage AI to reduce their operational costs, they may be able to offer lower prices or better service, which could pressure Watsco’s profit margins and market competitiveness.
In summary, while AI presents opportunities for innovation, it also brings risks that could affect Watsco’s position in the HVAC industry. The company would need to adapt and integrate AI technologies into its operations to mitigate these threats.

Watsco, a leading distributor of HVAC/R products in the United States, can experience varying levels of sensitivity in its earnings, cash flow, and valuation due to changes in interest rates.
Earnings Sensitivity: Higher interest rates can lead to increased borrowing costs for consumers and businesses, impacting their ability to invest in HVAC systems and related products. As a result, Watsco may see a decline in sales as demand softens. Conversely, if interest rates are lower, consumers may be more inclined to take loans for purchasing new heating and cooling systems, potentially boosting earnings.
Cash Flow Sensitivity: Watsco’s cash flow is also affected by interest rates. When rates rise, the company’s interest expenses may increase, reducing net cash flows. Moreover, if customers face higher borrowing costs, they might delay purchases, affecting Watsco’s cash inflows. Conversely, lower interest rates could enhance cash flow by making financing more accessible for customers and potentially leading to higher sales.
Valuation Sensitivity: Interest rates play a significant role in the valuation of companies. A rise in interest rates generally leads to higher discount rates in discounted cash flow (DCF) models, reducing the present value of future earnings and cash flows. This can result in a decrease in Watsco’s stock price. A lower interest rate environment, on the other hand, typically enhances valuation as the present value of expected cash flows increases, which could support a higher stock price.
Overall, while Watsco’s earnings, cash flow, and valuation are sensitive to interest rate changes, the extent of this sensitivity can vary depending on broader economic conditions and consumer behavior.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgV2 F0c2Nv4oCZ cyBlY29ub2 1pY3Mgb3Zl ciB0aGUgbm V4dCAz4oCT NSB5ZWFycy B3b3VsZCBi ZSBhIHNpZ2 5pZmljYW50 IGFuZCBzdX N0YWluZWQg ZGVjbGluZS BpbiB0aGUg ZGVtYW5kIG ZvciBIVkFD IChoZWF0aW 5nLCB2ZW50 aWxhdGlvbi wgYW5kIGFp ciBjb25kaX Rpb25pbmcp IHN5c3RlbX MgZHVlIHRv IGEgY29tYm luYXRpb24g b2YgZmFjdG 9ycy4gVGhl c2UgZmFjdG 9ycyBjb3Vs ZCBpbmNsdW RlIGEgbWFq b3IgZWNvbm 9taWMgZG93 bnR1cm4gYW ZmZWN0aW5n IGNvbnN1bW VyIHNwZW5k aW5nLCBpbm NyZWFzZWQg ZW5lcmd5IG VmZmljaWVu Y3kgcmVndW xhdGlvbnMg dGhhdCByZX F1aXJlIGNv bnN1bWVycy B0byBpbnZl c3QgaW4gbm V3ZXIsIG1v cmUgZW5lcm d5LWVmZmlj aWVudCBzeX N0ZW1zLCBh bmQgYSBzaG lmdCB0b3dh cmQgYWx0ZX JuYXRpdmUg ZW5lcmd5IH NvbHV0aW9u cyAobGlrZS BoZWF0IHB1 bXBzKSB3aG ljaCBjb3Vs ZCByZW5kZX IgdHJhZGl0 aW9uYWwgSF ZBQyBzeXN0 ZW1zIGxlc3 MgcmVsZXZh bnQuPGJyPk luIHRoaXMg c2NlbmFyaW 8sIFdhdHNj b+KAmXMgbW FyZ2lucyB3 b3VsZCBsaW tlbHkgY29u dHJhY3Qgc2 lnbmlmaWNh bnRseS4gSW YgZWNvbm9t aWMgY29uZG l0aW9ucyBk ZXRlcmlvcm F0ZSwgZGVt YW5kIGZvci BuZXcgaW5z dGFsbGF0aW 9ucyB3b3Vs ZCBkcm9wLC BsZWFkaW5n IHRvIGxvd2 VyIHNhbGVz IHZvbHVtZS 4gRXZlbiBp ZiB0aGUgY2 9tcGFueSBh dHRlbXB0cy B0byBtYWlu dGFpbiBwcm ljaW5nIG9u IGl0cyBwcm 9kdWN0cyBh bmQgc2Vydm ljZXMsIGNv bXBldGl0aX ZlIHByZXNz dXJlcyBtaW dodCBmb3Jj ZSBpdCB0by ByZWR1Y2Ug cHJpY2VzLC BmdXJ0aGVy IHNxdWVlem luZyBtYXJn aW5zLiBBZG RpdGlvbmFs bHksIHRoZS BuZWVkIHRv IGludmVzdC BpbiBpbnZl bnRvcnkgbW FuYWdlbWVu dCBhbmQgcG 9zc2libHkg aW5jcmVhc2 VkIHdyaXRl LWRvd25zIG 9uIG9ic29s ZXRlIGludm VudG9yeSBk dWUgdG8gYS BzaGlmdCBp biBwcm9kdW N0IGRlbWFu ZHMgY291bG QgYWxzbyBp bXBhY3QgcH JvZml0YWJp bGl0eS48Yn I+Q2FzaCBm bG93IHdvdW xkIGJlIGFk dmVyc2VseS BhZmZlY3Rl ZC4gV2l0aC ByZWR1Y2Vk IHNhbGVzIG FuZCB0aWdo dGVyIG1hcm dpbnMsIG9w ZXJhdGluZy BjYXNoIGZs b3cgd291bG QgbGlrZWx5 IGRlY2xpbm UuIFdhdHNj byBtaWdodC BmYWNlIGNo YWxsZW5nZX MgaW4gbWFp bnRhaW5pbm cgaXRzIGhp c3RvcmljIG xldmVscyBv ZiBmcmVlIG Nhc2ggZmxv dywgYXMgaW 52ZXN0bWVu dHMgaW4gd2 9ya2luZyBj YXBpdGFsIG NvdWxkIGlu Y3JlYXNlIG R1ZSB0byB1 bnNvbGQgaW 52ZW50b3J5 IGFuZCByZW NlaXZhYmxl cy4gSWYgdG hlIHNpdHVh dGlvbiBwZX JzaXN0cywg aXQgbWF5IG xlYWQgdG8g Y3V0cyBpbi BjYXBpdGFs IGV4cGVuZG l0dXJlcywg cG90ZW50aW FsbHkgaW1w YWlyaW5nIG Z1dHVyZSBn cm93dGggcH Jvc3BlY3Rz Ljxicj5UaG UgYmFsYW5j ZSBzaGVldC BtaWdodCBy ZWZsZWN0IG luY3JlYXNl ZCBsZXZlcm FnZSBpZiB0 aGUgY29tcG FueSByZXNv cnRzIHRvIG RlYnQgdG8g Y292ZXIgb3 BlcmF0aW5n IHNob3J0Zm FsbHMgb3Ig dG8gc3VzdG FpbiBkaXZp ZGVuZHMgdG 8gc2hhcmVo b2xkZXJzIG R1cmluZyBj aGFsbGVuZ2 luZyB0aW1l cy4gQW4gaW 5jcmVhc2Ug aW4gbGlhYm lsaXRpZXMs IGNvdXBsZW Qgd2l0aCBz dGFnbmFudC BvciBkZWNs aW5pbmcgYX NzZXQgdmFs dWVzLCBjb3 VsZCBlcm9k ZSB0aGUgZX F1aXR5IGJh c2UuIElmIF dhdHNjbyBp cyB1bmFibG UgdG8gZ2Vu ZXJhdGUgc3 VmZmljaWVu dCBjYXNoIG Zsb3cgdG8g c2VydmljZS B0aGlzIGRl YnQsIGl0IG NvdWxkIGZh Y2UgbGlxdW lkaXR5IHBy ZXNzdXJlcy wgcG90ZW50 aWFsbHkgaW 1wYWN0aW5n IGl0cyBpbn Zlc3RtZW50 LWdyYWRlIG NyZWRpdCBy YXRpbmcgYW 5kIGluY3Jl YXNpbmcgYm 9ycm93aW5n IGNvc3RzLj xicj5PdmVy YWxsLCB0aG lzIHNjZW5h cmlvIGNvdW xkIGxlYWQg dG8gYSBsb2 5nLXRlcm0g ZGVjbGluZS BpbiBXYXRz Y2/igJlzIG 1hcmtldCBw b3NpdGlvbi wgcmVkdWNl IGl0cyBjb2 1wZXRpdGl2 ZSBhZHZhbn RhZ2VzLCBh bmQgaW1wYW lyIGl0cyBh YmlsaXR5IH RvIGludmVz dCBpbiBpbm 5vdmF0aW9u IGFuZCBleH BhbnNpb24g d2l0aGluIH RoZSBIVkFD IHNlY3Rvci 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 bG9nb3MvVz ZjM1NMU2dz eHNvaGpjc0 l4UnQud2Vi cCIgYWx0PS JXYXRzY28i IHRpdGxlPS JXYXRzY28i 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 QgV2F0c2Nv 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+agCBE b27igJl0IG 1pc3MgPGk+ IlRoZSBDaG Vja2xpc3Qg VmFsdWUgSW 52ZXN0b3Ig 4oCUIEEgU2 1hcnRlciBX YXkgdG8gUG ljayBTdG9j a3MiPC9pPi DigJQgZnJl ZSEKICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9w PgoKICAgIC AgICAgICAg ICAgICAgIC AgICAgPCEt LQogICAgIC AgICAgICAg ICAgICAgIC AgICA8ZGl2 IHN0eWxlPS dtYXJnaW4t dG9wOiAxMn B4OyBmb250 LXNpemU6ID EzcHg7IGNv bG9yOiAjND Q0Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBTaWdu IHVwIG5vdy BhbmQgZ2V0 IG91ciBmcm VlIGVCb29r IAogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg PGI+VGhlIE NoZWNrbGlz dCBWYWx1ZS BJbnZlc3Rv ciDigJQgQS BTbWFydGVy IFdheSB0by BQaWNrIFN0 b2NrczwvYj 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIC0tPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8IS0tCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxkaXYgc3 R5bGU9J21h cmdpbi10b3 A6IDE2cHg7 IGZvbnQtc2 l6ZTogMTRw eDsgY29sb3 I6ICM0NDQ7 IGZvbnQtZm FtaWx5OiAt YXBwbGUtc3 lzdGVtLCBC bGlua01hY1 N5c3RlbUZv bnQsIFNlZ2 9lIFVJLCBS b2JvdG8sIE hlbHZldGlj YSBOZXVlLC BzYW5zLXNl cmlmOyBsaW 5lLWhlaWdo dDogMS42Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BIYXZlIHlv dSBoZWFyZC BhYm91dCBv dXIgc2hvcn QgPHN0cm9u ZyBzdHlsZT 0nZm9udC13 ZWlnaHQ6ID YwMDsnPkRh aWx5IFZpZG VvIE5ld3Ns ZXR0ZXI8L3 N0cm9uZz4/ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 YSBocmVmPS dodHRwczov L3d3dy5pbn NpZ2h0ZnVs dmFsdWUuY2 9tL25ld3Ns ZXR0ZXIucG hwJyB0YXJn ZXQ9J19ibG Fuaycgc3R5 bGU9J2NvbG 9yOiAjMDA3 QkZGOyB0ZX h0LWRlY29y YXRpb246IG 5vbmU7IGZv bnQtd2VpZ2 h0OiA1MDA7 IG1hcmdpbi 1sZWZ0OiA2 cHg7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BGaW5kIG91 dCBtb3JlCi AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICA8L2 E+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AgICAgICAg ICAgICAtLT 4KICAgICAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg CiAgICAgIC AgCiAgICAg ICAgPHNwYW 4gY2xhc3M9 J2JsdXJyZW QtdGV4dCc+ CiAgICAgIC AgICAgIE1T NGdWMkYwYz IgTnZJSGRo Y3lCbSBiM1 Z1WkdWa0lH IGx1SURFNU 5UWWcgWW5r Z1NtRmpheS BCU2FXNW5J R0Z1IFpDQk RhR0Z5Ykcg VnpJRU5oY0 hCeiBMQ0Iw ZDI4Z1lXIG x5SUdOdmJt UnAgZEdsdm JtbHVaeSBC amIyNTBjbU ZqIGRHOXlj eUIzYUcgOG djMkYzSUhS byBaU0J3Yj NSbGJuIFJw WVd3Z1ptOX kgSUdFZ2Jt RjBhVyA5dV lXd2daR2x6 IGRISnBZbl YwYVcgOXVJ RzVsZEhkdi BjbXNnWm05 eUlFIGhXUV VNZ0tHaGwg WVhScGJtY3 NJSCBabGJu UnBiR0YwIG FXOXVMQ0Jo Ym0gUWdZV2 x5SUdOdiBi bVJwZEdsdm JtIGx1Wnlr Z2NISnYgWk hWamRITXVQ RyBKeVBqSX VJRlJvIFpT QnVZVzFsSU YgZGhkSE5q YnlCcCBjeU JoSUdOdmJX IEpwYm1GMG FXOXUgSUc5 bUlIUm9aUy BCM2IzSmtj eUJYIFlYUn piMjRnWVcg NWtJR052Yl hCaCBibmtz SUdGbWRHIF Z5SUhSb1pT QnogZEhKbF pYUWdkRyBo bGVTQm1hWE p6IGRDQnZj R1Z1WlcgUW dkR2hsYVhJ ZyBjM1J2Y2 1VZ2IyIDRn YVc0Z1NHbG ggYkdWaGFD d2dSbSB4dm NtbGtZUzQ4 IFluSStNeT RnVjIgRjBj Mk52SUdsei BJR04xY25K bGJuIFJzZV NCMGFHVWcg YkdGeVoyVn pkQyBCa2FY TjBjbWxpIG RYUnZjaUJ2 WmkgQklWa0 ZESUhCeSBi MlIxWTNSek lHIGx1SUhS b1pTQlYgYm 1sMFpXUWdV MyBSaGRHVn pMQ0IzIGFY Um9JRzkyWl ggSWdOakF3 SUd4diBZMk YwYVc5dWN5 IEJwYmlBME 5TQnogZEdG MFpYTXVQRy BKeVBqUXVJ RlJvIFpTQm piMjF3WVcg NTVJSGRsYm 5RZyBjSFZp YkdsaklHIG x1SURFNU9E TXMgSUhkcG RHZ2dZUyBC emRHOWpheU J3IGNtbGpa U0J2WmkgQW tOaUJ3WlhJ ZyBjMmhoY2 1VdUlGIFJ2 WkdGNUxDQl ggWVhSelky L2lnSiBsek lITjBiMk5y IElHbHpJSF J5WVcgUmxa Q0J2YmlCMC BhR1VnVG1W M0lGIGx2Y2 1zZ1UzUnYg WTJzZ1JYaG phRyBGdVoy VWdZVzVrIE lHbHpJR04x Y24gSmxibl JzZVNCMiBZ V3gxWldRZ1 lYIFFnYjNa bGNpQWsgTW pBd0lIQmxj aSBCemFHRn laUzQ4IFlu SStOUzRnU1 cgNGdZV1Jr YVhScCBiMj RnZEc4Z1NG IFpCUXlCd2 NtOWsgZFdO MGN5d2dWMi BGMGMyTnZJ R0ZzIGMyOG daR2x6ZEgg SnBZblYwWl hNZyBiM1Jv WlhJZ2NtIF ZzWVhSbFpD QncgY205a2 RXTjBjeSBC emRXTm9JR0 Z6IElISmxa bkpwWjIgVn lZVzUwY3l3 ZyBZMjl1ZE hKdmJIIE1z SUdGdVpDQj AgYjI5c2N5 NDhZbiBJK0 5pNGdWMkYw IGMyTnZJR2 hoY3kgQmhJ SE4wY205dS BaeUJtYjJO MWN5IEJ2Ym lCemRYTjAg WVdsdVlXSn BiRyBsMGVT QmhibVFnIF ozSmxaVzRn YVcgNXBkR2 xoZEdsMiBa WE1zSUcxaG EyIGx1WnlC MGFHVnQgSU hSb1pTQm1h WCBKemRDQk lWa0ZEIElH UnBjM1J5YV cgSjFkRzl5 SUhSdiBJR0 psSUdObGNu IFJwWm1sbF pDQmkgZVNC MGFHVWdWUy A1VExpQkhj bVZsIGJpQk NkV2xzWkcg bHVaeUJEYj NWdSBZMmxz SUdadmNpIE JNWldGa1pY SnogYUdsd0 lHbHVJRSBW dVpYSm5lU0 JoIGJtUWdS VzUyYVggSn ZibTFsYm5S aCBiQ0JFWl hOcFoyIDRn S0V4RlJVUX AgTGp4aWNq NDNMaSBCVW FHVWdZMjl0 IGNHRnVlU0 JvWVggTWdZ U0J5YjJKMS BjM1FnYjI1 c2FXIDVsSU hCeVpYTmwg Ym1ObExDQj NhWCBSb0lH RWdiVzlpIG FXeGxJR0Z3 Y0MgQm1iM0 lnZEdWaiBh RzVwWTJsaG JuIE1nWVc1 a0lHRWcgZD JWaWMybDBa UyBCMGFHRj BJRzltIFpt VnljeUJ5Wl ggTnZkWEpq WlhNZyBZVz VrSUhSdmIy IHh6SUdadm NpQmogYjI1 MGNtRmpkRy A5eWN5Qmhi bVFnIGFHOX RaVzkzYm0g VnljeTQ4WW 5JKyBPQzRn VjJGMGMyIE 52SUdoaGN5 QmkgWldWdU lHTnZibiBO cGMzUmxibl JzIGVTQnlZ VzVyWlcgUW diMjRnUm05 eSBZbVZ6NG 9DWklHIHhw YzNRZ2IyWW cgUVcxbGNt bGpZZSBLQW 1YTWdRbVZ6 IGRDQkZiWE JzYjMgbGxj bk1zSUhKbC BabXhsWTNS cGJtIGNnZE dobGFYSWcg WTI5dGJXbD BiVyBWdWRD QjBieUIwIG FHVnBjaUJs YlggQnNiM2 xsWlhNZyBZ VzVrSUhkdm NtIHR3YkdG alpTQmogZF d4MGRYSmxM aiB4aWNqND VMaUJVIGFH VWdZMjl0Y0 cgRnVlU0Jv WVhNZyBaWG h3WVc1a1pX IFFnWW1WNW IyNWsgSUhS b1pTQlZibS BsMFpXUWdV M1JoIGRHVn pMQ0IzYVgg Um9JRzl3Wl hKaCBkR2x2 Ym5NZ2FXID RnUTJGdVlX UmggTENCTl pYaHBZMiA4 c0lHRnVaQ0 IwIGFHVWdR MkZ5YVcgSm laV0Z1TGp4 aSBjajR4TU M0Z1NXIDRn WVdSa2FYUn AgYjI0Z2RH OGdkRyBobG FYSWdaR2x6 IGRISnBZbl YwYVcgOXVJ R0oxYzJsdS BaWE56TENC WFlYIFJ6WT I4Z1lXeHog YnlCb1lYTW dZUyBCcWIy bHVkQ0IyIF pXNTBkWEps SUggZHBkR2 dnUTJGeSBj bWxsY2l3Z2 IyIDVsSUc5 bUlIUm8gWl NCM2IzSnNa TyBLQW1YTW diR0Z5IFoy VnpkQ0J0WV cgNTFabUZq ZEhWeSBaWE p6SUc5bUlF IGhXUVVNZ2 MzbHogZEdW dGN5NDhZbi BJK01URXVJ RTkyIFpYSW dkR2hsSUgg bGxZWEp6TE NCWCBZWFJ6 WTI4Z2FHIE Z6SUcxaFpH VWcgYm5WdF pYSnZkWCBN Z1lXTnhkV2 x6IGFYUnBi MjV6SUggUn ZJR1Y0Y0dG dSBaQ0IwYU dWcGNpIEJp ZFhOcGJtVn ogY3lCaGJt UWdjSCBKdl pIVmpkQ0J2 IFptWmxjbW x1WjMgTXNJ R2x1WTJ4MS BaR2x1WnlC MGFHIFVnYk dGeVoyVnog ZENCaFkzRj FhWCBOcGRH bHZiaUJwIG JpQjBhR1Zw Y2kgQm9hWE 4wYjNKNSBJ R2x1SURJd0 1qIEFzSUhk b1pXNGcgZE dobGVTQndk WCBKamFHRn paV1FnIFEy RnljbWxsY3 UgS0FtWE1n WkdseiBkSE pwWW5WMGFX IDl1SUc1bG RIZHYgY21z Z2FXNGdkRy BobElGVnVh WFJsIFpDQl RkR0YwWlgg TXVQR0p5UG pFeSBMaUJY WVhSelkyID hnYUdGeklH RWcgYzNSeW IyNW5JSCBS eVlXTnJJSE psIFkyOXla Q0J2WmkgQm 5hWFpwYm1j ZyBZbUZqYX lCMGJ5IEIw YUdVZ1kyOX QgYlhWdWFY UjVMQyBCM2 FYUm9JR0Vn IGJHOXVaeU JvYVggTjBi M0o1SUc5bS BJSE4xY0hC dmNuIFJwYm 1jZ2RtRnkg YVc5MWN5Qm phRyBGeWFY UmhZbXhsIE lHOXlaMkZ1 YVggcGhkR2 x2Ym5NcyBJ R2x1WTJ4MV pHIGx1WnlC MGFHVWcgVl c1cGRHVmtJ RiBkaGVTQm hibVFnIGRH aGxJRUZ0Wl ggSnBZMkZ1 SUZKbCBaQ0 JEY205emN5 IDQ9CiAgIC AgICAgPC9z cGFuPgogIC AgICAgIAog ICAgICAgIA ==