Watsco

-12.51%

More reviews (3)

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 Ag4pqhIElu c3RhbnRseS BhY2Nlc3Mg PGk+IlRoZS BDaGVja2xp c3QgVmFsdW UgSW52ZXN0 b3Ig4oCUIE EgU21hcnRl ciBXYXkgdG 8gUGljayBT dG9ja3MiPC 9pPiDigJQg ZnJlZSEKIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9wPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PCEtLQogIC AgICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdtYXJn aW4tdG9wOi AxMnB4OyBm b250LXNpem U6IDEzcHg7 IGNvbG9yOi AjNDQ0Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBT aWduIHVwIG 5vdyBhbmQg Z2V0IG91ci BmcmVlIGVC b29rIAogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPGI+VG hlIENoZWNr bGlzdCBWYW x1ZSBJbnZl c3RvciDigJ QgQSBTbWFy dGVyIFdheS B0byBQaWNr IFN0b2Nrcz wvYj4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC 0tPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8IS 0tCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J21hcmdpbi 10b3A6IDE2 cHg7IGZvbn Qtc2l6ZTog MTRweDsgY2 9sb3I6ICM0 NDQ7IGZvbn QtZmFtaWx5 OiAtYXBwbG Utc3lzdGVt LCBCbGlua0 1hY1N5c3Rl bUZvbnQsIF NlZ29lIFVJ LCBSb2JvdG 8sIEhlbHZl dGljYSBOZX VlLCBzYW5z LXNlcmlmOy BsaW5lLWhl aWdodDogMS 42Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBIYXZl IHlvdSBoZW FyZCBhYm91 dCBvdXIgc2 hvcnQgPHN0 cm9uZyBzdH lsZT0nZm9u dC13ZWlnaH Q6IDYwMDsn PkRhaWx5IF ZpZGVvIE5l d3NsZXR0ZX I8L3N0cm9u Zz4/CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdodHRw czovL3d3dy 5pbnNpZ2h0 ZnVsdmFsdW UuY29tL25l d3NsZXR0ZX IucGhwJyB0 YXJnZXQ9J1 9ibGFuaycg c3R5bGU9J2 NvbG9yOiAj MDA3QkZGOy B0ZXh0LWRl Y29yYXRpb2 46IG5vbmU7 IGZvbnQtd2 VpZ2h0OiA1 MDA7IG1hcm dpbi1sZWZ0 OiA2cHg7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBGaW5k IG91dCBtb3 JlCiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8L2E+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg ICAgICAgIC AtLT4KICAg ICAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgCiAgIC AgICAgCiAg ICAgICAgPH NwYW4gY2xh c3M9J2JsdX JyZWQtdGV4 dCc+CiAgIC AgICAgICAg IE1TNGdWMk YwYzIgTnZJ SGRoY3lCbS BiM1Z1WkdW a0lHIGx1SU RFNU5UWWcg WW5rZ1NtRm pheSBCU2FX NW5JR0Z1IF pDQkRhR0Z5 YkcgVnpJRU 5oY0hCeiBM Q0IwZDI4Z1 lXIGx5SUdO dmJtUnAgZE dsdmJtbHVa eSBCamIyNT BjbUZqIGRH OXljeUIzYU cgOGdjMkYz SUhSbyBaU0 J3YjNSbGJu IFJwWVd3Z1 ptOXkgSUdF Z2JtRjBhVy A5dVlXd2da R2x6IGRISn BZblYwYVcg OXVJRzVsZE hkdiBjbXNn Wm05eUlFIG hXUVVNZ0tH aGwgWVhScG JtY3NJSCBa bGJuUnBiR0 YwIGFXOXVM Q0JoYm0gUW dZV2x5SUdO diBibVJwZE dsdmJtIGx1 WnlrZ2NISn YgWkhWamRI TXVQRyBKeV BqSXVJRlJv IFpTQnVZVz FsSUYgZGhk SE5qYnlCcC BjeUJoSUdO dmJXIEpwYm 1GMGFXOXUg SUc5bUlIUm 9aUyBCM2Iz SmtjeUJYIF lYUnpiMjRn WVcgNWtJR0 52YlhCaCBi bmtzSUdGbW RHIFZ5SUhS b1pTQnogZE hKbFpYUWdk RyBobGVTQm 1hWEp6IGRD QnZjR1Z1Wl cgUWdkR2hs YVhJZyBjM1 J2Y21VZ2Iy IDRnYVc0Z1 NHbGggYkdW aGFDd2dSbS B4dmNtbGtZ UzQ4IFluSS tNeTRnVjIg RjBjMk52SU dseiBJR04x Y25KbGJuIF JzZVNCMGFH VWcgYkdGeV oyVnpkQyBC a2FYTjBjbW xpIGRYUnZj aUJ2WmkgQk lWa0ZESUhC eSBiMlIxWT NSeklHIGx1 SUhSb1pTQl YgYm1sMFpX UWdVMyBSaG RHVnpMQ0Iz IGFYUm9JRz kyWlggSWdO akF3SUd4di BZMkYwYVc5 dWN5IEJwYm lBME5TQnog ZEdGMFpYTX VQRyBKeVBq UXVJRlJvIF pTQmpiMjF3 WVcgNTVJSG RsYm5RZyBj SFZpYkdsak lHIGx1SURF NU9ETXMgSU hkcGRHZ2dZ UyBCemRHOW pheUJ3IGNt bGpaU0J2Wm kgQWtOaUJ3 WlhJZyBjMm hoY21VdUlG IFJ2WkdGNU xDQlggWVhS elkyL2lnSi BseklITjBi Mk5yIElHbH pJSFJ5WVcg UmxaQ0J2Ym lCMCBhR1Vn VG1WM0lGIG x2Y21zZ1Uz UnYgWTJzZ1 JYaGphRyBG dVoyVWdZVz VrIElHbHpJ R04xY24gSm xiblJzZVNC MiBZV3gxWl dRZ1lYIFFn YjNabGNpQW sgTWpBd0lI QmxjaSBCem FHRnlaUzQ4 IFluSStOUz RnU1cgNGdZ V1JrYVhScC BiMjRnZEc4 Z1NGIFpCUX lCd2NtOWsg ZFdOMGN5d2 dWMiBGMGMy TnZJR0ZzIG MyOGdaR2x6 ZEggSnBZbl YwWlhNZyBi M1JvWlhJZ2 NtIFZzWVhS bFpDQncgY2 05a2RXTjBj eSBCemRXTm 9JR0Z6IElI SmxabkpwWj IgVnlZVzUw Y3l3ZyBZMj l1ZEhKdmJI IE1zSUdGdV pDQjAgYjI5 c2N5NDhZbi BJK05pNGdW MkYwIGMyTn ZJR2hoY3kg QmhJSE4wY2 05dSBaeUJt YjJOMWN5IE J2YmlCemRY TjAgWVdsdV lXSnBiRyBs MGVTQmhibV FnIFozSmxa VzRnYVcgNX BkR2xoZEds MiBaWE1zSU cxaGEyIGx1 WnlCMGFHVn QgSUhSb1pT Qm1hWCBKem RDQklWa0ZE IElHUnBjM1 J5YVcgSjFk Rzl5SUhSdi BJR0psSUdO bGNuIFJwWm 1sbFpDQmkg ZVNCMGFHVW dWUyA1VExp QkhjbVZsIG JpQkNkV2xz WkcgbHVaeU JEYjNWdSBZ MmxzSUdadm NpIEJNWldG a1pYSnogYU dsd0lHbHVJ RSBWdVpYSm 5lU0JoIGJt UWdSVzUyYV ggSnZibTFs Ym5SaCBiQ0 JFWlhOcFoy IDRnS0V4Rl JVUXAgTGp4 aWNqNDNMaS BCVWFHVWdZ Mjl0IGNHRn VlU0JvWVgg TWdZU0J5Yj JKMSBjM1Fn YjI1c2FXID VsSUhCeVpY TmwgYm1ObE xDQjNhWCBS b0lHRWdiVz lpIGFXeGxJ R0Z3Y0MgQm 1iM0lnZEdW aiBhRzVwWT JsaGJuIE1n WVc1a0lHRW cgZDJWaWMy bDBaUyBCMG FHRjBJRzlt IFptVnljeU J5WlggTnZk WEpqWlhNZy BZVzVrSUhS dmIyIHh6SU dadmNpQmog YjI1MGNtRm pkRyA5eWN5 QmhibVFnIG FHOXRaVzkz Ym0gVnljeT Q4WW5JKyBP QzRnVjJGMG MyIE52SUdo aGN5QmkgWl dWdUlHTnZi biBOcGMzUm xiblJzIGVT QnlZVzVyWl cgUWdiMjRn Um05eSBZbV Z6NG9DWklH IHhwYzNRZ2 IyWWcgUVcx bGNtbGpZZS BLQW1YTWdR bVZ6IGRDQk ZiWEJzYjMg bGxjbk1zSU hKbCBabXhs WTNScGJtIG NnZEdobGFY SWcgWTI5dG JXbDBiVyBW dWRDQjBieU IwIGFHVnBj aUJsYlggQn NiM2xsWlhN ZyBZVzVrSU hkdmNtIHR3 YkdGalpTQm ogZFd4MGRY SmxMaiB4aW NqNDVMaUJV IGFHVWdZMj l0Y0cgRnVl U0JvWVhNZy BaWGh3WVc1 a1pXIFFnWW 1WNWIyNWsg SUhSb1pTQl ZibSBsMFpX UWdVM1JoIG RHVnpMQ0Iz YVggUm9JRz l3WlhKaCBk R2x2Ym5NZ2 FXIDRnUTJG dVlXUmggTE NCTlpYaHBZ MiA4c0lHRn VaQ0IwIGFH VWdRMkZ5YV cgSmlaV0Z1 TGp4aSBjaj R4TUM0Z1NX IDRnWVdSa2 FYUnAgYjI0 Z2RHOGdkRy BobGFYSWda R2x6IGRISn BZblYwYVcg OXVJR0oxYz JsdSBaWE56 TENCWFlYIF J6WTI4Z1lX eHogYnlCb1 lYTWdZUyBC cWIybHVkQ0 IyIFpXNTBk WEpsSUggZH BkR2dnUTJG eSBjbWxsY2 l3Z2IyIDVs SUc5bUlIUm 8gWlNCM2Iz SnNaTyBLQW 1YTWdiR0Z5 IFoyVnpkQ0 J0WVcgNTFa bUZqZEhWeS BaWEp6SUc5 bUlFIGhXUV VNZ2MzbHog ZEdWdGN5ND hZbiBJK01U RXVJRTkyIF pYSWdkR2hs SUggbGxZWE p6TENCWCBZ WFJ6WTI4Z2 FHIEZ6SUcx aFpHVWcgYm 5WdFpYSnZk WCBNZ1lXTn hkV2x6IGFY UnBiMjV6SU ggUnZJR1Y0 Y0dGdSBaQ0 IwYUdWcGNp IEJpZFhOcG JtVnogY3lC aGJtUWdjSC BKdlpIVmpk Q0J2IFptWm xjbWx1WjMg TXNJR2x1WT J4MSBaR2x1 WnlCMGFHIF VnYkdGeVoy VnogZENCaF kzRjFhWCBO cGRHbHZiaU JwIGJpQjBh R1ZwY2kgQm 9hWE4wYjNK NSBJR2x1SU RJd01qIEFz SUhkb1pXNG cgZEdobGVT QndkWCBKam FHRnpaV1Fn IFEyRnljbW xsY3UgS0Ft WE1nWkdsei BkSEpwWW5W MGFXIDl1SU c1bGRIZHYg Y21zZ2FXNG dkRyBobElG VnVhWFJsIF pDQlRkR0Yw WlggTXVQR0 p5UGpFeSBM aUJYWVhSel kyIDhnYUdG eklHRWcgYz NSeWIyNW5J SCBSeVlXTn JJSEpsIFky OXlaQ0J2Wm kgQm5hWFpw Ym1jZyBZbU ZqYXlCMGJ5 IEIwYUdVZ1 kyOXQgYlhW dWFYUjVMQy BCM2FYUm9J R0VnIGJHOX VaeUJvYVgg TjBiM0o1SU c5bSBJSE4x Y0hCdmNuIF JwYm1jZ2Rt RnkgYVc5MW N5QmphRyBG eWFYUmhZbX hsIElHOXla MkZ1YVggcG hkR2x2Ym5N cyBJR2x1WT J4MVpHIGx1 WnlCMGFHVW cgVlc1cGRH VmtJRiBkaG VTQmhibVFn IGRHaGxJRU Z0WlggSnBZ MkZ1SUZKbC BaQ0JEY205 emN5IDQ9Ci AgICAgICAg PC9zcGFuPg ogICAgICAg IAogICAgIC AgIA==