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+ZjCBK b2luIG5vdy B0byBnZXQg PGk+IlRoZS BDaGVja2xp c3QgVmFsdW UgSW52ZXN0 b3Ig4oCUIE EgU21hcnRl ciBXYXkgdG 8gUGljayBT dG9ja3MiPC 9pPiBhdCBu byBjb3N0Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvcD4KCi AgICAgICAg ICAgICAgIC AgICAgICAg IDwhLS0KIC AgICAgICAg ICAgICAgIC AgICAgICAg PGRpdiBzdH lsZT0nbWFy Z2luLXRvcD ogMTJweDsg Zm9udC1zaX plOiAxM3B4 OyBjb2xvcj ogIzQ0NDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg U2lnbiB1cC Bub3cgYW5k IGdldCBvdX IgZnJlZSBl Qm9vayAKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIDxiPl RoZSBDaGVj a2xpc3QgVm FsdWUgSW52 ZXN0b3Ig4o CUIEEgU21h cnRlciBXYX kgdG8gUGlj ayBTdG9ja3 M8L2I+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg ICAgICAgIC AtLT4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC EtLQogICAg ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdtYXJnaW 4tdG9wOiAx NnB4OyBmb2 50LXNpemU6 IDE0cHg7IG NvbG9yOiAj NDQ0OyBmb2 50LWZhbWls eTogLWFwcG xlLXN5c3Rl bSwgQmxpbm tNYWNTeXN0 ZW1Gb250LC BTZWdvZSBV SSwgUm9ib3 RvLCBIZWx2 ZXRpY2EgTm V1ZSwgc2Fu cy1zZXJpZj sgbGluZS1o ZWlnaHQ6ID EuNjsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgSGF2 ZSB5b3UgaG VhcmQgYWJv dXQgb3VyIH Nob3J0IDxz dHJvbmcgc3 R5bGU9J2Zv bnQtd2VpZ2 h0OiA2MDA7 Jz5EYWlseS BWaWRlbyBO ZXdzbGV0dG VyPC9zdHJv bmc+PwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPGEgaH JlZj0naHR0 cHM6Ly93d3 cuaW5zaWdo dGZ1bHZhbH VlLmNvbS9u ZXdzbGV0dG VyLnBocCcg dGFyZ2V0PS dfYmxhbmsn IHN0eWxlPS djb2xvcjog IzAwN0JGRj sgdGV4dC1k ZWNvcmF0aW 9uOiBub25l OyBmb250LX dlaWdodDog NTAwOyBtYX JnaW4tbGVm dDogNnB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgRmlu ZCBvdXQgbW 9yZQogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9hPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgLS0+CiAg ICAgICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgIAogIC AgICAgIAog ICAgICAgID xzcGFuIGNs YXNzPSdibH VycmVkLXRl eHQnPgogIC AgICAgICAg ICBNUzRnVj JGMGMyIE52 SUhkaGN5Qm 0gYjNWdVpH VmtJRyBsdU lERTVOVFln IFlua2dTbU ZqYXkgQlNh VzVuSUdGdS BaQ0JEYUdG eWJHIFZ6SU VOaGNIQnog TENCMGQyOG dZVyBseUlH TnZibVJwIG RHbHZibWx1 WnkgQmpiMj UwY21GaiBk Rzl5Y3lCM2 FHIDhnYzJG M0lIUm8gWl NCd2IzUmxi biBScFlXd2 dabTl5IElH RWdibUYwYV cgOXVZV3dn WkdseiBkSE pwWW5WMGFX IDl1SUc1bG RIZHYgY21z Z1ptOXlJRS BoV1FVTWdL R2hsIFlYUn BibWNzSUgg WmxiblJwYk dGMCBhVzl1 TENCaGJtIF FnWVdseUlH TnYgYm1ScG RHbHZibSBs dVp5a2djSE p2IFpIVmpk SE11UEcgSn lQakl1SUZS byBaU0J1WV cxbElGIGRo ZEhOamJ5Qn AgY3lCaElH TnZiVyBKcG JtRjBhVzl1 IElHOW1JSF JvWlMgQjNi M0prY3lCWC BZWFJ6YjI0 Z1lXIDVrSU dOdmJYQmgg Ym5rc0lHRm 1kRyBWeUlI Um9aU0J6IG RISmxaWFFn ZEcgaGxlU0 JtYVhKeiBk Q0J2Y0dWdV pXIFFnZEdo bGFYSWcgYz NSdmNtVWdi MiA0Z2FXNG dTR2xoIGJH VmhhQ3dnUm 0geHZjbWxr WVM0OCBZbk krTXk0Z1Yy IEYwYzJOdk lHbHogSUdO MWNuSmxibi BSc2VTQjBh R1VnIGJHRn laMlZ6ZEMg QmthWE4wY2 1saSBkWFJ2 Y2lCdlppIE JJVmtGRElI QnkgYjJSMV kzUnpJRyBs dUlIUm9aU0 JWIGJtbDBa V1FnVTMgUm hkR1Z6TENC MyBhWFJvSU c5MlpYIEln TmpBd0lHeH YgWTJGMGFX OXVjeSBCcG JpQTBOU0J6 IGRHRjBaWE 11UEcgSnlQ alF1SUZSby BaU0JqYjIx d1lXIDU1SU hkbGJuUWcg Y0hWaWJHbG pJRyBsdUlE RTVPRE1zIE lIZHBkR2dn WVMgQnpkRz lqYXlCdyBj bWxqWlNCdl ppIEFrTmlC d1pYSWcgYz JoaGNtVXVJ RiBSdlpHRj VMQ0JYIFlY UnpZMi9pZ0 ogbHpJSE4w YjJOciBJR2 x6SUhSeVlX IFJsWkNCdm JpQjAgYUdV Z1RtVjNJRi BsdmNtc2dV M1J2IFkyc2 dSWGhqYUcg RnVaMlVnWV c1ayBJR2x6 SUdOMWNuIE psYm5Sc2VT QjIgWVd4MV pXUWdZWCBR Z2IzWmxjaU FrIE1qQXdJ SEJsY2kgQn phR0Z5WlM0 OCBZbkkrTl M0Z1NXIDRn WVdSa2FYUn AgYjI0Z2RH OGdTRiBaQl F5QndjbTlr IGRXTjBjeX dnVjIgRjBj Mk52SUdGcy BjMjhnWkds emRIIEpwWW 5WMFpYTWcg YjNSb1pYSW djbSBWc1lY UmxaQ0J3IG NtOWtkV04w Y3kgQnpkV0 5vSUdGeiBJ SEpsWm5KcF oyIFZ5WVc1 MGN5d2cgWT I5dWRISnZi SCBNc0lHRn VaQ0IwIGIy OXNjeTQ4WW 4gSStOaTRn VjJGMCBjMk 52SUdoaGN5 IEJoSUhOMG NtOXUgWnlC bWIyTjFjeS BCdmJpQnpk WE4wIFlXbH VZV0pwYkcg bDBlU0JoYm 1RZyBaM0ps Wlc0Z2FXID VwZEdsaGRH bDIgWlhNc0 lHMWhhMiBs dVp5QjBhR1 Z0IElIUm9a U0JtYVggSn pkQ0JJVmtG RCBJR1JwYz NSeWFXIEox ZEc5eUlIUn YgSUdKbElH TmxjbiBScF ptbGxaQ0Jp IGVTQjBhR1 VnVlMgNVRM aUJIY21WbC BiaUJDZFds c1pHIGx1Wn lCRGIzVnUg WTJsc0lHWn ZjaSBCTVpX RmtaWEp6IG FHbHdJR2x1 SUUgVnVaWE puZVNCaCBi bVFnUlc1Mm FYIEp2Ym0x bGJuUmggYk NCRVpYTnBa MiA0Z0tFeE ZSVVFwIExq eGljajQzTG kgQlVhR1Vn WTI5dCBjR0 Z1ZVNCb1lY IE1nWVNCeW IySjEgYzNR Z2IyNXNhVy A1bElIQnla WE5sIGJtTm xMQ0IzYVgg Um9JR0VnYl c5aSBhV3hs SUdGd2NDIE JtYjNJZ2RH VmogYUc1cF kybGhibiBN Z1lXNWtJR0 VnIGQyVmlj MmwwWlMgQj BhR0YwSUc5 bSBabVZ5Y3 lCeVpYIE52 ZFhKalpYTW cgWVc1a0lI UnZiMiB4ek lHWnZjaUJq IGIyNTBjbU ZqZEcgOXlj eUJoYm1RZy BhRzl0Wlc5 M2JtIFZ5Y3 k0OFluSSsg T0M0Z1YyRj BjMiBOdklH aGhjeUJpIF pXVnVJR052 Ym4gTnBjM1 JsYm5ScyBl U0J5WVc1cl pXIFFnYjI0 Z1JtOXkgWW 1WejRvQ1pJ RyB4cGMzUW diMllnIFFX MWxjbWxqWW UgS0FtWE1n UW1WeiBkQ0 JGYlhCc2Iz IGxsY25Nc0 lISmwgWm14 bFkzUnBibS BjZ2RHaGxh WElnIFkyOX RiV2wwYlcg VnVkQ0IwYn lCMCBhR1Zw Y2lCbGJYIE JzYjNsbFpY TWcgWVc1a0 lIZHZjbSB0 d2JHRmpaU0 JqIGRXeDBk WEpsTGogeG ljajQ1TGlC VSBhR1VnWT I5dGNHIEZ1 ZVNCb1lYTW cgWlhod1lX NWtaVyBRZ1 ltVjViMjVr IElIUm9aU0 JWYm0gbDBa V1FnVTNSaC BkR1Z6TENC M2FYIFJvSU c5d1pYSmgg ZEdsdmJuTW dhVyA0Z1Ey RnVZV1JoIE xDQk5aWGhw WTIgOHNJR0 Z1WkNCMCBh R1VnUTJGeW FXIEppWldG dUxqeGkgY2 o0eE1DNGdT VyA0Z1lXUm thWFJwIGIy NGdkRzhnZE cgaGxhWEln WkdseiBkSE pwWW5WMGFX IDl1SUdKMW MybHUgWlhO ekxDQlhZWC BSelkyOGdZ V3h6IGJ5Qm 9ZWE1nWVMg QnFiMmx1ZE NCMiBaVzUw ZFhKbElIIG RwZEdnZ1Ey RnkgY21sbG Npd2diMiA1 bElHOW1JSF JvIFpTQjNi M0pzWk8gS0 FtWE1nYkdG eSBaMlZ6ZE NCdFlXIDUx Wm1GamRIVn kgWlhKeklH OW1JRSBoV1 FVTWdjM2x6 IGRHVnRjeT Q4WW4gSStN VEV1SUU5Mi BaWElnZEdo bElIIGxsWV hKekxDQlgg WVhSelkyOG dhRyBGeklH MWhaR1VnIG JuVnRaWEp2 ZFggTWdZV0 54ZFdseiBh WFJwYjI1ek lIIFJ2SUdW NGNHRnUgWk NCMGFHVnBj aSBCaWRYTn BibVZ6IGN5 QmhibVFnY0 ggSnZaSFZq ZENCdiBabV psY21sdVoz IE1zSUdsdV kyeDEgWkds dVp5QjBhRy BVZ2JHRnla MlZ6IGRDQm hZM0YxYVgg TnBkR2x2Ym lCcCBiaUIw YUdWcGNpIE JvYVhOMGIz SjUgSUdsdU lESXdNaiBB c0lIZG9aVz RnIGRHaGxl U0J3ZFggSm phR0Z6WldR ZyBRMkZ5Y2 1sbGN1IEtB bVhNZ1pHbH ogZEhKcFlu VjBhVyA5dU lHNWxkSGR2 IGNtc2dhVz RnZEcgaGxJ RlZ1YVhSbC BaQ0JUZEdG MFpYIE11UE dKeVBqRXkg TGlCWFlYUn pZMiA4Z2FH RnpJR0VnIG MzUnliMjVu SUggUnlZV0 5ySUhKbCBZ Mjl5WkNCdl ppIEJuYVha cGJtY2cgWW 1GamF5QjBi eSBCMGFHVW dZMjl0IGJY VnVhWFI1TE MgQjNhWFJv SUdFZyBiRz l1WnlCb2FY IE4wYjNKNU lHOW0gSUhO MWNIQnZjbi BScGJtY2dk bUZ5IGFXOT FjeUJqYUcg RnlhWFJoWW 14bCBJRzl5 WjJGdWFYIH BoZEdsdmJu TXMgSUdsdV kyeDFaRyBs dVp5QjBhR1 VnIFZXNXBk R1ZrSUYgZG hlU0JoYm1R ZyBkR2hsSU VGdFpYIEpw WTJGdUlGSm wgWkNCRGNt OXpjeSA0PQ ogICAgICAg IDwvc3Bhbj 4KICAgICAg ICAKICAgIC AgICA=