Bechtle

-9.52%

Live  

Bechtle is a European IT company that provides technology solutions and services to businesses, public-sector organisations, and private individuals. It was founded in 1983 and is headquartered in Neckarsulm, Germany. Bechtle operates through two business segments: IT System House and IT E-Commerce.
The IT System House segment offers consulting, implementation, and support services for IT infrastructure, cloud and modern workplace solutions, and IT security. It also provides managed services, professional services, and training.
The IT E-Commerce segment operates online platforms such as Bechtle.com, a B2B marketplace for IT products, and ARP, a B2B marketplace for electronic components and tools. Other e-commerce activities include selling licenses, software, and digital solutions.
Bechtle has over 80 IT system houses in Germany, Austria, and Switzerland, as well as subsidiaries in 14 European countries. It has partnerships with leading technology providers such as Microsoft, Dell, HP, and Cisco.
In addition to its core IT business, Bechtle also focuses on sustainability and social responsibility through various initiatives, such as environmentally-friendly initiatives and programs for education and social change. It is listed on the Frankfurt and Stuttgart stock exchanges and had a total revenue of €5.37 billion in 2020.

QmVjaHRsZS BpcyBhIGJp ZyBjb21wYW 55IHRoYXQg aGVscHMgb3 RoZXIgYnVz aW5lc3Nlcy BhbmQgb3Jn YW5pemF0aW 9ucyB3aXRo IHRoZWlyIH RlY2hub2xv Z3kgbmVlZH MuIFRoaW5r IG9mIHRoZW 0gbGlrZSBo ZWxwZXJzIH dobyBwcm92 aWRlIGNvbX B1dGVycywg c29mdHdhcm UsIGFuZCBJ VCAod2hpY2 ggc3RhbmRz IGZvciBJbm Zvcm1hdGlv biBUZWNobm 9sb2d5KSBz ZXJ2aWNlcy 4gVGhleSBt YWtlIHN1cm UgdGhhdCBl dmVyeXRoaW 5nIHJlbGF0 ZWQgdG8gdG VjaG5vbG9n eSB3b3Jrcy B3ZWxsIGZv ciB0aGVpci BjdXN0b21l cnMgc28gdG hhdCB0aG9z ZSBidXNpbm Vzc2VzIGNh biBmb2N1cy BvbiB0aGVp ciBvd24gd2 9yayB3aXRo b3V0IHdvcn J5aW5nIGFi b3V0IHRlY2 ggcHJvYmxl bXMuPGJyPk JlY2h0bGUg bWFrZXMgbW 9uZXkgYnkg c2VsbGluZy B0aGVzZSB0 ZWNobm9sb2 d5IHByb2R1 Y3RzIGFuZC BzZXJ2aWNl cy4gV2hlbi BhIGNvbXBh bnkgbmVlZH MgbmV3IGNv bXB1dGVycy wgc29mdHdh cmUgbGljZW 5zZXMsIG9y IHN1cHBvcn QgZm9yIHRo ZWlyIHRlY2 gsIHRoZXkg Y2FuIGJ1eS BvciBoaXJl IHRoZXNlIH RoaW5ncyBm cm9tIEJlY2 h0bGUuIEl0 4oCZcyBhIG xpdHRsZSBs aWtlIHdoZW 4geW91IGdv IHRvIGEgc3 RvcmUgdG8g YnV5IGEgbm V3IHRveTsg QmVjaHRsZS BpcyBhIHN0 b3JlIGZvci B0ZWNobm9s b2d5Ljxicj 5UaGUgcmVh c29uIEJlY2 h0bGUgaXMg c3VjY2Vzc2 Z1bCBpcyB0 aGF0IG1hbn kgYnVzaW5l c3NlcyBkZX BlbmQgb24g dGVjaG5vbG 9neSB0byBv cGVyYXRlIH Ntb290aGx5 LCBlc3BlY2 lhbGx5IGFz IG1vcmUgY2 9tcGFuaWVz IHVzZSBjb2 1wdXRlcnMg YW5kIHRoZS BpbnRlcm5l dC4gQmVjaH RsZSBoYXMg YSByZXB1dG F0aW9uIGZv ciBiZWluZy BhIHJlbGlh YmxlIGhlbH BlciwgYW5k IHRoZXkga2 5vdyBhIGxv dCBhYm91dC B3aGF0IGJ1 c2luZXNzZX MgbmVlZCB0 byBzdWNjZW VkIHdpdGgg dGVjaG5vbG 9neS48YnI+ TG9va2luZy B0byB0aGUg ZnV0dXJlLC BCZWNodGxl IHdpbGwgbG lrZWx5IHN0 YXkgc3VjY2 Vzc2Z1bCBi ZWNhdXNlIH RlY2hub2xv Z3kga2VlcH MgY2hhbmdp bmcgYW5kIG dyb3dpbmcu IEFzIG1vcm UgcGVvcGxl IGFuZCBjb2 1wYW5pZXMg cmVseSBvbi B0ZWNoIGZv ciB0aGVpci B3b3JrLCB0 aGV5IHdpbG wgbmVlZCBo ZWxwIGZyb2 0gZXhwZXJ0 cy4gQmVjaH RsZSBpcyBh bHJlYWR5IH dlbGwtZXN0 YWJsaXNoZW QgYW5kIHJl c3BlY3RlZC BpbiB0aGlz IGZpZWxkLC BhbmQgdGhl eSBjb250aW 51ZSB0byBs ZWFybiBhbm QgYWRhcHQg dG8gbmV3IH RlY2hub2xv Z2llcywgd2 hpY2ggbWVh bnMgdGhleS B3aWxsIGJl IGFibGUgdG 8ga2VlcCBo ZWxwaW5nIG 1vcmUgY3Vz dG9tZXJzIG ZvciBhIGxv bmcgdGltZS 48YnI+

MS4gTG9uZy 1zdGFuZGlu ZyBoaXN0b3 J5OiBCZWNo dGxlIHdhcy Bmb3VuZGVk IGluIDE5OD MgYnkgYnJv dGhlcnMgS2 xhdXMgYW5k IEdlcmhhcm QgQmVjaHRs ZSwgYW5kIG hhcyBzaW5j ZSBncm93bi BpbnRvIGEg c3VjY2Vzc2 Z1bCwgaW50 ZXJuYXRpb2 5hbCBjb21w YW55IHdpdG ggb3ZlciA3 NSBsb2NhdG lvbnMgaW4g RXVyb3BlLj xicj4yLiBD b21wcmVoZW 5zaXZlIElU IHNvbHV0aW 9uczogQmVj aHRsZSBvZm ZlcnMgYSB3 aWRlIHJhbm dlIG9mIElU IHByb2R1Y3 RzIGFuZCBz ZXJ2aWNlcy B0byBzbWFs bCBhbmQgbW VkaXVtLXNp emVkIGJ1c2 luZXNzZXMs IGxhcmdlIG VudGVycHJp c2VzLCBhbm QgcHVibGlj IHNlY3Rvci BjbGllbnRz LiBUaGlzIG luY2x1ZGVz IGhhcmR3YX JlLCBzb2Z0 d2FyZSwgSV Qgc2Vydmlj ZXMgYW5kIG NvbnN1bHRp bmcsIGNsb3 VkIHNvbHV0 aW9ucywgYW 5kIG1vcmUu PGJyPjMuIF N0cm9uZyBw YXJ0bmVyc2 hpcHM6IEJl Y2h0bGUgaG FzIGVzdGFi bGlzaGVkIH N0cm9uZyBw YXJ0bmVyc2 hpcHMgd2l0 aCBtYWpvci BJVCBjb21w YW5pZXMgc3 VjaCBhcyBN aWNyb3NvZn QsIERlbGws IEhQLCBhbm QgQ2lzY28s IGFsbG93aW 5nIHRoZW0g dG8gb2ZmZX IgY3V0dGlu Zy1lZGdlIH RlY2hub2xv Z3kgc29sdX Rpb25zIHRv IHRoZWlyIG N1c3RvbWVy cy48YnI+NC 4gQ3VzdG9t ZXItY2VudH JpYyBhcHBy b2FjaDogQm VjaHRsZSBm b2N1c2VzIG 9uIGNyZWF0 aW5nIGxvbm ctdGVybSBy ZWxhdGlvbn NoaXBzIHdp dGggdGhlaX IgY3VzdG9t ZXJzIGFuZC Bwcm92aWRp bmcgaW5kaX ZpZHVhbGl6 ZWQgc29sdX Rpb25zIHRv IG1lZXQgdG hlaXIgc3Bl Y2lmaWMgbm VlZHMuIFRo ZXkgb2ZmZX IgcGVyc29u YWxpemVkIG NvbnN1bHRp bmcgYW5kIH N1cHBvcnQg dGhyb3VnaG 91dCB0aGUg ZW50aXJlIE lUIGxpZmVj eWNsZS48Yn I+NS4gRW1w aGFzaXMgb2 4gc3VzdGFp bmFiaWxpdH k6IEJlY2h0 bGUgaXMgY2 9tbWl0dGVk IHRvIHN1c3 RhaW5hYmls aXR5IGF0IG V2ZXJ5IGxl dmVsIG9mIH RoZWlyIGJ1 c2luZXNzIG 9wZXJhdGlv bnMsIGZyb2 0gZW52aXJv bm1lbnRhbG x5LWZyaWVu ZGx5IHByb2 R1Y3RzIGFu ZCBlbmVyZ3 ktZWZmaWNp ZW50IGluZn Jhc3RydWN0 dXJlIHRvIH Jlc3BvbnNp YmxlIGJ1c2 luZXNzIHBy YWN0aWNlcy BhbmQgc29j aWFsIHJlc3 BvbnNpYmls aXR5Ljxicj 42LiBDb250 aW51b3VzIG dyb3d0aCBh bmQgaW5ub3 ZhdGlvbjog QmVjaHRsZS BoYXMgY29u c2lzdGVudG x5IGFjaGll dmVkIHN0cm 9uZyBmaW5h bmNpYWwgZ3 Jvd3RoIG92 ZXIgdGhlIH llYXJzLCBh bmQgY29udG ludWVzIHRv IGludmVzdC BpbiBuZXcg dGVjaG5vbG 9naWVzIGFu ZCBzZXJ2aW NlcyB0byBz dGF5IGF0IH RoZSBmb3Jl ZnJvbnQgb2 YgdGhlIHJh cGlkbHkgZX ZvbHZpbmcg SVQgaW5kdX N0cnkuPGJy PjcuIEVtcG xveWVlLWNl bnRlcmVkIG N1bHR1cmU6 IEJlY2h0bG UgdmFsdWVz IGl0cyBlbX Bsb3llZXMg YW5kIGZvc3 RlcnMgYSBj dWx0dXJlIG 9mIHRydXN0 LCB0cmFuc3 BhcmVuY3ks IGFuZCBwZX Jzb25hbCBk ZXZlbG9wbW VudC4gVGhp cyBoYXMgbG VkIHRvIGhp Z2ggZW1wbG 95ZWUgc2F0 aXNmYWN0aW 9uIGFuZCBh IGxvdyBlbX Bsb3llZSB0 dXJub3Zlci ByYXRlLjxi cj44LiBBd2 FyZHMgYW5k IHJlY29nbm l0aW9uOiBC ZWNodGxlIG hhcyBiZWVu IHJlY29nbm l6ZWQgZm9y IHRoZWlyIG V4Y2VsbGVu Y2UgaW4gYn VzaW5lc3Mg YW5kIElUIH NlcnZpY2Vz LCB3aW5uaW 5nIG51bWVy b3VzIGF3YX JkcyBhbmQg YWNjb2xhZG VzIGZyb20g aW5kdXN0cn kgb3JnYW5p emF0aW9ucy BhbmQgcGFy dG5lcnMuPG JyPjkuIElu dGVybmF0aW 9uYWwgcHJl c2VuY2U6IE JlY2h0bGUg aGFzIGEgc3 Ryb25nIGlu dGVybmF0aW 9uYWwgcHJl c2VuY2UsIH NlcnZpbmcg Y3VzdG9tZX JzIGluIDE0 IGNvdW50cm llcyBhY3Jv c3MgRXVyb3 BlLCBhbmQg Y29udGludW 91c2x5IGV4 cGFuZGluZy BpbnRvIG5l dyBtYXJrZX RzLjxicj4x MC4gQ29udG ludW91cyBp bXByb3ZlbW VudDogQmVj aHRsZSBpcy Bjb21taXR0 ZWQgdG8gY2 9udGludW91 c2x5IGltcH JvdmluZyB0 aGVpciBwcm 9jZXNzZXMs IHNlcnZpY2 VzLCBhbmQg b2ZmZXJpbm dzIHRvIG1l ZXQgdGhlIG V2ZXItY2hh bmdpbmcgbm VlZHMgb2Yg dGhlaXIgY3 VzdG9tZXJz IGFuZCB0aG UgSVQgaW5k dXN0cnkgYX MgYSB3aG9s ZS4=

VGhlIEJlY2 h0bGUgY29t cGFueSdzIG J1c2luZXNz IG1vZGVsIG lzIGZvY3Vz ZWQgb24gb2 ZmZXJpbmcg SVQgc2Vydm ljZXMgYW5k IHNvbHV0aW 9ucyB0byBi dXNpbmVzc2 VzIGFuZCBw dWJsaWMgc2 VjdG9yIGN1 c3RvbWVycy 4gVGhpcyBp bmNsdWRlcy BJVCBjb25z dWx0aW5nLC Bwcm9jdXJl bWVudCBhbm QgaW1wbGVt ZW50YXRpb2 4gb2YgaGFy ZHdhcmUgYW 5kIHNvZnR3 YXJlLCBtYW 5hZ2VkIGFu ZCBjbG91ZC BzZXJ2aWNl cywgYW5kIE lUIGluZnJh c3RydWN0dX JlIHNvbHV0 aW9ucy4gVG hlIGNvbXBh bnkgYWxzby BvZmZlcnMg YSByYW5nZS BvZiBlLWNv bW1lcmNlIH NvbHV0aW9u cywgc3VjaC BhcyBvbmxp bmUgc2hvcH MgYW5kIHNv ZnR3YXJlIG xpY2Vuc2Vz LiBBZGRpdG lvbmFsbHks IEJlY2h0bG UgcHJvdmlk ZXMgdHJhaW 5pbmcgYW5k IGNlcnRpZm ljYXRpb24g c2VydmljZX MgZm9yIElU IHByb2Zlc3 Npb25hbHMu IFRoZSBjb2 1wYW55IHVz ZXMgYSBtdW x0aS1icmFu ZCBzdHJhdG VneSwgcGFy dG5lcmluZy B3aXRoIHZh cmlvdXMgSV QgbWFudWZh Y3R1cmVycy B0byBvZmZl ciBhIHdpZG UgcmFuZ2Ug b2YgcHJvZH VjdHMgYW5k IHNlcnZpY2 VzIHRvIGl0 cyBjdXN0b2 1lcnMuIEJl Y2h0bGUgb3 BlcmF0ZXMg dGhyb3VnaC BhIGRlY2Vu dHJhbGl6ZW Qgc3RydWN0 dXJlIHdpdG ggYSBzdHJv bmcgZm9jdX Mgb24gY3Vz dG9tZXIgcH JveGltaXR5 IGFuZCByZW dpb25hbCBz dXBwb3J0Lg ==

AI can potentially pose a material threat to Bechtle company’s products, services, or competitive positioning through several avenues:
1. Substitution: AI technologies can lead to the development of new products and services that could substitute traditional offerings from Bechtle. For instance, as AI-driven automation and software solutions become more prevalent, businesses may opt for these cutting-edge tools instead of traditional IT services or hardware provided by Bechtle. If competitors leverage AI to innovate and offer more advanced solutions, Bechtle may find its products becoming less relevant.
2. Disintermediation: AI can facilitate direct connections between end-users and service providers, bypassing traditional resellers or IT service companies like Bechtle. This could undermine Bechtle’s role in the supply chain if customers decide to procure AI-enhanced solutions directly from manufacturers or through online platforms that offer self-service capabilities. As organizations increasingly adopt AI solutions, they may prefer to interact directly with technology suppliers, which could reduce Bechtle’s market share and influence.
3. Margin Pressure: The implementation of AI technologies can drive down operational costs for businesses, creating competitive pressures in pricing. If competitors effectively use AI to optimize their operations and reduce costs, they may be able to offer lower prices, thereby putting pressure on Bechtle to maintain competitive pricing while managing its own cost structure. This could lead to squeezed profit margins if Bechtle is unable to leverage AI effectively to enhance its own efficiencies.
While AI presents opportunities for innovation and growth, Bechtle must be vigilant in adapting to changing market dynamics and consumer preferences driven by the evolving capabilities of AI technologies. The company will need to invest in AI advancements, explore partnerships, or diversify its offerings to mitigate these potential threats and maintain its competitive positioning.

The sensitivity of Bechtle’s earnings, cash flow, and valuation to changes in interest rates can be assessed from various perspectives:
1. Earnings: Bechtle’s earnings may be sensitive to changes in interest rates primarily due to their impact on borrowing costs. If interest rates rise, it could lead to increased costs for financing operations or expansion, which could reduce net income. Conversely, lower interest rates might improve earnings by reducing these costs. Additionally, if interest rates rise, it could slow down customer spending, potentially impacting Bechtle’s sales and revenue growth.
2. Cash Flow: Bechtle’s cash flow can also be affected by interest rate changes. Higher interest rates can lead to increased costs related to debt servicing, which in turn could constrain free cash flow. On the other hand, if Bechtle holds cash reserves or has cash-generating assets, higher interest rates might provide better returns on these holdings, positively impacting cash flow. Additionally, fluctuations in cash flow from customer payments could arise from economic shifts driven by interest rates influencing customer demand.
3. Valuation: The valuation of Bechtle can be sensitive to interest rates due to their effect on the discount rate used in valuation models, such as discounted cash flow analysis. Higher interest rates generally lead to a higher discount rate, which decreases the present value of future cash flows, thus lowering the company’s valuation. Conversely, lower interest rates result in a lower discount rate, which can increase valuation. Furthermore, changes in interest rates can also impact investor sentiment, potentially affecting stock prices independent of fundamental performance.
In summary, Bechtle’s earnings, cash flow, and overall valuation are interconnected and sensitive to changes in interest rates through the implications for financing costs, customer spending, and valuation methodologies.

U2V2ZXJhbC BzY2VuYXJp b3MgY291bG QgcG9zZSBy aXNrcyB0by BCZWNodGxl 4oCZcyBlY2 9ub21pYyBz dGFiaWxpdH kgb3ZlciB0 aGUgbmV4dC AzIHRvIDUg eWVhcnMuIE 9uZSByZWFs aXN0aWMgc2 NlbmFyaW8g Y291bGQgYm UgYSBzaWdu aWZpY2FudC B0ZWNobm9s b2dpY2FsIG Rpc3J1cHRp b24gaW4gdG hlIElUIHNl cnZpY2VzIG FuZCBzb2x1 dGlvbnMgbW Fya2V0LCBz dWNoIGFzIH RoZSBlbWVy Z2VuY2Ugb2 YgaGlnaGx5 IGNvc3QtZW ZmZWN0aXZl IEFJLWRyaX ZlbiBhdXRv bWF0aW9uIH Rvb2xzIHRo YXQgZHJhc3 RpY2FsbHkg cmVkdWNlIH RoZSBkZW1h bmQgZm9yIH RyYWRpdGlv bmFsIElUIH NlcnZpY2Vz Ljxicj5JZi BzdWNoIGEg ZGlzcnVwdG lvbiB3ZXJl IHRvIG9jY3 VyLCBCZWNo dGxlIG1pZ2 h0IGZhY2Ug dGhlIGZvbG xvd2luZyBp bXBhY3RzOj xicj4xLiA8 c3Ryb25nPk 1hcmdpbnM8 L3N0cm9uZz 46IFRoZSBj b21wYW554o CZcyBwcm9m aXQgbWFyZ2 lucyBjb3Vs ZCBzaHJpbm sgc3Vic3Rh bnRpYWxseS 4gQXMgY29t cGV0aXRvcn MgYWRvcHQg dGhlc2Ugbm V3IHRlY2hu b2xvZ2llcy BhbmQgb2Zm ZXIgc2Vydm ljZXMgYXQg YSBsb3dlci Bjb3N0LCBC ZWNodGxlIH dvdWxkIGJl IGZvcmNlZC B0byBlaXRo ZXIgbG93ZX IgaXRzIHBy aWNlcyB0by ByZW1haW4g Y29tcGV0aX RpdmUgb3Ig aW52ZXN0IG hlYXZpbHkg aW4gbmV3IH RlY2hub2xv Z2llcyB0by BrZWVwIHVw LiBCb3RoIH N0cmF0ZWdp ZXMgd291bG QgcHV0IHBy ZXNzdXJlIG 9uIHByb2Zp dCBtYXJnaW 5zLCBsZWFk aW5nIHRvIG EgZGVjbGlu ZSBpbiBwcm 9maXRhYmls aXR5Ljxicj 4yLiA8c3Ry b25nPkNhc2 ggRmxvdzwv c3Ryb25nPj ogQSBkZWNs aW5lIGluIG RlbWFuZCBm b3IgaXRzIH RyYWRpdGlv bmFsIElUIH NlcnZpY2Vz IGNvdWxkIH Jlc3VsdCBp biBkZWNyZW FzZWQgcmV2 ZW51ZXMuIF RoaXMsIGNv bWJpbmVkIH dpdGggcG90 ZW50aWFsbH kgaW5jcmVh c2VkIGludm VzdG1lbnRz IGluIG5ldy B0ZWNobm9s b2dpZXMsIG NvdWxkIGNy ZWF0ZSBjYX NoIGZsb3cg Y2hhbGxlbm dlcy4gSWYg cmV2ZW51ZX MgZmFsbCBz aWduaWZpY2 FudGx5IHdo aWxlIGNvc3 RzIHJlbWFp biBoaWdoLC BCZWNodGxl IG1pZ2h0IG V4cGVyaWVu Y2VzIG5lZ2 F0aXZlIGNh c2ggZmxvdy wgcmVkdWNp bmcgaXRzIG FiaWxpdHkg dG8gaW52ZX N0IGluIGdy b3d0aCBvci ByZXR1cm4g Y2FwaXRhbC B0byBzaGFy ZWhvbGRlcn MuPGJyPjMu IDxzdHJvbm c+QmFsYW5j ZSBTaGVldD wvc3Ryb25n PjogQSBkZW NsaW5lIGlu IHJldmVudW VzIGFuZCBw cm9maXRzIG NvdWxkIGFs c28gYWZmZW N0IEJlY2h0 bGXigJlzIG JhbGFuY2Ug c2hlZXQuIF dpdGggcmVk dWNlZCBwcm 9maXRhYmls aXR5LCByZX RhaW5lZCBl YXJuaW5ncy B3b3VsZCBk ZWNyZWFzZS wgaW1wYWN0 aW5nIGVxdW l0eS4gSWYg dGhlIGNvbX Bhbnkgd2Vy ZSB0byBpbm N1ciBkZWJ0 IHRvIGZpbm FuY2UgdGhl IHRyYW5zaX Rpb24gdG8g bmV3IHRlY2 hub2xvZ3kg b3Igb2Zmc2 V0IGxvc3Nl cywgdGhpcy Bjb3VsZCBp bmNyZWFzZS BsZXZlcmFn ZSByYXRpb3 MuIEZ1cnRo ZXJtb3JlLC BpZiBjYXNo IGZsb3cgaX MgY29uc3Ry YWluZWQsIG l0IGNvdWxk IGhpbmRlci B0aGUgY29t cGFueeKAmX MgYWJpbGl0 eSB0byBtZW V0IHNob3J0 LXRlcm0gbG lhYmlsaXRp ZXMsIHdoaW NoIG1pZ2h0 IGxlYWQgdG 8gbGlxdWlk aXR5IHByZX NzdXJlcy48 YnI+SW4gc3 VtbWFyeSwg aWYgQmVjaH RsZSBzdHJ1 Z2dsZXMgdG 8gYWRhcHQg dG8gYSB0ZW Nobm9sb2dp Y2FsIGRpc3 J1cHRpb24g aW4gaXRzIG luZHVzdHJ5 LCBpdHMgbW FyZ2lucyBj b3VsZCBkZW NsaW5lLCBj YXNoIGZsb3 cgY291bGQg YmVjb21lIH ZvbGF0aWxl IGFuZCBwb3 RlbnRpYWxs eSBuZWdhdG l2ZSwgYW5k IHRoZSBiYW xhbmNlIHNo ZWV0IG1pZ2 h0IHNob3cg aW5jcmVhc2 VkIGxpYWJp bGl0aWVzIG FuZCByZWR1 Y2VkIGVxdW l0eSBvdmVy IHRpbWUuIF RoaXMgc2Nl bmFyaW8gd2 91bGQgcG9z ZSBzaWduaW ZpY2FudCBj aGFsbGVuZ2 VzIHRvIHRo ZSBjb21wYW 554oCZcyBs b25nLXRlcm 0gc3VzdGFp bmFiaWxpdH kgYW5kIGZp bmFuY2lhbC BoZWFsdGgu PGJyPg==

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 bG9nb3MvWE 5UWnJUWk9J MjVqNVdiUF RvTVEud2Vi cCIgYWx0PS JCZWNodGxl IiB0aXRsZT 0iQmVjaHRs ZSIgIGNsYX 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 91dCBCZWNo dGxlPwogIC 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 miBZb3VyIG ZyZWUgY29w eSBvZiA8aT 4iVGhlIENo ZWNrbGlzdC BWYWx1ZSBJ bnZlc3Rvci DigJQgQSBT bWFydGVyIF dheSB0byBQ aWNrIFN0b2 NrcyI8L2k+ IGlzIHdhaX RpbmcKICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9wPgoKICAg ICAgICAgIC AgICAgICAg ICAgICAgPC EtLQogICAg ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdtYXJnaW 4tdG9wOiAx MnB4OyBmb2 50LXNpemU6 IDEzcHg7IG NvbG9yOiAj NDQ0Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIG5v dyBhbmQgZ2 V0IG91ciBm cmVlIGVCb2 9rIAogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGI+VGhl IENoZWNrbG lzdCBWYWx1 ZSBJbnZlc3 RvciDigJQg QSBTbWFydG VyIFdheSB0 byBQaWNrIF N0b2Nrczwv Yj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIC0t PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8IS0t CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxkaXYg c3R5bGU9J2 1hcmdpbi10 b3A6IDE2cH g7IGZvbnQt c2l6ZTogMT RweDsgY29s b3I6ICM0ND Q7IGZvbnQt ZmFtaWx5Oi AtYXBwbGUt c3lzdGVtLC BCbGlua01h Y1N5c3RlbU ZvbnQsIFNl Z29lIFVJLC BSb2JvdG8s IEhlbHZldG ljYSBOZXVl LCBzYW5zLX NlcmlmOyBs aW5lLWhlaW dodDogMS42 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBIYXZlIH lvdSBoZWFy ZCBhYm91dC BvdXIgc2hv cnQgPHN0cm 9uZyBzdHls ZT0nZm9udC 13ZWlnaHQ6 IDYwMDsnPk RhaWx5IFZp ZGVvIE5ld3 NsZXR0ZXI8 L3N0cm9uZz 4/CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdodHRwcz ovL3d3dy5p bnNpZ2h0Zn VsdmFsdWUu Y29tL25ld3 NsZXR0ZXIu cGhwJyB0YX JnZXQ9J19i bGFuaycgc3 R5bGU9J2Nv bG9yOiAjMD A3QkZGOyB0 ZXh0LWRlY2 9yYXRpb246 IG5vbmU7IG ZvbnQtd2Vp Z2h0OiA1MD A7IG1hcmdp bi1sZWZ0Oi A2cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBGaW5kIG 91dCBtb3Jl CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 L2E+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICAgICAgIC AgICAgICAt LT4KICAgIC AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgCiAgICAg ICAgCiAgIC AgICAgPHNw YW4gY2xhc3 M9J2JsdXJy ZWQtdGV4dC c+CiAgICAg ICAgICAgIE 1TNGdRbVZq YUggUnNaU0 IzWVhNZyBa bTkxYm1SbF pDIEJwYmlB eE9UZ3ogSU dKNUlFdHNZ WCBWeklIWn ZiaUJLIFlX NHNJRkpoYk cgWWdTMnhs Ym1zcyBJR0 Z1WkNCSFpY IEpvWVhKa0 lGTmogYUcx cFpIUWdhVy A0Z1NHVnBi R0p5IGIyNX VMQ0JIWlgg SnRZVzU1TG p4aSBjajR5 TGlCVWFHIF VnWTI5dGNH RnUgZVNCem RHRnlkRyBW a0lHRnpJR0 VnIFkyOXRj SFYwWlggSW djbVYwWVds cyBaWElnWV c1a0lHIGho Y3lCemFXNW ogWlNCbGVI QmhibSBSbF pDQnBiblJ2 IElHRWdabl ZzYkMgMXpa WEoyYVdObC BJRWxVSUhC eWIzIFpwWk dWeUxDQnYg Wm1abGNtbH VaeSBCaElI ZHBaR1VnIG NtRnVaMlVn YjIgWWdTVl FnYzJWeSBk bWxqWlhNZ1 lXIDVrSUhC eWIyUjEgWT NSekxqeGlj aiA0ekxpQk NaV05vIGRH eGxJR2hoY3 kgQnZkbVZ5 SURFeCBMRE F3TUNCbGJY IEJzYjNsbF pYTWcgWVc1 a0lHOXdaWC BKaGRHVnpJ R2x1IElERT BJR052ZFcg NTBjbWxsY3 lCaCBZM0p2 YzNNZ1JYIF Z5YjNCbExq eGkgY2o0ME xpQlVhRyBV Z1kyOXRjR0 Z1IGVlS0Ft WE1nY20gVj JaVzUxWlNC bSBiM0lnTW pBeU1DIEIz WVhNZzRvS3 MgTlM0NE1p QmlhVyB4c2 FXOXVMQ0Jo IElETXVOeV VnYVcgNWpj bVZoYzJVZy Babkp2YlNC MGFHIFVnY0 hKbGRtbHYg ZFhNZ2VXVm hjaSA0OFlu SStOUzRnIF FtVmphSFJz WlMgQm9ZWE 1nY0dGeSBk RzVsY25Ob2 FYIEJ6SUhk cGRHZ2cgYl dGcWIzSWdk RyBWamFHNX ZiRzluIGVT QmpiMjF3WV cgNXBaWE1n YzNWaiBhQ0 JoY3lCTmFX IE55YjNOdl puUXMgSUVs Q1RTd2dZVy A1a0lFTnBj Mk52IExqeG ljajQyTGkg QkpiaUF5TU RBdyBMQ0JD WldOb2RHIH hsSUdKbFky RnQgWlNCaE lIQjFZbSB4 cFkyeDVJSF J5IFlXUmxa Q0JqYjIgMX dZVzU1SUc5 dSBJSFJvWl NCR2NtIEZ1 YTJaMWNuUW cgVTNSdlky c2dSWCBoam FHRnVaMlV1 IFBHSnlQam N1SUUgSmxZ MmgwYkdVZy BhR0Z6SUdK bFpXIDRnY2 1WamIyZHUg YVhwbFpDQn RkVyB4MGFY QnNaU0IwIG FXMWxjeUJo Y3kgQnZibV VnYjJZZyBk R2hsSUdKbG MzIFFnWlcx d2JHOTUgWl hKeklHbHVJ RSBkbGNtMW hibmtnIFlX NWtJRVYxY2 0gOXdaU3dn Y21WaiBaV2 wyYVc1bklH IEYzWVhKa2 N5QnogZFdO b0lHRnpJRi BSdmNDQkZi WEJzIGIzbG xjaUJIWlgg SnRZVzU1SU dGdSBaQ0JI Y21WaGRDIE JRYkdGalpT QjAgYnlCWG IzSnJJRSBW MWNtOXdaUz Q4IFluSStP QzRnVkcgaG xJR052YlhC aCBibmtnYU dGeklHIEVn YzNSeWIyNW 4gSUdadlkz VnpJRyA5dU lITjFjM1Jo IGFXNWhZbW xzYVggUjVJ R0Z1WkNCby BZWE1nYVcx d2JHIFZ0Wl c1MFpXUWcg YVc1cGRHbG hkRyBsMlpY TWdkRzhnIG NtVmtkV05s SUggUm9aV2 x5SUdOaCBj bUp2YmlCbW IyIDkwY0hK cGJuUXMgSU dsdVkyeDFa RyBsdVp5Qj FjMmx1IFp5 QnlaVzVsZD IgRmliR1Vn Wlc1bCBjbW Q1SUhOdmRY IEpqWlhNZ1 lXNWsgSUds dGNHeGxiVy BWdWRHbHVa eUJsIFkyOH RabkpwWlcg NWtiSGtnY0 hKaCBZM1Jw WTJWekxqIH hpY2o0NUxp QkMgWldOb2 RHeGxJRyBo aGN5QmhJSE 4xIFluTnBa R2xoY24ga2 dZMjl0Y0dG dSBlU0JqWV d4c1pXIFFn VTI5c2FXUk 0gYVc1bElF RkhMQyBCM2 FHbGphQ0J6 IGNHVmphV0 ZzYVggcGxj eUJwYmlBei BSQ0J3Y21s dWRHIGx1Wn lCaGJtUWcg WVdSa2FYUn BkbSBVZ2JX RnVkV1poIF kzUjFjbWx1 WnkgQnpiMn gxZEdsdiBi bk11UEdKeV BqIEV3TGlC SmJpQmggWk dScGRHbHZi aSBCMGJ5Qk pWQ0J6IFpY SjJhV05sY3 kgd2dRbVZq YUhScyBaU0 JoYkhOdklH IDltWm1WeW N5QjAgY21G cGJtbHVaeS BCaGJtUWdZ MlZ5IGRHbG 1hV05oZEcg bHZiaUJqYj NWeSBjMlZ6 TENCb1pXIH h3YVc1bklH SjEgYzJsdV pYTnpaWCBN Z1lXNWtJR2 x1IFpHbDJh V1IxWVcgeH pJR2x0Y0hK diBkbVVnZE dobGFYIEln U1ZRZ2MydH AgYkd4eklH RnVaQyBCcm JtOTNiR1Zr IFoyVXUKIC AgICAgICA8 L3NwYW4+Ci AgICAgICAg CiAgICAgIC Ag