Garmin

More reviews (1)

Live  

Garmin is an American multinational technology company founded in 1989 by Gary Burrell and Min H. Kao. The company is headquartered in Olathe, Kansas and specializes in GPS technology for automotive, aviation, marine, outdoor, and fitness activities.
Garmin’s first product was the GPS-100, a handheld GPS receiver, which was launched in 1990. Since then, Garmin has been a leader in the development of GPS technology, introducing innovative products such as the StreetPilot series for automotive navigation and the Forerunner series for fitness tracking.
Today, Garmin offers a wide range of products including GPS devices, smartwatches, activity trackers, and marine navigation systems. The company also provides software solutions for aviation and fleet management.
In addition to its consumer products, Garmin also offers products and services for various industries, including OEM technology for automobile manufacturers, professional aviation and marine systems, and specialized GPS products for government agencies.
With over 13,000 associates in 60 offices around the world, Garmin is committed to creating innovative products that enhance the lives of its customers. The company’s success is driven by its dedication to quality, reliability, and customer satisfaction.

R2FybWluIG lzIGEgY29t cGFueSB0aG F0IG1ha2Vz IHNwZWNpYW wgZGV2aWNl cyBhbmQgdG 9vbHMgdG8g aGVscCBwZW 9wbGUgd2l0 aCB0aGluZ3 MgbGlrZSBu YXZpZ2F0aW 9uLCBmaXRu ZXNzLCBhbm Qgb3V0ZG9v ciBhY3Rpdm l0aWVzLiBZ b3Uga25vdy Bob3cgaW4g YSBjYXIsIH RoZXJl4oCZ cyBhIEdQUy B0aGF0IGNh biBzaG93IH lvdSBob3cg dG8gZ2V0IH RvIHBsYWNl cz8gV2VsbC wgR2FybWlu IG1ha2VzIH Rob3NlIEdQ UyBkZXZpY2 VzLCBidXQg dGhleSBhbH NvIGNyZWF0 ZSBvdGhlci BnYWRnZXRz LCBsaWtlIH NtYXJ0d2F0 Y2hlcyBhbm QgaGFuZGhl bGQgZGV2aW NlcyB0aGF0 IGhlbHAgeW 91IHRyYWNr IHlvdXIgcn VubmluZywg Y3ljbGluZy wgb3IgaGlr aW5nIGFkdm VudHVyZXMu PGJyPkdhcm 1pbiBtYWtl cyBtb25leS BieSBzZWxs aW5nIHRoZX NlIHByb2R1 Y3RzLiBXaG VuIHBlb3Bs ZSBidXkgYS BHYXJtaW4g R1BTIG9yIG Egc21hcnR3 YXRjaCwgdG hlIGNvbXBh bnkgZWFybn MgbW9uZXkg ZnJvbSB0aG F0IHNhbGUu IFRoZXkgYW xzbyBtYWtl IG1vbmV5IG J5IHByb3Zp ZGluZyBzZX J2aWNlcywg bGlrZSBtYX BzIGZvciB5 b3VyIEdQUy BhbmQgYXBw cyB0aGF0IG hlbHAgeW91 IHRyYWNrIH lvdXIgcHJv Z3Jlc3MgaW 4gc3BvcnRz IG9yIG91dG Rvb3IgYWN0 aXZpdGllcy 48YnI+T25l IHJlYXNvbi BHYXJtaW4g aXMgc3VjY2 Vzc2Z1bCBp cyB0aGF0IG l0IGZvY3Vz ZXMgb24gcX VhbGl0eSBh bmQgaW5ub3 ZhdGlvbi4g VGhleSBtYW tlIHByb2R1 Y3RzIHRoYX QgYXJlIGR1 cmFibGUgYW 5kIHJlbGlh YmxlLCBhbm QgdGhleSBv ZnRlbiBhZG QgdXNlZnVs IGZlYXR1cm VzIHRoYXQg aGVscCBwZW 9wbGUgaW4g ZXZlcnlkYX kgbGlmZS4g Rm9yIGV4YW 1wbGUsIHRo ZWlyIHNtYX J0d2F0Y2hl cyBjYW4gdH JhY2sgeW91 ciBoZWFydC ByYXRlIHdo aWxlIHlvdS BydW4gb3Ig ZXZlbiB0ZW xsIHlvdSBo b3cgbWFueS BzdGVwcyB5 b3XigJl2ZS B0YWtlbiBp biBhIGRheS 48YnI+R2Fy bWluIGlzIG xpa2VseSB0 byBzdGF5IH N1Y2Nlc3Nm dWwgaW4gdG hlIGZ1dHVy ZSBiZWNhdX NlIGl0IGtl ZXBzIGltcH JvdmluZyBp dHMgdGVjaG 5vbG9neSBh bmQgYWRhcH RpbmcgdG8g bmV3IHRyZW 5kcy4gVGhl eSBrbm93IH RoYXQgcGVv cGxlIGFyZS BpbnRlcmVz dGVkIGluIG hlYWx0aCBh bmQgZml0bm Vzcywgc28g dGhleeKAmX JlIGFsd2F5 cyB3b3JraW 5nIG9uIG5l dyBmZWF0dX JlcyB0byBo ZWxwIHBlb3 BsZSBzdGF5 IGFjdGl2ZS BhbmQgdHJh Y2sgdGhlaX IgcHJvZ3Jl c3MuIFNpbm NlIG1hbnkg cGVvcGxlIH VzZSBHUFMg aW4gdGhlaX IgY2FycyBh bmQgbG92ZS BvdXRkb29y IGFjdGl2aX RpZXMsIEdh cm1pbiB3aW xsIGNvbnRp bnVlIHRvIG JlIGEgZ28t dG8gY2hvaW NlIGZvciB0 aG9zZSBwcm 9kdWN0cyBm b3IgYSBsb2 5nIHRpbWUu IFBsdXMsIG FzIHRlY2hu b2xvZ3kgZ2 V0cyBiZXR0 ZXIsIEdhcm 1pbiBjYW4g Y3JlYXRlIG V2ZW4gY29v bGVyIGdhZG dldHMgdGhh dCBwZW9wbG Ugd2lsbCB3 YW50IHRvIG J1eSE8YnI+

MS4gRXN0YW JsaXNoZWQg QnJhbmQ6IE dhcm1pbiBp cyBhIHdlbG wtZXN0YWJs aXNoZWQgYn JhbmQgaW4g dGhlIG1hcm tldCBvZiBu YXZpZ2F0aW 9uIGFuZCBm aXRuZXNzIH Byb2R1Y3Rz LiBJdCBoYX MgYmVlbiBp biBidXNpbm VzcyBmb3Ig b3ZlciAzMC B5ZWFycyBh bmQgaGFzIG J1aWx0IGEg c3Ryb25nIH JlcHV0YXRp b24gZm9yIH Byb2R1Y2lu ZyBoaWdoLX F1YWxpdHks IHJlbGlhYm xlIHByb2R1 Y3RzLjxicj 4yLiBEaXZl cnNlIFByb2 R1Y3QgUmFu Z2U6IEdhcm 1pbiBvZmZl cnMgYSBkaX ZlcnNlIHJh bmdlIG9mIH Byb2R1Y3Rz LCBpbmNsdW RpbmcgR1BT IG5hdmlnYX Rpb24gc3lz dGVtcywgc2 1hcnR3YXRj aGVzLCBmaX RuZXNzIHRy YWNrZXJzLC BtYXJpbmUg YW5kIGF2aW F0aW9uIGRl dmljZXMsIG FuZCBvdXRk b29yIGhhbm RoZWxkcy4g VGhpcyB3aW RlIHJhbmdl IG9mIHByb2 R1Y3RzIGNh dGVycyB0by BhIHZhcmll dHkgb2Ygbm VlZHMgYW5k IHByZWZlcm VuY2VzLCBt YWtpbmcgR2 FybWluIGEg cG9wdWxhci BjaG9pY2Ug YW1vbmcgY2 9uc3VtZXJz Ljxicj4zLi BJbm5vdmF0 aXZlIFRlY2 hub2xvZ3k6 IEdhcm1pbi BpcyBrbm93 biBmb3IgaX RzIGlubm92 YXRpdmUgdG VjaG5vbG9n eSwgY29uc3 RhbnRseSBi cmluZ2luZy BuZXcgZmVh dHVyZXMgYW 5kIHVwZGF0 ZXMgdG8gaX RzIHByb2R1 Y3RzLiBJdH MgdGVjaG5v bG9neSBpbm NsdWRlcyBH UFMvR0xPTk FTUywgaGVh cnQgcmF0ZS Btb25pdG9y cywgY2VsbH VsYXIgY29u bmVjdGl2aX R5LCBhbmQg cHVsc2Ugb3 hpbWV0cnku PGJyPjQuIF N0cm9uZyBG b2N1cyBvbi BGaXRuZXNz OiBHYXJtaW 4gaGFzIGEg c3Ryb25nIG ZvY3VzIG9u IGZpdG5lc3 MgYW5kIGlz IGtub3duIG ZvciBpdHMg YWNjdXJhdG UgZml0bmVz cyB0cmFja2 luZyBhbmQg dHJhaW5pbm cgZmVhdHVy ZXMuIEl0cy Bwcm9kdWN0 cyBhcmUgcG 9wdWxhciBh bW9uZyBhdG hsZXRlcyBh bmQgZml0bm VzcyBlbnRo dXNpYXN0cy Bmb3IgdGhl aXIgYWR2YW 5jZWQgcGVy Zm9ybWFuY2 UgbWV0cmlj cyBhbmQgdH JhaW5pbmcg cGxhbnMuPG JyPjUuIEds b2JhbCBQcm VzZW5jZTog R2FybWluIG hhcyBhIHN0 cm9uZyBnbG 9iYWwgcHJl c2VuY2Ugd2 l0aCBwcm9k dWN0cyBhdm FpbGFibGUg aW4gb3Zlci AyMDAgY291 bnRyaWVzLi BUaGlzIGFs bG93cyB0aG UgY29tcGFu eSB0byBjYX RlciB0byBh IGRpdmVyc2 UgY3VzdG9t ZXIgYmFzZS BhbmQgc3Rh eSBjb21wZX RpdGl2ZSBp biB0aGUgZ2 xvYmFsIG1h cmtldC48Yn I+Ni4gQ29t bWl0bWVudC B0byBTdXN0 YWluYWJpbG l0eTogR2Fy bWluIGhhcy BhIGNvbW1p dG1lbnQgdG 8gc3VzdGFp bmFiaWxpdH kgYW5kIGhh cyBpbXBsZW 1lbnRlZCB2 YXJpb3VzIG luaXRpYXRp dmVzIHRvIH JlZHVjZSBp dHMgZW52aX Jvbm1lbnRh bCBpbXBhY3 QuIFRoaXMg aW5jbHVkZX MgdXNpbmcg ZWNvLWZyaW VuZGx5IG1h dGVyaWFscy BpbiBpdHMg cHJvZHVjdH MsIHJlZHVj aW5nIHdhc3 RlLCBhbmQg cHJvbW90aW 5nIHJlY3lj bGluZy48Yn I+Ny4gQ3Vz dG9tZXIgU3 VwcG9ydDog R2FybWluIG hhcyBhIGRl ZGljYXRlZC BjdXN0b21l ciBzdXBwb3 J0IHRlYW0g dGhhdCBpcy BhdmFpbGFi bGUgMjQvNy B0byBhc3Np c3QgdXNlcn Mgd2l0aCBh bnkgdGVjaG 5pY2FsIGlz c3VlcyBvci Bwcm9kdWN0 IGlucXVpcm llcy4gVGhp cyBsZXZlbC BvZiBzdXBw b3J0IGhhcy BoZWxwZWQg YnVpbGQgY3 VzdG9tZXIg bG95YWx0eS BhbmQgdHJ1 c3QgaW4gdG hlIGJyYW5k Ljxicj44Li BQYXJ0bmVy c2hpcHM6IE dhcm1pbiBo YXMgZm9ybW VkIHBhcnRu ZXJzaGlwcy B3aXRoIHZh cmlvdXMgY2 9tcGFuaWVz IGFuZCBvcm dhbml6YXRp b25zLCBpbm NsdWRpbmcg dG9wIHNwb3 J0cyB0ZWFt cyBhbmQgZX ZlbnRzLCB0 byBwcm9tb3 RlIGl0cyBw cm9kdWN0cy BhbmQgaW5j cmVhc2UgYn JhbmQgYXdh cmVuZXNzLj xicj45LiBB d2FyZHMgYW 5kIFJlY29n bml0aW9uOi BHYXJtaW4g aGFzIHJlY2 VpdmVkIG51 bWVyb3VzIG F3YXJkcyBh bmQgcmVjb2 duaXRpb24g Zm9yIGl0cy Bwcm9kdWN0 cywgdGVjaG 5vbG9neSwg YW5kIG92ZX JhbGwgYnVz aW5lc3MgcG VyZm9ybWFu Y2UuIFRoaX MgZGVtb25z dHJhdGVzIH RoZSBjb21w YW554oCZcy BkZWRpY2F0 aW9uIHRvIG V4Y2VsbGVu Y2UgYW5kIG lubm92YXRp b24gaW4gdG hlIGluZHVz dHJ5Ljxicj 4xMC4gSW52 ZXN0bWVudC BpbiBSZXNl YXJjaCBhbm QgRGV2ZWxv cG1lbnQ6IE dhcm1pbiBp bnZlc3RzIG Egc2lnbmlm aWNhbnQgYW 1vdW50IG9m IHJlc291cm NlcyBpbiBy ZXNlYXJjaC BhbmQgZGV2 ZWxvcG1lbn QgdG8gY29u dGludWFsbH kgaW1wcm92 ZSBhbmQgZX hwYW5kIGl0 cyBwcm9kdW N0IG9mZmVy aW5ncy4gVG hpcyBmb2N1 cyBvbiBpbm 5vdmF0aW9u IGtlZXBzIH RoZSBjb21w YW55IGFoZW FkIG9mIGl0 cyBjb21wZX RpdG9ycyBh bmQgZW5zdX JlcyBpdHMg cHJvZHVjdH MgcmVtYWlu IGN1dHRpbm ctZWRnZS4=

VGhlIEdhcm 1pbiBjb21w YW554oCZcy BidXNpbmVz cyBtb2RlbC BpcyB0byBk ZXNpZ24sIG 1hbnVmYWN0 dXJlLCBhbm QgbWFya2V0 IGEgd2lkZS ByYW5nZSBv ZiBuYXZpZ2 F0aW9uIGFu ZCBjb21tdW 5pY2F0aW9u IGRldmljZX MsIGluY2x1 ZGluZyBHUF MgZGV2aWNl cywgZml0bm VzcyB0cmFj a2Vycywgc2 1hcnR3YXRj aGVzLCBhdm lhdGlvbiBh bmQgbWFyaW 5lIGVxdWlw bWVudCwgYW 5kIG90aGVy IGNvbnN1bW VyIGVsZWN0 cm9uaWNzLi BUaGV5IGdl bmVyYXRlIH JldmVudWUg dGhyb3VnaC B0aGUgc2Fs ZSBvZiB0aG VzZSBkZXZp Y2VzLCBhcy B3ZWxsIGFz IHRocm91Z2 ggc2Vydmlj ZXMgc3VjaC BhcyBkYXRh IHN1YnNjcm lwdGlvbnMs IG1hcCB1cG RhdGVzLCBh bmQgYXBwIG Rvd25sb2Fk cy4gQWRkaX Rpb25hbGx5 LCB0aGV5IG 9mZmVyIHBy b2Zlc3Npb2 5hbCBzb2x1 dGlvbnMgZm 9yIGJ1c2lu ZXNzZXMgYW 5kIGdvdmVy bm1lbnQgYW dlbmNpZXMs IHN1Y2ggYX MgZmxlZXQg bWFuYWdlbW VudCBhbmQg YXNzZXQgdH JhY2tpbmcu

AI can potentially pose a material threat to Garmin’s products and services in several ways:
1. Substitution: AI-driven technologies, such as advanced navigation systems, fitness trackers, and autonomous vehicles, could replace Garmin’s traditional hardware products. For example, smartphones equipped with AI algorithms can provide navigation, fitness tracking, and other features that compete directly with Garmin’s offerings. As consumers increasingly rely on multifunctional devices, Garmin may face challenges in retaining its customer base.
2. Disintermediation: AI can facilitate direct access to services that Garmin traditionally offers through intermediaries or hardware. For instance, AI-powered applications might enable users to access real-time data and navigation without needing Garmin’s devices. This trend could erode Garmin’s market share as consumers choose software solutions over dedicated hardware.
3. Margin Pressure: The integration of AI can lead to increased competition in Garmin’s market, driving prices down. If competitors offer advanced features through AI without the need for expensive hardware, Garmin may have to lower its prices to remain competitive, leading to margin pressure. Additionally, the development and integration of AI capabilities could increase operational costs, potentially further impacting margins.
Overall, while AI presents opportunities for innovation, it also poses substantial threats to Garmin’s competitive positioning, necessitating strategic adaptation to mitigate these risks.

The sensitivity of Garmin’s earnings, cash flow, and valuation to changes in interest rates can be understood through several key factors:
1. Earnings Sensitivity: Garmin’s earnings could be sensitive to interest rate changes primarily due to the impact of financing costs on the company’s operations. If interest rates rise, the cost of borrowing increases, which could lead to higher interest expenses if Garmin has variable-rate debt. This might reduce net income. Conversely, lower interest rates can reduce financing costs, potentially boosting earnings.
2. Cash Flow Impact: Cash flow sensitivity to interest rates can be significant. Rising interest rates might lead to decreased consumer spending on discretionary goods, including Garmin’s products. This reduction in demand can negatively impact cash inflows. Additionally, higher rates may affect the company’s ability to refinance existing debt or invest in new projects, further influencing cash flow.
3. Valuation Effects: The valuation of Garmin is also affected by interest rates, particularly through discounted cash flow (DCF) analysis. Higher interest rates increase the discount rate applied to future cash flows, leading to a lower present value of those cash flows and potentially reducing the company’s overall valuation. Conversely, lower interest rates decrease the discount rate, potentially enhancing valuation.
4. Market Reactions: The capital markets often react to interest rate changes, which can indirectly impact Garmin’s stock price. A rise in rates may lead to broader market sell-offs, particularly in growth stocks, which could affect Garmin’s market valuation.
5. Investor Expectations: Investors often re-evaluate risk and return in the context of interest rate changes. Higher interest rates can lead to increased risk premiums required by investors, which may affect how Garmin’s stock is valued in the market.
In summary, Garmin’s earnings, cash flow, and valuation are moderately sensitive to interest rate changes, with potential repercussions stemming from financing costs, consumer demand, discounted cash flows, and overall market sentiment. The extent of this sensitivity would depend on the magnitude and speed of rate changes as well as the broader economic context.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BHYXJtaW7i gJlzIGVjb2 5vbWljcyBv dmVyIHRoZS BuZXh0IDPi gJM1IHllYX JzIGlzIGEg c2lnbmlmaW NhbnQsIHN1 c3RhaW5lZC Bkb3dudHVy biBpbiB0aG UgY29uc3Vt ZXIgZWxlY3 Ryb25pY3Mg bWFya2V0IG R1ZSB0byBh IGNvbWJpbm F0aW9uIG9m IGVjb25vbW ljIHJlY2Vz c2lvbiwgaW 5jcmVhc2Vk IGNvbXBldG l0aW9uLCBh bmQgYSBzaG lmdCBpbiBj b25zdW1lci BwcmVmZXJl bmNlcyBhd2 F5IGZyb20g dHJhZGl0aW 9uYWwgR1BT IGFuZCBmaX RuZXNzIGRl dmljZXMuPG JyPkluIHRo aXMgc2Nlbm FyaW86PGJy PjEuIEVjb2 5vbWljIFJl Y2Vzc2lvbj ogQSBwcm9s b25nZWQgZW Nvbm9taWMg ZG93bnR1cm 4gY291bGQg cmVkdWNlIG Rpc2NyZXRp b25hcnkgc3 BlbmRpbmcg YW1vbmcgY2 9uc3VtZXJz LCBsZWFkaW 5nIHRvIGRl Y3JlYXNlZC BkZW1hbmQg Zm9yIEdhcm 1pbuKAmXMg cHJvZHVjdH Mgc3VjaCBh cyBmaXRuZX NzIHRyYWNr ZXJzLCBzbW FydHdhdGNo ZXMsIGFuZC BHUFMgZGV2 aWNlcy4gSW YgY29uc3Vt ZXJzIHByaW 9yaXRpemUg ZXNzZW50aW FsIHB1cmNo YXNlcyBvdm VyIGx1eHVy eSBpdGVtcy wgR2FybWlu IG1heSBzZW UgYSBzdWJz dGFudGlhbC BkZWNsaW5l IGluIHNhbG VzLjxicj4y LiBJbmNyZW FzZWQgQ29t cGV0aXRpb2 46IEFzIG1v cmUgY29tcG FuaWVzLCBp bmNsdWRpbm cgdGVjaCBn aWFudHMgc3 VjaCBhcyBB cHBsZSBhbm QgU2Ftc3Vu ZywgaXRlcm F0ZSBhbmQg aW1wcm92ZS B0aGVpciB3 ZWFyYWJsZS B0ZWNobm9s b2d5IGFuZC BuYXZpZ2F0 aW9uIHRvb2 xzLCBHYXJt aW4gY291bG QgZmluZCBp dCBpbmNyZW FzaW5nbHkg Y2hhbGxlbm dpbmcgdG8g ZGlmZmVyZW 50aWF0ZSBp dHMgb2ZmZX JpbmdzLiBQ cmljZSB3YX JzIG1pZ2h0 IGVuc3VlLC BsZWFkaW5n IHRvIHJlZH VjZWQgbWFy Z2lucy48Yn I+My4gQ2hh bmdpbmcgQ2 9uc3VtZXIg UHJlZmVyZW 5jZXM6IEEg Z3Jvd2luZy B0cmVuZCB0 b3dhcmQgc2 1hcnRwaG9u ZSBpbnRlZ3 JhdGlvbiBm b3IgbmF2aW dhdGlvbiBh bmQgZml0bm VzcyB0cmFj a2luZywgY2 91cGxlZCB3 aXRoIHRoZS Bwb3NzaWJp bGl0eSBvZi Bpbm5vdmF0 aXZlIGFsdG VybmF0aXZl cyBlbWVyZ2 luZyAoc3Vj aCBhcyBhdW dtZW50ZWQg cmVhbGl0eS BkZXZpY2Vz KSwgY291bG QgbWFrZSBH YXJtaW7igJ lzIHRyYWRp dGlvbmFsIH Byb2R1Y3Rz IGxlc3MgYX BwZWFsaW5n IHRvIHlvdW 5nZXIgY29u c3VtZXJzLC ByZXN1bHRp bmcgaW4gc2 hyaW5raW5n IG1hcmtldC BzaGFyZS48 YnI+SWYgdG hpcyBzY2Vu YXJpbyBwbG F5cyBvdXQs IEdhcm1pbu KAmXMgZmlu YW5jaWFscy BtYXkgcmVm bGVjdCB0aG UgZm9sbG93 aW5nIGNoYW 5nZXM6PGJy Pi0gPHN0cm 9uZz5NYXJn aW5zPC9zdH Jvbmc+OiBU aGUgY29tcG FueSBjb3Vs ZCBleHBlcm llbmNlIGEg c2lnbmlmaW NhbnQgY29u dHJhY3Rpb2 4gaW4gcHJv Zml0IG1hcm dpbnMuIFdp dGggaW5jcm Vhc2VkIGNv bXBldGl0aW 9uIGFuZCBh IHBvdGVudG lhbCBkcm9w IGluIGF2ZX JhZ2Ugc2Vs bGluZyBwcm ljZXMgKEFT UHMpLCBwcm 9maXQgbWFy Z2lucyBvbi BkZXZpY2Vz IGNvdWxkIH NocmluayBm cm9tIHRoZW lyIGhpc3Rv cmljYWwgbG V2ZWxzLCBt b3ZpbmcgZn JvbSBoaWdo IHRvIGxvdy Bkb3VibGUt ZGlnaXQgcG VyY2VudGFn ZXMuPGJyPi 0gPHN0cm9u Zz5DYXNoIE Zsb3c8L3N0 cm9uZz46IE EgZGVjbGlu ZSBpbiBzYW xlcyB3b3Vs ZCBsZWFkIH RvIHJlZHVj ZWQgb3Blcm F0aW5nIGNh c2ggZmxvdy wgcHV0dGlu ZyBwcmVzc3 VyZSBvbiB0 aGUgY29tcG FueSB0byBt YW5hZ2UgY2 9zdHMgYW5k IGludmVudG 9yeSBlZmZl Y3RpdmVseS 4gVGhlIGNh c2ggZmxvdy Bjb3VsZCBm YWxsIHRvIG EgbGV2ZWwg c2lnbmlmaW NhbnRseSBi ZWxvdyBoaX N0b3JpY2Fs IGF2ZXJhZ2 VzLCBpbXBh Y3RpbmcgdG hlIGNvbXBh bnnigJlzIG FiaWxpdHkg dG8gaW52ZX N0IGluIG5l dyBwcm9kdW N0IGRldmVs b3BtZW50LC BtYXJrZXRp bmcsIGFuZC BvdGhlciBn cm93dGggaW 5pdGlhdGl2 ZXMuPGJyPi 0gPHN0cm9u Zz5CYWxhbm NlIFNoZWV0 PC9zdHJvbm c+OiBUaGUg YmFsYW5jZS BzaGVldCBt aWdodCByZW ZsZWN0IGlu Y3JlYXNlZC BsZXZlcmFn ZSBpZiB0aG UgY29tcGFu eSByZXNvcn RzIHRvIGRl YnQgZmluYW 5jaW5nIHRv IG1haW50YW luIG9wZXJh dGlvbnMgYW 5kIG1hbmFn ZSBjYXNoIG Zsb3cgc2hv cnRmYWxscy 4gUmlzaW5n IGludmVudG 9yeSBsZXZl bHMgYW5kIG luY3JlYXNp bmcgcmVjZW l2YWJsZXMg Y291bGQgc2 lnbmFsIGRl Y2xpbmluZy BkZW1hbmQu IFdoaWxlIE dhcm1pbiB0 eXBpY2FsbH kgaGFzIGEg c3Ryb25nIG JhbGFuY2Ug c2hlZXQsIG Egc3VzdGFp bmVkIGVjb2 5vbWljIGRv d250dXJuIG NvdWxkIGxl YWQgdG8gYS BkZXRlcmlv cmF0aW9uIG luIGtleSBt ZXRyaWNzIH N1Y2ggYXMg Y2FzaCByZX NlcnZlcyBh bmQgY3Vycm VudCByYXRp b3MuPGJyPk luIHN1bW1h cnksIHRoaX Mgc2NlbmFy aW8gY291bG QgY3JlYXRl IGEgY2hhbG xlbmdpbmcg b3BlcmF0aW 9uYWwgZW52 aXJvbm1lbn QgZm9yIEdh cm1pbiwgbG VhZGluZyB0 byBhIHJlZH VjdGlvbiBp biBzYWxlcy wgbG93ZXIg cHJvZml0YW JpbGl0eSwg YW5kIGEgbW 9yZSBzdHJh aW5lZCBmaW 5hbmNpYWwg cG9zaXRpb2 4gb3ZlciB0 aGUgbG9uZy B0ZXJtLiBQ cm9zcGVjdG l2ZSBpbnZl c3RvcnMgYW 5kIHN0YWtl aG9sZGVycy B3b3VsZCBu ZWVkIHRvIG Nsb3NlbHkg bW9uaXRvci B0aGVzZSB0 cmVuZHMgdG 8gYXNzZXNz IEdhcm1pbu KAmXMgcmVz aWxpZW5jZS BhbmQgYWRh cHRhdGlvbi BzdHJhdGVn aWVzLjxicj 4=

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 bG9nb3MvWn VWdGNjdnBY MlBnMFhtOV drN1Aud2Vi cCIgYWx0PS JHYXJtaW4i IHRpdGxlPS JHYXJtaW4i 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 QgR2FybWlu 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+UkyBV bmxvY2sgb3 VyIGZyZWUg Z3VpZGU6ID xpPiJUaGUg Q2hlY2tsaX N0IFZhbHVl IEludmVzdG 9yIOKAlCBB IFNtYXJ0ZX IgV2F5IHRv IFBpY2sgU3 RvY2tzIjwv aT4KICAgIC 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 NGdWR2hsSU cgTnZiWEJo Ym5rZyBkMk Z6SUdadmRX IDVrWldRZ2 FXNGcgTVRr NE9TQmllUy BCSFlYSjVJ RUoxIGNuSm xiR3dnWVcg NWtJRTFwYm lCTCBZVzhz SUhSM2J5IE JsYm1kcGJt VmwgY25NZ1 puSnZiUyBC MGFHVWdZV1 Z5IGIzTndZ V05sSUcgbH VaSFZ6ZEhK NSBMaUJVYU dVZ2JtIEZ0 WlNCSFlYSn QgYVc0Z2FY TWdZUyBCd2 IzSjBiV0Z1 IGRHVmhkU0 J2WmkgQjBh R1ZwY2lCbS BhWEp6ZENC dVlXIDFsY3 l3Z1IyRnkg ZVNCaGJtUW dUVyBsdUxq eGljajR5IE xpQlBjbWxu YVcgNWhiR3 g1TENCMCBh R1VnWTI5dG NHIEZ1ZVNC emNHVmogYV dGc2FYcGxa QyBCcGJpQk hVRk1nIGJt RjJhV2RoZE cgbHZiaUJr WlhacCBZMl Z6SUdadmNp IEJoZG1saG RHbHYgYmlC aGJtUWdiVy BGeWFXNWxJ RzFoIGNtdG xkSE1zSUcg SjFkQ0JzWV hSbCBjaUJs ZUhCaGJtIF JsWkNCcGJu UnYgSUc5MG FHVnlJRyBG eVpXRnpJSE 4xIFkyZ2dZ WE1nWVggVj BiMjF2ZEds MiBaU3dnYj NWMFpHIDl2 Y2lCaGJtUW cgWm1sMGJt VnpjeSBCdF lYSnJaWFJ6 IExqeGljaj R6TGkgQkhZ WEp0YVc3aS BnSmx6SUda cGNuIE4wSU hCeWIyUjEg WTNRZ2QyRn pJSCBSb1pT QkhVRk1nIE 1UQXdMQ0Jo SUcgaGhibV JvWld4ayBJ RWRRVXlCeV pXIE5sYVha bGNpQmsgWl hOcFoyNWxa QyBCbWIzSW dZWFpwIFlY UnBiMjRnZF ggTmxMaUJK ZENCMyBZWE 1nY21Wc1pX IEZ6WldRZ2 FXNGcgTVRr NU1DQmhibS BRZ1kyOXpk Q0FrIE1pdz FNREF1UEcg SnlQalF1SU ZSbyBaU0Jq YjIxd1lXID U1NG9DWmN5 Qm0gYVhKem RDQmhkWCBS dmJXOTBhWF psIElFZFFV eUJrWlggWn BZMlVzSUhS byBaU0JUZE hKbFpYIFJR YVd4dmRDd2 cgZDJGeklI SmxiRyBWaG MyVmtJR2x1 IElERTVPVG dnWVcgNWtJ SGRoY3lCaC BJR2RoYldV Z1kyIGhoYm 1kbGNpQm0g YjNJZ2RHaG xJRyBOdmJY Qmhibmt1IE lFbDBJSGRo Y3kgQjBhR1 VnWm1seSBj M1FnYVc0dF kyIEZ5SUc1 aGRtbG4gWV hScGIyNGdj MyBsemRHVn RJSFJvIFlY UWdkWE5sWk MgQkhVRk1n ZEdWaiBhRz V2Ykc5bmVT IEJoYm1RZ2 QyRnogSUdG bVptOXlaRy BGaWJHVWda bTl5IElIUm 9aU0JoZG0g VnlZV2RsSU dOdiBibk4x YldWeUxqIH hpY2o0MUxp QkggWVhKdG FXNGdZbSBW allXMWxJR0 VnIGJHVmha R1Z5SUcgbH VJSFJvWlNC bSBhWFJ1Wl hOeklHIDFo Y210bGRDQj MgYVhSb0lI Um9aUyBCeV pXeGxZWE5s IElHOW1JSF JvWlcgbHlJ RVp2Y21WeS BkVzV1WlhJ Z2MyIFZ5YV dWeklHOW0g SUVkUVV5Qn pjRyA5eWRI TWdkMkYwIF kyaGxjeUJw YmkgQXlNRE F6TGlCVSBh R1Z6WlNCM1 pYIEpsSUhS b1pTQm0gYV hKemRDQkhV RiBNZ2QyRj BZMmhsIGN5 QmtaWE5wWj IgNWxaQ0J6 Y0dWaiBhV1 pwWTJGc2JI IGtnWm05eU lISjEgYm01 bGNuTXVQRy BKeVBqWXVJ RWx1IElESX dNRFVzSUgg Um9aU0JWTG xNdSBJRUZ5 YlhrZ1lYIG RoY21SbFpD QkggWVhKdG FXNGdZUyBC amIyNTBjbU ZqIGRDQjBi eUJrWlggWm xiRzl3SUdF ZyBSMUJUSU c1aGRtIGxu WVhScGIyNG cgYzNsemRH VnRJRyBadm NpQjBhR1Zw IGNpQjJaV2 hwWTIgeGxj eXdnYldGeS BhMmx1WnlC MGFHIFVnWm 1seWMzUWcg ZEdsdFpTQj BhRyBGMElH RWdZMmwyIG FXeHBZVzRn WTIgOXRjR0 Z1ZVNCbyBZ V1FnZDI5dU lHIEVnYlds c2FYUmggY2 5rZ1kyOXVk SCBKaFkzUW dabTl5IElH NWhkbWxuWV ggUnBiMjRn WlhGMSBhWE J0Wlc1MExq IHhpY2o0M0 xpQlUgYjJS aGVTd2dSMi BGeWJXbHVJ R2x6IElHRW daMnh2WW0g RnNJR052Yl hCaCBibmtn ZDJsMGFDIE J2Wm1acFky VnogSUdsdU lIUm9aUyBC VmJtbDBaV1 FnIFUzUmhk R1Z6TEMgQk ZkWEp2Y0dV cyBJR0Z1Wk NCQmMyIGxo TGlCVWFHVj UgSUdoaGRt VWdjMiA5c1 pDQnZkbVZ5 IElESXdNQ0 J0YVcgeHNh Vzl1SUdSbC BkbWxqWlhN Z2QyIDl5Yk dSM2FXUmwg SUdGdVpDQm 9ZWCBabElH OTJaWElnIE 1UTXNNREF3 SUcgVnRjR3 h2ZVdWbCBj eTQ4WW5JK0 9DIDRnVkdo bElHTnYgYl hCaGJua2dh WCBNZ2EyNX ZkMjRnIFpt OXlJR2wwY3 kgQnBibTV2 ZG1GMCBhWF psSUhSbFky IGh1YjJ4dl oza3MgSUds dVkyeDFaRy BsdVp5QjBh R1ZwIGNpQn djbTl3Y20g bGxkR0Z5ZV NCSCBVRk1n Y21WalpXIG wyWlhKekxD QnogWlc1em IzSnpMQyBC aGJtUWdZV1 IyIFlXNWpa V1FnYlcgRn djR2x1WnlC eiBiMlowZD JGeVpTIDQ4 WW5JK09TNG cgU1c0Z1lX UmthWCBScG IyNGdkRzhn IFkyOXVjM1 Z0WlggSWdj SEp2WkhWai BkSE1zSUVk aGNtIDFwYm lCaGJITnYg SUc5bVptVn ljeSBCamRY TjBiMjBnIG MyOXNkWFJw YjIgNXpJR1 p2Y2lCaSBk WE5wYm1Wem MyIFZ6SUdG dVpDQm4gYj NabGNtNXRa VyA1MElHRm 5aVzVqIGFX VnpMQ0J6ZF cgTm9JR0Z6 SUdacyBaV1 YwSUcxaGJt IEZuWlcxbG JuUWcgWVc1 a0lHRnpjMi BWMElIUnlZ V05yIGFXNW 5JSE41YzMg UmxiWE11UE dKeSBQakV3 TGlCSFlYIE p0YVc0Z2FH RnogSUdFZ2 MzUnliMiA1 bklHTnZiVz FwIGRHMWxi blFnZEcgOG djM1Z6ZEdG cCBibUZpYV d4cGRIIGtn WVc1a0lHaG ggY3lCaVpX VnVJSCBKbF kyOW5ibWw2 IFpXUWdabT l5SUggUm9a V2x5SUdWbS BabTl5ZEhN Z2FXIDRnY2 1Wa2RXTnAg Ym1jZ2RHaG xhWCBJZ1pX NTJhWEp2IG JtMWxiblJo YkMgQnBiWE JoWTNRcyBJ R2x1WTJ4MV pHIGx1WnlC MWMybHUgWn lCeVpXNWxk MiBGaWJHVW daVzVsIGNt ZDVJSE52ZF ggSmpaWE1n WVc1ayBJSE J5YjIxdmRH IGx1WnlCem RYTjAgWVds dVlXSnNaUy BCd2NtRmpk R2xqIFpYTW dhVzRnZEcg aGxhWElnYz NWdyBjR3g1 SUdOb1lXIG x1TGc9PQog ICAgICAgID wvc3Bhbj4K ICAgICAgIC AKICAgICAg ICA=