Becton Dickinson and Company

-6.42%

More reviews (1)

Live  

Becton Dickinson and Company (BD) is a global medical technology company that manufactures and sells medical devices, instrument systems, and reagents. BD was founded in 1897 by Maxwell Becton and Fairleigh Dickinson and is headquartered in Franklin Lakes, New Jersey, USA.
The company's products are used in various healthcare settings such as hospitals, clinics, laboratories, and pharmacies, to improve patient care and help healthcare professionals diagnose and treat diseases. BD's main areas of focus include diagnostic systems, medication delivery solutions, and biosciences.
BD has a presence in over 190 countries and employs more than 70,000 people worldwide. The company has a global reach in both developed and emerging markets, with a diverse product portfolio and a strong research and development pipeline.
BD is committed to enhancing healthcare outcomes through innovation and collaboration with healthcare professionals, patients, and healthcare systems. The company aims to make a positive impact on the future of healthcare by providing safe, effective, and high-quality medical products and services.
In addition, BD has a strong commitment to corporate social responsibility and sustainability. The company focuses on initiatives related to improving access to healthcare, reducing its environmental footprint, and promoting ethical business practices.
Overall, BD is a leading company in the medical technology industry, with a long history of innovation and a strong dedication to improving healthcare outcomes globally.

Becton Dickinson and Company, often called BD, is a company that makes special tools and equipment that help doctors and nurses take care of sick people. Think about when you go to the doctor and they give you a shot or take a sample of your blood; BD makes many of the needles, syringes, and other medical items used during those visits.
BD makes money by selling these medical supplies to hospitals, clinics, and labs all around the world. When someone needs a shot or a test, the doctors use BD’s products, and they pay BD for them.
One reason BD is successful is that they have been around for a long time and have a good reputation. People trust their products because they are safe and work well. Also, BD is always working on new ideas and technologies to make better medical tools. For example, they are investing in new ways to help diagnose diseases faster and keep patients safer.
In the future, BD is likely to keep doing well because, as people continue to need medical care, there will always be a demand for their products. They are also focusing on using advanced technologies, like robots and software, which can make their tools even better. Since health care will always be important, and with new challenges like new diseases, BD will keep finding ways to help doctors and hospitals. This means they’ll likely continue to be successful in the years to come.

MS4gUGlvbm VlcmluZyBN ZWRpY2FsIF RlY2hub2xv Z3k6IEJlY3 RvbiBEaWNr aW5zb24gKE JEKSBpcyBh IGdsb2JhbC BsZWFkZXIg aW4gbWVkaW NhbCB0ZWNo bm9sb2d5LC BkZXZlbG9w aW5nIGFuZC BtYW51ZmFj dHVyaW5nIG lubm92YXRp dmUgbWVkaW NhbCBkZXZp Y2VzLCBlcX VpcG1lbnQs IGFuZCBkaW Fnbm9zdGlj IHByb2R1Y3 RzLiBUaGUg Y29tcGFueS BpcyBrbm93 biBmb3IgaX RzIHBpb25l ZXJpbmcgcm 9sZSBpbiBp bnRyb2R1Y2 luZyBtYW55 IG1lZGljYW wgYnJlYWt0 aHJvdWdocy B0aGF0IGhh dmUgcmV2b2 x1dGlvbml6 ZWQgaGVhbH RoY2FyZS48 YnI+Mi4gQn JvYWQgUHJv ZHVjdCBQb3 J0Zm9saW86 IEJEIGhhcy BhIGRpdmVy c2UgcG9ydG ZvbGlvIG9m IHByb2R1Y3 RzIHRoYXQg c3BhbiB0aG UgZW50aXJl IGhlYWx0aG NhcmUgY29u dGludXVtLC Bmcm9tIG1l ZGljYWwgZG V2aWNlcyB0 byBkaWFnbm 9zdGljIHNv bHV0aW9ucy 4gVGhlIGNv bXBhbnkncy BvZmZlcmlu ZyBpbmNsdW RlcyBzeXJp bmdlcywgbm VlZGxlcywg SVYgY2F0aG V0ZXJzLCBp bmZ1c2lvbi BwdW1wcywg ZGlhYmV0ZX MgY2FyZSBw cm9kdWN0cy wgbW9sZWN1 bGFyIGRpYW dub3N0aWNz LCBhbmQgbW 9yZS48YnI+ My4gR2xvYm FsIFByZXNl bmNlOiBCRC BoYXMgYSB3 aWRlc3ByZW FkIGdsb2Jh bCBwcmVzZW 5jZSwgd2l0 aCBvcGVyYX Rpb25zIGlu IG92ZXIgNT AgY291bnRy aWVzIGFuZC Bwcm9kdWN0 cyBzb2xkIG luIG1vcmUg dGhhbiAxOT AgY291bnRy aWVzLiBUaG lzIGFsbG93 cyB0aGUgY2 9tcGFueSB0 byByZWFjaC BhIHZhc3Qg Y3VzdG9tZX IgYmFzZSBh bmQgcHJvdm lkZSBoZWFs dGhjYXJlIH NvbHV0aW9u cyB0byBwZW 9wbGUgYXJv dW5kIHRoZS B3b3JsZC48 YnI+NC4gU3 Ryb25nIEZv Y3VzIG9uIE lubm92YXRp b246IEJEIG ludmVzdHMg aGVhdmlseS BpbiByZXNl YXJjaCBhbm QgZGV2ZWxv cG1lbnQsIH dpdGggYXJv dW5kICQxLj cgYmlsbGlv biBhbGxvY2 F0ZWQgZm9y IFImRCBpbi AyMDE5LiBU aGUgY29tcG FueSdzIGNv bW1pdG1lbn QgdG8gaW5u b3ZhdGlvbi BoYXMgcmVz dWx0ZWQgaW 4gbnVtZXJv dXMgcGF0ZW 50cyBhbmQg Z3JvdW5kYn JlYWtpbmcg cHJvZHVjdH MuPGJyPjUu IENvbW1pdG 1lbnQgdG8g U3VzdGFpbm FiaWxpdHk6 IEJEIHRha2 VzIGEgcHJv YWN0aXZlIG FwcHJvYWNo IHRvIHN1c3 RhaW5hYmls aXR5LCBpbX BsZW1lbnRp bmcgZW52aX Jvbm1lbnRh bGx5IHJlc3 BvbnNpYmxl IHByYWN0aW NlcyBpbiBp dHMgb3Blcm F0aW9ucyBh bmQgbWFudW ZhY3R1cmlu ZyBwcm9jZX NzZXMuIFRo ZSBjb21wYW 55IGlzIGFs c28gaW52b2 x2ZWQgaW4g dmFyaW91cy Bpbml0aWF0 aXZlcyB0by ByZWR1Y2Ug aXRzIGNhcm JvbiBmb290 cHJpbnQgYW 5kIHByb21v dGUgc3VzdG FpbmFibGUg aGVhbHRoY2 FyZSBzb2x1 dGlvbnMuPG JyPjYuIENv cnBvcmF0ZS BTb2NpYWwg UmVzcG9uc2 liaWxpdHk6 IEJEIGhhcy BhIHN0cm9u ZyBjb3Jwb3 JhdGUgc29j aWFsIHJlc3 BvbnNpYmls aXR5IChDU1 IpIHByb2dy YW0sIGZvY3 VzaW5nIG9u IGFkZHJlc3 NpbmcgZ2xv YmFsIGhlYW x0aCBjaGFs bGVuZ2VzLC BpbXByb3Zp bmcgaGVhbH RoY2FyZSBh Y2Nlc3MgYW 5kIG91dGNv bWVzLCBhbm QgcHJvbW90 aW5nIHN1c3 RhaW5hYmxl IGJ1c2luZX NzIHByYWN0 aWNlcy48Yn I+Ny4gU3Ry b25nIEZpbm FuY2lhbCBQ ZXJmb3JtYW 5jZTogQkQg aGFzIGEgaG lzdG9yeSBv ZiBkZWxpdm VyaW5nIHN0 cm9uZyBmaW 5hbmNpYWwg cGVyZm9ybW FuY2UsIHdp dGggY29uc2 lzdGVudCBy ZXZlbnVlIG dyb3d0aCBh bmQgYSBoZW FsdGh5IGJh bGFuY2Ugc2 hlZXQuIFRo aXMgaGFzIG hlbHBlZCB0 aGUgY29tcG FueSB0byBp bnZlc3QgaW 4gcmVzZWFy Y2ggYW5kIG RldmVsb3Bt ZW50IGFuZC BleHBhbmQg aXRzIGdsb2 JhbCBwcmVz ZW5jZS48Yn I+OC4gQXdh cmQtV2lubm luZyBDb21w YW55OiBCRC BoYXMgcmVj ZWl2ZWQgbn VtZXJvdXMg YWNjb2xhZG VzIGZvciBp dHMgYWR2YW 5jZW1lbnRz IGluIG1lZG ljYWwgdGVj aG5vbG9neS wgY29tbWl0 bWVudCB0by BzdXN0YWlu YWJpbGl0eS wgYW5kIGNv cnBvcmF0ZS Bzb2NpYWwg cmVzcG9uc2 liaWxpdHku IFRoZSBjb2 1wYW55IGhh cyBiZWVuIH JlY29nbml6 ZWQgYnkgdG 9wIHB1Ymxp Y2F0aW9ucy BhbmQgb3Jn YW5pemF0aW 9ucywgaW5j bHVkaW5nIE ZvcnR1bmUs IEZvcmJlcy wgYW5kIENv cnBvcmF0ZS BSZXNwb25z aWJpbGl0eS BNYWdhemlu ZS4=

QmVjdG9uIE RpY2tpbnNv biBhbmQgQ2 9tcGFueSBp cyBhIGdsb2 JhbCBtZWRp Y2FsIHRlY2 hub2xvZ3kg Y29tcGFueS B0aGF0IHNw ZWNpYWxpem VzIGluIHRo ZSBkZXNpZ2 4sIG1hbnVm YWN0dXJlLC BhbmQgc2Fs ZSBvZiBtZW RpY2FsIGRl dmljZXMsIG luc3RydW1l bnQgc3lzdG VtcywgYW5k IHJlYWdlbn RzLiBUaGUg Y29tcGFueS dzIGJ1c2lu ZXNzIG1vZG VsIGlzIGZv Y3VzZWQgb2 4gcHJvdmlk aW5nIGlubm 92YXRpdmUg YW5kIGNvbX ByZWhlbnNp dmUgc29sdX Rpb25zIHRo YXQgaW1wcm 92ZSBwYXRp ZW50IG91dG NvbWVzIGFu ZCBlbmhhbm NlIGhlYWx0 aGNhcmUgcH JvdmlkZXIg ZWZmaWNpZW 5jeS48YnI+ VGhlIGNvbX Bhbnkgb3Bl cmF0ZXMgaW 4gdHdvIG1h aW4gYnVzaW 5lc3Mgc2Vn bWVudHM6IE JEIE1lZGlj YWwgYW5kIE JEIExpZmUg U2NpZW5jZX MuIFRoZSBC RCBNZWRpY2 FsIHNlZ21l bnQgb2ZmZX JzIGEgd2lk ZSByYW5nZS BvZiBtZWRp Y2FsIGRldm ljZXMgYW5k IHN5c3RlbX MgdXNlZCBp biBob3NwaX RhbHMsIGNs aW5pY3MsIG FuZCBvdGhl ciBoZWFsdG hjYXJlIHNl dHRpbmdzLi BUaGVzZSBp bmNsdWRlIH N5cmluZ2Vz LCBuZWVkbG VzLCBjYXRo ZXRlcnMsIG luc3VsaW4g cGVucywgYW 5kIGluZnVz aW9uIHB1bX BzLjxicj5U aGUgQkQgTG lmZSBTY2ll bmNlcyBzZW dtZW50IHBy b3ZpZGVzIG 1pY3JvYmlv bG9neSBhbm QgbW9sZWN1 bGFyIGRpYW dub3N0aWMg cHJvZHVjdH MsIGFzIHdl bGwgYXMgcm VzZWFyY2gg YW5kIGNsaW 5pY2FsIHRv b2xzIHVzZW QgaW4gZHJ1 ZyBkaXNjb3 ZlcnksIGJp b3BoYXJtYW NldXRpY2Fs IG1hbnVmYW N0dXJpbmcs IGFuZCBvdG hlciBsaWZl IHNjaWVuY2 UgcmVzZWFy Y2ggYXBwbG ljYXRpb25z Ljxicj5Jbi BhZGRpdGlv biB0byBpdH MgcHJvZHVj dCBvZmZlcm luZ3MsIEJl Y3RvbiBEaW NraW5zb24g YW5kIENvbX BhbnkgYWxz byBwcm92aW RlcyBzdXBw b3J0IHNlcn ZpY2VzLCBp bmNsdWRpbm cgdGVjaG5p Y2FsIHN1cH BvcnQsIHRy YWluaW5nLC BhbmQgY29u c3VsdGluZy wgdG8gaGVs cCBjdXN0b2 1lcnMgb3B0 aW1pemUgdG hlaXIgdXNl IG9mIHRoZS Bjb21wYW55 J3MgcHJvZH VjdHMuPGJy PlRoZSBjb2 1wYW55J3Mg YnVzaW5lc3 MgbW9kZWwg YWxzbyBpbm NsdWRlcyBh IGZvY3VzIG 9uIHN1c3Rh aW5hYmlsaX R5IGFuZCBz b2NpYWwgcm VzcG9uc2li aWxpdHksIH dpdGggZWZm b3J0cyB0by ByZWR1Y2Ug aXRzIGVudm lyb25tZW50 YWwgaW1wYW N0IGFuZCBp bXByb3ZlIG FjY2VzcyB0 byBoZWFsdG hjYXJlIGlu IHVuZGVyc2 VydmVkIGNv bW11bml0aW VzLjxicj5P dmVyYWxsLC BCZWN0b24g RGlja2luc2 9uIGFuZCBD b21wYW55J3 MgYnVzaW5l c3MgbW9kZW wgaXMgY2Vu dGVyZWQgb2 4gaW5ub3Zh dGlvbiwgcX VhbGl0eSwg YW5kIGVmZm ljaWVuY3ks IHdpdGggYS Bjb21taXRt ZW50IHRvIG ltcHJvdmlu ZyBoZWFsdG hjYXJlIGRl bGl2ZXJ5IG FuZCBvdXRj b21lcyBmb3 IgcGF0aWVu dHMgd29ybG R3aWRlLg==

AI can present several potential threats to Becton Dickinson and Company’s (BD) products, services, and competitive positioning, particularly through substitution, disintermediation, and margin pressure.
1. Substitution: AI-powered solutions in healthcare, such as advanced diagnostic tools, telemedicine applications, and automated laboratory systems, may offer alternatives to BD’s traditional products. For instance, AI algorithms that analyze medical images or patient data could reduce reliance on specific BD diagnostic instruments, potentially impacting revenue from these product lines.
2. Disintermediation: The rise of AI in healthcare could lead to a shift in how healthcare providers acquire and use medical products and services. Direct-to-consumer AI tools might enable patients to access certain diagnostics or treatments without traditional intermediaries like hospitals or clinics, threatening BD’s established distribution channels and relationships with healthcare providers.
3. Margin Pressure: As AI technologies become more prevalent, competition within the healthcare sector could intensify. Companies that effectively leverage AI could offer better-performing or lower-cost alternatives to BD’s products, which may force BD to lower prices or increase investment in R&D to maintain margins. Additionally, AI can improve operational efficiencies and reduce costs for competitors, further squeezing BD’s market position.
Overall, while AI presents opportunities for innovation, it also poses significant risks that BD must navigate to protect its market share and profitability. Adapting to these changes, either through their own AI initiatives or partnerships, will be crucial for BD to remain competitive.

The sensitivity of Becton Dickinson and Company’s earnings, cash flow, and valuation to changes in interest rates can be analyzed from several perspectives:
1. Earnings Sensitivity: Interest rates can impact earnings primarily through their influence on borrowing costs and capital expenditure decisions. If interest rates rise, the cost of servicing debt increases, potentially squeezing profit margins. Additionally, higher rates can lead to reduced consumer and institutional spending on medical devices, which could adversely affect sales growth. Conversely, lower interest rates may stimulate borrowing and investment in growth, benefiting earnings overall.
2. Cash Flow Sensitivity: Cash flow from operations may not be as directly affected by interest rates as earnings, but there are still clear connections. Higher interest rates can increase interest expense if the company has variable-rate debt, which can reduce free cash flow. Furthermore, if higher rates result in decreased demand for products, cash inflows may decline. On the other hand, lower interest rates generally facilitate stronger cash flows by reducing financing costs and encouraging investment.
3. Valuation Sensitivity: Valuation of publicly traded companies like Becton Dickinson is often conducted using discounted cash flow (DCF) analysis, where future cash flows are discounted back to their present value using a discount rate that includes the risk-free rate, which tends to rise and fall with changes in interest rates. When interest rates increase, the present value of future cash flows decreases, leading to a lower valuation. This can impact investment sentiment and stock price in the market.
In summary, Becton Dickinson and Company’s earnings, cash flow, and valuation are sensitive to changes in interest rates. Rising rates can lead to increased costs and lower valuations, while falling rates may have a positive impact by lowering expenses and fostering growth. Management’s ability to navigate these changes will play a critical role in mitigating risks associated with interest rate fluctuations.

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 bG9nb3MvZD lBUWdGZVdE SXhxWWtUVD VQZjgud2Vi cCIgYWx0PS JCZWN0b24g RGlja2luc2 9uIGFuZCBD b21wYW55Ii B0aXRsZT0i QmVjdG9uIE RpY2tpbnNv biBhbmQgQ2 9tcGFueSIg IGNsYXNzPS JpbWctZmx1 aWQiIGhlaW dodD05MCB3 aWR0aD05MC Bsb2FkaW5n PSdsYXp5Jy BzdHlsZT0n Ym9yZGVyLX JhZGl1czog NnB4Oyc+Cg ogICAgICAg ICAgICAgIC AgICAgIDxk aXYgc3R5bG U9J2ZsZXg6 IDE7IHRleH QtYWxpZ246 IGNlbnRlcj sgbWFyZ2lu LWxlZnQ6ID VweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8cCBzdHls ZT0nZm9udC 1zaXplOiAy NnB4OyBjb2 xvcjogIzMz MzsgbWFyZ2 luLWJvdHRv bTogMTVweD snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Ag8J+TiCBX YW50IHRvIH JlYWQgbW9y ZSBhYm91dC BCZWN0b24g RGlja2luc2 9uIGFuZCBD b21wYW55Pw ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L3A+Cg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdpbmRl eC5waHA/cG FnZT1zaWdu dXAnIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICMw MDdCRkY7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBjb2 xvcjogI2Zm ZjsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHBhZGRpbm c6IDEwcHgg MjBweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJvcm Rlci1yYWRp dXM6IDVweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH RleHQtZGVj b3JhdGlvbj ogbm9uZTsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGZv bnQtd2VpZ2 h0OiBib2xk OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luLX JpZ2h0OiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdHJhbn NpdGlvbjog YmFja2dyb3 VuZC1jb2xv ciAwLjNzIG Vhc2U7Jwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgb25t b3VzZW92ZX I9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA1NmIz IicKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IG9ubW91c2 VvdXQ9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA3 QkZGIic+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIGZv ciBmcmVlCi AgICAgICAg ICAgICAgIC AgICAgICAg IDwvYT4KCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxzcGFuIH N0eWxlPSdt YXJnaW46ID AgOHB4OyBj b2xvcjogIz U1NTsnPm9y PC9zcGFuPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPGEgaH JlZj0naW5k ZXgucGhwP3 BhZ2U9bG9n aW4nIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGNvbG9y OiAjMDA3Qk ZGOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdGV4dC1k ZWNvcmF0aW 9uOiB1bmRl cmxpbmU7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBmb2 50LXdlaWdo dDogNTAwOy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bsb2cgaW4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9hPgoK CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxwIHN0 eWxlPSdtYX JnaW4tdG9w OiAxNXB4Oy Bmb250LXNp emU6IDEzcH g7IGZvbnQt d2VpZ2h0Oi Bib2xkOyBj b2xvcjogI2 QzMmYyZjsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg 8J+agCBEb2 7igJl0IG1p c3MgPGk+Il RoZSBDaGVj a2xpc3QgVm FsdWUgSW52 ZXN0b3Ig4o CUIEEgU21h cnRlciBXYX kgdG8gUGlj ayBTdG9ja3 MiPC9pPiDi gJQgZnJlZS EKICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9wPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPCEtLQ ogICAgICAg ICAgICAgIC AgICAgICAg ICA8ZGl2IH N0eWxlPSdt YXJnaW4tdG 9wOiAxMnB4 OyBmb250LX NpemU6IDEz cHg7IGNvbG 9yOiAjNDQ0 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIG5vdyBh bmQgZ2V0IG 91ciBmcmVl IGVCb29rIA ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgPG I+VGhlIENo ZWNrbGlzdC BWYWx1ZSBJ bnZlc3Rvci DigJQgQSBT bWFydGVyIF dheSB0byBQ aWNrIFN0b2 NrczwvYj4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIC0tPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8IS0tCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xkaXYgc3R5 bGU9J21hcm dpbi10b3A6 IDE2cHg7IG ZvbnQtc2l6 ZTogMTRweD sgY29sb3I6 ICM0NDQ7IG ZvbnQtZmFt aWx5OiAtYX BwbGUtc3lz dGVtLCBCbG lua01hY1N5 c3RlbUZvbn QsIFNlZ29l IFVJLCBSb2 JvdG8sIEhl bHZldGljYS BOZXVlLCBz YW5zLXNlcm lmOyBsaW5l LWhlaWdodD ogMS42Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBI YXZlIHlvdS BoZWFyZCBh Ym91dCBvdX Igc2hvcnQg PHN0cm9uZy BzdHlsZT0n Zm9udC13ZW lnaHQ6IDYw MDsnPkRhaW x5IFZpZGVv IE5ld3NsZX R0ZXI8L3N0 cm9uZz4/Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICA8YS BocmVmPSdo dHRwczovL3 d3dy5pbnNp Z2h0ZnVsdm FsdWUuY29t L25ld3NsZX R0ZXIucGhw JyB0YXJnZX Q9J19ibGFu aycgc3R5bG U9J2NvbG9y OiAjMDA3Qk ZGOyB0ZXh0 LWRlY29yYX Rpb246IG5v bmU7IGZvbn Qtd2VpZ2h0 OiA1MDA7IG 1hcmdpbi1s ZWZ0OiA2cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBG aW5kIG91dC Btb3JlCiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8L2E+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAg ICAgICAgIC AgICAtLT4K ICAgICAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgCi AgICAgICAg CiAgICAgIC AgPHNwYW4g Y2xhc3M9J2 JsdXJyZWQt dGV4dCc+Ci AgICAgICAg ICAgIE1TNG dRbVZqZEcg OXVJRVJwWT J0cCBibk52 YmlCaGJtIF FnUTI5dGNH RnUgZVN3Z1 lXeHpieSBC cmJtOTNiaU JoIGN5QkNS Q3dnYVggTW dZVzRnUVcx bCBjbWxqWV c0Z2JYIFZz ZEdsdVlYUn AgYjI1aGJD QnRaVyBScF kyRnNJSFJs IFkyaHViMn h2WjMga2dZ Mjl0Y0dGdS BlU0IwYUdG MElIIGRoY3 lCbWIzVnUg WkdWa0lHbH VJRCBFNE9U Y3VQR0p5IF BqSXVJRlJv WlMgQmpiMj F3WVc1NSA0 b0NaY3lCb1 pXIEZrY1hW aGNuUmwgY2 5NZ1lYSmxJ RyB4dlkyRj BaV1FnIGFX NGdSbkpoYm 0gdHNhVzRn VEdGciBaWE 1zSUU1bGR5 IEJLWlhKel pYa3UgUEdK eVBqTXVJRS BKRUlHbHpJ R0VnIGJHVm haR2x1Wnkg Qm5iRzlpWV d3ZyBjM1Z3 Y0d4cFpYIE lnYjJZZ2JX VmsgYVdOaG JDQmtaWCBa cFkyVnpMQ0 JwIGJuTjBj blZ0WlcgNT BjeXdnWVc1 ayBJSEpsWV dkbGJuIFJ6 SUdadmNpQm 8gWldGc2RH aGpZWCBKbE lHbHVjM1Jw IGRIVjBhVz l1Y3kgd2di R2xtWlNCei BZMmxsYm1O bElIIEpsYz JWaGNtTm8g WlhKekxDQm piRyBsdWFX TmhiQ0JzIF lXSnZjbUYw YjMgSnBaWE 1zSUdsdSBa SFZ6ZEhKNU xDIEJoYm1R Z2RHaGwgSU dkbGJtVnlZ VyB3Z2NIVm liR2xqIExq eGljajQwTG kgQlVhR1Vn WTI5dCBjR0 Z1ZVNCb1lY IE1nYjNabG NpQTIgTlN3 d01EQWdaVy Axd2JHOTVa V1Z6IElIZH ZjbXhrZDIg bGtaU0JoYm 1RZyBiM0Js Y21GMFpYIE 1nYVc0Z2JX OXkgWlNCMG FHRnVJRCBV d0lHTnZkVz UwIGNtbGxj eTQ4WW4gSS tOUzRnUWtR ZyBhWE1nY2 1WemNHIDl1 YzJsaWJHVW cgWm05eUlH UmxkbSBWc2 IzQnBibWNn IFlXNWtJSE J5YjIgUjFZ Mmx1WnlCdC BZVzU1SUhk cFpHIFZzZV NCMWMyVmsg SUcxbFpHbG pZVyB3Z1pH VjJhV05sIG N5d2dhVzVq YkggVmthVz VuSUhONSBj bWx1WjJWek xDIEJwYm5O MWJHbHUgSU dSbGJHbDJa WCBKNUlITj VjM1JsIGJY TXNJR0Z1Wk MgQmliRzl2 WkNCaiBiMn hzWldOMGFX IDl1SUdGdV pDQjAgWlhO MGFXNW5JRy BWeGRXbHdi V1Z1IGRDND hZbkkrTmkg NGdRa1FnZD JGeiBJSFJv WlNCbWFYIE p6ZENCamIy MXcgWVc1NU lIUnZJRyBs dWRISnZaSF ZqIFpTQmhJ SEJ5WlMgMW 1hV3hzWldR ZyBjM2x5YV c1blpTIEFv UWtRZ1NIbH cgWVdzcElH bHVJRCBFNU 9UQXNJSEps IGRtOXNkWF JwYjIgNXBl bWx1WnlCMC BhR1VnZDJG NUlHIFJ5ZF dkeklHRnkg WlNCaFpHMX BibSBsemRH VnlaV1F1IF BHSnlQamN1 SUUgbHVJRE U1TmpRcyBJ RUpFSUhCaG NuIFJ1WlhK bFpDQjMgYV hSb0lFNUJV MCBFZ2RHOG daR1YyIFpX eHZjQ0IwYU cgVWdabWx5 YzNRZyBiV1 ZrYVdOaGJD IEJ6ZVhKcG JtZGwgSUhS b1lYUWdZMi A5MWJHUWdZ bVVnIGRYTm xaQ0JwYmkg QnpjR0ZqWl M0ZyBWR2hw Y3lCc1pXIF FnZEc4Z2RH aGwgSUdOeV pXRjBhVyA5 dUlHOW1JSF JvIFpTQm1h WEp6ZEMgQn pZV1psZEhr ZyBjM2x5YV c1blpTIHdn ZDJocFkyZ2 cgYVhNZ2Jt OTNJSCBOMF lXNWtZWEpr IElHbHVJR2 hsWVcgeDBh R05oY21VZy BabUZqYVd4 cGRHIGxsY3 lCM2IzSnMg WkhkcFpHVX VQRyBKeVBq Z3VJRWx1IE lESXdNVGNz SUUgSkVJR0 ZqY1hWcCBj bVZrSUVNdV VpIDRnUW1G eVpDd2cgU1 c1akxpd2dZ UyBCc1pXRm thVzVuIElH MWhiblZtWV cgTjBkWEps Y2lCdiBaaU J0WldScFky IEZzSUdSbG RtbGogWlhN Z1ptOXlJSC BaaGMyTjFi R0Z5IExDQj FjbTlzYjIg ZDVMQ0JoYm 1RZyBiMjVq YjJ4dlozIG tnY0hKdlky VmsgZFhKbG N5d2dabSA5 eUlDUXlOQ0 JpIGFXeHNh Vzl1TGogeG ljajQ1TGlC QyBST0tBbV hNZ2NIIEp2 WkhWamRITW cgYUdGMlpT QmlaVyBWdU lIVnpaV1Fn IGFXNGdiV0 Z1ZVMgQnph V2R1YVdacC BZMkZ1ZENC dFpXIFJwWT JGc0lHRmsg ZG1GdVkyVn RaVyA1MGN5 d2dhVzVqIG JIVmthVzVu SUggUm9aU0 JtYVhKeiBk Q0J6ZFdOal pYIE56Wm5W c0lIQmggYm 1OeVpXRnpJ SCBSeVlXNX pjR3hoIGJu UWdhVzRnTV QgazJOaUJo Ym1RZyBkR2 hsSUdacGNu IE4wSUhOMV kyTmwgYzNO bWRXd2dhVy A0Z2RtbDBj bThnIFptVn lkR2xzYVgg cGhkR2x2Ym lCcCBiaUF4 T1RjNExqIH hpY2o0eE1D NGcgVkdobE lHTnZiWCBC aGJua2dhR0 Z6IElHRWdi Rzl1WnkgQm 9hWE4wYjNK NSBJRzltSU hCb2FXIHho Ym5Sb2NtOX cgZVNCaGJt UWdZMiA5dG JYVnVhWFI1 IElHbHVkbT lzZG0gVnRa VzUwTENCcC BibU5zZFdS cGJtIGNnY0 hKdmRtbGsg YVc1bklITj FjSCBCdmNu UWdabTl5IE lHUnBjMkZ6 ZEcgVnlJSE psYkdsbCBa aUJsWm1adm NuIFJ6SUdG dVpDQncgY2 05MmFXUnBi bSBjZ1puSm xaU0JvIFpX RnNkR2hqWV ggSmxJSE5s Y25acCBZMl Z6SUhSdklI IFZ1WkdWeW MyVnkgZG1W a0lHTnZiVy AxMWJtbDBh V1Z6IExqeG ljajR4TVMg NGdRa1FnYU dGeiBJR0ps Wlc0Z2JtIE Z0WldRZ2Iy NWwgSUc5bU lIUm9aUyBC WGIzSnNaT0 tBIG1YTWdU Vzl6ZEMgQk ZkR2hwWTJG cyBJRU52Yl hCaGJtIGxs Y3lCaWVTQj AgYUdVZ1JY Um9hWCBOd2 FHVnlaU0JK IGJuTjBhWF IxZEcgVWda bTl5SURFMC BJR052Ym5O bFkzIFYwYV habElIbGwg WVhKekxqeG ljaiA0eE1p NGdWR2hsIE lHTnZiWEJo Ym4ga2dhR0 Z6SUdGcyBj MjhnWW1WbG JpIEJ5WldO dloyNXAgZW 1Wa0lHWnZj aSBCcGRITW dZMjl0IGJX bDBiV1Z1ZE MgQjBieUJr YVhabCBjbk 5wZEhrZ1lX IDVrSUdsdV kyeDEgYzJs dmJpd2dhVy A1amJIVmth VzVuIElHSm xhVzVuSUcg NWhiV1ZrSU c5dSBaU0J2 WmlCMGFHIF VnZEc5d0lH TnYgYlhCaG JtbGxjeSBC bWIzSWdaR2 wyIFpYSnph WFI1SUcgSj VJRVJwZG1W eSBjMmwwZV VsdVl5IEJt YjNJZ2JtbH UgWlNCamIy NXpaVyBOMW RHbDJaU0I1 IFpXRnljeT Q4WW4gSStN VE11SUVsdS BJREl3TWpB c0lFIEpFSU hkaGN5Qmgg ZENCMGFHVW dabSA5eVpX WnliMjUwIE lHOW1JSFJv WlMgQm5iRz lpWVd3ZyBj bVZ6Y0c5dW MyIFVnZEc4 Z2RHaGwgSU VOUFZrbEVM VCBFNUlIQm hibVJsIGJX bGpMQ0JrWl ggWmxiRzl3 YVc1biBJR0 Z1WkNCa2FY IE4wY21saW RYUnAgYm1j Z2JXbHNiRy BsdmJuTWdi MllnIGRHVn pkR2x1Wnkg QnJhWFJ6SU dGdSBaQ0J6 ZFhCd2JHIG xsY3lCbWIz SWcgYUdWaG JIUm9ZMiBG eVpTQndjbT ltIFpYTnph Vzl1WVcgeH pManhpY2o0 eCBOQzRnVk dobElHIE52 YlhCaGJua2 cgYUdGeklH SmxaVyA0Z2 JHbHpkR1Zr IElHOXVJSF JvWlMgQkdi M0owZFc1bC BJRFV3TUNC c2FYIE4wSU dOdmJuTnAg YzNSbGJuUn NlUyBCemFX NWpaU0F5IE 1ERXhJR0Z1 WkMgQmpkWE p5Wlc1MCBi SGtnY21GdW EzIE1nWVhR Z2JuVnQgWW 1WeUlESXhO QyA0OFluSS tNVFV1IElF SkVJR052Ym 4gUnBiblZs Y3lCMCBieU JwYm01dmRt IEYwWlNCaG JtUWcgWkdW MlpXeHZjQy BCdVpYY2dk R1ZqIGFHNX ZiRzluYVcg VnpJSFJ2SU dsdCBjSEp2 ZG1VZ2FHIF ZoYkhSb1ky RnkgWlNCdm RYUmpiMiAx bGN5QmhibV FnIFlXUjJZ VzVqWlMgQn RaV1JwWTJG cyBJSE5qYV dWdVkyIFV1 SUZSb1pXbH kgSUhKbGMy VmhjbSBOb0 lHRnVaQ0Jr IFpYWmxiRz l3YlcgVnVk Q0J3YVhCbC BiR2x1WlNC cGJtIE5zZF dSbGN5QnYg ZG1WeUlEUX NNRCBBd0lI QmhkR1Z1IG RITXUKICAg ICAgICA8L3 NwYW4+CiAg ICAgICAgCi AgICAgICAg