Aramark

-14.04%

Live  

Aramark is a global food service, facilities, and uniform services provider headquartered in Philadelphia, Pennsylvania. The company was founded in 1936 by Davre Davidson and William Fishman, under the name Davidson Brothers, and was originally a vending services operation. It was later renamed to Automatic Retailers of America (ARA) and began providing food services to businesses and schools. In 1959, ARA went public and expanded internationally.
In 1984, Joseph Neubauer became CEO and led a period of rapid growth and diversification for the company, including establishing a partnership with the NBA to provide food services for arenas. In 1994, ARA changed its name to Aramark to reflect its expanding range of services beyond just food. The company continued to grow and expand into new markets, acquiring companies such as ServiceMaster Management Services and Unisys Corporation’s facilities management division.
Today, Aramark serves a diverse range of industries, including food and beverage, facilities management, uniforms, and healthcare. Its services include catering, dining services, facility maintenance and management, and uniform rental and sales. The company operates in over 20 countries and has approximately 270,000 employees worldwide.
Aramark has a strong commitment to sustainability and social responsibility. It has set goals to reduce its environmental footprint, support local communities, and promote diversity and inclusion within its workforce. The company also has a long history of charitable giving and community engagement, including partnerships with organizations such as the American Heart Association and Feeding America.
In addition to its core services, Aramark has partnerships with some of the biggest names in the sports, entertainment, and corporate sectors, such as the NFL, MLB, and Disneyland. It also operates its own line of healthy snack and beverage products under the brand name Good Mood Foods.
Overall, Aramark has a strong reputation for providing quality services and products, as well as its commitment to sustainability and social responsibility. As it continues to expand and innovate, the company remains a leader in the food service and facilities management industries.

Aramark is a big company that helps provide food and other services for places like schools, hospitals, businesses, and sports events. Imagine if you went to a school cafeteria and saw all those yummy meals, or if your parents went to a concert and had tasty snacks available—Aramark is often the company behind that!
The way Aramark makes money is by offering these services. They provide food, drinks, and even cleaning services to the places they work with, and they charge those places for what they do. For example, if a hospital needs meals for patients, Aramark will prepare and deliver those meals and then bill the hospital for the cost of the food and the service.
Aramark is successful because they focus on being really good at what they do. They work hard to make tasty food and provide great service, which makes their customers happy. Happy customers are more likely to keep working with them, which helps the company grow.
In the future, Aramark is likely to keep being successful because people will always need food and services in schools, hospitals, and other places. Plus, as new trends in eating and dining come up, Aramark will adapt and create new menus and services to meet what people want. So, they have a good chance of staying around for a long time!

MS4gR2xvYm FsIFByZXNl bmNlOiBBcm FtYXJrIG9w ZXJhdGVzIG luIG1vcmUg dGhhbiAyMC Bjb3VudHJp ZXMgYW5kIH NlcnZlcyBv dmVyIDUwMC BtaWxsaW9u IGN1c3RvbW VycyB3b3Js ZHdpZGUuPG JyPjIuIFZh cmlldHkgb2 YgU2Vydmlj ZXM6IEFyYW 1hcmsgb2Zm ZXJzIGEgd2 lkZSByYW5n ZSBvZiBzZX J2aWNlcyBp biB0aGUgYX JlYXMgb2Yg Zm9vZCwgZm FjaWxpdGll cywgYW5kIH VuaWZvcm1z IHNlcnZpY2 VzIHRvIHZh cmlvdXMgaW 5kdXN0cmll cyBpbmNsdW RpbmcgZWR1 Y2F0aW9uLC BoZWFsdGhj YXJlLCBzcG 9ydHMgYW5k IGVudGVydG Fpbm1lbnQs IGFuZCBjb3 Jwb3JhdGlv bnMuPGJyPj MuIENvbW1p dG1lbnQgdG 8gU3VzdGFp bmFiaWxpdH k6IFRoZSBj b21wYW55IG lzIGNvbW1p dHRlZCB0by BzdXN0YWlu YWJpbGl0eS BhbmQgaGFz IGltcGxlbW VudGVkIHZh cmlvdXMgaW 5pdGlhdGl2 ZXMgc3VjaC BhcyByZWR1 Y2luZyB3YX N0ZSwgdXNp bmcgc3VzdG FpbmFibGUg cHJvZHVjdH MgYW5kIHBy b21vdGluZy BzdXN0YWlu YWJsZSBwcm FjdGljZXMu PGJyPjQuIE lubm92YXRp b246IEFyYW 1hcmsgaXMg a25vd24gZm 9yIGl0cyBp bm5vdmF0aX ZlIGFwcHJv YWNoIHRvIH NlcnZpY2Ug ZGVsaXZlcn ksIGNvbnN0 YW50bHkgc2 Vla2luZyBu ZXcgYW5kIG ltcHJvdmVk IHdheXMgdG 8gbWVldCB0 aGUgbmVlZH Mgb2YgaXRz IGN1c3RvbW Vycy48YnI+ NS4gU3Ryb2 5nIEN1c3Rv bWVyIEZvY3 VzOiBUaGUg Y29tcGFueS BwbGFjZXMg YSBzdHJvbm cgZW1waGFz aXMgb24gY3 VzdG9tZXIg c2F0aXNmYW N0aW9uIGFu ZCBoYXMgbW Vhc3VyZXMg aW4gcGxhY2 UgdG8gZW5z dXJlIHRoYX QgY3VzdG9t ZXJzIGFyZS BoYXBweSB3 aXRoIHRoZW lyIHNlcnZp Y2VzLjxicj 42LiBEaXZl cnNpdHkgYW 5kIEluY2x1 c2lvbjogQX JhbWFyayBo YXMgYSBkaX ZlcnNlIGFu ZCBpbmNsdX NpdmUgd29y a2ZvcmNlLC B3aXRoIGEg Y29tbWl0bW VudCB0byBw cm9tb3Rpbm cgZGl2ZXJz aXR5IGFuZC BlcXVhbGl0 eSB3aXRoaW 4gdGhlIGNv bXBhbnkuPG JyPjcuIFNv Y2lhbCBSZX Nwb25zaWJp bGl0eTogVG hlIGNvbXBh bnkgaXMgZG VkaWNhdGVk IHRvIG1ha2 luZyBhIHBv c2l0aXZlIG ltcGFjdCBv biB0aGUgY2 9tbXVuaXRp ZXMgaXQgc2 VydmVzIHRo cm91Z2ggdm FyaW91cyBw aGlsYW50aH JvcGljIGlu aXRpYXRpdm VzIGFuZCB2 b2x1bnRlZX Jpbmcgb3Bw b3J0dW5pdG llcyBmb3Ig ZW1wbG95ZW VzLjxicj44 LiBFbXBsb3 llZSBEZXZl bG9wbWVudD ogQXJhbWFy ayBvZmZlcn MgdHJhaW5p bmcgYW5kIG RldmVsb3Bt ZW50IHByb2 dyYW1zIGZv ciBpdHMgZW 1wbG95ZWVz LCBoZWxwaW 5nIHRoZW0g dG8gZGV2ZW xvcCBuZXcg c2tpbGxzIG FuZCBhZHZh bmNlIGluIH RoZWlyIGNh cmVlcnMuPG JyPjkuIFBv c2l0aXZlIF dvcmsgQ3Vs dHVyZTogVG hlIGNvbXBh bnkgaGFzIG EgY29sbGFi b3JhdGl2ZS BhbmQgaW5j bHVzaXZlIH dvcmsgY3Vs dHVyZSwgcH JvbW90aW5n IHRlYW13b3 JrIGFuZCBv cGVuIGNvbW 11bmljYXRp b24gdG8gZm 9zdGVyIGEg cG9zaXRpdm Ugd29yayBl bnZpcm9ubW VudC48YnI+ MTAuIEF3YX JkLXdpbm5p bmcgU2Vydm ljZTogQXJh bWFyayBoYX MgcmVjZWl2 ZWQgbnVtZX JvdXMgYXdh cmRzIGFuZC ByZWNvZ25p dGlvbiBmb3 IgaXRzIHNl cnZpY2UgZX hjZWxsZW5j ZSwgZnVydG hlciBzaG93 Y2FzaW5nIG l0cyBjb21t aXRtZW50IH RvIGRlbGl2 ZXJpbmcgaG lnaC1xdWFs aXR5IHNlcn ZpY2VzIHRv IGl0cyBjdX N0b21lcnMu

VGhlIEFyYW 1hcmsgY29t cGFueeKAmX MgYnVzaW5l c3MgbW9kZW wgaXMgdG8g cHJvdmlkZS Bmb29kLCBm YWNpbGl0aW VzLCBhbmQg dW5pZm9ybS BzZXJ2aWNl cyB0byB2YX Jpb3VzIGlu ZHVzdHJpZX MsIGluY2x1 ZGluZyBlZH VjYXRpb24s IGhlYWx0aG NhcmUsIHNw b3J0cyBhbm QgZW50ZXJ0 YWlubWVudC wgYnVzaW5l c3MgYW5kIG luZHVzdHJ5 LCBhbmQgcG Fya3MgYW5k IGRlc3Rpbm F0aW9ucy4g VGhlIGNvbX Bhbnkgb2Zm ZXJzIHBlcn NvbmFsaXpl ZCBzb2x1dG lvbnMgYW5k IGV4cGVydG lzZSB0byBt ZWV0IHRoZS BuZWVkcyBv ZiBpdHMgY2 xpZW50cyBh bmQgY3VzdG 9tZXJzLCB3 aXRoIGEgZm 9jdXMgb24g c3VzdGFpbm FiaWxpdHks IGlubm92YX Rpb24sIGFu ZCBjdXN0b2 1lciBleHBl cmllbmNlLi BBcmFtYXJr IG9wZXJhdG VzIHRocm91 Z2ggYSBjb2 1iaW5hdGlv biBvZiBzZW xmLW9wZXJh dGVkIGxvY2 F0aW9ucyBh bmQgcGFydG 5lcnNoaXBz IHdpdGggb3 RoZXIgb3Jn YW5pemF0aW 9ucywgYW5k IHV0aWxpem VzIHRlY2hu b2xvZ3kgdG 8gZW5oYW5j ZSBpdHMgb3 BlcmF0aW9u cyBhbmQgc2 VydmljZXMu IEFkZGl0aW 9uYWxseSwg dGhlIGNvbX BhbnkgcHJp b3JpdGl6ZX MgZGl2ZXJz aXR5IGFuZC BpbmNsdXNp b24sIGVtcG xveWVlIGRl dmVsb3BtZW 50LCBhbmQg Y29tbXVuaX R5IGludm9s dmVtZW50IG luIGl0cyBi dXNpbmVzcy BzdHJhdGVn eS4=

AI does pose potential threats to Aramark’s business model and competitive positioning in several ways.
Firstly, substitution is a significant factor. As AI technologies evolve, they can automate various services that Aramark provides, such as food preparation and delivery, facility management, and waste management. For example, automated cooking systems and AI-driven delivery services can replace traditional food services, affecting Aramark’s market share.
Secondly, disintermediation can occur as AI platforms enable direct connections between consumers and service providers, bypassing companies like Aramark. With the rise of odemand food delivery apps and cloud kitchens, customers might choose alternatives that offer more personalized or efficient services, reducing reliance on traditional service providers.
Lastly, margin pressure is a notable concern. As AI streamlines operations and reduces costs for competitors, Aramark may face increased pressure to lower prices to remain competitive. This situation could squeeze profit margins if they cannot keep up with technological advancements or cost reductions achieved by rivals leveraging AI.
In summary, AI can affect Aramark through substitution, disintermediation, and margin pressure, posing challenges that the company will need to address strategically to remain competitive in the marketplace.

The sensitivity of Aramark’s earnings, cash flow, and valuation to changes in interest rates can be analyzed through several key aspects:
1. Earnings Sensitivity: Aramark’s earnings could be impacted by interest rate changes primarily through its cost of debt and overall economic conditions. If interest rates rise, the company’s borrowing costs may increase, leading to higher interest expenses that could reduce net earnings. Conversely, lower interest rates might decrease these expenses, potentially boosting earnings.
2. Cash Flow Sensitivity: The sensitivity of cash flow to interest rates is closely tied to the company’s capital structure. As interest rates rise, cash outflows for interest payments will increase, limiting free cash flow available for operations, dividends, or reinvestment. Additionally, if higher interest rates lead to reduced consumer spending or a slowdown in client sectors (e.g., dining services), cash flows from operations might be adversely affected.
3. Valuation Sensitivity: Valuation models, particularly discounted cash flow (DCF) valuations, are highly sensitive to interest rate changes. Higher interest rates increase the discount rate applied to future cash flows, typically reducing the present value of those cash flows and hence the overall valuation of the company. Conversely, lower rates tend to increase valuations through a lower discount rate.
Overall, while Aramark’s direct exposure to interest rate fluctuations may not be as pronounced as in financial institutions, changes in interest rates can have significant indirect effects on its earnings, cash flow, and overall valuation through borrowing costs and broader economic impacts.

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 bG9nb3MvZG ZHem96VlZS MGRSZlRDUz doMjUud2Vi cCIgYWx0PS JBcmFtYXJr IiB0aXRsZT 0iQXJhbWFy ayIgIGNsYX NzPSJpbWct Zmx1aWQiIG hlaWdodD05 MCB3aWR0aD 05MCBsb2Fk 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 91dCBBcmFt YXJrPwogIC 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+O gSBGcmVlIG Rvd25sb2Fk ISA8aT4iVG hlIENoZWNr bGlzdCBWYW x1ZSBJbnZl c3RvciDigJ QgQSBTbWFy dGVyIFdheS B0byBQaWNr IFN0b2Nrcy I8L2k+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvcD4KCiAg ICAgICAgIC AgICAgICAg ICAgICAgID whLS0KICAg ICAgICAgIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nbWFyZ2 luLXRvcDog MTJweDsgZm 9udC1zaXpl OiAxM3B4Oy Bjb2xvcjog IzQ0NDsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgU2 lnbiB1cCBu b3cgYW5kIG dldCBvdXIg ZnJlZSBlQm 9vayAKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIDxiPlRo ZSBDaGVja2 xpc3QgVmFs dWUgSW52ZX N0b3Ig4oCU IEEgU21hcn RlciBXYXkg dG8gUGljay BTdG9ja3M8 L2I+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICAgICAgIC AgICAgICAt LT4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPCEt LQogICAgIC AgICAgICAg ICAgICAgIC AgICA8ZGl2 IHN0eWxlPS dtYXJnaW4t dG9wOiAxNn B4OyBmb250 LXNpemU6ID E0cHg7IGNv bG9yOiAjND Q0OyBmb250 LWZhbWlseT ogLWFwcGxl LXN5c3RlbS wgQmxpbmtN YWNTeXN0ZW 1Gb250LCBT ZWdvZSBVSS wgUm9ib3Rv LCBIZWx2ZX RpY2EgTmV1 ZSwgc2Fucy 1zZXJpZjsg bGluZS1oZW lnaHQ6IDEu NjsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgSGF2ZS B5b3UgaGVh cmQgYWJvdX Qgb3VyIHNo b3J0IDxzdH Jvbmcgc3R5 bGU9J2Zvbn Qtd2VpZ2h0 OiA2MDA7Jz 5EYWlseSBW aWRlbyBOZX dzbGV0dGVy PC9zdHJvbm c+PwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGEgaHJl Zj0naHR0cH M6Ly93d3cu aW5zaWdodG Z1bHZhbHVl LmNvbS9uZX dzbGV0dGVy LnBocCcgdG FyZ2V0PSdf YmxhbmsnIH N0eWxlPSdj b2xvcjogIz AwN0JGRjsg dGV4dC1kZW NvcmF0aW9u OiBub25lOy Bmb250LXdl aWdodDogNT AwOyBtYXJn aW4tbGVmdD ogNnB4Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgRmluZC BvdXQgbW9y ZQogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9hPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgICAgIC AgICAgICAg LS0+CiAgIC AgICAgICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgIAogICAg ICAgIAogIC AgICAgIDxz cGFuIGNsYX NzPSdibHVy cmVkLXRleH QnPgogICAg ICAgICAgIC BNUzRnUVhK aGJXIEZ5YX lCM1lYTWcg Wm05MWJtUm xaQyBCcGJp QXhPVFU1IE lHSjVJRVJo ZG4gSmxJRV JoZG1sayBj Mjl1SUdGdV pDIEJYYVd4 c2FXRnQgSU VacGMyaHRZ VyA0Z1lYTW dZU0IyIFpX NWthVzVuSU cgMWhZMmhw Ym1VZyBZMj l0Y0dGdWVT IEJqWVd4c1 pXUWcgUVhW MGIyMWhkRy BsaklGSmxk R0ZwIGJHVn ljeUJ2Wmkg QkJiV1Z5YV dOaCBJQ2hC VWtFcExqIH hpY2o0eUxp QlUgYUdVZ2 JtRnRaUyBC QmNtRnRZWE pyIElIZGhj eUJqY20gVm hkR1ZrSUds dSBJREU1Tm pnZ2QyIGhs YmlCQlVrRW cgYldWeVoy VmtJSCBkcG RHZ2dkR2hs IElHWnZiMl FnWVcgNWtJ SE4xY0hCdi BjblFnYzJW eWRtIGxqWl hNZ1pHbDIg YVhOcGIyNG diMiBZZ1FY VjBiMjFoIG RHbGpJRTFs Y20gTm9ZVz VrYVhObCBj aUJEYjIxd1 lXIDU1SUNo QlRVTXAgTE NCamNtVmhk RyBsdVp5Qj BhR1VnIGJt VjNJRzVoYl cgVWdRVkpC TFUxaCBjbX N1UEdKeVBq IE11SUVsdU lESXcgTURF c0lIUm9aUy BCamIyMXdZ VzU1IElHOW 1abWxqYVcg RnNiSGtnWT JoaCBibWRs WkNCcGRIIE 1nYm1GdFpT QjAgYnlCQm NtRnRZWCBK ckxqeGljaj QwIExpQkJj bUZ0WVggSn JJR2x6SUc1 diBkeUJoSU d4bFlXIFJw Ym1jZ1oyeH YgWW1Gc0lI QnliMyBacF pHVnlJRzlt IElHWnZiMl FzSUcgWmhZ MmxzYVhScC BaWE1zSUdG dVpDIEIxYm 1sbWIzSnQg SUhObGNuWn BZMiBWeklI UnZJR0VnIG QybGtaU0J5 WVcgNW5aU0 J2WmlCcCBi bVIxYzNSeW FXIFZ6TENC cGJtTnMgZF dScGJtY2da VyBSMVkyRj BhVzl1IExD Qm9aV0ZzZE cgaGpZWEps TENCeiBjRz l5ZEhNZ1lX IDVrSUdWdW RHVnkgZEdG cGJtMWxibi BRc0lHSjFj Mmx1IFpYTn pJR0Z1WkMg QnBibVIxYz NSeSBlU3dn WVc1a0lHIE 52Y25KbFkz UnAgYjI1ek xqeGljaiA0 MUxpQlVhR1 VnIFkyOXRj R0Z1ZVMgQm 9ZWE1nWVNC MyBiM0pyWm 05eVkyIFVn YjJZZ2IzWm wgY2lBeU56 QXNNRCBBd0 lHVnRjR3h2 IGVXVmxjeX dnYlcgRnJh VzVuSUdsMC BJRzl1WlNC dlppIEIwYU dVZ2JHRnkg WjJWemRDQm xiWCBCc2Iz bGxjbk1nIG FXNGdkR2hs SUYgVnVhWF JsWkNCVCBk R0YwWlhNdV BHIEp5UGpZ dUlFRnkgWV cxaGNtc2dj MiBWeWRtVn pJRzF2IGNt VWdkR2hoYm kgQXlJR0pw Ykd4cCBiMj RnYldWaGJI IE1nWVc1dW RXRnMgYkhr Z2FXNGdiMy BabGNpQXhP U0JqIGIzVn VkSEpwWlgg TWdZVzVrSU dsdSBJR0Zz YkNBMU1DIE J6ZEdGMFpY TWcgYVc0Z2 RHaGxJRiBV dVV5NDhZbk krIE55NGdR WEpoYlcgRn lheUJvWVhN ZyBZU0J6ZE hKdmJtIGNn WTI5dGJXbD AgYldWdWRD QjBieSBCem RYTjBZV2x1 IFlXSnBiR2 wwZVMgQmhi bVFnYUdGei BJR0psWlc0 Z2NtIFZqYj JkdWFYcGwg WkNCaWVTQj JZWCBKcGIz VnpJRzl5IF oyRnVhWHBo ZEcgbHZibk 1nWm05eSBJ R2wwY3lCbF ptIFp2Y25S eklHbHUgSU hSb2FYTWdZ WCBKbFlTNG dWR2hsIElH TnZiWEJoYm 4ga2dhR0Z6 SUdsdCBjR3 hsYldWdWRH IFZrSUhOMW MzUmggYVc1 aFlteGxJSC BCeVlXTjBh V05sIGN5Qn pkV05vSUcg RnpJSGRoYz NSbCBJSEps WkhWamRHIG x2Yml3Z1pX NWwgY21kNU lHTnZibiBO bGNuWmhkR2 x2IGJpd2dZ VzVrSUggTj FjM1JoYVc1 aCBZbXhsSU hOdmRYIEpq YVc1bklHOW 0gSUdsdVoz SmxaRyBsbG JuUnpManhp IGNqNDRMaU JCY20gRnRZ WEpySUdoaC BjeUJoSUd4 dmJtIGNnYU dsemRHOXkg ZVNCdlppQn pkWCBCd2Iz SjBhVzVuIE lHTm9ZWEpw ZEcgRmliR1 VnWTJGMSBj MlZ6TENCaG JtIFFnYVhS eklHVnQgY0 d4dmVXVmxj eSBCb1lYWm xJSFp2IGJI VnVkR1ZsY2 0gVmtJRzky WlhJZyBOVE F3TERBd01D IEJvYjNWeW N5QmggYm01 MVlXeHNlUy BCMGJ5Qmpi MjF0IGRXNX BkSGtnYzIg VnlkbWxqWl NCdyBjbTlx WldOMGN5IE JoY205MWJt UWcgZEdobE lIZHZjbSB4 a0xqeGljaj Q1IExpQlVh R1VnWTIgOX RjR0Z1ZVNC byBZWE1nWW 1WbGJpIEJz YVhOMFpXUW cgYjI0Z2RH aGxJRSBadm NuUjFibVVn IE5UQXdJR3 hwYzMgUWdZ Mjl1YzJsei BkR1Z1ZEd4 NUlIIE5wYm 1ObElESXcg TURndVBHSn lQaiBFd0xp QkpiaUJoIF pHUnBkR2x2 YmkgQjBieU JwZEhNZyBi V0ZwYmlCaW RYIE5wYm1W emN5QnYgY0 dWeVlYUnBi MiA1ekxDQk JjbUZ0IFlY SnJJR0ZzYz IgOGdiM0Js Y21GMCBaWE 1nWVNCdWRX IDFpWlhJZ2 IyWWcgYzNW aWMybGthVy BGeWVTQmpi MjF3IFlXNX BaWE1zSUcg bHVZMngxWk dsdSBaeUJC Y21GdFlYIE pySUZKbFpu SmwgYzJodF pXNTBJRiBO bGNuWnBZMl Z6IExDQkJj bUZ0WVggSn JJRWhsWVd4 MCBhR05oY2 1VZ1UzIFZ3 Y0c5eWRDQl QgWlhKMmFX TmxjeSB3Z1 lXNWtJRUZ5 IFlXMWhjbX NnUTIgOXlj bVZqZEdsdi BibUZzSUZO bGNuIFpwWT JWekxnPT0K ICAgICAgIC A8L3NwYW4+ CiAgICAgIC AgCiAgICAg ICAg