Lindsay Corp

-13.52%

More reviews (1)

Live  

Lindsay Corp is a leading global manufacturer and distributor of irrigation and infrastructure equipment for agriculture, golf, landscape, and road safety. The company was founded in 1955 and is based in Omaha, Nebraska.
The company's primary products include center pivot, lateral move, and towable irrigation systems, as well as water management, pump stations, and filtration systems. They also provide infrastructure solutions such as road safety products, including crash cushions and road marking equipment.
Lindsay Corp operates through three business segments: Irrigation, Infrastructure, and Transportation, with a presence in more than 90 countries worldwide. They have a strong customer base of farmers, contractors, municipalities, and governments.
The company has a strong commitment to sustainability and innovation, with a focus on developing technologies that help farmers and industries conserve water and energy resources. They also have a comprehensive dealer network to provide customers with support and service.
Lindsay Corp is publicly traded on the New York Stock Exchange under the ticker symbol LNN and consistently ranks as one of Forbes' America's Best Small Companies. Additionally, the company has been recognized for its workplace culture and commitment to employee development.
Overall, Lindsay Corp is a prominent and reputable company in the global irrigation and infrastructure equipment industry, with a strong track record of delivering high-quality products and services to its customers.

TGluZHNheS BDb3JwIGlz IGEgY29tcG FueSB0aGF0 IGhlbHBzIG Zhcm1lcnMg Z3JvdyBtb3 JlIGZvb2Qg YnkgbWFraW 5nIHNwZWNp YWwgZXF1aX BtZW50LiBJ bWFnaW5lIG EgZmFybWVy IHdpdGggYS BiaWcgZmll bGQgZnVsbC BvZiBjb3Ju IG9yIHdoZW F0LiBUbyBt YWtlIHN1cm UgdGhlIHBs YW50cyBnZX QgZW5vdWdo IHdhdGVyLC B0aGV5IG5l ZWQgc29tZX RoaW5nIGNh bGxlZCBpcn JpZ2F0aW9u LCB3aGljaC BpcyBsaWtl IGdpdmluZy B0aGUgcGxh bnRzIGEgZH JpbmsuIExp bmRzYXkgQ2 9ycCBtYWtl cyBtYWNoaW 5lcyB0aGF0 IGhlbHAgd2 l0aCB0aGF0 LiBUaGVzZS BtYWNoaW5l cyBjYW4gbW 92ZSB3YXRl ciBhcm91bm QgZWZmaWNp ZW50bHksIG 1ha2luZyBz dXJlIGV2ZX J5IHBsYW50 IGdldHMgd2 hhdCBpdCBu ZWVkcyB3aX Rob3V0IHdh c3RpbmcgYW 55IHdhdGVy Ljxicj5UaG UgY29tcGFu eSBtYWtlcy Btb25leSBi eSBzZWxsaW 5nIHRoZXNl IGlycmlnYX Rpb24gc3lz dGVtcywgd2 hpY2ggZmFy bWVycyBuZW VkIHRvIGhl bHAgdGhlaX IgY3JvcHMg Z3Jvdy4gVG hleSBhbHNv IG9mZmVyIH NlcnZpY2Vz IHRvIGhlbH AgZmFybWVy cyBrZWVwIH RoZXNlIHN5 c3RlbXMgcn VubmluZyBz bW9vdGhseS 4gU2luY2Ug ZmFybWVycy BhbHdheXMg bmVlZCB0by Bncm93IGZv b2QgZm9yIH Blb3BsZSwg TGluZHNheS BDb3JwIGhh cyBhIHN0ZW FkeSBncm91 cCBvZiBjdX N0b21lcnMu PGJyPkxpbm RzYXkgQ29y cCBpcyBzdW NjZXNzZnVs IGZvciBhIG ZldyByZWFz b25zLiBGaX JzdCwgdGhl eSBoYXZlIG EgbG90IG9m IGV4cGVyaW VuY2UgbWFr aW5nIGlycm lnYXRpb24g ZXF1aXBtZW 50LCBzbyB0 aGV5IGtub3 cgaG93IHRv IGNyZWF0ZS BoaWdoLXF1 YWxpdHkgcH JvZHVjdHMu IFNlY29uZC wgdGhleSB1 c2UgbmV3IH RlY2hub2xv Z2llcyB0by BtYWtlIHRo ZWlyIHN5c3 RlbXMgZXZl biBiZXR0ZX IgYW5kIG1v cmUgZWZmaW NpZW50LCB3 aGljaCBmYX JtZXJzIHJl YWxseSBsaW tlLiBMYXN0 bHksIGFzIH RoZSB3b3Js ZCBwb3B1bG F0aW9uIGdy b3dzLCBtb3 JlIGZvb2Qg d2lsbCBiZS BuZWVkZWQs IGFuZCBwZW 9wbGUgd2ls bCBhbHdheX MgbmVlZCBo ZWxwIGdyb3 dpbmcgdGhh dCBmb29kLC BzbyBMaW5k c2F5IENvcn AgaXMgaW4g YSBnb29kIH Bvc2l0aW9u IHRvIGtlZX AgZG9pbmcg d2VsbCBpbi B0aGUgZnV0 dXJlLiA8Yn I+T3ZlcmFs bCwgYnkgaG VscGluZyBm YXJtZXJzIH VzZSB3YXRl ciB3aXNlbH kgYW5kIGVm ZmljaWVudG x5LCBMaW5k c2F5IENvcn AgcGxheXMg YW4gaW1wb3 J0YW50IHJv bGUgaW4gZm VlZGluZyB0 aGUgd29ybG QsIGFuZCB0 aGF04oCZcy B3aHkgaXTi gJlzIGxpa2 VseSB0byBz dGF5IHN1Y2 Nlc3NmdWwh PGJyPg==

MS4gUGlvbm VlcmluZyBJ cnJpZ2F0aW 9uIFRlY2hu b2xvZ3k6IE xpbmRzYXkg Q29ycCBpcy BhIGxlYWRl ciBpbiBwcm 92aWRpbmcg aXJyaWdhdG lvbiBzeXN0 ZW1zIGFuZC B0ZWNobm9s b2d5IHNvbH V0aW9ucyBm b3IgYWdyaW N1bHR1cmUs IGxhbmRzY2 FwZSwgYW5k IGluZnJhc3 RydWN0dXJl IGFwcGxpY2 F0aW9ucy4g VGhlIGNvbX BhbnkgaGFz IGJlZW4gYX QgdGhlIGZv cmVmcm9udC BvZiBkZXZl bG9waW5nIG FuZCBhZHZh bmNpbmcgaX JyaWdhdGlv biB0ZWNobm 9sb2d5IGZv ciBvdmVyID YwIHllYXJz Ljxicj4yLi BHbG9iYWwg UHJlc2VuY2 U6IExpbmRz YXkgQ29ycC BvcGVyYXRl cyBpbiBvdm VyIDkwIGNv dW50cmllcy wgbWFraW5n IGl0IGEgdH J1bHkgZ2xv YmFsIGNvbX BhbnkuIFRo aXMgaW50ZX JuYXRpb25h bCBwcmVzZW 5jZSBhbGxv d3MgdGhlIG NvbXBhbnkg dG8gc2Vydm UgYSB3aWRl IHJhbmdlIG 9mIGN1c3Rv bWVycyBhY3 Jvc3MgZGlm ZmVyZW50IH JlZ2lvbnMg YW5kIG1hcm tldHMuPGJy PjMuIERpdm Vyc2lmaWVk IFByb2R1Y3 QgUG9ydGZv bGlvOiBUaG UgY29tcGFu eSBvZmZlcn MgYSBkaXZl cnNlIHJhbm dlIG9mIHBy b2R1Y3RzIG FuZCBzb2x1 dGlvbnMgaW 4gdGhlIGly cmlnYXRpb2 4sIGluZnJh c3RydWN0dX JlLCBhbmQg cm9hZCBzYW ZldHkgaW5k dXN0cmllcy 4gVGhpcyBk aXZlcnNpdH kgaGVscHMg dGhlIGNvbX BhbnkgdG8g bWl0aWdhdG Ugcmlza3Mg YXNzb2NpYX RlZCB3aXRo IGZsdWN0dW F0aW9ucyBp biBhbnkgb2 5lIG1hcmtl dCBvciBwcm 9kdWN0IHNl Z21lbnQuPG JyPjQuIEZv Y3VzIG9uIF N1c3RhaW5h YmlsaXR5Oi BMaW5kc2F5 IENvcnAgaX MgY29tbWl0 dGVkIHRvIH N1c3RhaW5h YmxlIHByYW N0aWNlcyBp biBpdHMgb3 BlcmF0aW9u cyBhbmQgcH JvZHVjdHMu IFRoZSBjb2 1wYW55J3Mg aXJyaWdhdG lvbiBzeXN0 ZW1zIGhlbH AgZmFybWVy cyB0byBjb2 5zZXJ2ZSB3 YXRlciBhbm QgcmVkdWNl IGVuZXJneS B1c2FnZSwg cmVzdWx0aW 5nIGluIG1v cmUgc3VzdG FpbmFibGUg YWdyaWN1bH R1cmUgcHJh Y3RpY2VzLj xicj41LiBD dXN0b21lci 1DZW50cmlj IEFwcHJvYW NoOiBMaW5k c2F5IENvcn AgaGFzIGEg c3Ryb25nIG N1c3RvbWVy LWNlbnRyaW MgYXBwcm9h Y2gsIHdoaW NoIGhhcyBo ZWxwZWQgaX QgdG8gYnVp bGQgbG9uZy 1sYXN0aW5n IHJlbGF0aW 9uc2hpcHMg d2l0aCBpdH MgY2xpZW50 cy4gVGhlIG NvbXBhbnkg Zm9jdXNlcy BvbiB1bmRl cnN0YW5kaW 5nIHRoZSB1 bmlxdWUgbm VlZHMgb2Yg aXRzIGN1c3 RvbWVycyBh bmQgZGVsaX ZlcmluZyBj dXN0b21pem VkIHNvbHV0 aW9ucyB0by BtZWV0IHRo b3NlIG5lZW RzLjxicj42 LiBJbm5vdm F0aW9uIGFu ZCBUZWNobm 9sb2d5OiBM aW5kc2F5IE NvcnAgcGxh Y2VzIGEgc3 Ryb25nIGVt cGhhc2lzIG 9uIGlubm92 YXRpb24gYW 5kIHRlY2hu b2xvZ3kuIF RoZSBjb21w YW55IGludm VzdHMgaGVh dmlseSBpbi ByZXNlYXJj aCBhbmQgZG V2ZWxvcG1l bnQgdG8gZG V2ZWxvcCBu ZXcgYW5kIG FkdmFuY2Vk IHByb2R1Y3 RzIGFuZCBz b2x1dGlvbn MgdGhhdCBw cm92aWRlIG dyZWF0ZXIg ZWZmaWNpZW 5jeSBhbmQg cHJvZHVjdG l2aXR5IGZv ciBpdHMgY3 VzdG9tZXJz Ljxicj43Li BTdHJvbmcg RmluYW5jaW FsIFBlcmZv cm1hbmNlOi BMaW5kc2F5 IENvcnAgaG FzIGEgc29s aWQgZmluYW 5jaWFsIHJl Y29yZCB3aX RoIGNvbnNp c3RlbnQgcm V2ZW51ZSBn cm93dGggYW 5kIGEgc3Ry b25nIGJhbG FuY2Ugc2hl ZXQuIFRoZS Bjb21wYW55 J3Mgc291bm QgZmluYW5j aWFsIHBvc2 l0aW9uIGhh cyBoZWxwZW QgaXQgdG8g d2VhdGhlci BlY29ub21p YyBkb3dudH VybnMgYW5k IGNvbnRpbn VlIHRvIGlu dmVzdCBpbi BpdHMgcHJv ZHVjdHMgYW 5kIG9wZXJh dGlvbnMuPG JyPjguIENv cnBvcmF0ZS BTb2NpYWwg UmVzcG9uc2 liaWxpdHk6 IExpbmRzYX kgQ29ycCBp cyBjb21taX R0ZWQgdG8g YmVpbmcgYS ByZXNwb25z aWJsZSBjb3 Jwb3JhdGUg Y2l0aXplbi 4gVGhlIGNv bXBhbnkgYW N0aXZlbHkg c3VwcG9ydH MgbG9jYWwg Y29tbXVuaX RpZXMgYW5k IGNoYXJpdG llcyB0aHJv dWdoIGl0cy BwaGlsYW50 aHJvcGljIG VmZm9ydHMg YW5kIGVuY2 91cmFnZXMg ZW1wbG95ZW Ugdm9sdW50 ZWVyaXNtLj xicj45LiBT dHJvbmcgQ2 9tcGFueSBD dWx0dXJlOi BMaW5kc2F5 IENvcnAgaG FzIGEgc3Ry b25nIGNvbX BhbnkgY3Vs dHVyZSB0aG F0IHZhbHVl cyB0ZWFtd2 9yaywgaW50 ZWdyaXR5LC BhbmQgY3Vz dG9tZXIgc2 F0aXNmYWN0 aW9uLiBUaG UgY29tcGFu eSBwcm92aW RlcyBhIHBv c2l0aXZlIH dvcmsgZW52 aXJvbm1lbn QgZm9yIGl0 cyBlbXBsb3 llZXMsIHdo aWNoIGhhcy ByZXN1bHRl ZCBpbiBoaW doIGVtcGxv eWVlIHNhdG lzZmFjdGlv biBhbmQgcm V0ZW50aW9u Ljxicj4xMC 4gRXhwZXJp ZW5jZWQgTW FuYWdlbWVu dCBUZWFtOi BMaW5kc2F5 IENvcnAgaG FzIGFuIGV4 cGVyaWVuY2 VkIGFuZCBk ZWRpY2F0ZW QgbWFuYWdl bWVudCB0ZW FtLiBUaGUg bGVhZGVyc2 hpcCB0ZWFt IGhhcyBkZW VwIGluZHVz dHJ5IGtub3 dsZWRnZSBh bmQgZXhwZX J0aXNlLCB3 aGljaCBoYX MgaGVscGVk IHRoZSBjb2 1wYW55IHRv IG1haW50YW luIGl0cyBw b3NpdGlvbi BhcyBhIGxl YWRlciBpbi B0aGUgbWFy a2V0cyBpdC BzZXJ2ZXMu

TGluZHNheS BDb3Jwb3Jh dGlvbiBpcy BhIGdsb2Jh bCBjb21wYW 55IHRoYXQg c3BlY2lhbG l6ZXMgaW4g cHJvdmlkaW 5nIGlubm92 YXRpdmUgc2 9sdXRpb25z IGZvciBpcn JpZ2F0aW9u LCBpbmZyYX N0cnVjdHVy ZSwgYW5kIH JvYWQgc2Fm ZXR5LiBJdH MgYnVzaW5l c3MgbW9kZW wgaXMgZm9j dXNlZCBvbi BkZXZlbG9w aW5nIGFuZC BtYW51ZmFj dHVyaW5nIH Byb2R1Y3Rz IHRoYXQgaG VscCBpdHMg Y3VzdG9tZX JzIGltcHJv dmUgdGhlaX IgcHJvZHVj dGl2aXR5LC BlZmZpY2ll bmN5LCBhbm Qgc2FmZXR5 Ljxicj5UaG UgY29tcGFu eSBvcGVyYX RlcyB0aHJv dWdoIHR3by BzZWdtZW50 czogSXJyaW dhdGlvbiBh bmQgSW5mcm FzdHJ1Y3R1 cmUuIFRoZS BJcnJpZ2F0 aW9uIHNlZ2 1lbnQgZGVz aWducyBhbm QgbWFudWZh Y3R1cmVzIH dhdGVyIHB1 bXBpbmcsIG ZpbHRyYXRp b24sIGFuZC BpcnJpZ2F0 aW9uIHN5c3 RlbXMgZm9y IHRoZSBhZ3 JpY3VsdHVy YWwgaW5kdX N0cnkuIFRo aXMgaW5jbH VkZXMgcHJv ZHVjdHMgc3 VjaCBhcyBj ZW50ZXIgcG l2b3QgYW5k IGxhdGVyYW wgbW92ZSBp cnJpZ2F0aW 9uIHN5c3Rl bXMsIHdhdG VyIHB1bXBp bmcgc3RhdG lvbnMsIGFu ZCBNMk0gY2 9udHJvbCBz eXN0ZW1zIH RoYXQgbW9u aXRvciBhbm QgbWFuYWdl IGlycmlnYX Rpb24gb3Bl cmF0aW9ucy 48YnI+SW4g dGhlIEluZn Jhc3RydWN0 dXJlIHNlZ2 1lbnQsIExp bmRzYXkgQ2 9ycG9yYXRp b24gb2ZmZX JzIHJvYWQg c2FmZXR5IG FuZCB0cmFu c3BvcnRhdG lvbiBwcm9k dWN0cywgc3 VjaCBhcyBy b2FkIG1hcm tpbmdzLCBj cmFzaCBjdX NoaW9ucywg YW5kIGVsZW N0cm9uaWMg cm9hZHdheS BzaWduYWdl LiBUaGUgY2 9tcGFueSBh bHNvIHByb3 ZpZGVzIGlu ZnJhc3RydW N0dXJlIG1h aW50ZW5hbm NlIGFuZCBy ZXBhaXIgc2 VydmljZXMs IGluY2x1ZG luZyBwYXZl bWVudCBtYW ludGVuYW5j ZSBhbmQgcm VwYWlyLCBh bmQgYnJpZG dlIGluc3Bl Y3Rpb24gYW 5kIHJlcGFp ci48YnI+TG luZHNheSBD b3Jwb3JhdG lvbidzIGJ1 c2luZXNzIG 1vZGVsIGlz IGZvY3VzZW Qgb24gYWRk cmVzc2luZy B0aGUgZ3Jv d2luZyBkZW 1hbmQgZm9y IGVmZmljaW VudCB3YXRl ciBtYW5hZ2 VtZW50IHN5 c3RlbXMgaW 4gdGhlIGFn cmljdWx0dX JhbCBzZWN0 b3IgYW5kIH RoZSBuZWVk IGZvciBzYW ZlciBhbmQg bW9yZSByZW xpYWJsZSBp bmZyYXN0cn VjdHVyZSBp biB0aGUgdH JhbnNwb3J0 YXRpb24gaW 5kdXN0cnku IEJ5IHByb3 ZpZGluZyBp bm5vdmF0aX ZlIGFuZCB0 ZWNobm9sb2 dpY2FsbHkg YWR2YW5jZW Qgc29sdXRp b25zLCB0aG UgY29tcGFu eSBhaW1zIH RvIGltcHJv dmUgdGhlIG VmZmljaWVu Y3kgYW5kIH N1c3RhaW5h YmlsaXR5IG 9mIGl0cyBj dXN0b21lcn MnIG9wZXJh dGlvbnMuIE FkZGl0aW9u YWxseSwgdG hlIGNvbXBh bnkgYWxzby BvZmZlcnMg YWZ0ZXItc2 FsZXMgc2Vy dmljZXMsIH N1Y2ggYXMg aW5zdGFsbG F0aW9uLCBt YWludGVuYW 5jZSwgYW5k IHJlcGFpci BvZiBpdHMg cHJvZHVjdH MsIHRvIGVu c3VyZSBjdX N0b21lciBz YXRpc2ZhY3 Rpb24gYW5k IGxveWFsdH kuPGJyPk92 ZXJhbGwsIE xpbmRzYXkg Q29ycG9yYX Rpb24ncyBi dXNpbmVzcy Btb2RlbCBp cyBjZW50ZX JlZCBvbiBw cm92aWRpbm cgaGlnaC1x dWFsaXR5IH Byb2R1Y3Rz IGFuZCBzZX J2aWNlcyB0 aGF0IGhlbH AgaXRzIGN1 c3RvbWVycy BhY2hpZXZl IHRoZWlyIG dvYWxzIHdo aWxlIGFsc2 8gcHJvbW90 aW5nIGVudm lyb25tZW50 YWwgc3VzdG FpbmFiaWxp dHkgYW5kIH NhZmV0eS4=

The potential impact of AI on Lindsay Corp’s products, services, and competitive positioning can be analyzed through various lenses such as substitution, disintermediation, and margin pressure.
1. Substitution: AI technologies can enhance or replace some existing products and services. For Lindsay Corp, which specializes in irrigation and agricultural products, any AI-driven innovations in precision agriculture could disrupt traditional methods. For example, automated irrigation systems that utilize AI for real-time decisiomaking may replace less advanced systems. If competitors adopt AI technologies more quickly, Lindsay may find itself at a disadvantage.
2. Disintermediation: AI can facilitate direct interactions between suppliers and consumers, potentially eliminating intermediaries. In the context of Lindsay Corp, if farmers gain access to AI-driven tools that allow them to manage irrigation and crop health independently, it could reduce their reliance on Lindsay’s services. This direct approach may bypass traditional sales channels, impacting sales volumes.
3. Margin Pressure: The integration of AI often leads to increased efficiency and cost reduction. If Lindsay Corp does not adopt AI to streamline its operations, it may face margin pressure as competitors leverage AI to lower their costs and offer more competitive prices. Moreover, if customers expect AI-enabled products, Lindsay could be forced to invest heavily in technology development, which might further squeeze margins if those investments do not yield sufficient returns.
In summary, while AI presents opportunities for innovation and improved efficiency, it also poses potential threats to Lindsay Corp’s competitive positioning through substitution, disintermediation, and margin pressure. Addressing these challenges will require strategic investments in AI technologies and adapting to shifting market demands.

The sensitivity of Lindsay Corp’s earnings, cash flow, and valuation to changes in interest rates can be analyzed from several perspectives:
1. Earnings Sensitivity: Lindsay Corp, being in the agriculture and irrigation sector, may have its earnings impacted by interest rates primarily through its cost of capital. If interest rates rise, the company may face higher borrowing costs if it relies on debt for financing operations or expansion. This could lead to reduced net income, especially if the company cannot pass these costs onto customers. Conversely, lower interest rates can enhance earnings by reducing interest expenses and encouraging capital investment.
2. Cash Flow Sensitivity: Cash flow is sensitive to interest rate changes since higher rates lead to increased interest payments on debt, which can strain cash flow figures. Additionally, if interest rates rise, customers may have reduced access to credit, potentially leading to lower demand for Lindsay’s products and services, further impacting cash flows. On the other hand, low interest rates can boost cash flows by lowering financing costs and allowing for more spending on capital improvements.
3. Valuation Sensitivity: Valuation models, like discounted cash flow (DCF) analyses, are highly sensitive to interest rates because the discount rate used to calculate the present value of future cash flows often reflects current interest rate levels. An increase in interest rates raises the discount rate, which can significantly reduce the present value of expected future cash flows, leading to a lower company valuation. Conversely, a decrease in interest rates can inflate valuations as the present value of future cash flows increases.
In summary, Lindsay Corp’s earnings, cash flow, and valuation are quite sensitive to interest rate changes due to the effects of borrowing costs, customer demand, and valuation methodologies employed by investors. Both rising and falling interest rates present potential risks and opportunities for the company.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgTG luZHNheSBD b3Jw4oCZcy BlY29ub21p Y3Mgb3Zlci B0aGUgbmV4 dCAz4oCTNS B5ZWFycyBp cyBhIHNpZ2 5pZmljYW50 IGFuZCBzdX N0YWluZWQg ZGVjbGluZS BpbiBhZ3Jp Y3VsdHVyYW wgY29tbW9k aXR5IHByaW NlcyBjb21i aW5lZCB3aX RoIHJlZ3Vs YXRvcnkgY2 hhbmdlcyB0 aGF0IGxpbW l0IGlycmln YXRpb24gcH JhY3RpY2Vz LiBUaGlzIH NjZW5hcmlv IGNvdWxkIG FyaXNlIGZy b20gc2V2ZX JhbCBpbnRl cmNvbm5lY3 RlZCBmYWN0 b3JzLCBpbm NsdWRpbmcg Z2xvYmFsIG 92ZXJwcm9k dWN0aW9uIG 9mIGtleSBj cm9wcywgY2 xpbWF0ZSBj aGFuZ2UgaW 1wYWN0cywg b3Igd2lkZX NwcmVhZCBh ZG9wdGlvbi BvZiBhbHRl cm5hdGl2ZS BmYXJtaW5n IG1ldGhvZH MgdGhhdCBy ZWR1Y2UgdG hlIG5lZWQg Zm9yIHRyYW RpdGlvbmFs IGlycmlnYX Rpb24gc3lz dGVtcy48Yn I+SW4gdGhp cyBzY2VuYX JpbywgTGlu ZHNheSBDb3 JwLCB3aGlj aCBzcGVjaW FsaXplcyBp biBpcnJpZ2 F0aW9uIGVx dWlwbWVudC BhbmQgc3lz dGVtcywgd2 91bGQgZmFj ZSBzZXZlcm FsIG5lZ2F0 aXZlIGNvbn NlcXVlbmNl cy4gRmlyc3 QsIHRoZSBk ZW1hbmQgZm 9yIGl0cyBw cm9kdWN0cy Bjb3VsZCBk ZWNsaW5lIG FzIGZhcm1l cnMgZmluZC BpdCBsZXNz IGVjb25vbW ljYWxseSB2 aWFibGUgdG 8gaW52ZXN0 IGluIG5ldy BpcnJpZ2F0 aW9uIGluZn Jhc3RydWN0 dXJlIHdoZW 4gY29tbW9k aXR5IHByaW NlcyBhcmUg bG93LiBUaG lzIHdvdWxk IGxlYWQgdG 8gYSByZWR1 Y3Rpb24gaW 4gcmV2ZW51 ZSwgc2V2ZX JlbHkgaW1w YWN0aW5nIH RoZSBjb21w YW554oCZcy Bwcm9maXQg bWFyZ2lucy wgYXMgZml4 ZWQgY29zdH Mgd291bGQg cmVtYWluIG J1dCBzYWxl cyB2b2x1bW Ugd291bGQg ZGVjcmVhc2 Ugc2lnbmlm aWNhbnRseS 48YnI+QXMg cmV2ZW51ZS BkZWNsaW5l cywgY2FzaC BmbG93IHdv dWxkIGFsc2 8gc3VmZmVy LiBXaXRoIH JlZHVjZWQg aW5jb21pbm cgY2FzaCBm cm9tIHNhbG VzLCBMaW5k c2F5IENvcn AgbWlnaHQg c3RydWdnbG UgdG8gbWFp bnRhaW4gaX RzIG9wZXJh dGlvbmFsIG V4cGVuc2Vz LCBsZWFkaW 5nIHRvIHBv dGVudGlhbC BjdXRzIGlu IHJlc2Vhcm NoIGFuZCBk ZXZlbG9wbW VudCBhbmQg bWFya2V0aW 5nIGVmZm9y dHMuIElmIH RoZSBzaXR1 YXRpb24gcG Vyc2lzdHMs IHRoZSBjb2 1wYW55IGNv dWxkIGV2ZW 4gZmFjZSBj YXNoIGZsb3 cgZGVmaWNp dHMsIGZvcm NpbmcgaXQg dG8gdGFwIG ludG8gZXhp c3RpbmcgY2 FzaCByZXNl cnZlcyBvci BpbmNyZWFz ZSBkZWJ0IH RvIGNvdmVy IGV4cGVuc2 VzLjxicj5P biB0aGUgYm FsYW5jZSBz aGVldCwgdG hlIGxvbmct dGVybSBlZm ZlY3RzIG9m IHRoZXNlIG NoYWxsZW5n ZXMgbWlnaH QgbWFuaWZl c3QgYXMgZG VjcmVhc2Vk IGFzc2V0IH ZhbHVhdGlv bnMsIHBhcn RpY3VsYXJs eSBmb3IgaW 52ZW50b3Jp ZXMgYW5kIH JlY2VpdmFi bGVzLiBJZi BjdXN0b21l cnMgYXJlIG RlZmF1bHRp bmcgb3IgZG VsYXlpbmcg cGF5bWVudH MgZHVlIHRv IHRoZWlyIG 93biBmaW5h bmNpYWwgZG lmZmljdWx0 aWVzLCBhY2 NvdW50cyBy ZWNlaXZhYm xlIHdvdWxk IGluY3JlYX NlLCBpbXBh Y3RpbmcgbG lxdWlkaXR5 LiBDb25jdX JyZW50bHks IGlmIHRoZS Bjb21wYW55 IG5lZWRlZC B0byB0YWtl IG9uIG1vcm UgZGVidCB0 byBzdXN0YW luIGNhc2gg ZmxvdywgbG lhYmlsaXRp ZXMgY291bG QgcmlzZSBk cmFtYXRpY2 FsbHksIHdv cnNlbmluZy B0aGUgZGVi dC10by1lcX VpdHkgcmF0 aW8uIDxicj 5PdmVyYWxs LCBpZiB0aG lzIHNjZW5h cmlvIHBsYX llZCBvdXQs IExpbmRzYX kgQ29ycCB3 b3VsZCBsaW tlbHkgZXhw ZXJpZW5jZS BkaW1pbmlz aGVkIHByb2 ZpdGFiaWxp dHksIHN0cm FpbmVkIGNh c2ggZmxvdy wgYW5kIGEg d2Vha2VuZW QgYmFsYW5j ZSBzaGVldC BkdWUgdG8g aW5jcmVhc2 VkIGxldmVy YWdlIGFuZC ByZWR1Y2Vk IGFzc2V0IH ZhbHVhdGlv bnMsIHBvc2 l0aW9uaW5n IHRoZSBjb2 1wYW55IGZv ciBsb25nLX Rlcm0gZWNv bm9taWMgY2 hhbGxlbmdl cy48YnI+

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 hUYkxvcExu akdCNDdzSW hYdWMud2Vi cCIgYWx0PS JMaW5kc2F5 IENvcnAiIH RpdGxlPSJM aW5kc2F5IE NvcnAiICBj bGFzcz0iaW 1nLWZsdWlk IiBoZWlnaH Q9NTAgd2lk dGg9NTAgbG 9hZGluZz0n bGF6eScgc3 R5bGU9J2Jv cmRlci1yYW RpdXM6IDZw eDsnPgoKIC AgICAgICAg ICAgICAgIC AgICA8ZGl2 IHN0eWxlPS dmbGV4OiAx OyB0ZXh0LW FsaWduOiBj ZW50ZXI7IG 1hcmdpbi1s ZWZ0OiA1cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPH Agc3R5bGU9 J2ZvbnQtc2 l6ZTogMjZw eDsgY29sb3 I6ICMzMzM7 IG1hcmdpbi 1ib3R0b206 IDE1cHg7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIP Cfk4ggV2Fu dCB0byByZW FkIG1vcmUg YWJvdXQgTG luZHNheSBD b3JwPwogIC 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 BNUzRnVkdo bElFIHhwYm 1SellYa2cg UTI5eWNHOX lZWCBScGIy NGdkMkZ6IE lHWnZkVzVr WlcgUWdhVz RnTVRrMSBO U0JpZVNCaW NtIDkwYUdW eWN5QlEgWV hWc0lHRnVa QyBCVVpXUW dUR2x1IFpI TmhlU0JwYm kgQk1hVzVr YzJGNSBMQ0 JPWldKeVlY IE5yWVM0Z1 NYUWcgYzNS aGNuUmxaQy BCdmRYUWdZ WE1nIFlTQn piV0ZzYkMg Qm1ZVzFwYk hrZyBZblZ6 YVc1bGMzIE 1nY0hKdlpI VmogYVc1bk lHTmhibSBG c0lHZGhkR1 Z6IElHWnZj aUJwY24gSn BaMkYwYVc5 dSBJSE41Yz NSbGJYIE11 UEdKeVBqSX UgSUZSb1pT QmpiMiAxd1 lXNTU0b0Na IGN5Qm1hWE p6ZEMgQnRZ V3B2Y2lCaS BjbVZoYTNS b2NtIDkxWj JnZ1kyRnQg WlNCcGJpQj BhRyBVZ01U azJNSE1nIG QyaGxiaUJw ZEMgQmtaWF psYkc5dyBa V1FnZEdobE lIIGR2Y214 azRvQ1ogY3 lCbWFYSnpk QyBCdFpXTm 9ZVzVwIGVt VmtJR2x5Y2 0gbG5ZWFJw YjI0ZyBjM2 x6ZEdWdExD IEJyYm05M2 JpQmggY3lC YWFXMXRZWC BScFl5NDhZ bkkrIE15NG dWRzlrWVgg a3NJRXhwYm 1SeiBZWGtn UTI5eWNDIE JwY3lCaElH eGwgWVdScG JtY2daMiB4 dlltRnNJRz FoIGJuVm1Z V04wZFggSm xjaUJoYm1R ZyBaR2x6ZE hKcFluIFYw YjNJZ2IyWW cgYVhKeWFX ZGhkRyBsdm JpQmhibVFn IGFXNW1jbU Z6ZEggSjFZ M1IxY21VZy BaWEYxYVhC dFpXIDUwTE NCcGJtTnMg ZFdScGJtY2 djRyBsMmIz UWdZVzVrIE lHeGhkR1Z5 WVcgd2dhWE p5YVdkaCBk R2x2YmlCem VYIE4wWlcx ekxDQmogYj I1MGNtOXNJ SCBONWMzUm xiWE1zIElH RnVaQ0J6Yl cgRnlkQ0Jw Y25KcCBaMk YwYVc5dUlI IFJsWTJodW IyeHYgWjNr dVBHSnlQai BRdUlFbHVJ SFJvIFpTQX hPVGd3Y3kg d2dkR2hsSU dOdiBiWEJo Ym5rZ1pYIG h3WVc1a1pX UWcgYVhSek lIQnliMiBS MVkzUWdiR2 x1IFpTQjBi eUJwYm0gTn NkV1JsSUhK diBZV1FnYz JGbVpYIFI1 SUdWeGRXbH cgYldWdWRD d2djMyBWam FDQmhjeUJq IGNtRnphQ0 JqZFggTm9h Vzl1Y3l3Zy BaM1ZoY21S eVlXIGxzY3 l3Z1lXNWsg SUhOMFpXVn NJRyBKaGNu SnBaWEp6IE xqeGljajQx TGkgQkpiaU F5TURBNSBM Q0JNYVc1a2 MyIEY1SUVO dmNuQWcgWV dOeGRXbHla VyBRZ1FtRn ljbWxsIGNp QlRlWE4wWl cgMXpJRWx1 WXk0cyBJR0 VnWTI5dGNH IEZ1ZVNCMG FHRjAgSUdS bGMybG5ibi BNZ1lXNWtJ RzFoIGJuVm 1ZV04wZFgg SmxjeUJ5Yj JGayBJSE5o Wm1WMGVTIE J3Y205a2RX TjAgY3k0OF luSStOaSA0 Z1RHbHVaSE 5oIGVTQkRi M0p3SUcgaG hjeUJ2Y0dW eSBZWFJwYj I1eklHIGx1 SUc5MlpYSW cgT1RBZ1ky OTFibiBSeW FXVnpJR0Z1 IFpDQnpZV3 hsY3kgQnBi aUJ0YjNKbC BJSFJvWVc0 Z01UIEV3SU dOdmRXNTAg Y21sbGN5d2 diVyBGcmFX NW5JR2wwIE lHOXVaU0J2 WmkgQjBhR1 VnYkdGeSBa MlZ6ZENCcG NuIEpwWjJG MGFXOXUgSU dOdmJYQmhi bSBsbGN5Qn BiaUIwIGFH VWdkMjl5Yk cgUXVQR0p5 UGpjdSBJRl JvWlNCamIy IDF3WVc1NT RvQ1ogY3lC b1pXRmtjWC BWaGNuUmxj bk1nIFlYSm xJSE4wYVcg eHNJR3h2WT JGMCBaV1Fn YVc0Z1RHIG x1WkhOaGVT d2cgVG1WaW NtRnphMiBF c0lHRnVaQ0 JwIGRDQm9Z WE1nYlcgRn VkV1poWTNS MSBjbWx1Wn lCbVlXIE5w YkdsMGFXVn ogSUdsdUlI Um9aUyBCVm JtbDBaV1Fn IFUzUmhkR1 Z6TEMgQkNj bUY2YVd3cy BJR0Z1WkNC VGIzIFYwYU NCQlpuSnAg WTJFdVBHSn lQaiBndUlF bHVJR0ZrIF pHbDBhVzl1 SUggUnZJR2 wwY3lCcCBj bkpwWjJGMG FXIDl1SUdG dVpDQnAgYm 1aeVlYTjBj biBWamRIVn laU0J3IGNt OWtkV04wY3 kgd2dUR2x1 WkhOaCBlU0 JEYjNKd0lH IEZzYzI4Z2 IyWm0gWlhK eklIZGhkRy BWeUlHMWhi bUZuIFpXMW xiblFnYzIg VnlkbWxqWl hNcyBJR2x1 WTJ4MVpHIG x1WnlCamIy NXogZFd4MG FXNW5MQyBC a1pYTnBaMj RzIElHbHVj M1JoYkcgeG hkR2x2Yml3 ZyBZVzVrSU cxaGFXIDUw Wlc1aGJtTm wgTGp4aWNq NDVMaSBCSm JpQnlaV05s IGJuUWdlV1 ZoY24gTXNJ RXhwYm1Sei BZWGtnUTI5 eWNDIEJvWV hNZ1pYaHcg WVc1a1pXUW dhWCBSeklH WnZZM1Z6IE lIUnZJR2x1 WTIgeDFaR1 VnY0hKdiBa SFZqZEhNZ1 lXIDVrSUhS bFkyaHUgYj J4dloybGxj eSBCbWIzSW djM1Z6IGRH RnBibUZpYk cgVWdkMkYw WlhJZyBkWE 5sSUdGdVpD IEJqYjI1el pYSjIgWVhS cGIyNHNJSC BOMVkyZ2dZ WE1nIFpXWm 1hV05wWlcg NTBJR2x5Y2 1sbiBZWFJw YjI0Z2MzIG x6ZEdWdGN5 QmggYm1RZ2 NISmxZMiBs emFXOXVJR0 ZuIGNtbGpk V3gwZFggSm xJSFJsWTJo dSBiMnh2Wj NrdVBHIEp5 UGpFd0xpQk 0gYVc1a2My RjVJRSBOdm NuQWdhR0Z6 IElHSmxaVz RnY20gVmpi MmR1YVhwbC BaQ0JtYjNJ Z2FYIFJ6SU dOdmJXMXAg ZEcxbGJuUW dkRyA4Z2Mz VnpkR0ZwIG JtRmlhV3hw ZEgga2dZVz VrSUdWdSBk bWx5YjI1dF pXIDUwWVd3 Z2MzUmwgZD JGeVpITm9h WCBBc0lISm xZMlZwIGRt bHVaeUJoZD IgRnlaSE1n YzNWaiBhQ0 JoY3lCMGFH IFVnVjJGMF pYSWcgVTJW dWMyVWdVRy BGeWRHNWxj aUJ2IFppQj BhR1VnV1cg VmhjaUJtY2 05dCBJSFJv WlNCRmJuIF pwY205dWJX VnUgZEdGc0 lGQnliMyBS bFkzUnBiMj RnIFFXZGxi bU41SUcgRn VaQ0JpWlds dSBaeUJzYV hOMFpXIFFn YjI0Z1JtOX kgWW1WejRv Q1pJRCBFd0 1DQk5iM04w IElGUnlkWE 4wZDIgOXlk R2g1SUVOdi BiWEJoYm1s bGN5IEJzYV hOMExnPT0K ICAgICAgIC A8L3NwYW4+ CiAgICAgIC AgCiAgICAg ICAg