Lennox International

-11.38%

Live  

Lennox International is a global manufacturer of heating, ventilation, air conditioning, and refrigeration equipment for residential and commercial use. The company was founded in 1895 by Dave Lennox and originally operated as a furnace and tin shop. Today, Lennox International is headquartered in Richardson, Texas and has over 100 locations worldwide.
Lennox International offers a wide range of products including air conditioners, furnaces, heat pumps, air handlers, boilers, indoor air quality systems, and refrigeration units. The company also offers a variety of smart home products and innovations, such as the Lennox iComfort thermostat and the Lennox VRF system.
Lennox International is committed to sustainability and reducing energy consumption. The company has implemented energy efficiency initiatives and offers ENERGY STAR certified products to help customers save money and reduce their carbon footprint.
In addition to manufacturing products, Lennox International also provides technical support, training, and customer service to its clients. The company is dedicated to delivering quality products and services, and has won numerous awards for its superior customer satisfaction.
Overall, Lennox International is a reputable and global industry leader in the HVAC and refrigeration industry, known for its high-quality products, innovative technology, and commitment to sustainability.

TGVubm94IE ludGVybmF0 aW9uYWwgaX MgYSBjb21w YW55IHRoYX QgaGVscHMg a2VlcCBvdX IgaG9tZXMg Y29tZm9ydG FibGUuIFRo ZXkgbWFrZS B0aGluZ3Mg bGlrZSBoZW F0ZXJzIGFu ZCBhaXIgY2 9uZGl0aW9u ZXJzLiBJbW FnaW5lIHdo ZW4gaXTigJ lzIHJlYWxs eSBjb2xkIG 91dHNpZGUg YW5kIHlvdS B3YW50IHlv dXIgaG91c2 UgdG8gYmUg d2FybSwgb3 Igd2hlbiBp dOKAmXMgc3 VwZXIgaG90 LCBhbmQgeW 91IHdhbnQg aXQgdG8gYm UgY29vbC4g TGVubm94IG 1ha2VzIHNw ZWNpYWwgbW FjaGluZXMg dGhhdCBjYW 4gZG8ganVz dCB0aGF0IT xicj5UaGV5 IG1ha2UgbW 9uZXkgYnkg c2VsbGluZy B0aGVzZSBo ZWF0aW5nIG FuZCBjb29s aW5nIG1hY2 hpbmVzIHRv IHBlb3BsZS BhbmQgYnVz aW5lc3Nlcy 4gV2hlbiBz b21lb25lIG J1eXMgYSBo ZWF0ZXIgZm 9yIHdpbnRl ciBvciBhbi BhaXIgY29u ZGl0aW9uZX IgZm9yIHN1 bW1lciwgdG hhdOKAmXMg aG93IExlbm 5veCBlYXJu cyBpdHMgY2 FzaC4gVGhl eSBhbHNvIH Byb3ZpZGUg c2VydmljZX MsIGxpa2Ug aGVscGluZy BwZW9wbGUg Zml4IHRoZW lyIG1hY2hp bmVzIHdoZW 4gc29tZXRo aW5nIGdvZX Mgd3Jvbmcu PGJyPkxlbm 5veCBpcyBz dWNjZXNzZn VsIGZvciBh IGZldyByZW Fzb25zLiBG aXJzdCwgbW FueSBwZW9w bGUgbmVlZC BoZWF0aW5n IGFuZCBjb2 9saW5nIHN5 c3RlbXMgaW 4gdGhlaXIg aG9tZXMgYW 5kIGJ1c2lu ZXNzZXMsIH NvIHRoZXJl IGlzIGFsd2 F5cyBhIGRl bWFuZCBmb3 Igd2hhdCB0 aGV5IHNlbG wuIFNlY29u ZCwgdGhleS Bmb2N1cyBv biBtYWtpbm cgdGhlaXIg cHJvZHVjdH MgZW5lcmd5 LWVmZmljaW VudCwgd2hp Y2ggbWVhbn MgdGhleSBu b3Qgb25seS BoZWxwIGtl ZXAgaG9tZX MgY29tZm9y dGFibGUgYn V0IGFsc28g aGVscCBzYX ZlIG1vbmV5 IG9uIGVsZW N0cmljaXR5 IGJpbGxzLi BNYW55IHBl b3BsZSBsaW tlIHRoaXMg YmVjYXVzZS BpdCBoZWxw cyB0aGUgZW 52aXJvbm1l bnQgdG9vLj xicj5JbiB0 aGUgZnV0dX JlLCBMZW5u b3ggd2lsbC BsaWtlbHkg c3RheSBzdW NjZXNzZnVs IGJlY2F1c2 UgdGhleSBh cmUgYWx3YX lzIGxvb2tp bmcgZm9yIG 5ldyB3YXlz IHRvIGltcH JvdmUgdGhl aXIgcHJvZH VjdHMuIFRo ZXkgaW52ZX N0IGluIHRl Y2hub2xvZ3 kgYW5kIGZp bmQgYmV0dG VyIHdheXMg dG8gbWFrZS B0aGVpciBz eXN0ZW1zIH dvcmssIHdo aWNoIGhlbH BzIHRoZW0g c3RhbmQgb3 V0IGZyb20g b3RoZXIgY2 9tcGFuaWVz LiBQbHVzLC BzaW5jZSB0 ZW1wZXJhdH VyZXMgd2ls bCBhbHdheX MgY2hhbmdl LCBwZW9wbG Ugd2lsbCBh bHdheXMgbm VlZCBkZXZp Y2VzIHRvIG tlZXAgdGhl aXIgaG9tZX MganVzdCBy aWdodC4gQW xsIG9mIHRo aXMgbWVhbn MgTGVubm94 4oCZcyBidX NpbmVzcyBz aG91bGQgY2 9udGludWUg dG8gZG8gd2 VsbCE8YnI+

MS4gTG9uZy BIaXN0b3J5 OiBUaGUgY2 9tcGFueSBo YXMgYmVlbi BpbiBvcGVy YXRpb24gZm 9yIG92ZXIg MTI1IHllYX JzLCBtYWtp bmcgaXQgb2 5lIG9mIHRo ZSBvbGRlc3 QgYW5kIG1v c3QgZXN0YW JsaXNoZWQg Y29tcGFuaW VzIGluIHRo ZSBIVkFDIG luZHVzdHJ5 Ljxicj4yLi BHbG9iYWwg UHJlc2VuY2 U6IExlbm5v eCBJbnRlcm 5hdGlvbmFs IG9wZXJhdG VzIGluIG92 ZXIgMTAwIG NvdW50cmll cywgbWFraW 5nIGl0IGEg dHJ1bHkgZ2 xvYmFsIGNv bXBhbnkgd2 l0aCBhIHN0 cm9uZyBtYX JrZXQgcHJl c2VuY2UuPG JyPjMuIEZv Y3VzIG9uIE lubm92YXRp b246IFRoZS Bjb21wYW55 IGhhcyBhIG xvbmcgaGlz dG9yeSBvZi BpbnZlc3Rp bmcgaW4gcm VzZWFyY2gg YW5kIGRldm Vsb3BtZW50 IGFuZCBoYX MgYSBkZWRp Y2F0ZWQgdG VhbSBvZiBl bmdpbmVlcn MgYW5kIHNj aWVudGlzdH MgY29uc3Rh bnRseSB3b3 JraW5nIHRv IGltcHJvdm UgdGhlaXIg cHJvZHVjdH MgYW5kIHRl Y2hub2xvZ2 llcy48YnI+ NC4gRGl2ZX JzZSBQcm9k dWN0IFBvcn Rmb2xpbzog TGVubm94IE ludGVybmF0 aW9uYWwgb2 ZmZXJzIGEg d2lkZSByYW 5nZSBvZiBw cm9kdWN0cy BhY3Jvc3Mg dmFyaW91cy BzZWN0b3Jz LCBpbmNsdW RpbmcgcmVz aWRlbnRpYW wsIGNvbW1l cmNpYWwsIG FuZCBpbmR1 c3RyaWFsIH NwYWNlcy4g VGhpcyBkaX ZlcnNlIHBv cnRmb2xpby BtYWtlcyB0 aGVtIGEgb2 5lLXN0b3At c2hvcCBmb3 IgYWxsIGhl YXRpbmcsIG Nvb2xpbmcs IGFuZCByZW ZyaWdlcmF0 aW9uIG5lZW RzLjxicj41 LiBTdHJvbm cgQnJhbmQg UmVwdXRhdG lvbjogVGhl IExlbm5veC BicmFuZCBp cyBrbm93bi Bmb3IgaXRz IGhpZ2gtcX VhbGl0eSBh bmQgcmVsaW FibGUgcHJv ZHVjdHMsIG 1ha2luZyBp dCBhIHRydX N0ZWQgY2hv aWNlIGZvci Bib3RoIHJl c2lkZW50aW FsIGFuZCBj b21tZXJjaW FsIGN1c3Rv bWVycy48Yn I+Ni4gU3Vz dGFpbmFiaW xpdHk6IFRo ZSBjb21wYW 55IGhhcyBh IHN0cm9uZy Bjb21taXRt ZW50IHRvIH N1c3RhaW5h YmlsaXR5IG FuZCBoYXMg bGF1bmNoZW QgaW5pdGlh dGl2ZXMgdG 8gcmVkdWNl IGl0cyBlbn Zpcm9ubWVu dGFsIGltcG FjdCwgc3Vj aCBhcyByZW R1Y2luZyBn cmVlbmhvdX NlIGdhcyBl bWlzc2lvbn MgYW5kIGlu Y3JlYXNpbm cgZW5lcmd5 IGVmZmljaW VuY3kgaW4g dGhlaXIgcH JvZHVjdHMu PGJyPjcuIF N0cm9uZyBD dXN0b21lci BTZXJ2aWNl OiBMZW5ub3 ggSW50ZXJu YXRpb25hbC BpcyBrbm93 biBmb3IgaX RzIGV4Y2Vw dGlvbmFsIG N1c3RvbWVy IHNlcnZpY2 UsIHByb3Zp ZGluZyB0ZW NobmljYWwg c3VwcG9ydC wgdHJhaW5p bmcsIGFuZC ByZXNvdXJj ZXMgdG8gdG hlaXIgY3Vz dG9tZXJzLj xicj44LiBD b3Jwb3JhdG UgU29jaWFs IFJlc3Bvbn NpYmlsaXR5 OiBUaGUgY2 9tcGFueSBh Y3RpdmVseS BwYXJ0aWNp cGF0ZXMgaW 4gdmFyaW91 cyBjb21tdW 5pdHkgb3V0 cmVhY2ggYW 5kIHBoaWxh bnRocm9weS Bwcm9ncmFt cywgZXhoaW JpdGluZyB0 aGVpciBjb2 1taXRtZW50 IHRvIGJlaW 5nIGEgc29j aWFsbHkgcm VzcG9uc2li bGUgY29tcG FueS4=

VGhlIExlbm 5veCBJbnRl cm5hdGlvbm FsIGNvbXBh bnkncyBidX NpbmVzcyBt b2RlbCBpbn ZvbHZlcyBk ZXNpZ25pbm csIG1hbnVm YWN0dXJpbm csIGFuZCBk aXN0cmlidX RpbmcgYSB3 aWRlIHJhbm dlIG9mIEhW QUMgKGhlYX RpbmcsIHZl bnRpbGF0aW 9uLCBhbmQg YWlyIGNvbm RpdGlvbmlu Zykgc3lzdG VtcyBhbmQg ZXF1aXBtZW 50IGZvciBy ZXNpZGVudG lhbCwgY29t bWVyY2lhbC wgYW5kIGlu ZHVzdHJpYW wgbWFya2V0 cy4gVGhleS BhbHNvIG9m ZmVyIGluc3 RhbGxhdGlv biwgbWFpbn RlbmFuY2Us IGFuZCByZX BhaXIgc2Vy dmljZXMgZm 9yIHRoZWly IHByb2R1Y3 RzLiBJbiBh ZGRpdGlvbi wgdGhlIGNv bXBhbnkgYW xzbyBwcm92 aWRlcyByZW ZyaWdlcmF0 aW9uIGFuZC BoZWF0aW5n IHNvbHV0aW 9ucyBmb3Ig dGhlIGZvb2 RzZXJ2aWNl IGluZHVzdH J5LiBMZW5u b3ggSW50ZX JuYXRpb25h bCBmb2N1c2 VzIG9uIHBy b3ZpZGluZy Bpbm5vdmF0 aXZlIGFuZC BlbmVyZ3kt ZWZmaWNpZW 50IHByb2R1 Y3RzIGFuZC BleGNlcHRp b25hbCBjdX N0b21lciBz ZXJ2aWNlIH RvIG1lZXQg dGhlIGV2b2 x2aW5nIG5l ZWRzIG9mIH RoZWlyIGNs aWVudHMuIF RoZXkgb3Bl cmF0ZSB0aH JvdWdoIGEg Z2xvYmFsIG 5ldHdvcmsg b2YgZGVhbG VycyBhbmQg ZGlzdHJpYn V0b3JzLCBh cyB3ZWxsIG FzIGUtY29t bWVyY2UgY2 hhbm5lbHMu IFRoZWlyIG J1c2luZXNz IG1vZGVsIG Fsc28gaW5j bHVkZXMgYS BzdHJvbmcg ZW1waGFzaX Mgb24gcmVz ZWFyY2ggYW 5kIGRldmVs b3BtZW50IH RvIGNvbnRp bnVvdXNseS BpbXByb3Zl IHRoZWlyIH Byb2R1Y3Rz IGFuZCBleH BhbmQgdGhl aXIgbWFya2 V0IHJlYWNo Lg==

AI can influence various sectors, including those relevant to Lennox International, which operates in the HVAC industry. Here’s an analysis of how AI may pose a material threat through different mechanisms:
1. Substitution: AI can lead to the development of smarter, more efficient HVAC systems that integrate advanced learning algorithms to optimize energy use and performance. This could result in new competitors who offer innovative products that can better meet customer needs, potentially substituting Lennox’s offerings. If competitors can leverage AI to create more advanced, connected systems, Lennox could lose market share to those firms.
2. Disintermediation: AI can allow manufacturers to sell directly to consumers through online platforms, bypassing traditional distribution channels. If companies use AI to enhance customer interaction and sales processes, they could effectively eliminate intermediaries, impacting Lennox’s distribution network and potentially leading to reduced sales volumes through established channels.
3. Margin Pressure: The integration of AI in operations can drive down costs for competitors, forcing them to reduce prices. This increased competition can pressure Lennox to lower its prices or enhance its product offerings, which could squeeze profit margins. Additionally, if AI leads to the development of lower-cost alternatives or DIY HVAC solutions, this could further erode traditional pricing structures and margins in the HVAC marketplace.
In summary, while AI presents opportunities for innovation, it also poses challenges that could impact Lennox International’s competitive standing through substitution, disintermediation, and margin pressure. The company will need to adapt strategically to harness AI’s benefits while mitigating its potential threats.

Lennox International’s earnings, cash flow, and valuation can be significantly sensitive to changes in interest rates due to several factors.
1. Earnings Sensitivity: Changes in interest rates can impact Lennox’s borrowing costs. Higher interest rates typically increase the cost of financing for both the company and its customers. If Lennox takes on debt to fund operations or expansion, higher rates can reduce net income due to increased interest expenses. Additionally, consumer spending on HVAC systems and related products may decline if financing costs for consumers increase, potentially leading to lower sales and affecting earnings.
2. Cash Flow Sensitivity: Interest rates can affect cash flow directly through financing costs and indirectly through consumer spending patterns. An increase in interest rates can lead to reduced demand for Lennox’s products as consumers might delay purchases or opt for more affordable options. This can negatively impact cash flow from operations. Conversely, if interest rates are low, it may provide an environment conducive to higher consumer spending, potentially enhancing cash flow.
3. Valuation Sensitivity: The valuation of Lennox International is sensitive to interest rates, particularly when assessing its discounted cash flows. Higher interest rates lead to higher discount rates, which decrease the present value of future cash flows, often resulting in a lower valuation. Investor sentiment can also be influenced by interest rate changes, affecting stock prices, which are often evaluated in relation to competing investment opportunities.
Overall, the interplay between interest rates and Lennox’s earnings, cash flow, and valuation suggests a notable sensitivity that investors and analysts must consider when assessing the company’s financial outlook.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BMZW5ub3gg SW50ZXJuYX Rpb25hbOKA mXMgZWNvbm 9taWNzIG92 ZXIgdGhlIG 5leHQgM+KA kzUgeWVhcn MgaXMgYSBz ZXZlcmUgYW 5kIHN1c3Rh aW5lZCByZW d1bGF0b3J5 IHNoaWZ0IH Rvd2FyZHMg YWdncmVzc2 l2ZSBjbGlt YXRlIGNoYW 5nZSBtYW5h Z2VtZW50IH N0cmF0ZWdp ZXMsIGxlYW RpbmcgdG8g c3RyaW5nZW 50IGxpbWl0 cyBvbiB0aG UgbWFudWZh Y3R1cmluZy BhbmQgdXNl IG9mIHRyYW RpdGlvbmFs IEhWQUMgc3 lzdGVtcyB0 aGF0IHJlbH kgb24gcmVm cmlnZXJhbn RzIHdpdGgg aGlnaCBnbG 9iYWwgd2Fy bWluZyBwb3 RlbnRpYWwu IFRoaXMgc2 hpZnQgY291 bGQgYmUgc2 hhcGVkIGJ5 IGluY3JlYX NpbmcgcHVi bGljIHByZX NzdXJlIGZv ciBzdXN0YW luYWJpbGl0 eSwgZ2xvYm FsIGFncmVl bWVudHMgb2 4gY2FyYm9u IGVtaXNzaW 9ucyByZWR1 Y3Rpb25zLC BhbmQgYWR2 YW5jZW1lbn RzIGluIGVu ZXJneSBlZm ZpY2llbmN5 IHN0YW5kYX Jkcy48YnI+ SW4gdGhpcy BzY2VuYXJp bywgTGVubm 94IG1pZ2h0 IGZhY2UgYS BmZXcgcG90 ZW50aWFsIG ltcGFjdHM6 PGJyPjEuID xzdHJvbmc+ UmV2ZW51ZS BEZWNsaW5l PC9zdHJvbm c+OiBBcyBy ZWd1bGF0aW 9ucyBiZWNv bWUgbW9yZS BzdHJpbmdl bnQsIHRyYW RpdGlvbmFs IEhWQUMgcH JvZHVjdHMg bWF5IGV4cG VyaWVuY2Ug YSBzaWduaW ZpY2FudCBk ZWNsaW5lIG luIGRlbWFu ZC4gQ3VzdG 9tZXJzIG1p Z2h0IGZhdm 9yIG5ld2Vy LCBtb3JlIG Vudmlyb25t ZW50YWxseS 1mcmllbmRs eSBhbHRlcm 5hdGl2ZXMg b3IgZW5lcm d5LWVmZmlj aWVudCBzeX N0ZW1zIG1h bmRhdGVkIG J5IGxhdy4g VGhpcyB3b3 VsZCBsZWFk IHRvIHJlZH VjZWQgc2Fs ZXMgdm9sdW 1lcyBhbmQg cG90ZW50aW FsbHkgZm9y Y2UgdGhlIG NvbXBhbnkg dG8gbG93ZX IgcHJpY2Vz IHRvIGNsZW FyIG91dCBl eGlzdGluZy BpbnZlbnRv cnksIHVsdG ltYXRlbHkg aW1wYWN0aW 5nIHJldmVu dWVzIG5lZ2 F0aXZlbHku PGJyPjIuID xzdHJvbmc+ SW5jcmVhc2 VkIENvc3Rz PC9zdHJvbm c+OiBUbyBj b21wbHkgd2 l0aCBuZXcg cmVndWxhdG lvbnMsIExl bm5veCB3b3 VsZCBsaWtl bHkgbmVlZC B0byBpbnZl c3QgaGVhdm lseSBpbiBy ZXNlYXJjaC BhbmQgZGV2 ZWxvcG1lbn QgdG8gaW5u b3ZhdGUgYW 5kIGJyaW5n IG5ldyBwcm 9kdWN0cyB0 byBtYXJrZX QgdGhhdCBt ZWV0IHRoZS BoaWdoZXIg c3RhbmRhcm RzLiBUaGlz IHdvdWxkIG luY3JlYXNl IG9wZXJhdG luZyBleHBl bnNlcywgcG FydGljdWxh cmx5IGluIH RoZSBzaG9y dCB0ZXJtLC BhcyBSJmFt cDtEIGNvc3 RzIHJpc2Ug YmVmb3JlIG FueSBwb3Rl bnRpYWwgbm V3IHByb2R1 Y3RzIGNhbi BnZW5lcmF0 ZSByZXZlbn VlLjxicj4z LiA8c3Ryb2 5nPk1hcmdp biBDb21wcm Vzc2lvbjwv c3Ryb25nPj ogVGhlIGNv bWJpbmF0aW 9uIG9mIGRl Y2xpbmluZy BzYWxlcyBh bmQgaW5jcm Vhc2luZyBj b3N0cyBjb3 VsZCBsZWFk IHRvIG1hcm dpbiBjb21w cmVzc2lvbi 4gV2l0aCBy ZXZlbnVlIH VuZGVyIHBy ZXNzdXJlIG FuZCBjb3N0 cyByaXNpbm cgZHVlIHRv IGlubm92YX Rpb24gYW5k IGNvbXBsaW FuY2UgaW52 ZXN0bWVudH MsIG9wZXJh dGluZyBtYX JnaW5zIGNv dWxkIHNocm luayBzaWdu aWZpY2FudG x5LiBUaGUg Zml4ZWQgY2 9zdHMgYXNz b2NpYXRlZC B3aXRoIG1h bnVmYWN0dX JpbmcgYW5k IGxvZ2lzdG ljcyB3b3Vs ZCBmdXJ0aG VyIGV4YWNl cmJhdGUgdG hpcyBpZiBw cm9kdWN0aW 9uIHZvbHVt ZXMgZmFsbC 48YnI+NC4g PHN0cm9uZz 5DYXNoIEZs b3cgU3RyYW luPC9zdHJv bmc+OiBSZW R1Y2VkIG1h cmdpbnMgYW 5kIG92ZXJh bGwgcmV2ZW 51ZSBjb3Vs ZCBsZWFkIH RvIGEgZGVj bGluZSBpbi BjYXNoIGZs b3cuIE9wZX JhdGluZyBj YXNoIGZsb3 cgbWlnaHQg ZGV0ZXJpb3 JhdGUsIGZv cmNpbmcgdG hlIGNvbXBh bnkgdG8gcm Vjb25zaWRl ciBkaXZpZG VuZCBwYXlt ZW50cyBvci ByZXNpc3Qg bmV3IGludm VzdG1lbnQg b3Bwb3J0dW 5pdGllcy4g SWYgY2FzaC BmbG93IHR1 cm5zIG5lZ2 F0aXZlLCBp dCBjb3VsZC BleGFjZXJi YXRlIGZpbm FuY2lhbCBz dHJlc3MgYW 5kIGxpbWl0 IGZsZXhpYm lsaXR5IGZv ciByZXNlYX JjaCBhbmQg ZGV2ZWxvcG 1lbnQgb3Ig ZGVidCBzZX J2aWNpbmcu PGJyPjUuID xzdHJvbmc+ QmFsYW5jZS BTaGVldCBJ bXBhY3RzPC 9zdHJvbmc+ OiBUaGUgZX hpc3Rpbmcg YmFsYW5jZS BzaGVldCBj b3VsZCBzdW ZmZXIgZnJv bSBwcm9sb2 5nZWQgcmV2 ZW51ZSBkZW NsaW5lcyBh bmQgY2FzaC BmbG93IGlz c3VlcywgbG VhZGluZyB0 byBpbmNyZW FzZWQgbGV2 ZXJhZ2UgaW YgdGhlIGNv bXBhbnkgbm VlZHMgdG8g Ym9ycm93IH RvIG1haW50 YWluIG9wZX JhdGlvbnMu IElmIExlbm 5veCBpbmN1 cnMgZGVidC B0byBmaW5h bmNlIGlubm 92YXRpb24g YW5kIG9wZX JhdGlvbmFs IGFkanVzdG 1lbnRzLCBp dHMgZGVidC 10by1lcXVp dHkgcmF0aW 8gY291bGQg d29yc2VuLC BpbmRpY2F0 aW5nIGhpZ2 hlciBmaW5h bmNpYWwgcm lzay4gQWRk aXRpb25hbG x5LCBpZiBp bnZlbnRvcn kgcmVtYWlu cyB1bnNvbG QgZHVlIHRv IHRoZSByZW R1Y2VkIGRl bWFuZCBmb3 IgdHJhZGl0 aW9uYWwgcH JvZHVjdHMs IGludmVudG 9yeSBsZXZl bHMgd291bG QgcmlzZSwg aW5jcmVhc2 luZyBjYXJy eWluZyBjb3 N0cy48YnI+ T3ZlcmFsbC wgaWYgc3Vj aCBhIHJlZ3 VsYXRvcnkg c2NlbmFyaW 8gcGxheWVk IG91dCwgTG Vubm94IElu dGVybmF0aW 9uYWwgY291 bGQgc2VlIG l0cyBjb21w ZXRpdGl2ZS Bwb3NpdGlv biB3ZWFrZW 5lZCwgYSBj aGFsbGVuZ2 luZyB0cmFu c2l0aW9uIH RvIG5ld2Vy IHRlY2hub2 xvZ2llcyBp bXBhY3Rpbm cgaXRzIHBy b2ZpdGFiaW xpdHksIGFu ZCBhIHNpZ2 5pZmljYW50 IGRvd250dX JuIGluIGl0 cyBmaW5hbm NpYWwgaGVh bHRoIHJlZm xlY3RlZCBp biB0aGlubm VyIG1hcmdp bnMsIHN0cm FpbmVkIGNh c2ggZmxvdy wgYW5kIGEg ZGV0ZXJpb3 JhdGluZyBi YWxhbmNlIH NoZWV0Ljxi cj4=

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 bG9nb3MvZX NrajZkRUxY YTRZTGl2R2 05d1oud2Vi cCIgYWx0PS JMZW5ub3gg SW50ZXJuYX Rpb25hbCIg dGl0bGU9Ik xlbm5veCBJ bnRlcm5hdG lvbmFsIiAg Y2xhc3M9Im ltZy1mbHVp ZCIgaGVpZ2 h0PTUwIHdp ZHRoPTUwIG xvYWRpbmc9 J2xhenknIH N0eWxlPSdi b3JkZXItcm FkaXVzOiA2 cHg7Jz4KCi AgICAgICAg ICAgICAgIC AgICAgPGRp diBzdHlsZT 0nZmxleDog MTsgdGV4dC 1hbGlnbjog Y2VudGVyOy BtYXJnaW4t bGVmdDogNX B4Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID xwIHN0eWxl PSdmb250LX NpemU6IDI2 cHg7IGNvbG 9yOiAjMzMz OyBtYXJnaW 4tYm90dG9t OiAxNXB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Dwn5OIIFdh bnQgdG8gcm VhZCBtb3Jl IGFib3V0IE xlbm5veCBJ bnRlcm5hdG lvbmFsPwog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L3A+Cgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdpbmRleC 5waHA/cGFn ZT1zaWdudX AnIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJhY2tncm 91bmQtY29s b3I6ICMwMD dCRkY7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBjb2xv cjogI2ZmZj sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH BhZGRpbmc6 IDEwcHggMj BweDsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJvcmRl ci1yYWRpdX M6IDVweDsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHRl eHQtZGVjb3 JhdGlvbjog bm9uZTsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGZvbn Qtd2VpZ2h0 OiBib2xkOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgbW FyZ2luLXJp Z2h0OiAxMH B4OwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdHJhbnNp dGlvbjogYm Fja2dyb3Vu ZC1jb2xvci AwLjNzIGVh c2U7JwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgb25tb3 VzZW92ZXI9 J3RoaXMuc3 R5bGUuYmFj a2dyb3VuZE NvbG9yPSIj MDA1NmIzIi cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG 9ubW91c2Vv dXQ9J3RoaX Muc3R5bGUu YmFja2dyb3 VuZENvbG9y PSIjMDA3Qk ZGIic+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBTaWdu IHVwIGZvci BmcmVlCiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvYT4KCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xzcGFuIHN0 eWxlPSdtYX JnaW46IDAg OHB4OyBjb2 xvcjogIzU1 NTsnPm9yPC 9zcGFuPgoK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGEgaHJl Zj0naW5kZX gucGhwP3Bh Z2U9bG9naW 4nIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGNvbG9yOi AjMDA3QkZG OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dGV4dC1kZW NvcmF0aW9u OiB1bmRlcm xpbmU7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBmb250 LXdlaWdodD ogNTAwOyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBs b2cgaW4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9hPgoKCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxwIHN0eW xlPSdtYXJn aW4tdG9wOi AxNXB4OyBm b250LXNpem U6IDEzcHg7 IGZvbnQtd2 VpZ2h0OiBi b2xkOyBjb2 xvcjogI2Qz MmYyZjsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAg8J +TpSBHZXQg b3VyIGZyZW UgZUJvb2sg bm93OiA8aT 4iVGhlIENo ZWNrbGlzdC BWYWx1ZSBJ bnZlc3Rvci DigJQgQSBT bWFydGVyIF dheSB0byBQ aWNrIFN0b2 NrcyI8L2k+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvcD4K CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwhLS0K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nbW FyZ2luLXRv cDogMTJweD sgZm9udC1z aXplOiAxM3 B4OyBjb2xv cjogIzQ0ND snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgU2lnbiB1 cCBub3cgYW 5kIGdldCBv dXIgZnJlZS BlQm9vayAK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIDxi PlRoZSBDaG Vja2xpc3Qg VmFsdWUgSW 52ZXN0b3Ig 4oCUIEEgU2 1hcnRlciBX YXkgdG8gUG ljayBTdG9j a3M8L2I+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICAgIC AgICAgICAg ICAtLT4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PCEtLQogIC AgICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdtYXJn aW4tdG9wOi AxNnB4OyBm b250LXNpem U6IDE0cHg7 IGNvbG9yOi AjNDQ0OyBm b250LWZhbW lseTogLWFw cGxlLXN5c3 RlbSwgQmxp bmtNYWNTeX N0ZW1Gb250 LCBTZWdvZS BVSSwgUm9i b3RvLCBIZW x2ZXRpY2Eg TmV1ZSwgc2 Fucy1zZXJp ZjsgbGluZS 1oZWlnaHQ6 IDEuNjsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgSG F2ZSB5b3Ug aGVhcmQgYW JvdXQgb3Vy IHNob3J0ID xzdHJvbmcg c3R5bGU9J2 ZvbnQtd2Vp Z2h0OiA2MD A7Jz5EYWls eSBWaWRlby BOZXdzbGV0 dGVyPC9zdH Jvbmc+Pwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgPGEg aHJlZj0naH R0cHM6Ly93 d3cuaW5zaW dodGZ1bHZh bHVlLmNvbS 9uZXdzbGV0 dGVyLnBocC cgdGFyZ2V0 PSdfYmxhbm snIHN0eWxl PSdjb2xvcj ogIzAwN0JG RjsgdGV4dC 1kZWNvcmF0 aW9uOiBub2 5lOyBmb250 LXdlaWdodD ogNTAwOyBt YXJnaW4tbG VmdDogNnB4 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgRm luZCBvdXQg bW9yZQogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9hPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgLS0+Ci AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgIAog ICAgICAgIA ogICAgICAg IDxzcGFuIG NsYXNzPSdi bHVycmVkLX RleHQnPgog ICAgICAgIC AgICBNUzRn VkdobElFIH hsYm01dmVD QkogYm5SbG NtNWhkRyBs dmJtRnNJR0 52IGJYQmhi bmtnZDIgRn pJR1p2ZFc1 ayBaV1FnYV c0Z01UIGc1 TlNCaWVTQk UgWVhabElF eGxibSA1dm VDd2dZU0JU IFkyOTBkR2 x6YUMgQnBi VzFwWjNKaC BiblFnZDJo dklHIDF2ZG 1Wa0lIUnYg SUhSb1pTQl ZibSBsMFpX UWdVM1JoIG RHVnpMaUJQ Y20gbG5hVz VoYkd4NSBM Q0IwYUdVZ1 kyIDl0Y0dG dWVTQjMgWV hNZ1kyRnNi RyBWa0lIUm 9aU0JNIFpX NXViM2dnUm 4gVnlibUZq WlNCRCBiMj F3WVc1NUlH IEZ1WkNCem NHVmogYVdG c2FYcGxaQy BCcGJpQnRZ V3RwIGJtY2 dZMjloYkMg MW1hWEpsWk NCbSBkWEp1 WVdObGN5IE JtYjNJZ2FH OXQgWlhNdV BHSnlQaiBJ dUlFbHVJRE U1IE1EWXNJ SFJvWlMgQm piMjF3WVc1 NSBJSGRoY3 lCcGJtIE52 Y25CdmNtRj AgWldRZ1lX NWtJRyBOb1 lXNW5aV1Fn IGFYUnpJRz VoYlcgVWdk RzhnVEdWdS BibTk0SUVa MWNtIDVoWT JVZ1EyOXQg Y0dGdWVTNG dRbiBrZ2RH aHBjeUIwIG FXMWxMQ0Iw YUcgVjVJR2 hoWkNCbCBl SEJoYm1SbF pDIEIwYUdW cGNpQncgY2 05a2RXTjBJ RyB4cGJtVW dkRzhnIGFX NWpiSFZrWl MgQm1kWEp1 WVdObCBjeX dnWVdseUlH IE52Ym1ScG RHbHYgYm1W eWN5d2dZbS A5cGJHVnlj eXdnIFlXNW tJRzkwYUcg VnlJR2hsWV hScCBibWNn WVc1a0lHIE 52YjJ4cGJt Y2cgWlhGMW FYQnRaVyA1 MExqeGljaj R6IExpQkpi aUF4T1QgTT FMQ0JNWlc1 dSBiM2dnWW 1WbllXIDRn YldGdWRXWm ggWTNSMWNt bHVaeSBCeV pYTnBaR1Z1 IGRHbGhiQ0 JoYVggSWdZ Mjl1WkdsMC BhVzl1WlhK ekxDIEJ0WV d0cGJtY2cg ZEdobGJTQn ZibSBVZ2Iy WWdkR2hsIE lHWnBjbk4w SUcgTnZiWE JoYm1sbCBj eUIwYnlCa2 J5IEJ6Ynk0 Z1ZHaHAgY3 lCb1pXeHda VyBRZ2NtVj JiMngxIGRH bHZibWw2Wl MgQjBhR1Vn Y21WeiBhV1 JsYm5ScFlX IHdnU0ZaQl F5QnAgYm1S MWMzUnllUy BCaGJtUWdi V0ZrIFpTQm hhWElnWTIg OXVaR2wwYV c5dSBhVzVu SUcxdmNtIF VnWVdOalpY TnogYVdKc1 pTQjBieSBC b2IyMWxiM2 R1IFpYSnpM anhpY2ogND BMaUJKYmlC MCBhR1VnTV RrMU1IIE1z SUV4bGJtNX YgZUNCcGJu UnliMiBSMV kyVmtJSFJv IFpTQjNiM0 pzWk8gS0Ft WE1nWm1seS BjM1FnWTJW dWRIIEpoYk NCaGFYSWcg WTI5dVpHbD BhVyA5dWFX NW5JSE41IG MzUmxiU0Jt YjMgSWdhRz l0WlhNcyBJ R05oYkd4bF pDIEIwYUdV Z1JXNWwgY2 1kcGVtVnlM aSBCVWFHbH pJSE41IGMz UmxiU0IzWV ggTWdhR2xu YUd4NSBJR1 ZtWm1samFX IFZ1ZENCaG JtUWcgYUdW c2NHVmtJSC BCdmNIVnNZ WEpwIGVtVW dZMlZ1ZEgg SmhiQ0JoYV hJZyBZMjl1 WkdsMGFXID l1YVc1bklH bHUgSUhKbG MybGtaVyA1 MGFXRnNJR2 h2IGJXVnpM anhpY2ogND FMaUJKYmlB eCBPVFU1TE NCTVpXIDV1 YjNnZ2FXNT AgY205a2RX TmxaQyBCMG FHVWdabWx5 IGMzUWdaWF psY2kgQmpi MjF3ZFhSbC BjbWw2WldR Z1kyIFZ1ZE hKaGJDQmgg YVhJZ1kyOX VaRyBsMGFX OXVhVzVuIE lITjVjM1Js YlMgQm1iM0 lnWTI5dCBi V1Z5WTJsaG JDIEJpZFds c1pHbHUgWj NNdUlGUm9h WCBNZ2FHVn NjR1ZrIElH bHRjSEp2ZG 0gVWdaVzVs Y21kNSBJR1 ZtWm1samFX IFZ1WTNrZ1 lXNWsgSUdO dmJuUnliMi B3Z2FXNGdi R0Z5IFoyVW dZblZwYkcg UnBibWR6SU dGdSBaQ0J6 WlhRZ2RHIG hsSUhOMFlX NWsgWVhKa0 lHWnZjaSBC dGIyUmxjbT RnIFNGWkJR eUJ6ZVggTj BaVzF6TGp4 aSBjajQyTG lCSmJpIEIw YUdVZ01Uaz MgTUhNc0lF eGxibSA1dm VDQmxlSEJo IGJtUmxaQ0 JwYm4gUmxj bTVoZEdsdi BibUZzYkhr c0lHIDl3Wl c1cGJtY2cg YldGdWRXWm hZMyBSMWNt bHVaeUJ3IG JHRnVkSE1n WVcgNWtJR1 JwYzNSeSBh V0oxZEdsdm JpIEJqWlc1 MFpYSnogSU dsdUlFTmhi bSBGa1lTd2 dUV1Y0IGFX TnZMQ0JoYm 0gUWdSWFZ5 YjNCbCBMaU JVYUdseklH IGhsYkhCbF pDQmwgYzNS aFlteHBjMi BnZ2RHaGxi U0JoIGN5Qm hJR2RzYjIg SmhiQ0JzWl dGayBaWEln YVc0Z2RHIG hsSUVoV1FV TWcgYVc1a2 RYTjBjbiBr dVBHSnlQam N1IElFUjFj bWx1WnkgQj BhR1VnWlc1 bCBjbWQ1SU dOeWFYIE5w Y3lCcGJpQj AgYUdVZ01U azNNSCBNc0 lFeGxibTV2 IGVDQmtaWF psYkcgOXda V1FnWVc1ay BJR2x1ZEhK dlpIIFZqWl dRZ2RHaGwg SUdacGNuTj BJRyBocFoy Z3RaV1ptIG FXTnBaVzVq ZVMgQm5ZWE 1nWm5WeSBi bUZqWlM0Z1 ZHIGhwY3lC b1pXeHcgWl dRZ2FHOXRa VyA5M2JtVn ljeUJ6IFlY WmxJRzl1SU cgVnVaWEpu ZVNCaiBiM0 4wY3lCaGJt IFFnYldGa1 pTQk0gWlc1 dWIzZ2dZUy BCc1pXRmta WElnIGFXNG daVzVsY20g ZDVMV1ZtWm 1saiBhV1Z1 ZENCSVZrIE ZESUhSbFky aHUgYjJ4dl oza3VQRyBK eVBqZ3VJRW x1IElIUm9a U0F4T1Qga3 djeXdnVEdW dSBibTk0SU dGamNYIFZw Y21Wa0lITm wgZG1WeVlX d2diMyBSb1 pYSWdZMjl0 IGNHRnVhV1 Z6TEMgQnBi bU5zZFdScC BibWNnUVhK dGMzIFJ5Yj I1bklFRnAg Y2lCRGIyNW thWCBScGIy NXBibWNnIF NXNWpMaUJo Ym0gUWdTR1 ZoZEdOeSBZ V1owSUVsdV l5IDRnVkdo bGMyVWcgWV dOeGRXbHph WCBScGIyNX pJR2hsIGJI QmxaQ0JsZU ggQmhibVFn ZEdobCBhWE lnY0hKdlpI IFZqZENCc2 FXNWwgSUdG dVpDQnpiMi B4cFpHbG1l U0IwIGFHVn BjaUJ3YjMg TnBkR2x2Ym lCaCBjeUJo SUhSdmNDIE JqYjIxd1pY UnAgZEc5eU lHbHVJSCBS b1pTQklWa0 ZEIElHbHVa SFZ6ZEggSj VManhpY2o0 NSBMaUJKYm lBeU1EIEEw TENCTVpXNX UgYjNnZ1NX NTBaWCBKdV lYUnBiMjVo IGJDQnpjR3 hwZEMgQnBi blJ2SUhSby BjbVZsSUhO bGNHIEZ5WV hSbElIQjEg WW14cFkyeD VJSCBSeVlX UmxaQ0JqIG IyMXdZVzVw WlggTTZJRX hsYm01diBl Q0JKYm5SbG NtIDVoZEds dmJtRnMgSU VsdVl5NHNJ RSBGeWJYTj BjbTl1IFp5 QlhiM0pzWk MgQkpibVIx YzNSeSBhV1 Z6TENCaGJt IFFnU0dWaG RHTnkgWVda MElGZHZjbS B4a2QybGta U0JTIFpXWn lhV2RsY20g RjBhVzl1TG lCVSBhR2x6 SUdGc2JHID kzWldRZ1pX RmogYUNCam IyMXdZVyA1 NUlIUnZJR1 p2IFkzVnpJ Rzl1SUcgbD BjeUJ6Y0dW aiBhV1pwWX lCdFlYIEpy WlhRZ1lXNW sgSUdKbGRI UmxjaSBCel pYSjJaU0Jw IGRITWdZM1 Z6ZEcgOXRa WEp6TGp4aS BjajR4TUM0 Z1ZHIDlrWV hrc0lFeGwg Ym01dmVDQk pibiBSbGNt NWhkR2x2IG JtRnNJR2x6 SUcgRWdSbT l5ZEhWdSBa U0ExTURBZ1 kyIDl0Y0dG dWVTQjMgYV hSb0lHOTJa WCBJZ01URX NNREF3IElH VnRjR3h2ZV cgVmxjeUJo Ym1RZyBiM0 JsY21GMGFX IDl1Y3lCcG JpQnQgYjNK bElIUm9ZVy A0Z01UWXdJ R052IGRXNT BjbWxsY3kg NGdWR2hsZV NCaiBiMjUw YVc1MVpTIE IwYnlCcGJt NXYgZG1GMF pTQmhibSBR Z1pHVjJaV3 h2IGNDQmpk WFIwYVcgNW 5MV1ZrWjJV ZyBTRlpCUX lCMFpXIE5v Ym05c2IyZD UgTENCclpX VndhVyA1bk lIUm9aVzBn IFlYUWdkR2 hsSUcgWnZj bVZtY205dS BkQ0J2WmlC MGFHIFVnYV c1a2RYTjAg Y25rdQogIC AgICAgIDwv c3Bhbj4KIC AgICAgICAK ICAgICAgIC A=