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 +OgSBGcmVl IGRvd25sb2 FkISA8aT4i VGhlIENoZW NrbGlzdCBW YWx1ZSBJbn Zlc3RvciDi gJQgQSBTbW FydGVyIFdh eSB0byBQaW NrIFN0b2Nr cyI8L2k+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvcD4KCi AgICAgICAg ICAgICAgIC AgICAgICAg IDwhLS0KIC AgICAgICAg ICAgICAgIC AgICAgICAg PGRpdiBzdH lsZT0nbWFy Z2luLXRvcD ogMTJweDsg Zm9udC1zaX plOiAxM3B4 OyBjb2xvcj ogIzQ0NDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg U2lnbiB1cC Bub3cgYW5k IGdldCBvdX IgZnJlZSBl Qm9vayAKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIDxiPl RoZSBDaGVj a2xpc3QgVm FsdWUgSW52 ZXN0b3Ig4o CUIEEgU21h cnRlciBXYX kgdG8gUGlj ayBTdG9ja3 M8L2I+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg ICAgICAgIC AtLT4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC EtLQogICAg ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdtYXJnaW 4tdG9wOiAx NnB4OyBmb2 50LXNpemU6 IDE0cHg7IG NvbG9yOiAj NDQ0OyBmb2 50LWZhbWls eTogLWFwcG xlLXN5c3Rl bSwgQmxpbm tNYWNTeXN0 ZW1Gb250LC BTZWdvZSBV SSwgUm9ib3 RvLCBIZWx2 ZXRpY2EgTm V1ZSwgc2Fu cy1zZXJpZj sgbGluZS1o ZWlnaHQ6ID EuNjsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgSGF2 ZSB5b3UgaG VhcmQgYWJv dXQgb3VyIH Nob3J0IDxz dHJvbmcgc3 R5bGU9J2Zv bnQtd2VpZ2 h0OiA2MDA7 Jz5EYWlseS BWaWRlbyBO ZXdzbGV0dG VyPC9zdHJv bmc+PwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPGEgaH JlZj0naHR0 cHM6Ly93d3 cuaW5zaWdo dGZ1bHZhbH VlLmNvbS9u ZXdzbGV0dG VyLnBocCcg dGFyZ2V0PS dfYmxhbmsn IHN0eWxlPS djb2xvcjog IzAwN0JGRj sgdGV4dC1k ZWNvcmF0aW 9uOiBub25l OyBmb250LX dlaWdodDog NTAwOyBtYX JnaW4tbGVm dDogNnB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgRmlu ZCBvdXQgbW 9yZQogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9hPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgLS0+CiAg ICAgICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgIAogIC AgICAgIAog ICAgICAgID xzcGFuIGNs YXNzPSdibH VycmVkLXRl eHQnPgogIC AgICAgICAg ICBNUzRnVk dobElFIHhs Ym01dmVDQk ogYm5SbGNt NWhkRyBsdm JtRnNJR052 IGJYQmhibm tnZDIgRnpJ R1p2ZFc1ay BaV1FnYVc0 Z01UIGc1Tl NCaWVTQkUg WVhabElFeG xibSA1dmVD d2dZU0JUIF kyOTBkR2x6 YUMgQnBiVz FwWjNKaCBi blFnZDJodk lHIDF2ZG1W a0lIUnYgSU hSb1pTQlZi bSBsMFpXUW dVM1JoIGRH VnpMaUJQY2 0gbG5hVzVo Ykd4NSBMQ0 IwYUdVZ1ky IDl0Y0dGdW VTQjMgWVhN Z1kyRnNiRy BWa0lIUm9a U0JNIFpXNX ViM2dnUm4g VnlibUZqWl NCRCBiMjF3 WVc1NUlHIE Z1WkNCemNH VmogYVdGc2 FYcGxaQyBC cGJpQnRZV3 RwIGJtY2dZ MjloYkMgMW 1hWEpsWkNC bSBkWEp1WV dObGN5IEJt YjNJZ2FHOX QgWlhNdVBH SnlQaiBJdU lFbHVJREU1 IE1EWXNJSF JvWlMgQmpi MjF3WVc1NS BJSGRoY3lC cGJtIE52Y2 5CdmNtRjAg WldRZ1lXNW tJRyBOb1lX NW5aV1FnIG FYUnpJRzVo YlcgVWdkRz hnVEdWdSBi bTk0SUVaMW NtIDVoWTJV Z1EyOXQgY0 dGdWVTNGdR biBrZ2RHaH BjeUIwIGFX MWxMQ0IwYU cgVjVJR2ho WkNCbCBlSE JoYm1SbFpD IEIwYUdWcG NpQncgY205 a2RXTjBJRy B4cGJtVWdk RzhnIGFXNW piSFZrWlMg Qm1kWEp1WV dObCBjeXdn WVdseUlHIE 52Ym1ScGRH bHYgYm1WeW N5d2dZbSA5 cGJHVnljeX dnIFlXNWtJ RzkwYUcgVn lJR2hsWVhS cCBibWNnWV c1a0lHIE52 YjJ4cGJtY2 cgWlhGMWFY QnRaVyA1ME xqeGljajR6 IExpQkpiaU F4T1QgTTFM Q0JNWlc1dS BiM2dnWW1W bllXIDRnYl dGdWRXWmgg WTNSMWNtbH VaeSBCeVpY TnBaR1Z1IG RHbGhiQ0Jo YVggSWdZMj l1WkdsMCBh Vzl1WlhKek xDIEJ0WVd0 cGJtY2cgZE dobGJTQnZi bSBVZ2IyWW dkR2hsIElH WnBjbk4wSU cgTnZiWEJo Ym1sbCBjeU IwYnlCa2J5 IEJ6Ynk0Z1 ZHaHAgY3lC b1pXeHdaVy BRZ2NtVjJi MngxIGRHbH ZibWw2WlMg QjBhR1VnY2 1WeiBhV1Js Ym5ScFlXIH dnU0ZaQlF5 QnAgYm1SMW MzUnllUyBC aGJtUWdiV0 ZrIFpTQmhh WElnWTIgOX VaR2wwYVc5 dSBhVzVuSU cxdmNtIFVn WVdOalpYTn ogYVdKc1pT QjBieSBCb2 IyMWxiM2R1 IFpYSnpMan hpY2ogNDBM aUJKYmlCMC BhR1VnTVRr MU1IIE1zSU V4bGJtNXYg ZUNCcGJuUn liMiBSMVky VmtJSFJvIF pTQjNiM0pz Wk8gS0FtWE 1nWm1seSBj M1FnWTJWdW RIIEpoYkNC aGFYSWcgWT I5dVpHbDBh VyA5dWFXNW 5JSE41IGMz UmxiU0JtYj MgSWdhRzl0 WlhNcyBJR0 5oYkd4bFpD IEIwYUdVZ1 JXNWwgY21k cGVtVnlMaS BCVWFHbHpJ SE41IGMzUm xiU0IzWVgg TWdhR2xuYU d4NSBJR1Zt Wm1samFXIF Z1ZENCaGJt UWcgYUdWc2 NHVmtJSCBC dmNIVnNZWE pwIGVtVWdZ MlZ1ZEggSm hiQ0JoYVhJ ZyBZMjl1Wk dsMGFXIDl1 YVc1bklHbH UgSUhKbGMy bGtaVyA1MG FXRnNJR2h2 IGJXVnpMan hpY2ogNDFM aUJKYmlBeC BPVFU1TENC TVpXIDV1Yj NnZ2FXNTAg Y205a2RXTm xaQyBCMGFH VWdabWx5IG MzUWdaWFps Y2kgQmpiMj F3ZFhSbCBj bWw2WldRZ1 kyIFZ1ZEhK aGJDQmggYV hJZ1kyOXVa RyBsMGFXOX VhVzVuIElI TjVjM1JsYl MgQm1iM0ln WTI5dCBiV1 Z5WTJsaGJD IEJpZFdsc1 pHbHUgWjNN dUlGUm9hWC BNZ2FHVnNj R1ZrIElHbH RjSEp2ZG0g VWdaVzVsY2 1kNSBJR1Zt Wm1samFXIF Z1WTNrZ1lX NWsgSUdOdm JuUnliMiB3 Z2FXNGdiR0 Z5IFoyVWdZ blZwYkcgUn BibWR6SUdG dSBaQ0J6Wl hRZ2RHIGhs SUhOMFlXNW sgWVhKa0lH WnZjaSBCdG IyUmxjbTRn IFNGWkJReU J6ZVggTjBa VzF6TGp4aS BjajQyTGlC SmJpIEIwYU dVZ01UazMg TUhNc0lFeG xibSA1dmVD QmxlSEJoIG JtUmxaQ0Jw Ym4gUmxjbT VoZEdsdiBi bUZzYkhrc0 lHIDl3Wlc1 cGJtY2cgYl dGdWRXWmhZ MyBSMWNtbH VaeUJ3IGJH RnVkSE1nWV cgNWtJR1Jw YzNSeSBhV0 oxZEdsdmJp IEJqWlc1MF pYSnogSUds dUlFTmhibS BGa1lTd2dU V1Y0IGFXTn ZMQ0JoYm0g UWdSWFZ5Yj NCbCBMaUJV YUdseklHIG hsYkhCbFpD QmwgYzNSaF lteHBjMiBn Z2RHaGxiU0 JoIGN5QmhJ R2RzYjIgSm hiQ0JzWldG ayBaWElnYV c0Z2RHIGhs SUVoV1FVTW cgYVc1a2RY TjBjbiBrdV BHSnlQamN1 IElFUjFjbW x1WnkgQjBh R1VnWlc1bC BjbWQ1SUdO eWFYIE5wY3 lCcGJpQjAg YUdVZ01Uaz NNSCBNc0lF eGxibTV2IG VDQmtaWFps YkcgOXdaV1 FnWVc1ayBJ R2x1ZEhKdl pIIFZqWldR Z2RHaGwgSU dacGNuTjBJ RyBocFoyZ3 RaV1ptIGFX TnBaVzVqZV MgQm5ZWE1n Wm5WeSBibU ZqWlM0Z1ZH IGhwY3lCb1 pXeHcgWldR Z2FHOXRaVy A5M2JtVnlj eUJ6IFlYWm xJRzl1SUcg VnVaWEpuZV NCaiBiM04w Y3lCaGJtIF FnYldGa1pT Qk0gWlc1dW IzZ2dZUyBC c1pXRmtaWE lnIGFXNGda VzVsY20gZD VMV1ZtWm1s aiBhV1Z1ZE NCSVZrIEZE SUhSbFkyaH UgYjJ4dloz a3VQRyBKeV BqZ3VJRWx1 IElIUm9aU0 F4T1Qga3dj eXdnVEdWdS BibTk0SUdG amNYIFZwY2 1Wa0lITmwg ZG1WeVlXd2 diMyBSb1pY SWdZMjl0IG NHRnVhV1Z6 TEMgQnBibU 5zZFdScCBi bWNnUVhKdG MzIFJ5YjI1 bklFRnAgY2 lCRGIyNWth WCBScGIyNX BibWNnIFNX NWpMaUJoYm 0gUWdTR1Zo ZEdOeSBZV1 owSUVsdVl5 IDRnVkdobG MyVWcgWVdO eGRXbHphWC BScGIyNXpJ R2hsIGJIQm xaQ0JsZUgg QmhibVFnZE dobCBhWEln Y0hKdlpIIF ZqZENCc2FX NWwgSUdGdV pDQnpiMiB4 cFpHbG1lU0 IwIGFHVnBj aUJ3YjMgTn BkR2x2YmlC aCBjeUJoSU hSdmNDIEJq YjIxd1pYUn AgZEc5eUlH bHVJSCBSb1 pTQklWa0ZE IElHbHVaSF Z6ZEggSjVM anhpY2o0NS BMaUJKYmlB eU1EIEEwTE NCTVpXNXUg YjNnZ1NXNT BaWCBKdVlY UnBiMjVoIG JDQnpjR3hw ZEMgQnBibl J2SUhSbyBj bVZsSUhObG NHIEZ5WVhS bElIQjEgWW 14cFkyeDVJ SCBSeVlXUm xaQ0JqIGIy MXdZVzVwWl ggTTZJRXhs Ym01diBlQ0 JKYm5SbGNt IDVoZEdsdm JtRnMgSUVs dVl5NHNJRS BGeWJYTjBj bTl1IFp5Ql hiM0pzWkMg QkpibVIxYz NSeSBhV1Z6 TENCaGJtIF FnU0dWaGRH TnkgWVdaME lGZHZjbSB4 a2QybGtaU0 JTIFpXWnlh V2RsY20gRj BhVzl1TGlC VSBhR2x6SU dGc2JHIDkz WldRZ1pXRm ogYUNCamIy MXdZVyA1NU lIUnZJR1p2 IFkzVnpJRz l1SUcgbDBj eUJ6Y0dWai BhV1pwWXlC dFlYIEpyWl hRZ1lXNWsg SUdKbGRIUm xjaSBCelpY SjJaU0JwIG RITWdZM1Z6 ZEcgOXRaWE p6TGp4aSBj ajR4TUM0Z1 ZHIDlrWVhr c0lFeGwgYm 01dmVDQkpi biBSbGNtNW hkR2x2IGJt RnNJR2x6SU cgRWdSbTl5 ZEhWdSBaU0 ExTURBZ1ky IDl0Y0dGdW VTQjMgYVhS b0lHOTJaWC BJZ01URXNN REF3IElHVn RjR3h2ZVcg VmxjeUJoYm 1RZyBiM0Js Y21GMGFXID l1Y3lCcGJp QnQgYjNKbE lIUm9ZVyA0 Z01UWXdJR0 52IGRXNTBj bWxsY3kgNG dWR2hsZVNC aiBiMjUwYV c1MVpTIEIw YnlCcGJtNX YgZG1GMFpT QmhibSBRZ1 pHVjJaV3h2 IGNDQmpkWF IwYVcgNW5M V1ZrWjJVZy BTRlpCUXlC MFpXIE5vYm 05c2IyZDUg TENCclpXVn dhVyA1bklI Um9aVzBnIF lYUWdkR2hs SUcgWnZjbV ZtY205dSBk Q0J2WmlCMG FHIFVnYVc1 a2RYTjAgY2 5rdQogICAg ICAgIDwvc3 Bhbj4KICAg ICAgICAKIC AgICAgICA=