Toromont Industries

Live  

Toromont Industries is a Canadian company that provides specialized industrial and construction equipment solutions. The company was founded in 1993 and is based in Concord, Ontario. Toromont Industries operates through two main divisions: Equipment Group and CIMCO.
The Equipment Group offers a range of specialized Caterpillar equipment and related services to customers in various industries, such as construction, mining, forestry, and agriculture. CIMCO, on the other hand, focuses on providing industrial refrigeration and HVAC systems and services to clients in the food and beverage, pharmaceutical, and manufacturing sectors.
Toromont Industries has a strong presence throughout Canada, with over 100 branches and over 5,000 employees. The company also has operations in the United States and international markets.
The company is publicly traded on the Toronto Stock Exchange under the symbol TIH and is a constituent of the TSX 60 index. Toromont Industries has a strong financial track record, with consistent revenue growth and profitability. It is known for its strong commitment to customer service and innovation, as well as its strong partnerships with industry-leading brands like Caterpillar.
In addition to its core business operations, Toromont Industries is also committed to sustainability and corporate social responsibility. The company is actively involved in various community initiatives and operates in an environmentally responsible manner.
Overall, Toromont Industries is a reputable and well-established company in the industrial and construction equipment solutions industry, with a strong track record of success and a commitment to providing high-quality products and services.

VG9yb21vbn QgSW5kdXN0 cmllcyBpcy BhIGNvbXBh bnkgdGhhdC BoZWxwcyBv dGhlciBidX NpbmVzc2Vz IGFuZCBwZW 9wbGUgZ2V0 IHRoZSBtYW NoaW5lcyBh bmQgZXF1aX BtZW50IHRo ZXkgbmVlZC B0byBkbyBp bXBvcnRhbn Qgd29yay4g SW1hZ2luZS BpZiB5b3Ug bmVlZGVkIG EgY29vbCB0 b3kgdG8gZG lnIGluIHRo ZSBzYW5kIG F0IHRoZSBi ZWFjaCDigJ MgVG9yb21v bnQgcHJvdm lkZXMgYmln IG1hY2hpbm VzIGxpa2Ug dHJhY3Rvcn MgYW5kIGV4 Y2F2YXRvcn MgdGhhdCBo ZWxwIGJ1aW xkIHJvYWRz LCBzY2hvb2 xzLCBhbmQg b3RoZXIgYm lnIHByb2pl Y3RzLjxicj 5UaGV5IG1h a2UgbW9uZX kgYnkgc2Vs bGluZyB0aG VzZSBtYWNo aW5lcyBhbm QgcmVudGlu ZyB0aGVtIG 91dC4gU29t ZXRpbWVzLC B3aGVuIHNv bWVvbmUgYn V5cyBhIGJp ZyBtYWNoaW 5lLCB0aGV5 IGFsc28gbm VlZCBwYXJ0 cyBhbmQgaG VscCB0byBr ZWVwIHRoYX QgbWFjaGlu ZSBydW5uaW 5nLiBUb3Jv bW9udCBoYX Mgc2Vydmlj ZSB0ZWFtcy B0aGF0IGhl bHAgdGFrZS BjYXJlIG9m IHRoZSBtYW NoaW5lcywg c28gd2hlbi BjdXN0b21l cnMgbmVlZC ByZXBhaXJz IG9yIG5ldy BwYXJ0cywg dGhleSBwYX kgVG9yb21v bnQgZm9yIH RoYXQgc2Vy dmljZSB0b2 8uPGJyPlRv cm9tb250IG lzIHN1Y2Nl c3NmdWwgYm VjYXVzZSB0 aGV5IGZvY3 VzIG9uIHRh a2luZyBnb2 9kIGNhcmUg b2YgdGhlaX IgY3VzdG9t ZXJzIGFuZC BoYXZpbmcg aGlnaC1xdW FsaXR5IG1h Y2hpbmVzLi BUaGV5IGFs c28ga2VlcC B1cCB3aXRo IG5ldyB0ZW Nobm9sb2d5 LCBtYWtpbm cgc3VyZSB0 aGV5IGhhdm UgdGhlIGxh dGVzdCBhbm QgYmVzdCBl cXVpcG1lbn QgYXZhaWxh YmxlLiBUaG lzIGhlbHBz IHRoZW0gc3 RhbmQgb3V0 IGZyb20gb3 RoZXIgY29t cGFuaWVzLj xicj5JbiB0 aGUgZnV0dX JlLCBUb3Jv bW9udCBpcy BsaWtlbHkg dG8gc3RheS BzdWNjZXNz ZnVsIGJlY2 F1c2UgdGhl IHdvcmxkIH dpbGwgYWx3 YXlzIG5lZW QgZ29vZCBt YWNoaW5lcy Bmb3IgYnVp bGRpbmcgdG hpbmdzLCBt YWludGFpbm luZyByb2Fk cywgYW5kIG V2ZW4gd29y a2luZyBpbi BmYXJtcy4g QXMgY2l0aW VzIGdyb3cg YW5kIG1vcm UgcHJvamVj dHMgYXJlIH N0YXJ0ZWQs IGNvbXBhbm llcyB3aWxs IGNvbnRpbn VlIHRvIG5l ZWQgd2hhdC BUb3JvbW9u dCBwcm92aW Rlcy4gUGx1 cywgc2luY2 UgdGhleSBh cmUgZ29vZC BhdCB3aGF0 IHRoZXkgZG 8gYW5kIGhh dmUgYSBzb2 xpZCByZXB1 dGF0aW9uLC BjdXN0b21l cnMgd2lsbC BrZWVwIGNv bWluZyBiYW NrIHRvIHRo ZW0uPGJyPg ==

VGhlcmUgYX JlIGEgZmV3 IGFzcGVjdH MgdGhhdCBt YWtlIFRvcm 9tb250IElu ZHVzdHJpZX Mgc3RhbmQg b3V0IGFzIG EgY29tcGFu eTo8YnI+MS 4gSGlzdG9y eSBhbmQgcm VwdXRhdGlv bjogVG9yb2 1vbnQgSW5k dXN0cmllcy BoYXMgYmVl biBpbiBvcG VyYXRpb24g Zm9yIG92ZX IgNjUgeWVh cnMgYW5kIG hhcyBlc3Rh Ymxpc2hlZC BhIHN0cm9u ZyByZXB1dG F0aW9uIGFz IGEgcmVsaW FibGUgYW5k IHJlcHV0YW JsZSBjb21w YW55IGluIH RoZSBpbmR1 c3RyaWVzIG l0IHNlcnZl cy4gVGhpcy Bsb25nZXZp dHkgYW5kIH RyYWNrIHJl Y29yZCBzcG VhayB0byB0 aGUgY29tcG FueSdzIHN0 YWJpbGl0eS BhbmQgY2Fw YWJpbGl0eS 48YnI+Mi4g RGl2ZXJzaW ZpZWQgcG9y dGZvbGlvOi BUaGUgY29t cGFueSBvcG VyYXRlcyBp biBtdWx0aX BsZSBpbmR1 c3RyaWVzLC BpbmNsdWRp bmcgaGVhdn kgZXF1aXBt ZW50LCBwb3 dlciBzeXN0 ZW1zLCBhbm QgcmVmcmln ZXJhdGlvbi BzeXN0ZW1z LiBUaGlzIG RpdmVyc2lm aWNhdGlvbi BoZWxwcyBt aXRpZ2F0ZS ByaXNrIGFu ZCBwcm92aW RlcyBzdGFi aWxpdHksIG FzIGVjb25v bWljIGRvd2 50dXJucyBp biBvbmUgaW 5kdXN0cnkg Y2FuIGJlIG 9mZnNldCBi eSBncm93dG ggaW4gYW5v dGhlci48Yn I+My4gTGVh ZGVyIGluIH RoZSBDYW5h ZGlhbiBtYX JrZXQ6IFRv cm9tb250IE luZHVzdHJp ZXMgaXMgb2 5lIG9mIHRo ZSBsYXJnZX N0IGFuZCBt b3N0IHN1Y2 Nlc3NmdWwg Y29tcGFuaW VzIGluIHRo ZSBDYW5hZG lhbiBtYXJr ZXQsIHdpdG ggYSBzdHJv bmcgcHJlc2 VuY2UgaW4g Ym90aCB0aG UgZWFzdGVy biBhbmQgd2 VzdGVybiBy ZWdpb25zIG 9mIHRoZSBj b3VudHJ5Li BUaGlzIG1h cmtldCBsZW FkZXJzaGlw IGdpdmVzIH RoZSBjb21w YW55IGEgY2 9tcGV0aXRp dmUgYWR2YW 50YWdlIGFu ZCBwb3NpdG lvbnMgaXQg Zm9yIGNvbn RpbnVlZCBn cm93dGguPG JyPjQuIFN0 cm9uZyBmb2 N1cyBvbiBz dXN0YWluYW JpbGl0eTog VG9yb21vbn QgSW5kdXN0 cmllcyBwbG FjZXMgYSBo aWdoIHByaW 9yaXR5IG9u IHN1c3RhaW 5hYmlsaXR5 IGFuZCBhY3 RpdmVseSB3 b3JrcyB0by BtaW5pbWl6 ZSBpdHMgZW 52aXJvbm1l bnRhbCBpbX BhY3QgdGhy b3VnaCB2YX Jpb3VzIGlu aXRpYXRpdm VzLCBzdWNo IGFzIGVuZX JneS1lZmZp Y2llbnQgcH JvZHVjdHMg YW5kIHN5c3 RlbXMsIHdh c3RlIHJlZH VjdGlvbiwg YW5kIGNhcm JvbiBmb290 cHJpbnQgcm VkdWN0aW9u cy48YnI+NS 4gQ29tbWl0 bWVudCB0by BjdXN0b21l ciBzZXJ2aW NlOiBUaGUg Y29tcGFueS BwcmlkZXMg aXRzZWxmIG 9uIGl0cyBk ZWRpY2F0aW 9uIHRvIHBy b3ZpZGluZy BleGNlcHRp b25hbCBjdX N0b21lciBz ZXJ2aWNlLi BUaGlzIGNv bW1pdG1lbn QgaXMgcmVm bGVjdGVkIG luIGl0cyB0 ZWFtIG9mIG V4cGVyaWVu Y2VkIGFuZC Brbm93bGVk Z2VhYmxlIG VtcGxveWVl cywgYXMgd2 VsbCBhcyBp dHMgZm9jdX Mgb24gYnVp bGRpbmcgbG 9uZy10ZXJt IHJlbGF0aW 9uc2hpcHMg d2l0aCBjbG llbnRzLjxi cj42LiBGaW 5hbmNpYWwg c3RyZW5ndG g6IFRvcm9t b250IEluZH VzdHJpZXMg aGFzIGEgc2 9saWQgZmlu YW5jaWFsIH N0YW5kaW5n LCB3aXRoIH N0cm9uZyBy ZXZlbnVlcy wgY2FzaCBm bG93LCBhbm QgcHJvZml0 YWJpbGl0eS 4gVGhpcyBm aW5hbmNpYW wgc3RhYmls aXR5IGFsbG 93cyB0aGUg Y29tcGFueS B0byBpbnZl c3QgaW4gZ3 Jvd3RoIGFu ZCBleHBhbn Npb24gb3Bw b3J0dW5pdG llcyB3aGls ZSBjb250aW 51aW5nIHRv IGRlbGl2ZX Igc3Ryb25n IHJldHVybn MgdG8gc2hh cmVob2xkZX JzLg==

VGhlIGJ1c2 luZXNzIG1v ZGVsIG9mIF Rvcm9tb250 IEluZHVzdH JpZXMgaXMg Zm9jdXNlZC BvbiBwcm92 aWRpbmcgZX F1aXBtZW50 IGFuZCBzdX Bwb3J0IHNl cnZpY2VzIH RvIHZhcmlv dXMgaW5kdX N0cmllcyBz dWNoIGFzIG NvbnN0cnVj dGlvbiwgbW luaW5nLCBm b3Jlc3RyeS wgYW5kIGlu ZHVzdHJpYW wuIFRoaXMg aW5jbHVkZX MgdGhlIHNh bGUsIHJlbn RhbCwgYW5k IG1haW50ZW 5hbmNlIG9m IGhlYXZ5IG 1hY2hpbmVy eSBhbmQgZX F1aXBtZW50 LCBhcyB3ZW xsIGFzIHBy b3ZpZGluZy BwYXJ0cyBh bmQgc3BlY2 lhbGl6ZWQg c2VydmljZX MuIFRoZSBj b21wYW55IG Fsc28gaGFz IGEgc3Ryb2 5nIGZvY3Vz IG9uIGN1c3 RvbWVyIHNl cnZpY2UgYW 5kIGJ1aWxk aW5nIGxvbm ctdGVybSBy ZWxhdGlvbn NoaXBzIHdp dGggY2xpZW 50cy4gQWRk aXRpb25hbG x5LCBUb3Jv bW9udCBJbm R1c3RyaWVz IGhhcyBhIG RpdmVyc2lm aWVkIHBvcn Rmb2xpbyBv ZiBwcm9kdW N0cyBhbmQg c2VydmljZX MsIHdoaWNo IGhlbHBzIG dlbmVyYXRl IGEgc3RhYm xlIHJldmVu dWUgc3RyZW FtLiBUaGUg Y29tcGFueS BhbHNvIGFp bXMgdG8gZX hwYW5kIGl0 cyBtYXJrZX QgcmVhY2gg dGhyb3VnaC BzdHJhdGVn aWMgYWNxdW lzaXRpb25z IGFuZCBwYX J0bmVyc2hp cHMu

AI does pose some potential challenges to Toromont Industries’ products, services, and competitive positioning, but the extent of the threat depends on various factors including how the company adapts and embraces technology.
1. Substitution: AI could introduce advanced automation and efficiency in the heavy equipment and industrial sectors, which may lead to the development of alternative products or services. For example, autonomous machinery and smarter analytics could replace traditional equipment or methods, impacting demand for Toromont’s offerings. However, Toromont’s established reputation and experience may provide a buffer against direct substitution if they can integrate AI into their own product lines effectively.
2. Disintermediation: If AI enables direct sales or service models that bypass traditional intermediaries, Toromont could face challenges in its distribution and service networks. Companies leveraging AI-driven platforms might offer more competitive pricing or streamlined services, which could threaten Toromont’s market share. However, Toromont’s strong relationships with customers and extensive service networks may help mitigate this risk if they capitalize on their established channels.
3. Margin Pressure: The implementation of AI in manufacturing and service processes can lead to increased competition. Companies that successfully utilize AI might reduce operational costs and improve efficiencies, allowing them to undercut prices or increase their margins. This could exert pressure on Toromont to innovate or lower its prices, potentially impacting profitability. On the other hand, if Toromont embraces AI to enhance its own efficiency and offers AI-integrated solutions, it might improve its competitive position and margins.
In conclusion, while AI presents potential threats to Toromont Industries through substitution, disintermediation, and margin pressure, it also offers opportunities for innovation and competitiveness. The company’s response to these challenges will be crucial in determining its future positioning in the market.

The sensitivity of Toromont Industries’ earnings, cash flow, and valuation to changes in interest rates primarily depends on several factors, including its capital structure, operational efficiency, and the nature of its business activities.
1. Earnings Sensitivity: Changes in interest rates can affect the company’s cost of borrowing. If rates increase, the interest expense for any variable-rate debt could rise, potentially reducing net earnings. In contrast, if the company has fixed-rate debt, its current interest expenses may be shielded, but any new borrowing would be at higher rates, impacting future profitability.
2. Cash Flow Sensitivity: Operating cash flow could be affected by interest rate changes, especially if higher rates lead to reduced consumer spending or increased financing costs for customers, which could affect demand for Toromont’s equipment and services. Furthermore, rising rates might slow economic growth, impacting sales and cash flow generation.
3. Valuation Sensitivity: The valuation of Toromont Industries can be sensitive to interest rate changes due to their effect on discount rates used in valuation models. Higher interest rates increase the discount rate, leading to lower present values of future cash flows, which could negatively impact the stock’s valuation. Conversely, lower rates could lead to higher valuations as they reduce the discounting effect on expected future cash flows.
In summary, changes in interest rates can moderately impact Toromont Industries’ earnings, cash flow, and overall valuation, primarily through their influence on borrowing costs, consumer demand, and discount rates used in financial analysis.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci B0aGUgZWNv bm9taWNzIG 9mIFRvcm9t b250IEluZH VzdHJpZXMg b3ZlciB0aG UgbmV4dCAz 4oCTNSB5ZW FycyBpcyBh IHNpZ25pZm ljYW50IHNo aWZ0IGluIH RoZSBjb25z dHJ1Y3Rpb2 4gYW5kIG1p bmluZyBzZW N0b3JzIGR1 ZSB0byBhbi BlY29ub21p YyBkb3dudH VybiBvciBw cm9sb25nZW QgcmVjZXNz aW9uLiBJZi BhIGNvbWJp bmF0aW9uIG 9mIGZhY3Rv cnPigJRzdW NoIGFzIGEg c3VzdGFpbm VkIGRlY2xp bmUgaW4gY2 9tbW9kaXR5 IHByaWNlcy wgc3VwcGx5 IGNoYWluIG Rpc3J1cHRp b25zLCBvci BjaGFuZ2Vz IGluIGdvdm Vybm1lbnQg aW5mcmFzdH J1Y3R1cmUg c3BlbmRpbm figJRuZWdh dGl2ZWx5IG ltcGFjdHMg dGhlIGNvbn N0cnVjdGlv biBhbmQgbW luaW5nIHNl Y3RvcnMsIG l0IGNvdWxk IHJlZHVjZS BkZW1hbmQg Zm9yIFRvcm 9tb2504oCZ cyBlcXVpcG 1lbnQgYW5k IHNlcnZpY2 VzLjxicj5J biB0aGlzIH NjZW5hcmlv LCB0aGUgY2 9tcGFueeKA mXMgbWFyZ2 lucyB3b3Vs ZCBsaWtlbH kgZGVjbGlu ZSBkdWUgdG 8gcmVkdWNl ZCBzYWxlcy B2b2x1bWVz IGFuZCBwcm ljaW5nIHBy ZXNzdXJlLi BJZiBjdXN0 b21lcnMgYX JlIGZhY2lu ZyBmaW5hbm NpYWwgZGlm ZmljdWx0aW VzLCB0aGV5 IG1heSBkZW xheSBpbnZl c3RtZW50IG luIG5ldyBl cXVpcG1lbn Qgb3IgbG9v ayBmb3IgY2 hlYXBlciBh bHRlcm5hdG l2ZXMsIHRo dXMgZm9yY2 luZyBUb3Jv bW9udCB0by Bsb3dlciBw cmljZXMgb3 IgaW5jcmVh c2UgZGlzY2 91bnRzIHRv IG1haW50YW luIG1hcmtl dCBzaGFyZS 4gVGhpcyB3 b3VsZCBjb2 1wcmVzcyBw cm9maXQgbW FyZ2lucyBh Y3Jvc3MgdG hlaXIgcHJv ZHVjdCBsaW 5lcy48YnI+ Q2FzaCBmbG 93IHdvdWxk IGFsc28gYm UgbmVnYXRp dmVseSBhZm ZlY3RlZCBh cyByZXZlbn VlIGRlY2xp bmVzLiBMb3 dlciBzYWxl cyB3b3VsZC BtZWFuIGxl c3MgY2FzaC Bjb21pbmcg aW4sIHdoaW xlIGZpeGVk IGNvc3Rz4o CUc3VjaCBh cyBzYWxhcm llcywgbGVh c2VzLCBhbm QgbWFpbnRl bmFuY2XigJ RyZW1haW4g cmVsYXRpdm VseSBzdGFi bGUgaW4gdG hlIHNob3J0 IHRlcm0uIF RoaXMgY291 bGQgbGVhZC B0byB0aWdo dGVyIGxpcX VpZGl0eSwg bWFraW5nIG l0IGNoYWxs ZW5naW5nIG ZvciB0aGUg Y29tcGFueS B0byBpbnZl c3QgaW4gZ3 Jvd3RoIG9w cG9ydHVuaX RpZXMgb3Ig bWFuYWdlIG V4aXN0aW5n IG9ibGlnYX Rpb25zLiBJ ZiB0aGUgZW Nvbm9taWMg ZW52aXJvbm 1lbnQgZGV0 ZXJpb3JhdG VzIGZ1cnRo ZXIsIHBvdG VudGlhbCBi YWQgZGVidH MgY291bGQg YWxzbyBhcm lzZSBhcyBj bGllbnRzIH N0cnVnZ2xl IHRvIG1lZX QgdGhlaXIg cGF5bWVudC BvYmxpZ2F0 aW9ucy48Yn I+T24gdGhl IGJhbGFuY2 Ugc2hlZXQs IGEgc2lnbm lmaWNhbnQg ZHJvcCBpbi ByZXZlbnVl IGNvdWxkIG xlYWQgdG8g aW5jcmVhc2 VkIGludmVu dG9yeSBsZX ZlbHMgYXMg dW5zb2xkIG VxdWlwbWVu dCBhY2N1bX VsYXRlcywg dGhlcmVieS BuZWdhdGl2 ZWx5IGFmZm VjdGluZyB3 b3JraW5nIG NhcGl0YWwg cmF0aW9zLi BJZiB0aGUg Y29tcGFueS BuZWVkcyB0 byBmaW5hbm NlIGl0cyBv cGVyYXRpb2 5zIHRocm91 Z2ggYm9ycm 93aW5nIGR1 ZSB0byBjYX NoIGZsb3cg Y29uc3RyYW ludHMsIHRo aXMgY291bG QgZWxldmF0 ZSBpdHMgZG VidCBsZXZl bHMsIGxlYW RpbmcgdG8g YSB3ZWFrZX IgYmFsYW5j ZSBzaGVldC BhbmQgcG9z c2libHkgYW ZmZWN0aW5n IGl0cyBjcm VkaXQgcmF0 aW5nLiA8Yn I+RnVydGhl cm1vcmUsIG lmIHRoZXNl IGVjb25vbW ljIGNvbmRp dGlvbnMgcG Vyc2lzdCwg VG9yb21vbn QgY291bGQg YmUgZm9yY2 VkIHRvIG1h a2UgY3V0Ym Fja3MsIGlu Y2x1ZGluZy BsYXlvZmZz LCB3aGljaC B3b3VsZCBm dXJ0aGVyIH JlZHVjZSBv cGVyYXRpb2 5hbCBjYXBh Y2l0eSBhbm QgYWZmZWN0 IGxvbmctdG VybSBncm93 dGggcG90ZW 50aWFsLiBP dmVyYWxsLC B0aGlzIHNj ZW5hcmlvIH dvdWxkIGNy ZWF0ZSBhIG NoYWxsZW5n aW5nIGVudm lyb25tZW50 IGZvciBUb3 JvbW9udCwg c2lnbmlmaW NhbnRseSBp bXBhY3Rpbm cgaXRzIG1h cmdpbnMsIG Nhc2ggZmxv dywgYW5kIG JhbGFuY2Ug c2hlZXQgc3 RhYmlsaXR5 IG92ZXIgdG hlIGxvbmcg dGVybS48Yn I+

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 bG9nb3MvaW o5aWd4NUJj SWhRVElRUD Q1d0Qud2Vi cCIgYWx0PS JUb3JvbW9u dCBJbmR1c3 RyaWVzIiB0 aXRsZT0iVG 9yb21vbnQg SW5kdXN0cm llcyIgIGNs YXNzPSJpbW ctZmx1aWQi IGhlaWdodD 01MCB3aWR0 aD01MCBsb2 FkaW5nPSds YXp5JyBzdH lsZT0nYm9y ZGVyLXJhZG l1czogNnB4 Oyc+CgogIC AgICAgICAg ICAgICAgIC AgIDxkaXYg c3R5bGU9J2 ZsZXg6IDE7 IHRleHQtYW xpZ246IGNl bnRlcjsgbW FyZ2luLWxl ZnQ6IDVweD snPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8cC BzdHlsZT0n Zm9udC1zaX plOiAyNnB4 OyBjb2xvcj ogIzMzMzsg bWFyZ2luLW JvdHRvbTog MTVweDsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAg8J +TiCBXYW50 IHRvIHJlYW QgbW9yZSBh Ym91dCBUb3 JvbW9udCBJ bmR1c3RyaW VzPwogICAg ICAgICAgIC AgICAgICAg ICAgICA8L3 A+CgogICAg ICAgICAgIC AgICAgICAg ICAgICA8YS BocmVmPSdp bmRleC5waH A/cGFnZT1z aWdudXAnIH N0eWxlPScK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGJh Y2tncm91bm QtY29sb3I6 ICMwMDdCRk Y7CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bjb2xvcjog I2ZmZjsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIHBhZG Rpbmc6IDEw cHggMjBweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG JvcmRlci1y YWRpdXM6ID VweDsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIHRleHQt ZGVjb3JhdG lvbjogbm9u ZTsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGZvbnQtd2 VpZ2h0OiBi b2xkOwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgbWFyZ2 luLXJpZ2h0 OiAxMHB4Ow ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgdH JhbnNpdGlv bjogYmFja2 dyb3VuZC1j b2xvciAwLj NzIGVhc2U7 JwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg b25tb3VzZW 92ZXI9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA1 NmIzIicKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIG9ubW 91c2VvdXQ9 J3RoaXMuc3 R5bGUuYmFj a2dyb3VuZE NvbG9yPSIj MDA3QkZGIi c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BTaWduIHVw IGZvciBmcm VlCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvYT 4KCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxzcG FuIHN0eWxl PSdtYXJnaW 46IDAgOHB4 OyBjb2xvcj ogIzU1NTsn Pm9yPC9zcG FuPgoKICAg ICAgICAgIC AgICAgICAg ICAgICAgPG EgaHJlZj0n aW5kZXgucG hwP3BhZ2U9 bG9naW4nIH N0eWxlPScK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGNv bG9yOiAjMD A3QkZGOwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgdGV4 dC1kZWNvcm F0aW9uOiB1 bmRlcmxpbm U7CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bmb250LXdl aWdodDogNT AwOyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBsb2cg aW4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9h PgoKCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxw IHN0eWxlPS dtYXJnaW4t dG9wOiAxNX B4OyBmb250 LXNpemU6ID EzcHg7IGZv bnQtd2VpZ2 h0OiBib2xk OyBjb2xvcj ogI2QzMmYy ZjsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAg8J+TmC BDbGFpbSB5 b3VyIGZyZW UgZUJvb2s6 IDxpPiJUaG UgQ2hlY2ts aXN0IFZhbH VlIEludmVz dG9yIOKAlC BBIFNtYXJ0 ZXIgV2F5IH RvIFBpY2sg U3RvY2tzIj wvaT4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9wPgoKICAg ICAgICAgIC AgICAgICAg ICAgICAgPC EtLQogICAg ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdtYXJnaW 4tdG9wOiAx MnB4OyBmb2 50LXNpemU6 IDEzcHg7IG NvbG9yOiAj NDQ0Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIG5v dyBhbmQgZ2 V0IG91ciBm cmVlIGVCb2 9rIAogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGI+VGhl IENoZWNrbG lzdCBWYWx1 ZSBJbnZlc3 RvciDigJQg QSBTbWFydG VyIFdheSB0 byBQaWNrIF N0b2Nrczwv Yj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIC0t PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8IS0t CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxkaXYg c3R5bGU9J2 1hcmdpbi10 b3A6IDE2cH g7IGZvbnQt c2l6ZTogMT RweDsgY29s b3I6ICM0ND Q7IGZvbnQt ZmFtaWx5Oi AtYXBwbGUt c3lzdGVtLC BCbGlua01h Y1N5c3RlbU ZvbnQsIFNl Z29lIFVJLC BSb2JvdG8s IEhlbHZldG ljYSBOZXVl LCBzYW5zLX NlcmlmOyBs aW5lLWhlaW dodDogMS42 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBIYXZlIH lvdSBoZWFy ZCBhYm91dC BvdXIgc2hv cnQgPHN0cm 9uZyBzdHls ZT0nZm9udC 13ZWlnaHQ6 IDYwMDsnPk RhaWx5IFZp ZGVvIE5ld3 NsZXR0ZXI8 L3N0cm9uZz 4/CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdodHRwcz ovL3d3dy5p bnNpZ2h0Zn VsdmFsdWUu Y29tL25ld3 NsZXR0ZXIu cGhwJyB0YX JnZXQ9J19i bGFuaycgc3 R5bGU9J2Nv bG9yOiAjMD A3QkZGOyB0 ZXh0LWRlY2 9yYXRpb246 IG5vbmU7IG ZvbnQtd2Vp Z2h0OiA1MD A7IG1hcmdp bi1sZWZ0Oi A2cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBGaW5kIG 91dCBtb3Jl CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 L2E+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICAgICAgIC AgICAgICAt LT4KICAgIC AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgCiAgICAg ICAgCiAgIC AgICAgPHNw YW4gY2xhc3 M9J2JsdXJy ZWQtdGV4dC c+CiAgICAg ICAgICAgIF ZHOXliMjF2 Ym4gUWdTVz VrZFhOMCBj bWxsY3lCcG N5IEJ2Ym1V Z2IyWWcgZE dobElHeGxZ VyBScGJtY2 djM1Z3IGNH eHBaWEp6SU cgOW1JR2hs WVhaNSBJR1 Z4ZFdsd2JX IFZ1ZENCaG JtUWcgWlc1 bmFXNWxjeS BCcGJpQk9i M0owIGFDQk JiV1Z5YVcg TmhMQ0J3Y2 05MiBhV1Jw Ym1jZ1pYIE YxYVhCdFpX NTAgSUdGdV pDQnpiMiB4 MWRHbHZibk 1nIFptOXlJ R0VnZDIgbG taU0J5WVc1 biBaU0J2Wm lCcGJtIFIx YzNSeWFXVn ogSUdsdVky eDFaRyBsdV p5QnRhVzVw IGJtY3NJR0 52Ym4gTjBj blZqZEdsdi BiaXdnWVc1 a0lHIFp2Y2 1WemRISjUg TGp4aWNqNV VhRyBVZ1ky OXRjR0Z1IG VTQjNZWE1n Wm0gOTFibV JsWkNCcCBi aUF4T1Rrek lIIFJvY205 MVoyZ2cgZE dobElHMWxj bSBkbGNpQn ZaaUJVIGIz SnZiVzl1ZE MgQmhibVFn VkhKaCBlSG h2Ymk0OFlu IEkrVkc5eW IyMXYgYm5R Z1NXNWtkWC BOMGNtbGxj eUJwIGN5Qm hJSEIxWW0g eHBZMng1SU hSeSBZV1Js WkNCamIyID F3WVc1NUxD QnMgYVhOMF pXUWdiMiA0 Z2RHaGxJRl J2IGNtOXVk RzhnVTMgUn ZZMnNnUlho aiBhR0Z1Wj JVZ0tGIFJU V0NrZ2RXNW sgWlhJZ2RH aGxJSCBONW JXSnZiQ0JV IFNVZ3VQR0 p5UGwgUm9a U0JqYjIxdy BZVzU1SUds eklHIGhsWV dSeGRXRnkg ZEdWeVpXUW dhVyA0Z1Ey OXVZMjl5IF pDd2dUMjUw WVggSnBieX dnUTJGdSBZ V1JoTENCaG JtIFFnYjNC bGNtRjAgWl hNZ2IzWmxj aSBBeE5UQW diRzlqIFlY UnBiMjV6SU cgRmpjbTl6 Y3lCRCBZVz VoWkdFZ1lX IDVrSUhSb1 pTQlYgYm1s MFpXUWdVMy BSaGRHVnpM anhpIGNqNV ViM0p2Ylcg OXVkQ0JKYm 1SMSBjM1J5 YVdWeklHIG x6SUhSb1pT QmggZFhSb2 IzSnBlbSBW a0lHUmxZV3 hsIGNpQm1i M0lnUTIgRj BaWEp3YVd4 cyBZWElnU1 c1akxDIEJo SUcxMWJIUn AgYm1GMGFX OXVZVyB3Z1 kyOXljRzl5 IFlYUnBiMj RnZEcgaGhk Q0J0WVc1MS BabUZqZEhW eVpYIE1nWV c1a0lITmwg Ykd4eklHTn ZibiBOMGNu VmpkR2x2IG JpQmxjWFZw Y0cgMWxibl FzSUdWdSBa Mmx1WlhNc0 lHIEZ1WkNC d2IzZGwgY2 lCemVYTjBa VyAxekxqeG ljajVKIGJp QXlNREU1TE MgQlViM0p2 Ylc5dSBkQ0 JKYm1SMWMz IFJ5YVdWek lISmwgWTI5 eVpHVmtJSC BSdmRHRnNJ SEpsIGRtVn VkV1Z6SUcg OW1JQ1F6TG pjZyBZbWxz YkdsdmJpIH dnZDJsMGFD QnYgZG1WeU lEWXNOVCBB d0lHVnRjR3 h2IGVXVmxj eTQ4WW4gSS tWR2hsSUdO diBiWEJoYm 5uaWdKIGx6 SUhCeWIyUj EgWTNRZ2JH bHVaUyBCcG JtTnNkV1Js IGN5Qm9aV0 YyZVMgQmxj WFZwY0cxbC BiblFnYzNW amFDIEJoY3 lCMGNuVmog YTNNc0lHVj RZMiBGMllY UnZjbk1zIE lHUnZlbVZ5 Y3kgd2dZVz VrSUd4diBZ V1JsY25Nc0 lHIEZ6SUhk bGJHd2cgWV hNZ1pXNW5h VyA1bGN5Qm hibVFnIGNH OTNaWElnYz MgbHpkR1Z0 Y3k0OCBZbk krVkc5eWIy IDF2Ym5RZ1 NXNWsgZFhO MGNtbGxjeS BCb1lYTWdZ U0J6IGRISn ZibWNnWTIg OXRiV2wwYl dWdSBkQ0Iw YnlCemRYIE 4wWVdsdVlX SnAgYkdsMG VTQmhibSBR Z1pXNTJhWE p2IGJtMWxi blJoYkMgQn pkR1YzWVhK ayBjMmhwY0 M0Z1ZHIGhs SUdOdmJYQm ggYm5rZ2FH RnpJRyBsdG NHeGxiV1Z1 IGRHVmtJSE 5sZG0gVnlZ V3dnYVc1cC BkR2xoZEds MlpYIE1nYz NWamFDQmgg Y3lCM1lYTj BaUyBCeVpX UjFZM1JwIG IyNHNJR1Z1 WlggSm5lU0 JsWm1acCBZ MmxsYm1ONU xDIEJoYm1R Z1pXMXcgYk c5NVpXVWdk SCBKaGFXNX BibWNnIGRH OGdjbVZrZF cgTmxJR2ww Y3lCbCBibl pwY205dWJX IFZ1ZEdGc0 lHbHQgY0dG amRDNDhZbi BJK1ZHaGxJ R052IGJYQm hibmtnYUcg RnpJSE4xY0 hCdiBjblJs WkNCMllYIE pwYjNWeklH Tm8gWVhKcG RHRmliRyBV Z2IzSm5ZVz VwIGVtRjBh Vzl1Y3kgQm hibVFnWTI5 dCBiWFZ1YV hSNUlIIEJ5 YjJkeVlXMX ogTENCcGJt TnNkVyBScG JtY2dkR2hs IElFTmhibU ZrYVcgRnVJ RUp5WldGei BkQ0JEWVc1 alpYIElnUm 05MWJtUmgg ZEdsdmJpd2 dWVyA1cGRH VmtJRmRoIG VTd2dZVzVr SUUgaGhZbW wwWVhRZyBa bTl5SUVoMW JXIEZ1YVhS NUxqeGkgY2 o1SmJpQmha RyBScGRHbH ZiaUIwIGJ5 QnBkSE1nWT IgOXlaU0Jp ZFhOcCBibV Z6Y3l3Z1ZH IDl5YjIxdm JuUWcgU1c1 a2RYTjBjbS BsbGN5Qmhi SE52IElIQn liM1pwWkcg VnpJSEpsYm 5SaCBiQ0Js Y1hWcGNHID FsYm5Rc0lI VnogWldRZ1 pYRjFhWCBC dFpXNTBJSE 5oIGJHVnpM Q0JoYm0gUW dZM1Z6ZEc5 dCBaWElnYz NWd2NHIDl5 ZENCelpYSj IgYVdObGN5 ND0KICAgIC AgICA8L3Nw YW4+CiAgIC AgICAgCiAg ICAgICAg