KBR

-7.27%

More reviews (2)

Live  

KBR is a global provider of professional services and technologies across the government services and energy sectors. They have a diverse portfolio of projects and clients, ranging from governments and international organizations to commercial and industrial companies. KBR offers a wide range of services, including engineering, construction, procurement, maintenance, and project management. They also specialize in innovative and sustainable solutions in areas such as defense, aerospace, and environmental sustainability.
KBR was founded in 1901 as a subsidiary of Halliburton and became an independent company in 2007. They have a presence in over 40 countries and employ approximately 38,000 people worldwide. The company is headquartered in Houston, Texas and is listed on the New York Stock Exchange.
KBR’s mission is to deliver safe, innovative, and sustainable solutions to their clients’ most complex challenges. They prioritize safety, integrity, and diversity and aim to build lasting relationships with their clients and partners. KBR has been recognized for their commitment to social responsibility and sustainability, including being named one of the World’s Most Ethical Companies by the Ethisphere Institute multiple times.
In addition to their core services, KBR also has a strong focus on research and development. They invest in cutting-edge technologies and collaborate with leading research institutions to drive innovation and provide their clients with the most advanced solutions.
Overall, KBR is a global leader in professional services and technology, dedicated to delivering value to their clients and making a positive impact on the world.

S0JSIGlzIG EgY29tcGFu eSB0aGF0IG hlbHBzIHdp dGggYmlnIH Byb2plY3Rz LCBlc3BlY2 lhbGx5IGlu IHRoaW5ncy BsaWtlIGJ1 aWxkaW5nIG FuZCBtYW5h Z2luZyBmYW NpbGl0aWVz LCBwcm92aW RpbmcgdGVj aG5vbG9neS wgYW5kIGRv aW5nIGVuZ2 luZWVyaW5n IHdvcmsuIE ltYWdpbmUg aWYgeW91IH dhbnRlZCB0 byBidWlsZC BhIHN1cGVy IGNvb2wgcG xheWdyb3Vu ZOKAlEtCUi BoZWxwcyB3 aXRoIHBsYW 5uaW5nLCBk ZXNpZ25pbm csIGFuZCBt YWtpbmcgc3 VyZSBldmVy eXRoaW5nIG lzIGRvbmUg cmlnaHQgYW 5kIHNhZmVs eS48YnI+S0 JSIG1ha2Vz IG1vbmV5IG J5IHdvcmtp bmcgd2l0aC BvdGhlciBi aWcgY29tcG FuaWVzIGFu ZCBldmVuIG dvdmVybm1l bnRzLiBUaG V5IGNoYXJn ZSBtb25leS Bmb3IgdGhl aXIgc2Vydm ljZXMsIGxp a2UgaGVscG luZyB0byBi dWlsZCBlbm VyZ3kgcGxh bnRzLCByb2 Fkcywgb3Ig ZXZlbiBzcG FjZSBwcm9q ZWN0cy4gV2 hlbiB0aGV5 IGZpbmlzaC BhIHByb2pl Y3QsIHRoZX kgZ2V0IHBh aWQgZm9yIG FsbCB0aGUg d29yayB0aG V5IHB1dCBp bi48YnI+S0 JSIGlzIHN1 Y2Nlc3NmdW wgYmVjYXVz ZSB0aGV5IG hhdmUgYSBs b3Qgb2YgZX hwZXJpZW5j ZSBhbmQgc2 tpbGxlZCB3 b3JrZXJzIH dobyBrbm93 IGhvdyB0by BkbyB0aGVz ZSBjb21wbG V4IHByb2pl Y3RzLiBUaG V5IGFyZSBh bHNvIGdvb2 QgYXQgZmlu ZGluZyBzb2 x1dGlvbnMg dG8gcHJvYm xlbXMsIHdo aWNoIG1ha2 VzIGNsaWVu dHMgd2FudC B0byB3b3Jr IHdpdGggdG hlbSBhZ2Fp bi4gSW4gdG hlIGZ1dHVy ZSwgdGhlee KAmWxsIGxp a2VseSBzdG F5IHN1Y2Nl c3NmdWwgYm VjYXVzZSB0 aGVyZSB3aW xsIGFsd2F5 cyBiZSBhIG 5lZWQgZm9y IGVuZXJneS wgaW5mcmFz dHJ1Y3R1cm UgKGxpa2Ug cm9hZHMgYW 5kIGJ1aWxk aW5ncyksIG FuZCB0ZWNo bm9sb2d5Li BBcyB0aGUg d29ybGQgZ3 Jvd3MgYW5k IGNoYW5nZX MsIEtCUiBj YW4gYWRhcH QgdG8gd29y ayBvbiBuZX cgcHJvamVj dHMgdGhhdC BoZWxwIG1h a2UgdGhlIH dvcmxkIGEg YmV0dGVyIH BsYWNlLjxi cj4=

MS4gSGlzdG 9yeSBhbmQg TGVnYWN5Oi BLQlIgaGFz IGEgcmljaC BhbmQgbG9u ZyBoaXN0b3 J5LCBkYXRp bmcgYmFjay B0byBvdmVy IDEwMCB5ZW FycyB3aXRo IHJvb3RzIG luIGVuZ2lu ZWVyaW5nLC Bjb25zdHJ1 Y3Rpb24sIG FuZCBnb3Zl cm5tZW50IH NlcnZpY2Vz LiBUaGUgY2 9tcGFueSBo YXMgYmVlbi BpbnZvbHZl ZCBpbiBzb2 1lIG9mIHRo ZSBtb3N0IG ljb25pYyBh bmQgY29tcG xleCBwcm9q ZWN0cyBzdW NoIGFzIHRo ZSBIb292ZX IgRGFtLCBO QVNBIHNwYW NlIHNodXR0 bGUgcHJvZ3 JhbSwgYW5k IHRoZSByZW J1aWxkaW5n IG9mIEt1d2 FpdCBhZnRl ciB0aGUgR3 VsZiBXYXIu PGJyPjIuIE RpdmVyc2lm aWVkIFNlcn ZpY2VzOiBL QlIgb2ZmZX JzIGEgd2lk ZSByYW5nZS BvZiBzZXJ2 aWNlcyBpbm NsdWRpbmcg ZW5naW5lZX JpbmcsIGNv bnN0cnVjdG lvbiwgcHJv Y3VyZW1lbn QsIHByb2pl Y3QgbWFuYW dlbWVudCwg Z292ZXJubW VudCBzZXJ2 aWNlcywgYW 5kIHRlY2hu b2xvZ3kgc2 9sdXRpb25z LiBUaGlzIG RpdmVyc2lm aWNhdGlvbi BoYXMgYWxs b3dlZCB0aG UgY29tcGFu eSB0byByZW 1haW4gc3Rh YmxlIGFuZC ByZXNpbGll bnQgaW4gdG hlIGZhY2Ug b2YgZWNvbm 9taWMgZmx1 Y3R1YXRpb2 5zLjxicj4z LiBHbG9iYW wgUHJlc2Vu Y2U6IFdpdG ggb3BlcmF0 aW9ucyBpbi BvdmVyIDQw IGNvdW50cm llcywgS0JS IGhhcyBhIH N0cm9uZyBn bG9iYWwgcH Jlc2VuY2Ug YW5kIGEgZG VlcCB1bmRl cnN0YW5kaW 5nIG9mIGxv Y2FsIG1hcm tldHMuIFRo aXMgYWxsb3 dzIHRoZSBj b21wYW55IH RvIHN1Y2Nl c3NmdWxseS BuYXZpZ2F0 ZSBhbmQgZG VsaXZlciBw cm9qZWN0cy BpbiBkaXZl cnNlIGFuZC BjaGFsbGVu Z2luZyBlbn Zpcm9ubWVu dHMuPGJyPj QuIFN0cm9u ZyBJbmR1c3 RyeSBQcmVz ZW5jZTogS0 JSIGlzIGEg bWFqb3IgcG xheWVyIGlu IHRoZSBkZW ZlbnNlLCBn b3Zlcm5tZW 50LCBlbmVy Z3ksIGFuZC BpbmZyYXN0 cnVjdHVyZS BzZWN0b3Jz LCB3aXRoIG EgbGFyZ2Ug cG9ydGZvbG lvIG9mIHBy b2plY3RzIG FuZCBjbGll bnRzLiBUaG lzIGhhcyBz b2xpZGlmaW VkIGl0cyBy ZXB1dGF0aW 9uIGFzIGEg dHJ1c3RlZC BhbmQgcmVs aWFibGUgcG FydG5lciBp biBkZWxpdm VyaW5nIGNv bXBsZXggYW 5kIGNyaXRp Y2FsIHByb2 plY3RzLjxi cj41LiBJbm 5vdmF0aW9u IGFuZCBUZW Nobm9sb2d5 OiBLQlIgaG FzIGEgc3Ry b25nIGZvY3 VzIG9uIGlu bm92YXRpb2 4gYW5kIHRl Y2hub2xvZ3 ksIGNvbnN0 YW50bHkgc2 Vla2luZyBu ZXcgYW5kIG JldHRlciB3 YXlzIHRvIG RlbGl2ZXIg cHJvamVjdH MgYW5kIHNl cnZpY2VzLi BUaGUgY29t cGFueSBoYX MgYSBkZWRp Y2F0ZWQgdG VhbSBvZiBw cm9mZXNzaW 9uYWxzIHdv cmtpbmcgb2 4gY3V0dGlu Zy1lZGdlIH RlY2hub2xv Z2llcyBhbm Qgc29sdXRp b25zIHRvIG ltcHJvdmUg cHJvamVjdC BkZWxpdmVy eSwgZWZmaW NpZW5jeSwg YW5kIHNhZm V0eS48YnI+ Ni4gQ29tbW l0bWVudCB0 byBTdXN0YW luYWJpbGl0 eTogS0JSIG lzIGNvbW1p dHRlZCB0by BzdXN0YWlu YWJpbGl0eS BhbmQgcmVz cG9uc2libG UgYnVzaW5l c3MgcHJhY3 RpY2VzLiBU aGUgY29tcG FueSBoYXMg YSBzdHJvbm cgY29ycG9y YXRlIHNvY2 lhbCByZXNw b25zaWJpbG l0eSBwcm9n cmFtLCBhY3 RpdmVseSBw cm9tb3Rpbm cgZW52aXJv bm1lbnRhbC BzdGV3YXJk c2hpcCwgZG l2ZXJzaXR5 LCBhbmQgaW 5jbHVzaXZp dHkuPGJyPj cuIFN0cm9u ZyBWYWx1ZX MgYW5kIEV0 aGljczogS0 JSIHZhbHVl cyBpbnRlZ3 JpdHksIHNh ZmV0eSwgYW 5kIGV0aGlj YWwgYmVoYX Zpb3IgaW4g YWxsIGFzcG VjdHMgb2Yg aXRzIG9wZX JhdGlvbnMu IFRoZSBjb2 1wYW55IGhh cyBhIGNvbX ByZWhlbnNp dmUgY29tcG xpYW5jZSBh bmQgZXRoaW NzIHByb2dy YW0gdG8gZW 5zdXJlIHRo YXQgYWxsIG VtcGxveWVl cyB1cGhvbG QgdGhlc2Ug dmFsdWVzLj xicj44LiBI aWdobHkgU2 tpbGxlZCBX b3JrZm9yY2 U6IEtCUiBo YXMgYSBoaW dobHkgc2tp bGxlZCBhbm QgZXhwZXJp ZW5jZWQgd2 9ya2ZvcmNl LCB3aXRoIG V4cGVydGlz ZSBpbiBhIH dpZGUgcmFu Z2Ugb2YgaW 5kdXN0cmll cyBhbmQgZG lzY2lwbGlu ZXMuIFRoZS Bjb21wYW55 IGludmVzdH MgaW4gdGhl IGRldmVsb3 BtZW50IG9m IGl0cyBlbX Bsb3llZXMs IGVuc3VyaW 5nIHRoZXkg aGF2ZSB0aG UgbmVjZXNz YXJ5IHNraW xscyBhbmQg a25vd2xlZG dlIHRvIGRl bGl2ZXIgaG lnaC1xdWFs aXR5IHByb2 plY3RzIGFu ZCBzZXJ2aW Nlcy48YnI+ OS4gU3Ryb2 5nIEZpbmFu Y2lhbCBQZX Jmb3JtYW5j ZTogS0JSIG hhcyBhIHN0 cm9uZyBmaW 5hbmNpYWwg dHJhY2sgcm Vjb3JkIGFu ZCBoYXMgY2 9uc2lzdGVu dGx5IGRlbG l2ZXJlZCBz b2xpZCBmaW 5hbmNpYWwg cmVzdWx0cy 4gVGhpcyBz dGFiaWxpdH kgYW5kIHN1 Y2Nlc3MgaG F2ZSBoZWxw ZWQgdGhlIG NvbXBhbnkg dG8gYnVpbG QgYSBzdHJv bmcgcmVwdX RhdGlvbiBh bmQgYXR0cm FjdCB0b3Ag dGFsZW50IG FuZCBjbGll bnRzLjxicj 4xMC4gRm9j dXMgb24gQ2 xpZW50IFJl bGF0aW9uc2 hpcHM6IEtC UiBwcmlkZX MgaXRzZWxm IG9uIGJ1aW xkaW5nIHN0 cm9uZyBhbm QgbG9uZy1s YXN0aW5nIH JlbGF0aW9u c2hpcHMgd2 l0aCBpdHMg Y2xpZW50cy 4gVGhlIGNv bXBhbnnigJ lzIGNvbW1p dG1lbnQgdG 8gdW5kZXJz dGFuZGluZy BhbmQgZXhj ZWVkaW5nIG NsaWVudCBl eHBlY3RhdG lvbnMgaGFz IHJlc3VsdG VkIGluIGEg aGlnaCBsZX ZlbCBvZiBj bGllbnQgc2 F0aXNmYWN0 aW9uIGFuZC ByZXBlYXQg YnVzaW5lc3 Mu

S0JSLCBJbm MuIGlzIGEg Z2xvYmFsIG VuZ2luZWVy aW5nLCBjb2 5zdHJ1Y3Rp b24sIGFuZC BzZXJ2aWNl cyBjb21wYW 55IHRoYXQg cHJvdmlkZX MgdGVjaG5v bG9neSwgY2 9uc3VsdGlu ZywgZW5naW 5lZXJpbmcs IHByb2N1cm VtZW50LCBj b25zdHJ1Y3 Rpb24sIGFu ZCBtYWludG VuYW5jZSBz ZXJ2aWNlcy B0byBnb3Zl cm5tZW50cy wgY29ycG9y YXRpb25zLC BhbmQgaW5k dXN0cmllcy B3b3JsZHdp ZGUuIEl0cy BidXNpbmVz cyBtb2RlbC BpcyBiYXNl ZCBvbiB0aG UgZm9sbG93 aW5nIGtleS BwcmluY2lw bGVzOjxicj 4xLiBDbGll bnQtRm9jdX NlZCBTb2x1 dGlvbnM6IE tCUiB3b3Jr cyBjbG9zZW x5IHdpdGgg aXRzIGNsaW VudHMgdG8g dW5kZXJzdG FuZCB0aGVp ciBuZWVkcy BhbmQgcHJv dmlkZSBjdX N0b21pemVk IHNvbHV0aW 9ucyB0byBt ZWV0IHRoZW lyIHNwZWNp ZmljIHJlcX VpcmVtZW50 cy48YnI+Mi 4gRGl2ZXJz aWZpZWQgUG 9ydGZvbGlv OiBLQlLigJ lzIGJ1c2lu ZXNzIG1vZG VsIGZvY3Vz ZXMgb24gZG l2ZXJzaWZ5 aW5nIGl0cy Bwb3J0Zm9s aW8gb2Ygc2 VydmljZXMg YW5kIG1hcm tldHMgdG8g cmVkdWNlIH Jpc2tzIGFu ZCBlbnN1cm Ugc3RlYWR5 IHJldmVudW Ugc3RyZWFt cy48YnI+My 4gSW5ub3Zh dGl2ZSBUZW Nobm9sb2dp ZXM6IEtCUi BpbnZlc3Rz IGluIGlubm 92YXRpdmUg dGVjaG5vbG 9naWVzIGFu ZCBzb2x1dG lvbnMgdG8g cHJvdmlkZS BjdXR0aW5n LWVkZ2Ugc2 9sdXRpb25z IHRvIGl0cy BjbGllbnRz IGFuZCBtYW ludGFpbiBh IGNvbXBldG l0aXZlIGFk dmFudGFnZS BpbiB0aGUg bWFya2V0Lj xicj40LiBJ bnRlZ3JhdG VkIFNlcnZp Y2UgT2ZmZX JpbmdzOiBL QlIgb2ZmZX JzIGEgd2lk ZSByYW5nZS BvZiBzZXJ2 aWNlcywgZn JvbSB0ZWNo bm9sb2d5IG FuZCBjb25z dWx0aW5nIH RvIGRlc2ln biwgY29uc3 RydWN0aW9u LCBhbmQgbW FpbnRlbmFu Y2UsIGFsbG 93aW5nIGl0 IHRvIHByb3 ZpZGUgZW5k LXRvLWVuZC Bzb2x1dGlv bnMgdG8gaX RzIGNsaWVu dHMuPGJyPj UuIFN0cmF0 ZWdpYyBQYX J0bmVyc2hp cHM6IEtCUi BoYXMgc3Ry YXRlZ2ljIH BhcnRuZXJz aGlwcyBhbm QgYWxsaWFu Y2VzIHdpdG ggb3RoZXIg Y29tcGFuaW VzLCBlbmFi bGluZyBpdC B0byBsZXZl cmFnZSB0aG VpciBleHBl cnRpc2UgYW 5kIHJlc291 cmNlcyB0by BkZWxpdmVy IHRoZSBiZX N0IHBvc3Np YmxlIHNlcn ZpY2VzIHRv IGl0cyBjbG llbnRzLjxi cj42LiBHbG 9iYWwgUHJl c2VuY2U6IE tCUiBoYXMg YSBnbG9iYW wgcHJlc2Vu Y2Ugd2l0aC BvcGVyYXRp b25zIGluIG 92ZXIgNDAg Y291bnRyaW VzLCBhbGxv d2luZyBpdC B0byBzZXJ2 ZSBhIGRpdm Vyc2UgcmFu Z2Ugb2YgY2 xpZW50cyBh Y3Jvc3MgZG lmZmVyZW50 IG1hcmtldH MgYW5kIGdl b2dyYXBoaW VzLjxicj43 LiBGb2N1cy BvbiBTdXN0 YWluYWJpbG l0eTogS0JS IGlzIGNvbW 1pdHRlZCB0 byBvcGVyYX RpbmcgaW4g YW4gZW52aX Jvbm1lbnRh bGx5IGFuZC Bzb2NpYWxs eSByZXNwb2 5zaWJsZSBt YW5uZXIsIG FuZCBpdHMg YnVzaW5lc3 MgbW9kZWwg cmVmbGVjdH MgdGhpcyBi eSBpbmNvcn BvcmF0aW5n IHN1c3RhaW 5hYmlsaXR5 IHByYWN0aW NlcyBpbnRv IGl0cyBvcG VyYXRpb25z IGFuZCBzZX J2aWNlcy48 YnI+T3Zlcm FsbCwgS0JS 4oCZcyBidX NpbmVzcyBt b2RlbCBpcy Bmb3VuZGVk IG9uIHByb3 ZpZGluZyBj b21wcmVoZW 5zaXZlLCBj bGllbnQtZm 9jdXNlZCwg YW5kIHN1c3 RhaW5hYmxl IHNvbHV0aW 9ucyB3aGls ZSBsZXZlcm FnaW5nIGl0 cyBnbG9iYW wgcmVzb3Vy Y2VzLCBzdH JhdGVnaWMg cGFydG5lcn NoaXBzLCBh bmQgaW5ub3 ZhdGl2ZSB0 ZWNobm9sb2 dpZXMu

The impact of AI on KBR’s products, services, and competitive positioning can vary based on several factors, but it is essential to consider potential threats such as substitution, disintermediation, and margin pressure.
1. Substitution: AI technologies may offer alternatives to traditional KBR services, particularly in areas like engineering, project management, and data analysis. For instance, AI-powered automation tools could substitute some manual processes, leading to reduced demand for certain KBR offerings. However, KBR’s extensive expertise and specialized knowledge in sectors like aerospace, energy, and defense might mitigate the threat of complete substitution, as these fields often require a nuanced understanding of complex systems that AI may not fully replicate.
2. Disintermediation: The rise of AI can enable clients to access solutions directly, potentially reducing the need for intermediaries like KBR. For example, clients may leverage AI analytics platforms or other technologies to make decisions without consulting KBR’s services. However, KBR’s established relationships, industry reputation, and integrated service offerings may provide sufficient value to retain clients who need comprehensive support rather than standalone solutions.
3. Margin Pressure: AI can drive efficiency and cost reduction, which could intensify competition and pressure profit margins across the industry. As companies adopt AI to optimize operations, they may lower prices or enhance service delivery, forcing KBR to reconsider its pricing strategies or invest in AI capabilities to maintain competitiveness. This scenario could challenge KBR to innovate continuously and find ways to differentiate its services to prevent margin erosion.
In conclusion, while AI presents potential threats in substitution, disintermediation, and margin pressure, KBR’s expertise, established client relationships, and ability to adapt to technological advancements will play a crucial role in determining how significantly these threats impact the company.

The sensitivity of KBR’s earnings, cash flow, and valuation to changes in interest rates can be understood through several key aspects.
1. Earnings Sensitivity: KBR, being a global engineering and construction company, may experience an impact on its earnings due to changes in interest rates. Higher interest rates can lead to increased borrowing costs, affecting the company’s ability to finance projects. This can reduce profit margins, especially if contracts are fixed-price arrangements. Conversely, lower interest rates might facilitate cheaper financing for new projects, potentially leading to increased earnings.
2. Cash Flow Sensitivity: Changes in interest rates can also affect KBR’s cash flow. If the company has variable-rate debt, higher interest rates would increase the cost of servicing debt, thereby reducing net cash flow. On the other hand, lower rates may improve cash flow by reducing interest payments. Moreover, interest rates can influence the economic environment, affecting demand for KBR’s services. A slowing economy due to rising rates can result in delayed projects and reduced cash inflows.
3. Valuation Sensitivity: KBR’s valuation is often derived from discounted cash flow models, which are highly sensitive to interest rate changes. An increase in interest rates raises the discount rate applied to projected cash flows, leading to a lower present value and consequently a lower valuation. Conversely, falling interest rates would decrease the discount rate, potentially increasing KBR’s valuation.
Overall, KBR’s financial metrics are sensitive to interest rate fluctuations, driven primarily by changes in borrowing costs, effects on project financing, and broader economic impacts that affect demand for its services.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgS0 JS4oCZcyBl Y29ub21pY3 Mgb3ZlciB0 aGUgbmV4dC AzLTUgeWVh cnMgbWlnaH QgaW52b2x2 ZSBhIHNpZ2 5pZmljYW50 IGRlY2xpbm UgaW4gZ2xv YmFsIGRlbW FuZCBmb3Ig ZW5lcmd5IG FuZCBpbmZy YXN0cnVjdH VyZSBzZXJ2 aWNlcywgcG FydGljdWxh cmx5IGRyaX ZlbiBieSBy ZWd1bGF0b3 J5IGNoYW5n ZXMgYW5kIG FuIGFjY2Vs ZXJhdGVkIH NoaWZ0IHRv d2FyZCByZW 5ld2FibGUg ZW5lcmd5IH NvdXJjZXMu IFRoaXMgc2 l0dWF0aW9u IGNvdWxkIG FyaXNlIGZy b20gc3RyaW 5nZW50IGNs aW1hdGUgcG 9saWNpZXMg YW5kIGEgZ2 xvYmFsIHRy YW5zaXRpb2 4gdG93YXJk IG5ldC16ZX JvIGNhcmJv biBlbWlzc2 lvbnMgdGFy Z2V0cywgbW FraW5nIHRy YWRpdGlvbm FsIGZvc3Np bCBmdWVsIH Byb2plY3Rz IGxlc3Mgdm lhYmxlLiA8 YnI+SWYgS0 JSIHdlcmUg dG8gZXhwZX JpZW5jZSB0 aGlzIHNjZW 5hcmlvLCBz ZXZlcmFsIG ltcGFjdHMg Y291bGQgYm Ugb2JzZXJ2 ZWQ6PGJyPj EuIDxzdHJv bmc+TWFyZ2 luczwvc3Ry b25nPjogS0 JS4oCZcyBw cm9maXQgbW FyZ2lucyB3 b3VsZCBsaW tlbHkgc2hy aW5rIHNpZ2 5pZmljYW50 bHkuIFRoZS Bjb21wYW55 IGhhcyBiZW VuIGludm9s dmVkIGluIH Byb3ZpZGlu ZyBzZXJ2aW NlcyByZWxh dGVkIHRvIG 9pbCBhbmQg Z2FzIHByb2 plY3RzLCB3 aGljaCBjb3 VsZCBiZWNv bWUgbGVzcy BwcmV2YWxl bnQgYXMgdG hlc2UgaW5k dXN0cmllcy BmYWNlIHJl c3RyaWN0aW 9ucyBhbmQg cmVkdWNlZC BpbnZlc3Rt ZW50LiBJbm NyZWFzZWQg Y29tcGV0aX Rpb24gaW4g dGhlIHJlbm V3YWJsZSBz ZWN0b3IsIG NvbWJpbmVk IHdpdGggYS Bwb3RlbnRp YWwgZGVjcm Vhc2UgaW4g ZGVtYW5kIG ZvciBpdHMg dHJhZGl0aW 9uYWwgb2Zm ZXJpbmdzLC Bjb3VsZCBm b3JjZSB0aG UgY29tcGFu eSB0byBsb3 dlciBwcmlj ZXMgdG8gc2 VjdXJlIGNv bnRyYWN0cy wgbGVhZGlu ZyB0byB0aG lubmVyIG1h cmdpbnMuPG JyPjIuIDxz dHJvbmc+Q2 FzaCBGbG93 PC9zdHJvbm c+OiBBcyBk ZW1hbmQgY2 9udHJhY3Rz LCBLQlIgY2 91bGQgc2Vl IGEgc3Vic3 RhbnRpYWwg ZG93bnR1cm 4gaW4gcmV2 ZW51ZSBzdH JlYW1zLiBQ cm9qZWN0cy B0aGF0IGhh dmUgaGlzdG 9yaWNhbGx5 IHByb3ZpZG VkIHN0YWJs ZSBjYXNoIG Zsb3cgbWF5 IGJlIGRlbG F5ZWQgb3Ig Y2FuY2VsZW QsIHJlc3Vs dGluZyBpbi Bsb3dlciBv dmVyYWxsIH Byb2ZpdGFi aWxpdHkuIF RoaXMgd291 bGQgaW1wYW N0IHRoZSBj b21wYW554o CZcyBvcGVy YXRpbmcgY2 FzaCBmbG93 LCBtYWtpbm cgaXQgZGlm ZmljdWx0IH RvIGNvdmVy IGV4aXN0aW 5nIGxpYWJp bGl0aWVzLC BpbnZlc3Qg aW4gbmV3IH RlY2hub2xv Z2llcywgb3 IgcmV0dXJu IHZhbHVlIH RvIHNoYXJl aG9sZGVycy 4gUmVkdWN0 aW9uIGluIG Nhc2ggZmxv dyBjb3VsZC BsZWFkIHRv IGN1dHMgaW 4gY2FwaXRh bCBleHBlbm RpdHVyZXMs IGZ1cnRoZX IgaW1wYWly aW5nIGxvbm ctdGVybSBn cm93dGggcG 90ZW50aWFs Ljxicj4zLi A8c3Ryb25n PkJhbGFuY2 UgU2hlZXQ8 L3N0cm9uZz 46IE92ZXIg dGltZSwgcG Vyc2lzdGVu dCBjYXNoIG Zsb3cgaXNz dWVzIGNvdW xkIGxlYWQg dG8gYSBkZX RlcmlvcmF0 aW9uIG9mIE tCUuKAmXMg YmFsYW5jZS BzaGVldC4g SW5jcmVhc2 VkIGRlYnQg bGV2ZWxzIG 1pZ2h0IGFy aXNlIGFzIH RoZSBjb21w YW55IGJvcn Jvd3MgdG8g c3VzdGFpbi BvcGVyYXRp b25zIGR1cm luZyBsZWFu IHBlcmlvZH MuIEFzc2V0 IHZhbHVlcy Bjb3VsZCBk cm9wLCBwYX J0aWN1bGFy bHkgaWYgdG hlIGNvbXBh bnkgaGFzIG ludmVzdGVk IGhlYXZpbH kgaW4gdHJh ZGl0aW9uYW wgZW5lcmd5 IGluZnJhc3 RydWN0dXJl LiBDb25zZX F1ZW50bHks IGZpbmFuY2 lhbCByYXRp b3MgbGlrZS BkZWJ0LXRv LWVxdWl0eS Bjb3VsZCB3 b3JzZW4sIH JhaXNpbmcg Y29uY2Vybn MgYW1vbmcg aW52ZXN0b3 JzIGFuZCBj cmVkaXRvcn MsIGltcGFj dGluZyBLQl LigJlzIGNy ZWRpdCByYX RpbmcsIGFu ZCBwb3Rlbn RpYWxseSBp bmNyZWFzaW 5nIGJvcnJv d2luZyBjb3 N0cy48YnI+ SW4gY29uY2 x1c2lvbiwg aWYgS0JSIH VuZGVyZ29l cyBhIHN1c3 RhaW5lZCBk ZWNsaW5lIG luIHRyYWRp dGlvbmFsIG 1hcmtldCBk ZW1hbmQgZH VlIHRvIHJl Z3VsYXRvcn kgc2hpZnRz IGFuZCBhIH Bpdm90IHRv d2FyZHMgcm VuZXdhYmxl cywgaXRzIG Vjb25vbWlj IGZvb3Rwcm ludCBjb3Vs ZCBiZSBzaW duaWZpY2Fu dGx5IHdlYW tlbmVkLCBp bXBhY3Rpbm cgaXRzIG1h cmdpbnMsIG Nhc2ggZmxv d3MsIGFuZC BvdmVyYWxs IGZpbmFuY2 lhbCBzdGFi aWxpdHkuIF RoaXMgc2Nl bmFyaW8gd2 91bGQgbmVj ZXNzaXRhdG UgYSByZWNv bnNpZGVyYX Rpb24gb2Yg aXRzIHN0cm F0ZWdpYyBk aXJlY3Rpb2 4gYW5kIHBv dGVudGlhbC BkaXZlcnNp ZmljYXRpb2 4gaW50byBn cm93aW5nIH NlY3RvcnMu PGJyPg==

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 bG9nb3MvcH U5M1plYjdl Q3dLYXJZZU pSbE4ud2Vi cCIgYWx0PS JLQlIiIHRp dGxlPSJLQl IiICBjbGFz cz0iaW1nLW ZsdWlkIiBo ZWlnaHQ9NT Agd2lkdGg9 NTAgbG9hZG luZz0nbGF6 eScgc3R5bG U9J2JvcmRl ci1yYWRpdX M6IDZweDsn PgoKICAgIC AgICAgICAg ICAgICAgIC A8ZGl2IHN0 eWxlPSdmbG V4OiAxOyB0 ZXh0LWFsaW duOiBjZW50 ZXI7IG1hcm dpbi1sZWZ0 OiA1cHg7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPHAgc3 R5bGU9J2Zv bnQtc2l6ZT ogMjZweDsg Y29sb3I6IC MzMzM7IG1h cmdpbi1ib3 R0b206IDE1 cHg7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIPCfk4 ggV2FudCB0 byByZWFkIG 1vcmUgYWJv dXQgS0JSPw ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L3A+Cg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdpbmRl eC5waHA/cG FnZT1zaWdu dXAnIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICMw MDdCRkY7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBjb2 xvcjogI2Zm ZjsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHBhZGRpbm c6IDEwcHgg MjBweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJvcm Rlci1yYWRp dXM6IDVweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH RleHQtZGVj b3JhdGlvbj ogbm9uZTsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGZv bnQtd2VpZ2 h0OiBib2xk OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luLX JpZ2h0OiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdHJhbn NpdGlvbjog YmFja2dyb3 VuZC1jb2xv ciAwLjNzIG Vhc2U7Jwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgb25t b3VzZW92ZX I9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA1NmIz IicKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IG9ubW91c2 VvdXQ9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA3 QkZGIic+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIGZv ciBmcmVlCi AgICAgICAg ICAgICAgIC AgICAgICAg IDwvYT4KCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxzcGFuIH N0eWxlPSdt YXJnaW46ID AgOHB4OyBj b2xvcjogIz U1NTsnPm9y PC9zcGFuPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPGEgaH JlZj0naW5k ZXgucGhwP3 BhZ2U9bG9n aW4nIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGNvbG9y OiAjMDA3Qk ZGOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdGV4dC1k ZWNvcmF0aW 9uOiB1bmRl cmxpbmU7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBmb2 50LXdlaWdo dDogNTAwOy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bsb2cgaW4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9hPgoK CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxwIHN0 eWxlPSdtYX JnaW4tdG9w OiAxNXB4Oy Bmb250LXNp emU6IDEzcH g7IGZvbnQt d2VpZ2h0Oi Bib2xkOyBj b2xvcjogI2 QzMmYyZjsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg 8J+GkyBEaX Njb3ZlciA8 aT4iVGhlIE NoZWNrbGlz dCBWYWx1ZS BJbnZlc3Rv ciDigJQgQS BTbWFydGVy IFdheSB0by BQaWNrIFN0 b2NrcyI8L2 k+IOKAlCBm cmVlIGVCb2 9rIQogICAg ICAgICAgIC AgICAgICAg ICAgICA8L3 A+CgogICAg ICAgICAgIC AgICAgICAg ICAgICA8IS 0tCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J21hcmdpbi 10b3A6IDEy cHg7IGZvbn Qtc2l6ZTog MTNweDsgY2 9sb3I6ICM0 NDQ7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIFNpZ2 4gdXAgbm93 IGFuZCBnZX Qgb3VyIGZy ZWUgZUJvb2 sgCiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8Yj5UaGUg Q2hlY2tsaX N0IFZhbHVl IEludmVzdG 9yIOKAlCBB IFNtYXJ0ZX IgV2F5IHRv IFBpY2sgU3 RvY2tzPC9i PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgLS0+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwhLS0K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nbW FyZ2luLXRv cDogMTZweD sgZm9udC1z aXplOiAxNH B4OyBjb2xv cjogIzQ0ND sgZm9udC1m YW1pbHk6IC 1hcHBsZS1z eXN0ZW0sIE JsaW5rTWFj U3lzdGVtRm 9udCwgU2Vn b2UgVUksIF JvYm90bywg SGVsdmV0aW NhIE5ldWUs IHNhbnMtc2 VyaWY7IGxp bmUtaGVpZ2 h0OiAxLjY7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IEhhdmUgeW 91IGhlYXJk IGFib3V0IG 91ciBzaG9y dCA8c3Ryb2 5nIHN0eWxl PSdmb250LX dlaWdodDog NjAwOyc+RG FpbHkgVmlk ZW8gTmV3c2 xldHRlcjwv c3Ryb25nPj 8KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgID xhIGhyZWY9 J2h0dHBzOi 8vd3d3Lmlu c2lnaHRmdW x2YWx1ZS5j b20vbmV3c2 xldHRlci5w aHAnIHRhcm dldD0nX2Js YW5rJyBzdH lsZT0nY29s b3I6ICMwMD dCRkY7IHRl eHQtZGVjb3 JhdGlvbjog bm9uZTsgZm 9udC13ZWln aHQ6IDUwMD sgbWFyZ2lu LWxlZnQ6ID ZweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IEZpbmQgb3 V0IG1vcmUK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv YT4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIC0t PgogICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AKICAgICAg ICAKICAgIC AgICA8c3Bh biBjbGFzcz 0nYmx1cnJl ZC10ZXh0Jz 4KICAgICAg ICAgICAgTV M0Z1MwSlNM QyBCbWIzSn RaWEpzIGVT QnJibTkzYm kgQmhjeUJM Wld4cyBiMm RuSUVKeWIz IGR1SUNZZ1 VtOXYgZEN3 Z2FYTWdiMi A1bElHOW1J SFJvIFpTQn NZWEpuWlgg TjBJR1Z1Wj JsdSBaV1Z5 YVc1bklHIE Z1WkNCamIy NXogZEhKMV kzUnBiMiA0 Z1kyOXRjR0 Z1IGFXVnpJ R2x1SUggUm 9aU0IzYjNK cyBaQzQ4WW 5JK01pIDRn UzBKU0lIZG ggY3lCbWIz VnVaRyBWa0 lHbHVJREU1 IE1ERWdZWE 1nVFMgNVhM aUJMWld4cy BiMmRuSUVO dmJYIEJoYm 5rc0lHRWcg WTI5dGNHRn VlUyBCemNH VmphV0ZzIG FYcHBibWNn YVcgNGdiMm xzSUdacCBa V3hrSUdOdm JuIE4wY25W amRHbHYgYm lCaGJtUWda VyA1bmFXNW xaWEpwIGJt Y3VQR0p5UG ogTXVJRWx1 SURFNSBOVE 1zSUUwdVZ5 IDRnUzJWc2 JHOW4gWnlC RGIyMXdZVy A1NUlHMWxj bWRsIFpDQj NhWFJvSUUg SnliM2R1SU NZZyBVbTl2 ZENCMGJ5IE JtYjNKdElF dGwgYkd4dl oyY2dRbiBK dmQyNGdKaU JTIGIyOTBM Q0IzYUcgbG phQ0JpWldO aCBiV1VnZE dobElHIHho Y21kbGMzUW cgWTI5dWMz UnlkVyBOMG FXOXVJR052 IGJYQmhibm tnYVcgNGdk R2hsSUhkdi BjbXhrSUdG MElIIFJvWl NCMGFXMWwg TGp4aWNqND BMaSBCTFFs SWdhR0Z6IE lHTnZiWEJz WlggUmxaQ0 J3Y205cSBa V04wY3lCcG JpIEJ2ZG1W eUlERXcgTU NCamIzVnVk SCBKcFpYTX NJSGRwIGRH Z2dZU0J0WV cgcHZjaUJt YjJOMSBjeU J2YmlCbGJt IFZ5WjNrc0 lHbHUgWm5K aGMzUnlkVy BOMGRYSmxM Q0JoIGJtUW daMjkyWlgg SnViV1Z1ZE NCdyBjbTlx WldOMGN5ID Q4WW5JK05T NGcgVkdobE lHTnZiWCBC aGJua2dhWE 1nIGNtVnpj Rzl1YzIgbG liR1VnWm05 eSBJSFJvWl NCamIyIDV6 ZEhKMVkzUn AgYjI0Z2Iy WWdiVyBGdW VTQnViM1Jo IFlteGxJR3 hoYm0gUnRZ WEpyY3l3Zy BhVzVqYkhW a2FXIDVuSU hSb1pTQkkg YjI5MlpYSW dSRyBGdExD QjBhR1VnIF ZISmhibk10 UVcgeGhjMn RoSUZCcCBj R1ZzYVc1bE xDIEJoYm1R Z2RHaGwgSU UxaGNuTWdV bSA5MlpYSW dRWE56IFpX MWliSGt1UE cgSnlQall1 SUV0QyBVaU JvWVhNZ1pt IEZqWldRZ1 kyOXUgZEhK dmRtVnljMy BrZ1lXNWtJ R055IGFYUn BZMmx6YlMg Qm1iM0lnYV hSeiBJR2x1 ZG05c2RtIF Z0Wlc1MElH bHUgSUhCeW IycGxZMyBS eklITjFZMm dnIFlYTWdk R2hsSUcgTn Zibk4wY25W aiBkR2x2Ym lCdlppIEIw YUdVZ1IzVm ggYm5SaGJt RnRieSBCQ1 lYa2daR1Yw IFpXNTBhVz l1SUcgTmhi WEFnWVc1ay BJR2wwY3lC cGJuIFp2Yk habGJXVnUg ZENCcGJpQj BhRyBVZ1ZW TWdiV2xzIG FYUmhjbm5p Z0ogbHpJRX hQUjBOQiBV Q0FvVEc5bm FYIE4wYVdO eklFTnAgZG 1sc0lFRjFa MiAxbGJuUm hkR2x2IGJp QlFjbTluY2 0gRnRLU0Jq YjI1MCBjbU ZqZENCcGJp IEJKY21GeE xqeGkgY2o0 M0xpQkxRbC BJZ2QyRnpJ R0VnIGMzVm ljMmxrYVcg RnllU0J2Wm lCdiBhV3dn WjJsaGJuIF FnU0dGc2JH bGkgZFhKMG IyNGdabiBK dmJTQXhPVG s0IElIVnVk R2xzSUQgSX dNRGNzSUhk byBaVzRnYV hRZ1ltIFZq WVcxbElHRn UgSUdsdVpH VndaVyA1a1 pXNTBJR052 IGJYQmhibm t1UEcgSnlQ amd1SUVsdS BJREl3TVRB c0lFIHRDVW lCaVpXTmgg YldVZ2RHaG xJRyBacGNu TjBJRzFoIG FtOXlJRlZU SUcgTnZiWE JoYm5rZyBk RzhnWW1VZ1 kyIGhoY21k bFpDQjMgYV hSb0lHSnlh VyBKbGNua2 dkVzVrIFpY SWdkR2hsSU UgWnZjbVZw WjI0ZyBRMj l5Y25Wd2RD IEJRY21Gam RHbGogWlhN Z1FXTjBMQy BCeVpYTjFi SFJwIGJtY2 dhVzRnWVMg QWtOREF5SU cxcCBiR3hw YjI0Z2MyIF YwZEd4bGJX VnUgZEM0OF luSStPUyA0 Z1NXNGdNak F4IE1Td2dT MEpTSUggZG hjeUJ1WVcx bCBaQ0J2Ym 1VZ2IyIFln ZEdobElGZH YgY214azRv Q1pjeSBCTm IzTjBJRVYw IGFHbGpZV3 dnUTIgOXRj R0Z1YVdWei BJR0o1SUhS b1pTIEJGZE docGMzQm8g WlhKbElFbH VjMyBScGRI VjBaUzQ4IF luSStNVEF1 SUUgdENVaU JvWVhNZyBZ U0J6ZEhKdm JtIGNnWTI5 dGJXbDAgYl dWdWRDQjBi eSBCemRYTj BZV2x1IFlX SnBiR2wwZV MgQmhibVFn YUdGeiBJR0 psWlc0Z2Nt IFZqYjJkdW FYcGwgWkNC bWIzSWdhWC BSeklHVm1a bTl5IGRITW dhVzRnWVgg SmxZWE1nYz NWaiBhQ0Jo Y3lCbGJuIF pwY205dWJX VnUgZEdGc0 lHMWhibSBG blpXMWxibl FzIElHTmhj bUp2YmkgQm thWE5qYkc5 eiBkWEpsTE NCaGJtIFFn WTI5eWNHOX kgWVhSbElH TnBkRyBsNl pXNXphR2x3 IExnPT0KIC AgICAgICA8 L3NwYW4+Ci AgICAgICAg CiAgICAgIC Ag