California Water Service Group

More reviews (1)

Live  

California Water Service Group (CWSG) is a water utility company that provides water and wastewater services to more than 2 million people in California, Washington, New Mexico, and Hawaii. The company was founded in 1926 and is headquartered in San Jose, California.
California Water Service Group operates through its subsidiaries, including California Water Service (Cal Water), which is the largest subsidiary and serves over 2 million customers in California. Other subsidiaries include Hawaii Water Service, New Mexico Water Service, and Washington Water Service.
Cal Water operates 29 water systems and 4 wastewater systems in California, serving customers in more than 100 communities. Hawaii Water Service serves customers on Maui, Hawaii island, and Kauai, while New Mexico Water Service serves customers in the Rio Grande Valley.
Washington Water Service serves customers in the communities of Pierce, King, and Kitsap counties.
The company is committed to providing safe, reliable, and high-quality water and wastewater services while also promoting sustainability and environmental stewardship. CWSG has implemented various conservation programs and initiatives to reduce water usage and promote water efficiency among its customers.
As of 2021, CWSG is one of the largest publicly traded water utilities in the United States, with a market capitalization of over $3 billion. The company is listed on the New York Stock Exchange under the ticker symbol CWT.

Q2FsaWZvcm 5pYSBXYXRl ciBTZXJ2aW NlIEdyb3Vw IGlzIGEgY2 9tcGFueSB0 aGF0IHByb3 ZpZGVzIHdh dGVyIHRvIH Blb3BsZSBh bmQgYnVzaW 5lc3NlcyBp biBDYWxpZm 9ybmlhLiBU aGluayBvZi BpdCBsaWtl IGEgYmlnIG hlbHBlciB0 aGF0IG1ha2 VzIHN1cmUg eW91IGhhdm UgY2xlYW4s IHNhZmUgd2 F0ZXIgdG8g ZHJpbmssIH dhc2ggeW91 ciBoYW5kcy wgYW5kIHdh dGVyIHlvdX IgcGxhbnRz LiA8YnI+VG hlIGNvbXBh bnkgbWFrZX MgbW9uZXkg YnkgY2hhcm dpbmcgY3Vz dG9tZXJzIG EgbW9udGhs eSBmZWUgZm 9yIHRoZSB3 YXRlciB0aG V5IHVzZS4g SnVzdCBsaW tlIHlvdSBt aWdodCBwYX kgZm9yIGEg dGlja2V0IH RvIGdvIHRv IGFuIGFtdX NlbWVudCBw YXJrLCBwZW 9wbGUgcGF5 IGZvciB0aG Ugd2F0ZXIg dGhleSBnZX QgZnJvbSB0 aGUgY29tcG FueS4gVGhl eSBhbHNvIG NoYXJnZSBm b3IgYW55IG V4dHJhIHNl cnZpY2VzLC BsaWtlIGhl bHBpbmcgd2 l0aCB3YXRl ciBwaXBlcy BvciBmaXhp bmcgbGVha3 MuPGJyPkNh bGlmb3JuaW EgV2F0ZXIg U2VydmljZS BHcm91cCBp cyBzdWNjZX NzZnVsIGZv ciBzZXZlcm FsIHJlYXNv bnMuIEZpcn N0LCB3YXRl ciBpcyBzb2 1ldGhpbmcg ZXZlcnlvbm UgbmVlZHMs IHNvIHRoZX JlIHdpbGwg YWx3YXlzIG JlIGRlbWFu ZCBmb3IgaX QuIFBlb3Bs ZSBjYW7igJ l0IGxpdmUg d2l0aG91dC BjbGVhbiB3 YXRlciEgU2 Vjb25kLCB0 aGUgY29tcG FueSBmb2N1 c2VzIG9uIG 1ha2luZyBz dXJlIHRoZS B3YXRlciBp cyBzYWZlIG FuZCB0aGF0 IHRoZSBzZX J2aWNlIGlz IGdvb2QsIH doaWNoIG1h a2VzIGN1c3 RvbWVycyBo YXBweSBhbm Qgd2FudCB0 byBrZWVwIH VzaW5nIGl0 LiA8YnI+SW 4gdGhlIGZ1 dHVyZSwgQ2 FsaWZvcm5p YSBXYXRlci BTZXJ2aWNl IEdyb3VwIG lzIGxpa2Vs eSB0byBzdG F5IHN1Y2Nl c3NmdWwgYm VjYXVzZSB0 aGV5IGFyZS BhbHNvIHdv cmtpbmcgb2 4gYmVpbmcg YmV0dGVyIG ZvciB0aGUg ZW52aXJvbm 1lbnQgYnkg ZmluZGluZy B3YXlzIHRv IHNhdmUgd2 F0ZXIgYW5k IHVzZSBpdC Btb3JlIHdp c2VseS4gUG x1cywgd2l0 aCBtb3JlIH Blb3BsZSBt b3ZpbmcgdG 8gQ2FsaWZv cm5pYSwgdG hleSB3aWxs IG5lZWQgZX ZlbiBtb3Jl IHdhdGVyLC BzbyB0aGUg Y29tcGFueS BjYW4gZ3Jv dyBhcyBtb3 JlIGN1c3Rv bWVycyBjb2 1lIGluLiA8 YnI+U28sIG J5IHByb3Zp ZGluZyBhIG 5lY2Vzc2Fy eSBzZXJ2aW NlLCBrZWVw aW5nIGN1c3 RvbWVycyBo YXBweSwgYW 5kIGNhcmlu ZyBmb3IgdG hlIGVudmly b25tZW50LC BDYWxpZm9y bmlhIFdhdG VyIFNlcnZp Y2UgR3JvdX AgaXMgc2V0 IHRvIGtlZX AgZG9pbmcg d2VsbCE8Yn I+

MS4gTG9uZy BoaXN0b3J5 OiBDYWxpZm 9ybmlhIFdh dGVyIFNlcn ZpY2UgR3Jv dXAgd2FzIG ZvdW5kZWQg aW4gMTkyNi wgbWFraW5n IGl0IG9uZS BvZiB0aGUg bG9uZ2VzdC 1vcGVyYXRp bmcgd2F0ZX IgdXRpbGl0 aWVzIGluIH RoZSBVbml0 ZWQgU3RhdG VzLjxicj4y LiBMYXJnZS BzZXJ2aWNl IGFyZWE6IF RoZSBjb21w YW55IHNlcn ZlcyBtb3Jl IHRoYW4gMi BtaWxsaW9u IGN1c3RvbW VycyBhY3Jv c3Mgc2l4IH N0YXRlcywg aW5jbHVkaW 5nIENhbGlm b3JuaWEsIE hhd2FpaSwg TmV3IE1leG ljbywgT3Jl Z29uLCBXYX NoaW5ndG9u LCBhbmQgV2 FzaGluZ3Rv biBELkMuPG JyPjMuIFNv Y2lhbCBhbm QgZW52aXJv bm1lbnRhbC ByZXNwb25z aWJpbGl0eT ogQ2FsaWZv cm5pYSBXYX RlciBTZXJ2 aWNlIEdyb3 VwIGlzIGNv bW1pdHRlZC B0byBzdXN0 YWluYWJpbG l0eSBhbmQg cHJvdGVjdG luZyB0aGUg ZW52aXJvbm 1lbnQuIEl0 IGhhcyByZW NlaXZlZCBu dW1lcm91cy Bhd2FyZHMg Zm9yIGl0cy BlZmZvcnRz LCBpbmNsdW RpbmcgdGhl IFUuUy4gRW 52aXJvbm1l bnRhbCBQcm 90ZWN0aW9u IEFnZW5jeS AoRVBBKSdz IEVudmlyb2 5tZW50YWwg QWNoaWV2ZW 1lbnQgQXdh cmQuPGJyPj QuIERpdmVy c2UgcG9ydG ZvbGlvOiBU aGUgY29tcG FueSBub3Qg b25seSBwcm 92aWRlcyB3 YXRlciBzZX J2aWNlcyB0 byBjdXN0b2 1lcnMgYnV0 IGFsc28gb2 ZmZXJzIHdh c3Rld2F0ZX IsIHJlY3lj bGVkIHdhdG VyLCBhbmQg ZGVzYWxpbm F0ZWQgd2F0 ZXIgc2Vydm ljZXMuPGJy PjUuIENvbn RpbnVvdXMg aW52ZXN0bW VudCBpbiBp bmZyYXN0cn VjdHVyZTog Q2FsaWZvcm 5pYSBXYXRl ciBTZXJ2aW NlIEdyb3Vw IGludmVzdH MgaGVhdmls eSBpbiBtYW ludGFpbmlu ZyBhbmQgdX BncmFkaW5n IGl0cyBpbm ZyYXN0cnVj dHVyZSB0by BlbnN1cmUg cmVsaWFibG UgYW5kIGhp Z2gtcXVhbG l0eSBzZXJ2 aWNlIHRvIG l0cyBjdXN0 b21lcnMuPG JyPjYuIENv bW11bml0eS BpbnZvbHZl bWVudDogVG hlIGNvbXBh bnkgaXMgYW N0aXZlbHkg aW52b2x2ZW QgaW4gdGhl IGNvbW11bm l0aWVzIGl0 IHNlcnZlcy wgc3VwcG9y dGluZyBsb2 NhbCBjaGFy aXRpZXMsIH Nwb25zb3Jp bmcgZXZlbn RzLCBhbmQg cHJvdmlkaW 5nIGVkdWNh dGlvbmFsIH Jlc291cmNl cyBvbiB3YX RlciBjb25z ZXJ2YXRpb2 4uPGJyPjcu IFN0cm9uZy BmaW5hbmNp YWwgcGVyZm 9ybWFuY2U6 IENhbGlmb3 JuaWEgV2F0 ZXIgU2Vydm ljZSBHcm91 cCBoYXMgYS BoaXN0b3J5 IG9mIHN0cm 9uZyBmaW5h bmNpYWwgcG VyZm9ybWFu Y2UsIG1ha2 luZyBpdCBh IHN0YWJsZS BhbmQgcmVs aWFibGUgY2 9tcGFueSBm b3IgYm90aC BjdXN0b21l cnMgYW5kIG ludmVzdG9y cy48YnI+OC 4gQ3VzdG9t ZXItY2VudH JpYyBhcHBy b2FjaDogVG hlIGNvbXBh bnkgcHJpb3 JpdGl6ZXMg Y3VzdG9tZX Igc2F0aXNm YWN0aW9uIG FuZCBlbmdh Z2VtZW50LC ByZWd1bGFy bHkgc2Vla2 luZyBmZWVk YmFjayBhbm QgaW1wbGVt ZW50aW5nIG ltcHJvdmVt ZW50cyB0by BiZXR0ZXIg c2VydmUgaX RzIGN1c3Rv bWVycy48Yn I+OS4gSW5k dXN0cnkgbG VhZGVyOiBD YWxpZm9ybm lhIFdhdGVy IFNlcnZpY2 UgR3JvdXAg aXMgb25lIG 9mIHRoZSBs YXJnZXN0IH dhdGVyIHV0 aWxpdGllcy BpbiB0aGUg VW5pdGVkIF N0YXRlcyBh bmQgaGFzIG JlZW4gcmVj b2duaXplZC BhcyBhbiBp bmR1c3RyeS BsZWFkZXIg aW4gd2F0ZX IgbWFuYWdl bWVudCBhbm Qgc3VzdGFp bmFiaWxpdH kuPGJyPjEw LiBDb21taX RtZW50IHRv IGlubm92YX Rpb246IFRo ZSBjb21wYW 55IGlzIGNv bnN0YW50bH kgc2Vla2lu ZyBuZXcgYW 5kIGlubm92 YXRpdmUgd2 F5cyB0byBp bXByb3ZlIG l0cyBvcGVy YXRpb25zIG FuZCBjb25z ZXJ2ZSB3YX RlciByZXNv dXJjZXMsIH N1Y2ggYXMg aW1wbGVtZW 50aW5nIHNt YXJ0IG1ldG VyIHRlY2hu b2xvZ3kgYW 5kIHVzaW5n IGFkdmFuY2 VkIHRyZWF0 bWVudCBwcm 9jZXNzZXMu

VGhlIENhbG lmb3JuaWEg V2F0ZXIgU2 VydmljZSBH cm91cCBpcy BhIHV0aWxp dHkgc2Vydm ljZXMgaG9s ZGluZyBjb2 1wYW55IHRo YXQgcHJvdm lkZXMgd2F0 ZXIgYW5kIH dhc3Rld2F0 ZXIgc2Vydm ljZXMgdG8g dmFyaW91cy Bjb21tdW5p dGllcyBpbi BDYWxpZm9y bmlhLiBJdH MgYnVzaW5l c3MgbW9kZW wgaXMgYmFz ZWQgb24gcH JvdmlkaW5n IHRoZXNlIG Vzc2VudGlh bCBzZXJ2aW NlcyB0byBp dHMgY3VzdG 9tZXJzIHdo aWxlIGdlbm VyYXRpbmcg YSBwcm9maX QgZm9yIGl0 cyBzaGFyZW hvbGRlcnMu PGJyPlRoZS Bjb21wYW55 J3MgbWFpbi Bzb3VyY2Ug b2YgcmV2ZW 51ZSBpcyBm cm9tIGN1c3 RvbWVyIHJh dGVzIGFuZC BmZWVzIGZv ciBpdHMgd2 F0ZXIgYW5k IHdhc3Rld2 F0ZXIgc2Vy dmljZXMuIE l0IGFsc28g Z2VuZXJhdG VzIHJldmVu dWUgdGhyb3 VnaCBtZXRl cmVkIHNhbG VzIGFuZCBm aXhlZCBjaG FyZ2VzIGZv ciBjb25uZW N0aW5nIG5l dyBjdXN0b2 1lcnMgdG8g aXRzIHN5c3 RlbS48YnI+ T25lIGtleS Bhc3BlY3Qg b2YgdGhlIG NvbXBhbnkn cyBidXNpbm VzcyBtb2Rl bCBpcyBpdH Mgc2Vydmlj ZSB0ZXJyaX Rvcnkgc3Ry dWN0dXJlLi BDYWxpZm9y bmlhIFdhdG VyIFNlcnZp Y2UgR3JvdX Agb3BlcmF0 ZXMgdGhyb3 VnaCBzZXZl cmFsIHN1Yn NpZGlhcmll cywgZWFjaC B3aXRoIGl0 cyBvd24gc2 VydmljZSB0 ZXJyaXRvcn kuIFRoaXMg YWxsb3dzIH RoZSBjb21w YW55IHRvIH RhaWxvciBp dHMgc2Vydm ljZXMgYW5k IHJhdGVzIH RvIHRoZSBz cGVjaWZpYy BuZWVkcyBh bmQgZGVtb2 dyYXBoaWNz IG9mIGVhY2 ggY29tbXVu aXR5Ljxicj 5JbiBhZGRp dGlvbiB0by Bwcm92aWRp bmcgcmVsaW FibGUgYW5k IGhpZ2gtcX VhbGl0eSB3 YXRlciBhbm Qgd2FzdGV3 YXRlciBzZX J2aWNlcywg dGhlIGNvbX BhbnkgYWxz byBmb2N1c2 VzIG9uIG1h aW50YWluaW 5nIGFuZCBp bXByb3Zpbm cgaXRzIGlu ZnJhc3RydW N0dXJlLCBk ZXZlbG9waW 5nIGlubm92 YXRpdmUgc2 9sdXRpb25z IGZvciB3YX RlciBjb25z ZXJ2YXRpb2 4sIGFuZCBp bXBsZW1lbn Rpbmcgc3Vz dGFpbmFibG UgcHJhY3Rp Y2VzLjxicj 5DYWxpZm9y bmlhIFdhdG VyIFNlcnZp Y2UgR3JvdX AgYWxzbyBp bnZlc3RzIG luIGNvbW11 bml0eSBvdX RyZWFjaCBh bmQgZWR1Y2 F0aW9uIHBy b2dyYW1zIH RvIHByb21v dGUgcmVzcG 9uc2libGUg YW5kIGVmZm ljaWVudCB1 c2Ugb2Ygd2 F0ZXIgcmVz b3VyY2VzLi BUaGlzIGhl bHBzIGJ1aW xkIHN0cm9u ZyByZWxhdG lvbnNoaXBz IHdpdGggY3 VzdG9tZXJz IGFuZCBlbn N1cmVzIGxv bmctdGVybS BzdWNjZXNz IGZvciB0aG UgY29tcGFu eS48YnI+T3 ZlcmFsbCwg dGhlIGNvbX BhbnkncyBi dXNpbmVzcy Btb2RlbCBp cyBidWlsdC BvbiBhIGNv bW1pdG1lbn QgdG8gZGVs aXZlcmluZy Blc3NlbnRp YWwgc2Vydm ljZXMsIGlu dmVzdGluZy BpbiBpbmZy YXN0cnVjdH VyZSBhbmQg aW5ub3ZhdG lvbiwgYW5k IGZvc3Rlcm luZyBzdHJv bmcgcmVsYX Rpb25zaGlw cyB3aXRoIG N1c3RvbWVy cyBhbmQgY2 9tbXVuaXRp ZXMu

AI has the potential to impact the California Water Service Group in several ways, but whether it poses a material threat depends on various factors.
1. Substitution: AI could lead to the development of alternative water management solutions or technologies that might serve as substitutes for traditional water services. For instance, advancements in AI-driven water recycling and purification technologies could reduce the demand for conventional water supply services. However, the adoption of these technologies will likely take time and face regulatory hurdles.
2. Disintermediation: AI facilitates direct-to-consumer models and decentralized water solutions. For example, smart home systems that manage water usage and conservation might eliminate the need for traditional water service providers in some contexts. However, given the regulated nature of water services and the complexities involved in water distribution and management, complete disintermediation is less likely.
3. Margin Pressure: AI can enhance operational efficiency, reduce costs, and improve customer service for providers, which can create competitive pressure on companies like the California Water Service Group. Failing to adopt AI technology could lead to higher operating costs compared to competitors who leverage AI for efficiencies. However, implementing AI can also entail significant investment upfront.
Overall, while AI presents both opportunities and challenges, its actual threat to California Water Service Group will depend on how effectively the company adapts to technological advancements, regulatory frameworks, and market conditions. The company may find that embracing AI can mitigate threats and enhance its competitive positioning rather than posing a material threat.

The California Water Service Group’s earnings, cash flow, and valuation can be sensitive to changes in interest rates in several ways:
1. Earnings Impact: As a utility company, California Water Service Group tends to operate with a stable revenue stream from its water services. However, changes in interest rates can affect operating expenses, especially if the company has variable-rate debt. Higher interest rates may increase borrowing costs, which can lead to lower net earnings. On the other hand, if interest rates rise, the company may also have opportunities to invest in capital projects that could enhance revenue generation over time.
2. Cash Flow Sensitivity: Interest rates influence the cash flow of California Water Service Group through financing costs. If the company has significant debt obligations, a rise in interest rates will lead to higher interest payments, reducing available cash flow. Conversely, if interest rates are low, the company can benefit from lower financing costs, enhancing cash flow and enabling reinvestment into infrastructure or dividend payouts.
3. Valuation Effects: The valuation of California Water Service Group may also be affected by interest rate changes, particularly through the discounted cash flow (DCF) valuation method. Higher interest rates typically result in a higher discount rate applied to future cash flows, which in turn lowers the present value of those cash flows and can negatively impact the stock’s valuation. Conversely, lower interest rates may increase the present value of expected cash flows, resulting in a higher valuation for the company.
In summary, while California Water Service Group may exhibit some resilience due to its regulated nature and steady demand for services, changes in interest rates can still significantly influence its earnings, cash flow, and overall market valuation.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgdG hlIENhbGlm b3JuaWEgV2 F0ZXIgU2Vy dmljZSBHcm 91cOKAmXMg ZWNvbm9taW NzIG92ZXIg dGhlIG5leH QgMy01IHll YXJzIGlzIG EgcHJvbG9u Z2VkIGFuZC BzZXZlcmUg ZHJvdWdodC BleGFjZXJi YXRlZCBieS BjbGltYXRl IGNoYW5nZS wgY29tYmlu ZWQgd2l0aC BpbmNyZWFz aW5nIHJlZ3 VsYXRvcnkg cHJlc3N1cm VzIG9uIHdh dGVyIHVzYW dlIGFuZCBw cmljZXMuIF RoaXMgY291 bGQgaGF2ZS BzZXZlcmFs IGNhc2NhZG luZyBlZmZl Y3RzIG9uIH RoZSBjb21w YW554oCZcy BmaW5hbmNp YWwgaGVhbH RoLjxicj5G aXJzdCwgdG hlIHByb2xv bmdlZCBkcm 91Z2h0IGNv dWxkIGxlYW QgdG8gYSBz aWduaWZpY2 FudCByZWR1 Y3Rpb24gaW 4gd2F0ZXIg c3VwcGx5IG F2YWlsYWJs ZSBmb3IgZG lzdHJpYnV0 aW9uLiBBcy BDYWxpZm9y bmlh4oCZcy B3YXRlciBy ZXNvdXJjZX MgYmVjb21l IHNjYXJjZX IsIHdhdGVy IHJhdGVzIG 1heSBiZSBj YXBwZWQgYn kgcmVndWxh dG9yeSBib2 RpZXMgdG8g cHJvdGVjdC Bjb25zdW1l cnMsIGxpbW l0aW5nIHRo ZSBjb21wYW 554oCZcyBh YmlsaXR5IH RvIHBhc3Mg b24gaW5jcm Vhc2VkIGNv c3RzIGFzc2 9jaWF0ZWQg d2l0aCBzb3 VyY2luZyBv ciBwcm9kdW Npbmcgd2F0 ZXIuIFNpbm NlIHdhdGVy IGlzIGEgbm VjZXNzaXR5 LCBkZW1hbm QgbWF5IHJl bWFpbiByZW xhdGl2ZWx5 IGluZWxhc3 RpYywgYnV0 IHJlZHVjZW QgYXZhaWxh YmlsaXR5IG NvdWxkIGZv cmNlIHRoZS Bjb21wYW55 IHRvIHJhdG lvbiByZXNv dXJjZXMsIG ltcGFjdGlu ZyBjdXN0b2 1lciBzYXRp c2ZhY3Rpb2 4gYW5kIHBv dGVudGlhbG x5IGxlYWRp bmcgdG8gYS Bsb3NzIG9m IGNsaWVudG VsZSBvciBs b2NhbCBnb3 Zlcm5tZW50 IGNvbnRyYW N0cy48YnI+ TWFyZ2lucy B3b3VsZCBs aWtlbHkgY2 9tcHJlc3Mg YXMgdGhlIG NvbXBhbnkg ZmFjZXMgaG lnaGVyIG9w ZXJhdGlvbm FsIGNvc3Rz IGZvciBzb3 VyY2luZyBh bHRlcm5hdG l2ZSB3YXRl ciBzdXBwbG llcywgc3Vj aCBhcyBpbn Zlc3Rpbmcg aW4gd2F0ZX IgcmVjeWNs aW5nIG9yIG Rlc2FsaW5h dGlvbiB0ZW Nobm9sb2dp ZXMuIEluIG FkZGl0aW9u LCB0aGUgY2 9tcGFueeKA mXMgbWFpbn RlbmFuY2Ug YW5kIGluZn Jhc3RydWN0 dXJlIGNvc3 RzIGNvdWxk IGluY3JlYX NlIGFzIGl0 IGRlYWxzIH dpdGggYWdp bmcgaW5mcm FzdHJ1Y3R1 cmUgdGhhdC BpcyBpbGwt ZXF1aXBwZW QgZm9yIGEg Y2hhbmdpbm cgY2xpbWF0 ZS4gVGhpcy BzaXR1YXRp b24gY291bG QgbGVhZCB0 byBoaWdoZX IgY2FwaXRh bCBleHBlbm RpdHVyZXMg YW5kIHJlZH VjZWQgcHJv Zml0YWJpbG l0eS48YnI+ Q2FzaCBmbG 93IHdvdWxk IGJlIGFmZm VjdGVkIGFz IHdlbGw7IH dpdGggZ3Jv d2luZyBvcG VyYXRpb25h bCBjb3N0cy BhbmQgcG90 ZW50aWFsIH N0YWduYXRp b24gaW4gcm V2ZW51ZSBm cm9tIGNhcH BlZCByYXRl cywgdGhlIG NvbXBhbnkg bWlnaHQgc3 RydWdnbGUg dG8gbWFpbn RhaW4gcG9z aXRpdmUgY2 FzaCBmbG93 LiBJZiBleH BlbnNlcyBv dXRwYWNlIH JldmVudWVz LCB0aGUgY2 9tcGFueSBt aWdodCBoYX ZlIHRvIGlu Y3JlYXNlIG RlYnQgbGV2 ZWxzIHRvIG Z1bmQgb25n b2luZyBvcG VyYXRpb25z IG9yIGluZn Jhc3RydWN0 dXJlIGltcH JvdmVtZW50 cywgaW1wYW N0aW5nIGl0 cyBmaW5hbm NpbmcgY29z dHMgYW5kIG 92ZXJhbGwg ZmluYW5jaW FsIGhlYWx0 aC48YnI+T2 4gdGhlIGJh bGFuY2Ugc2 hlZXQsIGlu Y3JlYXNlZC BkZWJ0IGNv dWxkIGxlYW QgdG8gaGln aGVyIGxldm VyYWdlIHJh dGlvcywgcG 90ZW50aWFs bHkgdW5kZX JtaW5pbmcg aW52ZXN0b3 IgY29uZmlk ZW5jZS4gQ3 VycmVudCBh c3NldHMgbW F5IGFsc28g YmVjb21lIH N0cmFpbmVk IGlmIGNhc2 ggcmVzZXJ2 ZXMgZHdpbm RsZSBkdWUg dG8gbmVnYX RpdmUgY2Fz aCBmbG93Li BBcyBhIHJl c3VsdCwga2 V5IGZpbmFu Y2lhbCBtZX RyaWNzIHN1 Y2ggYXMgdG hlIGRlYnQt dG8tZXF1aX R5IHJhdGlv IGFuZCBjdX JyZW50IHJh dGlvIGNvdW xkIHdvcnNl biwgaW5kaW NhdGluZyBp bmNyZWFzZW QgZmluYW5j aWFsIHJpc2 suIExvbmct dGVybSwgaW YgdGhlIGNv bXBhbnkgaX MgdW5hYmxl IHRvIGFkYX B0IG9yIGlu bm92YXRlIG VmZmVjdGl2 ZWx5IGluIH Jlc3BvbnNl IHRvIHRoZX NlIGNoYWxs ZW5nZXMsIG l0cyBtYXJr ZXQgcG9zaX Rpb24gY291 bGQgYmUgcG VybWFuZW50 bHkgZGltaW 5pc2hlZCwg bGVhZGluZy B0byByZWR1 Y2VkIGVxdW l0eSB2YWx1 YXRpb25zIG FuZCBtYXJr ZXQgY29tcG V0aXRpdmVu ZXNzLiA8Yn I+SW4gc3Vt bWFyeSwgYS BzZXZlcmUg YW5kIHByb2 xvbmdlZCBk cm91Z2h0IG NvdXBsZWQg d2l0aCBzdH JpbmdlbnQg cmVndWxhdG lvbnMgY291 bGQgZHJhbW F0aWNhbGx5 IGFmZmVjdC BDYWxpZm9y bmlhIFdhdG VyIFNlcnZp Y2UgR3JvdX DigJlzIG1h cmdpbnMsIG Nhc2ggZmxv dywgYW5kIG JhbGFuY2Ug c2hlZXQsIG xlYWRpbmcg dG8gYSB3ZW FrZW5lZCBm aW5hbmNpYW wgcG9zaXRp b24gYW5kIH BvdGVudGlh bGx5IHB1dH RpbmcgdGhl IHN1c3RhaW 5hYmlsaXR5 IG9mIGl0cy BvcGVyYXRp b25zIGF0IH Jpc2suPGJy Pg==

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 bG9nb3Mvcl hZN2JPWXFt MHdWNDFJQU pXNHcud2Vi cCIgYWx0PS JDYWxpZm9y bmlhIFdhdG VyIFNlcnZp Y2UgR3JvdX AiIHRpdGxl PSJDYWxpZm 9ybmlhIFdh dGVyIFNlcn ZpY2UgR3Jv dXAiICBjbG Fzcz0iaW1n LWZsdWlkIi BoZWlnaHQ9 NTAgd2lkdG g9NTAgbG9h ZGluZz0nbG F6eScgc3R5 bGU9J2Jvcm Rlci1yYWRp dXM6IDZweD snPgoKICAg ICAgICAgIC AgICAgICAg ICA8ZGl2IH N0eWxlPSdm bGV4OiAxOy B0ZXh0LWFs aWduOiBjZW 50ZXI7IG1h cmdpbi1sZW Z0OiA1cHg7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPHAg c3R5bGU9J2 ZvbnQtc2l6 ZTogMjZweD sgY29sb3I6 ICMzMzM7IG 1hcmdpbi1i b3R0b206ID E1cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIPCf k4ggV2FudC B0byByZWFk IG1vcmUgYW JvdXQgQ2Fs aWZvcm5pYS BXYXRlciBT ZXJ2aWNlIE dyb3VwPwog 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 +TnSBKb2lu IHVzIGFuZC BncmFiIHlv dXIgY29weS BvZiA8aT4i 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 dobElFIE5o YkdsbWIzSn UgYVdFZ1Yy RjBaWCBJZ1 UyVnlkbWxq IFpTQkhjbT kxY0MgQnBj eUJ2Ym1VZy BiMllnZEdo bElHIHhoY2 1kbGMzUWcg Y0hWaWJHbG piSCBrZ2RI SmhaR1ZrIE lIZGhkR1Z5 SUggVjBhV3 hwZEdsbCBj eUJwYmlCMG FHIFVnVlc1 cGRHVmsgSU ZOMFlYUmxj eSB3Z2MyVn lkbWx1IFp5 QnZkbVZ5SU QgSWdiV2xz YkdsdiBiaU JqZFhOMGIy IDFsY25NZ2 FXNGcgUTJG c2FXWnZjbS A1cFlTd2dW MkZ6IGFHbH VaM1J2Ymkg d2dUbVYzSU UxbCBlR2xq Ynl3Z1lXID VrSUVoaGQy RnAgYVM0OF luSStNaSA0 Z1ZHaGxJR0 52IGJYQmhi bmtnZDIgRn pJR1p2ZFc1 ayBaV1FnYV c0Z01UIGt5 TmlCaGN5Qj AgYUdVZ1Ey RnNhVyBadm NtNXBZU0JY IFlYUmxjaU JUWlggSjJh V05sSUVOdi BiWEJoYm5r c0lIIEJ5Yj NacFpHbHUg WnlCM1lYUm xjaSBCelpY SjJhV05sIE lIUnZJSFJv WlMgQmphWF I1SUc5bSBJ Rk5oYmlCS2 IzIE5sTENC RFlXeHAgWm 05eWJtbGhM aiB4aWNqNH pMaUJEIFlX eHBabTl5Ym 0gbGhJRmRo ZEdWeSBJRk 5sY25acFky IFVnUjNKdm RYQWcgYVhN Z1lTQnpkVy BKemFXUnBZ WEo1IElHOW 1JRU5oYkcg bG1iM0p1YV dFZyBWMkYw WlhJZ1UyIF Z5ZG1salpT QkQgYjIxd1 lXNTVMQyBC M2FHbGphQ0 JwIGN5QmhJ SGRvYjIgeH NlU0J2ZDI1 bCBaQ0J6ZF dKemFXIFJw WVhKNUlHOW 0gSUVOaGJH bG1iMyBKdW FXRWdWMkYw IFpYSWdVMl Z5ZG0gbGpa U0JIY205MS BjQzQ4WW5J K05DIDRnVk dobElHTnYg YlhCaGJua2 dhWCBNZ1ky OXRiV2wwIG RHVmtJSFJ2 SUggQnliM1 JsWTNScCBi bWNnZEdobE lHIFZ1ZG1s eWIyNXQgWl c1MElHRnVa QyBCd2NtOX RiM1JwIGJt Y2dZMjl1Yz IgVnlkbUYw YVc5dSBJR1 ZtWm05eWRI IE11SUVGek lHOW0gSURJ d01qRXNJRy A5MlpYSWdN elVsIElHOW 1JSFJvWlMg QmpiMjF3WV c1NSA0b0Na Y3lCbGJtIF Z5WjNrZ2Mz VncgY0d4NU lHTnZiVyBW eklHWnliMj BnIGNtVnVa WGRoWW0geG xJSE52ZFhK aiBaWE1zSU hOMVkyIGdn WVhNZ2QybH UgWkNCaGJt UWdjMiA5c1 lYSXVQR0p5 IFBqVXVJRl JvWlMgQmpi MjF3WVc1NS BJR2hoY3lC aElHIHh2Ym 1jZ2FHbHog ZEc5eWVTQn ZaaSBCemRY QndiM0owIG FXNW5JR2ww Y3kgQnNiMk 5oYkNCaiBi MjF0ZFc1cG RHIGxsY3lC MGFISnYgZF dkb0lIWnZi SCBWdWRHVm xjaUIzIGIz SnJMQ0JrYj IgNWhkR2x2 Ym5NcyBJR0 Z1WkNCd1lY IEowYm1WeW MyaHAgY0hN Z2QybDBhQy BCc2IyTmhi Q0J2IGNtZG hibWw2WVgg UnBiMjV6TG p4aSBjajQy TGlCSmJpIE JoWkdScGRH bHYgYmlCMG J5QndjbSA5 MmFXUnBibW NnIGQyRjBa WElnYzIgVn lkbWxqWlN3 ZyBkR2hsSU VOaGJHIGxt YjNKdWFXRW cgVjJGMFpY SWdVMiBWeW RtbGpaU0JI IGNtOTFjQ0 JoYkggTnZJ RzltWm1WeS BjeUIzWVhO MFpYIGRoZE dWeUlIUnkg WldGMGJXVn VkQyBCaGJt UWdjbVZqIG VXTnNaV1Fn ZDIgRjBaWE lnYzJWeSBk bWxqWlhNZ2 RHIDhnYVhS eklHTjEgYz NSdmJXVnlj eSA0OFluSS tOeTRnIFZH aGxJR052Yl ggQmhibmtn YVhNZyBaR1 ZrYVdOaGRH IFZrSUhSdk lIQnkgYjIx dmRHbHVaeS BCa2FYWmxj bk5wIGRIa2 dZVzVrSUcg bHVZMngxYz JsdiBiaUJw YmlCcGRIIE 1nZDI5eWEy WnYgY21ObE lHRnVaQyBC b1lYTWdZbV ZsIGJpQnla V052WjIgNX BlbVZrSUda diBjaUJwZE hNZ1pXIFpt YjNKMGN5Qj MgYVhSb0lH RjNZWCBKa2 N5QnpkV05v IElHRnpJSF JvWlMgQkRi M0p3YjNKaC BkR1VnTVRB d0lFIEYzWV hKa0lHWnkg YjIwZ2RHaG xJRSA1aGRH bHZibUZzIE lFRnpjMjlq YVcgRjBhVz l1SUdadiBj aUJHWlcxaG JHIFVnUlho bFkzVjAgYV habGN5NDhZ biBJK09DNG dTVzRnIE1q QXlNQ3dnZE cgaGxJRU5o YkdsbSBiM0 p1YVdFZ1Yy IEYwWlhJZ1 UyVnkgZG1s alpTQkhjbS A5MWNDQjNZ WE1nIGJtRn RaV1FnYjIg NWxJRzltSU hSbyBaU0JY YjNKc1pPIE tBbVhNZ1RX OXogZENCRm RHaHBZMiBG c0lFTnZiWE JoIGJtbGxj eUJpZVMgQk ZkR2hwYzNC byBaWEpsSU VsdWMzIFJw ZEhWMFpTQm 0gYjNJZ2RH aGxJRCBFeG RHZ2dZMjl1 IGMyVmpkWF JwZG0gVWdl V1ZoY2k0OC BZbkkrT1M0 Z1ZHIGhsSU dOdmJYQmgg Ym5rZ2FHRn pJRyAxaFpH VWdjMmxuIG JtbG1hV05o Ym4gUWdhVz UyWlhOMCBi V1Z1ZEhNZ2 FXIDRnYVc1 bWNtRnogZE hKMVkzUjFj bSBVZ1lXNW tJSFJsIFky aHViMnh2Wj Mga2dkRzhn Wlc1eiBkWE psSUhSb1pT IEJ5Wld4cF lXSnAgYkds MGVTQmhibS BRZ2NYVmhi R2wwIGVTQn ZaaUJwZEgg TWdkMkYwWl hJZyBjM1Z3 Y0d4NUxDIE JwYm1Oc2RX UnAgYm1jZ2 RHaGxJSCBW elpTQnZaaU JoIFpIWmhi bU5sWkMgQn RaWFJsY21s dSBaeUIwWl dOb2JtIDlz YjJkNUlHRn UgWkNCc1pX RnJJRyBSbG RHVmpkR2x2 IGJpQnplWE 4wWlcgMXpM anhpY2o0eC BNQzRnVkdo bElFIE5oYk dsbWIzSnUg YVdFZ1YyRj BaWCBJZ1Uy VnlkbWxqIF pTQkhjbTkx Y0MgQnBjeU J3ZFdKcyBh V05zZVNCMG NtIEZrWldR Z2IyNGcgZE dobElFNWxk eSBCWmIzSn JJRk4wIGIy TnJJRVY0WT IgaGhibWRs SUhWdSBaR1 Z5SUhSb1pT IEIwYVdOcl pYSWcgYzNs dFltOXNJRS BOWFZDQmhi bVFnIGFHRn pJR052Ym4g TnBjM1JsYm 5ScyBlU0J3 WVdsa0lHIF JwZG1sa1pX NWsgY3lCMG J5QnBkSCBN Z2MyaGhjbV ZvIGIyeGta WEp6SUggTn BibU5sSURF NSBNekl1Ci AgICAgICAg PC9zcGFuPg ogICAgICAg IAogICAgIC AgIA==