Lithia Motors

-13.49%

Live  

Lithia Motors is an American-based automotive retail and services company headquartered in Medford, Oregon. The company operates over 200 dealerships across the United States, offering new and used vehicle sales, vehicle maintenance and repair services, and financing and insurance solutions.
Founded in 1946, Lithia Motors has grown to become one of the largest automotive retailers in the US. The company has a diverse portfolio of vehicle brands, including Toyota, Honda, Ford, Chevrolet, and BMW. Additionally, Lithia Motors owns and operates the online car buying platform, Carbone Auto Group, and the subscription-based car ownership service, Flexdrive.
Lithia Motors prides itself on providing a customer-focused experience, with a commitment to transparency and reasonable pricing. The company also emphasizes community involvement and charitable giving, with a focus on supporting local organizations and initiatives.
In recent years, Lithia Motors has expanded its reach through acquisitions of other dealership groups, including the addition of the DCH Auto Group in 2014 and the acquisition of Baierl Auto Group in 2020. The company continues to grow and innovate in the automotive industry, with a strong emphasis on customer satisfaction and digital retailing.

TGl0aGlhIE 1vdG9ycyBp cyBhIGJpZy Bjb21wYW55 IHRoYXQgc2 VsbHMgY2Fy cy4gWW91IG tub3cgaG93 IHdoZW4geW 91IGdvIHRv IGEgY2FyIG RlYWxlcnNo aXAsIHlvdS BjYW4gc2Vl IGxvdHMgb2 YgZGlmZmVy ZW50IGtpbm RzIG9mIGNh cnMsIGxpa2 UgdHJ1Y2tz LCB2YW5zLC BhbmQgZmFu Y3kgY2Fycz 8gVGhhdOKA mXMgd2hhdC BMaXRoaWEg TW90b3JzIG RvZXMhIFRo ZXkgaGF2ZS BtYW55IGRl YWxlcnNoaX BzIGFjcm9z cyB0aGUgY2 91bnRyeSB3 aGVyZSB5b3 UgY2FuIGJ1 eSBuZXcgYW 5kIHVzZWQg Y2Fycy48Yn I+Tm93LCBo b3cgZG9lcy BMaXRoaWEg TW90b3JzIG 1ha2UgbW9u ZXk/IFdoZW 4gc29tZW9u ZSBidXlzIG EgY2FyIGZy b20gdGhlbS wgTGl0aGlh IGdldHMgbW 9uZXkgZm9y IHNlbGxpbm cgdGhhdCBj YXIuIFRoZX kgYWxzbyBt YWtlIG1vbm V5IGJ5IGhl bHBpbmcgcG VvcGxlIHBh eSBmb3IgY2 Fycy4gU29t ZSBwZW9wbG UgbmVlZCB0 byBib3Jyb3 cgbW9uZXkg dG8gYnV5IG EgY2FyLCBh bmQgTGl0aG lhIGNhbiBo ZWxwIHdpdG ggdGhhdCwg anVzdCBsaW tlIGEgYmFu ay4gUGx1cy wgYWZ0ZXIg YSBwZXJzb2 4gYnV5cyBh IGNhciwgdG hleSBtYXkg bmVlZCBzZX J2aWNlcyBs aWtlIG9pbC BjaGFuZ2Vz IG9yIHJlcG FpcnMsIGFu ZCBMaXRoaW EgaGFzIHdv cmtzaG9wcy Bmb3IgdGhh dCB0b28uPG JyPkxpdGhp YSBNb3Rvcn MgaXMgc3Vj Y2Vzc2Z1bC Bmb3IgYSBm ZXcgcmVhc2 9ucy4gRmly c3QsIHRoZX kgc2VsbCBt YW55IGRpZm ZlcmVudCB0 eXBlcyBvZi BjYXJzLCBz byB0aGVyZe KAmXMgc29t ZXRoaW5nIG ZvciBldmVy eW9uZS4gVG hleSBhbHNv IGZvY3VzIG 9uIGdpdmlu ZyBnb29kIG N1c3RvbWVy IHNlcnZpY2 UsIHdoaWNo IG1lYW5zIH RoZXkgd2Fu dCB0byBtYW tlIHRoZWly IGN1c3RvbW VycyBoYXBw eS4gV2hlbi BwZW9wbGUg YXJlIGhhcH B5IHdpdGgg dGhlaXIgZX hwZXJpZW5j ZSwgdGhleS BvZnRlbiB0 ZWxsIHRoZW lyIGZyaWVu ZHMgb3IgY2 9tZSBiYWNr IGFnYWluLj xicj5Mb29r aW5nIHRvIH RoZSBmdXR1 cmUsIExpdG hpYSBNb3Rv cnMgaXMgbG lrZWx5IHRv IHN0YXkgc3 VjY2Vzc2Z1 bCBiZWNhdX NlIG1vcmUg YW5kIG1vcm UgcGVvcGxl IGFyZSBnb2 luZyB0byBu ZWVkIGNhcn MuIEFzIGNp dGllcyBncm 93IGFuZCBt b3JlIGZhbW lsaWVzIGFy ZSBjcmVhdG VkLCB0aGUg ZGVtYW5kIG ZvciBjYXJz IHdpbGwgY2 9udGludWUg dG8gYmUgc3 Ryb25nLiBQ bHVzLCB0aG V5IGFyZSBh ZGFwdGluZy B0byBuZXcg dHJlbmRzLC BsaWtlIHNl bGxpbmcgZW xlY3RyaWMg YW5kIGh5Yn JpZCBjYXJz LCB3aGljaC BpcyBpbXBv cnRhbnQgYX MgZXZlcnlv bmUgdGFsa3 MgYWJvdXQg dGFraW5nIG NhcmUgb2Yg dGhlIHBsYW 5ldC48YnI+ U28sIExpdG hpYSBNb3Rv cnMgc2VsbH MgY2Fycywg aGVscHMgcG VvcGxlIHdp dGggY2FyIG xvYW5zLCBh bmQgb2ZmZX JzIGNhciBz ZXJ2aWNlcy wgbWFraW5n IHRoZW0gYS BzdHJvbmcg Y29tcGFueS B0aGF04oCZ cyBsaWtlbH kgdG8ga2Vl cCBncm93aW 5nIGluIHRo ZSBmdXR1cm UhPGJyPg==

MS4gU3Ryb2 5nIGxlYWRl cnNoaXA6IE xpdGhpYSBN b3RvcnMgaG FzIGEgc3Ry b25nIGxlYW RlcnNoaXAg dGVhbSB0aG F0IGhhcyBh IHByb3Zlbi B0cmFjayBy ZWNvcmQgb2 Ygc3VjY2Vz cy4gVGhlIG NvbXBhbnkg aXMgbGVkIG J5IGEgdGVh bSBvZiBleH BlcmllbmNl ZCBhbmQgaW 5ub3ZhdGl2 ZSBleGVjdX RpdmVzIHdo byBoYXZlIG JlZW4gaW5z dHJ1bWVudG FsIGluIHRo ZSBjb21wYW 55J3MgZ3Jv d3RoIGFuZC BzdWNjZXNz Ljxicj4yLi BSYXBpZCBn cm93dGggYW 5kIGV4cGFu c2lvbjogU2 luY2UgaXRz IGluY2VwdG lvbiBpbiAx OTQ2LCBMaX RoaWEgTW90 b3JzIGhhcy Bncm93biBz aWduaWZpY2 FudGx5IGFu ZCBpcyBub3 cgb25lIG9m IHRoZSBsYX JnZXN0IGF1 dG9tb3Rpdm UgcmV0YWls ZXJzIGluIH RoZSBVbml0 ZWQgU3RhdG VzLiBUaGUg Y29tcGFueS BoYXMgZXhw YW5kZWQgaX RzIG9wZXJh dGlvbnMgdG hyb3VnaCBh Y3F1aXNpdG lvbnMgYW5k IG9yZ2FuaW MgZ3Jvd3Ro LCB3aXRoIG EgcHJlc2Vu Y2UgaW4gb3 ZlciAxOCBz dGF0ZXMgYW 5kIG1vcmUg dGhhbiAxOT Agc3RvcmVz Ljxicj4zLi BEaXZlcnNp ZmllZCBwb3 J0Zm9saW86 IExpdGhpYS BNb3RvcnMg aGFzIGEgZG l2ZXJzZSBw b3J0Zm9saW 8gb2YgYnJh bmRzLCBpbm NsdWRpbmcg Ym90aCBuZX cgYW5kIHVz ZWQgdmVoaW NsZXMgZnJv bSBtYWpvci BtYW51ZmFj dHVyZXJzIH N1Y2ggYXMg VG95b3RhLC BIb25kYSwg Rm9yZCwgYW 5kIENoZXZy b2xldC4gVG hpcyBhbGxv d3MgdGhlIG NvbXBhbnkg dG8gY2F0ZX IgdG8gYSB3 aWRlIHJhbm dlIG9mIGN1 c3RvbWVycy BhbmQgcHJv dmlkZSB0aG VtIHdpdGgg YSB2YXJpZX R5IG9mIG9w dGlvbnMuPG JyPjQuIEZv Y3VzIG9uIG N1c3RvbWVy IHNlcnZpY2 U6IFRoZSBj b21wYW55J3 MgbW90dG8g aXMgIkVhcm 4gQ3VzdG9t ZXJzIGZvci BMaWZlLCIg YW5kIGl0IH N0cml2ZXMg dG8gcHJvdm lkZSBleGNl cHRpb25hbC BjdXN0b21l ciBzZXJ2aW NlIHRvIGJ1 aWxkIGxvbm ctdGVybSBy ZWxhdGlvbn NoaXBzIHdp dGggaXRzIG N1c3RvbWVy cy4gVGhpcy BoYXMgZW5h YmxlZCBMaX RoaWEgTW90 b3JzIHRvIG VzdGFibGlz aCBhIGxveW FsIGN1c3Rv bWVyIGJhc2 UuPGJyPjUu IFN0cm9uZy Bjb3Jwb3Jh dGUgY3VsdH VyZTogTGl0 aGlhIE1vdG 9ycyBoYXMg YSBzdHJvbm cgY29ycG9y YXRlIGN1bH R1cmUgdGhh dCB2YWx1ZX MgdGVhbXdv cmssIGludG Vncml0eSwg YW5kIHJlc3 BlY3QuIFRo ZSBjb21wYW 55IGZvc3Rl cnMgYW4gZW 52aXJvbm1l bnQgb2Ygb3 Blbm5lc3Ms IHRyYW5zcG FyZW5jeSwg YW5kIGFjY2 91bnRhYmls aXR5LCBhbm QgZW5jb3Vy YWdlcyBpdH MgZW1wbG95 ZWVzIHRvIH NoYXJlIGlk ZWFzIGFuZC Bjb250cmli dXRlIHRvIH RoZSBjb21w YW55J3Mgc3 VjY2Vzcy48 YnI+Ni4gRW 1icmFjaW5n IHRlY2hub2 xvZ3k6IEFz IHRoZSBhdX RvbW90aXZl IGluZHVzdH J5IGNvbnRp bnVlcyB0by Bldm9sdmUs IExpdGhpYS BNb3RvcnMg aGFzIGVtYn JhY2VkIHRl Y2hub2xvZ3 kgdG8gZW5o YW5jZSBpdH Mgb3BlcmF0 aW9ucyBhbm QgcHJvdmlk ZSBhIGJldH RlciBjdXN0 b21lciBleH BlcmllbmNl LiBUaGlzIG luY2x1ZGVz IG9ubGluZS BzYWxlcyBh bmQgc2Vydm ljZXMsIGRp Z2l0YWwgbW Fya2V0aW5n LCBhbmQgYW R2YW5jZWQg YW5hbHl0aW NzLjxicj43 LiBDb21taX RtZW50IHRv IHN1c3RhaW 5hYmlsaXR5 OiBMaXRoaW EgTW90b3Jz IGlzIGNvbW 1pdHRlZCB0 byBwcm9tb3 Rpbmcgc3Vz dGFpbmFiaW xpdHkgYW5k IHJlZHVjaW 5nIGl0cyBl bnZpcm9ubW VudGFsIGlt cGFjdC4gVG hlIGNvbXBh bnkgaGFzIG ltcGxlbWVu dGVkIGVjby 1mcmllbmRs eSBwcmFjdG ljZXMgaW4g aXRzIG9wZX JhdGlvbnMs IHN1Y2ggYX MgdXNpbmcg ZW5lcmd5LW VmZmljaWVu dCB0ZWNobm 9sb2d5IGFu ZCBwcm9tb3 Rpbmcgc3Vz dGFpbmFibG UgdHJhbnNw b3J0YXRpb2 4gb3B0aW9u cy48YnI+OC 4gUGhpbGFu dGhyb3BpYy Bpbml0aWF0 aXZlczogTG l0aGlhIE1v dG9ycyBpcy BhY3RpdmVs eSBpbnZvbH ZlZCBpbiBn aXZpbmcgYm FjayB0byB0 aGUgY29tbX VuaXR5IHRo cm91Z2ggaX RzIHBoaWxh bnRocm9waW MgaW5pdGlh dGl2ZXMuIF RoZSBjb21w YW55IHN1cH BvcnRzIHZh cmlvdXMgY2 F1c2VzIGFu ZCBvcmdhbm l6YXRpb25z LCBpbmNsdW RpbmcgZWR1 Y2F0aW9uLC BoZWFsdGhj YXJlLCBhbm QgY29tbXVu aXR5IGRldm Vsb3BtZW50 IHByb2dyYW 1zLg==

VGhlIExpdG hpYSBNb3Rv cnMgY29tcG FueSBpcyBh biBhdXRvbW 90aXZlIHJl dGFpbGVyIH RoYXQgb3Bl cmF0ZXMgbW Fpbmx5IGlu IHRoZSBVbm l0ZWQgU3Rh dGVzLiBUaG VpciBidXNp bmVzcyBtb2 RlbCBmb2N1 c2VzIG9uIH NlbGxpbmcg bmV3IGFuZC B1c2VkIHZl aGljbGVzLC Bwcm92aWRp bmcgYXV0b2 1vdGl2ZSBz ZXJ2aWNlcy BhbmQgcGFy dHMsIGFuZC BvZmZlcmlu ZyBmaW5hbm NpbmcgYW5k IGluc3VyYW 5jZSBvcHRp b25zIGZvci BjdXN0b21l cnMuIFRoZX kgb3BlcmF0 ZSB1bmRlci B2YXJpb3Vz IGRlYWxlcn NoaXAgYnJh bmRzIHN1Y2 ggYXMgTGl0 aGlhLCBDYX Jib25lLCBE Q0ggQXV0by BHcm91cCwg QmFpZXJsIE F1dG8gR3Jv dXAsIFByZX N0aWdlLCBh bmQgbW9yZS 4gVGhlaXIg YnVzaW5lc3 MgbW9kZWwg aXMgY2VudG VyZWQgYXJv dW5kIHByb3 ZpZGluZyBh IHNlYW1sZX NzIGFuZCBj b252ZW5pZW 50IGNhciBi dXlpbmcgZX hwZXJpZW5j ZSBmb3IgdG hlaXIgY3Vz dG9tZXJzLC BhcyB3ZWxs IGFzIHByb2 1vdGluZyBj dXN0b21lci Bsb3lhbHR5 IGFuZCByZX BlYXQgYnVz aW5lc3MgdG hyb3VnaCBl eGNlbGxlbn Qgc2Vydmlj ZSBhbmQgc3 VwcG9ydC4g VGhleSBhbH NvIGhhdmUg YSBzdHJvbm cgZm9jdXMg b24gYnVpbG RpbmcgYW5k IGFjcXVpcm luZyBzdHJh dGVnaWMgcG FydG5lcnNo aXBzIGFuZC BhY3F1aXNp dGlvbnMgdG 8gZXhwYW5k IHRoZWlyIH ByZXNlbmNl IGFuZCBvZm ZlcmluZ3Mg aW4gdGhlIG F1dG9tb3Rp dmUgaW5kdX N0cnkuIE92 ZXJhbGwsIH RoZWlyIGJ1 c2luZXNzIG 1vZGVsIGVt cGhhc2l6ZX MgY3VzdG9t ZXIgc2F0aX NmYWN0aW9u LCBncm93dG gsIGFuZCBw cm9maXRhYm lsaXR5IHRo cm91Z2ggYS BkaXZlcnNp ZmllZCBhbm QgdmVydGlj YWxseSBpbn RlZ3JhdGVk IGFwcHJvYW NoLg==

AI has the potential to affect Lithia Motors in several ways, but whether it poses a material threat depends on various factors, including its adoption and integration within the automotive and retail sectors. Here are some considerations regarding substitution, disintermediation, and margin pressure:
1. Substitution: AI could enable the development of alternative transportation methods, such as autonomous vehicles or ride-sharing services, which may reduce demand for traditional car purchases. However, Lithia Motors primarily operates in the automotive retail space, which may see a shift towards electric and connected vehicles rather than a complete substitution of its products.
2. Disintermediation: The rise of online sales platforms and AI-driven marketplaces could challenge traditional dealership models. Consumers might prefer purchasing vehicles through direct-to-consumer channels or platforms with enhanced online experiences. Lithia Motors would need to adapt its sales strategy to remain competitive in an increasingly digital marketplace.
3. Margin Pressure: AI can improve operational efficiencies, but it can also lead to increased competition as more players enter the automotive retail space. As technology lowers barriers to entry and enhances customer experiences, Lithia Motors may face pressure to lower prices or improve services, impacting profit margins.
However, Lithia Motors can leverage AI to enhance its offerings, improve customer experiences, and streamline operations. By embracing these technologies, the company could mitigate potential threats and strengthen its competitive position.
In summary, while AI presents potential challenges in terms of substitution, disintermediation, and margin pressure, it also offers opportunities for Lithia Motors to innovate and adapt in a changing landscape. The key will be how effectively the company can navigate these changes in the automotive retail environment.

Lithia Motors, like many companies, can be sensitive to changes in interest rates, which can impact its earnings, cash flow, and valuation in several ways.
1. Earnings Sensitivity: Higher interest rates can lead to increased borrowing costs, which may affect Lithia Motors’ profitability if the company relies on debt for financing operations, acquisitions, or inventory purchases. If interest rates rise significantly, it could also impact consumer financing options for vehicle purchases, potentially leading to lower sales as customers may find it more expensive to borrow. Conversely, lower interest rates typically make financing more attractive for consumers, which could boost sales and earnings.
2. Cash Flow Sensitivity: Cash flow can be directly affected by interest rates through changes in interest expenses. For companies with significant debt, rising rates could increase interest payments, thereby reducing net cash flow. This impact can also extend to the company’s working capital needs; if higher rates slow consumer purchases, that may lead to increased inventory levels and tied-up cash, adversely affecting liquidity.
3. Valuation Sensitivity: Valuation models, particularly discounted cash flow (DCF) models, are sensitive to interest rates as the discount rate used to calculate the present value of future cash flows is influenced by the prevailing interest rate environment. Higher interest rates generally increase the discount rate, which can lower the present value of future earnings, leading to a lower valuation. Conversely, declining interest rates tend to increase valuations as they lower the discount rate.
In summary, Lithia Motors’ earnings, cash flow, and valuation are interconnected and can be significantly influenced by changes in interest rates. Rising rates could pose challenges through increased costs and reduced consumer spending, while lower rates could facilitate growth and enhance financial performance. Understanding these dynamics is crucial for assessing the company’s financial outlook in relation to the macroeconomic environment.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BMaXRoaWEg TW90b3Jz4o CZIGVjb25v bWljcyBvdm VyIHRoZSBu ZXh0IDMgdG 8gNSB5ZWFy cyBpcyBhIH Byb2xvbmdl ZCBkb3dudH VybiBpbiB0 aGUgYXV0b2 1vdGl2ZSBt YXJrZXQgZH JpdmVuIGJ5 IGEgY29tYm luYXRpb24g b2YgZmFjdG 9ycywgc3Vj aCBhcyBhIH NpZ25pZmlj YW50IGluY3 JlYXNlIGlu IGludGVyZX N0IHJhdGVz LCBhIHBlcn Npc3RlbnQg ZGVjbGluZS BpbiBjb25z dW1lciBjb2 5maWRlbmNl LCBhbmQgYS ByYXBpZCBz aGlmdCB0b3 dhcmRzIGVs ZWN0cmljIH ZlaGljbGVz IChFVnMpIH RoYXQgdGhl IGNvbXBhbn kgaXMgaWxs LXByZXBhcm VkIHRvIGFk YXB0IHRvLj xicj5JZiB0 aGlzIHNjZW 5hcmlvIHdl cmUgdG8gb2 NjdXIsIHNl dmVyYWwgY2 9uc2VxdWVu Y2VzIGNvdW xkIHVuZm9s ZDo8YnI+MS 4gPHN0cm9u Zz5NYXJnaW 5zPC9zdHJv bmc+OiBMaX RoaWEgTW90 b3Jz4oCZIH Byb2ZpdCBt YXJnaW5zIH dvdWxkIGxp a2VseSBzaH Jpbmsgc2ln bmlmaWNhbn RseSBkdWUg dG8gcmVkdW NlZCBzYWxl cyB2b2x1bW VzIGFuZCBo ZWlnaHRlbm VkIGNvbXBl dGl0aW9uLi BUcmFkaXRp b25hbCBkZW FsZXJzaGlw cyB0aGF0IG RvIG5vdCBh ZGFwdCBxdW lja2x5IGVu b3VnaCB0by B0aGUgRVYg dHJhbnNpdG lvbiBtYXkg c2VlIHRoZW lyIG1hcmdp bnMgY29tcH Jlc3NlZCBh cyBtYW51Zm FjdHVyZXJz IHByaW9yaX RpemUgRVYg c2FsZXMgYW 5kIG9mZmVy IGluY2VudG l2ZXMgdGhh dCB1bmRlcm N1dCB0cmFk aXRpb25hbC BnYXNvbGlu ZSB2ZWhpY2 xlIG9mZmVy aW5ncy4gQW RkaXRpb25h bGx5LCB3aX RoIGhpZ2hl ciBjb3N0cy Bhc3NvY2lh dGVkIHdpdG ggaW52ZW50 b3J5IGZpbm FuY2luZyBh bmQgb3Blcm F0aW9uYWwg YWRqdXN0bW VudHMgdG8g YWNjb21tb2 RhdGUgbmV3 IHRlY2hub2 xvZ2llcywg dGhlIG92ZX JhbGwgb3Bl cmF0aW5nIG 1hcmdpbnMg Y291bGQgYm UgbmVnYXRp dmVseSBpbX BhY3RlZC48 YnI+Mi4gPH N0cm9uZz5D YXNoIEZsb3 c8L3N0cm9u Zz46IFRoZS BkZWNyZWFz ZSBpbiBzYW xlcyB2b2x1 bWVzIGFuZC BtYXJnaW5z IHdvdWxkIG xlYWQgdG8g YSBzaWduaW ZpY2FudCBy ZWR1Y3Rpb2 4gaW4gY2Fz aCBmbG93Li BJZiBjdXN0 b21lciBkZW 1hbmQgZm9y IG5ldyB2ZW hpY2xlcyBk ZWNsaW5lcy wgTGl0aGlh IE1vdG9ycy BtYXkgYmUg Zm9yY2VkIH RvIGhvbGQg aGlnaGVyIG xldmVscyBv ZiB1bnNvbG QgaW52ZW50 b3J5LCBmdX J0aGVyIHN0 cmFpbmluZy BjYXNoIGZs b3cuIFRoZS Bjb21wYW55 IGNvdWxkIG V4cGVyaWVu Y2UgY2hhbG xlbmdlcyBp biBtZWV0aW 5nIGl0cyBv cGVyYXRpb2 5hbCBjb3N0 cywgaW5jbH VkaW5nIHBh eXJvbGwsIH JlbnQsIGFu ZCBvdGhlci BmaXhlZCBl eHBlbnNlcy wgY3JlYXRp bmcgYSBsaX F1aWRpdHkg Y3J1bmNoLi BBbnkgaW52 ZXN0bWVudH MgcmVxdWly ZWQgdG8gcG l2b3QgdG93 YXJkIEVWcy wgc3VjaCBh cyBpbmZyYX N0cnVjdHVy ZSBmb3IgY2 hhcmdpbmcg c3RhdGlvbn Mgb3IgZW1w bG95ZWUgdH JhaW5pbmcs IGNvdWxkIG Z1cnRoZXIg ZXhhY2VyYm F0ZSBjYXNo IGZsb3cgaX NzdWVzLjxi cj4zLiA8c3 Ryb25nPkJh bGFuY2UgU2 hlZXQ8L3N0 cm9uZz46IF RoZSBiYWxh bmNlIHNoZW V0IHdvdWxk IGxpa2VseS BkZXRlcmlv cmF0ZSB1bm RlciB0aGlz IHNjZW5hcm lvLiBBIGRl Y3JlYXNlIG luIGNhc2gg cmVzZXJ2ZX MsIGNvdXBs ZWQgd2l0aC Bwb3RlbnRp YWxseSBoaW doZXIgZGVi dCBpbmN1cn JlZCB0byBu YXZpZ2F0ZS B0aGUgZG93 bnR1cm4sIG NvdWxkIGxl YWQgdG8gYW 4gaW5jcmVh c2UgaW4gbG V2ZXJhZ2Ug cmF0aW9zLi BJZiBzYWxl cyBkZWNsaW 5lIHNpZ25p ZmljYW50bH ksIExpdGhp YSBNb3Rvcn Mgd291bGQg ZmFjZSBjaG FsbGVuZ2Vz IGluIG1haW 50YWluaW5n IGl0cyBjdX JyZW50IGFz c2V0IGJhc2 Ugd2hpbGUg YWxzbyBtYW 5hZ2luZyBs aWFiaWxpdG llcy4gTG93 ZXIgZXF1aX R5IHZhbHVl cyBkdWUgdG 8gcmVkdWNl ZCBwcm9maX RhYmlsaXR5 IHdvdWxkIH dlYWtlbiB0 aGUgY29tcG FueeKAmXMg ZmluYW5jaW FsIHBvc2l0 aW9uLCByaX NraW5nIGEg cG90ZW50aW FsIGRvd25n cmFkZSBpbi BjcmVkaXQg cmF0aW5ncy wgd2hpY2gg Y291bGQgaW 5jcmVhc2Ug Ym9ycm93aW 5nIGNvc3Rz Ljxicj5Jbi BzdW1tYXJ5 LCBhIHByb2 xvbmdlZCBh dXRvbW90aX ZlIG1hcmtl dCBkb3dudH VybiBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgTG l0aGlhIE1v dG9yc+KAmS BlY29ub21p Y3MgdGhyb3 VnaCByZWR1 Y2VkIG1hcm dpbnMsIGNh c2ggZmxvdy BjaGFsbGVu Z2VzLCBhbm QgYSBkZXRl cmlvcmF0aW 5nIGJhbGFu Y2Ugc2hlZX QsIHBvdGVu dGlhbGx5IG xlYWRpbmcg dG8gbG9uZy 10ZXJtIHN0 cnVjdHVyYW wgaXNzdWVz IHdpdGhpbi B0aGUgY29t cGFueS4gV2 l0aG91dCBh ZGVxdWF0ZS BhZGFwdGF0 aW9ucyB0by BtYXJrZXQg Y2hhbmdlcy wgc3VjaCBh cyBzaGlmdH MgdG8gRVZz LCBMaXRoaW EgTW90b3Jz IGNvdWxkIH N0cnVnZ2xl IHRvIG1haW 50YWluIGl0 cyBjb21wZX RpdGl2ZSBw b3NpdGlvbi 48YnI+

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 bG9nb3MveV B6TkRkVDBZ TVBtSHczc0 lFNEUud2Vi cCIgYWx0PS JMaXRoaWEg TW90b3JzIi B0aXRsZT0i TGl0aGlhIE 1vdG9ycyIg IGNsYXNzPS JpbWctZmx1 aWQiIGhlaW dodD01MCB3 aWR0aD01MC Bsb2FkaW5n PSdsYXp5Jy BzdHlsZT0n Ym9yZGVyLX JhZGl1czog NnB4Oyc+Cg ogICAgICAg ICAgICAgIC AgICAgIDxk aXYgc3R5bG U9J2ZsZXg6 IDE7IHRleH QtYWxpZ246 IGNlbnRlcj sgbWFyZ2lu LWxlZnQ6ID VweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8cCBzdHls ZT0nZm9udC 1zaXplOiAy NnB4OyBjb2 xvcjogIzMz MzsgbWFyZ2 luLWJvdHRv bTogMTVweD snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Ag8J+TiCBX YW50IHRvIH JlYWQgbW9y ZSBhYm91dC BMaXRoaWEg TW90b3JzPw 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+TmCBDbG FpbSB5b3Vy IGZyZWUgZU Jvb2s6IDxp PiJUaGUgQ2 hlY2tsaXN0 IFZhbHVlIE ludmVzdG9y IOKAlCBBIF NtYXJ0ZXIg V2F5IHRvIF BpY2sgU3Rv Y2tzIjwvaT 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9wPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPCEtLQ ogICAgICAg ICAgICAgIC AgICAgICAg ICA8ZGl2IH N0eWxlPSdt YXJnaW4tdG 9wOiAxMnB4 OyBmb250LX NpemU6IDEz cHg7IGNvbG 9yOiAjNDQ0 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIG5vdyBh bmQgZ2V0IG 91ciBmcmVl IGVCb29rIA ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgPG I+VGhlIENo ZWNrbGlzdC BWYWx1ZSBJ bnZlc3Rvci DigJQgQSBT bWFydGVyIF dheSB0byBQ aWNrIFN0b2 NrczwvYj4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIC0tPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8IS0tCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xkaXYgc3R5 bGU9J21hcm dpbi10b3A6 IDE2cHg7IG ZvbnQtc2l6 ZTogMTRweD sgY29sb3I6 ICM0NDQ7IG ZvbnQtZmFt aWx5OiAtYX BwbGUtc3lz dGVtLCBCbG lua01hY1N5 c3RlbUZvbn QsIFNlZ29l IFVJLCBSb2 JvdG8sIEhl bHZldGljYS BOZXVlLCBz YW5zLXNlcm lmOyBsaW5l LWhlaWdodD ogMS42Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBI YXZlIHlvdS BoZWFyZCBh Ym91dCBvdX Igc2hvcnQg PHN0cm9uZy BzdHlsZT0n Zm9udC13ZW lnaHQ6IDYw MDsnPkRhaW x5IFZpZGVv IE5ld3NsZX R0ZXI8L3N0 cm9uZz4/Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICA8YS BocmVmPSdo dHRwczovL3 d3dy5pbnNp Z2h0ZnVsdm FsdWUuY29t L25ld3NsZX R0ZXIucGhw JyB0YXJnZX Q9J19ibGFu aycgc3R5bG U9J2NvbG9y OiAjMDA3Qk ZGOyB0ZXh0 LWRlY29yYX Rpb246IG5v bmU7IGZvbn Qtd2VpZ2h0 OiA1MDA7IG 1hcmdpbi1s ZWZ0OiA2cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBG aW5kIG91dC Btb3JlCiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8L2E+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAg ICAgICAgIC AgICAtLT4K ICAgICAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgCi AgICAgICAg CiAgICAgIC AgPHNwYW4g Y2xhc3M9J2 JsdXJyZWQt dGV4dCc+Ci AgICAgICAg ICAgIE1TNG dUR2wwYUcg bGhJRTF2ZE c5eSBjeUIz WVhNZ2IzIE pwWjJsdVlX eHMgZVNCbW IzVnVaRyBW a0lHbHVJRE U1IE5EWWdZ bmtnVjIgRn NkR1Z5SUVS bCBRbTlsY2 lCcGJpIEJC YzJoc1lXNW sgTENCUGNt Vm5iMiA0Z1 lYTWdZU0J4 IGRXRnNhWF I1SUggVnpa V1FnWTJGeS BJR1JsWVd4 bGNuIE5vYV hBdVBHSnkg UGpJdUlGUm 9aUyBCamIy MXdZVzU1IE lIZGhjeUJ1 WVcgMWxaQ0 JoWm5SbCBj aUIwYUdVZ2 JHIDlqWVd3 Z1RHbDAgYU dsaElGTndj bSBsdVozTX NJSGRvIGFX Tm9JSGRsY2 0gVWdZbVZz YVdWMiBaV1 FnZEc4Z2FH IEYyWlNCb1 pXRnMgYVc1 bklIQnZkMi BWeWN5NDhZ bkkrIE15NG dTVzRnTVQg azJPQ3dnZE dobCBJR052 YlhCaGJuIG tnWlhod1lX NWsgWldRZ1 lXNWtJRyBK bFkyRnRaU0 JoIElGWnZi R3R6ZDIgRm 5aVzRnWkdW aCBiR1Z5Yz JocGNDIHdn WVc1a0lHVj IgWlc1MGRX RnNiSCBrZ1 ozSmxkeUIw IGJ5QnlaWE J5WlggTmxi blFnYlhWcy BkR2x3YkdV Z1luIEpoYm 1SeklHbHUg WTJ4MVpHbH VaeSBCVWIz bHZkR0VzIE lGWnZiSFp2 TEMgQmhibV FnUWsxWCBM anhpY2o0ME xpIEJNYVhS b2FXRWcgVF c5MGIzSnpJ SCBkbGJuUW djSFZpIGJH bGpJR2x1SU QgRTVPVFln WVc1ayBJR0 psWjJGdUlI IFJ5WVdScG JtY2cgYjI0 Z2RHaGxJRS A1QlUwUkJV U0J6IGRHOW pheUJsZUcg Tm9ZVzVuWl M0OCBZbkkr TlM0Z1NXID RnTWpBd01T d2cgZEdobE lHTnZiWCBC aGJua2diV1 Z5IFoyVmtJ SGRwZEcgZ2 djbWwyWVd3 ZyBaR1ZoYk dWeWMyIGhw Y0NCbmNtOT EgY0N3Z1JF TklJRSBGMW RHOGdSM0p2 IGRYQXNJR0 Z1WkMgQmla V05oYldVZy BiMjVsSUc5 bUlIIFJvWl NCc1lYSm4g WlhOMElHRj FkRyA5dGIz UnBkbVVnIG NtVjBZV2xz WlggSnpJR2 x1SUhSbyBa U0JWYm1sMF pXIFFnVTNS aGRHVnogTG p4aWNqNDJM aSBCQmN5Qn ZaaUF5IE1E SXhMQ0JNYV ggUm9hV0Vn VFc5MCBiM0 p6SUc5d1pY IEpoZEdWek lHOTIgWlhJ Z01qVXdJRy BSbFlXeGxj bk5vIGFYQn pJR2x1SUQg SXhJSE4wWV hSbCBjeXdn WVc1a0lHIG x6SUhSb1pT QjAgYUdseV pDMXNZWCBK blpYTjBJR0 YxIGRHOXRi M1JwZG0gVW djbVYwWVds cyBaWElnYV c0Z2RHIGhs SUZWdWFYUm wgWkNCVGRH RjBaWCBNdV BHSnlQamN1 IElGUm9aU0 JqYjIgMXdZ VzU1SUdsei BJR3R1YjNk dUlHIFp2Y2 lCcGRITWcg UkhKcGRtVn VJRyBKNUlF VjRjR1Z5IG FXVnVZMlVn YzIgeHZaMk Z1TENCMyBh R2xqYUNCbG JYIEJvWVhO cGVtVnogSU hSb1pXbHlJ RyBadlkzVn pJRzl1IElI QnliM1pwWk cgbHVaeUJs ZUdObCBiR3 hsYm5RZ1kz IFZ6ZEc5dF pYSWcgYzJW eWRtbGpaUy A0OFluSStP QzRnIFRHbD BhR2xoSUUg MXZkRzl5Y3 lCbyBZWE1n WW1WbGJpIE J5WldOdloy NXAgZW1Wa0 lHRnpJRyA5 dVpTQnZaaU JHIGIzSjBk VzVsNG8gQ1 pjeUF4TURB ZyBSbUZ6ZE dWemRDIDFI Y205M2FXNW 4gSUVOdmJY QmhibSBsbG N5QmhibVFn IFJtOXlZbV Z6NG8gQ1pJ RUpsYzNRZy BUV0Z1WVdk bFpDIEJEYj Ixd1lXNXAg WlhNdVBHSn lQaiBrdUlG Um9aU0JqIG IyMXdZVzU1 SUcgbHpJR0 ZqZEdsMiBa V3g1SUdsdW RtIDlzZG1W a0lHbHUgSU dkcGRtbHVa eSBCaVlXTn JJSFJ2IElI Um9aV2x5SU cgTnZiVzEx Ym1sMCBhV1 Z6SUhSb2Nt IDkxWjJnZ2 RHaGwgYVhJ Z1RHbDBhRy BsaElEUkxh V1J6IElIQn liMmR5WVcg MHNJSGRvYV dObyBJSE4x Y0hCdmNuIF J6SUdOb2FX eGsgY21WdT RvQ1pjeSBC amFHRnlhWF JwIFpYTWdZ VzVrSUcgOX laMkZ1YVhw aCBkR2x2Ym 5NdVBHIEp5 UGpFd0xpQk 0gYVhSb2FX RWdUVyA5MG IzSnpJR2ho IGN5QmhiSE 52SUcgMWha R1VnWldabS BiM0owY3lC MGJ5IEJ5Wl dSMVkyVWcg ZEdobGFYSW daVyA1MmFY SnZibTFsIG JuUmhiQ0Jw YlggQmhZM1 FnWW5rZyBh VzF3YkdWdF pXIDUwYVc1 bklITjEgYz NSaGFXNWhZ bSB4bElIQn lZV04wIGFX TmxjeUJwYm kgQjBhR1Zw Y2lCdiBjR1 Z5WVhScGIy IDV6TENCem RXTm8gSUdG eklIVnphVy A1bklITnZi R0Z5IElIQm hibVZzY3kg QmhibVFnWl c1bCBjbWQ1 TFdWbVptIG xqYVdWdWRD QmkgZFdsc1 pHbHVaeSBC a1pYTnBaMj V6IExnPT0K ICAgICAgIC A8L3NwYW4+ CiAgICAgIC AgCiAgICAg ICAg