Phibro Animal Health

-23.98%

Live  

Phibro Animal Health Corporation is a global animal health and nutrition company that supplies a range of animal health and nutritional products to the poultry, swine, cattle, equine, and aquaculture industries. The company was founded in 1946 and is headquartered in Teaneck, New Jersey.
The company’s products and services include nutritional supplements, vaccines, antibiotics, and other specialty products for the prevention and treatment of health issues in animals. Phibro also offers nutritional solutions and technical services to improve feed efficiency, animal performance, and overall herd health.
Phibro’s global presence includes operations in North America, Europe, Latin America, and Asia-Pacific, with a network of production facilities, research and development centers, and distribution channels. The company serves customers in over 65 countries worldwide, with a focus on meeting the specific needs of each region and market.
In addition to its animal health and nutrition business, Phibro also offers performance products for the industrial and food industries. These products include ingredients for the production of personal care, home care, and industrial and institutional cleaning products, as well as nutritional supplements for human health and wellness.
Phibro is committed to sustainability and responsible manufacturing practices, with a focus on minimizing its environmental impact and promoting the welfare of animals. The company also supports various initiatives to improve global food security and address animal health challenges in developing countries.
Overall, Phibro Animal Health Corporation is a globally recognized leader in animal health and nutrition, known for its innovative products, technical expertise, and commitment to the well-being of animals.

UGhpYnJvIE FuaW1hbCBI ZWFsdGggaX MgYSBjb21w YW55IHRoYX QgaGVscHMg ZmFybWVycy B0YWtlIGNh cmUgb2YgYW 5pbWFscyBs aWtlIGNvd3 MsIGNoaWNr ZW5zLCBwaW dzLCBhbmQg b3RoZXIgbG l2ZXN0b2Nr LiBUaGV5IG 1ha2Ugc3Bl Y2lhbCBwcm 9kdWN0cyB0 aGF0IGtlZX AgYW5pbWFs cyBoZWFsdG h5IGFuZCBo ZWxwIHRoZW 0gZ3JvdyBz dHJvbmcuIF RoaXMgY2Fu IGluY2x1ZG UgbWVkaWNp bmVzLCB2aX RhbWlucywg YW5kIG90aG VyIGhlYWx0 aCBwcm9kdW N0cyB0aGF0 IHByZXZlbn Qgc2lja25l c3MgaW4gYW 5pbWFscy4g V2hlbiBhbm ltYWxzIGFy ZSBoZWFsdG h5LCB0aGV5 IGNhbiBwcm 9kdWNlIG1v cmUgbWlsay wgbWVhdCwg b3IgZWdncy wgd2hpY2gg aXMgcmVhbG x5IGltcG9y dGFudCBmb3 IgZmFybWVy cy48YnI+UG hpYnJvIG1h a2VzIG1vbm V5IGJ5IHNl bGxpbmcgdG hlc2UgaGVh bHRoIHByb2 R1Y3RzIHRv IGZhcm1lcn MgYW5kIGFu aW1hbCBwcm 9kdWNlcnMu IEZhcm1lcn MgbmVlZCB0 aGVzZSBwcm 9kdWN0cyB0 byBrZWVwIH RoZWlyIGFu aW1hbHMgaG VhbHRoeSwg c28gaXTigJ lzIHNvbWV0 aGluZyB0aG V5IGJ1eSBy ZWd1bGFybH kuIFRoZSBj b21wYW55IG Fsc28gb2Zm ZXJzIGFkdm ljZSBhbmQg c3VwcG9ydC B0byBoZWxw IGZhcm1lcn MgdXNlIHRo ZWlyIHByb2 R1Y3RzIGVm ZmVjdGl2ZW x5LCB3aGlj aCBtYWtlcy B0aGVtIGEg dHJ1c3RlZC BwYXJ0bmVy IGZvciBtYW 55IGZhcm1l cnMuPGJyPl BoaWJybyBp cyBzdWNjZX NzZnVsIGJl Y2F1c2UgdG hleSBmb2N1 cyBvbiBtYW tpbmcgaGln aC1xdWFsaX R5IHByb2R1 Y3RzIGFuZC Bwcm92aWRp bmcgZ3JlYX Qgc2Vydmlj ZS4gVGhleS BhbHNvIGlu dmVzdCBpbi ByZXNlYXJj aCB0byBjb2 1lIHVwIHdp dGggbmV3IG FuZCBiZXR0 ZXIgd2F5cy B0byBrZWVw IGFuaW1hbH MgaGVhbHRo eS4gQXMgbW 9yZSBwZW9w bGUgaW4gdG hlIHdvcmxk IGVhdCBtZW F0LCBtaWxr LCBhbmQgZW dncywgdGhl IG5lZWQgZm 9yIGhlYWx0 aHkgYW5pbW FscyB3aWxs IGtlZXAgZ3 Jvd2luZy4g VGhpcyBtZW FucyBQaGli cm8gY2FuIG tlZXAgaGVs cGluZyBmYX JtZXJzIGFu ZCBtYWtpbm cgbW9uZXkg Zm9yIGEgbG 9uZyB0aW1l IGluIHRoZS BmdXR1cmUu IFNpbmNlIH RoZXkgYXJl IGdvb2QgYX Qgd2hhdCB0 aGV5IGRvIG FuZCBhcmUg YWx3YXlzIG xvb2tpbmcg Zm9yIG5ldy B3YXlzIHRv IGltcHJvdm UsIHRoZXkg YXJlIGxpa2 VseSB0byBz dGF5IHN1Y2 Nlc3NmdWwg Zm9yIHllYX JzIHRvIGNv bWUuPGJyPg ==

MS4gU3BlY2 lhbGl6ZXMg aW4gQW5pbW FsIEhlYWx0 aDogUGhpYn JvIEFuaW1h bCBIZWFsdG ggaXMgYSBn bG9iYWwgYW 5pbWFsIGhl YWx0aCBhbm QgbnV0cml0 aW9uIGNvbX BhbnkgdGhh dCBmb2N1c2 VzIHNvbGVs eSBvbiB0aG UgZGV2ZWxv cG1lbnQsIG 1hbnVmYWN0 dXJpbmcsIG FuZCBtYXJr ZXRpbmcgb2 YgYW5pbWFs IGhlYWx0aC BhbmQgbnV0 cml0aW9uIH Byb2R1Y3Rz LiBUaGlzIH NwZWNpYWxp emF0aW9uIG FsbG93cyB0 aGVtIHRvIG hhdmUgYSBk ZWVwIHVuZG Vyc3RhbmRp bmcgYW5kIG V4cGVydGlz ZSBpbiBhbm ltYWwgaGVh bHRoLCBzZX R0aW5nIHRo ZW0gYXBhcn QgZnJvbSBv dGhlciBjb2 1wYW5pZXMg dGhhdCBtYX kgaGF2ZSBh IG1vcmUgZG l2ZXJzZSBw cm9kdWN0IH BvcnRmb2xp by48YnI+Mi 4gV2lkZSBS YW5nZSBvZi BQcm9kdWN0 czogUGhpYn JvIEFuaW1h bCBIZWFsdG ggb2ZmZXJz IGEgd2lkZS ByYW5nZSBv ZiBwcm9kdW N0cyBmb3Ig dmFyaW91cy BzcGVjaWVz IGluY2x1ZG luZyBwb3Vs dHJ5LCBzd2 luZSwgZGFp cnkgYW5kIG JlZWYgY2F0 dGxlLCBhcX VhY3VsdHVy ZSwgYW5kIG NvbXBhbmlv biBhbmltYW xzLiBUaGVp ciBwcm9kdW N0cyBjb3Zl ciBhcmVhcy BzdWNoIGFz IG51dHJpdG lvbiwgdmFj Y2luZXMsIG FudGliaW90 aWNzLCBhbm QgcGFyYXNp dGljaWRlcy wgbWFraW5n IHRoZW0gYS BvbmUtc3Rv cC1zaG9wIG ZvciBhbmlt YWwgaGVhbH RoIHNvbHV0 aW9ucy48Yn I+My4gSW5u b3ZhdGl2ZS BSZXNlYXJj aCBhbmQgRG V2ZWxvcG1l bnQ6IFRoZS Bjb21wYW55 IGhhcyBhIH N0cm9uZyBm b2N1cyBvbi ByZXNlYXJj aCBhbmQgZG V2ZWxvcG1l bnQsIGludm VzdGluZyBo ZWF2aWx5IG luIGlubm92 YXRpdmUgc2 9sdXRpb25z IGZvciBhbm ltYWwgaGVh bHRoLiBUaG V5IGhhdmUg YSB0ZWFtIG 9mIHNjaWVu dGlzdHMgYW 5kIHRlY2hu aWNpYW5zIG RlZGljYXRl ZCB0byBkZX ZlbG9waW5n IG5ldyBwcm 9kdWN0cyBh bmQgaW1wcm 92aW5nIGV4 aXN0aW5nIG 9uZXMsIGVu c3VyaW5nIH RoZXkgc3Rh eSBhdCB0aG UgZm9yZWZy b250IG9mIH RoZSBpbmR1 c3RyeS48Yn I+NC4gR2xv YmFsIFByZX NlbmNlOiBQ aGlicm8gQW 5pbWFsIEhl YWx0aCBvcG VyYXRlcyBp biBtb3JlIH RoYW4gNjUg Y291bnRyaW VzIHdvcmxk d2lkZSwgd2 l0aCBvZmZp Y2VzLCByZX NlYXJjaCBm YWNpbGl0aW VzLCBhbmQg bWFudWZhY3 R1cmluZyBw bGFudHMgaW 4gdmFyaW91 cyByZWdpb2 5zLiBUaGlz IGFsbG93cy B0aGVtIHRv IGhhdmUgYS BnbG9iYWwg cHJlc2VuY2 UgYW5kIGNh dGVyIHRvIH RoZSBkaXZl cnNlIG5lZW RzIG9mIHRo ZWlyIGN1c3 RvbWVycyB3 b3JsZHdpZG UuPGJyPjUu IENvbW1pdG 1lbnQgdG8g U3VzdGFpbm FiaWxpdHk6 IFN1c3RhaW 5hYmlsaXR5 IGlzIGFuIG Vzc2VudGlh bCBwYXJ0IG 9mIFBoaWJy byBBbmltYW wgSGVhbHRo 4oCZcyBidX NpbmVzcyBz dHJhdGVneS wgYW5kIHRo ZWlyIHByb2 R1Y3RzIGFu ZCBvcGVyYX Rpb25zIGFy ZSBkZXNpZ2 5lZCB3aXRo IGVudmlyb2 5tZW50YWwg cmVzcG9uc2 liaWxpdHkg aW4gbWluZC 4gVGhleSBz dHJpdmUgdG 8gcmVkdWNl IHRoZWlyIG Vudmlyb25t ZW50YWwgaW 1wYWN0IGFu ZCBwcm9tb3 RlIHN1c3Rh aW5hYmxlIH ByYWN0aWNl cyBpbiB0aG UgYW5pbWFs IGhlYWx0aC BpbmR1c3Ry eS48YnI+Ni 4gU3Ryb25n IFJlcHV0YX Rpb246IFdp dGggbW9yZS B0aGFuIDEw MCB5ZWFycy BvZiBleHBl cmllbmNlIG luIHRoZSBh bmltYWwgaG VhbHRoIGlu ZHVzdHJ5LC BQaGlicm8g aGFzIGJ1aW x0IGEgc3Ry b25nIHJlcH V0YXRpb24g Zm9yIHF1YW xpdHkgYW5k IHJlbGlhYm lsaXR5LiBU aGV5IGFyZS B0cnVzdGVk IGJ5IGZhcm 1lcnMsIHZl dGVyaW5hcm lhbnMsIGFu ZCBhbmltYW wgb3duZXJz IHRvIHByb3 ZpZGUgZWZm ZWN0aXZlIG FuZCBzYWZl IHNvbHV0aW 9ucyBmb3Ig YW5pbWFsIG hlYWx0aCBh bmQgbnV0cm l0aW9uLjxi cj43LiBDb2 1taXRtZW50 IHRvIEFuaW 1hbCBXZWxm YXJlOiBQaG licm/igJlz IHByb2R1Y3 RzIGFuZCBw cmFjdGljZX MgYXJlIGRl c2lnbmVkIH RvIGltcHJv dmUgYW5pbW FsIHdlbGZh cmUgYW5kIH Byb21vdGUg aGVhbHRoeS BhbmQgc2Fm ZSBmb29kIH Byb2R1Y3Rp b24uIFRoZX kgYXJlIGNv bW1pdHRlZC B0byBldGhp Y2FsIGFuZC ByZXNwb25z aWJsZSBhbm ltYWwgY2Fy ZSwgd2hpY2 ggc2V0cyB0 aGVtIGFwYX J0IGZyb20g b3RoZXIgY2 9tcGFuaWVz IGluIHRoZS BpbmR1c3Ry eS4=

VGhlIFBoaW JybyBBbmlt YWwgSGVhbH RoIGNvbXBh bnkgaXMgYS BnbG9iYWwg YW5pbWFsIG hlYWx0aCBh bmQgbnV0cm l0aW9uIGNv bXBhbnkgdG hhdCBmb2N1 c2VzIG9uIG RldmVsb3Bp bmcsIG1hbn VmYWN0dXJp bmcsIGFuZC BtYXJrZXRp bmcgYSB3aW RlIHJhbmdl IG9mIGFuaW 1hbCBoZWFs dGggc29sdX Rpb25zLCBu dXRyaXRpb2 5hbCBwcm9k dWN0cywgYW 5kIHNwZWNp YWx0eSBpbm dyZWRpZW50 cyBmb3Igdm FyaW91cyBh bmltYWwgc3 BlY2llcy4g VGhlaXIgYn VzaW5lc3Mg bW9kZWwgaX MgYmFzZWQg b24gcHJvdm lkaW5nIGlu bm92YXRpdm UgYW5kIHNj aWVuY2UtYm FzZWQgcHJv ZHVjdHMgYW 5kIHNlcnZp Y2VzIHRvIG hlbHAgaW1w cm92ZSBhbm ltYWwgaGVh bHRoIGFuZC B3ZWxmYXJl LCBhcyB3ZW xsIGFzIHRv IGluY3JlYX NlIHRoZSBl ZmZpY2llbm N5IGFuZCBw cm9maXRhYm lsaXR5IG9m IGFuaW1hbC BhZ3JpY3Vs dHVyZS4gVG hpcyBpcyBh Y2NvbXBsaX NoZWQgdGhy b3VnaCBhIG NvbWJpbmF0 aW9uIG9mIH Jlc2VhcmNo IGFuZCBkZX ZlbG9wbWVu dCwgc3RyYX RlZ2ljIHBh cnRuZXJzaG lwcyBhbmQg YWNxdWlzaX Rpb25zLCBh bmQgYSBzdH JvbmcgZm9j dXMgb24gY3 VzdG9tZXIg cmVsYXRpb2 5zaGlwcyBh bmQgc2F0aX NmYWN0aW9u LiBUaGUgY2 9tcGFueSBh bHNvIHBsYW NlcyBhIHN0 cm9uZyBlbX BoYXNpcyBv biBzdXN0YW luYWJsZSBh bmQgZW52aX Jvbm1lbnRh bGx5IHJlc3 BvbnNpYmxl IHByYWN0aW NlcyBpbiB0 aGVpciBvcG VyYXRpb25z IGFuZCBwcm 9kdWN0IG9m ZmVyaW5ncy 4=

AI does have the potential to pose a material threat to Phibro Animal Health’s products, services, and competitive positioning in several ways, though the extent of this threat may vary based on the company’s ability to adapt and innovate.
1. Substitution: AI-driven technologies could lead to the development of alternative health solutions or supplements that improve animal health more efficiently or at lower costs. For instance, advancements in genetic engineering or personalized nutrition could provide alternatives to existing products offered by Phibro. If competitors leverage AI to create more effective or cheaper alternatives, it could result in a loss of market share.
2. Disintermediation: The rise of AI can enable direct communication between producers and end-users, potentially reducing the need for traditional suppliers or distributors. If farmers and livestock producers can use AI tools to analyze health data and make purchasing decisions without intermediaries, Phibro might face challenges in maintaining its distribution network and relationships.
3. Margin Pressure: As companies integrate AI into their operations, they may achieve greater efficiencies and cost reductions, which could allow them to offer products at lower prices. This could put pressure on Phibro to lower its prices to stay competitive, potentially impacting margins. Additionally, as new entrants utilizing AI reduce costs, Phibro could face increased competition from startups that can treat animal health problems with innovative and cost-effective solutions.
Overall, while AI presents risks, it also offers opportunities for Phibro to enhance its products and services. The company can harness AI for research and development, improve operational efficiencies, and offer more targeted solutions to customers if it proactively integrates these technologies into its business strategy. The key will be for Phibro to stay ahead of AI advancements to mitigate any potential threats.

Phibro Animal Health’s earnings, cash flow, and valuation can be quite sensitive to changes in interest rates for several reasons:
1. Cost of Borrowing: If interest rates rise, the cost of borrowing increases for companies, including Phibro. Increased interest expenses can put pressure on net income, particularly if the company has substantial debt.
2. Discount Rates: Higher interest rates typically lead to higher discount rates used in valuation models. This can reduce the present value of future cash flows, leading to a lower valuation of the company.
3. Consumer Spending: Changes in interest rates can affect consumer spending and, subsequently, demand for livestock and other animal health products. If higher rates lead to decreased spending in the agricultural sector, it could negatively impact Phibro’s revenues.
4. Investment Decisions: Higher interest rates can deter investments in expansion or new product development if financing becomes costlier. This can slow down growth and innovation, impacting future cash flows and profitability.
5. Market Sentiment: Changes in interest rates can also affect overall market sentiment. If the broader market reacts negatively to rising rates, valuation multiples for companies, including Phibro, may compress, further affecting their market capitalization.
Overall, while Phibro may not be as directly impacted by interest rate changes as some sectors, such as financial services, there are still meaningful implications for its financial performance and valuation.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgUG hpYnJvIEFu aW1hbCBIZW FsdGggQ29t cGFueeKAmX MgZWNvbm9t aWNzIG92ZX IgdGhlIG5l eHQgMy01IH llYXJzIGlz IHRoZSBpbn Ryb2R1Y3Rp b24gb2Ygc3 RyaW5nZW50 IHJlZ3VsYX RvcnkgY2hh bmdlcyBjb2 5jZXJuaW5n IGFudGliaW 90aWMgdXNl IGluIGxpdm VzdG9jay4g PGJyPkFzIH B1YmxpYyBh bmQgZ292ZX JubWVudGFs IHNjcnV0aW 55IG92ZXIg YW50aWJpb3 RpYyByZXNp c3RhbmNlIG ludGVuc2lm aWVzLCBtYW pvciBhZ3Jp Y3VsdHVyYW wgbWFya2V0 cyBtYXkgaW 1wbGVtZW50 IHNldmVyZS ByZXN0cmlj dGlvbnMgb2 4gdGhlIHVz YWdlIG9mIG FudGliaW90 aWNzIGluIG FuaW1hbCBo dXNiYW5kcn kuIElmIFBo aWJybywgd2 hpY2ggcmVs aWVzIG9uIH ZldGVyaW5h cnkgcGhhcm 1hY2V1dGlj YWxzIGFuZC BhbmltYWwg aGVhbHRoIH Byb2R1Y3Rz LCBmYWNlcy BhIHN1YnN0 YW50aWFsIH JlZHVjdGlv biBpbiBkZW 1hbmQgZm9y IGl0cyBhbn RpYmlvdGlj IHByb2R1Y3 RzLCBpdCBj b3VsZCBsZW FkIHRvIGEg c2lnbmlmaW NhbnQgZGVu dCBpbiByZX ZlbnVlLjxi cj5VbmRlci B0aGlzIHNj ZW5hcmlvLC B0aGUgY29t cGFueeKAmX MgbWFyZ2lu cyBtaWdodC Bjb250cmFj dCBzaGFycG x5LiBXaXRo IGEgcmVkdW NlZCBwcm9k dWN0IHBvcn Rmb2xpbyBh bmQgbG93ZX Igc2FsZXMg dm9sdW1lcy wgUGhpYnJv IHdvdWxkIG xpa2VseSBz dHJ1Z2dsZS B0byBtYWlu dGFpbiBpdH MgZ3Jvc3Mg YW5kIG9wZX JhdGluZyBt YXJnaW5zLi BGaXhlZCBj b3N0cywgaW 5jbHVkaW5n IG1hbnVmYW N0dXJpbmcg YW5kIFImYW 1wO0QgZXhw ZW5zZXMsIH dvdWxkIHJl bWFpbiBjb2 5zdGFudCB3 aGlsZSB0b3 AtbGluZSBy ZXZlbnVlcy BkZWNsaW5l LCBsZWFkaW 5nIHRvIGEg c3F1ZWV6ZS BvbiBwcm9m aXRhYmlsaX R5Ljxicj5D YXNoIGZsb3 cgd291bGQg YWxzbyBiZS BhZHZlcnNl bHkgYWZmZW N0ZWQuIEEg ZHJvcCBpbi ByZXZlbnVl cyByZXN1bH RpbmcgZnJv bSBkaW1pbm lzaGVkIG1h cmtldCBkZW 1hbmQgd291 bGQgcmVkdW NlIG9wZXJh dGluZyBjYX NoIGZsb3dz LCBwb3Rlbn RpYWxseSBs ZWFkaW5nIH RvIGNhc2gg c2hvcnRmYW xscy4gVGhl IGNvbXBhbn kgbWlnaHQg bmVlZCB0by ByZWFzc2Vz cyBpdHMgY2 FwaXRhbCBl eHBlbmRpdH VyZSBwbGFu cyBhbmQgY2 91bGQgZmFj ZSBjaGFsbG VuZ2VzIGlu IGZ1bmRpbm cgb25nb2lu ZyBvcGVyYX Rpb25zIGFu ZCBleHBhbn Npb24uPGJy PlJlZ2FyZG luZyB0aGUg YmFsYW5jZS BzaGVldCwg UGhpYnJvIG 1pZ2h0IGV4 cGVyaWVuY2 UgaW5jcmVh c2luZyBsZX ZlcmFnZSBh cyBpdCBuYX ZpZ2F0ZXMg YSBkb3dudH Vybi4gU2hv dWxkIGNhc2 ggZmxvdyBk ZWNyZWFzZS wgdGhlIGNv bXBhbnkgY2 91bGQgZmlu ZCBpdHNlbG YgcmVseWlu ZyBvbiBkZW J0IGZpbmFu Y2luZyB0by BtYWludGFp biBsaXF1aW RpdHkuIEEg cmlzaW5nIG RlYnQgYnVy ZGVuIHdvdW xkIG5lZ2F0 aXZlbHkgaW 1wYWN0IGZp bmFuY2lhbC ByYXRpb3Mg KGUuZy4sIG RlYnQtdG8t ZXF1aXR5KS wgaW5jcmVh c2luZyB0aG UgcmlzayBw cm9maWxlIG 9mIHRoZSBj b21wYW55Li BUaGlzIGNv dWxkIGFsc2 8gaGluZGVy IGl0cyBhYm lsaXR5IHRv IGF0dHJhY3 QgbmV3IGlu dmVzdG1lbn RzIG9yIGZh dm9yYWJsZS BmaW5hbmNp bmcgdGVybX MgaW4gdGhl IGZ1dHVyZS 48YnI+SW4g c3VtbWFyeS wgdGhlIGlu dHJvZHVjdG lvbiBvZiBz dHJpbmdlbn QgcmVndWxh dGlvbnMgb2 4gYW50aWJp b3RpY3MgY2 91bGQgbGVh ZCB0byByZW R1Y2VkIHJl dmVudWVzLC Bjb250cmFj dGVkIG1hcm dpbnMsIGxv d2VyIGNhc2 ggZmxvdywg YW5kIGEgd2 Vha2VuZWQg YmFsYW5jZS BzaGVldCBk dWUgdG8gaW 5jcmVhc2Vk IGxldmVyYW dlLiBUaGlz IHNpdHVhdG lvbiB3b3Vs ZCBuZWNlc3 NpdGF0ZSBz aWduaWZpY2 FudCBzdHJh dGVnaWMgYW RqdXN0bWVu dHMgZm9yIF BoaWJybyB0 byByZWNvdm VyIGFuZCBh ZGFwdCBpbi BhIHRyYW5z Zm9ybWluZy BtYXJrZXQg bGFuZHNjYX BlLjxicj4=

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 bG9nb3MvMl EwTUJ1Vzhp cGQ2SW5tNz k0MjAud2Vi cCIgYWx0PS JQaGlicm8g QW5pbWFsIE hlYWx0aCIg dGl0bGU9Il BoaWJybyBB bmltYWwgSG VhbHRoIiAg Y2xhc3M9Im ltZy1mbHVp ZCIgaGVpZ2 h0PTUwIHdp ZHRoPTUwIG xvYWRpbmc9 J2xhenknIH N0eWxlPSdi b3JkZXItcm FkaXVzOiA2 cHg7Jz4KCi AgICAgICAg ICAgICAgIC AgICAgPGRp diBzdHlsZT 0nZmxleDog MTsgdGV4dC 1hbGlnbjog Y2VudGVyOy BtYXJnaW4t bGVmdDogNX B4Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID xwIHN0eWxl PSdmb250LX NpemU6IDI2 cHg7IGNvbG 9yOiAjMzMz OyBtYXJnaW 4tYm90dG9t OiAxNXB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Dwn5OIIFdh bnQgdG8gcm VhZCBtb3Jl IGFib3V0IF BoaWJybyBB bmltYWwgSG VhbHRoPwog 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 ICAgICAg4p qhIEluc3Rh bnRseSBhY2 Nlc3MgPGk+ IlRoZSBDaG Vja2xpc3Qg VmFsdWUgSW 52ZXN0b3Ig 4oCUIEEgU2 1hcnRlciBX YXkgdG8gUG ljayBTdG9j a3MiPC9pPi DigJQgZnJl ZSEKICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9w PgoKICAgIC AgICAgICAg ICAgICAgIC AgICAgPCEt LQogICAgIC AgICAgICAg ICAgICAgIC AgICA8ZGl2 IHN0eWxlPS dtYXJnaW4t dG9wOiAxMn B4OyBmb250 LXNpemU6ID EzcHg7IGNv bG9yOiAjND Q0Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBTaWdu IHVwIG5vdy BhbmQgZ2V0 IG91ciBmcm VlIGVCb29r IAogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg PGI+VGhlIE NoZWNrbGlz dCBWYWx1ZS BJbnZlc3Rv ciDigJQgQS BTbWFydGVy IFdheSB0by BQaWNrIFN0 b2NrczwvYj 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIC0tPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8IS0tCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxkaXYgc3 R5bGU9J21h cmdpbi10b3 A6IDE2cHg7 IGZvbnQtc2 l6ZTogMTRw eDsgY29sb3 I6ICM0NDQ7 IGZvbnQtZm FtaWx5OiAt YXBwbGUtc3 lzdGVtLCBC bGlua01hY1 N5c3RlbUZv bnQsIFNlZ2 9lIFVJLCBS b2JvdG8sIE hlbHZldGlj YSBOZXVlLC BzYW5zLXNl cmlmOyBsaW 5lLWhlaWdo dDogMS42Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BIYXZlIHlv dSBoZWFyZC BhYm91dCBv dXIgc2hvcn QgPHN0cm9u ZyBzdHlsZT 0nZm9udC13 ZWlnaHQ6ID YwMDsnPkRh aWx5IFZpZG VvIE5ld3Ns ZXR0ZXI8L3 N0cm9uZz4/ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 YSBocmVmPS dodHRwczov L3d3dy5pbn NpZ2h0ZnVs dmFsdWUuY2 9tL25ld3Ns ZXR0ZXIucG hwJyB0YXJn ZXQ9J19ibG Fuaycgc3R5 bGU9J2NvbG 9yOiAjMDA3 QkZGOyB0ZX h0LWRlY29y YXRpb246IG 5vbmU7IGZv bnQtd2VpZ2 h0OiA1MDA7 IG1hcmdpbi 1sZWZ0OiA2 cHg7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BGaW5kIG91 dCBtb3JlCi AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICA8L2 E+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AgICAgICAg ICAgICAtLT 4KICAgICAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg CiAgICAgIC AgCiAgICAg ICAgPHNwYW 4gY2xhc3M9 J2JsdXJyZW QtdGV4dCc+ CiAgICAgIC AgICAgIE1T NGdVR2hwWW 4gSnZJRUZ1 YVcxaCBiQ0 JJWldGc2RH IGdnYVhNZ1 lTQm4gYkc5 aVlXd2dZMi A5dGNHRnVl U0IwIGFHRj BJSEJ5YjMg WnBaR1Z6SU dobCBZV3gw YUhrZ1lXID VrSUhOMWMz UmggYVc1aF lteGxJSCBO dmJIVjBhVz l1IGN5Qm1i M0lnWVcgNX BiV0ZzSUdo bCBZV3gwYU NCaGJtIFFn Ym5WMGNtbD AgYVc5dUxq eGljaiA0eU xpQlVhR1Vn IFkyOXRjR0 Z1ZVMgQjNZ WE1nWm05MS BibVJsWkNC cGJpIEF4T1 RRMUlHSjUg SUVsellXRm pJRSBRdUlF ZHlZVzVuIF pTQnBiaUIw YUcgVWdWVz VwZEdWayBJ Rk4wWVhSbG N5IDRnU1hR Z2QyRnogSU c5eWFXZHBi bSBGc2JIa2 dZMkZzIGJH VmtJRkJsY2 4gSjVJRUZ1 YVcxaCBiQ0 JJWldGc2RH IGdnWVc1a0 lHWnYgWTNW elpXUWdiMi A0Z2NISnZa SFZqIGFXNW 5JR0Z1YVcg MWhiQ0JvWl dGcyBkR2dn Y0hKdlpIIF ZqZEhNdVBH SnkgUGpNdU lGUm9aUyBC amIyMXdZVz U1IElHTm9Z VzVuWlcgUW dhWFJ6SUc1 aCBiV1VnZE c4Z1VHIGhw WW5KdklFRn UgYVcxaGJD QklaVyBGc2 RHZ2dhVzRn IE1qQXdNeX dnWVcgWjBa WElnWW1WcC BibWNnWVdO eGRXIGx5Wl dRZ1lua2cg ZEdobElHbH VkbSBWemRH MWxiblFnIF ptbHliU0JL VUMgQk5iM0 puWVc0ZyBV R0Z5ZEc1bG NuIE11UEdK eVBqUXUgSU ZCb2FXSnli eSBCQmJtbH RZV3dnIFNH VmhiSFJvSU cgaGhjeUJ0 YjNKbCBJSF JvWVc0Z016 IFVnYldGdW RXWmggWTNS MWNtbHVaeS BCbVlXTnBi R2wwIGFXVn pJR2x1SUQg RTJJR052ZF c1MCBjbWxs Y3lCaGJtIF FnYldGeWEy VjAgY3lCcG RITWdjSCBK dlpIVmpkSE 1nIGFXNGdi M1psY2kgQX hNREFnWTI5 MSBiblJ5YV dWeklIIGR2 Y214a2QybG sgWlM0OFlu SStOUyA0Z1 ZHaGxJR052 IGJYQmhibm tnYUcgOXNa SE1nYjNabC BjaUEwTURB Z2NHIEYwWl c1MGN5Qmgg Ym1RZ2FHRn pJRyBFZ2RH VmhiU0J2IF ppQnRiM0ps SUggUm9ZVz RnTVN3eSBN REFnY0hKdl ptIFZ6YzJs dmJtRnMgY3 lCa1pXUnBZ MiBGMFpXUW dkRzhnIFlX NXBiV0ZzSU cgaGxZV3gw YUNCaCBibV FnYm5WMGNt IGwwYVc5dU xqeGkgY2o0 MkxpQlFhRy BsaWNtOGdR VzVwIGJXRn NJRWhsWVcg eDBhQ0J2Wm 1abCBjbk1n WVNCM2FXIF JsSUhKaGJt ZGwgSUc5bU lIQnliMiBS MVkzUnpJR0 Z1IFpDQnpa WEoyYVcgTm xjeXdnYVc1 aiBiSFZrYV c1bklHIDUx ZEhKcGRHbH YgYm1Gc0lI TjFjSCBCc1 pXMWxiblJ6 IExDQjJZV0 5qYVcgNWxj eXdnYldWay BhV05oZEdW a0lHIFpsWl dRZ1lXUmsg YVhScGRtVn pMQyBCaGJt UWdZVzUwIG FXMXBZM0p2 WW0gbGhiQ0 J3Y205ayBk V04wY3k0OF luIEkrTnk0 Z1ZHaGwgSU dOdmJYQmhi biBuaWdKbH pJRzF2IGMz UWdabUZ0Yj MgVnpJSEJ5 YjJSMSBZM1 FnYVhNZ1RX IGxqYjNScG JNS3UgTENC aElIWmxkRy BWeWFXNWhj bmtnIFlXNT BhV0pwYjMg UnBZeUIxYz JWayBJSFJ2 SUhSeVpXIE YwSUhKbGMz QnAgY21GMG IzSjVJRyBS cGMyVmhjMl Z6IElHbHVJ R05oZEggUn NaU0JoYm1R ZyBjM2RwYm 1VdVBHIEp5 UGpndUlFbH UgSUdGa1pH bDBhVyA5dU lIUnZJR2ww IGN5QmhibW x0WVcgd2dh R1ZoYkhSby BJR0oxYzJs dVpYIE56TE NCUWFHbGkg Y204Z1FXNX BiVyBGc0lF aGxZV3gwIG FDQmhiSE52 SUcgaGhjeU JoSUdScCBk bWx6YVc5dU lHIFp2WTNW elpXUWcgYj I0Z2FIVnRZ VyA0Z2JuVj BjbWwwIGFX OXVMQ0IzYU cgbGphQ0J3 Y205ayBkV0 5sY3lCcGJt IGR5WldScF pXNTAgY3lC bWIzSWdabS A5dlpDd2dZ bVYyIFpYSm haMlVzSUcg RnVaQ0JrYV dWMCBZWEo1 SUhOMWNIIE JzWlcxbGJu UnogTGp4aW NqNDVMaSBC UWFHbGljbT hnIFFXNXBi V0ZzSUUgaG xZV3gwYUNC cCBjeUJqYj IxdGFYIFIw WldRZ2RHOG cgYzNWemRH RnBibSBGaW FXeHBkSGtn IFlXNWtJR2 hoY3kgQnBi bWwwYVdGMC BhWFpsY3lC cGJpIEJ3Yk dGalpTQjAg YnlCeVpXUj FZMiBVZ2FY UnpJR05oIG NtSnZiaUJt YjIgOTBjSE pwYm5RcyBJ R1JsWTNKbF lYIE5sSUhk aGRHVnkgSU hWellXZGxM QyBCaGJtUW dhVzF3IGNt OTJaU0IzWV ggTjBaU0J0 WVc1aCBaMl Z0Wlc1MExq IHhpY2o0eE 1DNGcgVkdo bElHTnZiWC BCaGJua2dh R0Z6IElHSm xaVzRnY20g VmpiMmR1YV hwbCBaQ0Jt YjNJZ2FYIF J6SUdOdmJX MXAgZEcxbG JuUWdkRyA4 Z1lXNXBiV0 ZzIElIZGxi R1poY20gVW dZVzVrSUdo aCBjeUJ5Wl dObGFYIFps WkNCelpYWm wgY21Gc0lH RjNZWCBKa2 N5Qm1iM0ln IGFYUnpJR0 Z1YVcgMWhi Q0JqWVhKbC BJSEJ5YjJk eVlXIDF6SU dGdVpDQncg Y21GamRHbG paWCBNdQog ICAgICAgID wvc3Bhbj4K ICAgICAgIC AKICAgICAg ICA=