Korn Ferry

-14.2%

Live  

Korn Ferry is a global consulting firm specializing in executive search, organizational consulting, and leadership development. The company was founded in 1969 and is headquartered in Los Angeles, California. It has a team of over 7,000 consultants in more than 50 countries.
Korn Ferry works with clients in various industries including technology, financial services, healthcare, consumer, industrial, and government. The company’s services include executive search, talent strategy, leadership development, organizational design, assessment and succession planning, and rewards and benefits.
Korn Ferry is known for its research and thought leadership in the areas of leadership and talent management. The company publishes several reports and studies annually, including the highly regarded CEO Succession Study.
Korn Ferry is also recognized for its commitment to diversity and inclusion. The company has a global diversity and inclusion council and offers services to help companies build diverse and inclusive workplaces.
In addition to its consulting services, Korn Ferry also offers a suite of digital tools and online assessments to help organizations with talent acquisition, development, and engagement.
Overall, Korn Ferry is dedicated to helping companies attract, develop, and retain top talent and improve their overall organizational performance.

S29ybiBGZX JyeSBpcyBh IGNvbXBhbn kgdGhhdCBo ZWxwcyBvdG hlciBidXNp bmVzc2VzIG ZpbmQgdGhl IHJpZ2h0IH Blb3BsZSBm b3IgdGhlaX Igam9icyBh bmQgaGVscH MgdGhlbSB1 bmRlcnN0YW 5kIGhvdyB0 byBtYWtlIH RoZWlyIHRl YW1zIHdvcm sgYmV0dGVy LiBJbWFnaW 5lIGlmIHlv dSBoYWQgYS BzcG9ydHMg dGVhbSwgYW 5kIHlvdSB3 YW50ZWQgdG 8gZmluZCB0 aGUgYmVzdC BwbGF5ZXJz IGZvciBlYW NoIHBvc2l0 aW9uLCBvci BpZiB5b3Ug d2FudGVkIH RvIGhlbHAg eW91ciB0ZW FtbWF0ZXMg cGxheSBiZX R0ZXIgdG9n ZXRoZXIuIF RoYXTigJlz IHdoYXQgS2 9ybiBGZXJy eSBkb2VzLC BidXQgZm9y IGFsbCBraW 5kcyBvZiBj b21wYW5pZX MhPGJyPktv cm4gRmVycn kgbWFrZXMg bW9uZXkgYn kgY2hhcmdp bmcgY29tcG FuaWVzIGZv ciBpdHMgc2 VydmljZXMu IFRoZXkgbW lnaHQgaGVs cCBhIGNvbX BhbnkgZmlu ZCBhIG5ldy BsZWFkZXIs IHRyYWluIH RoZSBlbXBs b3llZXMgdG 8gYmUgZXZl biBiZXR0ZX IgYXQgdGhl aXIgam9icy wgb3IgZ2l2 ZSBhZHZpY2 Ugb24gaG93 IHRvIGNyZW F0ZSBhIGdy ZWF0IHdvcm twbGFjZS4g QmVjYXVzZS Bjb21wYW5p ZXMgd2FudC B0byBoYXZl IHRoZSBiZX N0IHRlYW1z IGFuZCB0aG UgbW9zdCBz dWNjZXNzZn VsIGxlYWRl cnMsIHRoZX kgYXJlIHdp bGxpbmcgdG 8gcGF5IGZv ciBLb3JuIE ZlcnJ54oCZ cyBoZWxwLj xicj5Lb3Ju IEZlcnJ5IG lzIHN1Y2Nl c3NmdWwgZm 9yIGEgZmV3 IHJlYXNvbn MuIEZpcnN0 LCB0aGV5IG hhdmUgYSBs b3Qgb2YgZX hwZXJ0cyB3 aG8ga25vdy BhIGdyZWF0 IGRlYWwgYW JvdXQgcGVv cGxlIGFuZC BidXNpbmVz c2VzLiBUaG V5IGFsc28g aGF2ZSBhIG dvb2QgcmVw dXRhdGlvbi wgbWVhbmlu ZyBtYW55IG NvbXBhbmll cyB0cnVzdC B0aGVtIHRv IGRvIGEgZ3 JlYXQgam9i LiBBcyBidX NpbmVzc2Vz IGNvbnRpbn VlIHRvIGdy b3cgYW5kIG xvb2sgZm9y IHdheXMgdG 8gaW1wcm92 ZSwgdGhleS B3aWxsIG5l ZWQgaGVscC BmaW5kaW5n IHRoZSByaW dodCBwZW9w bGUgYW5kIG 1ha2luZyB0 aGVpciB0ZW FtcyBiZXR0 ZXIuIFRoYX QgbWVhbnMg S29ybiBGZX JyeeKAmXMg c2VydmljZX Mgd2lsbCBz dGlsbCBiZS BpbXBvcnRh bnQgaW4gdG hlIGZ1dHVy ZS4gPGJyPl NvLCBhcyBs b25nIGFzIG NvbXBhbmll cyB3YW50IH RvIHN1Y2Nl ZWQgYW5kIG ltcHJvdmUs IEtvcm4gRm Vycnkgd2ls bCBsaWtlbH kga2VlcCBi ZWluZyBzdW NjZXNzZnVs IGJlY2F1c2 UgdGhleSBw cm92aWRlIH ZhbHVhYmxl IGhlbHAgdG hhdCBidXNp bmVzc2VzIH JlYWxseSBu ZWVkITxicj 4=

VGhlIEtvcm 4gRmVycnkg Y29tcGFueS BpcyBhIGds b2JhbCBvcm dhbml6YXRp b25hbCBjb2 5zdWx0aW5n IGZpcm0gdG hhdCBzcGVj aWFsaXplcy BpbiB0YWxl bnQgbWFuYW dlbWVudCBh bmQgbGVhZG Vyc2hpcCBk ZXZlbG9wbW VudC4gVGhl eSBoYXZlIG 92ZXIgODAg eWVhcnMgb2 YgZXhwZXJp ZW5jZSBhbm QgaGF2ZSB3 b3JrZWQgd2 l0aCB0aG91 c2FuZHMgb2 Ygb3JnYW5p emF0aW9ucy B3b3JsZHdp ZGUuIFNvbW UgdW5pcXVl IGFzcGVjdH Mgb2YgdGhl IGNvbXBhbn kgaW5jbHVk ZSB0aGVpci B1c2Ugb2Yg ZGF0YSBhbm QgYW5hbHl0 aWNzIHRvIG RyaXZlIHRo ZWlyIHNvbH V0aW9ucywg dGhlaXIgZm 9jdXMgb24g Ym90aCBpbm RpdmlkdWFs IGFuZCBvcm dhbml6YXRp b25hbCBzdW NjZXNzLCBh bmQgdGhlaX IgaW50ZWdy YXRlZCBhcH Byb2FjaCB0 byB0YWxlbn QgbWFuYWdl bWVudC4gQW RkaXRpb25h bGx5LCB0aG UgY29tcGFu eSBoYXMgYS BzdHJvbmcg cmVwdXRhdG lvbiBmb3Ig ZGVsaXZlcm luZyByZXN1 bHRzIGFuZC Bwcm92aWRp bmcgaW5ub3 ZhdGl2ZSBz b2x1dGlvbn MgdG8gdGhl aXIgY2xpZW 50cy4=

VGhlIEtvcm 4gRmVycnkg Y29tcGFueS BpcyBhIGds b2JhbCBvcm dhbml6YXRp b25hbCBjb2 5zdWx0aW5n IGZpcm0gdG hhdCBzcGVj aWFsaXplcy BpbiB0YWxl bnQgbWFuYW dlbWVudCBz b2x1dGlvbn MsIGluY2x1 ZGluZyBleG VjdXRpdmUg c2VhcmNoLC BsZWFkZXJz aGlwIGRldm Vsb3BtZW50 LCBhbmQgY2 9tcGVuc2F0 aW9uIGFuZC BiZW5lZml0 cyBjb25zdW x0aW5nLiBU aGVpciBidX NpbmVzcyBt b2RlbCBmb2 N1c2VzIG9u IHByb3ZpZG luZyBjdXN0 b21pemVkIG FuZCBkYXRh LWRyaXZlbi Bzb2x1dGlv bnMgdG8gaG VscCBvcmdh bml6YXRpb2 5zIGF0dHJh Y3QsIGRldm Vsb3AsIGFu ZCByZXRhaW 4gdG9wIHRh bGVudC4gVG hpcyBpcyBh Y2hpZXZlZC B0aHJvdWdo IGEgY29tYm luYXRpb24g b2YgdGhlaX IgaW5kdXN0 cnkgZXhwZX J0aXNlLCBw cm9wcmlldG FyeSByZXNl YXJjaCBhbm QgZGF0YSwg YW5kIHRlY2 hub2xvZ3kt ZW5hYmxlZC B0b29scyBh bmQgcGxhdG Zvcm1zLiBL b3JuIEZlcn J5IGFsc28g b2ZmZXJzIG EgcmFuZ2Ug b2YgYWR2aX Nvcnkgc2Vy dmljZXMgYW 5kIHNvbHV0 aW9ucyB0by BoZWxwIG9y Z2FuaXphdG lvbnMgYWRk cmVzcyBjb2 1wbGV4IGNo YWxsZW5nZX MgaW4gYXJl YXMgc3VjaC BhcyBvcmdh bml6YXRpb2 5hbCBkZXNp Z24sIGRpZ2 l0YWwgdHJh bnNmb3JtYX Rpb24sIGFu ZCBkaXZlcn NpdHkgYW5k IGluY2x1c2 lvbi4gVGhl aXIgYnVzaW 5lc3MgbW9k ZWwgaXMgYm FzZWQgb24g bG9uZy10ZX JtIHBhcnRu ZXJzaGlwcy B3aXRoIGNs aWVudHMsIG FpbWluZyB0 byBidWlsZC BzdXN0YWlu YWJsZSB0YW xlbnQgc3Ry YXRlZ2llcy B0aGF0IGRy aXZlIGJ1c2 luZXNzIHN1 Y2Nlc3MuID xicj4=

AI has the potential to impact Korn Ferry’s products, services, and competitive positioning in several ways, although the degree of threat will depend on how the company and its competitors adapt to these changes.
1. Substitution: AI can automate various aspects of recruitment, talent management, and employee training. For example, AI-based systems can analyze resumes, conduct initial screenings, and even provide insights into candidate fit through predictive analytics. If companies increasingly adopt these AI tools, there could be less reliance on traditional consulting services offered by Korn Ferry, representing a substitution threat to their core offerings.
2. Disintermediation: As AI tools become more accessible and effective, businesses may opt to manage their hiring and talent development processes internally rather than engaging external consultants like Korn Ferry. This trend could reduce the company’s role as a mediator in talent acquisition and development, leading to potential revenue loss.
3. Margin Pressure: The rise of AI-driven solutions can lead to increased competition in the market for Korn Ferry’s services. As more companies deploy efficient AI tools, they may drive down the prices of consulting services, leading to margin pressures for Korn Ferry. The expectation of lower fees could make it difficult for traditional consulting firms to justify their pricing structures.
In summary, while AI presents potential threats to Korn Ferry through substitution, disintermediation, and margin pressures, the company’s ability to adapt to these changes—by integrating AI into its own offerings or redefining its value proposition—will be crucial in mitigating these risks.

The sensitivity of Korn Ferry’s earnings, cash flow, and valuation to changes in interest rates can be assessed from several angles:
1. Earnings Sensitivity: Korn Ferry operates in the professional services sector, where fees are often tied to economic conditions. Higher interest rates typically slow down economic growth, which may lead to reduced corporate spending on consulting and talent management services. This could negatively impact Korn Ferry’s earnings. Conversely, if interest rates are lower, businesses may invest more in hiring and consulting services, potentially boosting earnings.
2. Cash Flow Sensitivity: Changes in interest rates can affect Korn Ferry’s cash flow in a few ways. If rates rise, the cost of borrowing increases, which can lead to higher interest expenses if the company has outstanding debt. This would reduce net cash flow available after financing costs. Additionally, slower economic growth associated with rising rates may lead to reduced cash inflows from clients. On the other hand, lower interest rates could ease borrowing costs and improve cash flow.
3. Valuation Sensitivity: Korn Ferry’s valuation, often assessed using discounted cash flow (DCF) methodology, is sensitive to interest rates because the discount rate applied to future cash flows is typically derived from prevailing interest rates. Higher interest rates increase the discount rate, which would decrease the present value of projected cash flows, leading to a lower valuation. Conversely, lower interest rates would decrease the discount rate, enhancing the present value of cash flows and potentially increasing the company’s valuation.
In summary, Korn Ferry’s earnings, cash flow, and valuation are all impacted by changes in interest rates. Higher rates can dampen economic activity and increase financial costs, while lower rates can improve profitability and enhance valuations.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgS2 9ybiBGZXJy eeKAmXMgZW Nvbm9taWNz IG92ZXIgdG hlIG5leHQg MyB0byA1IH llYXJzIGlz IHRoZSB3aW Rlc3ByZWFk IGFkb3B0aW 9uIG9mIGFk dmFuY2VkIE FJIGFuZCBh dXRvbWF0aW 9uIHRlY2hu b2xvZ2llcy BpbiB0aGUg dGFsZW50IG FjcXVpc2l0 aW9uIGFuZC BodW1hbiBy ZXNvdXJjZS Bjb25zdWx0 aW5nIHNlY3 RvcnMuIEFz IGNvbXBhbm llcyBpbmNy ZWFzaW5nbH kgcmVseSBv biBBSS1kcm l2ZW4gcmVj cnVpdG1lbn QgcGxhdGZv cm1zIGFuZC BhdXRvbWF0 ZWQgSFIgbW FuYWdlbWVu dCB0b29scy wgdGhlIGRl bWFuZCBmb3 IgdHJhZGl0 aW9uYWwgY2 9uc3VsdGlu ZyBzZXJ2aW NlcyBhbmQg cGVyc29uYW xpemVkIHRh bGVudCBtYW 5hZ2VtZW50 IHNvbHV0aW 9ucyBtYXkg ZGVjbGluZS BzaWduaWZp Y2FudGx5Lj xicj5JbiB0 aGlzIHNjZW 5hcmlvLCBL b3JuIEZlcn J5IG1pZ2h0 IGV4cGVyaW VuY2UgYSBz aGFycCBkcm 9wIGluIHJl dmVudWVzIG FzIGNsaWVu dHMgb3B0IG ZvciBtb3Jl IGNvc3QtZW ZmZWN0aXZl IGFuZCBlZm ZpY2llbnQg QUkgc29sdX Rpb25zLiBU aGlzIGRpc3 J1cHRpb24g Y291bGQgbG VhZCB0byBh IHJldHJlbm NobWVudCBp biBpdHMgY2 9uc3VsdGlu ZyBzZXJ2aW NlcywgcmVk dWNlZCBwcm 9qZWN0IGVu Z2FnZW1lbn QsIGFuZCB0 aGUgcG90ZW 50aWFsIGxv c3Mgb2Yga2 V5IGNsaWVu dHMgd2hvIG 1pZ3JhdGUg dG8gYXV0b2 1hdGVkIHN5 c3RlbXMuIE FkZGl0aW9u YWxseSwgY2 9tcGV0aXRp b24gZnJvbS B0ZWNoIHN0 YXJ0dXBzIG ZvY3VzZWQg b24gQUktZW 5oYW5jZWQg cmVjcnVpdG luZyBjb3Vs ZCBmdXJ0aG VyIGVyb2Rl IEtvcm4gRm VycnnigJlz IG1hcmtldC BzaGFyZS48 YnI+SWYgdG hpcyBzY2Vu YXJpbyBtYX RlcmlhbGl6 ZXMsIHRoZS Bjb21wYW55 4oCZcyBtYX JnaW5zIGNv dWxkIGJlIG FkdmVyc2Vs eSBhZmZlY3 RlZC4gV2l0 aCBkZWNsaW 5pbmcgcmV2 ZW51ZXMsIE tvcm4gRmVy cnkgbWF5IG ZhY2UgcHJl c3N1cmUgdG 8gbWFpbnRh aW4gcHJvZm l0YWJpbGl0 eSwgbGVhZG luZyB0byBh IG1hcmdpbi BzcXVlZXpl IGFzIGl0IG 1pZ2h0IGhh dmUgdG8gaW 52ZXN0IGlu IHRlY2hub2 xvZ3kgdG8g c3RheSByZW xldmFudCwg cG90ZW50aW FsbHkgcmVz dWx0aW5nIG luIGluY3Jl YXNlZCBvcG VyYXRpbmcg Y29zdHMuIE NvbnRyYWN0 dWFsIG9ibG lnYXRpb25z IGFuZCBmaX hlZCBjb3N0 cywgY29tYm luZWQgd2l0 aCByZWR1Y2 luZyByZXZl bnVlcywgY2 91bGQgZnVy dGhlciBleG FjZXJiYXRl IHRoZSBzaX R1YXRpb24s IGxlYWRpbm cgdG8gbG93 ZXIgb3Zlcm FsbCBwcm9m aXRhYmlsaX R5Ljxicj5D YXNoIGZsb3 cgd291bGQg bGlrZWx5IG JlIGltcGFj dGVkIGFzIH dlbGwuIEEg c2lnbmlmaW NhbnQgcmVk dWN0aW9uIG luIHJldmVu dWUgd291bG QgZmlyc3Qg YWZmZWN0IG 9wZXJhdGlu ZyBjYXNoIG Zsb3csIGxl YWRpbmcgdG 8gcG90ZW50 aWFsIGNhc2 ggZmxvdyBk ZWZpY2l0cy BpZiBjb3N0 cyBjYW5ub3 QgYmUgZWZm ZWN0aXZlbH kgbWFuYWdl ZC4gSWYgS2 9ybiBGZXJy eSBuZWVkcy B0byBpbnZl c3QgaGVhdm lseSBpbiBu ZXcgdGVjaG 5vbG9neSB0 byByZW1haW 4gY29tcGV0 aXRpdmUsIG NhcGV4IHdv dWxkIGFsc2 8gaW5jcmVh c2UsIGZ1cn RoZXIgc3Ry YWluaW5nIG Nhc2ggZmxv d3MuPGJyPk 9uIHRoZSBi YWxhbmNlIH NoZWV0LCB0 aGUgaW1wYW N0IG1pZ2h0 IGJlIHNlZW 4gdGhyb3Vn aCBkZWNsaW 5pbmcgYXNz ZXQgdmFsdW VzIHJlbGF0 ZWQgdG8gZ2 9vZHdpbGwg YW5kIGludG FuZ2libGUg YXNzZXRzIG Fzc29jaWF0 ZWQgd2l0aC B0cmFkaXRp b25hbCBjb2 5zdWx0aW5n IHNlcnZpY2 VzLiBBIHJl ZHVjdGlvbi BpbiBlYXJu aW5ncyBjb3 VsZCBsZWFk IHRvIGFuIG luY3JlYXNl IGluIGxldm VyYWdlIGFz IHRoZSBjb2 1wYW55IG1h eSBuZWVkIH RvIHRha2Ug b24gZGVidC B0byBuYXZp Z2F0ZSBjYX NoIGZsb3cg c2hvcnRmYW xscyBvciBp bnZlc3QgaW 4gdGVjaG5v bG9neSB0cm Fuc2Zvcm1h dGlvbnMuIE lmIGRlYnQg aW5jcmVhc2 VzIHNpZ25p ZmljYW50bH kgd2hpbGUg ZXF1aXR5IG lzIHVuZGVy IHByZXNzdX JlLCBsZXZl cmFnZSByYX Rpb3MgY291 bGQgd29yc2 VuLCBzaWdu YWxpbmcgaG VpZ2h0ZW5l ZCBmaW5hbm NpYWwgcmlz ay48YnI+SW 4gc3VtbWFy eSwgaWYgS2 9ybiBGZXJy eSBmYWNlcy BzaWduaWZp Y2FudCBkaX NydXB0aW9u IGZyb20gQU kgYW5kIGF1 dG9tYXRpb2 4sIHRoZSBw b3RlbnRpYW wgb3V0Y29t ZXMgY291bG QgaW5jbHVk ZSByZWR1Y2 VkIHJldmVu dWVzIGFuZC BtYXJnaW5z LCBzdHJhaW 5lZCBjYXNo IGZsb3dzLC BhbmQgYSB3 ZWFrZW5lZC BiYWxhbmNl IHNoZWV0IG NoYXJhY3Rl cml6ZWQgYn kgaGlnaGVy IGxldmVyYW dlIGFuZCBk ZWNsaW5pbm cgYXNzZXQg dmFsdWF0aW 9ucy48YnI+

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 bG9nb3MvNH VBU3ZoZ0E0 OWw2eG14bk FNRGUud2Vi cCIgYWx0PS JLb3JuIEZl cnJ5IiB0aX RsZT0iS29y biBGZXJyeS IgIGNsYXNz PSJpbWctZm x1aWQiIGhl aWdodD01MC B3aWR0aD01 MCBsb2FkaW 5nPSdsYXp5 JyBzdHlsZT 0nYm9yZGVy LXJhZGl1cz ogNnB4Oyc+ CgogICAgIC AgICAgICAg ICAgICAgID xkaXYgc3R5 bGU9J2ZsZX g6IDE7IHRl eHQtYWxpZ2 46IGNlbnRl cjsgbWFyZ2 luLWxlZnQ6 IDVweDsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8cCBzdH lsZT0nZm9u dC1zaXplOi AyNnB4OyBj b2xvcjogIz MzMzsgbWFy Z2luLWJvdH RvbTogMTVw eDsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAg8J+TiC BXYW50IHRv IHJlYWQgbW 9yZSBhYm91 dCBLb3JuIE ZlcnJ5Pwog 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 +TpSBHZXQg b3VyIGZyZW UgZUJvb2sg bm93OiA8aT 4iVGhlIENo ZWNrbGlzdC BWYWx1ZSBJ bnZlc3Rvci DigJQgQSBT bWFydGVyIF dheSB0byBQ aWNrIFN0b2 NrcyI8L2k+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvcD4K CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwhLS0K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nbW FyZ2luLXRv cDogMTJweD sgZm9udC1z aXplOiAxM3 B4OyBjb2xv cjogIzQ0ND snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgU2lnbiB1 cCBub3cgYW 5kIGdldCBv dXIgZnJlZS BlQm9vayAK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIDxi PlRoZSBDaG Vja2xpc3Qg VmFsdWUgSW 52ZXN0b3Ig 4oCUIEEgU2 1hcnRlciBX YXkgdG8gUG ljayBTdG9j a3M8L2I+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICAgIC AgICAgICAg ICAtLT4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PCEtLQogIC AgICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdtYXJn aW4tdG9wOi AxNnB4OyBm b250LXNpem U6IDE0cHg7 IGNvbG9yOi AjNDQ0OyBm b250LWZhbW lseTogLWFw cGxlLXN5c3 RlbSwgQmxp bmtNYWNTeX N0ZW1Gb250 LCBTZWdvZS BVSSwgUm9i b3RvLCBIZW x2ZXRpY2Eg TmV1ZSwgc2 Fucy1zZXJp ZjsgbGluZS 1oZWlnaHQ6 IDEuNjsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgSG F2ZSB5b3Ug aGVhcmQgYW JvdXQgb3Vy IHNob3J0ID xzdHJvbmcg c3R5bGU9J2 ZvbnQtd2Vp Z2h0OiA2MD A7Jz5EYWls eSBWaWRlby BOZXdzbGV0 dGVyPC9zdH Jvbmc+Pwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgPGEg aHJlZj0naH R0cHM6Ly93 d3cuaW5zaW dodGZ1bHZh bHVlLmNvbS 9uZXdzbGV0 dGVyLnBocC cgdGFyZ2V0 PSdfYmxhbm snIHN0eWxl PSdjb2xvcj ogIzAwN0JG RjsgdGV4dC 1kZWNvcmF0 aW9uOiBub2 5lOyBmb250 LXdlaWdodD ogNTAwOyBt YXJnaW4tbG VmdDogNnB4 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgRm luZCBvdXQg bW9yZQogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9hPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgLS0+Ci AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgIAog ICAgICAgIA ogICAgICAg IDxzcGFuIG NsYXNzPSdi bHVycmVkLX RleHQnPgog ICAgICAgIC AgICBTMjl5 YmlCR1pYIE p5ZVNCcGN5 QmggSUdkc2 IySmhiQyBC dmNtZGhibW w2IFlYUnBi MjVoYkMgQm piMjV6ZFd4 MCBhVzVuSU dacGNtIDBn ZEdoaGRDQn YgWm1abGNu TWdZUyBCM2 FXUmxJSEpo IGJtZGxJRz ltSUggTmxj blpwWTJWei BJR2x1SUhS aGJHIFZ1ZE NCdFlXNWgg WjJWdFpXNT BMQyBCc1pX RmtaWEp6IG FHbHdJR1Js ZG0gVnNiM0 J0Wlc1MCBM Q0JoYm1RZ2 IzIEpuWVc1 cGVtRjAgYV c5dVlXd2dj MyBSeVlYUm xaM2t1IElF aGxjbVVnWV ggSmxJSE52 YldVZyBhVz UwWlhKbGMz IFJwYm1jZ1 ptRmogZEhN Z1lXSnZkWC BRZ2RHaGxJ R052IGJYQm hibms2UEcg SnlQakV1SU VadiBkVzVr YVc1bk9pIE JMYjNKdUlF WmwgY25KNU lIZGhjeSBC bWIzVnVaR1 ZrIElHbHVJ REU1Tmoga2 dZbmtnVEdW eiBkR1Z5SU V0dmNtIDRn WVc1a0lGSn AgWTJoaGNt UWdSbSBWeW Nua3NJRzl5 IGFXZHBibU ZzYkgga2dZ WE1nWVc0Zy BaWGhsWTNW MGFYIFpsSU hObFlYSmog YUNCbWFYSn RMaiB4aWNq NHlMaUJIIG JHOWlZV3dn VW0gVmhZMm c2SUZSbyBa U0JqYjIxd1 lXIDU1SUc5 d1pYSmggZE dWeklHbHVJ RyAxdmNtVW dkR2hoIGJp QTFNQ0JqYj MgVnVkSEpw WlhNZyBkMm wwYUNCaElI IE4wY205dV p5QncgY21W elpXNWpaUy BCcGJpQnRZ V3B2IGNpQn RZWEpyWlgg UnpMQ0JoYk d4diBkMmx1 WnlCcGRDIE IwYnlCc1pY WmwgY21Gbl pTQmhJRyBS cGRtVnljMl VnIGRHRnNa VzUwSUggQn ZiMndnWVc1 ayBJSEJ5Yj NacFpHIFVn YVc1emFXZG 8gZEhNZ2FX NTBieSBCeV pXZHBiMjVo IGJDQmlkWE 5wYm0gVnpj eUJ3Y21Gai BkR2xqWlhN dVBHIEp5UG pNdUlGQjEg WW14cFl5Qk RiMiAxd1lX NTVPaUJMIG IzSnVJRVps Y24gSjVJSG RsYm5RZyBj SFZpYkdsak lHIGx1SURF NU9Ua2cgWV c1a0lHbHpJ RyB4cGMzUm xaQ0J2IGJp QjBhR1VnVG 0gVjNJRmx2 Y21zZyBVM1 J2WTJzZ1JY IGhqYUdGdV oyVWcgZFc1 a1pYSWdkRy BobElIUnBZ MnRsIGNpQn plVzFpYjIg d2dTMFpaTG p4aSBjajQw TGlCRGIyID F3Y21Wb1pX NXogYVhabE lGTmxjbiBa cFkyVnpPaU JKIGJpQmha R1JwZEcgbH ZiaUIwYnlC bCBlR1ZqZF hScGRtIFVn YzJWaGNtTm 8gTENCTGIz SnVJRSBabG NuSjVJSEJ5 IGIzWnBaR1 Z6SUggTmxj blpwWTJWei BJR2x1SUhS aGJHIFZ1ZE NCaFkzRjEg YVhOcGRHbH ZiaSB3Z2JH VmhaR1Z5IG MyaHBjQ0Jr WlggWmxiRz l3YldWdSBk Q3dnWlcxd2 JHIDk1WldV Z1pXNW4gWV dkbGJXVnVk QyB3Z1lXNW tJRzl5IFoy RnVhWHBoZE cgbHZibUZz SUdSbCBjMm xuYmk0OFlu IEkrTlM0Z1 NXNXUgYjNa aGRHbDJaUy BCVGIyeDFk R2x2IGJuTT ZJRlJvWlMg Qm1hWEp0SU dseiBJR3R1 YjNkdUlHIF p2Y2lCcGRI TWcgZFhObE lHOW1JRyBG a2RtRnVZMl ZrIElHRnVZ V3g1ZEcgbG pjeUJoYm1R ZyBkR1ZqYU c1dmJHIDlu ZVNCcGJpQm ggYzNObGMz TnBibSBjZ2 RHRnNaVzUw IElHRnVaQ0 J2Y20gZGhi bWw2WVhScC BiMjVoYkNC dVpXIFZrY3 l3Z2FHVnMg Y0dsdVp5Qm piRyBsbGJu UnpJRzFoIG EyVWdaR0Yw WVMgMWtjbW wyWlc0ZyBa R1ZqYVhOcG IyIDV6TGp4 aWNqNDIgTG lCTVpXRmta WCBKemFHbH dJRVJsIGRt VnNiM0J0Wl cgNTBPaUJM YjNKdSBJRV psY25KNUlH IGx6SUhKbF kyOW4gYm1s NlpXUWdabS A5eUlHbDBj eUJzIFpXRm taWEp6YUcg bHdJR1JsZG 1WcyBiM0J0 Wlc1MElIIE J5YjJkeVlX MXogTENCM2 FHbGphQyBC cGJtTnNkV1 JsIElHRnpj MlZ6YzIgMW xiblFnZEc5 diBiSE1nWV c1a0lHIFp5 WVcxbGQyOX kgYTNNZ2RH aGhkQyBCaG NtVWdkMmxr IFpXeDVJSF Z6WlcgUWdh VzRnZEdobC BJR052Y25C dmNtIEYwWl NCM2IzSnMg WkM0OFluSS tOeSA0Z1NX NWtkWE4wIG Nua2dVbVZq YjIgZHVhWF JwYjI0NiBJ RlJvWlNCam IyIDF3WVc1 NUlHaGggY3 lCeVpXTmxh WCBabFpDQn VkVzFsIGNt OTFjeUJoZD IgRnlaSE1n WVc1ayBJR0 ZqWTI5c1lX IFJsY3lCdm RtVnkgSUhS b1pTQjVaVy BGeWN5d2dZ bVZwIGJtY2 djbVZqYjIg ZHVhWHBsWk NCbSBiM0ln YVhSeklIIG R2Y21zZ2FX NGcgZEdGc1 pXNTBJRyAx aGJtRm5aVz FsIGJuUWdZ VzVrSUcgOX laMkZ1YVhw aCBkR2x2Ym 1Gc0lHIE52 Ym5OMWJIUn AgYm1jdVBH SnlQaiBndU lGUm9iM1Zu IGFIUWdUR1 ZoWkcgVnlj MmhwY0RvZy BTMjl5YmlC R1pYIEp5ZV NCd2NtOWsg ZFdObGN5Qm hJSCBkbFlX eDBhQ0J2IF ppQnBibk5w WjIgaDBjeU JoYm1RZyBj bVZ6WldGeV kyIGdnYjI0 Z2RHRnMgWl c1MElHRnVa QyBCc1pXRm taWEp6IGFH bHdJSFJ5Wl cgNWtjeXdn Wm5KbCBjWF ZsYm5Sc2VT IEJ3ZFdKc2 FYTm8gYVc1 bklHRnlkRy BsamJHVnpM Q0IzIGFHbD BaWEJoY0cg VnljeXdnWV c1ayBJSEps Y0c5eWRIIE 1nZEdoaGRD QnAgYm1ac2 RXVnVZMiBV Z2FXNWtkWE 4wIGNua2dj SEpoWTMgUn BZMlZ6TGp4 aSBjajQ1TG lCQlkzIEYx YVhOcGRHbH YgYmlCVGRI SmhkRyBWbm VUb2dWR2hs IElHWnBjbT BnYUcgRnpJ R2R5YjNkdS BJSE5wWjI1 cFptIGxqWV c1MGJIa2cg ZEdoeWIzVm 5hQyBCemRI SmhkR1ZuIG FXTWdZV054 ZFcgbHphWF JwYjI1eiBM Q0JoWkdScG JtIGNnWTJG d1lXSnAgYk dsMGFXVnpJ RyBsdUlIWm hjbWx2IGRY TWdZWEpsWV ggTWdjM1Zq YUNCaCBjeU JrYVdkcGRH IEZzSUhSeV lXNXogWm05 eWJXRjBhVy A5dUlHRnVa Q0JqIGIyNX pkV3gwYVcg NW5JSE5sY2 5acCBZMlZ6 TGp4aWNqID R4TUM0Z1Uy OWogYVdGc0 lFbHRjRyBG amREb2dTMj l5IGJpQkda WEp5ZVMgQn BjeUJqYjIx dCBhWFIwWl dRZ2RHIDhn WTI5eWNHOX kgWVhSbElI TnZZMiBsaG JDQnlaWE53 IGIyNXphV0 pwYkcgbDBl U0JoYm1RZy BZV04wYVha bGJIIGtnY0 dGeWRHbGog YVhCaGRHVn pJRyBsdUlH bHVhWFJwIF lYUnBkbVZ6 SUggUm9ZWF FnY0hKdiBi VzkwWlNCa2 FYIFpsY25O cGRIa3MgSU dWeGRXbDBl UyB3Z1lXNW tJR2x1IFky eDFjMmx2Ym kgQjNhWFJv YVc0ZyBiM0 puWVc1cGVt IEYwYVc5dW N5QmggYm1R Z2RHaGxJSC BkdmNtdG1i M0pqIFpTND hZbkkrVkcg aGxjMlVnWm 1GaiBkSE1n Y21WbWJHIF ZqZENCTGIz SnUgSUVabG NuSjU0byBD WmN5QnphV2 R1IGFXWnBZ MkZ1ZEMgQn liMnhsSUds dSBJSE5vWV hCcGJtIGNn YjNKbllXNX AgZW1GMGFX OXVZVyB3Z1 pXWm1aV04w IGFYWmxibV Z6Y3kgQmhi bVFnZEdGcy BaVzUwSUcx aGJtIEZuWl cxbGJuUWcg WVdOeWIzTn pJRyBsdVpI VnpkSEpwIF pYTWdkMjl5 YkcgUjNhV1 JsTGp4aSBj ajQ9CiAgIC AgICAgPC9z cGFuPgogIC AgICAgIAog ICAgICAgIA ==