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 +agCBEb27i gJl0IG1pc3 MgPGk+IlRo ZSBDaGVja2 xpc3QgVmFs dWUgSW52ZX N0b3Ig4oCU IEEgU21hcn RlciBXYXkg dG8gUGljay BTdG9ja3Mi PC9pPiDigJ QgZnJlZSEK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9wPgoK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPCEtLQog ICAgICAgIC AgICAgICAg ICAgICAgIC A8ZGl2IHN0 eWxlPSdtYX JnaW4tdG9w OiAxMnB4Oy Bmb250LXNp emU6IDEzcH g7IGNvbG9y OiAjNDQ0Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BTaWduIHVw IG5vdyBhbm QgZ2V0IG91 ciBmcmVlIG VCb29rIAog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgPGI+ VGhlIENoZW NrbGlzdCBW YWx1ZSBJbn Zlc3RvciDi gJQgQSBTbW FydGVyIFdh eSB0byBQaW NrIFN0b2Nr czwvYj4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IC0tPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 IS0tCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxk aXYgc3R5bG U9J21hcmdp bi10b3A6ID E2cHg7IGZv bnQtc2l6ZT ogMTRweDsg Y29sb3I6IC M0NDQ7IGZv bnQtZmFtaW x5OiAtYXBw bGUtc3lzdG VtLCBCbGlu a01hY1N5c3 RlbUZvbnQs IFNlZ29lIF VJLCBSb2Jv dG8sIEhlbH ZldGljYSBO ZXVlLCBzYW 5zLXNlcmlm OyBsaW5lLW hlaWdodDog MS42Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBIYX ZlIHlvdSBo ZWFyZCBhYm 91dCBvdXIg c2hvcnQgPH N0cm9uZyBz dHlsZT0nZm 9udC13ZWln aHQ6IDYwMD snPkRhaWx5 IFZpZGVvIE 5ld3NsZXR0 ZXI8L3N0cm 9uZz4/CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8YSBo cmVmPSdodH RwczovL3d3 dy5pbnNpZ2 h0ZnVsdmFs dWUuY29tL2 5ld3NsZXR0 ZXIucGhwJy B0YXJnZXQ9 J19ibGFuay cgc3R5bGU9 J2NvbG9yOi AjMDA3QkZG OyB0ZXh0LW RlY29yYXRp b246IG5vbm U7IGZvbnQt d2VpZ2h0Oi A1MDA7IG1h cmdpbi1sZW Z0OiA2cHg7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBGaW 5kIG91dCBt b3JlCiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICA8L2E+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICAgIC AgICAgICAg ICAtLT4KIC AgICAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgCiAg ICAgICAgCi AgICAgICAg PHNwYW4gY2 xhc3M9J2Js dXJyZWQtdG V4dCc+CiAg ICAgICAgIC AgIFMyOXli aUJHWlggSn llU0JwY3lC aCBJR2RzYj JKaGJDIEJ2 Y21kaGJtbD YgWVhScGIy NWhiQyBCam IyNXpkV3gw IGFXNW5JR1 pwY20gMGdk R2hoZENCdi BabVpsY25N Z1lTIEIzYV dSbElISmgg Ym1kbElHOW 1JSCBObGNu WnBZMlZ6IE lHbHVJSFJo YkcgVnVkQ0 J0WVc1aCBa MlZ0Wlc1ME xDIEJzWldG a1pYSnogYU dsd0lHUmxk bSBWc2IzQn RaVzUwIExD QmhibVFnYj MgSm5ZVzVw ZW1GMCBhVz l1WVd3Z2Mz IFJ5WVhSbF oza3UgSUVo bGNtVWdZWC BKbElITnZi V1VnIGFXNT BaWEpsYzMg UnBibWNnWm 1GaiBkSE1n WVdKdmRYIF FnZEdobElH TnYgYlhCaG JuazZQRyBK eVBqRXVJRV p2IGRXNWth VzVuT2kgQk xiM0p1SUVa bCBjbko1SU hkaGN5IEJt YjNWdVpHVm sgSUdsdUlE RTVOaiBrZ1 lua2dUR1Z6 IGRHVnlJRX R2Y20gNGdZ VzVrSUZKcC BZMmhoY21R Z1JtIFZ5Y2 5rc0lHOXkg YVdkcGJtRn NiSCBrZ1lY TWdZVzRnIF pYaGxZM1Yw YVggWmxJSE 5sWVhKaiBh Q0JtYVhKdE xqIHhpY2o0 eUxpQkggYk c5aVlXd2dV bSBWaFkyZz ZJRlJvIFpT QmpiMjF3WV cgNTVJRzl3 WlhKaCBkR1 Z6SUdsdUlH IDF2Y21VZ2 RHaGggYmlB MU1DQmpiMy BWdWRISnBa WE1nIGQybD BhQ0JoSUgg TjBjbTl1Wn lCdyBjbVZ6 Wlc1alpTIE JwYmlCdFlX cHYgY2lCdF lYSnJaWCBS ekxDQmhiR3 h2IGQybHVa eUJwZEMgQj BieUJzWlha bCBjbUZuWl NCaElHIFJw ZG1WeWMyVW cgZEdGc1pX NTBJSCBCdm Iyd2dZVzVr IElIQnliM1 pwWkcgVWdh VzV6YVdkby BkSE1nYVc1 MGJ5IEJ5Wl dkcGIyNWgg YkNCaWRYTn BibSBWemN5 QndjbUZqIG RHbGpaWE11 UEcgSnlQak 11SUZCMSBZ bXhwWXlCRG IyIDF3WVc1 NU9pQkwgYj NKdUlFWmxj biBKNUlIZG xiblFnIGNI VmliR2xqSU cgbHVJREU1 T1RrZyBZVz VrSUdseklH IHhwYzNSbF pDQnYgYmlC MGFHVWdUbS BWM0lGbHZj bXNnIFUzUn ZZMnNnUlgg aGphR0Z1Wj JVZyBkVzVr WlhJZ2RHIG hsSUhScFky dGwgY2lCem VXMWliMiB3 Z1MwWlpMan hpIGNqNDBM aUJEYjIgMX djbVZvWlc1 eiBhWFpsSU ZObGNuIFpw WTJWek9pQk ogYmlCaFpH UnBkRyBsdm JpQjBieUJs IGVHVmpkWF JwZG0gVWdj MlZoY21Oby BMQ0JMYjNK dUlFIFpsY2 5KNUlIQnkg YjNacFpHVn pJSCBObGNu WnBZMlZ6IE lHbHVJSFJo YkcgVnVkQ0 JoWTNGMSBh WE5wZEdsdm JpIHdnYkdW aFpHVnkgYz JocGNDQmta WCBabGJHOX diV1Z1IGRD d2daVzF3Yk cgOTVaV1Vn Wlc1biBZV2 RsYldWdWRD IHdnWVc1a0 lHOXkgWjJG dWFYcGhkRy BsdmJtRnNJ R1JsIGMybG 5iaTQ4WW4g SStOUzRnU1 c1dSBiM1po ZEdsMlpTIE JUYjJ4MWRH bHYgYm5NNk lGUm9aUyBC bWFYSnRJR2 x6IElHdHVi M2R1SUcgWn ZjaUJwZEhN ZyBkWE5sSU c5bUlHIEZr ZG1GdVkyVm sgSUdGdVlX eDVkRyBsam N5QmhibVFn IGRHVmphRz V2YkcgOW5l U0JwYmlCaC BjM05sYzNO cGJtIGNnZE dGc1pXNTAg SUdGdVpDQn ZjbSBkaGJt bDZZWFJwIG IyNWhiQ0J1 WlcgVmtjeX dnYUdWcyBj R2x1WnlCam JHIGxsYm5S eklHMWggYT JVZ1pHRjBZ UyAxa2NtbD JaVzRnIFpH VmphWE5wYj IgNXpManhp Y2o0MiBMaU JNWldGa1pY IEp6YUdsd0 lFUmwgZG1W c2IzQnRaVy A1ME9pQkxi M0p1IElFWm xjbko1SUcg bHpJSEpsWT I5biBibWw2 WldRZ1ptID l5SUdsMGN5 QnMgWldGa1 pYSnphRyBs d0lHUmxkbV ZzIGIzQnRa VzUwSUggQn liMmR5WVcx eiBMQ0IzYU dsamFDIEJw Ym1Oc2RXUm wgSUdGemMy VnpjMiAxbG JuUWdkRzl2 IGJITWdZVz VrSUcgWnlZ VzFsZDI5eS BhM01nZEdo aGRDIEJoY2 1VZ2QybGsg Wld4NUlIVn paVyBRZ2FX NGdkR2hsIE lHTnZjbkJ2 Y20gRjBaU0 IzYjNKcyBa QzQ4WW5JK0 55IDRnU1c1 a2RYTjAgY2 5rZ1VtVmpi MiBkdWFYUn BiMjQ2IElG Um9aU0JqYj IgMXdZVzU1 SUdoaCBjeU J5WldObGFY IFpsWkNCdW RXMWwgY205 MWN5QmhkMi BGeVpITWdZ VzVrIElHRm pZMjlzWVcg UmxjeUJ2ZG 1WeSBJSFJv WlNCNVpXIE Z5Y3l3Z1lt VnAgYm1jZ2 NtVmpiMiBk dWFYcGxaQ0 JtIGIzSWdh WFJ6SUggZH ZjbXNnYVc0 ZyBkR0ZzWl c1MElHIDFo Ym1GblpXMW wgYm5RZ1lX NWtJRyA5eV oyRnVhWHBo IGRHbHZibU ZzSUcgTnZi bk4xYkhScC BibWN1UEdK eVBqIGd1SU ZSb2IzVm4g YUhRZ1RHVm haRyBWeWMy aHBjRG9nIF MyOXliaUJH WlggSnllU0 J3Y205ayBk V05sY3lCaE lIIGRsWVd4 MGFDQnYgWm lCcGJuTnBa MiBoMGN5Qm hibVFnIGNt VnpaV0Z5WT IgZ2diMjRn ZEdGcyBaVz UwSUdGdVpD IEJzWldGa1 pYSnogYUds d0lIUnlaVy A1a2N5d2da bkpsIGNYVm xiblJzZVMg QndkV0pzYV hObyBhVzVu SUdGeWRHIG xqYkdWekxD QjMgYUdsMF pYQmhjRyBW eWN5d2dZVz VrIElISmxj Rzl5ZEggTW dkR2hoZENC cCBibVpzZF dWdVkyIFVn YVc1a2RYTj AgY25rZ2NI SmhZMyBScF kyVnpManhp IGNqNDVMaU JCWTMgRjFh WE5wZEdsdi BiaUJUZEhK aGRHIFZuZV RvZ1ZHaGwg SUdacGNtMG dhRyBGeklH ZHliM2R1IE lITnBaMjVw Wm0gbGpZVz UwYkhrZyBk R2h5YjNWbm FDIEJ6ZEhK aGRHVm4gYV dNZ1lXTnhk VyBsemFYUn BiMjV6IExD QmhaR1JwYm 0gY2dZMkZ3 WVdKcCBiR2 wwYVdWeklH IGx1SUhaaG NtbHYgZFhN Z1lYSmxZWC BNZ2MzVmph Q0JoIGN5Qm thV2RwZEcg RnNJSFJ5WV c1eiBabTl5 YldGMGFXID l1SUdGdVpD QmogYjI1em RXeDBhVyA1 bklITmxjbl pwIFkyVnpM anhpY2ogNH hNQzRnVTI5 aiBhV0ZzSU VsdGNHIEZq ZERvZ1MyOX kgYmlCR1pY SnllUyBCcG N5QmpiMjF0 IGFYUjBaV1 FnZEcgOGdZ Mjl5Y0c5eS BZWFJsSUhO dlkyIGxoYk NCeVpYTncg YjI1emFXSn BiRyBsMGVT QmhibVFnIF lXTjBhWFps Ykgga2djR0 Z5ZEdsaiBh WEJoZEdWek lHIGx1SUds dWFYUnAgWV hScGRtVnpJ SCBSb1lYUW djSEp2IGJX OTBaU0JrYV ggWmxjbk5w ZEhrcyBJR1 Z4ZFdsMGVT IHdnWVc1a0 lHbHUgWTJ4 MWMybHZiaS BCM2FYUm9h VzRnIGIzSm 5ZVzVwZW0g RjBhVzl1Y3 lCaCBibVFn ZEdobElIIG R2Y210bWIz SmogWlM0OF luSStWRyBo bGMyVWdabU ZqIGRITWdj bVZtYkcgVm pkQ0JMYjNK dSBJRVpsY2 5KNTRvIENa Y3lCemFXZH UgYVdacFky RnVkQyBCeW IyeGxJR2x1 IElITm9ZWE JwYm0gY2di M0puWVc1cC BlbUYwYVc5 dVlXIHdnWl dabVpXTjAg YVhabGJtVn pjeSBCaGJt UWdkR0ZzIF pXNTBJRzFo Ym0gRm5aVz FsYm5RZyBZ V055YjNOek lHIGx1WkhW emRISnAgWl hNZ2QyOXli RyBSM2FXUm xManhpIGNq ND0KICAgIC AgICA8L3Nw YW4+CiAgIC AgICAgCiAg ICAgICAg