ArcBest

-8.02%

Live  

ArcBest is a logistics and transportation company based in the United States, known for providing integrated supply chain solutions. The company, originally founded in 1923, has evolved from its roots as a trucking company into a versatile provider of a wide range of services that includes less-thatruckload (LTL) shipping, freight brokerage, and logistics management.
ArcBest operates through several segments, including Asset-Based Services, which focuses on its LTL operations, and Asset-Light Services, which encompasses freight brokerage and logistics services. The company has gained recognition for its technology-driven solutions, utilizing advanced software and data analytics to enhance efficiency and streamline operations.
Headquartered in Fort Smith, Arkansas, ArcBest employs thousands of people and has a network of terminals and service centers across North America. The company aims to provide reliable and flexible shipping options while emphasizing customer service and operational excellence.
ArcBest is publicly traded and listed on the NASDAQ under the ticker symbol ARCB. The company continues to expand its capabilities and service offerings to meet the evolving needs of its customers in the logistics industry.

QXJjQmVzdC BpcyBhIGNv bXBhbnkgdG hhdCBoZWxw cyBtb3ZlIH RoaW5ncyBm cm9tIG9uZS BwbGFjZSB0 byBhbm90aG VyLiBJbWFn aW5lIHlvdS BoYXZlIGEg dG95IHRoYX QgeW91IHdh bnQgdG8gc2 VuZCB0byB5 b3VyIGZyaW VuZCB3aG8g bGl2ZXMgZm FyIGF3YXku IEFyY0Jlc3 QgbWFrZXMg aXQgcG9zc2 libGUgZm9y IGJpZyB0cn Vja3MgdG8g cGljayB1cC B0aGF0IHRv eSBhbmQgZG VsaXZlciBp dCBzYWZlbH kgdG8geW91 ciBmcmllbm TigJlzIGhv dXNlLiBUaG V5IGhhbmRs ZSBhbGwga2 luZHMgb2Yg aXRlbXMsIG Zyb20gc21h bGwgcGFja2 FnZXMgdG8g YmlnIHBhbG xldHMgZnVs bCBvZiBnb2 9kcy48YnI+ QXJjQmVzdC BtYWtlcyBt b25leSBieS BjaGFyZ2lu ZyBidXNpbm Vzc2VzIGFu ZCBwZW9wbG UgZm9yIG1v dmluZyB0aG VpciBpdGVt cy4gSnVzdC BsaWtlIGhv dyB5b3UgbW lnaHQgcGF5 IGEgYnVzIG ZhcmUgdG8g cmlkZSB0by BzY2hvb2ws IGNvbXBhbm llcyBwYXkg QXJjQmVzdC B0byB0cmFu c3BvcnQgdG hlaXIgcHJv ZHVjdHMuIE lmIGEgc3Rv cmUgbmVlZH MgdG8gc2Vu ZCBvdXQgaH VuZHJlZHMg b2YgYm94ZX Mgb2YgdG95 cyB0byBkaW ZmZXJlbnQg bG9jYXRpb2 5zLCB0aGV5 IGNhbGwgQX JjQmVzdCB0 byBoZWxwIH RoZW0gd2l0 aCB0aGF0Lj xicj5BcmNC ZXN0IGlzIH N1Y2Nlc3Nm dWwgZm9yIG EgZmV3IHJl YXNvbnMuIE ZpcnN0LCB0 aGV5IGhhdm UgYSBsb3Qg b2YgZXhwZX JpZW5jZSBh bmQga25vdy Bob3cgdG8g Z2V0IHRoaW 5ncyBkZWxp dmVyZWQgcX VpY2tseSBh bmQgc2FmZW x5LiBUaGV5 IGFsc28gdX NlIHRlY2hu b2xvZ3kgdG 8ga2VlcCB0 cmFjayBvZi B0aGUgaXRl bXMgdGhleS BhcmUgbW92 aW5nLCB3aG ljaCBoZWxw cyB0aGVtIH RvIGRvIGEg Z29vZCBqb2 IuIFRoZXkg aGF2ZSBtYW 55IHRydWNr cyBhbmQgZH JpdmVycywg c28gdGhleS BjYW4gaGFu ZGxlIGxhcm dlIGFtb3Vu dHMgb2Ygc2 hpcG1lbnRz Ljxicj5Jbi B0aGUgZnV0 dXJlLCBBcm NCZXN0IHdp bGwgcHJvYm FibHkga2Vl cCBiZWluZy BzdWNjZXNz ZnVsIGJlY2 F1c2UgcGVv cGxlIHdpbG wgYWx3YXlz IG5lZWQgdG 8gbW92ZSBw cm9kdWN0cy 4gQXMgbW9y ZSBhbmQgbW 9yZSBwZW9w bGUgc2hvcC BvbmxpbmUg YW5kIHdhbn QgdGhpbmdz IGRlbGl2ZX JlZCByaWdo dCB0byB0aG VpciBkb29y cywgY29tcG FuaWVzIGxp a2UgQXJjQm VzdCB3aWxs IGJlIG5lZW RlZCBldmVu IG1vcmUuIF RoZXkgYXJl IGFsc28gYW RhcHRpbmcg dG8gbmV3IH dheXMgb2Yg bW92aW5nIH RoaW5ncywg bGlrZSBmaW 5kaW5nIG1v cmUgZWNvLW ZyaWVuZGx5 IG1ldGhvZH MsIHdoaWNo IGNvdWxkIG hlbHAgdGhl bSBzdGF5IG FoZWFkIG9m IG90aGVyIG NvbXBhbmll cy48YnI+U2 8sIGluIHNo b3J0LCBBcm NCZXN0IGlz IGxpa2UgYS BiaWcgaGVs cGVyIGZvci Btb3Zpbmcg aXRlbXMsIH RoZXkgbWFr ZSBtb25leS BieSBjaGFy Z2luZyBmb3 IgdGhpcyBz ZXJ2aWNlLC BhbmQgdGhl eSBhcmUgbG lrZWx5IHRv IGNvbnRpbn VlIGJlaW5n IHN1Y2Nlc3 NmdWwgYmVj YXVzZSB0aG VpciBzZXJ2 aWNlcyBhcm UgYWx3YXlz IGluIGRlbW FuZC48YnI+

QXJjQmVzdC BpcyBhIGxv Z2lzdGljcy Bjb21wYW55 IHRoYXQgc3 RhbmRzIG91 dCBmb3Igc2 V2ZXJhbCBy ZWFzb25zOj xicj4xLiBD b21wcmVoZW 5zaXZlIFNl cnZpY2VzOi BBcmNCZXN0 IHByb3ZpZG VzIGEgd2lk ZSByYW5nZS BvZiBsb2dp c3RpY3Mgc2 9sdXRpb25z LCBpbmNsdW RpbmcgbGVz cy10aGF0cn Vja2xvYWQg KExUTCkgdH JhbnNwb3J0 YXRpb24sIG Z1bGwgdHJ1 Y2tsb2FkIH NlcnZpY2Vz LCBmcmVpZ2 h0IGJyb2tl cmFnZSwgYW 5kIHN1cHBs eSBjaGFpbi BtYW5hZ2Vt ZW50LiBUaG lzIGRpdmVy c2Ugc2Vydm ljZSBvZmZl cmluZyBhbG xvd3MgdGhl bSB0byBjYX RlciB0byB2 YXJpb3VzIH NoaXBwaW5n IG5lZWRzLj xicj4yLiBU ZWNobm9sb2 d5IEludGVn cmF0aW9uOi BUaGUgY29t cGFueSBlbX BoYXNpemVz IHRlY2hub2 xvZ3kgaW4g aXRzIG9wZX JhdGlvbnMs IHV0aWxpem luZyBhZHZh bmNlZCBzb2 Z0d2FyZSBh bmQgZGF0YS BhbmFseXRp Y3MgdG8gb3 B0aW1pemUg bG9naXN0aW NzIHByb2Nl c3NlcyBhbm QgZW5oYW5j ZSBlZmZpY2 llbmN5LCBt YWtpbmcgaX QgZWFzaWVy IGZvciBjdX N0b21lcnMg dG8gdHJhY2 sgc2hpcG1l bnRzIGFuZC BtYW5hZ2Ug dGhlaXIgc3 VwcGx5IGNo YWlucy48Yn I+My4gU3Vz dGFpbmFiaW xpdHkgSW5p dGlhdGl2ZX M6IEFyY0Jl c3QgZm9jdX NlcyBvbiBz dXN0YWluYW JpbGl0eSBh bmQgcmVkdW NpbmcgZW52 aXJvbm1lbn RhbCBpbXBh Y3QuIFRoZX kgaGF2ZSBp bXBsZW1lbn RlZCBwcmFj dGljZXMgdG 8gaW1wcm92 ZSBmdWVsIG VmZmljaWVu Y3kgYW5kIH JlZHVjZSBl bWlzc2lvbn MgaW4gdGhl aXIgdHJhbn Nwb3J0YXRp b24gc2Vydm ljZXMuPGJy PjQuIEN1c3 RvbWVyLUNl bnRyaWMgQX Bwcm9hY2g6 IEFyY0Jlc3 QgcHJpb3Jp dGl6ZXMgY3 VzdG9tZXIg c2VydmljZS wgb2Z0ZW4g dGFpbG9yaW 5nIHNvbHV0 aW9ucyB0by BtZWV0IHNw ZWNpZmljIG NsaWVudCBy ZXF1aXJlbW VudHMuIFRo aXMgY29tbW l0bWVudCB0 byBjdXN0b2 1lciBzYXRp c2ZhY3Rpb2 4gaGFzIGhl bHBlZCBidW lsZCBsb25n LXRlcm0gcm VsYXRpb25z aGlwcyB3aX RoIGNsaWVu dHMuPGJyPj UuIFdvcmtm b3JjZSBEZX ZlbG9wbWVu dDogVGhlIG NvbXBhbnkg aW52ZXN0cy BpbiB0cmFp bmluZyBhbm QgZGV2ZWxv cG1lbnQgZm 9yIGl0cyBl bXBsb3llZX MsIGFpbWlu ZyB0byBjcm VhdGUgYSBr bm93bGVkZ2 VhYmxlIGFu ZCBza2lsbG VkIHdvcmtm b3JjZSBpbi B0aGUgbG9n aXN0aWNzIG luZHVzdHJ5 Ljxicj42Li BTdHJvbmcg RmluYW5jaW FsIFBlcmZv cm1hbmNlOi BBcmNCZXN0 IGhhcyBkZW 1vbnN0cmF0 ZWQgc29saW QgZmluYW5j aWFsIHJlc3 VsdHMsIHBv c2l0aW9uaW 5nIGl0IGFz IGEgcmVsaW FibGUgcGxh eWVyIGluIH RoZSBsb2dp c3RpY3Mgc2 VjdG9yLiBU aGlzIHN0YW JpbGl0eSBj YW4gYmUgcm Vhc3N1cmlu ZyBmb3IgY3 VzdG9tZXJz IHNlZWtpbm cgZGVwZW5k YWJsZSBsb2 dpc3RpY3Mg cGFydG5lcn MuPGJyPjcu IEluZHVzdH J5IFJlY29n bml0aW9uOi BPdmVyIHRo ZSB5ZWFycy wgQXJjQmVz dCBoYXMgcm VjZWl2ZWQg dmFyaW91cy Bhd2FyZHMg YW5kIHJlY2 9nbml0aW9u cyBmb3IgaX RzIHNlcnZp Y2UgcXVhbG l0eSwgZW1w bG95ZWUgc2 F0aXNmYWN0 aW9uLCBhbm Qgb3BlcmF0 aW9uYWwgZX hjZWxsZW5j ZSwgZW5oYW 5jaW5nIGl0 cyByZXB1dG F0aW9uIHdp dGhpbiB0aG UgbG9naXN0 aWNzIGluZH VzdHJ5Ljxi cj5UaGVzZS BmYWN0b3Jz IGNvbnRyaW J1dGUgdG8g QXJjQmVzdO KAmXMgdW5p cXVlIHBvc2 l0aW9uIGlu IHRoZSBsb2 dpc3RpY3Mg bWFya2V0LC BlbmFibGlu ZyBpdCB0by BtZWV0IHRo ZSBuZWVkcy BvZiBkaXZl cnNlIGN1c3 RvbWVycyBl ZmZlY3Rpdm VseS48YnI+

QXJjQmVzdC BvcGVyYXRl cyBwcmltYX JpbHkgaW4g dGhlIGxvZ2 lzdGljcyBh bmQgdHJhbn Nwb3J0YXRp b24gc2VjdG 9yLCBvZmZl cmluZyBhIH dpZGUgcmFu Z2Ugb2Ygc2 VydmljZXMg ZGVzaWduZW QgdG8gbWVl dCB0aGUgbm VlZHMgb2Yg c2hpcHBlcn MgYW5kIHN1 cHBsaWVycy 4gVGhlaXIg YnVzaW5lc3 MgbW9kZWwg aXMgY2VudG VyZWQgYXJv dW5kIHByb3 ZpZGluZyBj b21wcmVoZW 5zaXZlIHN1 cHBseSBjaG FpbiBzb2x1 dGlvbnMsIH doaWNoIGlu Y29ycG9yYX RlIHZhcmlv dXMgbW9kZX Mgb2YgdHJh bnNwb3J0YX Rpb24sIGlu Y2x1ZGluZy BsZXNzLXRo YXRydWNrbG 9hZCAoTFRM KSwgdHJ1Y2 tsb2FkLCBh bmQgbG9naX N0aWNzIHNl cnZpY2VzLj xicj5LZXkg Y29tcG9uZW 50cyBvZiB0 aGVpciBidX NpbmVzcyBt b2RlbCBpbm NsdWRlOjxi cj4xLiA8c3 Ryb25nPkxl c3MtdGhhVH J1Y2tsb2Fk IChMVEwpIF NlcnZpY2U8 L3N0cm9uZz 46IEFyY0Jl c3TigJlzIE xUTCBzZXJ2 aWNlIGlzIG EgY29yZSBv ZmZlcmluZy wgYWxsb3dp bmcgYnVzaW 5lc3NlcyB0 byBzaGlwIH NtYWxsZXIg bG9hZHMgZW ZmaWNpZW50 bHkuIFRoaX MgaW52b2x2 ZXMgY29uc2 9saWRhdGlu ZyBzaGlwbW VudHMgZnJv bSBtdWx0aX BsZSBjdXN0 b21lcnMgaW 50byBvbmUg dHJ1Y2ssIG 9wdGltaXpp bmcgZGVsaX ZlcnkgYW5k IGNvc3QuPG JyPjIuIDxz dHJvbmc+VH J1Y2tsb2Fk IFNlcnZpY2 VzPC9zdHJv bmc+OiBUaG V5IGFsc28g cHJvdmlkZS B0cnVja2xv YWQgc2hpcH Bpbmcgb3B0 aW9ucyBmb3 IgY3VzdG9t ZXJzIG5lZW RpbmcgdG8g dHJhbnNwb3 J0IGxhcmdl ciB2b2x1bW VzIG9mIGdv b2RzLiBUaG lzIHNlcnZp Y2UgYWxsb3 dzIGZvciBk aXJlY3QgdH JhbnNwb3J0 IGZyb20gdG hlIHNoaXBw ZXIgdG8gdG hlIHJlY2Vp dmVyLjxicj 4zLiA8c3Ry b25nPkxvZ2 lzdGljcyBT b2x1dGlvbn M8L3N0cm9u Zz46IEFyY0 Jlc3QgZW1w aGFzaXplcy BpbnRlZ3Jh dGVkIGxvZ2 lzdGljcyBz b2x1dGlvbn MsIG1hbmFn aW5nIHRoZS BzdXBwbHkg Y2hhaW4gcH JvY2VzcyBm b3IgYnVzaW 5lc3Nlcy4g VGhpcyBpbm NsdWRlcyBm cmVpZ2h0IG Jyb2tlcmFn ZSwgd2FyZW hvdXNpbmcs IGFuZCBvdG hlciB2YWx1 ZS1hZGRlZC BzZXJ2aWNl cyB0aGF0IH N0cmVhbWxp bmUgbG9naX N0aWNzIGFu ZCByZWR1Y2 UgY29zdHMg Zm9yIGNsaW VudHMuPGJy PjQuIDxzdH Jvbmc+VGVj aG5vbG9neS BJbnRlZ3Jh dGlvbjwvc3 Ryb25nPjog VGhlIGNvbX BhbnkgaW52 ZXN0cyBpbi B0ZWNobm9s b2d5IGFuZC BkaWdpdGFs IHRvb2xzIH RvIGVuaGFu Y2UgdmlzaW JpbGl0eSwg dHJhY2tpbm csIGFuZCBl ZmZpY2llbm N5IGluIHRy YW5zcG9ydG F0aW9uIG1h bmFnZW1lbn QuIFRoaXMg aW5jbHVkZX MgcHJvdmlk aW5nIGN1c3 RvbWVycyB3 aXRoIHBsYX Rmb3JtcyBm b3IgcmVhbC 10aW1lIHVw ZGF0ZXMgYW 5kIGFuYWx5 dGljcy48Yn I+NS4gPHN0 cm9uZz5DdX N0b21lciBG b2N1czwvc3 Ryb25nPjog QXJjQmVzdC B0YWlsb3Jz IGl0cyBzZX J2aWNlcyB0 byBtZWV0IH NwZWNpZmlj IGN1c3RvbW VyIG5lZWRz IGFjcm9zcy B2YXJpb3Vz IGluZHVzdH JpZXMsIGVt cGhhc2l6aW 5nIHBlcnNv bmFsaXplZC BzZXJ2aWNl IGFuZCByZW xhdGlvbnNo aXAgYnVpbG RpbmcuPGJy PjYuIDxzdH Jvbmc+U3Vz dGFpbmFiaW xpdHkgSW5p dGlhdGl2ZX M8L3N0cm9u Zz46IFRoZS Bjb21wYW55 IHJlY29nbm l6ZXMgdGhl IGdyb3dpbm cgZGVtYW5k IGZvciBzdX N0YWluYWJs ZSBwcmFjdG ljZXMgYW5k IGhhcyBpbX BsZW1lbnRl ZCBlY28tZn JpZW5kbHkg aW5pdGlhdG l2ZXMgd2l0 aGluIGl0cy BvcGVyYXRp b25zIHRvIH JlZHVjZSBp dHMgY2FyYm 9uIGZvb3Rw cmludC48Yn I+T3ZlcmFs bCwgQXJjQm VzdOKAmXMg YnVzaW5lc3 MgbW9kZWwg Zm9jdXNlcy BvbiBwcm92 aWRpbmcgdm Vyc2F0aWxl LCBlZmZpY2 llbnQsIGFu ZCBjdXN0b2 1lci1jZW50 cmljIGxvZ2 lzdGljcyBz b2x1dGlvbn Mgd2hpbGUg bGV2ZXJhZ2 luZyB0ZWNo bm9sb2d5IG FuZCBzdXN0 YWluYWJpbG l0eSB0byBl bmhhbmNlIG l0cyBzZXJ2 aWNlIG9mZm VyaW5ncy48 YnI+

AI can influence the logistics and transportation sector, including companies like ArcBest, in several ways:
1. Substitution: AI could enable new technologies that substitute traditional logistics services, such as autonomous vehicles and drones. If competitors successfully implement these technologies, they may gain a competitive advantage, leading to potential market share loss for ArcBest.
2. Disintermediation: AI-driven platforms could streamline logistics operations, allowing shippers to connect directly with carriers. This could reduce the need for third-party logistics providers like ArcBest, potentially impacting their business model and revenue streams.
3. Margin Pressure: The implementation of AI could result in increased efficiency and cost reduction for competitors. If ArcBest does not invest in AI or update its systems, it may face pressure to lower prices to remain competitive, which could negatively impact profit margins.
Overall, while AI presents opportunities for operational improvement, it also poses challenges that could affect ArcBest’s competitive positioning and financial performance if not addressed proactively.

ArcBest’s earnings, cash flow, and overall valuation can be significantly affected by changes in interest rates due to several factors:
1. Cost of Capital: Higher interest rates increase the cost of borrowing. For ArcBest, this means that if the company needs to finance its operations or expand through debt, higher interest payments could reduce net earnings and cash flow.
2. Consumer Spending: Interest rates influence consumer behavior. Higher rates can lead to decreased spending as borrowing costs rise for households, potentially affecting demand for freight and logistics services. A decrease in consumer spending can directly impact ArcBest’s revenues.
3. Operational Costs: Increased interest rates can also lead to higher costs for transportation companies, including fuel and vehicle financing. Increased operational costs can squeeze margins if the company is unable to pass these costs onto customers.
4. Valuation Multiples: Interest rates often affect the discount rate used in discounted cash flow models. As interest rates rise, the present value of future cash flows decreases, potentially leading to a lower valuation for ArcBest in the eyes of investors.
5. Market Dynamics: Interest rate changes can influence stock market performance. A higher rate environment might lead to a reallocation of investments, impacting stock prices and, consequently, the perceived valuation of companies like ArcBest.
Overall, movements in interest rates can have a multi-faceted impact on ArcBest’s financial performance and valuation, affecting everything from operational efficiency to market sentiment.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgQX JjQmVzdOKA mXMgZWNvbm 9taWNzIG92 ZXIgdGhlIG 5leHQgM+KA kzUgeWVhcn MgaXMgYSBz aWduaWZpY2 FudCwgc3Vz dGFpbmVkIG RlY2xpbmUg aW4gdGhlIG RlbWFuZCBm b3IgZnJlaW dodCB0cmFu c3BvcnRhdG lvbiBzZXJ2 aWNlcyBkdW UgdG8gYSBj b21iaW5hdG lvbiBvZiBm YWN0b3JzIG luY2x1ZGlu ZyBhIHByb2 xvbmdlZCBl Y29ub21pYy Bkb3dudHVy biwgaW5jcm Vhc2VkIHJl bGlhbmNlIG 9uIGFsdGVy bmF0aXZlIH RyYW5zcG9y dCBtZXRob2 RzIChsaWtl IHJhaWwgb3 IgYXV0b25v bW91cyB2ZW hpY2xlcyks IGFuZCBwb3 RlbnRpYWwg c2hpZnRzIH Rvd2FyZHMg bW9yZSByZW dpb25hbGl6 ZWQgc3VwcG x5IGNoYWlu cyB0aGF0IG 1pbmltaXpl IGxvbmctaG F1bCBmcmVp Z2h0IG5lZW RzLiA8YnI+ SW4gdGhpcy BzY2VuYXJp bywgaWYgQX JjQmVzdOKA mXMgdHJhZG l0aW9uYWwg ZnJlaWdodC BzZXJ2aWNl cyB3ZXJlIH NpZ25pZmlj YW50bHkgaW 1wYWN0ZWQs IGl0IHdvdW xkIGxpa2Vs eSByZXN1bH QgaW4gbG93 ZXIgcmV2ZW 51ZS4gV2l0 aCBkaW1pbm lzaGVkIGRl bWFuZCBmb3 Igc2Vydmlj ZXMsIHRoZS Bjb21wYW55 4oCZcyBtYX JnaW5zIHdv dWxkIGNvbX ByZXNzIGFz IGZpeGVkIG Nvc3RzIChz dWNoIGFzIG ZsZWV0IG1h aW50ZW5hbm NlIGFuZCBw ZXJzb25uZW wpIHJlbWFp biByZWxhdG l2ZWx5IHVu Y2hhbmdlZC B3aGlsZSBw cmljaW5nIH Bvd2VyIGRp bWluaXNoZX MuIEl0IHdv dWxkIGJlY2 9tZSBpbmNy ZWFzaW5nbH kgY2hhbGxl bmdpbmcgdG 8gbWFpbnRh aW4gcHJvZm l0YWJpbGl0 eSwgbGVhZG luZyB0byBs b3dlciBuZX QgaW5jb21l IGFuZCBwb3 RlbnRpYWxs eSBuZWdhdG l2ZSBjYXNo IGZsb3cgaW Ygb3BlcmF0 aW9uYWwgY2 9zdHMgb3V0 cGFjZSByZX ZlbnVlcy4g PGJyPk9uIH RoZSBiYWxh bmNlIHNoZW V0LCB3ZSBj b3VsZCBzZW UgaXNzdWVz IHN1Y2ggYX MgaW5jcmVh c2VkIGRlYn QgbGV2ZWxz IGlmIHRoZS Bjb21wYW55 IHJlc29ydH MgdG8gYm9y cm93aW5nIH RvIGNvdmVy IG9wZXJhdG lvbmFsIGxv c3NlcyBvci BpbnZlc3Qg aW4gbmV3IH RlY2hub2xv Z2llcyB0by ByZW1haW4g Y29tcGV0aX RpdmUuIENv bnNlcXVlbn RseSwgY2Fz aCByZXNlcn ZlcyB3b3Vs ZCBkZXBsZX RlIGZhc3Rl ciwgZnVydG hlciBhZmZl Y3RpbmcgbG lxdWlkaXR5 IHJhdGlvcy BhbmQgb3Zl cmFsbCBmaW 5hbmNpYWwg aGVhbHRoLi BBZGRpdGlv bmFsbHksIH RoZSBtYXJr ZXQgcmVzcG 9uc2UgdG8g c3VzdGFpbm VkIGxvd2Vy IHBlcmZvcm 1hbmNlIGNv dWxkIGxlYW QgdG8gYSBk ZWNsaW5lIG luIHN0b2Nr IHZhbHVlLC BhZmZlY3Rp bmcgZXF1aX R5IGFuZCBw b3RlbnRpYW xseSBsZWFk aW5nIHRvIG NoYWxsZW5n ZXMgaW4gYX R0cmFjdGlu ZyBuZXcgaW 52ZXN0bWVu dC4gPGJyPk luIHN1bW1h cnksIGlmIH RoaXMgc2Nl bmFyaW8gcG xheWVkIG91 dCwgQXJjQm VzdCB3b3Vs ZCBmYWNlIH RpZ2h0ZXIg bWFyZ2lucy wgcG90ZW50 aWFsIGNhc2 ggZmxvdyBp c3N1ZXMsIG FuZCBhIHdl YWtlbmVkIG JhbGFuY2Ug c2hlZXQsIG NvbXBsaWNh dGluZyBpdH MgYWJpbGl0 eSB0byByZW FjdCB0byBt YXJrZXQgY2 hhbmdlcyBh bmQgaW52ZX N0IGluIGZ1 dHVyZSBncm 93dGguPGJy Pg==

CiAgICAgIC AgICAgIDxk aXYgc3R5bG U9J3dpZHRo OiAxMDAlOy BkaXNwbGF5 OiBmbGV4Oy BqdXN0aWZ5 LWNvbnRlbn Q6IGNlbnRl cjsnPgogIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nCiAgIC AgICAgICAg ICAgICAgIC AgZGlzcGxh eTogZmxleD sKICAgICAg ICAgICAgIC AgICAgICBh bGlnbi1pdG VtczogY2Vu dGVyOwogIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICNm MGY0Zjg7Ci AgICAgICAg ICAgICAgIC AgICAgYm9y ZGVyOiAxcH ggc29saWQg I2QxZTNmMD sKICAgICAg ICAgICAgIC AgICAgICBi b3JkZXItcm FkaXVzOiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgIHBhZGRp bmc6IDEwcH g7CiAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luOi AyMHB4IDA7 CiAgICAgIC AgICAgICAg ICAgICAgZm 9udC1mYW1p bHk6ICJTZW dvZSBVSSIs IFJvYm90by wgc2Fucy1z ZXJpZjsKIC AgICAgICAg ICAgICAgIC AgICBib3gt c2hhZG93Oi AwIDJweCA2 cHggcmdiYS gwLCAwLCAw LCAwLjA1KT sKICAgICAg ICAgICAgIC AgICAgICBt YXgtd2lkdG g6IDkwMHB4 OwogICAgIC AgICAgICAg ICAgICAgIH dpZHRoOiAx MDAlOyc+Cg ogICAgICAg ICAgICAgIC AgICAgIDxp bWcgc3JjPS Jhc3NldHMv bG9nb3MvN2 FwekwxdlU0 UnJVaHdwR0 dTRGYud2Vi cCIgYWx0PS JBcmNCZXN0 IiB0aXRsZT 0iQXJjQmVz dCIgIGNsYX NzPSJpbWct Zmx1aWQiIG hlaWdodD01 MCB3aWR0aD 01MCBsb2Fk aW5nPSdsYX p5JyBzdHls ZT0nYm9yZG VyLXJhZGl1 czogNnB4Oy c+CgogICAg ICAgICAgIC AgICAgICAg IDxkaXYgc3 R5bGU9J2Zs ZXg6IDE7IH RleHQtYWxp Z246IGNlbn RlcjsgbWFy Z2luLWxlZn Q6IDVweDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8cCBz dHlsZT0nZm 9udC1zaXpl OiAyNnB4Oy Bjb2xvcjog IzMzMzsgbW FyZ2luLWJv dHRvbTogMT VweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAg8J+T iCBXYW50IH RvIHJlYWQg bW9yZSBhYm 91dCBBcmNC ZXN0PwogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L3A+CgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 YSBocmVmPS dpbmRleC5w aHA/cGFnZT 1zaWdudXAn IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG JhY2tncm91 bmQtY29sb3 I6ICMwMDdC RkY7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBjb2xvcj ogI2ZmZjsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHBh ZGRpbmc6ID EwcHggMjBw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJvcmRlci 1yYWRpdXM6 IDVweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIHRleH QtZGVjb3Jh dGlvbjogbm 9uZTsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGZvbnQt d2VpZ2h0Oi Bib2xkOwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgbWFy Z2luLXJpZ2 h0OiAxMHB4 OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dHJhbnNpdG lvbjogYmFj a2dyb3VuZC 1jb2xvciAw LjNzIGVhc2 U7JwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Agb25tb3Vz ZW92ZXI9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A1NmIzIicK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIG9u bW91c2VvdX Q9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA3QkZG Iic+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIGZvciBm cmVlCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv YT4KCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxz cGFuIHN0eW xlPSdtYXJn aW46IDAgOH B4OyBjb2xv cjogIzU1NT snPm9yPC9z cGFuPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PGEgaHJlZj 0naW5kZXgu cGhwP3BhZ2 U9bG9naW4n IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG NvbG9yOiAj MDA3QkZGOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgdG V4dC1kZWNv cmF0aW9uOi B1bmRlcmxp bmU7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBmb250LX dlaWdodDog NTAwOyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBsb2 cgaW4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9hPgoKCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xwIHN0eWxl PSdtYXJnaW 4tdG9wOiAx NXB4OyBmb2 50LXNpemU6 IDEzcHg7IG ZvbnQtd2Vp Z2h0OiBib2 xkOyBjb2xv cjogI2QzMm YyZjsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAg4pyN 77iPIFNpZ2 4gdXAgdG8g Z2V0IDxpPi JUaGUgQ2hl Y2tsaXN0IF ZhbHVlIElu dmVzdG9yIO KAlCBBIFNt YXJ0ZXIgV2 F5IHRvIFBp Y2sgU3RvY2 tzIjwvaT4g Zm9yIGZyZW UKICAgICAg 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 ICAgIFFYSm pRbVZ6ZEMg QkRiM0p3Yj NKaCBkR2x2 YmlCcGN5IE JoSUhCeWIy MXAgYm1WdW RDQnNiMiBk cGMzUnBZM0 1nIFlXNWtJ SFJ5WVcgNX pjRzl5ZEdG MCBhVzl1SU dOdmJYIEJo Ym5rZ2FXNG cgZEdobElG VnVhWCBSbF pDQlRkR0Yw IFpYTXVJRW hsY20gVWdZ WEpsSUhOdi BiV1VnYVc1 MFpYIEpsYz NScGJtY2cg Wm1GamRITW dZVyBKdmRY UWdkR2hsIE lHTnZiWEJo Ym4gazZQR0 p5UGpFdSBJ RHh6ZEhKdm JtIGMrUm05 MWJtUmggZE dsdmJpQmhi bSBRZ1NHbH pkRzl5IGVU d3ZjM1J5Yj IgNW5Qam9n UVhKaiBRbV Z6ZENCM1lY IE1nWm05MW JtUmwgWkNC cGJpQXhPVC BJeklHRnpJ R0VnIGMyMW hiR3dnWm4g SmxhV2RvZE NCaiBiMjF3 WVc1NUlHID VoYldWa0lF RkMgUmlCR2 NtVnBaMiBo MExpQlBkbV Z5IElIUm9a U0I1WlcgRn ljeXdnYVhR ZyBaWGh3WV c1a1pXIFFn YzJsbmJtbG 0gYVdOaGJu UnNlUyBCMG J5QmlaV052 IGJXVWdZU0 JyWlgga2dj R3hoZVdWeS BJR2x1SUhS b1pTIEJzYj JkcGMzUnAg WTNNZ2FXNW tkWCBOMGNu a3VQR0p5IF BqSXVJRHh6 ZEggSnZibW MrVG1GdCBa U0JEYUdGdV oyIFU4TDNO MGNtOXUgWn o0NklGUm9a UyBCamIyMX dZVzU1IElI SmxZbkpoYm 0gUmxaQ0Jw ZEhObCBiR1 lnWVhNZ1FY IEpqUW1Wem RDQnAgYmlB eU1ERTBJSC BSdklHSmxk SFJsIGNpQn laV1pzWlcg TjBJR2wwY3 lCayBhWFps Y25ObElIIE poYm1kbElH OW0gSUhObG NuWnBZMiBW eklHSmxlVz l1IFpDQjBj bUZrYVggUn BiMjVoYkNC bSBjbVZwWj JoMElIIE5v YVhCd2FXNW 4gTGp4aWNq NHpMaSBBOG MzUnliMjVu IFBsTmxjbl pwWTIgVnpJ RTltWm1WeS BaV1E4TDNO MGNtIDl1Wn o0NklFRnkg WTBKbGMzUW djSCBKdmRt bGtaWE1nIF lTQjJZWEpw WlggUjVJRz ltSUd4diBa Mmx6ZEdsam N5IEJoYm1R Z2RISmggYm 5Od2IzSjBZ WCBScGIyNG djMlZ5IGRt bGpaWE1zSU cgbHVZMngx WkdsdSBaeU JzWlhOekxY IFJvWVhSeW RXTnIgYkc5 aFpDQW9URi BSTUtTQnph R2x3IGNHbH VaeXdnZEgg SjFZMnRzYj JGayBJSE5s Y25acFkyIF Z6TENCaGJt UWcgYzNWd2 NHeDVJRyBO b1lXbHVJRz FoIGJtRm5a VzFsYm4gUX NJR05oZEdW eSBhVzVuSU hSdklHIEVn ZDJsa1pTQn kgWVc1blpT QnZaaSBCcG JtUjFjM1J5 IGFXVnpMan hpY2ogNDBM aUE4YzNSeS BiMjVuUGxS bFkyIGh1Yj J4dloza2cg WVc1a0lFbH VibSA5MllY UnBiMjQ4IE wzTjBjbTl1 WnogNDZJRl JvWlNCaiBi MjF3WVc1NU lHIGhoY3lC cGJuWmwgYz NSbFpDQm9a VyBGMmFXeD VJR2x1IElI UmxZMmh1Yj IgeHZaM2tn WVc1ayBJR2 x1Ym05MllY IFJwYjI0Z2 RHOGcgWlc1 b1lXNWpaUy BCcGRITWdi RzluIGFYTj BhV056SUcg OW1abVZ5YV c1biBjeXdn YVc1amJIIF ZrYVc1bklH RmsgZG1GdV kyVmtJSCBS eVlXTnJhVz VuIElHRnVa Q0J5YjMgVj BhVzVuSUhO NSBjM1JsYl hNZ2RHIDhn YVcxd2NtOT IgWlNCbFpt WnBZMiBsbG JtTjVJR0Z1 IFpDQmpkWE 4wYjIgMWxj aUJsZUhCbC BjbWxsYm1O bExqIHhpY2 o0MUxpQTgg YzNSeWIyNW 5QbCBOMWMz UmhhVzVoIF ltbHNhWFI1 SUUgbHVhWF JwWVhScCBk bVZ6UEM5em RIIEp2Ym1j K09pQkIgY2 1OQ1pYTjBJ RyBseklHTn ZiVzFwIGRI UmxaQ0IwYn kgQnpkWE4w WVdsdSBZV0 pwYkdsMGVT IEJoYm1RZ2 FHRnogSUds dGNHeGxiVy BWdWRHVmtJ SEJ5IGIyZH lZVzF6SUgg UnZJSEpsWk hWaiBaU0Jw ZEhNZ1kyIE Z5WW05dUlH WnYgYjNSd2 NtbHVkQyB3 Z2MzVmphQ0 JoIGN5QnZj SFJwYlcgbD ZhVzVuSUhK diBkWFJsY3 lCaGJtIFFn ZFhScGJHbD YgYVc1bklH WjFaVyB3dF pXWm1hV05w IFpXNTBJSF JsWTIgaHVi Mnh2WjJsbC BjeUJwYmlC cGRIIE1nWm 14bFpYUXUg UEdKeVBqWX VJRCB4emRI SnZibWMrIF YyOXlhMlp2 Y20gTmxQQz l6ZEhKdiBi bWMrT2lCQm NtIE5DWlhO MElHVnQgY0 d4dmVYTWdk RyBodmRYTm hibVJ6IElH OW1JR2x1Wk cgbDJhV1Ix WVd4eiBJR0 ZqY205emN5 IEIwYUdVZ1 kyOTEgYm5S eWVTd2dabS A5amRYTnBi bWNnIGIyNG dZM0psWVgg UnBibWNnWV NCdyBiM05w ZEdsMlpTIE IzYjNKcmNH eGggWTJVZ1 kzVnNkSCBW eVpTQmhibV FnIGFXNTJa WE4wYVcgNW 5JR2x1SUdW dCBjR3h2ZV dWbElHIFJs ZG1Wc2IzQn QgWlc1MElH RnVaQyBCMG NtRnBibWx1 IFp5NDhZbk krTnkgNGdQ SE4wY205dS BaejVJWldG a2NYIFZoY2 5SbGNuTTgg TDNOMGNtOX VaeiA0NklG Um9aU0JqIG IyMXdZVzU1 NG8gQ1pjeU JvWldGayBj WFZoY25SbG NuIE1nWVhK bElHeHYgWT JGMFpXUWdh VyA0Z1JtOX lkQ0JUIGJX bDBhQ3dnUV ggSnJZVzV6 WVhNcyBJSG RvYVdOb0lH IEZzYkc5M2 N5QnAgZENC MGJ5QnpaWC BKMlpTQmhJ R0p5IGIyRm tJR05zYVcg VnVkQ0JpWV hObCBJR0Zq Y205emN5IE IwYUdVZ2Jt RjAgYVc5dU xqeGljaiA0 NExpQThjM1 J5IGIyNW5Q a0YzWVggSm tjeUJoYm1R ZyBVbVZqYj JkdWFYIFJw YjI0OEwzTj AgY205dVp6 NDZJRSBGeV kwSmxjM1Fn IGFHRnpJSE psWTIgVnBk bVZrSUc1MS BiV1Z5YjNW eklHIEYzWV hKa2N5Qm0g YjNJZ2FYUn pJSCBObGNu WnBZMlVnIG NYVmhiR2ww ZVMgQmhibV FnYjNCbCBj bUYwYVc5dV lXIHdnWlho alpXeHMgWl c1alpTd2da WCBobGJYQn NhV1o1IGFX NW5JR2wwY3 kgQnlaWEIx ZEdGMCBhVz l1SUdsdUlI IFJvWlNCc2 IyZHAgYzNS cFkzTWdabS BsbGJHUXVQ R0p5IFBqa3 VJRHh6ZEgg SnZibWMrUV dOeCBkV2x6 YVhScGIyID V6UEM5emRI SnYgYm1jK0 9pQlVieSBC bGVIQmhibV FnIGFYUnpJ R05oY0cgRm lhV3hwZEds bCBjeXdnUV hKalFtIFZ6 ZENCb1lYTW cgYldGa1pT QnpaWCBabG NtRnNJSE4w IGNtRjBaV2 RwWXkgQmhZ M0YxYVhOcC BkR2x2Ym5N Z2IzIFpsY2 lCMGFHVWcg ZVdWaGNuTX NJRyBsdVky eDFaR2x1IF p5QmpiMjF3 WVcgNXBaWE 1nZEdoaCBk Q0JsYm1oaG JtIE5sSUds MGN5QjAgWl dOb2JtOXNi MiBkNUlHRn VaQ0J6IFpY SjJhV05sSU cgOW1abVZ5 YVc1biBjeT Q4WW5JK01U IEF1SUR4em RISnYgYm1j K1EzVnpkRy A5dFpYSWdS bTlqIGRYTT hMM04wY20g OXVaejQ2SU VGeSBZMEps YzNRZ1pXID F3YUdGemFY cGwgY3lCam RYTjBiMiAx bGNpMWpaVz UwIGNtbGpJ SE52YkggVj BhVzl1Y3l3 ZyBkMjl5YT JsdVp5IEJq Ykc5elpXeD UgSUhkcGRH Z2dZbiBWem FXNWxjM05s IGN5QjBieU IwWVcgbHNi M0lnYkc5bi BhWE4wYVdO eklIIE4wY2 1GMFpXZHAg WlhNZ2RHaG hkQyBCdFpX VjBJSFJvIF pXbHlJSE53 WlcgTnBabW xqSUc1bCBa V1J6TGlBOF luIEkrVkdo bGMyVWcgWm 1GamRITWdh RyBsbmFHeH BaMmgwIElF RnlZMEpsYz MgVGlnSmx6 SUdWMiBiMn gxZEdsdmJp IHdnYzJWeW RtbGogWlNC a2FYWmxjbi BOcGRIa3NJ R0Z1IFpDQm piMjF0YVgg UnRaVzUwSU hSdiBJR2x1 Ym05MllYIF JwYjI0Z1lX NWsgSUhOMW MzUmhhVyA1 aFltbHNhWF I1IElHbHVJ SFJvWlMgQn NiMmRwYzNS cCBZM01nWV c1a0lIIFJ5 WVc1emNHOX kgZEdGMGFX OXVJRyBsdV pIVnpkSEo1 IExqeGljaj Q9CiAgICAg ICAgPC9zcG FuPgogICAg ICAgIAogIC AgICAgIA==