Ingles Markets

-12.91%

More reviews (1)

Live  

Ingles Markets, Inc. is an American regional supermarket chain based in Black Mountain, North Carolina. It operates over 200 stores in six southeastern states: North Carolina, South Carolina, Georgia, Tennessee, Alabama, and Virginia. The company was founded in 1963 by Robert P. Ingle and is still family-owned and operated. Ingles Markets has grown to become one of the largest privately held companies in the United States.
The company’s stores offer a variety of products including groceries, household items, deli and bakery goods, and pharmaceuticals. Many Ingles Markets locations also have fuel centers and some offer video rental services.
Ingles Markets is known for their commitment to providing low prices and fresh products to their customers. They also have a focus on community involvement and support various charities and organizations in the communities they serve.
Ingles Markets has a strong presence in the southeastern United States and continues to expand its reach with new store openings and acquisitions. The company also has a loyalty program called Ingles Advantage which offers customers discounts and special offers.
Ingles Markets has received numerous awards and recognitions over the years, including being named one of Forbes’ Best Employers for New Grads and being listed on Fortune’s 500 Largest US Corporations list.
Overall, Ingles Markets is a successful and well-respected company that has been serving customers for over 50 years.

SW5nbGVzIE 1hcmtldHMg aXMgYSBjb2 1wYW55IHRo YXQgcnVucy Bncm9jZXJ5 IHN0b3Jlcy B3aGVyZSBw ZW9wbGUgY2 FuIGJ1eSBm b29kIGFuZC BvdGhlciBo b3VzZWhvbG QgaXRlbXMu IEltYWdpbm Ugd2Fsa2lu ZyBpbnRvIG EgYmlnIHN0 b3JlIHdoZX JlIHlvdSBj YW4gZmluZC BmcmVzaCBm cnVpdHMsIH ZlZ2V0YWJs ZXMsIGJyZW FkLCBtZWF0 LCBzbmFja3 MsIGFuZCBl dmVuIHRoaW 5ncyBsaWtl IGhvbWUgY2 xlYW5pbmcg c3VwcGxpZX MuIEluZ2xl cyBpcyBrbm 93biBmb3Ig YmVpbmcgZn JpZW5kbHkg YW5kIG9mZm VyaW5nIGdv b2QgcXVhbG l0eSBwcm9k dWN0cy48Yn I+SW5nbGVz IG1ha2VzIG 1vbmV5IGJ5 IHNlbGxpbm cgYWxsIHRo ZXNlIGl0ZW 1zIHRvIGN1 c3RvbWVycy 4gV2hlbiBw ZW9wbGUgZ2 8gc2hvcHBp bmcgYW5kIG J1eSB0aGlu Z3MgbGlrZS BtaWxrLCBj ZXJlYWwsIG 9yIGV2ZW4g aWNlIGNyZW FtLCB0aGUg bW9uZXkgdG hleSBwYXkg Z29lcyB0by BJbmdsZXMu IFRoZSBjb2 1wYW55IGFs c28gaGFzIH NwZWNpYWwg ZGVhbHMgYW 5kIGxveWFs IGN1c3RvbW VycyB3aG8g a2VlcCBjb2 1pbmcgYmFj ayB0byBzaG 9wLCB3aGlj aCBoZWxwcy B0aGVtIHNl bGwgZXZlbi Btb3JlLjxi cj5PbmUgb2 YgdGhlIHJl YXNvbnMgSW 5nbGVzIGlz IHN1Y2Nlc3 NmdWwgaXMg dGhhdCB0aG V5IGZvY3Vz IG9uIHF1YW xpdHkgYW5k IGN1c3RvbW VyIHNlcnZp Y2UuIFRoZX kgb2Z0ZW4g dHJ5IHRvIG 1ha2UgdGhl aXIgc3Rvcm VzIG5pY2Ug dG8gc2hvcC BpbiwgYW5k IHRoZXkgbG lzdGVuIHRv IHdoYXQgdG hlaXIgY3Vz dG9tZXJzIH dhbnQuIFRo ZXkgYWxzby BoYXZlIHRo ZWlyIG93bi BicmFuZCBv ZiBwcm9kdW N0cywgd2hp Y2ggY2FuIG JlIGNoZWFw ZXIgdGhhbi BvdGhlciBi cmFuZHMuIF RoaXMgYXR0 cmFjdHMgZX ZlbiBtb3Jl IHNob3BwZX JzLjxicj5U byBzdGF5IH N1Y2Nlc3Nm dWwgaW4gdG hlIGZ1dHVy ZSwgSW5nbG VzIGlzIGxp a2VseSB0by BrZWVwIGlt cHJvdmluZy BpdHMgc3Rv cmVzIGFuZC BvZmZlcmlu ZyBuZXcgdH lwZXMgb2Yg cHJvZHVjdH MuIFRoZXkg bWlnaHQgYW xzbyB1c2Ug dGVjaG5vbG 9neSB0byBt YWtlIHNob3 BwaW5nIGVh c2llciwgbG lrZSBvZmZl cmluZyBvbm xpbmUgc2hv cHBpbmcgZm VhdHVyZXMu IFNpbmNlIH RoZXkgaGF2 ZSBhbHJlYW R5IGJ1aWx0 IGEgc3Ryb2 5nIHJlbGF0 aW9uc2hpcC B3aXRoIHRo ZWlyIGN1c3 RvbWVycywg cGVvcGxlIG FyZSBsaWtl bHkgdG8ga2 VlcCByZXR1 cm5pbmcgdG 8gc2hvcCB0 aGVyZSwgd2 hpY2ggbWVh bnMgdGhleS B3aWxsIGtl ZXAgbWFraW 5nIG1vbmV5 LiBPdmVyYW xsLCBJbmds ZXMgaXMgYS B0cnVzdGVk IHBsYWNlIG ZvciBncm9j ZXJpZXMsIG FuZCBhcyBs b25nIGFzIH RoZXkgY29u dGludWUgdG 8gY2FyZSBh Ym91dCB0aG VpciBjdXN0 b21lcnMsIH RoZXkgd2ls bCBsaWtlbH kgZG8gd2Vs bCBpbiB0aG UgZnV0dXJl Ljxicj4=

MS4gSGlzdG 9yeTogVGhl IGNvbXBhbn kgaGFzIGEg bG9uZyBoaX N0b3J5IGRh dGluZyBiYW NrIHRvIDE5 NjMgd2hlbi BSb2JlcnQg UC4gSW5nbG Ugb3BlbmVk IGhpcyBmaX JzdCBzdG9y ZSBpbiBBc2 hldmlsbGUs IE5vcnRoIE Nhcm9saW5h LiBUaGUgY2 9tcGFueSBo YXMgZXZvbH ZlZCBvdmVy IHRoZSB5ZW FycyB0byBi ZWNvbWUgYS BsZWFkaW5n IHN1cGVybW Fya2V0IGNo YWluIGluIH RoZSBzb3V0 aGVhc3QuPG JyPjIuIEZh bWlseS1vd2 5lZCBhbmQg b3BlcmF0ZW Q6IEluZ2xl cyBNYXJrZX RzIGlzIHVu aXF1ZSBpbi B0aGF0IGl0 IGlzIHN0aW xsIGEgZmFt aWx5LW93bm VkIGFuZCBv cGVyYXRlZC Bjb21wYW55 LiBSb2Jlcn QgUC4gSW5n bGXigJlzIH NvbiwgUm9i ZXJ0IFAuIE luZ2xlIElJ LCBpcyB0aG UgY3VycmVu dCBjaGFpcm 1hbiBvZiB0 aGUgY29tcG FueS4gVGhp cyBmYW1pbH ktb3JpZW50 ZWQgYXBwcm 9hY2ggaXMg cmVmbGVjdG VkIGluIHRo ZSBjb21wYW 554oCZcyBj dWx0dXJlIG FuZCB2YWx1 ZXMuPGJyPj MuIFN0cm9u ZyBjb21tdW 5pdHkgcHJl c2VuY2U6IE luZ2xlcyBN YXJrZXRzIH BsYWNlcyBh IHN0cm9uZy BlbXBoYXNp cyBvbiBiZW luZyBhIHBh cnQgb2YgdG hlIGNvbW11 bml0aWVzIH doZXJlIHRo ZXkgb3Blcm F0ZS4gVGhl IGNvbXBhbn kgb2Z0ZW4g c3VwcG9ydH MgbG9jYWwg Y2hhcml0aW VzIGFuZCBl dmVudHMsIG FuZCBtYW55 IG9mIGl0cy BzdG9yZXMg aGF2ZSBiZW NvbWUgZ2F0 aGVyaW5nIH BsYWNlcyBm b3IgdGhlIG NvbW11bml0 eS48YnI+NC 4gV2lkZSBw cm9kdWN0IH NlbGVjdGlv bjogSW5nbG VzIE1hcmtl dHMgb2ZmZX JzIGEgd2lk ZSB2YXJpZX R5IG9mIHBy b2R1Y3RzLC BpbmNsdWRp bmcgYSBsYX JnZSBzZWxl Y3Rpb24gb2 Ygb3JnYW5p YyBhbmQgbG 9jYWxseSBz b3VyY2VkIG l0ZW1zLiBU aGUgY29tcG FueSBhbHNv IGhhcyBpdH Mgb3duIHBy aXZhdGUgbG FiZWwgYnJh bmQsIEluZ2 xlcyBBZHZh bnRhZ2UsIH doaWNoIG9m ZmVycyBhZm ZvcmRhYmxl IGFuZCBoaW doLXF1YWxp dHkgcHJvZH VjdHMuPGJy PjUuIENvbW 1pdG1lbnQg dG8gc3VzdG FpbmFiaWxp dHk6IEluZ2 xlcyBNYXJr ZXRzIGlzIG NvbW1pdHRl ZCB0byByZW R1Y2luZyBp dHMgZW52aX Jvbm1lbnRh bCBpbXBhY3 QgYW5kIHBy b21vdGluZy BzdXN0YWlu YWJsZSBwcm FjdGljZXMu IFRoZSBjb2 1wYW55IGhh cyBpbXBsZW 1lbnRlZCB2 YXJpb3VzIG luaXRpYXRp dmVzLCBzdW NoIGFzIHVz aW5nIGdyZW VuIGVuZXJn eSBzb3VyY2 VzIGFuZCBl bmNvdXJhZ2 luZyBjdXN0 b21lcnMgdG 8gdXNlIHJl dXNhYmxlIG JhZ3MuPGJy PjYuIFRlY2 hub2xvZ3kt ZHJpdmVuOi BJbmdsZXMg TWFya2V0cy BoYXMgZW1i cmFjZWQgdG VjaG5vbG9n eSBpbiBpdH Mgb3BlcmF0 aW9ucywgaW 5jbHVkaW5n IG9ubGluZS BvcmRlcmlu ZyBhbmQgaG 9tZSBkZWxp dmVyeSBzZX J2aWNlcy4g VGhlIGNvbX BhbnkgYWxz byB1c2VzIH RlY2hub2xv Z3kgdG8gY2 9sbGVjdCBh bmQgYW5hbH l6ZSBkYXRh IHRvIGJldH RlciB1bmRl cnN0YW5kIG N1c3RvbWVy IG5lZWRzIG FuZCBwcmVm ZXJlbmNlcy 48YnI+Ny4g RW1wbG95ZW UgZGV2ZWxv cG1lbnQ6IF RoZSBjb21w YW55IGhhcy BhIHN0cm9u ZyBmb2N1cy BvbiBlbXBs b3llZSBkZX ZlbG9wbWVu dCwgcHJvdm lkaW5nIG9w cG9ydHVuaX RpZXMgZm9y IGdyb3d0aC BhbmQgYWR2 YW5jZW1lbn Qgd2l0aGlu IHRoZSBjb2 1wYW55LiBN YW55IGN1cn JlbnQgbWFu YWdlcnMgYW 5kIGV4ZWN1 dGl2ZXMgaG F2ZSB3b3Jr ZWQgdGhlaX Igd2F5IHVw IGZyb20gZW 50cnktbGV2 ZWwgcG9zaX Rpb25zLjxi cj44LiBDdX N0b21lciBs b3lhbHR5IH Byb2dyYW06 IEluZ2xlcy BNYXJrZXRz IGhhcyBhIG N1c3RvbWVy IGxveWFsdH kgcHJvZ3Jh bSwga25vd2 4gYXMgSW5n bGVzIEFkdm FudGFnZSwg d2hpY2ggb2 ZmZXJzIGRp c2NvdW50cy wgY291cG9u cywgYW5kIG 90aGVyIGJl bmVmaXRzIH RvIGZyZXF1 ZW50IHNob3 BwZXJzLjxi cj45LiBEaX ZlcnNlIHdv cmtmb3JjZT ogSW5nbGVz IE1hcmtldH MgZW1wbG95 cyBhIGRpdm Vyc2Ugd29y a2ZvcmNlLC ByZWZsZWN0 aW5nIHRoZS Bjb21tdW5p dGllcyB3aG VyZSB0aGV5 IG9wZXJhdG UuIFRoZSBj b21wYW55IH ZhbHVlcyBk aXZlcnNpdH kgYW5kIGlu Y2x1c2lvbi wgYW5kIGhh cyByZWNlaX ZlZCByZWNv Z25pdGlvbi Bmb3IgaXRz IGVmZm9ydH MgaW4gdGhp cyBhcmVhLj xicj4xMC4g U3Ryb25nIG ZpbmFuY2lh bCBwZXJmb3 JtYW5jZTog SW5nbGVzIE 1hcmtldHMg aGFzIGNvbn Npc3RlbnRs eSByZXBvcn RlZCBzdHJv bmcgZmluYW 5jaWFsIHBl cmZvcm1hbm NlLCB3aXRo IHN0ZWFkeS ByZXZlbnVl IGdyb3d0aC BhbmQgYSBz b2xpZCBiYW xhbmNlIHNo ZWV0LiBUaG lzIHN0YWJp bGl0eSBoYX MgYWxsb3dl ZCB0aGUgY2 9tcGFueSB0 byBleHBhbm QgYW5kIGlu dmVzdCBpbi BuZXcgdGVj aG5vbG9naW VzIGFuZCBz dG9yZSBpbX Byb3ZlbWVu dHMu

VGhlIEluZ2 xlcyBNYXJr ZXRzIGNvbX BhbnnigJlz IGJ1c2luZX NzIG1vZGVs IGlzIGJhc2 VkIG9uIG9w ZXJhdGluZy BhIGNoYWlu IG9mIGdyb2 Nlcnkgc3Rv cmVzIGluIH RoZSBzb3V0 aGVhc3QgVW 5pdGVkIFN0 YXRlcy4gVG hleSBmb2N1 cyBvbiBwcm 92aWRpbmcg cXVhbGl0eS Bwcm9kdWN0 cyBhdCBjb2 1wZXRpdGl2 ZSBwcmljZX MsIHdpdGgg YSBmb2N1cy BvbiBmcmVz aCBhbmQgbG 9jYWxseSBz b3VyY2VkIG l0ZW1zLiBU aGV5IGFsc2 8gb2ZmZXIg YSB2YXJpZX R5IG9mIHNl cnZpY2VzIH N1Y2ggYXMg YmFrZXJ5LC BkZWxpLCBw aGFybWFjeS wgYW5kIGZ1 ZWwgY2VudG VycyB0byBw cm92aWRlIG Egb25lLXN0 b3Agc2hvcH BpbmcgZXhw ZXJpZW5jZS Bmb3IgY3Vz dG9tZXJzLi BBZGRpdGlv bmFsbHksIH RoZXkgcHJp b3JpdGl6ZS BjdXN0b21l ciBzZXJ2aW NlIGFuZCBj b21tdW5pdH kgaW52b2x2 ZW1lbnQgdG hyb3VnaCB2 YXJpb3VzIG luaXRpYXRp dmVzIGFuZC Bwcm9ncmFt cy4gVGhleS BhbHNvIGhh dmUgYSBzdH JvbmcgZW1w aGFzaXMgb2 4gY29udHJv bGxpbmcgY2 9zdHMgYW5k IG1haW50YW luaW5nIGVm ZmljaWVudC BvcGVyYXRp b25zIHRvIG RyaXZlIHBy b2ZpdGFiaW xpdHku

AI can pose potential threats to Ingles Markets in various ways, but the extent of those threats largely depends on how the company adapts and evolves in response to technological advancements. Here are some considerations regarding substitution, disintermediation, and margin pressure:
1. Substitution: AI-driven solutions, such as automated grocery delivery services and intelligent shopping assistants, could substitute traditional grocery shopping experiences. If companies leverage AI to create more convenient shopping alternatives, Ingles Markets could face competition from tech-driven companies that offer enhanced convenience and personalization, attracting customers away from brick-and-mortar stores.
2. Disintermediation: AI advancements could enable suppliers or manufacturers to sell directly to consumers, reducing the role of traditional grocery retailers like Ingles Markets as intermediaries. This could lead to a loss of market share if customers find it easier to purchase goods online, bypassing physical locations. Retailers must develop their own online platforms or collaborate with technology providers to stay competitive.
3. Margin Pressure: The introduction of AI in supply chain management, inventory tracking, and customer insights can lead to operational efficiencies that certain competitors may exploit. If these companies achieve lower operating costs, Ingles Markets may face pressure to reduce prices, which could erode margins. Conversely, adopting AI technologies could require significant investment, and if not managed properly, it could strain financial resources.
In conclusion, while AI introduces potential threats to Ingles Markets, it also presents opportunities to enhance operations, improve customer experiences, and maintain competitive positioning. The company’s response to these challenges will be critical in determining its future success in the evolving retail landscape.

Ingles Markets, like many retail grocery chains, can experience sensitivity in its earnings, cash flow, and valuation due to changes in interest rates, but the degree of sensitivity can vary based on several factors.
1. Earnings: Changes in interest rates can influence consumer spending behavior. Higher interest rates may lead to increased borrowing costs for consumers, resulting in reduced discretionary spending. If consumers cut back on spending, particularly on noessential items, it can impact Ingles’ revenues. However, grocery retailers are generally considered essential businesses, so their earnings might be less volatile compared to discretionary retailers. Nevertheless, any substantial rise in interest rates could still impact profit margins through higher operating costs and fluctuating demand.
2. Cash Flow: Cash flow for Ingles Markets can be sensitive to interest rates primarily through its impact on financing costs. If Ingles has variable interest rate debt, an increase in interest rates would lead to higher interest expenses, reducing free cash flow. Conversely, lower interest rates can decrease borrowing costs, positively affecting cash flow. Additionally, if consumer cash flow is impacted by rising rates—leading to lower spending at stores—this could further strain cash flows.
3. Valuation: The valuation of Ingles Markets is influenced by interest rates through the discount rate applied to future cash flows. Higher interest rates generally lead to higher discount rates, which can lower the present value of future earnings and cash flows, potentially decreasing the company’s valuation. On the other hand, lower interest rates can increase valuations by allowing for a lower discount rate on future cash flows, making the stock more attractive to investors.
Overall, while Ingles Markets may not be as highly sensitive to interest rate changes as other sectors, it still faces risks and potential impacts on earnings, cash flow, and valuation in the event of significant interest rate fluctuations.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgSW 5nbGVzIE1h cmtldHPigJ kgZWNvbm9t aWNzIG92ZX IgdGhlIG5l eHQgMy01IH llYXJzIGlz IGEgc2lnbm lmaWNhbnQg YW5kIHN1c3 RhaW5lZCBl Y29ub21pYy Bkb3dudHVy biBjb21iaW 5lZCB3aXRo IHN0cnVjdH VyYWwgY2hh bmdlcyBpbi Bjb25zdW1l ciBiZWhhdm lvciwgcHJp bWFyaWx5IG RyaXZlbiBi eSBpbmNyZW FzZWQgY29t cGV0aXRpb2 4gZnJvbSBv bmxpbmUgZ3 JvY2VyeSBy ZXRhaWxlcn MgYW5kIGRp c2NvdW50IG NoYWlucy4g PGJyPkluIH RoaXMgc2Nl bmFyaW8sIH NldmVyYWwg a2V5IGZhY3 RvcnMgY291 bGQgcGxheS BvdXQ6PGJy PjEuIDxzdH Jvbmc+SW5j cmVhc2VkIE NvbXBldGl0 aW9uPC9zdH Jvbmc+OiBB cyBtYWpvci BvbmxpbmUg Z3JvY2VyeS BwbGF0Zm9y bXMgZXhwYW 5kIGFuZCBk aXNjb3VudC BjaGFpbnMg bGlrZSBBbG RpIGFuZCBM aWRsIGdhaW 4gbWFya2V0 IHNoYXJlLC BJbmdsZXMg bWF5IHN0cn VnZ2xlIHRv IGNvbXBldG Ugb24gcHJp Y2UgYW5kIG NvbnZlbmll bmNlLiBUaG lzIGNvdWxk IGxlYWQgdG 8gYSBsb3Nz IG9mIG1hcm tldCBzaGFy ZSwgZXNwZW NpYWxseSBh bW9uZyBwcm ljZS1zZW5z aXRpdmUgY2 9uc3VtZXJz Ljxicj4yLi A8c3Ryb25n PkNoYW5naW 5nIENvbnN1 bWVyIEJlaG F2aW9yPC9z dHJvbmc+Oi BDb25zdW1l cnMgbWF5IG luY3JlYXNp bmdseSBwcm lvcml0aXpl IG9ubGluZS BzaG9wcGlu ZyBhbmQgZG VsaXZlcnkg c2VydmljZX MsIGNvbnRy aWJ1dGluZy B0byBhIGRl Y2xpbmUgaW 4gZm9vdCB0 cmFmZmljIG F0IHBoeXNp Y2FsIHN0b3 Jlcy4gSWYg SW5nbGVzIG ZhaWxzIHRv IGFkYXB0IG l0cyBidXNp bmVzcyBtb2 RlbCB0byBl bmhhbmNlIG l0cyBvbmxp bmUgcHJlc2 VuY2UsIGl0 IGNvdWxkIH NlZSBhIHN1 c3RhaW5lZC BkZWNyZWFz ZSBpbiBzYW xlcy48YnI+ My4gPHN0cm 9uZz5FY29u b21pYyBEb3 dudHVybjwv c3Ryb25nPj ogQSByZWNl c3Npb25hcn kgZW52aXJv bm1lbnQgY2 91bGQgbGVh ZCB0byByZW R1Y2VkIGNv bnN1bWVyIH NwZW5kaW5n IG92ZXJhbG wsIGZ1cnRo ZXIgc3RyZX NzaW5nIElu Z2xlc+KAmX MgcHJvZml0 YWJpbGl0eS 4gSWYgY29u c3VtZXJzIG NvbnNvbGlk YXRlIHRoZW lyIHNob3Bw aW5nIHRvIG Zld2VyLCBs YXJnZXIgcH VyY2hhc2Vz LCBpdCBtaW dodCByZXN1 bHQgaW4gZG VjcmVhc2Vk IGZyZXF1ZW 5jeSBvZiB2 aXNpdHMgdG 8gSW5nbGVz IHN0b3Jlcy 48YnI+QXMg YSByZXN1bH Qgb2YgdGhl c2UgZmFjdG 9ycywgSW5n bGVzIE1hcm tldHMgY291 bGQgZXhwZX JpZW5jZTo8 YnI+LSA8c3 Ryb25nPk1h cmdpbnM8L3 N0cm9uZz46 IFByb2ZpdC BtYXJnaW5z IG1heSBkZW NyZWFzZSBz aWduaWZpY2 FudGx5IGR1 ZSB0byBpbm NyZWFzZWQg cHJpY2UgY2 9tcGV0aXRp b24gYW5kIG hpZ2hlciBv cGVyYXRpbm cgY29zdHMu IFRoZSBjb2 1wYW55IG1p Z2h0IG5lZW QgdG8gbG93 ZXIgcHJpY2 VzIHRvIGF0 dHJhY3QgY3 VzdG9tZXJz IHdoaWxlIG ZhY2luZyBp bmNyZWFzZW QgZXhwZW5z ZXMsIGxlYW RpbmcgdG8g Y29tcHJlc3 NlZCBtYXJn aW5zLiA8Yn I+LSA8c3Ry b25nPkNhc2 ggRmxvdzwv c3Ryb25nPj ogV2l0aCBy ZWR1Y2VkIH NhbGVzIGFu ZCBsb3dlci BtYXJnaW5z LCBJbmdsZX MgbWlnaHQg c2VlIGEgZG VjbGluZSBp biBjYXNoIG Zsb3cuIFRo ZSBjb21wYW 55IGNvdWxk IGZhY2UgY2 hhbGxlbmdl cyBpbiBtYW ludGFpbmlu ZyBpdHMgaG lzdG9yaWNh bCBjYXNoIG Zsb3cgbGV2 ZWxzLCB3aG ljaCB3b3Vs ZCBpbXBhY3 QgaXRzIGFi aWxpdHkgdG 8gcmVpbnZl c3QgaW4gZ3 Jvd3RoLCBw YXkgZGl2aW RlbmRzLCBv ciBzZXJ2aW NlIGRlYnQu PGJyPi0gPH N0cm9uZz5C YWxhbmNlIF NoZWV0PC9z dHJvbmc+Oi BPdmVyIHRp bWUsIHN1c3 RhaW5lZCBs b3dlciBjYX NoIGZsb3cg Y291bGQgd2 Vha2VuIHRo ZSBiYWxhbm NlIHNoZWV0 LiBJZiBJbm dsZXMgcmVz b3J0cyB0by B0YWtpbmcg b24gZGVidC B0byBtYWlu dGFpbiBvcG VyYXRpb25z IG9yIGZ1bm QgbmVjZXNz YXJ5IGNoYW 5nZXMgKGxp a2UgZW5oYW 5jaW5nIGl0 cyBlLWNvbW 1lcmNlIHBs YXRmb3JtKS wgaXRzIGxl dmVyYWdlIH JhdGlvcyBj b3VsZCB3b3 JzZW4uIEFu IGluY3JlYX NlZCBkZWJ0 IGJ1cmRlbi B3aXRoIGRl Y3JlYXNpbm cgYXNzZXQg dmFsdWUgKG Zyb20gdW5k ZXJwZXJmb3 JtaW5nIHN0 b3JlcyBhbm QgZGVjbGlu aW5nIG1hcm tldCBzaGFy ZSkgY291bG QgcHVzaCB0 aGUgY29tcG FueSBpbnRv IGEgcHJlY2 FyaW91cyBm aW5hbmNpYW wgcG9zaXRp b24uPGJyPk 92ZXJhbGws IGluIHRoaX Mgc2NlbmFy aW8sIEluZ2 xlcyBNYXJr ZXRzIHdvdW xkIG5lZWQg dG8gZHJhbW F0aWNhbGx5 IGlubm92YX RlIGFuZCBh ZGp1c3QgaX RzIGJ1c2lu ZXNzIHN0cm F0ZWd5LiBG YWlsdXJlIH RvIGRvIHNv IGNvdWxkIG xlYWQgdG8g bG9uZy10ZX JtIGVjb25v bWljIGltcG Fpcm1lbnQg Y2hhcmFjdG VyaXplZCBi eSBkZWNyZW FzZWQgY29t cGV0aXRpdm UgcG9zaXRp b25pbmcsIG ZpbmFuY2lh bCBpbnN0YW JpbGl0eSwg YW5kIGRpbW luaXNoZWQg c2hhcmVob2 xkZXIgdmFs dWUuPGJyPg ==

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 bG9nb3MvRD A0aERYR3c1 ZWhHcjlRQz lJVE0ud2Vi cCIgYWx0PS JJbmdsZXMg TWFya2V0cy IgdGl0bGU9 IkluZ2xlcy BNYXJrZXRz IiAgY2xhc3 M9ImltZy1m bHVpZCIgaG VpZ2h0PTUw IHdpZHRoPT UwIGxvYWRp bmc9J2xhen knIHN0eWxl PSdib3JkZX ItcmFkaXVz OiA2cHg7Jz 4KCiAgICAg ICAgICAgIC AgICAgICAg PGRpdiBzdH lsZT0nZmxl eDogMTsgdG V4dC1hbGln bjogY2VudG VyOyBtYXJn aW4tbGVmdD ogNXB4Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxwIHN0 eWxlPSdmb2 50LXNpemU6 IDI2cHg7IG NvbG9yOiAj MzMzOyBtYX JnaW4tYm90 dG9tOiAxNX B4Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICDwn5OI IFdhbnQgdG 8gcmVhZCBt b3JlIGFib3 V0IEluZ2xl cyBNYXJrZX RzPwogICAg ICAgICAgIC AgICAgICAg ICAgICA8L3 A+CgogICAg ICAgICAgIC AgICAgICAg ICAgICA8YS BocmVmPSdp bmRleC5waH A/cGFnZT1z aWdudXAnIH N0eWxlPScK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGJh Y2tncm91bm QtY29sb3I6 ICMwMDdCRk Y7CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bjb2xvcjog I2ZmZjsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIHBhZG Rpbmc6IDEw cHggMjBweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG JvcmRlci1y YWRpdXM6ID VweDsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIHRleHQt ZGVjb3JhdG lvbjogbm9u ZTsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGZvbnQtd2 VpZ2h0OiBi b2xkOwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgbWFyZ2 luLXJpZ2h0 OiAxMHB4Ow ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgdH JhbnNpdGlv bjogYmFja2 dyb3VuZC1j b2xvciAwLj NzIGVhc2U7 JwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg b25tb3VzZW 92ZXI9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA1 NmIzIicKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIG9ubW 91c2VvdXQ9 J3RoaXMuc3 R5bGUuYmFj a2dyb3VuZE NvbG9yPSIj MDA3QkZGIi c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BTaWduIHVw IGZvciBmcm VlCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvYT 4KCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxzcG FuIHN0eWxl PSdtYXJnaW 46IDAgOHB4 OyBjb2xvcj ogIzU1NTsn Pm9yPC9zcG FuPgoKICAg ICAgICAgIC AgICAgICAg ICAgICAgPG EgaHJlZj0n aW5kZXgucG hwP3BhZ2U9 bG9naW4nIH N0eWxlPScK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGNv bG9yOiAjMD A3QkZGOwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgdGV4 dC1kZWNvcm F0aW9uOiB1 bmRlcmxpbm U7CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bmb250LXdl aWdodDogNT AwOyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBsb2cg aW4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9h PgoKCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxw IHN0eWxlPS dtYXJnaW4t dG9wOiAxNX B4OyBmb250 LXNpemU6ID EzcHg7IGZv bnQtd2VpZ2 h0OiBib2xk OyBjb2xvcj ogI2QzMmYy ZjsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAg8J+Tli BHZXQgaW5z aWdodHMgZn JvbSA8aT4i VGhlIENoZW NrbGlzdCBW YWx1ZSBJbn Zlc3RvciDi gJQgQSBTbW FydGVyIFdh eSB0byBQaW NrIFN0b2Nr cyI8L2k+IG 5vdyEKICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9wPgoKICAg ICAgICAgIC AgICAgICAg ICAgICAgPC EtLQogICAg ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdtYXJnaW 4tdG9wOiAx MnB4OyBmb2 50LXNpemU6 IDEzcHg7IG NvbG9yOiAj NDQ0Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIG5v dyBhbmQgZ2 V0IG91ciBm cmVlIGVCb2 9rIAogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGI+VGhl IENoZWNrbG lzdCBWYWx1 ZSBJbnZlc3 RvciDigJQg QSBTbWFydG VyIFdheSB0 byBQaWNrIF N0b2Nrczwv Yj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIC0t PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8IS0t CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxkaXYg c3R5bGU9J2 1hcmdpbi10 b3A6IDE2cH g7IGZvbnQt c2l6ZTogMT RweDsgY29s b3I6ICM0ND Q7IGZvbnQt ZmFtaWx5Oi AtYXBwbGUt c3lzdGVtLC BCbGlua01h Y1N5c3RlbU ZvbnQsIFNl Z29lIFVJLC BSb2JvdG8s IEhlbHZldG ljYSBOZXVl LCBzYW5zLX NlcmlmOyBs aW5lLWhlaW dodDogMS42 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBIYXZlIH lvdSBoZWFy ZCBhYm91dC BvdXIgc2hv cnQgPHN0cm 9uZyBzdHls ZT0nZm9udC 13ZWlnaHQ6 IDYwMDsnPk RhaWx5IFZp ZGVvIE5ld3 NsZXR0ZXI8 L3N0cm9uZz 4/CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdodHRwcz ovL3d3dy5p bnNpZ2h0Zn VsdmFsdWUu Y29tL25ld3 NsZXR0ZXIu cGhwJyB0YX JnZXQ9J19i bGFuaycgc3 R5bGU9J2Nv bG9yOiAjMD A3QkZGOyB0 ZXh0LWRlY2 9yYXRpb246 IG5vbmU7IG ZvbnQtd2Vp Z2h0OiA1MD A7IG1hcmdp bi1sZWZ0Oi A2cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBGaW5kIG 91dCBtb3Jl CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 L2E+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICAgICAgIC AgICAgICAt LT4KICAgIC AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgCiAgICAg ICAgCiAgIC AgICAgPHNw YW4gY2xhc3 M9J2JsdXJy ZWQtdGV4dC c+CiAgICAg ICAgICAgIF BHSnlQakV1 SUUgbHVaMn hsY3lCTiBZ WEpyWlhSek lIIGRoY3lC bWIzVnUgWk dWa0lHSjVJ RiBKdlltVn lkQ0JRIExp QkpibWRzWl MgQnBiaUF4 T1RZeiBJSG RwZEdnZ1lT IEJ6YVc1bm JHVWcgYkc5 allYUnBiMi A0Z2FXNGdR WE5vIFpYWn BiR3hsTEMg Qk9iM0owYU NCRCBZWEp2 YkdsdVlTID Q4WW5JK01p NGcgVkdobE lHTnZiWCBC aGJua2dhWE 1nIGJtRnRa V1FnWVcgWj BaWElnYVhS eiBJR1p2ZF c1a1pYIElz SUZKdlltVn kgZENCSmJt ZHNaUyB3Z2 QyaHZJSE4w IGFXeHNJSE 5sY24gWmxj eUJoY3lCRC BhR0ZwY20x aGJpIEJ2Wm lCMGFHVWcg UW05aGNtUX VQRyBKeVBq TXVJRWx1IF oyeGxjeUJO WVggSnJaWF J6SUdseiBJ R0VnY21Wbm FXIDl1WVd3 Z2MzVncgWl hKdFlYSnJa WCBRZ1kyaG hhVzRnIGQy bDBhQ0J0Yj MgSmxJSFJv WVc0ZyBNak F3SUhOMGIz IEpsY3lCaF kzSnYgYzNN Z2MybDRJSC BOMFlYUmxj eUJwIGJpQj BhR1VnVTIg OTFkR2hsWV hOMCBaWEp1 SUZWdWFYIF JsWkNCVGRH RjAgWlhNdV BHSnlQaiBR dUlGUm9aU0 JqIGIyMXdZ VzU1NG8gQ1 pjeUJvWldG ayBjWFZoY2 5SbGNuIE1n WVhKbElHeH YgWTJGMFpX UWdhVyA0Z1 FteGhZMnNn IFRXOTFibl JoYVcgNHNJ RTV2Y25Sby BJRU5oY205 c2FXIDVoTG p4aWNqNDEg TGlCSmJtZH NaWCBNZ1RX RnlhMlYwIG N5QnBjeUJo SUggQjFZbX hwWTJ4NSBJ SFJ5WVdSbF pDIEJqYjIx d1lXNTUgTE NCc2FYTjBa VyBRZ2IyNG dkR2hsIElF NUJVMFJCVV MgQjFibVJs Y2lCMCBhR1 VnYzNsdFlt IDlzSUVsTl MxUkIgTGp4 aWNqNDJMaS BCSmJtZHNa WE1nIGFYTW dkR2hsSUcg eGhjbWRsYz NRZyBjSFZp YkdsamJIIG tnZEhKaFpH VmsgSUdOdm JYQmhibiBr Z1ltRnpaV1 FnIGFXNGdW MlZ6ZEcgVn liaUJPYjNK MCBhQ0JEWV hKdmJHIGx1 WVM0OFluSS sgTnk0Z1ZH aGxJRyBOdm JYQmhibmtn IFpXMXdiRz k1Y3kgQnZk bVZ5SURJMy BMREF3TUNC d1pXIDl3Yk dVZ1lXNWsg SUdoaGN5Qm hiaSBCaGJt NTFZV3dnIG NtVjJaVzUx WlMgQnZaaU J2ZG1WeSBJ Q1EwSUdKcG JHIHhwYjI0 dVBHSnkgUG pndUlFbHVa MiB4bGN5Qk 5ZWEpyIFpY UnpJRzltWm 0gVnljeUJo SUhkcCBaR1 VnY21GdVoy IFVnYjJZZ2 NISnYgWkhW amRITXNJRy BsdVkyeDFa R2x1IFp5Qm 5jbTlqWlgg SnBaWE1zSU dSbCBiR2tn YVhSbGJYIE 1zSUdKaGEy VnkgZVNCbm IyOWtjeSB3 Z2NHaGhjbT FoIFkza2dj MlZ5ZG0gbG paWE1zSUdG dSBaQ0JtZF dWc0xqIHhp Y2o0NUxpQl AgYm1VZ2Iy WWdkRyBobE lHTnZiWEJo IGJubmlnSm x6SUggVnVh WEYxWlNCbS BaV0YwZFhK bGN5IEJwY3 lCcGRITWcg YzJGMmFXNW 5jeSBCemRH RnRjQ0J3IG NtOW5jbUZ0 TEMgQjNhR1 Z5WlNCaiBk WE4wYjIxbG NuIE1nWTJG dUlITmggZG 1VZ2JXOXVa WCBrZ1lua2 djSFZ5IFky aGhjMmx1Wn kgQnpkR0Z0 Y0hNZyBkR2 hoZENCallX IDRnWW1VZ2 NtVmsgWldW dFpXUWdabS A5eUlITjBi M0psIElHTn laV1JwZEMg QmhablJsY2 lCaCBJSE5s ZENCd1pYIE pwYjJRZ2Iy WWcgZEdsdF pTNDhZbiBJ K01UQXVJRW x1IFoyeGxj eUJOWVggSn JaWFJ6SUds eiBJR3R1Yj NkdUlHIFp2 Y2lCcGRITW cgWTI5dGJX bDBiVyBWdW RDQjBieUJ6 IGRYQndiM0 owYVcgNW5J R3h2WTJGcy BJR052Ylcx MWJtIGwwYV dWekxDQjMg YVhSb0lHRW dabSA5amRY TWdiMjRnIF pXUjFZMkYw YVcgOXVMQ0 JvWldGcyBk R2dzSUdGdV pDIEJvZFc1 blpYSWcgY2 1Wc2FXVm1J RyBsdWFYUn BZWFJwIGRt VnpManhpY2 ogNHhNUzRn U1c0ZyBNak F4T1N3Z1NX IDVuYkdWek lHRnUgYm05 MWJtTmxaQy BCcGRITWdj R0Z5IGRHNW xjbk5vYVgg QWdkMmwwYU NCQiBiV0Y2 YjI0Z2RHID hnYjJabVpY SWcgYjI1c2 FXNWxJRyBk eWIyTmxjbm tnIFpHVnNh WFpsY24ga2 dZVzVrSUhC cCBZMnQxY0 NCelpYIEoy YVdObGN5ND ggWW5JK01U SXVJRiBSb1 pTQmpiMjF3 IFlXNTVJR2 hoY3kgQmhJ R3h2ZVdGcy BkSGtnY0hK dlozIEpoYl NCallXeHMg WldRZ1NXNW 5iRyBWeklF RmtkbUZ1IG RHRm5aU3dn ZDIgaHBZMm dnYjJabSBa WEp6SUdOMW MzIFJ2YldW eWN5QmsgYV hOamIzVnVk SCBNZ2IyNG dablZsIGJD d2djR1Z5Yz IgOXVZV3hw ZW1WayBJR0 52ZFhCdmJu IE1zSUdGdV pDQnYgZEdo bGNpQndaWC BKcmN5NDhZ bkkrIE1UTX VJRWx1WjIg eGxjeUJOWV hKciBaWFJ6 SUdoaGN5IE JpWldWdUlI SmwgWTI5bm JtbDZaVyBR Z1ptOXlJR2 wwIGN5Qmxi blpwY20gOX ViV1Z1ZEdG cyBJR1ZtWm 05eWRIIE1z SUdsdVkyeD EgWkdsdVp5 QjFjMiBsdV p5QnpiMnho IGNpQndZVz VsYkggTWdk RzhnY0c5My BaWElnYzI5 dFpTIEJ2Wm lCcGRITWcg YzNSdmNtVn pJRyBGdVpD QmhJR052IG JXMXBkRzFs Ym4gUWdkRz hnYzNWeiBk R0ZwYm1GaW JHIFVnYzJW aFptOXYgWk NCemIzVnlZ MiBsdVp5ND hZbkkrIE1U UXVJRWx1SU cgRmtaR2ww YVc5dSBJSF J2SUdsMGN5 IEJ5WlhSaG FXd2cgYzNS dmNtVnpMQy BCSmJtZHNa WE1nIFRXRn lhMlYwY3kg QmhiSE52SU c5dyBaWEpo ZEdWeklHIE VnYldsc2F5 QnQgWVc1MV ptRmpkSCBW eWFXNW5JSE JzIFlXNTBJ R0Z1WkMgQm hJR1pzYjNK aCBiQ0IzWV hKbGFHIDkx YzJVdVBHSn kgUGpFMUxp QlVhRyBVZ1 kyOXRjR0Z1 IGVTQjNaVz UwSUggQjFZ bXhwWXlCcC BiaUF4T1Rn M0lHIEZ1Wk NCb1lYTWcg WTI5dWMybH pkRyBWdWRH eDVJR0psIF pXNGdiR2x6 ZEcgVmtJRz l1SUVadiBj bUpsYytLQW 1TIEJCYldW eWFXTmggNG 9DWmN5QkNa WCBOMElGTn RZV3hzIElF TnZiWEJoYm 0gbGxjeUJz YVhOMCBMan hpY2o0PQog ICAgICAgID wvc3Bhbj4K ICAgICAgIC AKICAgICAg ICA=