InterDigital

-9.75%

Live  

InterDigital is a global leader in mobile and wireless technology research and development, licensing and innovation. The company was founded in 1972 as a division of the former International Mobile Machines Corporation (IMC) and became a separate entity in 1993. It is headquartered in Wilmington, Delaware, USA and has additional offices in Europe and Asia.
InterDigital’s main focus is on developing advanced technologies for wireless and mobile communication systems, including 5G, Internet of Things (IoT), and artificial intelligence. The company holds over 30,000 patents and patent applications related to wireless technologies and has a strong track record of licensing its intellectual property to major companies in the telecommunications industry.
In addition to research and development, InterDigital also offers consulting services, standards development, and product design and testing. The company has partnerships with leading companies in the technology and telecommunications industries, including Samsung, Apple, and Huawei.
InterDigital is committed to promoting innovation and advancing the development of wireless technologies. Through its membership in various industry organizations and collaborations with other companies and research institutions, InterDigital remains at the forefront of technological advancements in the mobile and wireless industry.

SW50ZXJEaW dpdGFsIGlz IGEgY29tcG FueSB0aGF0 IGhlbHBzIG 1ha2UgdGVj aG5vbG9neS B3b3JrIGJl dHRlciwgZX NwZWNpYWxs eSBmb3IgdG hpbmdzIGxp a2Ugc21hcn RwaG9uZXMs IHRhYmxldH MsIGFuZCBv dGhlciBkZX ZpY2VzIHRo YXQgY29ubm VjdCB0byB0 aGUgaW50ZX JuZXQuIFRo aW5rIG9mIH RoZW0gbGlr ZSBpbnZlbn RvcnMgYW5k IHByb2JsZW 0tc29sdmVy cy4gVGhleS BjcmVhdGUg bmV3IGlkZW FzIGFuZCB0 ZWNobm9sb2 dpZXMgdGhh dCBoZWxwIG RldmljZXMg Y29tbXVuaW NhdGUgZmFz dGVyIGFuZC Btb3JlIGVm ZmljaWVudG x5Ljxicj5U aGV5IG1ha2 UgbW9uZXkg YnkgY3JlYX Rpbmcgc3Bl Y2lhbCBpbn ZlbnRpb25z LCBjYWxsZW QgcGF0ZW50 cywgd2hpY2 ggYXJlIGxp a2UgdGhlIH J1bGVzIHRo YXQgcHJvdG VjdCB0aGVp ciBpZGVhcy 4gV2hlbiBj b21wYW5pZX MgbGlrZSBB cHBsZSBvci BTYW1zdW5n IHdhbnQgdG 8gdXNlIHRo ZXNlIHRlY2 hub2xvZ2ll cyBpbiB0aG VpciBwcm9k dWN0cywgdG hleSBwYXkg SW50ZXJEaW dpdGFsIGZv ciBwZXJtaX NzaW9uLiBU aGlzIGlzIG hvdyBJbnRl ckRpZ2l0YW wgZWFybnMg bW9uZXkuPG JyPkludGVy RGlnaXRhbC BpcyBzdWNj ZXNzZnVsIG JlY2F1c2Ug aXQga2VlcH MgY29taW5n IHVwIHdpdG ggbmV3IGlk ZWFzIHRoYX QgYXJlIGlt cG9ydGFudC Bmb3IgdGhl IGZ1dHVyZS wgZXNwZWNp YWxseSBhcy Btb3JlIHBl b3BsZSB1c2 UgdGhlIGlu dGVybmV0IG FuZCBjb25u ZWN0IG1vcm UgZGV2aWNl cy4gVGhleS Bmb2N1cyBv biB0aGluZ3 MgbGlrZSA1 Rywgd2hpY2 ggbWFrZXMg dGhlIGludG VybmV0IG9u IHBob25lcy BzdXBlciBm YXN0LiBQbH VzLCB0aGV5 IHdvcmsgd2 l0aCBtYW55 IGRpZmZlcm VudCBjb21w YW5pZXMgd2 9ybGR3aWRl LCB3aGljaC BtZWFucyBs b3RzIG9mIH Blb3BsZSBu ZWVkIHRoZW lyIHRlY2hu b2xvZ3kuPG JyPkluIHRo ZSBmdXR1cm UsIGFzIHRl Y2hub2xvZ3 kga2VlcHMg ZXZvbHZpbm cgYW5kIHBl b3BsZSBjb2 50aW51ZSB0 byByZWx5IG 9uIGZhc3Rl ciBpbnRlcm 5ldCBhbmQg YmV0dGVyIG Nvbm5lY3Rp b25zLCBJbn RlckRpZ2l0 YWwgaXMgbG lrZWx5IHRv IHN0YXkgc3 VjY2Vzc2Z1 bC4gVGhleS BhcmUgYWx3 YXlzIGxvb2 tpbmcgZm9y IG5ldyBjaG FsbGVuZ2Vz IGFuZCBmaW 5kaW5nIHdh eXMgdG8gc2 9sdmUgdGhl bSwgd2hpY2 gga2VlcHMg dGhlbSBhaG VhZCBpbiB0 aGUgdGVjaC B3b3JsZC48 YnI+

MS4gUGlvbm VlcmluZyBU ZWNobm9sb2 d5OiBJbnRl ckRpZ2l0YW wgaGFzIGEg bG9uZyBoaX N0b3J5IG9m IGRldmVsb3 BpbmcgaW5u b3ZhdGl2ZS B3aXJlbGVz cyB0ZWNobm 9sb2dpZXMs IGVzcGVjaW FsbHkgaW4g dGhlIGZpZW xkcyBvZiBt b2JpbGUgYW 5kIGNlbGx1 bGFyIGNvbW 11bmljYXRp b25zLjxicj 4yLiBFeHRl bnNpdmUgUG F0ZW50IFBv cnRmb2xpbz ogVGhlIGNv bXBhbnkgaG 9sZHMgYSBz aWduaWZpY2 FudCBudW1i ZXIgb2YgcG F0ZW50cyBp biB3aXJlbG VzcyBjb21t dW5pY2F0aW 9ucywgbWFr aW5nIGl0IG EgZG9taW5h bnQgZm9yY2 UgaW4gdGhl IGluZHVzdH J5Ljxicj4z LiBHbG9iYW wgUHJlc2Vu Y2U6IFdpdG ggb2ZmaWNl cyBhbmQgcm VzZWFyY2gg ZmFjaWxpdG llcyBpbiB0 aGUgVS5TLi wgRXVyb3Bl LCBhbmQgQX NpYSwgSW50 ZXJEaWdpdG FsIGhhcyBh IGdsb2JhbC Bmb290cHJp bnQgYW5kIH dvcmtzIGNs b3NlbHkgd2 l0aCBsZWFk aW5nIGNvbX BhbmllcyBh bmQgcmVzZW FyY2ggaW5z dGl0dXRpb2 5zIGFyb3Vu ZCB0aGUgd2 9ybGQuPGJy PjQuIFN0cm 9uZyBSJkQg Rm9jdXM6IE ludGVyRGln aXRhbCBpbn Zlc3RzIGhl YXZpbHkgaW 4gcmVzZWFy Y2ggYW5kIG RldmVsb3Bt ZW50LCB3aX RoIGEgZm9j dXMgb24gbm V4dC1nZW5l cmF0aW9uIH dpcmVsZXNz IHRlY2hub2 xvZ2llcyBz dWNoIGFzID VHLCBJb1Qs IGFuZCBlZG dlIGNvbXB1 dGluZy48Yn I+NS4gQ29s bGFib3JhdG lvbiBhbmQg UGFydG5lcn NoaXA6IFRo ZSBjb21wYW 55IGNvbGxh Ym9yYXRlcy B3aXRoIGEg d2lkZSByYW 5nZSBvZiBp bmR1c3RyeS BwYXJ0bmVy cywgaW5jbH VkaW5nIG1h am9yIHRlY2 hub2xvZ3kg Y29tcGFuaW VzLCB0byBk ZXZlbG9wIG FuZCBjb21t ZXJjaWFsaX plIGN1dHRp bmctZWRnZS B3aXJlbGVz cyB0ZWNobm 9sb2dpZXMu PGJyPjYuIE NvbW1pdG1l bnQgdG8gU3 RhbmRhcmRz OiBJbnRlck RpZ2l0YWwg aXMgYWN0aX ZlbHkgaW52 b2x2ZWQgaW 4gZGV2ZWxv cGluZyB3aX JlbGVzcyBz dGFuZGFyZH MgYW5kIGhh cyBwbGF5ZW QgYSBjcnVj aWFsIHJvbG UgaW4gdGhl IGRldmVsb3 BtZW50IG9m IDNHLCA0Ry wgYW5kIDVH IHRlY2hub2 xvZ2llcy48 YnI+Ny4gQ2 9tbWl0bWVu dCB0byBTdX N0YWluYWJp bGl0eTogSW 50ZXJEaWdp dGFsIGlzIG NvbW1pdHRl ZCB0byBzdX N0YWluYWJp bGl0eSBhbm QgaW5jb3Jw b3JhdGVzIG Vudmlyb25t ZW50YWxseS BmcmllbmRs eSBwcmFjdG ljZXMgaW50 byBpdHMgb3 BlcmF0aW9u cywgc3VjaC BhcyByZWR1 Y2luZyBpdH MgY2FyYm9u IGZvb3Rwcm ludCBhbmQg dXNpbmcgcm VuZXdhYmxl IGVuZXJneS Bzb3VyY2Vz Ljxicj44Li BEaXZlcnNl IEJ1c2luZX NzIFBvcnRm b2xpbzogV2 hpbGUgd2ly ZWxlc3MgdG VjaG5vbG9n aWVzIGFuZC BsaWNlbnNp bmcgcmVtYW luIHRoZSBj b3JlIG9mIG l0cyBidXNp bmVzcywgSW 50ZXJEaWdp dGFsIGhhcy BkaXZlcnNp ZmllZCBpbn RvIG90aGVy IGFyZWFzIH N1Y2ggYXMg SW9ULCBlZG dlIGNvbXB1 dGluZywgYW 5kIHZpZGVv IGNvbXByZX NzaW9uLCBw cm92aWRpbm cgYSByYW5n ZSBvZiBzb2 x1dGlvbnMg YW5kIHNlcn ZpY2VzIHRv IGl0cyBjdX N0b21lcnMu PGJyPjkuIF N0cm9uZyBG aW5hbmNpYW wgUGVyZm9y bWFuY2U6IE ludGVyRGln aXRhbCBoYX MgYSB0cmFj ayByZWNvcm Qgb2Ygc3Ry b25nIGZpbm FuY2lhbCBw ZXJmb3JtYW 5jZSwgY29u c2lzdGVudG x5IGRlbGl2 ZXJpbmcgc2 9saWQgcmVz dWx0cyBhbm QgZ2VuZXJh dGluZyBzaG FyZWhvbGRl ciB2YWx1ZS 48YnI+MTAu IEF3YXJkcy BhbmQgUmVj b2duaXRpb2 46IFRoZSBj b21wYW55IG hhcyByZWNl aXZlZCBudW 1lcm91cyBh d2FyZHMgYW 5kIGFjY29s YWRlcyBmb3 IgaXRzIHRl Y2hub2xvZ3 ksIGlubm92 YXRpb24sIG FuZCBjb3Jw b3JhdGUgcm VzcG9uc2li aWxpdHkgZW Zmb3J0cywg aW5jbHVkaW 5nIGJlaW5n IG5hbWVkIG 9uZSBvZiB0 aGUgd29ybG TigJlzIG1v c3QgaW5ub3 ZhdGl2ZSBj b21wYW5pZX MgYnkgRm9y YmVzLg==

SW50ZXJEaW dpdGFsIGlz IGEgdGVjaG 5vbG9neSBy ZXNlYXJjaC BhbmQgZGV2 ZWxvcG1lbn QgY29tcGFu eSB0aGF0IH NwZWNpYWxp emVzIGluIH dpcmVsZXNz IGlubm92YX Rpb25zIGFu ZCBzb2x1dG lvbnMuIEl0 cyBidXNpbm VzcyBtb2Rl bCBpcyBiYX NlZCBvbiBs aWNlbnNpbm cgaXRzIGlu dGVsbGVjdH VhbCBwcm9w ZXJ0eSwgY3 JlYXRpbmcg cGFydG5lcn NoaXBzIGFu ZCBjb2xsYW JvcmF0aW9u cywgYW5kIH Byb3ZpZGlu ZyB0ZWNobm 9sb2d5IGNv bnN1bHRpbm cgc2Vydmlj ZXMuPGJyPj EuIEludGVs bGVjdHVhbC BQcm9wZXJ0 eSBMaWNlbn Npbmc6IE9u ZSBvZiB0aG UgbWFpbiBj b21wb25lbn RzIG9mIElu dGVyRGlnaX RhbOKAmXMg YnVzaW5lc3 MgbW9kZWwg aXMgdG8gbG ljZW5zZSBp dHMgZXh0ZW 5zaXZlIHBv cnRmb2xpby BvZiBwYXRl bnRzIGFuZC B0ZWNobm9s b2dpZXMgcm VsYXRlZCB0 byB3aXJlbG VzcyBjb21t dW5pY2F0aW 9ucy4gSW50 ZXJEaWdpdG FsIGludmVz dHMgaGVhdm lseSBpbiBy ZXNlYXJjaC BhbmQgZGV2 ZWxvcG1lbn QgdG8gZGV2 ZWxvcCBuZX cgd2lyZWxl c3MgdGVjaG 5vbG9naWVz IGFuZCBpbm 5vdmF0aW9u cywgd2hpY2 ggaXQgdGhl biBwYXRlbn RzIGFuZCBs aWNlbnNlcy B0byBvdGhl ciBjb21wYW 5pZXMsIGdl bmVyYXRpbm cgc2lnbmlm aWNhbnQgcm V2ZW51ZS48 YnI+Mi4gUG FydG5lcnNo aXBzIGFuZC BDb2xsYWJv cmF0aW9ucz ogSW50ZXJE aWdpdGFsIG FjdGl2ZWx5 IHNlZWtzIH BhcnRuZXJz aGlwcyBhbm QgY29sbGFi b3JhdGlvbn Mgd2l0aCBv dGhlciBjb2 1wYW5pZXMg aW4gdGhlIH dpcmVsZXNz IGluZHVzdH J5IHRvIGJy aW5nIGl0cy Bpbm5vdmF0 aXZlIHNvbH V0aW9ucyBh bmQgdGVjaG 5vbG9naWVz IHRvIG1hcm tldC4gVGhl c2UgcGFydG 5lcnNoaXBz IGhlbHAgZX hwYW5kIElu dGVyRGlnaX RhbOKAmXMg cmVhY2ggYW 5kIHByb3Zp ZGUgYWRkaX Rpb25hbCBz b3VyY2VzIG 9mIHJldmVu dWUgZm9yIH RoZSBjb21w YW55Ljxicj 4zLiBUZWNo bm9sb2d5IE NvbnN1bHRp bmcgU2Vydm ljZXM6IElu dGVyRGlnaX RhbCBvZmZl cnMgY29uc3 VsdGluZyBz ZXJ2aWNlcy B0byBjb21w YW5pZXMgc2 Vla2luZyBl eHBlcnRpc2 UgaW4gd2ly ZWxlc3MgdG VjaG5vbG9n eSBkZXZlbG 9wbWVudCwg bWFya2V0IG FuYWx5c2lz LCBhbmQgaW 50ZWxsZWN0 dWFsIHByb3 BlcnR5IHN0 cmF0ZWd5Li BUaGVzZSBz ZXJ2aWNlcy BoZWxwIGNv bXBhbmllcy BhY2NlbGVy YXRlIHRoZW lyIHByb2R1 Y3QgZGV2ZW xvcG1lbnQg YW5kIGltcH JvdmUgdGhl aXIgbWFya2 V0IHBvc2l0 aW9uLCB3aG lsZSBnZW5l cmF0aW5nIG FkZGl0aW9u YWwgcmV2ZW 51ZSBmb3Ig SW50ZXJEaW dpdGFsLjxi cj40LiBTdX BwbHkgQ2hh aW4gT3B0aW 1pemF0aW9u OiBJbnRlck RpZ2l0YWwg YWxzbyBvZm ZlcnMgc2Vy dmljZXMgdG 8gb3B0aW1p emUgaXRzIG NsaWVudHPi gJkgc3VwcG x5IGNoYWlu cyBieSBhbm FseXppbmcg YW5kIGltcH JvdmluZyB0 aGVpciBwcm 9jdXJlbWVu dCBwcm9jZX NzZXMuIFRo ZXNlIHNlcn ZpY2VzIGhl bHAgY29tcG FuaWVzIHJl ZHVjZSBjb3 N0cywgaW1w cm92ZSBlZm ZpY2llbmN5 LCBhbmQgZW 5oYW5jZSB0 aGVpciBvdm VyYWxsIHBl cmZvcm1hbm NlLjxicj41 LiBBY3F1aX NpdGlvbnMg YW5kIEludm VzdG1lbnRz OiBJbnRlck RpZ2l0YWwg YWxzbyBpbn Zlc3RzIGlu IGFuZCBhY3 F1aXJlcyBj b21wYW5pZX MgdGhhdCBh bGlnbiB3aX RoIGl0cyBj b3JlIHRlY2 hub2xvZ3kg Zm9jdXMuIF RoZXNlIGFj cXVpc2l0aW 9ucyBhbmQg aW52ZXN0bW VudHMgaGVs cCB0aGUgY2 9tcGFueSBl eHBhbmQgaX RzIGNhcGFi aWxpdGllcy BhbmQgc3Ry ZW5ndGhlbi BpdHMgcG9z aXRpb24gaW 4gdGhlIG1h cmtldC48Yn I+SW4gc3Vt bWFyeSwgSW 50ZXJEaWdp dGFs4oCZcy BidXNpbmVz cyBtb2RlbC BwcmltYXJp bHkgcmV2b2 x2ZXMgYXJv dW5kIGxpY2 Vuc2luZyBp dHMgaW50ZW xsZWN0dWFs IHByb3Blcn R5LCBjb2xs YWJvcmF0aW 5nIHdpdGgg b3RoZXIgY2 9tcGFuaWVz LCBwcm92aW RpbmcgY29u c3VsdGluZy BzZXJ2aWNl cywgYW5kIH N0cmF0ZWdp Y2FsbHkgaW 52ZXN0aW5n IGluIG9yZG VyIHRvIGRl dmVsb3AgYW 5kIGNvbW1l cmNpYWxpem Ugd2lyZWxl c3MgdGVjaG 5vbG9naWVz IGFuZCBzb2 x1dGlvbnMu

AI has the potential to impact companies like InterDigital, particularly in the telecommunications and technology sectors, in various ways that could affect their products, services, or competitive positioning.
1. Substitution: AI technologies, particularly in areas like telecommunications, can lead to the development of alternative solutions that may replace traditional products and services offered by companies like InterDigital. For example, advanced AI algorithms could provide more efficient network management or quality of service optimizations that could reduce the demand for certain networking technologies or protocols in which InterDigital specializes.
2. Disintermediation: AI can streamline processes and reduce the need for intermediary solutions. In contexts where InterDigital provides licensing or networking solutions, AI-driven platforms could enable direct connections between end-users and service providers, potentially undermining traditional business models. This could lead to a reduced role for companies that offer middle-tier solutions, including those that InterDigital might provide.
3. Margin Pressure: As AI becomes more integrated into the telecommunications and networking landscape, competition may intensify as new players utilize AI to provide cost-effective solutions. This increased competition could lead to price erosion, putting pressure on the margins of established companies like InterDigital. If competitors can leverage AI to reduce costs or enhance offerings without significant investments, InterDigital may find it challenging to maintain competitive pricing and margins.
In summary, while AI presents opportunities for innovation and improvement in the tech industry, it also poses risks through potential substitution, disintermediation, and margin pressure that could affect InterDigital’s market position and financial performance. Adaptation and proactive strategies will be crucial for the company to mitigate these risks and capitalize on new technological advancements.

The sensitivity of InterDigital’s earnings, cash flow, and overall valuation to changes in interest rates can be assessed through several key factors:
1. Interest Expense: If InterDigital carries any debt, changes in interest rates would directly affect its interest expense. An increase in rates will lead to higher costs of servicing debt, potentially reducing net earnings and cash flow.
2. Discount Rate: Valuation models, such as discounted cash flow (DCF), rely on estimating future cash flows and discounting them back to present value using a discount rate that often includes the risk-free rate (typically influenced by interest rates). Higher interest rates can lead to a higher discount rate, which reduces the present value of future cash flows and can negatively impact the company’s valuation.
3. Cost of Capital: Changes in interest rates can influence InterDigital’s weighted average cost of capital (WACC). An increase in interest rates generally raises the cost of equity as investors demand higher returns, which may further depress the company’s valuation.
4. Investment Decisions: Higher interest rates can lead to reduced consumer spending and a slower economic environment, potentially impacting InterDigital’s revenue and growth prospects. This impact may also affect investment decisions, as the cost of financing new projects may increase.
5. Market Sentiment: Market perception of interest rate changes can affect stock valuations across the technology sector. If higher rates lead to a broader decline in stock prices, InterDigital’s market valuation may also decline, independent of its financial performance.
6. Cash Flow Sensitivity: The sensitivity of cash flows to interest rate changes can vary. Companies with stable and predictable cash flows may be less affected, while those with more volatile cash flows or reliance on external financing may see a more pronounced impact.
Overall, the extent of sensitivity for InterDigital will depend on its specific financial structure, market conditions, and how effectively the company can adapt to changes in the interest rate environment. Investors should closely monitor these factors to assess the potential impacts on earnings, cash flow, and valuation.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BJbnRlckRp Z2l0YWzigJ lzIGVjb25v bWljcyBvdm VyIHRoZSBu ZXh0IDPigJ M1IHllYXJz IGlzIGEgc2 lnbmlmaWNh bnQgdGVjaG 5vbG9naWNh bCBkaXNydX B0aW9uIGlu IHdpcmVsZX NzIGNvbW11 bmljYXRpb2 4gc3RhbmRh cmRzIHRoYX QgbGVhZHMg dG8gYSBsb3 NzIG9mIHJl bGV2YW5jZS Bmb3IgdGhl IGNvbXBhbn nigJlzIHBh dGVudCBwb3 J0Zm9saW8u IEZvciBpbn N0YW5jZSwg aWYgYWR2YW 5jZW1lbnRz IGluIHF1YW 50dW0gY29t bXVuaWNhdG lvbiBvciBh IG5ldyBzdG FuZGFyZCBy YWRpY2FsbH kgZGlmZmVy ZW50IGZyb2 0gZXhpc3Rp bmcgdGVjaG 5vbG9naWVz IChsaWtlID VHKSBlbWVy Z2UgYW5kIG dhaW4gd2lk ZXNwcmVhZC BhZG9wdGlv biwgSW50ZX JEaWdpdGFs 4oCZcyBleG lzdGluZyBw YXRlbnRzIG NvdWxkIGJl Y29tZSBvYn NvbGV0ZSBv ciBpcnJlbG V2YW50LiA8 YnI+SW4gdG hpcyBzY2Vu YXJpbywgY2 9tcGV0aXRv cnMgd2hvIG FkYXB0IG1v cmUgcXVpY2 tseSB0byB0 aGUgbmV3IH RlY2hub2xv Z3kgY291bG QgY2FwdHVy ZSBtYXJrZX Qgc2hhcmUs IGxlYXZpbm cgSW50ZXJE aWdpdGFsIH VuYWJsZSB0 byBnZW5lcm F0ZSBsaWNl bnNpbmcgcm V2ZW51ZSBm cm9tIGl0cy BleGlzdGlu ZyBwb3J0Zm 9saW8uIFRo aXMgZGlzcn VwdGlvbiBj b3VsZCByZX N1bHQgaW4g c2V2ZXJhbC BmaW5hbmNp YWwgaW1wbG ljYXRpb25z Ojxicj4xLi A8c3Ryb25n Pk1hcmdpbn M8L3N0cm9u Zz46IFdpdG ggcmVkdWNl ZCBsaWNlbn NpbmcgcmV2 ZW51ZXMsIE ludGVyRGln aXRhbCB3b3 VsZCBsaWtl bHkgZXhwZX JpZW5jZSBh IHNoYXJwIG RlY2xpbmUg aW4gcHJvZm l0IG1hcmdp bnMuIFRoZS Bjb21wYW55 IGhhcyBoaX N0b3JpY2Fs bHkgcmVsaW VkIG9uIGhp Z2gtbWFyZ2 luIGxpY2Vu c2luZyBkZW FscywgYW5k IHRoZSBpbm FiaWxpdHkg dG8gbW9uZX RpemUgaXRz IHBhdGVudH MgZWZmZWN0 aXZlbHkgd2 91bGQgbGVh ZCB0byBpbm NyZWFzZWQg Y29zdCBwcm Vzc3VyZXMg d2l0aG91dC Bjb21tZW5z dXJhdGUgcm V2ZW51ZXMs IGRyaXZpbm cgbWFyZ2lu cyBkb3duIH NpZ25pZmlj YW50bHkuPG JyPjIuIDxz dHJvbmc+Q2 FzaCBGbG93 PC9zdHJvbm c+OiBUaGUg Y29tcGFuee KAmXMgY2Fz aCBmbG93IH dvdWxkIHN1 ZmZlciBhcy BsaWNlbnNp bmcgYWdyZW VtZW50cyBk d2luZGxlLi BUaGlzIHdv dWxkIGltcG VkZSBpdHMg YWJpbGl0eS B0byByZWlu dmVzdCBpbi ByZXNlYXJj aCBhbmQgZG V2ZWxvcG1l bnQgYW5kIG 90aGVyIGdy b3d0aCBpbm l0aWF0aXZl cy4gT3Zlci B0aW1lLCBu ZWdhdGl2ZS BjYXNoIGZs b3cgY291bG QgbGVhZCB0 byBtb3JlIG RyYXN0aWMg bWVhc3VyZX MsIHN1Y2gg YXMgdGlnaH RlbmluZyBv cGVyYXRpb2 5hbCBidWRn ZXRzIGFuZC BsYXlpbmcg b2ZmIHN0YW ZmLCBmdXJ0 aGVyIGV4YW NlcmJhdGlu ZyB0aGUgZG VjbGluZSBp biBlY29ub2 1pYyBwZXJm b3JtYW5jZS 48YnI+My4g PHN0cm9uZz 5CYWxhbmNl IFNoZWV0PC 9zdHJvbmc+ OiBBcyBjYX NoIGZsb3cg dHVybnMgbm VnYXRpdmUs IEludGVyRG lnaXRhbCBt aWdodCBuZW VkIHRvIHRh cCBpbnRvIG l0cyByZXNl cnZlcyBvci B0YWtlIG9u IGRlYnQgdG 8gbWFpbnRh aW4gb3Blcm F0aW9ucywg bGVhZGluZy B0byBhIHdl YWtlciBiYW xhbmNlIHNo ZWV0LiBJbm NyZWFzZWQg ZGVidCBsZX ZlbHMgY291 bGQgcHV0IH ByZXNzdXJl IG9uIGludG VyZXN0IGNv dmVyYWdlIH JhdGlvcyBh bmQgZGltaW 5pc2ggZmlu YW5jaWFsIG ZsZXhpYmls aXR5LCBtYW tpbmcgaXQg Y2hhbGxlbm dpbmcgZm9y IHRoZSBjb2 1wYW55IHRv IGludmVzdC BpbiBuZXcg dGVjaG5vbG 9naWVzIG9y IHBpdm90IH RvIG5ldyBy ZXZlbnVlIH N0cmVhbXMu PGJyPk92ZX JhbGwsIGlm IHRoaXMgc2 NlbmFyaW8g cGxheWVkIG 91dCwgSW50 ZXJEaWdpdG Fs4oCZcyBl Y29ub21pYy Bmb3VuZGF0 aW9uIGNvdW xkIGJlIHNp Z25pZmljYW 50bHkgd2Vh a2VuZWQsIG xlYWRpbmcg dG8gYSBsb3 dlciB2YWx1 YXRpb24sIH JlZHVjZWQg aW52ZXN0b3 IgY29uZmlk ZW5jZSwgYW 5kIHBvdGVu dGlhbGx5IG RpZmZpY3Vs dGllcyBpbi BzZWN1cmlu ZyBmaW5hbm Npbmcgb3Ig cGFydG5lcn NoaXBzIG5l Y2Vzc2FyeS B0byBhZGFw dCB0byBjaG FuZ2luZyBt YXJrZXQgY2 9uZGl0aW9u cy48YnI+

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 bG9nb3MvSE RjamFrMU5T T3B1c1lvVn dhV2Iud2Vi cCIgYWx0PS JJbnRlckRp Z2l0YWwiIH RpdGxlPSJJ bnRlckRpZ2 l0YWwiICBj bGFzcz0iaW 1nLWZsdWlk IiBoZWlnaH Q9NTAgd2lk dGg9NTAgbG 9hZGluZz0n bGF6eScgc3 R5bGU9J2Jv cmRlci1yYW RpdXM6IDZw eDsnPgoKIC AgICAgICAg ICAgICAgIC AgICA8ZGl2 IHN0eWxlPS dmbGV4OiAx OyB0ZXh0LW FsaWduOiBj ZW50ZXI7IG 1hcmdpbi1s ZWZ0OiA1cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPH Agc3R5bGU9 J2ZvbnQtc2 l6ZTogMjZw eDsgY29sb3 I6ICMzMzM7 IG1hcmdpbi 1ib3R0b206 IDE1cHg7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIP Cfk4ggV2Fu dCB0byByZW FkIG1vcmUg YWJvdXQgSW 50ZXJEaWdp dGFsPwogIC 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 AgICAg8J+U kyBVbmxvY2 sgb3VyIGZy ZWUgZ3VpZG U6IDxpPiJU aGUgQ2hlY2 tsaXN0IFZh bHVlIEludm VzdG9yIOKA lCBBIFNtYX J0ZXIgV2F5 IHRvIFBpY2 sgU3RvY2tz IjwvaT4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9wPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PCEtLQogIC AgICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdtYXJn aW4tdG9wOi AxMnB4OyBm b250LXNpem U6IDEzcHg7 IGNvbG9yOi AjNDQ0Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBT aWduIHVwIG 5vdyBhbmQg Z2V0IG91ci BmcmVlIGVC b29rIAogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPGI+VG hlIENoZWNr bGlzdCBWYW x1ZSBJbnZl c3RvciDigJ QgQSBTbWFy dGVyIFdheS B0byBQaWNr IFN0b2Nrcz wvYj4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC 0tPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8IS 0tCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J21hcmdpbi 10b3A6IDE2 cHg7IGZvbn Qtc2l6ZTog MTRweDsgY2 9sb3I6ICM0 NDQ7IGZvbn QtZmFtaWx5 OiAtYXBwbG Utc3lzdGVt LCBCbGlua0 1hY1N5c3Rl bUZvbnQsIF NlZ29lIFVJ LCBSb2JvdG 8sIEhlbHZl dGljYSBOZX VlLCBzYW5z LXNlcmlmOy BsaW5lLWhl aWdodDogMS 42Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBIYXZl IHlvdSBoZW FyZCBhYm91 dCBvdXIgc2 hvcnQgPHN0 cm9uZyBzdH lsZT0nZm9u dC13ZWlnaH Q6IDYwMDsn PkRhaWx5IF ZpZGVvIE5l d3NsZXR0ZX I8L3N0cm9u Zz4/CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdodHRw czovL3d3dy 5pbnNpZ2h0 ZnVsdmFsdW UuY29tL25l d3NsZXR0ZX IucGhwJyB0 YXJnZXQ9J1 9ibGFuaycg c3R5bGU9J2 NvbG9yOiAj MDA3QkZGOy B0ZXh0LWRl Y29yYXRpb2 46IG5vbmU7 IGZvbnQtd2 VpZ2h0OiA1 MDA7IG1hcm dpbi1sZWZ0 OiA2cHg7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBGaW5k IG91dCBtb3 JlCiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8L2E+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg ICAgICAgIC AtLT4KICAg ICAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgCiAgIC AgICAgCiAg ICAgICAgPH NwYW4gY2xh c3M9J2JsdX JyZWQtdGV4 dCc+CiAgIC AgICAgICAg IE1TNGdTVz UwWlggSkVh V2RwZEdGcy BJSGRoY3lC bWIzIFZ1Wk dWa0lHbHUg SURFNU56SW dZWCBNZ1NX NTBaWEp1IF lYUnBiMjVo YkMgQk5iMk pwYkdVZyBU V0ZqYUdsdV pYIE1nUTI5 eWNHOXkgWV hScGIyNHNJ RyBGdVpDQm phR0Z1IFoy VmtJR2wwY3 kgQnVZVzFs SUhSdiBJRW x1ZEdWeVJH IGxuYVhSaG JDQnAgYmlB eE9UYzBMai B4aWNqNHlM aUJVIGFHVW dZMjl0Y0cg RnVlZUtBbV hNZyBhR1Zo WkhGMVlYIE owWlhKeklH RnkgWlNCc2 IyTmhkRyBW a0lHbHVJRm RwIGJHMXBi bWQwYjIgNH NJRVJsYkdG MyBZWEpsTG p4aWNqIDR6 TGlCSmJuUm wgY2tScFoy bDBZVyB3Z2 FYTWdZU0J5 IFpYTmxZWE pqYUMgQmhi bVFnWkdWMi BaV3h2Y0cx bGJuIFFnWT I5dGNHRnUg ZVNCemNHVm phVyBGc2FY cHBibWNnIG FXNGdkMmx5 WlcgeGxjM0 1nWVc1ayBJ RzF2WW1sc1 pTIEIwWldO b2JtOXMgYj JkcFpYTXVQ RyBKeVBqUX VJRlJvIFpT QmpiMjF3WV cgNTVJR2h2 YkdSeiBJR0 VnYkdGeVoy IFVnYm5WdF ltVnkgSUc5 bUlIQmhkRy BWdWRITWdj bVZzIFlYUm xaQ0IwYnkg QjNhWEpsYk dWeiBjeUIw WldOb2JtID lzYjJkNUxD QnAgYm1Oc2 RXUnBibSBj Z2IyNWxjeU JtIGIzSWdN MGNzSUQgUk hMQ0JoYm1R ZyBOVWNnZE dWamFHIDV2 Ykc5bmFXVn ogTGp4aWNq NDFMaSBCSm JuUmxja1Jw IFoybDBZV3 dnYUcgOXNa SE1nYjNabC BjaUF6TWl3 d01EIEFnYV hOemRXVmsg SUdGdVpDQn daVyA1a2FX NW5JSEJoIG RHVnVkSE1n ZDIgOXliR1 IzYVdSbCBM anhpY2o0Mk xpIEJVYUdV Z1kyOXQgY0 dGdWVTQm9Z WCBNZ1lTQm 9hWE4wIGIz SjVJRzltSU cgeHBZMlZ1 YzJsdSBaeU JwZEhNZ2NH IEYwWlc1MG N5QjAgYnlC dFlXcHZjaS BCM2FYSmxi R1Z6IGN5Qm hibVFnZEcg VmphRzV2Yk c5biBlU0Jq YjIxd1lXID VwWlhNZ2Mz VmogYUNCaG N5QkJjSCBC c1pTd2dVMk Z0IGMzVnVa eXdnWVcgNW tJRWgxWVhk bCBhU3dnWj JWdVpYIEpo ZEdsdVp5Qn ogYVdkdWFX WnBZMiBGdW RDQnlaWFps IGJuVmxJR1 p2Y2kgQjBh R1VnWTI5dC BjR0Z1ZVM0 OFluIEkrTn k0Z1NXNGcg TWpBeE9Td2 dTVyA1MFpY SkVhV2RwIG RHRnM0b0Na Y3kgQnlaWF psYm5WbCBJ SGRoY3lBa0 16IGMwSUcx cGJHeHAgYj I0c0lIQnlh VyAxaGNtbH NlU0JtIGNt OXRJR3hwWT IgVnVjMmx1 WnlCaCBibV FnZEdWamFH IDV2Ykc5bm VTQncgWVhK MGJtVnljMi BocGNITXVQ R0p5IFBqZ3 VJRWx1ZEcg VnlSR2xuYV hSaCBiQ0Jv WVhNZ1lTIE J6ZEhKdmJt Y2cgWm05am RYTWdiMiA0 Z1pHVjJaV3 h2IGNHbHVa eUIwWlcgTm 9ibTlzYjJk NSBJR1p2Y2 lCMGFHIFVn YVc1MFpYSn UgWlhRZ2Iy WWdkRyBocG JtZHpJQ2hK IGIxUXBMQ0 J3WVggSjBh V04xYkdGeS BiSGtnYVc0 Z1lYIEpsWV hNZ2MzVmog YUNCaGN5Qn piVyBGeWRD QmphWFJwIF pYTWdZVzVr SUcgRjFkRz l1YjIxdiBk WE1nZG1Wb2 FXIE5zWlhN dVBHSnkgUG prdUlGUm9a UyBCamIyMX dZVzU1IElH aGhjeUJ5Wl ggTmxZWEpq YUNCaCBibV FnWkdWMlpX IHh2Y0cxbG JuUWcgWTJW dWRHVnljeS BCcGJpQjBh R1VnIFZXNX BkR1ZrSUYg TjBZWFJsY3 l3ZyBRMmhw Ym1Fc0lHIE Z1WkNCRmRY SnYgY0dVdV BHSnlQaiBF d0xpQkpibl JsIGNrUnBa MmwwWVcgd2 dhWE1nWVNC dCBaVzFpWl hJZ2IyIFln ZG1GeWFXOT EgY3lCcGJt UjFjMyBSeW VTQmhjM052 IFkybGhkR2 x2Ym4gTWdZ VzVrSUhOMC BZVzVrWVhK a2N5IEJpYj JScFpYTXMg SUdsdVkyeD FaRyBsdVp5 QjBhR1VnIF JYVnliM0Js WVcgNGdWR1 ZzWldOdiBi VzExYm1sal lYIFJwYjI1 eklGTjAgWV c1a1lYSmtj eSBCSmJuTj BhWFIxIGRH VWdLRVZVVT Aga3BJR0Z1 WkNCMCBhR1 VnU1c1emRH IGwwZFhSbE lHOW0gSUVW c1pXTjBjbS BsallXd2dZ VzVrIElFVn NaV04wY20g OXVhV056SU VWdSBaMmx1 WldWeWN5IE FvU1VWRlJT a3UgUEdKeV BqRXhMaSBC SmJuUmxja1 JwIFoybDBZ V3dnYUcgRn pJSEpsWTJW cCBkbVZrSU c1MWJXIFZ5 YjNWeklHRj MgWVhKa2N5 QmhibSBRZ2 NtVmpiMmR1 IGFYUnBiMj RnWm0gOXlJ R2wwY3lCMC BaV05vYm05 c2IyIGRwWl hNc0lHbHUg WTJ4MVpHbH VaeSBCaVpX bHVaeUJ1IF lXMWxaQ0J2 Ym0gVWdiMl lnZEdobCBJ RlJ2Y0NBeE 1EIEFnUjJ4 dlltRnMgSU VsdWJtOTJZ WCBSdmNuTW dZbmtnIFEy eGhjbWwyWV ggUmxJRUZ1 WVd4NSBkR2 xqY3lCcGJp IEF5TURFNU xqeGkgY2o0 eE1pNGdWRy BobElHTnZi WEJoIGJua2 dhWE1nWVcg eHpieUJqYj IxdCBhWFIw WldRZ2RHID hnYzNWemRH RnAgYm1GaW FXeHBkSCBr Z1lXNWtJR2 hoIGN5QnBi WEJzWlcgMW xiblJsWkNC cCBibWwwYV dGMGFYIFps Y3lCMGJ5Qn kgWldSMVky VWdhWCBSek lHTmhjbUp2 IGJpQm1iMj kwY0ggSnBi blFnWVc1ay BJSEJ5YjIx dmRHIFVnWl c1MmFYSnYg Ym0xbGJuUm hiQyBCeVpY TndiMjV6IG FXSnBiR2ww ZVMgND0KIC AgICAgICA8 L3NwYW4+Ci AgICAgICAg CiAgICAgIC Ag