Deluxe

-16.06%

More reviews (1)

Live  

Deluxe Corporation, often referred to simply as Deluxe, is a company primarily known for providing printing services and solutions. Founded in 1915, it has evolved over the years to offer a wide range of products and services that cater to small businesses, financial institutions, and various organizations.
Deluxe’s core offerings include check printing, marketing services, and web development. The company plays a significant role in helping businesses establish and enhance their brand identities through customized materials such as business cards, stationery, and promotional products.
In addition to print services, Deluxe provides digital marketing solutions, including search engine optimization (SEO), online advertising, and social media management. This shift towards digital services reflects the changing landscape of business needs, allowing clients to maintain a strong online presence.
Deluxe has expanded its operations through acquisitions, allowing it to diversify its service offerings and reach a broader market. The company’s commitment to innovation is evident in its integration of technology into traditional services, making processes more efficient and customer-friendly.
Headquartered in Shoreview, Minnesota, Deluxe is publicly traded and has a significant presence in the United States, with a growing emphasis on serving customers internationally. The company’s focus on customer service and quality has helped it maintain a strong reputation in the competitive printing and marketing industry.

RGVsdXhlIG lzIGEgY29t cGFueSB0aG F0IGhlbHBz IGJ1c2luZX NzZXMgd2l0 aCB0aGVpci BicmFuZGlu ZyBhbmQgcG F5bWVudHMu IFRoZXkgZG 8gYSBmZXcg aW1wb3J0YW 50IHRoaW5n cy48YnI+Rm lyc3QsIERl bHV4ZSBtYW tlcyBjaGVj a3MgYW5kIG 90aGVyIHBy b2R1Y3RzIH RoYXQgYnVz aW5lc3Nlcy BjYW4gdXNl LiBGb3IgZX hhbXBsZSwg d2hlbiBzb2 1lb25lIG5l ZWRzIHRvIH BheSB0aGVp ciBiaWxscy wgdGhleSBt aWdodCB3cm l0ZSBhIGNo ZWNrLiBEZW x1eGUgcHJp bnRzIHRob3 NlIGNoZWNr cyBhbmQgYW xzbyBjcmVh dGVzIHNwZW NpYWwgZGVz aWducyBmb3 IgdGhlbSwg bGlrZSBhZG RpbmcgYSBs b2dvIG9yIG EgY29vbCBi YWNrZ3JvdW 5kLjxicj5T ZWNvbmQsIE RlbHV4ZSBo ZWxwcyBidX NpbmVzc2Vz IGNyZWF0ZS BhbmQgbWFp bnRhaW4gdG hlaXIgd2Vi c2l0ZXMuIE hhdmluZyBh IGdvb2Qgd2 Vic2l0ZSBp cyByZWFsbH kgaW1wb3J0 YW50IGZvci BhIGJ1c2lu ZXNzIGJlY2 F1c2UgdGhh dOKAmXMgd2 hlcmUgY3Vz dG9tZXJzIG NhbiBsZWFy biBhYm91dC B3aGF0IHRo ZXkgc2VsbC BvciBzZXJ2 aWNlcyB0aG V5IG9mZmVy Ljxicj5UaG UgY29tcGFu eSBhbHNvIG hlbHBzIGJ1 c2luZXNzZX Mgd2l0aCBt YXJrZXRpbm csIHdoaWNo IGlzIGhvdy B0aGV5IGdl dCB0aGUgd2 9yZCBvdXQg YWJvdXQgd2 hhdCB0aGV5 IGRvLiBUaG F0IGluY2x1 ZGVzIGNyZW F0aW5nIGFk cyBhbmQgaG VscGluZyBi dXNpbmVzc2 VzIGdldCBt b3JlIHZpc2 liaWxpdHkg b24gdGhlIG ludGVybmV0 Ljxicj5EZW x1eGUgbWFr ZXMgbW9uZX kgYnkgY2hh cmdpbmcgZm 9yIGFsbCB0 aGVzZSBzZX J2aWNlcy4g V2hlbiBhIG J1c2luZXNz IGJ1eXMgY2 hlY2tzLCBz aWducyB1cC Bmb3Igd2Vi c2l0ZSBoZW xwLCBvciBn ZXRzIG1hcm tldGluZyBh ZHZpY2UsIH RoZXkgcGF5 IERlbHV4ZS Bmb3IgaXQu IFNpbmNlIG 1vc3QgYnVz aW5lc3Nlcy BuZWVkIHRo ZXNlIHNlcn ZpY2VzLCBE ZWx1eGUgaG FzIGEgc3Rl YWR5IHN0cm VhbSBvZiBj dXN0b21lcn MuPGJyPkRl bHV4ZSBpcy BzdWNjZXNz ZnVsIGJlY2 F1c2UgaXQg aGFzIGJlZW 4gYXJvdW5k IGZvciBhIG xvbmcgdGlt ZSBhbmQga2 5vd3Mgd2hh dCBidXNpbm Vzc2VzIG5l ZWQgdG8gc3 VjY2VlZC4g VGhleSBhZG FwdCB0byBj aGFuZ2VzLC BsaWtlIHdo ZW4gbW9yZS BwZW9wbGUg c3RhcnRlZC BzaG9wcGlu ZyBvbmxpbm UuIEFzIGxv bmcgYXMgYn VzaW5lc3Nl cyBuZWVkIG NoZWNrcywg d2Vic2l0ZX MsIGFuZCBt YXJrZXRpbm cgaGVscCwg RGVsdXhlIH dpbGwgY29u dGludWUgdG 8gZG8gd2Vs bC4gUGx1cy wgYXMgbmV3 IHRlY2hub2 xvZ2llcyBj b21lIHVwLC BEZWx1eGUg ZmluZHMgd2 F5cyB0byBp bmNsdWRlIH Rob3NlIGlu IHRoZWlyIH NlcnZpY2Vz LCB3aGljaC BrZWVwcyB0 aGVtIHJlbG V2YW50IGFu ZCBoZWxwcy B0aGVtIGdy b3cgaW4gdG hlIGZ1dHVy ZS48YnI+

VGhlIERlbH V4ZSBjb21w YW55IGlzIG EgdHJ1c3Rl ZCBhbmQgcm VwdXRhYmxl IGJyYW5kIH RoYXQgaGFz IGJlZW4gaW 4gYnVzaW5l c3MgZm9yIG 92ZXIgMTAw IHllYXJzLi BUaGV5IG9m ZmVyIGEgd2 lkZSByYW5n ZSBvZiBwcm 9kdWN0cyBh bmQgc2Vydm ljZXMgdG8g aGVscCBidX NpbmVzc2Vz IG9mIGFsbC BzaXplcyBz dWNjZWVkLC BpbmNsdWRp bmcgcXVhbG l0eSBjaGVj a3MgYW5kIG J1c2luZXNz IGZvcm1zLC BwZXJzb25h bGl6ZWQgbW Fya2V0aW5n IGFuZCBwcm 9tb3Rpb25h bCBtYXRlcm lhbHMsIHdl YnNpdGUgZG VzaWduIGFu ZCBob3N0aW 5nLCBhbmQg YnVzaW5lc3 Mgc2Vydmlj ZXMgc3VjaC BhcyBhY2Nv dW50aW5nLC BwYXlyb2xs LCBhbmQgdG F4IHByZXBh cmF0aW9uLi BUaGVpciBj b21taXRtZW 50IHRvIGN1 c3RvbWVyIH NhdGlzZmFj dGlvbiwgaW 5ub3ZhdGl2 ZSBzb2x1dG lvbnMsIGFu ZCBjb250aW 51b3VzIGlt cHJvdmVtZW 50IHNldHMg dGhlbSBhcG FydCBmcm9t IG90aGVyIG NvbXBhbmll cyBpbiB0aG VpciBpbmR1 c3RyeS4gQW RkaXRpb25h bGx5LCBEZW x1eGUgaGFz IGEgc3Ryb2 5nIGZvY3Vz IG9uIGNvcn BvcmF0ZSBz b2NpYWwgcm VzcG9uc2li aWxpdHkgYW 5kIHN1c3Rh aW5hYmlsaX R5LCBtYWtp bmcgdGhlbS BhIHNvY2lh bGx5IHJlc3 BvbnNpYmxl IGFuZCBlbn Zpcm9ubWVu dGFsbHkgY2 9uc2Npb3Vz IGNvbXBhbn kuIFRoZWly IGRlZGljYX Rpb24gdG8g ZXhjZWxsZW 5jZSBhbmQg Y29tbXVuaX R5IGludm9s dmVtZW50IG 1ha2VzIERl bHV4ZSBhIH NwZWNpYWwg YW5kIHdlbG wtcmVzcGVj dGVkIGNvbX Bhbnku

VGhlIERlbH V4ZSBjb21w YW55IG9mZm VycyBhIHZh cmlldHkgb2 YgcGVyc29u YWxpemVkIH Byb2R1Y3Rz IGFuZCBzZX J2aWNlcywg c3VjaCBhcy BjaGVja3Ms IHByb21vdG lvbmFsIHBy b2R1Y3RzLC BtYXJrZXRp bmcgbWF0ZX JpYWxzLCBh bmQgY2xvdW QtYmFzZWQg c2VydmljZX MsIGRlc2ln bmVkIHRvIG hlbHAgYnVz aW5lc3Nlcy BhbmQgaW5k aXZpZHVhbH MgcHJvbW90 ZSB0aGVpci BicmFuZCBh bmQgbWFuYW dlIHRoZWly IGZpbmFuY2 VzLiBUaGVp ciBidXNpbm VzcyBtb2Rl bCBpcyBiYX NlZCBvbiBv ZmZlcmluZy BoaWdoLXF1 YWxpdHksIG N1c3RvbWl6 ZWQgcHJvZH VjdHMgYW5k IHNlcnZpY2 VzIHRoYXQg Y2F0ZXIgdG 8gdGhlIHNw ZWNpZmljIG 5lZWRzIG9m IHRoZWlyIG N1c3RvbWVy cy4gVGhleS B1c2UgYSBj b21iaW5hdG lvbiBvZiB0 cmFkaXRpb2 5hbCBhbmQg ZGlnaXRhbC BtYXJrZXRp bmcgc3RyYX RlZ2llcyB0 byByZWFjaC BhbmQgZW5n YWdlIHdpdG ggdGhlaXIg dGFyZ2V0IG F1ZGllbmNl IGFuZCBwcm 92aWRlIGV4 Y2VwdGlvbm FsIGN1c3Rv bWVyIHNlcn ZpY2UgdG8g cmV0YWluIG xveWFsIGN1 c3RvbWVycy 4gVGhlIGNv bXBhbnkgYW xzbyBmb2N1 c2VzIG9uIG NvbnRpbnVv dXNseSBpbX Byb3Zpbmcg dGhlaXIgcH JvZHVjdHMg YW5kIHNlcn ZpY2VzIHRv IHN0YXkgY2 9tcGV0aXRp dmUgaW4gdG hlIG1hcmtl dCBhbmQgc3 VzdGFpbiBs b25nLXRlcm 0gZ3Jvd3Ro LiBBZGRpdG lvbmFsbHks IERlbHV4ZS BvZmZlcnMg cGFydG5lcn NoaXBzIGFu ZCBjb29wZX JhdGl2ZSBw cm9ncmFtcy B0byBleHBh bmQgdGhlaX IgcmVhY2gg YW5kIHNlcn ZlIGEgd2lk ZXIgY3VzdG 9tZXIgYmFz ZS4=

Whether AI poses a material threat to Deluxe company’s products, services, or competitive positioning can depend on various factors related to the industry and market dynamics.
1. Substitution: AI technology can lead to the development of new products and services that may offer similar or enhanced functionalities compared to those provided by Deluxe. For example, if AI-driven solutions emerge that automate processes traditionally offered by Deluxe, customers might shift to these alternatives. This could be particularly relevant in sectors where efficiency and cost-effectiveness are prioritized.
2. Disintermediation: AI could facilitate direct transactions between buyers and sellers, potentially bypassing intermediaries like Deluxe. For instance, if AI tools allow businesses to handle their marketing, payment processing, and customer service without needing intermediaries, Deluxe’s traditional role may be diminished, leading to a loss of relevance in the market.
3. Margin Pressure: The introduction of AI may increase competition by lowering barriers to entry for new players who can leverage AI technology for operational efficiency. This increased competition can drive prices down, putting pressures on Merry’s margins and profitability. Companies that can effectively implement AI may also achieve cost savings, which could allow them to offer lower prices than Deluxe.
In conclusion, while AI brings opportunities for innovation, it also poses significant risks in the form of substitution, disintermediation, and margin pressure that Deluxe cannot ignore. The extent of the threat will depend on how the company adapts to these changes and embraces AI technologies.

The sensitivity of a company’s earnings, cash flow, and valuation to changes in interest rates can vary significantly depending on several factors, including the company’s capital structure, operational leverage, and the nature of its business.
For Deluxe Corporation, which operates in the financial services space, the sensitivity to interest rates can be quite pronounced.
1. Earnings: Changes in interest rates can impact earnings through several channels. If interest rates rise, borrowing costs may increase, potentially leading to higher expenses. Conversely, if the company has investments that benefit from higher rates, its interest income may also increase. Therefore, the overall effect on earnings will depend on the balance between interest expenses and interest income.
2. Cash Flow: Cash flow is generally affected by interest rates due to the cost of debt. Higher interest rates can lead to increased cash outflows for interest payments, which can reduce free cash flow available for reinvestment or distribution to shareholders. On the other hand, if the company is able to reprice their products or services in response to changes in rates, this could help stabilize cash flows.
3. Valuation: Interest rates play a significant role in corporate valuation, especially through the discounted cash flow (DCF) method. Higher interest rates typically lead to a higher discount rate used in DCF calculations, which can decrease the present value of future cash flows and thereby lower valuations. Conversely, lower interest rates can enhance valuations as future cash flows are discounted at a lower rate.
In summary, the sensitivity of Deluxe Corporation’s earnings, cash flow, and valuation to changes in interest rates is evident, with a complex interplay between interest income, expenses, and market valuations. The overall impact will depend on the specific circumstances surrounding interest rate movements and the company’s financial strategy.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BEZWx1eGUg Q29ycG9yYX Rpb27igJlz IGVjb25vbW ljcyBvdmVy IHRoZSBuZX h0IDMgdG8g NSB5ZWFycy BpcyBhIHNp Z25pZmljYW 50IGFuZCBz dXN0YWluZW Qgc2hpZnQg dG93YXJkcy BkaWdpdGFs IGJhbmtpbm cgYW5kIHBh eW1lbnQgc2 9sdXRpb25z LCBsZWFkaW 5nIHRvIGEg c3Vic3Rhbn RpYWwgZGVj bGluZSBpbi BkZW1hbmQg Zm9yIHByaW 50ZWQgY2hl Y2tzIGFuZC B0cmFkaXRp b25hbCBidX NpbmVzcyBz ZXJ2aWNlcy 4gVGhpcyBk ZWNsaW5lIG NvdWxkIGJl IGZ1ZWxlZC BieSBpbmNy ZWFzaW5nIG Fkb3B0aW9u IG9mIGRpZ2 l0YWwgcGF5 bWVudCBwbG F0Zm9ybXMs IGV2b2x2aW 5nIHJlZ3Vs YXRvcnkgZn JhbWV3b3Jr cyB0aGF0IG Zhdm9yIGVs ZWN0cm9uaW MgdHJhbnNh Y3Rpb25zLC BhbmQgYSBn cm93aW5nIG NvbmNlcm4g b3ZlciB0aG UgZW52aXJv bm1lbnRhbC BpbXBhY3Qg b2YgcGFwZX IgcHJvZHVj dGlvbi48Yn I+SWYgdGhp cyBzY2VuYX JpbyB3ZXJl IHRvIG1hdG VyaWFsaXpl LCB0aGUgY2 9tcGFueeKA mXMgbWFyZ2 lucyB3b3Vs ZCBsaWtlbH kgYmUgbmVn YXRpdmVseS BpbXBhY3Rl ZCBkdWUgdG 8gcmVkdWNl ZCByZXZlbn VlIHN0cmVh bXMgZnJvbS BpdHMgY29y ZSBjaGVjay BwcmludGlu ZyBidXNpbm Vzcy4gQXMg ZGVtYW5kIG RlY3JlYXNl cywgZWNvbm 9taWVzIG9m IHNjYWxlIG 1heSBiZSBs b3N0LCBsZW FkaW5nIHRv IGhpZ2hlci BwZXItdW5p dCBjb3N0cy BhbmQgdWx0 aW1hdGVseS Bsb3dlciBn cm9zcyBtYX JnaW5zLiBB ZGRpdGlvbm FsbHksIHRv IGFkYXB0IH RvIHRoZSBj aGFuZ2luZy BtYXJrZXQs IERlbHV4ZS BtaWdodCBu ZWVkIHRvIG ludmVzdCBo ZWF2aWx5IG luIGRpZ2l0 YWwgc29sdX Rpb25zIGFu ZCB0ZWNobm 9sb2d5LCB3 aGljaCBjb3 VsZCBmdXJ0 aGVyIHNxdW VlemUgb3Bl cmF0aW5nIG 1hcmdpbnMg aW4gdGhlIH Nob3J0IHRl cm0uPGJyPk Nhc2ggZmxv dyB3b3VsZC BhbHNvIGJl IGFkdmVyc2 VseSBhZmZl Y3RlZCBhcy ByZXZlbnVl IGRlY2xpbm VzLiBBIHNo YXJwIGZhbG wgaW4gc2Fs ZXMgbWlnaH QgbGVhZCB0 byBsb3dlci BvcGVyYXRp bmcgY2FzaC BmbG93LCB3 aGljaCB3b3 VsZCBoaW5k ZXIgdGhlIG NvbXBhbnni gJlzIGFiaW xpdHkgdG8g cmVpbnZlc3 QgaW4gZ3Jv d3RoIGluaX RpYXRpdmVz LCBwYXkgZG 93biBkZWJ0 LCBvciByZX R1cm4gY2Fw aXRhbCB0by BzaGFyZWhv bGRlcnMuIF RoaXMgc2Nl bmFyaW8gY2 91bGQgcGxh Y2UgcHJlc3 N1cmUgb24g dGhlIGNvbX BhbnnigJlz IGxpcXVpZG l0eSBwb3Np dGlvbiBhbm QgZm9yY2Ug aXQgdG8gcm VldmFsdWF0 ZSBpdHMgY2 FwaXRhbCBh bGxvY2F0aW 9uIHN0cmF0 ZWdpZXMuPG JyPk9uIHRo ZSBiYWxhbm NlIHNoZWV0 LCB0aGUgZG VjbGluZSBp biByZXZlbn VlIGFuZCBw cm9maXRhYm lsaXR5IGNv dWxkIHJlc3 VsdCBpbiBp bmNyZWFzZW QgcmVsaWFu Y2Ugb24gZG VidCBpZiB0 aGUgY29tcG FueSBuZWVk cyB0byBmaW 5hbmNlIG9u Z29pbmcgb3 BlcmF0aW9u cyBvciB0cm Fuc2l0aW9u IHRvIG5ldy BidXNpbmVz cyBtb2RlbH MuIFRoaXMg Y291bGQgd2 Vha2VuIHRo ZSBiYWxhbm NlIHNoZWV0 LCBhcyBkZW J0IGxldmVs cyByaXNlIH JlbGF0aXZl IHRvIGVxdW l0eSwgcG90 ZW50aWFsbH kgamVvcGFy ZGl6aW5nIG NyZWRpdCBy YXRpbmdzIG FuZCBpbmNy ZWFzaW5nIG JvcnJvd2lu ZyBjb3N0cy 4gQWRkaXRp b25hbGx5LC BhbnkgaW1w YWlybWVudC BvZiBpbnRh bmdpYmxlIG Fzc2V0cyBv ciBnb29kd2 lsbCByZWxh dGVkIHRvIH RoZSB0cmFk aXRpb25hbC BidXNpbmVz cyBsaW5lcy Bjb3VsZCBm dXJ0aGVyIG RldGVyaW9y YXRlIHRoZS BiYWxhbmNl IHNoZWV0Lj xicj5PdmVy YWxsLCBpbi B0aGlzIGFk dmVyc2Ugc2 NlbmFyaW8s IERlbHV4ZS BDb3Jwb3Jh dGlvbuKAmX MgZmluYW5j aWFsIGhlYW x0aCBjb3Vs ZCBiZSBzaW duaWZpY2Fu dGx5IHdlYW tlbmVkLCBj aGFyYWN0ZX JpemVkIGJ5 IGxvd2VyIG 1hcmdpbnMs IGNvbnN0cm FpbmVkIGNh c2ggZmxvdy wgYW5kIGEg bW9yZSBsZX ZlcmFnZWQg YmFsYW5jZS BzaGVldCwg d2hpY2ggd2 91bGQgY2hh bGxlbmdlIG l0cyBsb25n LXRlcm0gdm lhYmlsaXR5 Ljxicj4=

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 bG9nb3MvT0 NMclMzNjBO NXlxYXphR0 ZoUVMud2Vi cCIgYWx0PS JEZWx1eGUi IHRpdGxlPS JEZWx1eGUi ICBjbGFzcz 0iaW1nLWZs dWlkIiBoZW lnaHQ9NTAg d2lkdGg9NT AgbG9hZGlu Zz0nbGF6eS cgc3R5bGU9 J2JvcmRlci 1yYWRpdXM6 IDZweDsnPg oKICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdmbGV4 OiAxOyB0ZX h0LWFsaWdu OiBjZW50ZX I7IG1hcmdp bi1sZWZ0Oi A1cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPHAgc3R5 bGU9J2Zvbn Qtc2l6ZTog MjZweDsgY2 9sb3I6ICMz MzM7IG1hcm dpbi1ib3R0 b206IDE1cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIPCfk4gg V2FudCB0by ByZWFkIG1v cmUgYWJvdX QgRGVsdXhl PwogICAgIC AgICAgICAg ICAgICAgIC AgICA8L3A+ CgogICAgIC AgICAgICAg ICAgICAgIC AgICA8YSBo cmVmPSdpbm RleC5waHA/ cGFnZT1zaW dudXAnIHN0 eWxlPScKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJhY2 tncm91bmQt Y29sb3I6IC MwMDdCRkY7 CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBj b2xvcjogI2 ZmZjsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIHBhZGRp bmc6IDEwcH ggMjBweDsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGJv cmRlci1yYW RpdXM6IDVw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHRleHQtZG Vjb3JhdGlv bjogbm9uZT sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG ZvbnQtd2Vp Z2h0OiBib2 xkOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgbWFyZ2lu LXJpZ2h0Oi AxMHB4Owog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgdHJh bnNpdGlvbj ogYmFja2dy b3VuZC1jb2 xvciAwLjNz IGVhc2U7Jw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgb2 5tb3VzZW92 ZXI9J3RoaX Muc3R5bGUu YmFja2dyb3 VuZENvbG9y PSIjMDA1Nm IzIicKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIG9ubW91 c2VvdXQ9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A3QkZGIic+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBT aWduIHVwIG ZvciBmcmVl CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvYT4K CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxzcGFu IHN0eWxlPS dtYXJnaW46 IDAgOHB4Oy Bjb2xvcjog IzU1NTsnPm 9yPC9zcGFu PgoKICAgIC AgICAgICAg ICAgICAgIC AgICAgPGEg aHJlZj0naW 5kZXgucGhw P3BhZ2U9bG 9naW4nIHN0 eWxlPScKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGNvbG 9yOiAjMDA3 QkZGOwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdGV4dC 1kZWNvcmF0 aW9uOiB1bm RlcmxpbmU7 CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBm b250LXdlaW dodDogNTAw Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBsb2cgaW 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9hPg oKCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxwIH N0eWxlPSdt YXJnaW4tdG 9wOiAxNXB4 OyBmb250LX NpemU6IDEz cHg7IGZvbn Qtd2VpZ2h0 OiBib2xkOy Bjb2xvcjog I2QzMmYyZj snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Ag8J+RpSBG cmVlIGVCb2 9rIGZvciBu ZXcgdXNlcn M6IDxpPiJU 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 IE1TNGdSR1 ZzZFggaGxJ RU52Y25Cdi BjbUYwYVc5 dUlIIGRoY3 lCdmNtbG4g YVc1aGJHeD VJRyBadmRX NWtaV1FnIG FXNGdNVGt4 TlMgQmhjeU IwYUdVZyBS R1ZzZFhobE lFIE5vWldO cklGQnkgYV c1MFpYSnpJ RyBOdmJYQm hibmt1IFBH SnlQakl1SU YgUm9aU0Jq YjIxdyBZVz U1NG9DWmN5 IEJtYVhKem RDQncgY205 a2RXTjBJSC BkaGN5Qnda WEp6IGIyNW hiR2w2Wlcg UWdZMmhsWT J0aSBiMjly Y3l3Z2QyIG hwWTJnZ2RH aGwgZVNCem IyeGtJRyBa dmNpQWtNUz R3IE1DQmxZ V05vTGogeG ljajR6TGlC SiBiaUIwYU dVZ1pXIEZ5 YkhrZ01Ua3 kgTUhNc0lF UmxiSCBWNF pTQkRiM0p3 IGIzSmhkR2 x2YmkgQmla V05oYldVZy BkR2hsSUda cGNuIE4wSU dOdmJYQmgg Ym5rZ2FXNG dkRyBobElI ZHZjbXhrIE lIUnZJRzlt Wm0gVnlJSE JsY25OdiBi bUZzYVhwbF pDIEJqYUdW amEzTWcgWV c1a0lHTm9a VyBOclltOX ZheUJqIGIz Wmxjbk1nYV cgNGdablZz YkNCaiBiMn h2Y2k0OFlu IEkrTkM0Z1 JIVnkgYVc1 bklGZHZjbS B4a0lGZGhj aUJKIFNTd2 dSR1ZzZFgg aGxJRU52Y2 5CdiBjbUYw YVc5dUlIIE J5YjJSMVky VmsgSUhCc1 lYbHBibSBj Z1kyRnlaSE 1nIFptOXlJ SFJvWlMgQl ZMbE11SUcx cCBiR2wwWV hKNUlHIEZ1 WkNCaVpXTm ggYldVZ2RH aGxJSCBkdm NteGs0b0Na IGN5QnNZWE puWlggTjBJ RzFoYm5WbS BZV04wZFhK bGNpIEJ2Wm lCd2JHRjUg YVc1bklHTm hjbSBSekxq eGljajQxIE xpQkpiaUIw YUcgVWdNVG sxTUhNZyBZ VzVrSURFNU 5qIEJ6TENC RVpXeDEgZU dVZ1EyOXlj RyA5eVlYUn BiMjRnIFpY aHdZVzVrWl cgUWdhWFJ6 SUhCeSBiMl IxWTNRZ2JH IGx1WlNCMG J5QnAgYm1O c2RXUmxJRy BKMWMybHVa WE56IElHWn ZjbTF6TEMg QnNZV0psYk hNcyBJSE4w WVhScGIyID VsY25rc0lH RnUgWkNCd1 pYSnpiMiA1 aGJHbDZaV1 FnIGFHOXNh V1JoZVMgQm pZWEprY3k0 OCBZbkkrTm k0Z1ZHIGhs SUdOdmJYQm ggYm5uaWdK bHpJRyBacG NuTjBJR052 IGJYQjFkR1 Z5YVggcGxa Q0JqYUdWai BheUJ3Y21s dWRHIGx1Wn lCd2NtOWog WlhOeklIZG hjeSBCcGJu UnliMlIxIF kyVmtJR2x1 SUggUm9aU0 JzWVhSbCBJ REU1TmpCek xqIHhpY2o0 M0xpQkogYm lBeE9UZzRM QyBCRVpXeD FlR1VnIFEy OXljRzl5WV ggUnBiMjRn WVdOeCBkV2 x5WldRZ1RX IE5DWldVZ1 UzbHogZEdW dGN5d2dZUy BCc1pXRmth VzVuIElHMW hiblZtWVcg TjBkWEpsY2 lCdiBaaUJp ZFhOcGJtIF Z6Y3lCbWIz SnQgY3lCaG JtUWdZMiA5 dGNIVjBaWE lnIGMzVndj R3hwWlggTX VQR0p5UGpn dSBJRWx1SU RFNU9UIE1z SUVSbGJIVj QgWlNCRGIz SndiMyBKaG RHbHZiaUJs IGJuUmxjbV ZrSUggUm9a U0J3Y205dC BiM1JwYjI1 aGJDIEJ3Y2 05a2RXTjAg Y3lCcGJtUj FjMyBSeWVT QjNhWFJvIE lIUm9aU0Jo WTMgRjFhWE 5wZEdsdiBi aUJ2WmlCSU xpIEJUWTJo M1lYSjYgSU NZZ1UyOXVj eSBCSmJtTX VJR0Z1IFpD QmpiMjUwYV cgNTFaV1Fn ZEc4ZyBaWG h3WVc1a0lH IGx1SUhSb2 FYTWcgYldG eWEyVjBJSC BSb2NtOTFa MmdnIGRHaG xJR0ZqY1gg VnBjMmwwYV c5dSBJRzlt SUc5MGFHIF Z5SUdOdmJY QmggYm1sbG N5NDhZbiBJ K09TNGdTVz RnIE1qQXhO Q3dnZEcgaG xJR052YlhC aCBibmtnYz I5c1pDIEJw ZEhNZ1JHVn MgZFhobElF WnBibSBGdV kybGhiQ0JU IFpYSjJhV0 5sY3kgQmth WFpwYzJsdi BiaXdnZDJo cFkyIGdnY0 hKdmRtbGsg WldRZ1kyaG xZMiBzZ2NI SnBiblJwIG JtY2dZVzVr SUggSmxiR0 YwWldRZyBj MlZ5ZG1sal pYIE1zSUhS dklFWnAgYz JWeWRpQkpi bSBNdVBHSn lQakV3IExp QkVaV3gxZU cgVWdRMjl5 Y0c5eSBZWF JwYjI0Z1kz IFZ5Y21WdW RHeDUgSUhO bGNuWmxjeS BCdmRtVnlJ RFFnIGJXbH NiR2x2Ymkg QnpiV0ZzYk NCaSBkWE5w Ym1WemMyIF Z6SUdGdVpD QTEgTERBd0 1DQm1hVyA1 aGJtTnBZV3 dnIGFXNXpk R2wwZFggUn BiMjV6TENC dyBjbTkyYV dScGJtIGNn WVNCM2FXUm wgSUhKaGJt ZGxJRyA5bU lITmxjblpw IFkyVnpJR2 x1WTIgeDFa R2x1WnlCai BhR1ZqYTNN c0lHIFp2Y2 0xekxDQnQg WVhKclpYUn BibSBjZ2JX RjBaWEpwIF lXeHpMQ0Jo Ym0gUWdiM1 JvWlhJZyBZ blZ6YVc1bG MzIE1nY0hK dlpIVmogZE hNdUlEeGlj aiA0PQogIC AgICAgIDwv c3Bhbj4KIC AgICAgICAK ICAgICAgIC A=