OpenText

Live  

OpenText Corporation is a Canadian-based multinational enterprise software company that provides enterprise information management (EIM) software and services to businesses and organizations. The company was founded in 1991 and is headquartered in Waterloo, Ontario. OpenText offers products and services in a variety of areas including content management, customer experience management, business process management, and information exchange.
The company's EIM software helps businesses manage and secure their information, as well as analyze and leverage it for improved business operations. OpenText's products and services are used by over 120,000 customers worldwide, including large enterprises, government agencies, and small and medium-sized businesses.
OpenText has a global presence with offices in over 35 countries and provides support in over 140 languages. The company has a diverse customer base and works with organizations in many industries, including financial services, healthcare, manufacturing, and government.
In addition to its software and services, OpenText also offers consulting, training, and support services to help organizations implement and optimize their EIM solutions. The company also partners with other technology providers, such as Microsoft and SAP, to offer integrated solutions to its customers.
OpenText is committed to sustainability and has implemented initiatives to reduce its environmental impact and promote social responsibility. The company has been recognized for its efforts in this area, including being named one of the "World's Most Ethical Companies" for five consecutive years by the Ethisphere Institute.
Overall, OpenText is a leading provider of enterprise information management solutions and services, committed to helping organizations unlock the full potential of their information assets.

OpenText is a company that helps businesses manage all their important documents and information. Imagine if you had a big box where you kept all your toys, and you wanted to find your favorite toy quickly whenever you wanted to play with it. OpenText creates tools that help companies organize their toys, which are actually files, emails, and other kinds of important information.
The way OpenText makes money is by selling software—special computer programs that help businesses keep track of their documents, share information easily, and make sure everything is safe and secure. They also offer services to help companies set up and use their software. When more businesses need to work together and share information, they choose OpenText’s solutions, which keeps the company profitable.
OpenText is successful because it offers really helpful tools that make work easier for a lot of different companies. As more businesses realize they need better ways to handle their information—especially as technology keeps changing—OpenText keeps growing. They also adapt and create new tools to stay ahead of what people need, which means they will likely continue to succeed in the future.

VGhlcmUgYX JlIHNldmVy YWwgYXNwZW N0cyB0aGF0 IG1ha2UgT3 BlblRleHQg YSB1bmlxdW UgYW5kIHNw ZWNpYWwgY2 9tcGFueTo8 YnI+MS4gU3 RhdHVzIGFz IGEgZ2xvYm FsIGxlYWRl cjogT3Blbl RleHQgaXMg b25lIG9mIH RoZSBsZWFk aW5nIHByb3 ZpZGVycyBv ZiBlbnRlcn ByaXNlIGlu Zm9ybWF0aW 9uIG1hbmFn ZW1lbnQgKE VJTSkgc29m dHdhcmUsIH dpdGggYSBn bG9iYWwgcH Jlc2VuY2Ug aW4gb3Zlci AxNTAgY291 bnRyaWVzLi BJdCBoYXMg YSBtYXJrZX QgdmFsdWUg b2Ygb3Zlci AkMTAgYmls bGlvbiBhbm QgaGFzIGJl ZW4gcmVjb2 duaXplZCBh cyBhIGxlYW RlciBpbiB2 YXJpb3VzIG luZHVzdHJ5 IHJhbmtpbm dzLjxicj4y LiBGb2N1cy BvbiBpbm5v dmF0aW9uOi BPcGVuVGV4 dCBoYXMgYS BzdHJvbmcg Zm9jdXMgb2 4gaW5ub3Zh dGlvbiwgY2 9uc3RhbnRs eSBpbnZlc3 RpbmcgaW4g YW5kIGRldm Vsb3Bpbmcg bmV3IHRlY2 hub2xvZ2ll cyB0byBzdG F5IGFoZWFk IG9mIHRoZS BjdXJ2ZS4g SXQgaGFzIG EgbGFyZ2Ug cmVzZWFyY2 ggYW5kIGRl dmVsb3BtZW 50IHRlYW0g YW5kIGhhcy BhY3F1aXJl ZCBvdmVyID UwIGNvbXBh bmllcyB0by BleHBhbmQg aXRzIHByb2 R1Y3Qgb2Zm ZXJpbmdzLj xicj4zLiBX aWRlIHJhbm dlIG9mIHBy b2R1Y3RzIG FuZCBzZXJ2 aWNlczogT3 BlblRleHQg b2ZmZXJzIG EgY29tcHJl aGVuc2l2ZS BzdWl0ZSBv ZiBFSU0gc2 9sdXRpb25z LCBpbmNsdW RpbmcgY29u dGVudCBtYW 5hZ2VtZW50 LCBidXNpbm VzcyBwcm9j ZXNzIG1hbm FnZW1lbnQs IGN1c3RvbW VyIGV4cGVy aWVuY2UgbW FuYWdlbWVu dCwgaW5mb3 JtYXRpb24g ZXhjaGFuZ2 UsIGFuZCBk aXNjb3Zlcn kuIFRoaXMg YWxsb3dzIG J1c2luZXNz ZXMgdG8gc3 RyZWFtbGlu ZSB0aGVpci BvcGVyYXRp b25zIGFuZC BtYW5hZ2Ug dGhlaXIgaW 5mb3JtYXRp b24gbW9yZS BlZmZlY3Rp dmVseS48Yn I+NC4gU3Ry b25nIGN1c3 RvbWVyIGJh c2U6IE9wZW 5UZXh0IGhh cyBhIGRpdm Vyc2UgYW5k IGV4dGVuc2 l2ZSBjdXN0 b21lciBiYX NlLCByYW5n aW5nIGZyb2 0gc21hbGwg YnVzaW5lc3 NlcyB0byBs YXJnZSBvcm dhbml6YXRp b25zIGluIH ZhcmlvdXMg aW5kdXN0cm llcyBzdWNo IGFzIGhlYW x0aGNhcmUs IGZpbmFuY2 lhbCBzZXJ2 aWNlcywgZ2 92ZXJubWVu dCwgYW5kIG 1vcmUuIFRo aXMgZGVtb2 5zdHJhdGVz IHRoZSB0cn VzdCBhbmQg dmFsdWUgdG hhdCB0aGUg Y29tcGFueS Bwcm92aWRl cyB0byBpdH MgY3VzdG9t ZXJzLjxicj 41LiBDb21t aXRtZW50IH RvIHN1c3Rh aW5hYmlsaX R5OiBPcGVu VGV4dCBoYX MgYSBzdHJv bmcgY29tbW l0bWVudCB0 byBzdXN0YW luYWJpbGl0 eSBhbmQgaG FzIGltcGxl bWVudGVkIH ZhcmlvdXMg aW5pdGlhdG l2ZXMgdG8g cmVkdWNlIG l0cyBlbnZp cm9ubWVudG FsIGltcGFj dC4gSXQgaX MgYWxzbyBh IG1lbWJlci BvZiB0aGUg VW5pdGVkIE 5hdGlvbnMg R2xvYmFsIE NvbXBhY3Qs IGRlbW9uc3 RyYXRpbmcg aXRzIGRlZG ljYXRpb24g dG8gZXRoaW NhbCBhbmQg cmVzcG9uc2 libGUgYnVz aW5lc3MgcH JhY3RpY2Vz Ljxicj42Li BFbXBsb3ll ZS1jZW50cm ljIGN1bHR1 cmU6IFRoZS Bjb21wYW55 IGhhcyBhIH N0cm9uZyBj dWx0dXJlIG 9mIGluY2x1 c2l2aXR5LC BkaXZlcnNp dHksIGFuZC BlbXBsb3ll ZSBlbXBvd2 VybWVudC4g SXQgaGFzIG JlZW4gcmVj b2duaXplZC BhcyBhIHRv cCBlbXBsb3 llciBieSB2 YXJpb3VzIG 9yZ2FuaXph dGlvbnMsIG FuZCBpdHMg ZW1wbG95ZW VzIGhhdmUg YWNjZXNzIH RvIHRyYWlu aW5nIGFuZC BkZXZlbG9w bWVudCBvcH BvcnR1bml0 aWVzIHRvIG VuaGFuY2Ug dGhlaXIgc2 tpbGxzIGFu ZCBjYXJlZX IgZ3Jvd3Ro Ljxicj43Li BDb21tdW5p dHkgaW52b2 x2ZW1lbnQ6 IE9wZW5UZX h0IGlzIGFj dGl2ZWx5IG ludm9sdmVk IGluIHN1cH BvcnRpbmcg bG9jYWwgY2 9tbXVuaXRp ZXMgdGhyb3 VnaCB2YXJp b3VzIHBoaW xhbnRocm9w aWMgaW5pdG lhdGl2ZXMg YW5kIHZvbH VudGVlciBw cm9ncmFtcy 4gSXQgYWxz byBoYXMgYS Bjb3Jwb3Jh dGUgc29jaW FsIHJlc3Bv bnNpYmlsaX R5IHByb2dy YW0gdGhhdC Bmb2N1c2Vz IG9uIGVkdW NhdGlvbiwg aGVhbHRoLC BhbmQgZW52 aXJvbm1lbn RhbCBzdXN0 YWluYWJpbG l0eS4=

T3BlblRleH QgaXMgYSBz b2Z0d2FyZS Bjb21wYW55 IHRoYXQgcH JvdmlkZXMg ZW50ZXJwcm lzZSBpbmZv cm1hdGlvbi BtYW5hZ2Vt ZW50IHNvbH V0aW9ucyB0 byBvcmdhbm l6YXRpb25z LiBUaGUgY2 9tcGFueSdz IGJ1c2luZX NzIG1vZGVs IHJldm9sdm VzIGFyb3Vu ZCBkZXZlbG 9waW5nIGFu ZCBzZWxsaW 5nIHNvZnR3 YXJlIHByb2 R1Y3RzIGFu ZCBzb2x1dG lvbnMgdG8g aGVscCBidX NpbmVzc2Vz IG1hbmFnZS wgc2VjdXJl LCBhbmQgYW 5hbHl6ZSB0 aGVpciBkYX RhIGFuZCBp bmZvcm1hdG lvbi48YnI+ T3BlblRleH Qgb2ZmZXJz IGEgd2lkZS ByYW5nZSBv ZiBzb2Z0d2 FyZSBwcm9k dWN0cywgaW 5jbHVkaW5n IGNvbnRlbn QgbWFuYWdl bWVudCwgYn VzaW5lc3Mg cHJvY2Vzcy BtYW5hZ2Vt ZW50LCBjdX N0b21lciBl eHBlcmllbm NlIG1hbmFn ZW1lbnQsIG FuZCBhbmFs eXRpY3Mgc2 9sdXRpb25z LiBUaGVzZS Bwcm9kdWN0 cyBhcmUgZG VzaWduZWQg dG8gaGVscC Bvcmdhbml6 YXRpb25zIG ltcHJvdmUg ZWZmaWNpZW 5jeSwgcmVk dWNlIGNvc3 RzLCBhbmQg ZW5oYW5jZS Bwcm9kdWN0 aXZpdHkgYn kgbWFuYWdp bmcgZGlnaX RhbCBpbmZv cm1hdGlvbi BlZmZlY3Rp dmVseS48Yn I+VGhlIGNv bXBhbnkgZ2 VuZXJhdGVz IHJldmVudW UgdGhyb3Vn aCB0aGUgc2 FsZSBvZiBz b2Z0d2FyZS BsaWNlbnNl cywgYW5udW FsIG1haW50 ZW5hbmNlIG FuZCBzdXBw b3J0IGNvbn RyYWN0cywg YW5kIHByb2 Zlc3Npb25h bCBzZXJ2aW Nlcy4gSXQg YWxzbyBvZm ZlcnMgY2xv dWQtYmFzZW QgYW5kIHN1 YnNjcmlwdG lvbi1iYXNl ZCBzb2x1dG lvbnMsIHBy b3ZpZGluZy BjdXN0b21l cnMgd2l0aC Btb3JlIGZs ZXhpYmxlIG FuZCBjb3N0 LWVmZmVjdG l2ZSBvcHRp b25zLjxicj 5BZGRpdGlv bmFsbHksIE 9wZW5UZXh0 IG9mZmVycy BzcGVjaWFs aXplZCBzb2 x1dGlvbnMg Zm9yIHNwZW NpZmljIGlu ZHVzdHJpZX MsIHN1Y2gg YXMgZmluYW 5jaWFsIHNl cnZpY2VzLC BoZWFsdGhj YXJlLCBhbm QgZ292ZXJu bWVudC4gVG hlIGNvbXBh bnkgYWxzby BwYXJ0bmVy cyB3aXRoIG 90aGVyIHRl Y2hub2xvZ3 kgY29tcGFu aWVzIHRvIG 9mZmVyIGlu dGVncmF0ZW Qgc29sdXRp b25zIHRvIG N1c3RvbWVy cy48YnI+T3 BlblRleHQn cyBidXNpbm VzcyBtb2Rl bCBpcyBmb2 N1c2VkIG9u IGRlbGl2ZX JpbmcgaW5u b3ZhdGl2ZS Bwcm9kdWN0 cyBhbmQgc2 VydmljZXMg dGhhdCBoZW xwIG9yZ2Fu aXphdGlvbn MgdHJhbnNm b3JtIHRoZW lyIG9wZXJh dGlvbnMgYW 5kIGFjaGll dmUgdGhlaX IgYnVzaW5l c3MgZ29hbH MuIFRoZSBj b21wYW55IG NvbnRpbnVv dXNseSBpbn Zlc3RzIGlu IHJlc2Vhcm NoIGFuZCBk ZXZlbG9wbW VudCB0byBr ZWVwIGl0cy Bzb2x1dGlv bnMgdXAtdG 8tZGF0ZSB3 aXRoIHRoZS BsYXRlc3Qg dGVjaG5vbG 9naWVzIGFu ZCBpbmR1c3 RyeSB0cmVu ZHMsIGVuc3 VyaW5nIGl0 cyBjdXN0b2 1lcnMgaGF2 ZSBhY2Nlc3 MgdG8gY3V0 dGluZy1lZG dlIHRvb2xz IGFuZCBzZX J2aWNlcy4=

AI has the potential to impact OpenText’s products, services, and competitive positioning in several ways, though the degree of threat may vary depending on the specifics of the market and how OpenText adapts.
1. Substitution: AI technologies can potentially replicate or enhance the capabilities of OpenText’s offerings, especially in areas like document management, data analytics, and customer communications. Advanced AI models may provide organizations with alternative solutions that are more efficient or cost-effective, which could lead to substitution of OpenText’s products.
2. Disintermediation: The rise of AI-powered tools can enable companies to manage their content and data without relying on traditional software solutions or intermediaries. This trend could disrupt OpenText’s business model by allowing organizations to leverage AI directly for tasks like information retrieval, content generation, or automation, thereby reducing reliance on external products.
3. Margin Pressure: As AI technologies become more prevalent, there could be increased competition from new entrants offering AI-driven solutions at lower prices. This could lead OpenText to face margin pressure as it may need to lower prices or invest significantly in AI capabilities to remain competitive. The need for continuous innovation and adaptation in its offerings to meet evolving market demands could further strain resources.
Ultimately, while AI does pose threats through these avenues, it can also present opportunities if OpenText embraces AI technologies effectively, enhance its product offerings, and integrate AI into its existing services. The company’s strategic response will be critical in determining the impact of AI on its competitive positioning.

The sensitivity of OpenText’s earnings, cash flow, and valuation to changes in interest rates can be analyzed through several key factors:
1. Cost of Debt: As a company that may utilize debt for financing acquisitions or operational needs, changes in interest rates can directly impact OpenText’s interest expenses. An increase in rates would lead to higher borrowing costs, potentially reducing net earnings and cash flow.
2. Discount Rate and Valuation: Interest rates play a crucial role in the valuation of companies, particularly in discounted cash flow (DCF) models. A higher interest rate increases the discount rate used to calculate the present value of future cash flows, leading to a lower valuation of the company. Conversely, lower rates would raise valuations as future cash flows are discounted less.
3. Investment and Growth: Higher interest rates may also impact consumer and enterprise spending, which could affect OpenText’s revenue growth. If customers are tightening budgets due to higher borrowing costs or economic uncertainty, this could lead to slower revenue growth and potentially impact earnings.
4. Market Conditions: Interest rate changes can influence broader market conditions, including stock market performance. A rising rate environment may lead to lower equity valuations across sectors, which could affect OpenText’s stock price and market perception.
5. Cash Flow Generation: OpenText generates recurring revenues from its software and services, which may provide some insulation against interest rate changes. However, if interest rates impact overall economic conditions and customer spending, cash flow generation could be affected.
Overall, while OpenText’s direct sensitivity to interest rates may not be as pronounced as that of companies with heavy leverage, changes in interest rates can still have notable implications for its financial performance and valuation.

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 bG9nb3MvU1 VpWWVDanhJ UjlMMFY2S3 JSdGMud2Vi cCIgYWx0PS JPcGVuVGV4 dCIgdGl0bG U9Ik9wZW5U ZXh0IiAgY2 xhc3M9Imlt Zy1mbHVpZC IgaGVpZ2h0 PTkwIHdpZH RoPTkwIGxv YWRpbmc9J2 xhenknIHN0 eWxlPSdib3 JkZXItcmFk aXVzOiA2cH g7Jz4KCiAg ICAgICAgIC AgICAgICAg ICAgPGRpdi BzdHlsZT0n ZmxleDogMT sgdGV4dC1h bGlnbjogY2 VudGVyOyBt YXJnaW4tbG VmdDogNXB4 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxw IHN0eWxlPS dmb250LXNp emU6IDI2cH g7IGNvbG9y OiAjMzMzOy BtYXJnaW4t Ym90dG9tOi AxNXB4Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICDw n5OIIFdhbn QgdG8gcmVh ZCBtb3JlIG Fib3V0IE9w ZW5UZXh0Pw ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L3A+Cg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdpbmRl eC5waHA/cG FnZT1zaWdu dXAnIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICMw MDdCRkY7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBjb2 xvcjogI2Zm ZjsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHBhZGRpbm c6IDEwcHgg MjBweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJvcm Rlci1yYWRp dXM6IDVweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH RleHQtZGVj b3JhdGlvbj ogbm9uZTsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGZv bnQtd2VpZ2 h0OiBib2xk OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luLX JpZ2h0OiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdHJhbn NpdGlvbjog YmFja2dyb3 VuZC1jb2xv ciAwLjNzIG Vhc2U7Jwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgb25t b3VzZW92ZX I9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA1NmIz IicKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IG9ubW91c2 VvdXQ9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA3 QkZGIic+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIGZv ciBmcmVlCi AgICAgICAg ICAgICAgIC AgICAgICAg IDwvYT4KCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxzcGFuIH N0eWxlPSdt YXJnaW46ID AgOHB4OyBj b2xvcjogIz U1NTsnPm9y PC9zcGFuPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPGEgaH JlZj0naW5k ZXgucGhwP3 BhZ2U9bG9n aW4nIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGNvbG9y OiAjMDA3Qk ZGOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdGV4dC1k ZWNvcmF0aW 9uOiB1bmRl cmxpbmU7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBmb2 50LXdlaWdo dDogNTAwOy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bsb2cgaW4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9hPgoK CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxwIHN0 eWxlPSdtYX JnaW4tdG9w OiAxNXB4Oy Bmb250LXNp emU6IDEzcH g7IGZvbnQt d2VpZ2h0Oi Bib2xkOyBj b2xvcjogI2 QzMmYyZjsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg 8J+TpSBHZX Qgb3VyIGZy ZWUgZUJvb2 sgbm93OiA8 aT4iVGhlIE NoZWNrbGlz dCBWYWx1ZS BJbnZlc3Rv ciDigJQgQS BTbWFydGVy IFdheSB0by BQaWNrIFN0 b2NrcyI8L2 k+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvcD 4KCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwhLS 0KICAgICAg ICAgICAgIC AgICAgICAg ICAgPGRpdi BzdHlsZT0n bWFyZ2luLX RvcDogMTJw eDsgZm9udC 1zaXplOiAx M3B4OyBjb2 xvcjogIzQ0 NDsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgU2lnbi B1cCBub3cg YW5kIGdldC BvdXIgZnJl ZSBlQm9vay AKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgID xiPlRoZSBD aGVja2xpc3 QgVmFsdWUg SW52ZXN0b3 Ig4oCUIEEg U21hcnRlci BXYXkgdG8g UGljayBTdG 9ja3M8L2I+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAg ICAgICAgIC AgICAtLT4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPCEtLQog ICAgICAgIC AgICAgICAg ICAgICAgIC A8ZGl2IHN0 eWxlPSdtYX JnaW4tdG9w OiAxNnB4Oy Bmb250LXNp emU6IDE0cH g7IGNvbG9y OiAjNDQ0Oy Bmb250LWZh bWlseTogLW FwcGxlLXN5 c3RlbSwgQm xpbmtNYWNT eXN0ZW1Gb2 50LCBTZWdv ZSBVSSwgUm 9ib3RvLCBI ZWx2ZXRpY2 EgTmV1ZSwg c2Fucy1zZX JpZjsgbGlu ZS1oZWlnaH Q6IDEuNjsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg SGF2ZSB5b3 UgaGVhcmQg YWJvdXQgb3 VyIHNob3J0 IDxzdHJvbm cgc3R5bGU9 J2ZvbnQtd2 VpZ2h0OiA2 MDA7Jz5EYW lseSBWaWRl byBOZXdzbG V0dGVyPC9z dHJvbmc+Pw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgPG EgaHJlZj0n aHR0cHM6Ly 93d3cuaW5z aWdodGZ1bH ZhbHVlLmNv bS9uZXdzbG V0dGVyLnBo cCcgdGFyZ2 V0PSdfYmxh bmsnIHN0eW xlPSdjb2xv cjogIzAwN0 JGRjsgdGV4 dC1kZWNvcm F0aW9uOiBu b25lOyBmb2 50LXdlaWdo dDogNTAwOy BtYXJnaW4t bGVmdDogNn B4Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg RmluZCBvdX QgbW9yZQog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9h PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgLS0+ CiAgICAgIC AgICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIA ogICAgICAg IAogICAgIC AgIDxzcGFu IGNsYXNzPS dibHVycmVk LXRleHQnPg ogICAgICAg ICAgICBUM0 JsYmxSbGVI IFFnYVhNZ1 lTQncgY205 dGFXNWxibi BRZ1EyRnVZ V1JwIFlXNG dZMjl0Y0cg RnVlU0J6Y0 dWaiBhV0Zz YVhwcGJtIG NnYVc0Z1pX NTAgWlhKd2 NtbHpaUyBC cGJtWnZjbT FoIGRHbHZi aUJ0WVcgNW haMlZ0Wlc1 MCBJQ2hGU1 UwcElIIE52 YkhWMGFXOX UgY3k0Z1NH VnlaUyBCaG NtVWdjMjl0 IFpTQnBibl JsY20gVnpk R2x1WnlCbS BZV04wY3lC aFltIDkxZE NCMGFHVWcg WTI5dGNHRn VlVCBvOFlu SStNUzRnIF JtOTFibVJw Ym0gYzZJRT l3Wlc1VSBa WGgwSUhkaG N5IEJtYjNW dVpHVmsgSU dsdUlERTVP VCBFZ1lua2 dZU0JuIGNt OTFjQ0J2Wm kgQkRiMjF3 ZFhSbCBjaU JUWTJsbGJt IE5sSUhOMG RXUmwgYm5S eklHWnliMi AwZ2RHaGxJ RlZ1IGFYWm xjbk5wZEgg a2diMllnVj JGMCBaWEpz YjI4dUlGIF JvWlNCcGJt bDAgYVdGc0 lHZHZZVyB3 Z2QyRnpJSF J2IElHUmxk bVZzYjMgQW djMjltZEhk aCBjbVVnWm 05eUlHIDFo Ym1GbmFXNW 4gSUd4aGNt ZGxJSCBadm JIVnRaWE1n IGIyWWdkVz V6ZEggSjFZ M1IxY21Way BJR1JoZEdF dVBHIEp5UG pJdUlFbHUg YVhScFlXd2 dVSCBWaWJH bGpJRTltIF ptVnlhVzVu T2kgQlVhR1 VnWTI5dCBj R0Z1ZVNCM1 pXIDUwSUhC MVlteHAgWX lCcGJpQXhP VCBrMklHRn VaQ0IzIFlY TWdiMjVsSU cgOW1JSFJv WlNCbSBhWE p6ZENCMFpX IE5vYm05c2 IyZDUgSUdO dmJYQmhibS BsbGN5QjBi eUJsIFlYSn VJR0VnYkcg bHpkR2x1Wn lCdiBiaUIw YUdVZ1ZHID l5YjI1MGJ5 QlQgZEc5am F5QkZlRyBO b1lXNW5aU3 dnIGQyaHBZ MmdnWTIgOX VkSEpwWW5W MCBaV1FnZE c4Z2FYIFJ6 SUhKaGNHbG sgSUdkeWIz ZDBhQyBCcG JpQjBhR1Vn IFptOXNiRz kzYVcgNW5J SGxsWVhKei BManhpY2o0 ekxpIEJCWT NGMWFYTnAg ZEdsdmJpQl RkSCBKaGRH Vm5lVG9nIF QzQmxibFJs ZUggUWdhR0 Z6SUhCMSBj bk4xWldRZ1 lXIDRnWVdk bmNtVnogYz JsMlpTQmhZ MyBGMWFYTn BkR2x2IGJp QnpkSEpoZE cgVm5lU3dn WVdOeCBkV2 x5YVc1bklH IDUxYldWeW IzVnogSUdO dmJYQmhibS BsbGN5QjBi eUJsIGVIQm hibVFnYVgg UnpJSEJ5Yj JSMSBZM1Fn YjJabVpYIE pwYm1keklH RnUgWkNCdF lYSnJaWCBR Z2NISmxjMl Z1IFkyVXVJ RTV2ZEcgRm liR1VnWVdO eCBkV2x6YV hScGIyIDV6 SUdsdVkyeD EgWkdVZ1JH OWpkVyAxbG JuUjFiU3dn IFIxaFRMQ0 JoYm0gUWdR MkYwWVd4NS BjM1F1UEdK eVBqIFF1SU Vkc2IySmgg YkNCUWNtVn paVyA1alpU b2dUM0JsIG JsUmxlSFFn YjMgQmxjbU YwWlhNZyBh VzRnYjNabG NpIEEwTUNC amIzVnUgZE hKcFpYTXNJ SCBCeWIzWn BaR2x1IFp5 QnpaWEoyYV cgTmxjeUJo Ym1RZyBjMj lzZFhScGIy IDV6SUhSdk lHRWcgWkds MlpYSnpaUy BCeVlXNW5a U0J2IFppQn BibVIxYzMg UnlhV1Z6SU dsdSBZMngx WkdsdVp5IE JvWldGc2RH aGogWVhKbE xDQm1hVyA1 aGJtTmxMQ0 J0IFlXNTFa bUZqZEggVn lhVzVuTENC aCBibVFnWj I5MlpYIEp1 YldWdWRDND ggWW5JK05T NGdRMiB4dm RXUWdVMjlz IGRYUnBiMj V6T2kgQlBj R1Z1VkdWNC BkQ0JvWVhN Z1pXIDFpY2 1GalpXUWcg WTJ4dmRXUW dkRyBWamFH NXZiRzluIG VTd2diMlpt WlggSnBibW NnZG1GeSBh VzkxY3lCam JHIDkxWkMx aVlYTmwgWk NCemIyeDFk RyBsdmJuTW dZV3h2IGJt ZHphV1JsSU cgbDBjeUIw Y21GayBhWF JwYjI1aGJD IEJ2Y0hKbG JXbHogWlhN Z2NISnZaSC BWamRITXVJ RlJvIGFYTW dkSEpoYm4g TnBkR2x2Ym lCMCBieUIw YUdVZ1kyIH h2ZFdRZ1lX eHAgWjI1ek lIZHBkRyBn Z2FXNWtkWE 4wIGNua2dk SEpsYm0gUn pJSFJ2ZDJG eSBaQ0JrYV dkcGRHIEZz SUhSeVlXNX ogWm05eWJX RjBhVyA5dU xqeGljajQy IExpQk1aV0 ZrWlggSnph R2x3SUdsdS BJRVZKVFRv Z1QzIEJsYm xSbGVIUWcg YVhNZ2NtVm piMiBkdWFY cGxaQ0JoIG N5QmhJR3hs WVcgUmxjaU JwYmlCMCBh R1VnWlc1MF pYIEp3Y21s elpTQnAgYm 1admNtMWhk RyBsdmJpQn RZVzVoIFoy VnRaVzUwSU ggTndZV05s TENCdiBabl JsYmlCeVlX IDVyWldRZ2 FHbG4gYUd4 NUlHbHVJRy BsdVpIVnpk SEo1IElHRn VZV3g1YzMg Uno0b0NaSU hKbCBjRzl5 ZEhNc0lIIE 4xWTJnZ1lY TWcgZEdodm MyVWdZbiBr Z1IyRnlkRz VsIGNpQmhi bVFnUm0gOX ljbVZ6ZEdW eSBManhpY2 o0M0xpIEJK Ym01dmRtRj AgYVc5dU9p QlVhRyBVZ1 kyOXRjR0Z1 IGVTQnBibl psYzMgUnpJ SE5wWjI1cC BabWxqWVc1 MGJIIGtnYV c0Z2NtVnog WldGeVkyZ2 dZVyA1a0lH UmxkbVZzIG IzQnRaVzUw TEMgQm1iMk 4xYzJsdSBa eUJ2YmlCaG NuIFJwWm1s amFXRnMgSU dsdWRHVnNi RyBsblpXNW paU3dnIGJX RmphR2x1Wl MgQnNaV0Z5 Ym1sdSBaeX dnWVc1a0lH IEYxZEc5dF lYUnAgYjI0 Z2RHOGdaVy A1b1lXNWpa U0JwIGRITW diMlptWlgg SnBibWR6TG p4aSBjajQ0 TGlCRlpIIF ZqWVhScGIy NWggYkNCUV lYSjBibSBW eWMyaHBjSE 02IElFOXda VzVVWlggaD BJR052Ykd4 aCBZbTl5WV hSbGN5IEIz YVhSb0lHVm sgZFdOaGRH bHZibSBGc0 lHbHVjM1Jw IGRIVjBhVz l1Y3kgQjBi eUJ3Y205dC BiM1JsSUhK bGMyIFZoY2 1Ob0lHRnUg WkNCcGJtNX ZkbSBGMGFX OXVJR2x1IE lHbHVabTl5 YlcgRjBhVz l1SUcxaCBi bUZuWlcxbG JuIFFnWVc1 a0lHUnAgWj JsMFlXd2dZ MiA5dWRHVn VkQ0J6IFpY SjJhV05sY3 kgNDhZbkkr T1M0ZyBVM1 Z6ZEdGcGJt IEZpYVd4cG RIa2cgU1c1 cGRHbGhkRy BsMlpYTTZJ RTl3IFpXNV VaWGgwSUcg bHpJR052Yl cxcCBkSFJs WkNCMGJ5IE J6ZFhOMFlX bHUgWVdKcG JHbDBlUyBC aGJtUWdZMj l5IGNHOXlZ WFJsSUggTn ZZMmxoYkNC eSBaWE53Yj I1emFXIEpw YkdsMGVTd2 cgYVcxd2JH VnRaVyA1MG FXNW5JSFpo IGNtbHZkWE 1nY0ggSnZa M0poYlhNZy BZV2x0WldR Z1lYIFFnY2 1Wa2RXTnAg Ym1jZ2FYUn pJRyBWdWRt bHliMjV0IF pXNTBZV3dn YVcgMXdZV0 4wSUdGdSBa Q0J3Y205dG IzIFJwYm1j Z2MyOWogYV dGc0lHVnhk VyBsMGVTND hZbkkrIE1U QXVJRU4xYz MgUnZiV1Z5 SUVKaCBjMl U2SUZSb1pT IEJqYjIxd1 lXNTUgSUhO bGNuWmxjeS BCdGIzSmxJ SFJvIFlXNG dNVEF3TEQg QXdNQ0JqZF hOMCBiMjFs Y25NZ2QyID l5YkdSM2FX UmwgTENCbW NtOXRJSCBO dFlXeHNJR0 oxIGMybHVa WE56WlggTW dkRzhnUm05 eSBkSFZ1Wl NBMU1EIEFn Wlc1MFpYSn cgY21selpY TXNJRyBsc2 JIVnpkSEpo IGRHbHVaeU JwZEggTWdZ V0pwYkdsMC BlU0IwYnlC allYIFJsY2 lCMGJ5Qmgg SUdScGRtVn ljMiBVZ2Nt RnVaMlVnIG IyWWdiM0pu WVcgNXBlbU YwYVc5dSBZ V3dnYm1WbF pIIE11UEdK eVBsUm8gWl hObElHWmhZ MiBWMGN5Qm piMjUwIGNt bGlkWFJsSU ggUnZJRTl3 Wlc1VSBaWG gwNG9DWmN5 IEJ6ZEdGdV pHbHUgWnlC aGN5QmhJRy B0bGVTQndi R0Y1IFpYSW dhVzRnZEcg aGxJR1pwWl d4ayBJRzlt SUdsdVptID l5YldGMGFX OXUgSUcxaG JtRm5aVyAx bGJuUWdZVz VrIElHVnVk R1Z5Y0ggSn BjMlVnYzI5 cyBkWFJwYj I1ekxqIHhp Y2o0OFluSS sKICAgICAg ICA8L3NwYW 4+CiAgICAg ICAgCiAgIC AgICAg