Zozo Inc

More reviews (5)

Live  

Zozo Inc is a Japanese fashion and technology company known for its online retail platform Zozotown. The company was founded in 2004 by Yusaku Maezawa and is headquartered in Chiba, Japan.
Zozotown is one of Japan’s largest and most successful online retail platforms, offering a wide range of fashion and lifestyle products from both international and domestic brands. It has over 800 brands and 6.9 million registered users as of 2020.
In addition to Zozotown, Zozo Inc also operates the mobile shopping app Zozo JP, which allows users to try on clothes virtually using augmented reality technology. The company has also expanded into other areas such as cosmetics, home goods, and food through its various subsidiary companies.
In 2018, Zozo Inc made headlines when its founder, Yusaku Maezawa, became the first private passenger to book a trip around the moon with SpaceX. The company also gained attention for their Zozosuit, a body-measuring suit that users could wear to get precise measurements for ordering custom-made clothing from Zozotown.
In 2020, Zozo Inc was acquired by SoftBank Group, a Japanese conglomerate, in a $3.7 billion deal. The company continues to expand and innovate in the fashion and technology industries, aiming to provide a unique and personalized shopping experience for their customers.

Wm96byBJbm MgaXMgYSBj b21wYW55IG Zyb20gSmFw YW4gdGhhdC Bmb2N1c2Vz IG9uIGZhc2 hpb24gYW5k IGNsb3RoaW 5nLiBUaGV5 IGhhdmUgYS Bjb29sIG9u bGluZSBzdG 9yZSB0aGF0 IHNlbGxzIG RpZmZlcmVu dCB0eXBlcy BvZiBjbG90 aGVzLCBhbm QgdGhleSBh bHNvIGNyZW F0ZSB0aGVp ciBvd24gdW 5pcXVlIGJy YW5kIG9mIG Nsb3RoaW5n LiBPbmUgb2 YgdGhlIHJl YWxseSBpbn RlcmVzdGlu ZyB0aGluZ3 MgdGhleSBk byBpcyBoZW xwIHBlb3Bs ZSBmaW5kIG Nsb3RoZXMg dGhhdCBmaX QgdGhlbSBw ZXJmZWN0bH kuIFRoZXkg aGF2ZSBzcG VjaWFsIHRv b2xzIGFuZC B0ZWNobm9s b2d5LCBsaW tlIGEgbWVh c3VyaW5nIG RldmljZSBj YWxsZWQgWm 96b3N1aXQs IHRoYXQgY2 FuIHRha2Ug eW91ciBib2 R54oCZcyBt ZWFzdXJlbW VudHMgc28g eW91IGNhbi BvcmRlciBj bG90aGVzIH RoYXQgZml0 IGp1c3Qgcm lnaHQuPGJy Plpvem8gSW 5jIG1ha2Vz IG1vbmV5IG J5IHNlbGxp bmcgdGhlc2 UgY2xvdGhl cyBkaXJlY3 RseSB0byBj dXN0b21lcn Mgb25saW5l LiBUaGV5IG Fsc28gd29y ayB3aXRoIG 90aGVyIGJy YW5kcyB0by BzZWxsIHRo ZWlyIGNsb3 RoZXMgb24g dGhlaXIgd2 Vic2l0ZSwg d2hpY2ggaG VscHMgdGhl bSBlYXJuIG V4dHJhIG1v bmV5LiBXaG VuIHBlb3Bs ZSBidXkgY2 xvdGhlcyBm cm9tIHRoZW lyIHdlYnNp dGUsIFpvem 8gZ2V0cyBh IHBvcnRpb2 4gb2YgdGhh dCBzYWxlLj xicj5XaGF0 IG1ha2VzIF pvem8gSW5j IHN1Y2Nlc3 NmdWwgaXMg dGhhdCB0aG V5IHVuZGVy c3RhbmQgd2 hhdCBwZW9w bGUgd2FudC BpbiBmYXNo aW9uLiBUaG V5IGhhdmUg ZW1icmFjZW QgdGVjaG5v bG9neSwgd2 hpY2ggaGVs cHMgcGVvcG xlIHNob3Ag c21hcnRlci BhbmQgbW9y ZSBjb21mb3 J0YWJseS4g UGx1cywgdG hleSBmb2N1 cyBvbiBwcm 92aWRpbmcg YSBnb29kIG V4cGVyaWVu Y2UgZm9yIH RoZWlyIGN1 c3RvbWVycy wgbGlrZSBl YXN5IHJldH VybnMgYW5k IGZhc3Qgc2 hpcHBpbmcu PGJyPkluIH RoZSBmdXR1 cmUsIFpvem 8gSW5jIHdp bGwgbGlrZW x5IHN0YXkg c3VjY2Vzc2 Z1bCBiZWNh dXNlIHRoZX kga2VlcCBp bm5vdmF0aW 5nIGFuZCBm aW5kaW5nIG 5ldyB3YXlz IHRvIHVzZS B0ZWNobm9s b2d5IGluIG Zhc2hpb24u IFRoZXkgYX JlIGFsc28g ZXhwYW5kaW 5nIHRoZWly IHJlYWNoIH RvIG1vcmUg Y3VzdG9tZX JzIGFuZCBp bXByb3Zpbm cgdGhlaXIg cHJvZHVjdH MuIEFzIGxv bmcgYXMgdG hleSBjb250 aW51ZSB0by BsaXN0ZW4g dG8gd2hhdC BwZW9wbGUg d2FudCBhbm QgYWRhcHQg dG8gY2hhbm dlcywgdGhl eSB3aWxsIG xpa2VseSBy ZW1haW4gYS Bwb3B1bGFy IGNob2ljZS Bmb3IgY2xv dGhpbmcgc2 hvcHBlcnMu PGJyPg==

Wm96byBJbm MgaXMgYSBK YXBhbmVzZS BlLWNvbW1l cmNlIGNvbX BhbnkgdGhh dCBpcyBrbm 93biBmb3Ig aXRzIGlubm 92YXRpdmUg YW5kIHRlY2 hub2xvZ2lj YWxseSBhZH ZhbmNlZCBh cHByb2FjaC B0byBvbmxp bmUgc2hvcH BpbmcuIEhl cmUgYXJlIH NvbWUgb2Yg dGhlIHNwZW NpYWwgZmVh dHVyZXMgYW 5kIGhpZ2hs aWdodHMgb2 YgdGhlIGNv bXBhbnk6PG JyPjEuIE1h ZGUtdG8tbW Vhc3VyZSBj bG90aGluZz ogWm96byBJ bmPigJlzIG ZsYWdzaGlw IGJyYW5kLC BaT1pPVE9X Tiwgb2ZmZX JzIGN1c3Rv bWl6ZWQgY2 xvdGhpbmcg dGhhdCBpcy B0YWlsb3Jl ZCB0byBmaX QgZWFjaCBp bmRpdmlkdW FsIGN1c3Rv bWVy4oCZcy Bib2R5IG1l YXN1cmVtZW 50cy48YnI+ Mi4gVGVjaC 1mb2N1c2Vk OiBUaGUgY2 9tcGFueeKA mXMgZm91bm RlciBhbmQg Q0VPLCBZdX Nha3UgTWFl emF3YSwgaX MgYSB0ZWNo IGVudHJlcH JlbmV1ciBh bmQgaGFzIG J1aWx0IFpv em8gSW5jIG ludG8gYSBj dXR0aW5nLW VkZ2UgZS1j b21tZXJjZS BhbmQgdGVj aG5vbG9neS Bjb21wYW55 Ljxicj4zLi BCb2R5IG1l YXN1cmVtZW 50IHRlY2hu b2xvZ3k6IF pvem8gSW5j IGhhcyBkZX ZlbG9wZWQg YSBib2R5IG 1lYXN1cmVt ZW50IHN5c3 RlbSBjYWxs ZWQgdGhlIF pPWk9TVUlU LCB3aGljaC B1c2VzIGEg bW9iaWxlIG FwcCBhbmQg YSBzcGVjaW FsbHkgZGVz aWduZWQgYm 9keXN1aXQg dG8gYWNjdX JhdGVseSBt ZWFzdXJlIG EgcGVyc29u 4oCZcyBib2 R5IGFuZCBo ZWxwIHRoZW 0gZmluZCB0 aGUgcGVyZm VjdCBmaXR0 aW5nIGNsb3 RoZXMuPGJy PjQuIEludG VsbGlnZW50 IGZhc2hpb2 4gc2hvcHBp bmc6IFpvem 8gSW5jIHVz ZXMgYXJ0aW ZpY2lhbCBp bnRlbGxpZ2 VuY2UgYW5k IGRhdGEgYW 5hbHl0aWNz IHRvIHByb3 ZpZGUgcGVy c29uYWxpem VkIGZhc2hp b24gcmVjb2 1tZW5kYXRp b25zIHRvIG l0cyBjdXN0 b21lcnMgYm FzZWQgb24g dGhlaXIgcH JlZmVyZW5j ZXMsIHN0eW xlLCBhbmQg Ym9keSBzaG FwZS48YnI+ NS4gR2xvYm FsIGV4cGFu c2lvbjogWm 96byBJbmMg aGFzIGV4cG FuZGVkIGl0 cyBvcGVyYX Rpb25zIHRv IHNldmVyYW wgY291bnRy aWVzIGluIE FzaWEgYW5k IGlzIGFjdG l2ZWx5IGVu dGVyaW5nIH RoZSBnbG9i YWwgbWFya2 V0LCB3aXRo IHBsYW5zIH RvIGxhdW5j aCBpbiB0aG UgVW5pdGVk IFN0YXRlcy BhbmQgRXVy b3BlLjxicj 42LiBDb2xs YWJvcmF0aW 9uIHdpdGgg aGlnaC1wcm 9maWxlIGJy YW5kczogWm 96byBJbmMg aGFzIHBhcn RuZXJlZCB3 aXRoIG1ham 9yIGZhc2hp b24gYnJhbm RzIHN1Y2gg YXMgTmlrZS wgQWRpZGFz LCBhbmQgVW 5pcWxvIHRv IG9mZmVyIG V4Y2x1c2l2 ZSBwcm9kdW N0cyBhbmQg Y28tYnJhbm RlZCBjb2xs ZWN0aW9ucy B0byBpdHMg Y3VzdG9tZX JzLjxicj43 LiBJbm5vdm F0aW9uIGlu IGN1c3RvbW VyIHNlcnZp Y2U6IFRoZS Bjb21wYW55 IG9mZmVycy BhIGhpZ2hs eSBwZXJzb2 5hbGl6ZWQg YW5kIGludH VpdGl2ZSBz aG9wcGluZy BleHBlcmll bmNlIHdpdG ggZmVhdHVy ZXMgc3VjaC BhcyB2aXJ0 dWFsIHNob3 BwaW5nIGFz c2lzdGFudH MsIHZvaWNl IHJlY29nbm l0aW9uLCBh bmQgcmVhbC 10aW1lIGN1 c3RvbWVyIH N1cHBvcnQu PGJyPk92ZX JhbGwsIFpv em8gSW5jIH N0YW5kcyBv dXQgZm9yIG l0cyB1c2Ug b2YgdGVjaG 5vbG9neSwg aW5ub3ZhdG lvbiwgYW5k IGRpc3J1cH Rpb24gaW4g dGhlIHRyYW RpdGlvbmFs IGZhc2hpb2 4gaW5kdXN0 cnksIG1ha2 luZyBpdCBh IHVuaXF1ZS BhbmQgZXhj aXRpbmcgY2 9tcGFueSB0 byB3YXRjaC 4=

Wm96byBJbm MgaXMgYSBK YXBhbmVzZS BlLWNvbW1l cmNlIGNvbX BhbnkgdGhh dCBzcGVjaW FsaXplcyBp biBvbmxpbm UgcmV0YWls aW5nIGFuZC BmYXNoaW9u LiBUaGVpci BidXNpbmVz cyBtb2RlbC BpcyBiYXNl ZCBvbiBzZW xsaW5nIGEg d2lkZSByYW 5nZSBvZiBh cHBhcmVsIG FuZCBhY2Nl c3Nvcmllcy BwcmltYXJp bHkgdGhyb3 VnaCB0aGVp ciBvbmxpbm Ugc2hvcHBp bmcgcGxhdG Zvcm0sIFpv em90b3duLC B3aGljaCBp cyBvbmUgb2 YgdGhlIGxh cmdlc3QgZS 1jb21tZXJj ZSBzaXRlcy BpbiBKYXBh bi48YnI+VG hlIGNvbXBh bnnigJlzIG 1haW4gc291 cmNlIG9mIH JldmVudWUg aXMgZ2VuZX JhdGVkIHRo cm91Z2ggc2 FsZXMgb2Yg cHJvZHVjdH Mgb24gdGhl aXIgcGxhdG Zvcm0sIHdp dGggY29tbW lzc2lvbnMg ZWFybmVkIG Zyb20gZWFj aCB0cmFuc2 FjdGlvbi4g VGhleSBhbH NvIG9mZmVy IGFkdmVydG lzaW5nIGFu ZCBtYXJrZX Rpbmcgc2Vy dmljZXMgdG 8gZmFzaGlv biBicmFuZH MgYW5kIHJl dGFpbGVycy wgYWxsb3dp bmcgdGhlbS B0byByZWFj aCBhIHdpZG VyIGF1ZGll bmNlIHRocm 91Z2ggWm96 b+KAmXMgcG xhdGZvcm0u PGJyPlpvem 8gSW5jIGhh cyBhbHNvIG V4cGFuZGVk IGludG8gdG hlIHJldGFp bCBidXNpbm VzcyBieSBv cGVuaW5nIH BoeXNpY2Fs IHN0b3Jlcy wga25vd24g YXMgWm96b3 Rvd24gc3Rv cmVzLCB3aG ljaCBvZmZl ciBhIHVuaX F1ZSBzaG9w cGluZyBleH BlcmllbmNl IGJ5IGNvbW JpbmluZyBv bmxpbmUgYW 5kIG9mZmxp bmUgc2hvcH BpbmcuPGJy PkFub3RoZX Iga2V5IGFz cGVjdCBvZi Bab3pvIElu Y+KAmXMgYn VzaW5lc3Mg bW9kZWwgaX MgdGhlaXIg ZGV2ZWxvcG 1lbnQgb2Yg cHJvcHJpZX RhcnkgdGVj aG5vbG9neS wgc3VjaCBh cyB0aGUgWm 96b3N1aXQs IGEgYm9keS BtZWFzdXJl bWVudCBkZX ZpY2UgdGhh dCBhbGxvd3 MgY3VzdG9t ZXJzIHRvIG FjY3VyYXRl bHkgbWVhc3 VyZSB0aGVp ciBib2R5IG RpbWVuc2lv bnMgYW5kIG ZpbmQgdGhl IHBlcmZlY3 QgZml0dGlu ZyBjbG90aG luZyBvbiB0 aGUgcGxhdG Zvcm0uPGJy Pk92ZXJhbG wsIFpvem8g SW5j4oCZcy BidXNpbmVz cyBtb2RlbC BpcyBmb2N1 c2VkIG9uIG xldmVyYWdp bmcgdGVjaG 5vbG9neSBh bmQgYSBzdH Jvbmcgb25s aW5lIHByZX NlbmNlIHRv IG9mZmVyIG Egd2lkZSBy YW5nZSBvZi BmYXNoaW9u IHByb2R1Y3 RzIHRvIGN1 c3RvbWVycy BhbmQgcHJv dmlkZSBhIH NlYW1sZXNz IHNob3BwaW 5nIGV4cGVy aWVuY2Uu

To evaluate whether AI poses a material threat to Zozo Inc’s products, services, or competitive positioning, we need to consider several factors, including substitution, disintermediation, and margin pressure.
1. Substitution: If AI technologies enable new products or services that can fulfill the same needs as those offered by Zozo Inc, there could be a risk of substitution. For instance, if AI-driven platforms can provide fashion recommendations, virtual fitting experiences, or personalized shopping services, customers may choose these alternatives over Zozo’s offerings. This is particularly relevant in the fashion and retail sectors, where personalization and customer experience are becoming increasingly important.
2. Disintermediation: AI can streamline processes in various industries, potentially reducing the need for intermediaries. If AI tools allow consumers to connect directly with manufacturers or creators, Zozo may face challenges in maintaining its role within the supply chain. Disintermediation might also occur if customers use AI-driven platforms to find better deals or solutions without involving companies like Zozo in their purchasing process.
3. Margin Pressure: The integration of AI into business operations may lead to increased efficiency and productivity, allowing competitors to reduce costs and pricing. If Zozo cannot match these efficiencies due to technological gaps, it might experience margin pressure. Additionally, AI can enable competitors to offer more cost-effective solutions or innovative features that attract customers, further impacting Zozo’s market position.
In conclusion, while Zozo Inc may have strong brand recognition and existing customer loyalty, AI does pose potential threats through substitution, disintermediation, and margin pressure. The extent of these threats will depend on how effectively Zozo can leverage AI within its own operations and adapt to changing market dynamics.

The sensitivity of Zozo Inc’s earnings, cash flow, and valuation to changes in interest rates can be assessed from several angles:
1. Earnings: Changes in interest rates can affect consumer spending behavior, especially in the retail sector where Zozo operates. If interest rates rise, consumers may have less disposable income due to higher borrowing costs, which can lead to decreased sales and, consequently, lower earnings. Conversely, lower interest rates may encourage consumer spending, boosting earnings.
2. Cash Flow: Interest rate fluctuations can also impact Zozo’s cash flow, particularly if the company has any outstanding debt. Higher interest rates would increase interest expenses, squeezing cash flow. Conversely, if interest rates decrease, Zozo could benefit from lower interest payments, leading to improved cash flow. Additionally, if consumers are spending less due to higher rates, cash inflows from sales may decline.
3. Valuation: Interest rates play a crucial role in valuation models, particularly those that use discounted cash flow (DCF) analysis. Higher interest rates typically lead to higher discount rates, which can lower the present value of future cash flows and thus decrease the company’s valuation. On the other hand, lower interest rates reduce the discount rate, potentially enhancing the company’s valuation.
Overall, while interest rates may not be the only factor influencing Zozo Inc’s financial performance, they certainly play a significant role. In times of rising rates, the company may face challenges in terms of demand, cash flow, and valuation, whereas falling rates could present opportunities for growth.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci Bab3pvIElu Yy7igJlzIG Vjb25vbWlj cyBvdmVyIH RoZSBuZXh0 IDPigJM1IH llYXJzIGlz IGEgc2lnbm lmaWNhbnQg YW5kIHN1c3 RhaW5lZCBk ZWNsaW5lIG luIHRoZSBK YXBhbmVzZS BlLWNvbW1l cmNlIG1hcm tldCBkdWUg dG8gaW5jcm Vhc2VkIGNv bXBldGl0aW 9uLCByaXNp bmcgb3Blcm F0aW9uYWwg Y29zdHMsIG FuZCBjaGFu Z2luZyBjb2 5zdW1lciBw cmVmZXJlbm Nlcy4gPGJy PkluIHRoaX Mgc2NlbmFy aW8sIGVzdG FibGlzaGVk IGludGVybm F0aW9uYWwg cGxheWVycy Bjb3VsZCBp bnRlbnNpZn kgdGhlaXIg cHJlc2VuY2 UgaW4gSmFw YW4sIGxldm VyYWdpbmcg dGhlaXIgZX N0YWJsaXNo ZWQgbG9naX N0aWNzIGFu ZCB0ZWNobm 9sb2dpY2Fs IGNhcGFiaW xpdGllcyB0 byB1bmRlcm N1dCBwcmlj ZXMuIENvbm N1cnJlbnRs eSwgWm96by B3b3VsZCBm YWNlIHJpc2 luZyBvcGVy YXRpb25hbC Bjb3N0cyBm cm9tIGxvZ2 lzdGljcywg d2FyZWhvdX NpbmcsIGFu ZCBmdWxmaW xsbWVudCwg ZXhhY2VyYm F0ZWQgYnkg aW5mbGF0aW 9uIGFuZCBz dXBwbHkgY2 hhaW4gZGlz cnVwdGlvbn MuIEFkZGl0 aW9uYWxseS wgYSBzaGlm dCBpbiBjb2 5zdW1lciBi ZWhhdmlvci B0b3dhcmRz IHN1c3RhaW 5hYmlsaXR5 IGNvdWxkIG xlYWQgdG8g ZGVjcmVhc2 VkIGRlbWFu ZCBmb3IgZm FzdCBmYXNo aW9uLCB3aG ljaCB3b3Vs ZCBsaWtlbH kgaW1wYWN0 IFpvem/igJ lzIHByaW1h cnkgYnVzaW 5lc3MgbW9k ZWwuPGJyPk lmIHRoaXMg c2NlbmFyaW 8gcGxheXMg b3V0LCBpdC B3b3VsZCBs aWtlbHkgcm VzdWx0IGlu IGRpbWluaX NoZWQgc2Fs ZXMgYW5kIH JlZHVjZWQg bWFya2V0IH NoYXJlIGZv ciBab3pvLi BNYXJnaW5z IHdvdWxkIG RlY2xpbmUg YXMgdGhlIG NvbXBhbnkg bWF5IG5lZW QgdG8gZW5n YWdlIGluIG FnZ3Jlc3Np dmUgcHJpY2 UgY29tcGV0 aXRpb24gdG 8gcmV0YWlu IGN1c3RvbW VycywgbGVh ZGluZyB0by Bjb21wcmVz c2lvbiBpbi Bwcm9maXQg bWFyZ2lucy 4gQ2FzaCBm bG93IHdvdW xkIGJlIG5l Z2F0aXZlbH kgaW1wYWN0 ZWQgYnkgYS Bjb21iaW5h dGlvbiBvZi Bsb3dlciBy ZXZlbnVlIG FuZCBoaWdo ZXIgY29zdH MsIHBvdGVu dGlhbGx5IH JlcXVpcmlu ZyB0aGUgY2 9tcGFueSB0 byBkaXAgaW 50byByZXNl cnZlcyBvci BpbmNyZWFz ZSBkZWJ0IH RvIG1haW50 YWluIG9wZX JhdGlvbnMu IDxicj5Pbi B0aGUgYmFs YW5jZSBzaG VldCwgdGhl IGltcGFjdC B3b3VsZCBi ZSBldmlkZW 50IHRocm91 Z2ggYSBkZW NyZWFzZSBp biB0b3RhbC Bhc3NldHMg ZHVlIHRvIG RldGVyaW9y YXRpbmcgY2 FzaCBwb3Np dGlvbnMgYW 5kIGluY3Jl YXNlZCBsaW FiaWxpdGll cyBzdGVtbW luZyBmcm9t IGxvYW5zIH Rha2VuIHRv IGNvdmVyIG 9wZXJhdGlv bmFsIHNob3 J0ZmFsbHMu IFRoZSBjb2 1wYW554oCZ cyBsZXZlcm FnZSByYXRp b3Mgd291bG Qgd29yc2Vu LCBpbmRpY2 F0aW5nIGEg aGlnaGVyIH Jpc2sgcHJv ZmlsZSB0by BpbnZlc3Rv cnMgYW5kIG NyZWRpdG9y cy4gRXF1aX R5IG1pZ2h0 IGFsc28gYm UgbmVnYXRp dmVseSBhZm ZlY3RlZCBp ZiB0aGUgY2 9tcGFueSBl eHBlcmllbm NlcyBsb3Nz ZXMsIHJlZH VjaW5nIHJl dGFpbmVkIG Vhcm5pbmdz LCB3aGljaC Bjb3VsZCB1 bHRpbWF0ZW x5IHVuZGVy bWluZSBpbn Zlc3RvciBj b25maWRlbm NlIGFuZCBs ZWFkIHRvIG EgbG93ZXIg c3RvY2sgdm FsdWF0aW9u LiA8YnI+T3 ZlcmFsbCwg dGhpcyBzY2 VuYXJpbyBj b3VsZCBmdW 5kYW1lbnRh bGx5IGFsdG VyIFpvem/i gJlzIGNvbX BldGl0aXZl IGxhbmRzY2 FwZSwgcHV0 dGluZyBzaW duaWZpY2Fu dCBwcmVzc3 VyZSBvbiBp dHMgZmluYW 5jaWFsIGhl YWx0aCBhbm QgbG9uZy10 ZXJtIHZpYW JpbGl0eS48 YnI+

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 bG9nb3MvV3 pKQ0VhTkhi Umg3SjdkRV BPbEUud2Vi cCIgYWx0PS Jab3pvIElu YyIgdGl0bG U9Ilpvem8g SW5jIiAgY2 xhc3M9Imlt Zy1mbHVpZC IgaGVpZ2h0 PTUwIHdpZH RoPTUwIGxv 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 Fib3V0IFpv em8gSW5jPw 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+agCBEb2 7igJl0IG1p c3MgPGk+Il RoZSBDaGVj a2xpc3QgVm FsdWUgSW52 ZXN0b3Ig4o CUIEEgU21h cnRlciBXYX kgdG8gUGlj ayBTdG9ja3 MiPC9pPiDi gJQgZnJlZS EKICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9wPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPCEtLQ ogICAgICAg ICAgICAgIC AgICAgICAg ICA8ZGl2IH N0eWxlPSdt YXJnaW4tdG 9wOiAxMnB4 OyBmb250LX NpemU6IDEz cHg7IGNvbG 9yOiAjNDQ0 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIG5vdyBh bmQgZ2V0IG 91ciBmcmVl IGVCb29rIA ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgPG I+VGhlIENo ZWNrbGlzdC BWYWx1ZSBJ bnZlc3Rvci DigJQgQSBT bWFydGVyIF dheSB0byBQ aWNrIFN0b2 NrczwvYj4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIC0tPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8IS0tCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xkaXYgc3R5 bGU9J21hcm dpbi10b3A6 IDE2cHg7IG ZvbnQtc2l6 ZTogMTRweD sgY29sb3I6 ICM0NDQ7IG ZvbnQtZmFt aWx5OiAtYX BwbGUtc3lz dGVtLCBCbG lua01hY1N5 c3RlbUZvbn QsIFNlZ29l IFVJLCBSb2 JvdG8sIEhl bHZldGljYS BOZXVlLCBz YW5zLXNlcm lmOyBsaW5l LWhlaWdodD ogMS42Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBI YXZlIHlvdS BoZWFyZCBh Ym91dCBvdX Igc2hvcnQg PHN0cm9uZy BzdHlsZT0n Zm9udC13ZW lnaHQ6IDYw MDsnPkRhaW x5IFZpZGVv IE5ld3NsZX R0ZXI8L3N0 cm9uZz4/Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICA8YS BocmVmPSdo dHRwczovL3 d3dy5pbnNp Z2h0ZnVsdm FsdWUuY29t L25ld3NsZX R0ZXIucGhw JyB0YXJnZX Q9J19ibGFu aycgc3R5bG U9J2NvbG9y OiAjMDA3Qk ZGOyB0ZXh0 LWRlY29yYX Rpb246IG5v bmU7IGZvbn Qtd2VpZ2h0 OiA1MDA7IG 1hcmdpbi1s ZWZ0OiA2cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBG aW5kIG91dC Btb3JlCiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8L2E+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAg ICAgICAgIC AgICAtLT4K ICAgICAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgCi AgICAgICAg CiAgICAgIC AgPHNwYW4g Y2xhc3M9J2 JsdXJyZWQt dGV4dCc+Ci AgICAgICAg ICAgIE1TNG dXbTk2Ynkg QkpibU1nZD JGeiBJR1p2 ZFc1a1pXIF FnYVc0Z01U azUgT0NCaW VTQktZWCBC aGJtVnpaU0 JsIGJuUnla WEJ5WlcgNW xkWElnV1hW eiBZV3QxSU UxaFpYIHBo ZDJFdVBHSn kgUGpJdUlG Um9aUyBCam IyMXdZVzU1 IElIZGhjeU J2Y20gbG5h VzVoYkd4NS BJRzVoYldW a0lGIE4wWV hKMElGUnYg WkdGNUlFTn ZMaSBCTWRH UXVJR0Z1IF pDQnpkR0Z5 ZEcgVmtJR0 Z6SUdGdSBJ Rzl1YkdsdV pTIEJ6YUc5 d2NHbHUgWn lCM1pXSnph WCBSbExqeG ljajR6IExp QkpiaUF5TU QgQTBMQ0Iw YUdVZyBZMj l0Y0dGdWVT IEJzWVhWdV kyaGwgWkNC cGRITWdabS BseWMzUWdZ WEJ3IFlYSm xiQ0JpY20g RnVaQ0JqWV d4cyBaV1Fn NG9DY1dtID k2YjNOMWFY VGkgZ0owZ2 QyaHBZMiBn Z1kyOXVjMm x6IGRHVmtJ RzltSUcgMW haR1V0ZEc4 dCBiV1ZoYz NWeVpTIEJq Ykc5MGFHbH UgWnlCMWMy bHVaeSBCaW IyUjVJRzFs IFlYTjFjbV Z0WlcgNTBj eUJqYjJ4cy BaV04wWldR Z2RHIGh5Yj NWbmFDQmgg SUdKdlpIa2 djMiBOaGJt NXBibWNnIG MzbHpkR1Z0 TGogeGljaj QwTGlCSiBi aUF5TURFeU xDIEJhYjNw dklFbHUgWX lCc1lYVnVZ MiBobFpDQn BkSE1nIGIz ZHVJR1poYz IgaHBiMjRn WlMxaiBiMj F0WlhKalpT IEJ6YVhSbE lHTmggYkd4 bFpDQmFiMy BwdmRHOTNi aXdnIGQyaH BZMmdnYUcg RnpJR0psWT I5dCBaU0J2 Ym1VZ2IyIF lnZEdobElH eGggY21kbG MzUWdiMiA1 c2FXNWxJR1 poIGMyaHBi MjRnYzIgaH ZjSEJwYm1j ZyBjMmwwWl hNZ2FXIDRn U21Gd1lXNH UgUEdKeVBq VXVJRSBsdU lESXdNVGdz IElGcHZlbT hnU1cgNWpJ R2x1ZEhKdi BaSFZqWldR Z2RHIGhsSU ZwdmVtOXog ZFdsMElESX NJRyBGdUlI VndaR0YwIF pXUWdkbVZ5 YzIgbHZiaU J2WmlCMCBh R1VnYjNKcF oyIGx1WVd3 Z1dtOTYgYj NOMWFYUXNJ SCBkb2FXTm 9JSFZ6IFpY TWdZU0J6Yl cgRnlkSEJv YjI1bCBJR0 Z3Y0NCaGJt IFFnWVNCd2 IyeHIgWVNC a2IzUXRjRy BGMGRHVnli bVZrIElHSn ZaSGx6ZFcg bDBJSFJ2SU hSaCBhMlVn WW05a2VTIE J0WldGemRY SmwgYldWdW RITXVQRyBK eVBqWXVJRW x1IElESXdN VGdzSUYgcH ZlbThnU1c1 aiBJRzFoWk dVZ2FHIFZo Wkd4cGJtVn ogSUhkb1pX NGdhWCBRZ1 lXNXViM1Z1 IFkyVmtJSF JvWVggUWdh WFFnZDI5MS BiR1FnWW1V Z2RHIGhsSU dacGNuTjAg SUhCeWFYWm hkRyBVZ1ky OXRjR0Z1IG VTQjBieUJt Ykgga2dZU0 J0YVhOeiBh Vzl1SUdGeW IzIFZ1WkNC MGFHVWcgYl c5dmJpQjNh WCBSb0lGTn dZV05sIFdD QnBiaUF5TU QgSXpMaUJa ZFhOaCBhM1 VnVFdGbGVt IEYzWVNCcG N5QnogWlhR Z2RHOGdZbS BVZ2RHaGxJ R1pwIGNuTj BJSEJoZVcg bHVaeUJ3WV hOeiBaVzVu WlhJZ2IyID RnVTNCaFky VlkgNG9DWm N5QndiRyBG dWJtVmtJRT F2IGIyNGdi Rzl2Y0MgND hZbkkrTnk0 ZyBTVzRnTW pBeE9TIHdn V205NmJ5Qk ogYm1NZ1lX NXViMyBWdV kyVmtJR2ww IGN5Qmxibl J5ZVMgQnBi blJ2SUhSby BaU0JuYkc5 aVlXIHdnYl dGeWEyVjAg SUhkcGRHZ2 dkRyBobElH eGhkVzVqIG FDQnZaaUJw ZEggTWdabW x5YzNRZyBh VzUwWlhKdV lYIFJwYjI1 aGJDQmwgTF dOdmJXMWxj bSBObElITn BkR1VzIElG cHZlbThnVj IgOXliR1F1 UEdKeSBQam d1SUVGeklH IDltSURJd0 1qQXMgSUZw dmVtOGdTVy A1aklHaGhj eUJsIGVIQm hibVJsWkMg QnBkSE1nWW 5WeiBhVzVs YzNNZ2RHID hnYVc1amJI VmsgWlNCaE lISmhibSBk bElHOW1JSE J5IGIyUjFZ M1J6SUcgRn VaQ0J6WlhK MiBhV05sY3 l3Z2FXIDVq YkhWa2FXNW 4gSUdFZ2JX OWlhVyB4bE lIQmhlVzFs IGJuUWdjMl Z5ZG0gbGpa U3dnWVNCbS BZWE5vYVc5 dUlHIE52Yj NKa2FXNWgg ZEdsdmJpQm hjSCBBc0lH RnVaQ0JoIE lIWnBjblIx WVcgd2dabU Z6YUdsdiBi aUJoYzNOcG MzIFJoYm5R dVBHSnkgUG prdUlFbHVJ RCBJd01qRX NJRmwxIGMy RnJkU0JOWV cgVjZZWGRo SUdGdSBibT kxYm1ObFpD IEJvWlNCM2 IzVnMgWkNC aVpTQnpkRy BWd2NHbHVa eUJrIGIzZH VJR0Z6SUUg TkZUeUJ2Wm lCYSBiM3B2 SUVsdVl5IE IwYnlCbWIy TjEgY3lCdm JpQm9hWCBN Z2JtVjNJSF psIGJuUjFj bVVzSUUgUm xZWEpOYjI5 dSBMQ0IzYU dsamFDIEJo YVcxeklIUn YgSUhObGJt UWdZUyBCbm NtOTFjQ0J2 IFppQmhjbl JwYzMgUnpJ Rzl1SUdFZy BkSEpwY0NC aGNtIDkxYm 1RZ2RHaGwg SUcxdmIyNH VQRyBKeVBq RXdMaUJCIG N5QnZaaUJO WVggSmphQ0 F5TURJeCBM Q0JhYjNwdk lFIGx1WXlC b1lYTWcgWV NCdFlYSnJa WCBRZ2RtRn NkV1VnIGIy WWdiM1psY2 kgQWtPU0Jp YVd4cyBhVz l1SUdGdVpD IEJsYlhCc2 IzbHogSUc5 MlpYSWdOQy B3d01EQWdj R1Z2IGNHeG xMZz09CiAg ICAgICAgPC 9zcGFuPgog ICAgICAgIA ogICAgICAg IA==