ICF International

Live  

ICF International is a consultancy and technology services company that provides a range of services to clients in both the public and private sectors. Founded in 1969, ICF has built a reputation for delivering innovative solutions and expertise in various fields, including energy, environment, social programs, transportation, and health.
The company’s primary offerings include management consulting, policy analysis, program implementation, and technology solutions. ICF works with a diverse client base, including government agencies, noprofit organizations, and commercial enterprises, helping them address complex challenges and achieve their strategic goals.
Headquartered in Fairfax, Virginia, ICF operates globally, with a presence in numerous countries. The company emphasizes a collaborative approach, integrating data analytics, technology, and strategic communications into its projects. ICF is known for its commitment to sustainability and social impact, reflecting a dedication to addressing critical issues such as climate change and community resilience.
In recent years, ICF has expanded its services and capabilities through acquisitions and partnerships, enhancing its ability to provide comprehensive solutions tailored to the evolving needs of its clients. The company’s workforce consists of skilled professionals with expertise in various disciplines, allowing ICF to tackle interdisciplinary challenges effectively.

SUNGIEludG VybmF0aW9u YWwgaXMgYS Bjb21wYW55 IHRoYXQgaG VscHMgb3Ro ZXIgYnVzaW 5lc3NlcyBh bmQgZ292ZX JubWVudHMg c29sdmUgcH JvYmxlbXMg YW5kIG1ha2 UgZ29vZCBk ZWNpc2lvbn MuIFRoZXkg ZG8gdGhpcy BieSBwcm92 aWRpbmcgYW R2aWNlIGFu ZCBzZXJ2aW NlcyBpbiBh cmVhcyBsaW tlIHRlY2hu b2xvZ3ksIG Vudmlyb25t ZW50YWwgcH JvdGVjdGlv biwgaGVhbH RoLCBhbmQg ZW5lcmd5Li BUaGluayBv ZiB0aGVtIG xpa2UgYSBn cm91cCBvZi ByZWFsbHkg c21hcnQgZG V0ZWN0aXZl cyB3aG8gdX NlIGRhdGEg YW5kIGluZm 9ybWF0aW9u IHRvIGhlbH Agb3JnYW5p emF0aW9ucy BydW4gYmV0 dGVyLjxicj 5JQ0YgbWFr ZXMgbW9uZX kgYnkgY2hh cmdpbmcgdG hlc2Ugb3Jn YW5pemF0aW 9ucyBmb3Ig dGhlIHNlcn ZpY2VzIGFu ZCBhZHZpY2 UgdGhleSBw cm92aWRlLi BUaGlzIGNv dWxkIGJlIH Rocm91Z2gg cHJvamVjdH MgbGlrZSBo ZWxwaW5nIG EgY2l0eSBp bXByb3ZlIG l0cyBwdWJs aWMgdHJhbn Nwb3J0YXRp b24sIGFzc2 lzdGluZyBh IGJpZyBjb2 1wYW55IGlu IGJlY29taW 5nIG1vcmUg ZWNvLWZyaW VuZGx5LCBv ciBzdXBwb3 J0aW5nIGEg Z292ZXJubW VudCBhZ2Vu Y3kgaW4gZG V2ZWxvcGlu ZyBuZXcgcG 9saWNpZXMu PGJyPlNvbW UgcmVhc29u cyB3aHkgSU NGIGlzIHN1 Y2Nlc3NmdW wgYW5kIGxp a2VseSB0by Bjb250aW51 ZSBiZWluZy BzdWNjZXNz ZnVsIGFyZT o8YnI+MS4g PHN0cm9uZz 5EaXZlcnNl IFNraWxscz wvc3Ryb25n PjogVGhleS BoYXZlIGEg bG90IG9mIG V4cGVydHMg aW4gZGlmZm VyZW50IGZp ZWxkcywgd2 hpY2ggbWVh bnMgdGhleS BjYW4gaGVs cCB3aXRoIG 1hbnkgZGlm ZmVyZW50IH R5cGVzIG9m IHByb2JsZW 1zLjxicj4y LiA8c3Ryb2 5nPkdyb3dp bmcgRGVtYW 5kPC9zdHJv bmc+OiBNYW 55IG9yZ2Fu aXphdGlvbn MgYXJlIGxv b2tpbmcgZm 9yIGhlbHAg d2l0aCBpbX BvcnRhbnQg aXNzdWVzIG xpa2UgY2xp bWF0ZSBjaG FuZ2UgYW5k IGhlYWx0aC wgd2hpY2gg bWFrZXMgSU NG4oCZcyBz ZXJ2aWNlcy B2YWx1YWJs ZS48YnI+My 4gPHN0cm9u Zz5FeHBlcm llbmNlPC9z dHJvbmc+Oi BJQ0YgaGFz IGJlZW4gYX JvdW5kIGZv ciBhIGxvbm cgdGltZSBh bmQgaGFzIG J1aWx0IGEg c3Ryb25nIH JlcHV0YXRp b24sIHNvIG 1vcmUgY2xp ZW50cyB0cn VzdCB0aGVt IHRvIGdldC B0aGUgam9i IGRvbmUgd2 VsbC48YnI+ NC4gPHN0cm 9uZz5BZGFw dGFiaWxpdH k8L3N0cm9u Zz46IFRoZX kgY2FuIGNo YW5nZSB0aG VpciBzZXJ2 aWNlcyBiYX NlZCBvbiB3 aGF0IGlzIG hhcHBlbmlu ZyBpbiB0aG Ugd29ybGQs IGxpa2Ugbm V3IHRlY2hu b2xvZ2llcy BvciBlbnZp cm9ubWVudG FsIGNoYWxs ZW5nZXMsIH doaWNoIGhl bHBzIHRoZW 0gc3RheSBy ZWxldmFudC 48YnI+T3Zl cmFsbCwgSU NGIEludGVy bmF0aW9uYW wgaXMgZ29v ZCBhdCB3aG F0IGl0IGRv ZXMsIHdoaW NoIGhlbHBz IG90aGVyIG 9yZ2FuaXph dGlvbnMgc3 VjY2VlZCwg YW5kIHRoYX QgaXMgd2h5 IHRoZXkgYX JlIGxpa2Vs eSB0byBrZW VwIGdyb3dp bmcgaW4gdG hlIGZ1dHVy ZS48YnI+

SUNGIEludG VybmF0aW9u YWwgaXMga2 5vd24gZm9y IGl0cyBleH BlcnRpc2Ug aW4gY29uc3 VsdGluZyBh bmQgdGVjaG 5vbG9neSBz ZXJ2aWNlcy wgcGFydGlj dWxhcmx5IG luIGFyZWFz IHJlbGF0ZW QgdG8gc29j aWFsIGFuZC BlbnZpcm9u bWVudGFsIG lzc3Vlcy4g VGhlIGNvbX BhbnkgZm9j dXNlcyBvbi B2YXJpb3Vz IHNlY3Rvcn MsIGluY2x1 ZGluZyBnb3 Zlcm5tZW50 LCBlbmVyZ3 ksIHRyYW5z cG9ydGF0aW 9uLCBhbmQg aGVhbHRoLi BPbmUgb2Yg aXRzIHNwZW NpYWwgYXR0 cmlidXRlcy BpcyBpdHMg Y29tbWl0bW VudCB0byBz dXN0YWluYW JpbGl0eSBh bmQgaGVscG luZyBvcmdh bml6YXRpb2 5zIG5hdmln YXRlIGNvbX BsZXggY2hh bGxlbmdlcy ByZWxhdGVk IHRvIGNsaW 1hdGUgY2hh bmdlLCBwdW JsaWMgaGVh bHRoLCBhbm QgZWNvbm9t aWMgZGV2ZW xvcG1lbnQu PGJyPklDRi BpcyBkaXN0 aW5ndWlzaG VkIGJ5IGl0 cyBkYXRhLW RyaXZlbiBh cHByb2FjaC wgbGV2ZXJh Z2luZyBhbm FseXRpY3Mg YW5kIHRlY2 hub2xvZ3kg dG8gcHJvdm lkZSBpbnNp Z2h0cyBhbm Qgc29sdXRp b25zIHRvIG l0cyBjbGll bnRzLiBGdX J0aGVybW9y ZSwgdGhlIG NvbXBhbnkg aGFzIGEgc3 Ryb25nIHJl cHV0YXRpb2 4gZm9yIGl0 cyBhYmlsaX R5IHRvIHRh Y2tsZSBsYX JnZS1zY2Fs ZSBwcm9qZW N0cyBhbmQg ZGVsaXZlci BtZWFzdXJh YmxlIG91dG NvbWVzLiBX aXRoIGEgZG l2ZXJzZSB0 ZWFtIG9mIH Byb2Zlc3Np b25hbHMsIE lDRiBpcyBy ZWNvZ25pem VkIGZvciBm b3N0ZXJpbm cgYW4gaW5j bHVzaXZlIH dvcmsgZW52 aXJvbm1lbn QgdGhhdCB2 YWx1ZXMgY2 9sbGFib3Jh dGlvbiBhbm QgaW5ub3Zh dGlvbiwgZW 5hYmxpbmcg aXQgdG8gYW RkcmVzcyB0 aGUgZXZvbH ZpbmcgbmVl ZHMgb2YgaX RzIGNsaWVu dHMgZWZmZW N0aXZlbHku PGJyPg==

SUNGIEludG VybmF0aW9u YWwgb3Blcm F0ZXMgcHJp bWFyaWx5IG FzIGEgY29u c3VsdGluZy BhbmQgdGVj aG5vbG9neS BzZXJ2aWNl cyBmaXJtLC Bmb2N1c2lu ZyBvbiBhIH dpZGUgcmFu Z2Ugb2Ygc2 VjdG9ycyBp bmNsdWRpbm cgZ292ZXJu bWVudCwgZW 5lcmd5LCBl bnZpcm9ubW VudCwgaGVh bHRoLCBhbm QgdHJhbnNw b3J0YXRpb2 4uIFRoZSBj b21wYW554o CZcyBidXNp bmVzcyBtb2 RlbCByZXZv bHZlcyBhcm 91bmQgcHJv dmlkaW5nIH NwZWNpYWxp emVkIGNvbn N1bHRpbmcg c2VydmljZX MsIHdoaWNo IGluY2x1ZG Ugc3RyYXRl Z2ljIHBsYW 5uaW5nLCBw b2xpY3kgYW 5hbHlzaXMs IGFuZCBwcm 9ncmFtIGlt cGxlbWVudG F0aW9uLjxi cj5JQ0YgZ2 VuZXJhdGVz IHJldmVudW UgdGhyb3Vn aCBzZXZlcm FsIGtleSBj aGFubmVscz o8YnI+MS4g PHN0cm9uZz 5Db25zdWx0 aW5nIFNlcn ZpY2VzPC9z dHJvbmc+Oi BJQ0Ygb2Zm ZXJzIGFkdm lzb3J5IHNl cnZpY2VzIH RvIGdvdmVy bm1lbnQgYW dlbmNpZXMg YW5kIGNvbW 1lcmNpYWwg Y2xpZW50cy 4gVGhpcyBp bmNsdWRlcy BoZWxwaW5n IG9yZ2FuaX phdGlvbnMg ZGV2ZWxvcC BzdHJhdGVn aWVzLCBpbX Byb3ZlIG9w ZXJhdGlvbm FsIGVmZmlj aWVuY3ksIG FuZCBuYXZp Z2F0ZSByZW d1bGF0b3J5 IGZyYW1ld2 9ya3MuPGJy PjIuIDxzdH Jvbmc+VGVj aG5vbG9neS BTb2x1dGlv bnM8L3N0cm 9uZz46IFRo ZSBmaXJtIH Byb3ZpZGVz IHRlY2hub2 xvZ3kgYW5k IHNvZnR3YX JlIHNvbHV0 aW9ucyB0aG F0IHN1cHBv cnQgaXRzIG NvbnN1bHRp bmcgc2Vydm ljZXMsIGVu aGFuY2luZy BvcGVyYXRp b25hbCBlZm ZpY2llbmN5 IGFuZCBkYX RhIG1hbmFn ZW1lbnQgZm 9yIGNsaWVu dHMuPGJyPj MuIDxzdHJv bmc+UmVzZW FyY2ggYW5k IEV2YWx1YX Rpb248L3N0 cm9uZz46IE lDRiBjb25k dWN0cyByZX NlYXJjaCBh bmQgZXZhbH VhdGlvbnMg dG8gYXNzZX NzIHByb2dy YW0gcGVyZm 9ybWFuY2Us IGluZm9ybS Bwb2xpY2ll cywgYW5kIG 1lYXN1cmUg aW1wYWN0Li BUaGlzIGlz IHBhcnRpY3 VsYXJseSBy ZWxldmFudC BpbiBzZWN0 b3JzIGxpa2 UgcHVibGlj IGhlYWx0aC BhbmQgZW52 aXJvbm1lbn RhbCBzY2ll bmNlLjxicj 40LiA8c3Ry b25nPlRyYW luaW5nIGFu ZCBDYXBhY2 l0eSBCdWls ZGluZzwvc3 Ryb25nPjog VGhlIGNvbX BhbnkgY29u ZHVjdHMgdH JhaW5pbmcg c2Vzc2lvbn MgYW5kIHdv cmtzaG9wcy B0byBlbmhh bmNlIGNsaW VudCBjYXBh YmlsaXRpZX MgYW5kIGVu c3VyZSBzdW NjZXNzZnVs IGltcGxlbW VudGF0aW9u IG9mIHRoZW lyIHN0cmF0 ZWdpZXMuPG JyPklDRiBm b2N1c2VzIG 9uIGJ1aWxk aW5nIGxvbm ctdGVybSBy ZWxhdGlvbn NoaXBzIHdp dGggY2xpZW 50cywgb2Z0 ZW4gZW5nYW dpbmcgaW4g bXVsdGkteW VhciBjb250 cmFjdHMgdG hhdCBwcm92 aWRlIHN0YW JsZSByZXZl bnVlIHN0cm VhbXMuIFRo ZSBjb21wYW 55IGFsc28g ZW1waGFzaX plcyBhIHN0 cm9uZyBjb2 1taXRtZW50 IHRvIHN1c3 RhaW5hYmls aXR5IGFuZC Bzb2NpYWwg cmVzcG9uc2 liaWxpdHks IGFsaWduaW 5nIGl0cyBz ZXJ2aWNlcy B3aXRoIGtl eSBpc3N1ZX MgZmFjZWQg YnkgY2xpZW 50cyBpbiB0 b2RheeKAmX MgZ2xvYmFs IGxhbmRzY2 FwZS4gQnkg bGV2ZXJhZ2 luZyBpdHMg ZGVlcCBpbm R1c3RyeSBl eHBlcnRpc2 UgYW5kIGEg ZGl2ZXJzZS B3b3JrZm9y Y2UsIElDRi Bwb3NpdGlv bnMgaXRzZW xmIGFzIGEg dHJ1c3RlZC BwYXJ0bmVy IGZvciBvcm dhbml6YXRp b25zIHNlZW tpbmcgdG8g bmF2aWdhdG UgY29tcGxl eCBjaGFsbG VuZ2VzLjxi cj4=

AI could potentially pose various threats to ICF International’s products, services, and competitive positioning, depending on how it is leveraged by competitors and the market as a whole.
1. Substitution: AI technologies can automate certain tasks traditionally performed by consulting firms, such as data analysis, report generation, and predictive modeling. If competitors utilize AI effectively, they may offer similar services at a lower cost or with faster turnaround times, making it challenging for ICF to maintain its market share.
2. Disintermediation: The rise of AI-driven platforms may reduce the need for traditional consulting services. Clients might turn to AI tools for insights and solutions instead of relying on external consultants. This trend could lead to a direct reduction in demand for ICF’s services if they do not adapt and incorporate AI into their offerings.
3. Margin Pressure: As AI tools become more widely adopted in consulting and related services, the cost of delivering services may decrease, leading to increased competition on pricing. Consequently, ICF could face margin pressure as it competes with more AI-integrated firms that can offer services at lower prices due to reduced operational costs.
In summary, while ICF International has established expertise and a strong reputation in its field, it needs to proactively integrate AI into its service offerings and business strategies to mitigate these potential threats and remain competitive.

The sensitivity of ICF International’s earnings, cash flow, and valuation to changes in interest rates can be analyzed through several factors.
1. Earnings Sensitivity: ICF International’s earnings may be sensitive to interest rate changes because rising interest rates can increase the cost of borrowing. This is particularly relevant if the company has significant debt on its balance sheet. Higher interest expenses can reduce net income. Conversely, if interest rates rise, it might lead to increased demand for certain consulting services, especially in sectors like energy and environmental management, where financing costs impact project viability.
2. Cash Flow Sensitivity: Cash flow is also impacted by interest rates. Higher rates mean that interest payments on debt increase, which could reduce free cash flow. Additionally, if clients experience higher costs of capital due to rising rates, they may delay or reduce spending on consulting services, affecting ICF’s cash inflow. On the other hand, if ICF operates on a project basis with longer-term contracts, it may have some insulation from immediate impacts of interest rate increases.
3. Valuation Sensitivity: The valuation of ICF International, like many firms, is influenced by interest rates through the discount rate applied in valuation models. As interest rates increase, the discount rate used in discounted cash flow analysis also typically rises, leading to lower present values of future cash flows. This can negatively affect the company’s market valuation. Furthermore, higher rates might affect investor perceptions and risk appetites, influencing stock price and multiples.
In summary, while the exact sensitivity of ICF International’s earnings, cash flow, and valuation to changes in interest rates can vary based on the overall economic environment and company-specific factors, it is clear that there are significant potential impacts worth monitoring.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BJQ0YgSW50 ZXJuYXRpb2 5hbOKAmXMg ZWNvbm9taW NzIG92ZXIg dGhlIG5leH QgMy01IHll YXJzIGlzIG Egc2lnbmlm aWNhbnQgYW 5kIHByb2xv bmdlZCBkb3 dudHVybiBp biBnb3Zlcm 5tZW50IHNw ZW5kaW5nIG 9uIGNvbnN1 bHRpbmcgc2 VydmljZXMg ZHVlIHRvIG EgYnJvYWRl ciBmaXNjYW wgY3Jpc2lz LiBGYWN0b3 JzIHN1Y2gg YXMgZWNvbm 9taWMgcmVj ZXNzaW9uLC Bwb2xpdGlj YWwgaW5zdG FiaWxpdHks IG9yIHNoaW Z0cyBpbiBn b3Zlcm5tZW 50IHByaW9y aXRpZXMgY2 91bGQgbGVh ZCB0byBzdW JzdGFudGlh bCBidWRnZX QgY3V0cyBp biBmZWRlcm FsLCBzdGF0 ZSwgYW5kIG xvY2FsIGdv dmVybm1lbn RzLiBBcyBJ Q0YgSW50ZX JuYXRpb25h bCByZWxpZX Mgb24gYSBz aWduaWZpY2 FudCBwb3J0 aW9uIG9mIG l0cyByZXZl bnVlIGZyb2 0gZ292ZXJu bWVudCBjb2 50cmFjdHMg Zm9yIGNvbn N1bHRpbmcg c2VydmljZX MgaW4gYXJl YXMgbGlrZS BlbmVyZ3ks IGVudmlyb2 5tZW50LCBh bmQgc29jaW FsIHByb2dy YW1zLCBhbn kgcmVkdWN0 aW9uIGluIG dvdmVybm1l bnQgc3Blbm RpbmcgY291 bGQgc2V2ZX JlbHkgaW1w YWN0IGl0cy BidXNpbmVz cy48YnI+SW YgdGhpcyBz Y2VuYXJpby B3ZXJlIHRv IG1hdGVyaW FsaXplLCB0 aGUgY29tcG FueeKAmXMg bWFyZ2lucy Bjb3VsZCBk ZXRlcmlvcm F0ZSBzaGFy cGx5LiBSZW R1Y2VkIGRl bWFuZCBmb3 IgY29uc3Vs dGluZyBzZX J2aWNlcyB3 b3VsZCBsZW FkIHRvIGRl Y3JlYXNlZC ByZXZlbnVl cywgYW5kIG luIHJlc3Bv bnNlLCBJQ0 YgbWlnaHQg aGF2ZSB0by BjdXQgY29z dHMgYnkgbG F5aW5nIG9m ZiBlbXBsb3 llZXMgb3Ig cmVkdWNpbm cgc2FsYXJp ZXMsIHdoaW NoIGNvdWxk IGZ1cnRoZX IgaW1wYWN0 IGVtcGxveW VlIG1vcmFs ZSBhbmQgcH JvZHVjdGl2 aXR5LiBUaG UgY29tYmlu YXRpb24gb2 YgbG93ZXIg cmV2ZW51ZX MgYW5kIHBv dGVudGlhbG x5IGhpZ2hl ciBvcGVyYX Rpb25hbCBj b3N0cyBkdX JpbmcgYSBz Y2FsaW5nIG JhY2sgcHJv Y2VzcyBjb3 VsZCBsZWFk IHRvIGNvbn RyYWN0aW5n IHByb2ZpdC BtYXJnaW5z Ljxicj5DYX NoIGZsb3cg d291bGQgYW xzbyBsaWtl bHkgYmUgbm VnYXRpdmVs eSBhZmZlY3 RlZCBpbiB0 aGlzIHNjZW 5hcmlvLiBX aXRoIGZld2 VyIHByb2pl Y3RzIGFuZC Bjb250cmFj dHMsIGNhc2 ggaW5mbG93 cyB3b3VsZC BkZWNyZWFz ZSwgd2hpbG UgZml4ZWQg Y29zdHMgcm VtYWluLiBJ ZiBjbGllbn RzIGRlbGF5 ZWQgcGF5bW VudHMgZHVl IHRvIGJ1ZG dldCBjb25z dHJhaW50cy BvciBpZiBw cm9qZWN0cy B3ZXJlIGNh bmNlbGVkLC BJQ0YgY291 bGQgZmFjZS BsaXF1aWRp dHkgaXNzdW VzLCBpbXBh Y3RpbmcgaX RzIGFiaWxp dHkgdG8gaW 52ZXN0IGlu IG5ldyBwcm 9qZWN0cyBv ciB0ZWNobm 9sb2d5LiBU aGUgb3Zlcm FsbCBjYXNo IGN5Y2xlIG NvdWxkIGxl bmd0aGVuLC BsZWFkaW5n IHRvIHBvdG VudGlhbCBj YXNoIHNob3 J0YWdlcy48 YnI+T24gdG hlIGJhbGFu Y2Ugc2hlZX QsIGFueSBz dXN0YWluZW QgZGVjbGlu ZSBpbiBwcm 9maXRhYmls aXR5IG1pZ2 h0IHJlc3Vs dCBpbiByZW R1Y2VkIHJl dGFpbmVkIG Vhcm5pbmdz LCB1bHRpbW F0ZWx5IGxv d2VyaW5nIH NoYXJlaG9s ZGVyIGVxdW l0eS4gU3Vw cG9zZSBJQ0 YgYXR0ZW1w dGVkIHRvIG JvcnJvdyBh Z2FpbnN0IG l0cyBmdXR1 cmUgZWFybm luZ3MgcHJv amVjdGlvbn MgdG8gbWFp bnRhaW4gbG lxdWlkaXR5 IG9yIGludm VzdCBpbiBu ZXcgYnVzaW 5lc3Mgb3Bw b3J0dW5pdG llcy4gSW4g dGhhdCBjYX NlLCB0aGlz IGNvdWxkIG luY3JlYXNl IGRlYnQgbG V2ZWxzLCBs ZWFkaW5nIH RvIGhpZ2hl ciBsZXZlcm FnZSByYXRp b3MuIElmIH RoZSBjb21w YW554oCZcy BjcmVkaXR3 b3J0aGluZX NzIGlzIHBl cmNlaXZlZC B0byBiZSBk ZWNsaW5pbm csIGZ1dHVy ZSBib3Jyb3 dpbmcgY29z dHMgY291bG QgcmlzZSwg ZnVydGhlci BzdHJhaW5p bmcgaXRzIG ZpbmFuY2lh bCBoZWFsdG guPGJyPk92 ZXJhbGwsIG lmIHRoaXMg c2NlbmFyaW 8gcGxheWVk IG91dCwgSU NGIEludGVy bmF0aW9uYW wgd291bGQg bGlrZWx5IG ZhY2Ugc2ln bmlmaWNhbn QgY2hhbGxl bmdlcywgd2 l0aCBkZWNs aW5pbmcgbW FyZ2lucywg Y2FzaCBmbG 93IGlzc3Vl cywgYW5kIG EgY29tcHJv bWlzZWQgYm FsYW5jZSBz aGVldCwgY3 JlYXRpbmcg bG9uZy10ZX JtIGltcGxp Y2F0aW9ucy Bmb3IgaXRz IGFiaWxpdH kgdG8gb3Bl cmF0ZSBhbm QgY29tcGV0 ZSBlZmZlY3 RpdmVseSBp biB0aGUgbW Fya2V0Ljxi cj4=

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 bG9nb3MvYk pBTW9yaEVa d0dtM0hQQm R4RVkud2Vi cCIgYWx0PS JJQ0YgSW50 ZXJuYXRpb2 5hbCIgdGl0 bGU9IklDRi BJbnRlcm5h dGlvbmFsIi AgY2xhc3M9 ImltZy1mbH VpZCIgaGVp Z2h0PTUwIH dpZHRoPTUw IGxvYWRpbm c9J2xhenkn IHN0eWxlPS dib3JkZXIt cmFkaXVzOi A2cHg7Jz4K CiAgICAgIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nZmxleD ogMTsgdGV4 dC1hbGlnbj ogY2VudGVy OyBtYXJnaW 4tbGVmdDog NXB4Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDxwIHN0eW xlPSdmb250 LXNpemU6ID I2cHg7IGNv bG9yOiAjMz MzOyBtYXJn aW4tYm90dG 9tOiAxNXB4 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICDwn5OIIF dhbnQgdG8g cmVhZCBtb3 JlIGFib3V0 IElDRiBJbn Rlcm5hdGlv bmFsPwogIC 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+a gCBEb27igJ l0IG1pc3Mg PGk+IlRoZS BDaGVja2xp c3QgVmFsdW UgSW52ZXN0 b3Ig4oCUIE EgU21hcnRl ciBXYXkgdG 8gUGljayBT dG9ja3MiPC 9pPiDigJQg ZnJlZSEKIC 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 IFNVTkdJRW x1ZEcgVnli bUYwYVc5dS BZV3dnYVhN Z1lTIEJuYk c5aVlXd2cg WTI5dWMzVn NkRyBsdVp5 QnpaWEoyIG FXTmxjeUJq YjIgMXdZVz U1SUhkcCBk R2dnWVNCbW IyIE4xY3lC dmJpQncgY2 05MmFXUnBi bSBjZ2NISn ZabVZ6IGMy bHZibUZzSU cgTnZibk4x YkhScCBibW NnYzJWeWRt IGxqWlhNZ1 lXTnkgYjNO eklIWmhjbS BsdmRYTWdj MlZqIGRHOX ljeTRnU0cg VnlaU0JoY2 1VZyBjMjl0 WlNCcGJuIF JsY21WemRH bHUgWnlCbV lXTjBjeSBC aFltOTFkQ0 IwIGFHVWdZ Mjl0Y0cgRn VlVG84WW5J KyBNUzRnUm 05MWJtIFJw Ym1jNklFbE QgUmlCSmJu UmxjbSA1aG RHbHZibUZz IElIZGhjeU JtYjMgVnVa R1ZrSUdsdS BJREU1Tmpr c0lHIDl5YV dkcGJtRnMg YkhrZ1lYTW dZUyBCemJX RnNiQ0JqIG IyNXpkV3gw YVcgNW5JR1 pwY20wZyBa bTlqZFhObF pDIEJ3Y21s dFlYSnAgYk hrZ2IyNGdk RyBobElHVn VaWEpuIGVT QnpaV04wYj MgSXVQR0p5 UGpJdSBJRV JwZG1WeWMy IFVnVTJWeW RtbGogWlhN NklGUm9aUy BCamIyMXdZ VzU1IElHOW 1abVZ5Y3kg QmhJSGRwWk dVZyBjbUZ1 WjJVZ2IyIF lnYzJWeWRt bGogWlhNc0 lHbHVZMiB4 MVpHbHVaeU J0IFlXNWha MlZ0WlcgNT BJR052Ym5O MSBiSFJwYm 1jc0lIIFJs WTJodWIyeH YgWjNrZ2My VnlkbSBsal pYTXNJR0Z1 IFpDQndkV0 pzYVcgTWdj RzlzYVdONS BJR0Z1WVd4 NWMyIGx6TG lCSmRDQnog WlhKMlpYTW dZMiB4cFpX NTBjeUJwIG JpQnpaV04w YjMgSnpJR3 hwYTJVZyBa MjkyWlhKdW JXIFZ1ZEN3 Z2FHVmggYk hSb1kyRnla UyB3Z1pXNW xjbWQ1IExD QmhibVFnZE cgaGxJR1Z1 ZG1seSBiMj V0Wlc1MExq IHhpY2o0ek xpQkggYkc5 aVlXd2dVbS BWaFkyZzZJ RWxEIFJpQn ZjR1Z5WVgg UmxjeUJwYm lCdCBiM0ps SUhSb1lXID RnTnpBZ1ky OTEgYm5SeW FXVnpMQyBC d2NtOTJhV1 JwIGJtY2dj MlZ5ZG0gbG paWE1nZEc4 ZyBZbTkwYU NCa2IyIDFs YzNScFl5Qm ggYm1RZ2FX NTBaWCBKdV lYUnBiMjVo IGJDQmpiR2 xsYm4gUnpM aUJVYUdsei BJR2RzYjJK aGJDIEJ3Y2 1WelpXNWog WlNCaGJHeH ZkMyBNZ2RH aGxJR052IG JYQmhibmtn ZEcgOGdZbk pwYm1jZyBa R2wyWlhKel pTIEJ3WlhK emNHVmogZE dsMlpYTWdZ VyA1a0lITn ZiSFYwIGFX OXVjeUIwYn kgQnBkSE1n Y0hKdiBhbV ZqZEhNdVBH IEp5UGpRdU lFVnUgZG1s eWIyNXRaVy A1MFlXd2dS bTlqIGRYTT ZJRWxEUmkg QnBjeUJyYm 05MyBiaUJt YjNJZ2FYIF J6SUdOdmJX MXAgZEcxbG JuUWdkRyA4 Z1pXNTJhWE p2IGJtMWxi blJoYkMgQn pkWE4wWVds dSBZV0pwYk dsMGVTIEJo Ym1RZ1kyeH AgYldGMFpT QmphRyBGdV oyVWdhVzVw IGRHbGhkR2 wyWlggTXVJ RlJvWlNCai BiMjF3WVc1 NUlHIDltZE dWdUlIZHYg Y210eklIZH BkRyBnZ1oy OTJaWEp1IG JXVnVkQ0Jo WjIgVnVZMm xsY3lCaCBi bVFnVGtkUG N5IEJ2YmlC d2NtOXEgWl dOMGN5Qnla VyB4aGRHVm tJSFJ2IElH VnVaWEpuZV MgQmxabVpw WTJsbCBibU 41TENCbGJu IFpwY205dW JXVnUgZEdG c0lIQnliMy BSbFkzUnBi MjRzIElHRn VaQ0J5Wlcg NWxkMkZpYk dVZyBaVzVs Y21kNUxqIH hpY2o0MUxp QlEgZFdKc2 FXTWdVMiBW amRHOXlJRV Y0IGNHVnlk R2x6WlQgb2 dRU0J6YVdk dSBhV1pwWT JGdWRDIEJ3 YjNKMGFXOX UgSUc5bUlF bERSdSBLQW 1YTWdZblZ6 IGFXNWxjM0 1nWTIgOXRa WE1nWm5Kdi BiU0JuYjNa bGNtIDV0Wl c1MElHTnYg Ym5SeVlXTj BjeSA0Z1ZH aGxJR052IG JYQmhibmtn YUcgRnpJR1 Y0ZEdWdSBj MmwyWlNCbG VIIEJsY21s bGJtTmwgSU dsdUlIZHZj bSB0cGJtY2 dkMmwwIGFD Qm1aV1JsY2 0gRnNMQ0J6 ZEdGMCBaU3 dnWVc1a0lH IHh2WTJGc0 lHZHYgZG1W eWJtMWxibi BRZ1pXNTBh WFJwIFpYTW dhVzRnWVgg SmxZWE1nYz NWaiBhQ0Jo Y3lCd2RXIE pzYVdNZ2FH VmggYkhSb0 xDQjBjbSBG dWMzQnZjbl JoIGRHbHZi aXdnWVcgNW tJR1JwYzJG eiBkR1Z5SU cxaGJtIEZu WlcxbGJuUX UgUEdKeVBq WXVJRSBWdG NHeHZlV1Zs IExVTmxibl J5YVcgTWdR M1ZzZEhWeS BaVG9nU1VO R0lHIGx6SU hKbFkyOW4g Ym1sNlpXUW dabSA5eUlH bDBjeUJ6IG RISnZibWNn WTIgOXljRz l5WVhSbCBJ R04xYkhSMW NtIFVnZEdo aGRDQmwgYl hCb1lYTnBl bSBWeklHVn RjR3h2IGVX VmxJSGRsYk cgd3RZbVZw Ym1jZyBZVz VrSUhCeWIy IFpsYzNOcG IyNWggYkNC a1pYWmxiRy A5d2JXVnVk QzRnIFZHaG xJR052Ylgg QmhibmtnWV dOMCBhWFps YkhrZ2NIIE p2Ylc5MFpY TWcgWkdsMl pYSnphWCBS NUlHRnVaQ0 JwIGJtTnNk WE5wYjIgNG dkMmwwYUds dSBJR2wwY3 lCM2IzIEpy Wm05eVkyVX UgUEdKeVBq Y3VJRiBKbG MyVmhjbU5v IElHRnVaQ0 JFWVggUmhJ RUZ1WVd4NS BkR2xqY3pv Z1NVIE5HSU dsdWRtVnog ZEhNZ2FHVm hkbSBsc2VT QnBiaUJ5IF pYTmxZWEpq YUMgQmhibV FnWkdGMCBZ U0JoYm1Gc2 VYIFJwWTNN c0lIZG8gYV dOb0lHVnVZ VyBKc1pYTW dhWFFnIGRH OGdjSEp2ZG 0gbGtaU0Js ZG1sayBaVz VqWlMxaVlY IE5sWkNCem IyeDEgZEds dmJuTWdZVy A1a0lHbHVj MmxuIGFIUn pJSFJ2SUcg bDBjeUJqYk dsbCBiblJ6 TGp4aWNqID Q0TGlCQmQy RnkgWkhNZ1 lXNWtJRiBK bFkyOW5ibW wwIGFXOXVP aUJQZG0gVn lJSFJvWlNC NSBaV0Z5Y3 l3Z1NVIE5H SUdoaGN5Qn kgWldObGFY WmxaQyBCMl lYSnBiM1Z6 IElHRjNZWE prY3kgQm1i M0lnYVhSei BJSGR2Y210 d2JHIEZqWl NCamRXeDAg ZFhKbExDQm 5jbSA5M2RH Z3NJR0Z1IF pDQmpiMjF0 YVggUnRaVz UwSUhSdiBJ R1JwZG1WeW MyIGwwZVN3 Z1puVnkgZE dobGNpQmxj MyBSaFlteH BjMmhwIGJt Y2dhWFJ6SU ggSmxjSFYw WVhScCBiMj RnWVhNZ1lT IEJzWldGa1 pYSWcgYVc0 Z2RHaGxJRy BOdmJuTjFi SFJwIGJtY2 dhVzVrZFgg TjBjbmt1UE dKeSBQamt1 SUVGamNYIF ZwYzJsMGFX OXUgY3pvZ1 ZHaGxJRyBO dmJYQmhibm tnIGFHRnpJ R1Y0Y0cgRn VaR1ZrSUds MCBjeUJqWV hCaFltIGxz YVhScFpYTW cgWVc1a0lI TmxjbiBacF kyVWdiMlpt IFpYSnBibW R6SUggUm9j bTkxWjJnZy BjM1J5WVhS bFoyIGxqSU dGamNYVnAg YzJsMGFXOX VjeSA0Z1ZH aGxjMlVnIF lXTnhkV2x6 YVggUnBiMj V6SUdoaCBk bVVnYUdWc2 NHIFZrSUVs RFJpQmwgYm 1oaGJtTmxJ RyBsMGN5Qm xlSEJsIGNu UnBjMlVnYV cgNGdjM0Js WTJsbSBhV0 1nWkc5dFlX IGx1Y3lCaG JtUWcgYldG eWEyVjBjeS A0OFluSStN VEF1IElGQj FZbXhwWTIg eDVJRlJ5WV dSbCBaRG9n U1VOR0lFIG x1ZEdWeWJt RjAgYVc5dV lXd2dZbSBW allXMWxJR0 VnIGNIVmli R2xqYkgga2 dkSEpoWkdW ayBJR052Yl hCaGJuIGtn YVc0Z01qQX ggTUNCaGJt UWdhWCBNZ2 JHbHpkR1Zr IElHOXVJSF JvWlMgQk9R Vk5FUVZFZy BkVzVrWlhJ Z2RHIGhsSU hScFkydGwg Y2lCemVXMW liMiB3Z1NV TkdTUzRnIF ZHaHBjeUJ6 ZEcgRjBkWE 1nYUdGeiBJ R1poWTJsc2 FYIFJoZEdW a0lHRmsgWk dsMGFXOXVZ VyB3Z1ozSn ZkM1JvIElH OXdjRzl5ZE ggVnVhWFJw WlhNZyBkR2 h5YjNWbmFD IEJqWVhCcG RHRnMgSUds dWRtVnpkRy AxbGJuUXVQ R0p5IFBsUm 9aWE5sSUcg WmhZM1J6SU docCBaMmhz YVdkb2RDIE JKUTBZZ1NX NTAgWlhKdV lYUnBiMiA1 aGJPS0FtWE 1nIFkyOXRi V2wwYlcgVn VkQ0IwYnlC dyBjbTkyYV dScGJtIGNn YUdsbmFDMX ggZFdGc2FY UjVJRyBOdm JuTjFiSFJw IGJtY2djMl Z5ZG0gbGpa WE1nZDJocC BiR1VnYldG cGJuIFJoYV c1cGJtY2cg WVNCbWIyTj FjeSBCdmJp QnpiMk5wIF lXd2djbVZ6 Y0cgOXVjMm xpYVd4cCBk SGtnWVc1a0 lHIFZ0Y0d4 dmVXVmwgSU hOaGRHbHpa bSBGamRHbH ZiaTQ4IFlu SSsKICAgIC AgICA8L3Nw YW4+CiAgIC AgICAgCiAg ICAgICAg