Weyco Group

-11.47%

Live  

The Weyco Group is an international company that specializes in the design, production, and distribution of branded footwear. The company was founded in 1896 in Milwaukee, Wisconsin, and has since grown into a global corporation with operations in over 70 countries.
The Weyco Group has a diverse portfolio of brands, including Florsheim, Nunn Bush, Stacy Adams, and BOGS. These brands offer a wide range of footwear options for men, women, and children, and are known for their high-quality materials and craftsmanship.
In addition to its focus on footwear, the Weyco Group also has a strong commitment to corporate responsibility. The company prioritizes ethical sourcing and manufacturing practices, as well as giving back to the communities in which it operates.
Overall, the Weyco Group is a respected and well-established company in the footwear industry, with a long history of success and a dedication to quality and social responsibility.

V2V5Y28gR3 JvdXAgaXMg YSBjb21wYW 55IHRoYXQg bWFrZXMgYW 5kIHNlbGxz IHNob2VzLi BUaGV5IGhh dmUgdGhlaX Igb3duIGJy YW5kcywgd2 hpY2ggbWVh bnMgdGhleS BkZXNpZ24g YW5kIGNyZW F0ZSBzaG9l cyB0aGF0IG FyZSB1bmlx dWUgdG8gdG hlbS4gU29t ZSBvZiB0aG UgYnJhbmRz IHlvdSBtaW dodCBoYXZl IGhlYXJkIG 9mIGFyZSBB bGRvIGFuZC BTdGFjeSBB ZGFtcy4gVG hleSBtYWtl IGRpZmZlcm VudCB0eXBl cyBvZiBzaG 9lcywgbGlr ZSBkcmVzcy BzaG9lcyBm b3Igc3BlY2 lhbCBvY2Nh c2lvbnMgYW 5kIGNhc3Vh bCBzaG9lcy Bmb3IgZXZl cnlkYXkgd2 Vhci48YnI+ V2V5Y28gR3 JvdXAgbWFr ZXMgbW9uZX kgYnkgc2Vs bGluZyB0aG VzZSBzaG9l cyB0byBzdG 9yZXMuIFRo ZXkgd29yay B3aXRoIG1h bnkgcmV0YW lsZXJzLCB3 aGljaCBhcm UgcGxhY2Vz IHdoZXJlIH lvdSBjYW4g YnV5IHRoaW 5ncywgbGlr ZSBzaG9lIH N0b3JlcyBv ciBkZXBhcn RtZW50IHN0 b3Jlcy4gV2 hlbiBjdXN0 b21lcnMgYn V5IHNob2Vz IGZyb20gdG hlc2Ugc3Rv cmVzLCB0aG Ugc3RvcmUg cGF5cyBXZX ljbyBHcm91 cCBmb3IgdG hlIHNob2Vz IHRoZXkgZ2 90LiBUaGUg Y29tcGFueS BhbHNvIGhh cyBhIHdlYn NpdGUgd2hl cmUgcGVvcG xlIGNhbiBi dXkgc2hvZX MgZGlyZWN0 bHksIHdoaW NoIGhlbHBz IHRoZW0gcm VhY2ggZXZl biBtb3JlIG N1c3RvbWVy cy48YnI+V2 V5Y28gR3Jv dXAgaXMgc3 VjY2Vzc2Z1 bCBmb3IgYS BmZXcgcmVh c29ucy4gRm lyc3QsIHRo ZXkgaGF2ZS BiZWVuIG1h a2luZyBzaG 9lcyBmb3Ig YSBsb25nIH RpbWUsIHNv IHRoZXkga2 5vdyB3aGF0 IGN1c3RvbW VycyBsaWtl IGFuZCBob3 cgdG8gbWFr ZSBnb29kIH F1YWxpdHkg cHJvZHVjdH MuIFNlY29u ZCwgdGhleS BwYXkgYXR0 ZW50aW9uIH RvIGZhc2hp b24gdHJlbm RzIGFuZCBt YWtlIHN1cm UgdGhlaXIg c2hvZXMgYX JlIHN0eWxp c2ggYW5kIG NvbWZvcnRh YmxlLCBzby BwZW9wbGUg d2FudCB0by BidXkgdGhl bS4gRmluYW xseSwgdGhl eSBoYXZlIG Egc3Ryb25n IHBsYW4gdG 8ga2VlcCBn cm93aW5nLC BsaWtlIGV4 cGFuZGluZy B0byBuZXcg c3RvcmVzIG FuZCBpbXBy b3ZpbmcgdG hlaXIgb25s aW5lIHNob3 BwaW5nIGV4 cGVyaWVuY2 UuPGJyPkxv b2tpbmcgaW 50byB0aGUg ZnV0dXJlLC BXZXljbyBH cm91cCB3aW xsIHByb2Jh Ymx5IGNvbn RpbnVlIHRv IGJlIHN1Y2 Nlc3NmdWwg YmVjYXVzZS B0aGV5IGFk YXB0IHRvIG NoYW5naW5n IHN0eWxlcy BhbmQgY3Vz dG9tZXIgcH JlZmVyZW5j ZXMuIFRoZX kgYWxzbyBm b2N1cyBvbi BtYXJrZXRp bmcgYW5kIH Byb21vdGlv bnMgdG8gYX R0cmFjdCBt b3JlIGN1c3 RvbWVycy4g QXMgbG9uZy BhcyB0aGV5 IGtlZXAgbW FraW5nIHNo b2VzIHRoYX QgcGVvcGxl IGxvdmUgYW 5kIHN0YXkg Y29ubmVjdG VkIHRvIG5l dyB0cmVuZH MsIHRoZXni gJlsbCBsaW tlbHkgZG8g d2VsbCBmb3 IgYSBsb25n IHRpbWUuPG JyPg==

VGhlIFdleW NvIEdyb3Vw IGlzIGEgZm 9vdHdlYXIg Y29tcGFueS B0aGF0IHN0 YW5kcyBvdX QgZm9yIGl0 cyBjb21taX RtZW50IHRv IHN1c3RhaW 5hYmlsaXR5 IGFuZCBjb3 Jwb3JhdGUg c29jaWFsIH Jlc3BvbnNp YmlsaXR5Li BUaGV5IGhh dmUgYmVlbi ByZWNvZ25p emVkIGZvci B0aGVpciBl ZmZvcnRzIG luIHVzaW5n IGVjby1mcm llbmRseSBt YXRlcmlhbH MgYW5kIG1h bnVmYWN0dX JpbmcgcHJv Y2Vzc2VzLC BhcyB3ZWxs IGFzIHRoZW lyIGNoYXJp dGFibGUgZG 9uYXRpb25z IGFuZCBjb2 1tdW5pdHkg aW52b2x2ZW 1lbnQuIEFk ZGl0aW9uYW xseSwgdGhl IGNvbXBhbn kgaGFzIGEg c3Ryb25nIG ZvY3VzIG9u IGVtcGxveW VlIGRldmVs b3BtZW50IG FuZCB3ZWxs bmVzcywgd2 l0aCBpbml0 aWF0aXZlcy BzdWNoIGFz IHRoZWlyIH dlbGxuZXNz IHByb2dyYW 0gYW5kIHR1 aXRpb24gcm VpbWJ1cnNl bWVudCBwcm 9ncmFtLiBU aGV5IGhhdm UgYWxzbyBi ZWVuIHN1Y2 Nlc3NmdWwg aW4gZGl2ZX JzaWZ5aW5n IHRoZWlyIH Byb2R1Y3Qg b2ZmZXJpbm dzIGFuZCBl eHBhbmRpbm cgaW50byBp bnRlcm5hdG lvbmFsIG1h cmtldHMu

VGhlIFdleW NvIEdyb3Vw IGNvbXBhbn kncyBidXNp bmVzcyBtb2 RlbCBpcyBj ZW50ZXJlZC Bhcm91bmQg bWFudWZhY3 R1cmluZyBh bmQgZGlzdH JpYnV0aW5n IGZvb3R3ZW FyLiBUaGUg Y29tcGFueS BvcGVyYXRl cyB0aHJvdW doIHR3byBt YWluIHNlZ2 1lbnRzOiBO b3J0aCBBbW VyaWNhIHdo b2xlc2FsZS BhbmQgRXVy b3BlIHdob2 xlc2FsZS4g PGJyPlVuZG VyIHRoZSBO b3J0aCBBbW VyaWNhIHdo b2xlc2FsZS BzZWdtZW50 LCB0aGUgY2 9tcGFueSBt YW51ZmFjdH VyZXMgYW5k IHNlbGxzIH Nob2VzIHVu ZGVyIHZhcm lvdXMgYnJh bmQgbmFtZX Mgc3VjaCBh cyBGbG9yc2 hlaW0sIE51 bm4gQnVzaC wgYW5kIFN0 YWN5IEFkYW 1zIHRvIHJl dGFpbGVycy BhbmQgZGVw YXJ0bWVudC BzdG9yZXMg YWNyb3NzIE 5vcnRoIEFt ZXJpY2EuIF RoaXMgc2Vn bWVudCBhbH NvIGluY2x1 ZGVzIHRoZS BTdGFjeSBB ZGFtcyBSZX RhaWwgZGl2 aXNpb24sIH doaWNoIG9w ZXJhdGVzIG NvbXBhbnkt b3duZWQgcm V0YWlsIHN0 b3Jlcy4gPG JyPlRoZSBF dXJvcGUgd2 hvbGVzYWxl IHNlZ21lbn QgZm9jdXNl cyBvbiBzZW xsaW5nIHRo ZSBjb21wYW 55J3MgZm9v dHdlYXIgYn JhbmRzIHRv IEV1cm9wZW FuIGRpc3Ry aWJ1dG9ycy BhbmQgcmV0 YWlsZXJzIH Rocm91Z2gg c3Vic2lkaW FyaWVzIGxv Y2F0ZWQgaW 4gdGhlIFVL IGFuZCB0aG UgTmV0aGVy bGFuZHMuID xicj5JbiBh ZGRpdGlvbi B0byBpdHMg d2hvbGVzYW xlIGJ1c2lu ZXNzLCBXZX ljbyBHcm91 cCBhbHNvIG 9wZXJhdGVz IGEgZGlyZW N0LXRvLWNv bnN1bWVyIH NlZ21lbnQg dGhyb3VnaC BpdHMgZS1j b21tZXJjZS B3ZWJzaXRl cyBhbmQgY2 9tcGFueS1v d25lZCByZX RhaWwgc3Rv cmVzLiA8Yn I+T3ZlcmFs bCwgdGhlIG NvbXBhbnkn cyBidXNpbm VzcyBtb2Rl bCBpcyBiYX NlZCBvbiBk ZXNpZ25pbm csIHNvdXJj aW5nLCBtYW 51ZmFjdHVy aW5nLCBhbm QgbWFya2V0 aW5nIGhpZ2 gtcXVhbGl0 eSBmb290d2 VhciBwcm9k dWN0cyB0by BhIHdpZGUg cmFuZ2Ugb2 YgY3VzdG9t ZXJzLCBpbm NsdWRpbmcg d2hvbGVzYW xlcnMsIHJl dGFpbGVycy wgYW5kIGNv bnN1bWVycy 4=

To evaluate whether AI poses a material threat to Weyco Group’s products, services, or competitive positioning, we can consider several aspects of the footwear and apparel industry in which the company operates.
1. Substitution: AI technology can enable the emergence of innovative products and services, such as advanced footwear design through generative design software or personalized fit solutions leveraging machine learning. If such technologies are adopted by competitors, they may offer superior products that could substitute Weyco’s traditional offerings. Moreover, AI can enhance the customization and personalization of products, which might shift consumer preference toward brands that provide these tailored experiences.
2. Disintermediation: AI can change the supply chain dynamics in retail. For example, direct-to-consumer models facilitated by AI-driven marketing and sales strategies may reduce the need for intermediary retailers. If competitors leverage AI to build more effective direct sales channels, Weyco could lose market share as consumers are drawn to brands that offer quick access and streamlined purchasing experiences.
3. Margin Pressure: The implementation of AI in operations can lead to cost reductions and enhanced efficiency across various stages of production and distribution. Competitors adopting AI technologies may achieve lower production costs, enabling them to offer similar products at lower prices. This could put pressure on Weyco’s profit margins, especially if they are unable or slow to implement comparable AI solutions themselves.
Overall, while AI presents opportunities for innovation and improvement, it also poses material threats to companies like Weyco Group in terms of substitution, disintermediation, and margin pressures. The key to mitigating these threats lies in the company’s ability to adapt and integrate AI technologies effectively into its operations and product offerings.

The sensitivity of Weyco Group’s earnings, cash flow, and valuation to changes in interest rates can be influenced by several factors:
1. Cost of Debt: If Weyco Group has outstanding debt, rising interest rates can lead to higher interest expenses. This would reduce net earnings and cash flow. Conversely, if interest rates decrease, the cost of servicing debt might decline, potentially improving profitability.
2. Consumer Spending: Higher interest rates can dampen consumer spending, particularly on discretionary items like footwear. If consumers face higher borrowing costs, they may limit their spending, which can negatively affect sales and revenue for Weyco Group.
3. Valuation: Interest rates play a crucial role in discounting future cash flows when valuing a company. Higher interest rates increase the discount rate applied to future cash flows, leading to a lower present value of those cash flows and, thus, a lower valuation. Conversely, lower interest rates can enhance valuations by reducing the discount rate.
4. Investment Decisions: Interest rates also influence the company’s investment decisions. If borrowing costs rise, Weyco Group may be less likely to pursue growth opportunities such as new product lines or expansion projects, which could impact future earnings growth.
5. Stock Market Performance: As interest rates rise, investors may shift their portfolios, moving away from equities, which could impact Weyco Group’s stock price. A lower stock price might affect the company’s ability to raise capital and could limit growth initiatives.
In summary, Weyco Group’s sensitivity to changes in interest rates largely depends on its debt levels, consumer behavior, investment strategy, and overall market conditions.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgV2 V5Y28gR3Jv dXDigJlzIG Vjb25vbWlj cyBvdmVyIH RoZSBuZXh0 IDMtNSB5ZW FycyB3b3Vs ZCBiZSBhIH NpZ25pZmlj YW50IHNoaW Z0IGluIGNv bnN1bWVyIH ByZWZlcmVu Y2VzIGF3YX kgZnJvbSB0 cmFkaXRpb2 5hbCBmb290 d2VhciBicm FuZHMgdG93 YXJkIG1vcm UgZW52aXJv bm1lbnRhbG x5IHN1c3Rh aW5hYmxlIG 9yIHNwZWNp YWxpemVkIG F0aGxldGlj IGZvb3R3ZW FyLiBUaGlz IHNoaWZ0IG NvdWxkIGJl IGRyaXZlbi BieSBpbmNy ZWFzaW5nIG F3YXJlbmVz cyBvZiBlbn Zpcm9ubWVu dGFsIGlzc3 VlcywgY291 cGxlZCB3aX RoIGNoYW5n aW5nIGRlbW 9ncmFwaGlj cyB0aGF0IG Zhdm9yIGJy YW5kcyBwZX JjZWl2ZWQg YXMgaW5ub3 ZhdGl2ZSBh bmQgc29jaW FsbHkgcmVz cG9uc2libG UuPGJyPklm IHRoaXMgc2 NlbmFyaW8g dW5mb2xkZW QsIFdleWNv IEdyb3VwLC B3aGljaCBw cmltYXJpbH kgZm9jdXNl cyBvbiBjbG Fzc2ljIGRy ZXNzIGFuZC BjYXN1YWwg Zm9vdHdlYX IsIGNvdWxk IGV4cGVyaW VuY2Ugc2V2 ZXJhbCBhZH ZlcnNlIGlt cGFjdHM6PG JyPjEuIDxz dHJvbmc+TW FyZ2luczwv c3Ryb25nPj ogQXMgY29u c3VtZXIgZG VtYW5kIGR3 aW5kbGVzIG ZvciB0cmFk aXRpb25hbC Bmb290d2Vh ciBzdHlsZX MsIFdleWNv 4oCZcyBwcm ljaW5nIHBv d2VyIG1heS BkZWNsaW5l LiBJbmNyZW FzZWQgY29t cGV0aXRpb2 4gZnJvbSBi cmFuZHMgdG hhdCBlbXBo YXNpemUgc3 VzdGFpbmFi aWxpdHkgY2 91bGQgbGVh ZCB0byBwcm ljZSB3YXJz LCBmdXJ0aG VyIGh1cnRp bmcgcHJvZm l0IG1hcmdp bnMuIElmIG 1hcmdpbnMg d2VyZSB0by Bjb21wcmVz cyBmcm9tLC BzYXksIDMw JSB0byBhcm 91bmQgMTUl LCBpdCB3b3 VsZCBzaWdu YWwgYSBmdW 5kYW1lbnRh bCBzaGlmdC BpbiB0aGUg Y29tcGFuee KAmXMgYWJp bGl0eSB0by BnZW5lcmF0 ZSBwcm9maX QgZnJvbSBl YWNoIHNhbG UuPGJyPjIu IDxzdHJvbm c+Q2FzaCBG bG93PC9zdH Jvbmc+OiBX aXRoIGRlY3 JlYXNlZCBk ZW1hbmQgYW 5kIGZhbGxp bmcgbWFyZ2 lucywgY2Fz aCBmbG93IH dvdWxkIGxp a2VseSBzdW ZmZXIgc2ln bmlmaWNhbn RseS4gVGhl IGNvbXBhbn kgbWF5IGFs c28gbmVlZC B0byBpbnZl c3QgaW4gcm VicmFuZGlu ZyBhbmQgZG l2ZXJzaWZ5 aW5nIGl0cy Bwcm9kdWN0 IGxpbmVzIH RvIGFsaWdu IHdpdGggbm V3IGNvbnN1 bWVyIHByZW ZlcmVuY2Vz LiBTdWNoIG ludmVzdG1l bnRzIGNvdW xkIHN0cmFp biBjYXNoIH Jlc291cmNl cywgcG90ZW 50aWFsbHkg bGVhZGluZy B0byBuZWdh dGl2ZSBjYX NoIGZsb3cg c2NlbmFyaW 9zIGlmIHJl dmVudWVzIG RlY2xpbmUg c2hhcnBseS 4gRm9yIGlu c3RhbmNlLC BpZiBjYXNo IGZsb3cgdH JhbnNpdGlv bmVkIGZyb2 0gYSBzdGFi bGUgcG9zaX RpdmUgZmln dXJlIHRvIG 5lZ2F0aXZl IGR1ZSB0by B0aGVzZSBj aGFsbGVuZ2 VzLCBpdCB3 b3VsZCBzZX ZlcmVseSBs aW1pdCB0aG UgY29tcGFu eeKAmXMgYW JpbGl0eSB0 byBmdW5kIG 9wZXJhdGlv bnMgYW5kIG dyb3d0aC48 YnI+My4gPH N0cm9uZz5C YWxhbmNlIF NoZWV0PC9z dHJvbmc+Oi BBIGRlY2xp bmUgaW4gc2 FsZXMgYW5k IHByb2ZpdH MgY291bGQg d29yc2VuIH RoZSBjb21w YW554oCZcy BiYWxhbmNl IHNoZWV0IG 92ZXIgdGlt ZS4gSW52ZW 50b3J5IGxl dmVscyBtaW dodCBpbmNy ZWFzZSBhcy B1bnNvbGQg cHJvZHVjdH MgYWNjdW11 bGF0ZSwgbG VhZGluZyB0 byBoaWdoZX IgY2Fycnlp bmcgY29zdH MgYW5kIHBv dGVudGlhbC BtYXJrZG93 bnMuIEEgZG VjcmVhc2Ug aW4gY2FzaC ByZXNlcnZl cyBvciB0aG UgbmVlZCB0 byB0YWtlIG 9uIGRlYnQg dG8gc3VwcG 9ydCBvcGVy YXRpb25zIG 1pZ2h0IG5l Z2F0aXZlbH kgaW1wYWN0 IGxpcXVpZG l0eSByYXRp b3MgYW5kIG luY3JlYXNl IGxldmVyYW dlLiBJZiBk ZWJ0IHJpc2 VzIHdpdGhv dXQgYSBjb3 JyZXNwb25k aW5nIGluY3 JlYXNlIGlu IGFzc2V0cy wgaXQgY291 bGQgZGV0ZX Jpb3JhdGUg dGhlIG92ZX JhbGwgZmlu YW5jaWFsIG hlYWx0aCBv ZiB0aGUgY2 9tcGFueS48 YnI+SW4gc3 VtbWFyeSwg aWYgY29uc3 VtZXIgcHJl ZmVyZW5jZX Mgc2hpZnQg c2lnbmlmaW NhbnRseSB0 b3dhcmQgc3 VzdGFpbmFi aWxpdHksIF dleWNvIEdy b3VwIGNvdW xkIGZpbmQg aXRzIG1hcm dpbnMgZGVj bGluaW5nLC BjYXNoIGZs b3cgYmVjb2 1pbmcgbmVn YXRpdmUsIG FuZCBpdHMg YmFsYW5jZS BzaGVldCBz dHJhaW5lZC B1bmRlciBy aXNpbmcgZG VidCBhbmQg ZGVjcmVhc2 luZyBhc3Nl dCB2YWx1ZS 4gVGhlIGN1 bXVsYXRpdm UgZWZmZWN0 IG9mIHRoZX NlIGNoYW5n ZXMgY291bG QgbGVhZCB0 byBhIGxvbm ctdGVybSBp bXBhaXJtZW 50IG9mIHRo ZSBjb21wYW 554oCZcyBl Y29ub21pYy B2aWFiaWxp dHksIG1ha2 luZyBpdCBp bmNyZWFzaW 5nbHkgZGlm ZmljdWx0IG ZvciB0aGUg Y29tcGFueS B0byBjb21w ZXRlIGluIG EgdHJhbnNm b3JtZWQgbW Fya2V0IGxh bmRzY2FwZS 48YnI+

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 bG9nb3MvY0 tVeDFGVGdM T3pvNklScF l4Slkud2Vi cCIgYWx0PS JXZXljbyBH cm91cCIgdG l0bGU9Ildl eWNvIEdyb3 VwIiAgY2xh c3M9ImltZy 1mbHVpZCIg aGVpZ2h0PT UwIHdpZHRo PTUwIGxvYW Rpbmc9J2xh enknIHN0eW xlPSdib3Jk ZXItcmFkaX VzOiA2cHg7 Jz4KCiAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nZm xleDogMTsg dGV4dC1hbG lnbjogY2Vu dGVyOyBtYX JnaW4tbGVm dDogNXB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxwIH N0eWxlPSdm b250LXNpem U6IDI2cHg7 IGNvbG9yOi AjMzMzOyBt YXJnaW4tYm 90dG9tOiAx NXB4Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICDwn5 OIIFdhbnQg dG8gcmVhZC Btb3JlIGFi b3V0IFdleW NvIEdyb3Vw 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 IE1TNGdWR2 hsSUYgZGxl V052SUVkeS BiM1Z3SUhk aGN5IEJtYj NWdVpHVmsg SUdsdUlERT RPVCBZZ1lu a2dkSGR2IE lHSnliM1Jv WlggSnpMQ0 JHYkc5eSBj MmhsYVcwZ1 lXIDVrSUUx cGJIUnYgYm lCR2JHOXlj MiBobGFXMH NJR2x1IElF Tm9hV05oWj IgOHNJRWxz YkdsdSBiMm x6TGlBOFlu IEkrTWk0Z1 ZHaGwgSUdO dmJYQmhibi BrZ2MzUmhj blJsIFpDQm hjeUJoSUgg Tm9iMlVnWm 1GaiBkRzl5 ZVN3Z2NIIE p2WkhWamFX NW4gSUdocF oyZ3RjWCBW aGJHbDBlU0 JtIGIyOTBk MlZoY2kgQm 1iM0lnYldW dSBMaUE4WW 5JK015IDRn U1c0Z01Ua3 cgTnl3Z2RH aGxJRSBac2 IzSnphR1Zw IGJTQmljbT kwYUcgVnlj eUJwYm5SeS BiMlIxWTJW a0lHIEVnYm 1WM0lHeHAg Ym1VZ2IyWW dkMiA5dFpX N2lnSmx6IE lITm9iMlZ6 SUcgRnVaQ0 J5Wlc1aCBi V1ZrSUhSb1 pTIEJqYjIx d1lXNTUgSU hSdklGZGxl VyBWdVltVn laeUJUIGFH OWxJRTFoYm 4gVm1ZV04w ZFhKcCBibW NnUTI5dGNH IEZ1ZVM0Z1 BHSnkgUGpR dUlFbHVJSC BSb1pTQXhP VFl3IGN5d2 dWMlY1Wlcg NWlaWEpuSU ZObyBiMlVn VFdGdWRXIF poWTNSMWNt bHUgWnlCRG IyMXdZVyA1 NUlIZGhjeU J5IFpXNWhi V1ZrSUggUn ZJRmRsZVdO diBJRWR5Yj NWd0xDIEJK Ym1NdVBHSn kgUGpVdUlG Um9aUyBCam IyMXdZVzU1 IElHbHpJR0 4xY24gSmxi blJzZVNCby BaV0ZrY1hW aGNuIFJsY2 1Wa0lHbHUg SUUxcGJIZG hkVyB0bFpT d2dWMmx6IF kyOXVjMmx1 TGkgQThZbk krTmk0ZyBW MlY1WTI4Z1 IzIEp2ZFhB Z2FYTWcgWV NCbVlXMXBi SCBrdGIzZH VaV1FnIFlu VnphVzVsYz MgTWdZVzVr SUdseiBJSE 4wYVd4c0lI IEoxYmlCaW VTQjAgYUdV Z1JteHZjbi BOb1pXbHRJ R1poIGJXbH NlU0IwYnkg QjBhR2x6SU dSaCBlUzRn UEdKeVBqIG N1SUZSb1pT QmogYjIxd1 lXNTVJRyBo aGN5QmhJR3 h2IGJtY2dh R2x6ZEcgOX llU0J2WmlC biBhWFpwYm 1jZ1ltIEZq YXlCMGJ5Qj AgYUdVZ1ky OXRiWCBWdW FYUjVMQ0Jo IGJtUWdhWF FnWlggTjBZ V0pzYVhOby BaV1FnZEdo bElGIGRsZV dOdklFZHkg YjNWd0lFTm 9ZWCBKcGRH RmliR1VnIF JtOTFibVJo ZEcgbHZiaU JwYmlBeCBP VFUxSUhSdk lIIE4xY0hC dmNuUWcgZG 1GeWFXOTFj eSBCamFHRn lhWFJoIFlt eGxJR05oZF ggTmxjeTRn UEdKeSBQam d1SUZkbGVX IE52SUVkeW IzVncgSUdo aGN5QmxlSC BCaGJtUmxa Q0JwIGRITW djRzl5ZEcg WnZiR2x2SU hSdiBJR2x1 WTJ4MVpHIF VnYjNSb1pY SWcgZDJWc2 JDMXJibSA5 M2JpQnphRz lsIElHSnlZ VzVrY3kgQn pkV05vSUdG eiBJRTUxYm 00Z1FuIFZ6 YUN3Z1UzUm ggWTNrZ1FX UmhiWCBNc0 lHRnVaQ0JW IGJXa2dRMm hwYkcgUnla VzdpZ0psei BJRk5vYjJW ekxpIEE4WW 5JK09TNGcg VkdobElHTn ZiWCBCaGJu a2dhR0Z6IE lHRWdaMnh2 WW0gRnNJSE J5WlhObCBi bU5sTENCM2 FYIFJvSUhO aGJHVnogSU dsdUlHOTJa WCBJZ056QW dZMjkxIGJu UnlhV1Z6SU ggZHZjbXhr ZDJsayBaUz RnUEdKeVBq IEV3TGlCWF pYbGogYnlC SGNtOTFjQy BCcGN5Qmpi MjF0IGFYUj BaV1FnZEcg OGdjM1Z6ZE dGcCBibUZp YkdVZ2NIIE poWTNScFky VnogSUdGdV pDQm9ZWCBN Z2FXMXdiR1 Z0IFpXNTBa V1FnWlcgTn ZMV1p5YVdW dSBaR3g1SU dsdWFYIFJw WVhScGRtVn ogSUdsdUlH bDBjeSBCdm NHVnlZWFJw IGIyNXpMQ0 J6ZFcgTm9J R0Z6SUhWei BhVzVuSUhK bFkzIGxqYk dWa0lHMWgg ZEdWeWFXRn NjeSBCcGJp QnBkSE1nIG NHRmphMkZu YVcgNW5JR0 Z1WkNCMSBj Mmx1WnlCem IyIHhoY2lC bGJtVnkgWj NrZ2FXNGdj MiA5dFpTQn ZaaUJwIGRI TWdabUZqYV cgeHBkR2xs Y3k0ZyBQR0 p5UGpFeExp IEJYWlhsam J5QkggY205 MWNDQm9ZWC BNZ1ltVmxi aUJzIGFYTj BaV1FnYjIg NGdkR2hsSU U1QiBVMFJC VVNCemRHID lqYXlCbGVH Tm8gWVc1bl pTQnphVyA1 alpTQXhPVG N6IExpQThZ bkkrTVQgSX VJRWx1SUdG ayBaR2wwYV c5dUlIIFJ2 SUdadmIzUj MgWldGeUxD QjBhRyBVZ1 kyOXRjR0Z1 IGVTQmhiSE 52SUggQnli MlIxWTJWei BJR0ZqWTJW emMyIDl5YV dWeklITjEg WTJnZ1lYTW dZbSBWc2RI TWdZVzVrIE lITnZZMnR6 SUggVnVaR1 Z5SUdsMCBj eUIyWVhKcG IzIFZ6SUdK eVlXNWsgY3 k0Z1BHSnlQ aiBFekxpQl haWGxqIGJ5 QkhjbTkxY0 MgQm9ZWE1n Y21WaiBaV2 wyWldRZ2Ju IFZ0WlhKdm RYTWcgWVhk aGNtUnpJRy BGdVpDQmhZ Mk52IGJHRm taWE1zSUcg bHVZMngxWk dsdSBaeUJp WldsdVp5IE J1WVcxbFpD QnYgYm1VZ2 IyWWdRVyAx bGNtbGpZZU tBIG1YTWdR bVZ6ZEMgQl RiV0ZzYkNC RCBiMjF3WV c1cFpYIE1n WW5rZ1JtOX kgWW1WeklH MWhaMiBGNm FXNWxJR2x1 IElESXdNVE V1SUQgeGlj ajR4TkM0Zy BWR2hsSUdO dmJYIEJoYm 5rZ2FHRnog SUdFZ2JHOX VaeSAxemRH RnVaR2x1IF p5QndZWEow Ym0gVnljMm hwY0NCMyBh WFJvSUhSb1 pTIEJWYm1s MFpXUWcgVT NSaGRHVnpJ RSA5c2VXMX dhV01nIFEy OXRiV2wwZE cgVmxMQ0J3 Y205MiBhV1 JwYm1jZ1pt IDl2ZEhkbF lYSWcgWm05 eUlGUmxZVy AwZ1ZWTkI0 b0NaIGN5Qm hkR2hzWlgg UmxjeUJwYm lCMCBhR1Vn VDJ4NWJYIE JwWXlCSFlX MWwgY3k0Z1 BHSnlQaiBF MUxpQlhaWG xqIGJ5Qkhj bTkxY0MgQn BjeUJrWldS cCBZMkYwWl dRZ2RHIDhn WlhSb2FXTm ggYkNCaGJt UWdjMiA5am FXRnNiSGtn IGNtVnpjRz l1YzIgbGli R1VnY0hKaC BZM1JwWTJW ekxDIEJoYm 1RZ2FYUWcg YUdGeklISm xZMiBWcGRt VmtJSEpsIF kyOW5ibWww YVcgOXVJR1 p2Y2lCcCBk SE1nWldabW IzIEowY3lC cGJpQjAgYU dWelpTQmhj bSBWaGN5d2 dhVzVqIGJI VmthVzVuSU cgSmxhVzVu SUc1aCBiV1 ZrSUdFZ1Yy IDl5YkdUaW dKbHogSUUx dmMzUWdSWC BSb2FXTmhi Q0JEIGIyMX dZVzU1SUcg SjVJSFJvWl NCRiBkR2hw YzNCb1pYIE psSUVsdWMz UnAgZEhWMF pTQnRkVyB4 MGFYQnNaU0 IwIGFXMWxj eTQ9CiAgIC AgICAgPC9z cGFuPgogIC AgICAgIAog ICAgICAgIA ==