Winmark Corp

-9.09%

Live  

The Winmark Corp is a retail company based in Plymouth, Minnesota. It was founded in 1988 and operates under several different brand names, including Plato’s Closet, Once Upon a Child, Play It Again Sports, Music Go Round, and Style Encore.
Plato’s Closet is a retail store that sells gently-used clothing and accessories for teenagers and young adults. Once Upon a Child also sells gently-used children’s clothing, toys, and equipment. Play It Again Sports buys and sells used sports equipment and gear. Music Go Round specializes in used musical instruments and accessories. Style Encore is a relatively new addition to the Winmark family, focusing on purchasing and selling gently-used women’s clothing and accessories.
The mission of Winmark Corp is to empower entrepreneurial-minded people to grow their businesses and build strong communities. This is achieved through their unique business model, which allows franchisees to own and operate a store under one of Winmark’s brands. The company provides support, resources, and training to these franchisees to help them succeed.
Winmark Corp has over 1,200 franchise locations across North America and has been consistently ranked as one of the top franchises by various publications. In addition to their retail stores, the company also offers leasing and financing options for franchisees to acquire inventory and equipment.
The Winmark Corp is committed to sustainability and environmental responsibility. Through its programs and initiatives, the company focuses on reducing waste, conserving energy, and promoting recycling.
As a company, Winmark Corp also values giving back to the community. Through its Winmark Veterans program, the company provides discounts and support to veterans who want to open a franchise location. The company also partners with various charities and organizations to donate excess inventory and support community initiatives.
Overall, the Winmark Corp is a successful and socially responsible company that empowers individuals to become small business owners and contribute to their communities’ growth and development.

Winmark Corp is a company that helps other businesses sell things. They are best known for their franchises like Play It Again Sports, Once Upon A Child, and Plato’s Closet. These stores sell gently used stuff, like sports gear, kids’ clothes, and fashionable clothes for teenagers. People can bring in their used items, and the stores sell them for a price. This way, customers can save money by buying second-hand things, and the sellers can make extra cash from items they no longer need.
Winmark makes money by taking a small percentage from each sale made in its stores and by charging franchise fees from people who want to open their own stores using Winmark’s brand and system. They also help these new owners by giving them advice and support to make their businesses successful.
What makes Winmark successful is that it encourages recycling and buying second-hand items, which many people are interested in these days. Plus, there’s always a need for affordable options, especially when it comes to clothing and sports equipment. As long as people keep wanting to buy used items at lower prices, Winmark will continue to do well. Additionally, by expanding its number of stores and reaching more customers, Winmark can stay successful in the future.

VGhlcmUgYX JlIGEgZmV3 IGFzcGVjdH MgdGhhdCBt YWtlIHRoZS BXaW5tYXJr IENvcnAgY2 9tcGFueSB1 bmlxdWU6PG JyPjEuIEZy YW5jaGlzZS BNb2RlbDog V2lubWFyay BDb3JwIG9w ZXJhdGVzIH ByaW1hcmls eSB0aHJvdW doIGEgZnJh bmNoaXNlIG 1vZGVsLCB3 aGVyZSBpdC BsaWNlbnNl cyBpdHMgYn JhbmQgYW5k IGJ1c2luZX NzIG1vZGVs IHRvIGluZG l2aWR1YWwg ZW50cmVwcm VuZXVycy4g VGhpcyBtb2 RlbCBhbGxv d3MgdGhlIG NvbXBhbnkg dG8gZXhwYW 5kIHF1aWNr bHkgd2l0aG 91dCBpbmN1 cnJpbmcgc2 lnbmlmaWNh bnQgY29zdH MgYW5kIHJp c2suPGJyPj IuIERpdmVy c2lmaWNhdG lvbjogVGhl IGNvbXBhbn kgaGFzIG11 bHRpcGxlIG JyYW5kcyB1 bmRlciBpdH MgdW1icmVs bGEsIGluY2 x1ZGluZyBQ bGF5IEl0IE FnYWluIFNw b3J0cywgTX VzaWMgR28g Um91bmQsIG FuZCBPbmNl IFVwb24gQS BDaGlsZC4g VGhpcyBkaX ZlcnNpZmlj YXRpb24gaG VscHMgcmVk dWNlIHJpc2 sgYnkgZGVj cmVhc2luZy B0aGUgZGVw ZW5kZW5jZS BvbiBvbmUg c3BlY2lmaW MgaW5kdXN0 cnkgb3IgcH JvZHVjdC48 YnI+My4gQ2 9uc2lzdGVu dCBHcm93dG g6IERlc3Bp dGUgZWNvbm 9taWMgZG93 bnR1cm5zLC BXaW5tYXJr IENvcnAgaG FzIGNvbnNp c3RlbnRseS BzaG93biBn cm93dGggaW 4gc2FsZXMg YW5kIHByb2 ZpdHMgb3Zl ciB0aGUgeW VhcnMuIFRo aXMgcmVmbG VjdHMgdGhl IHN0cmVuZ3 RoIG9mIGl0 cyBidXNpbm VzcyBtb2Rl bCBhbmQgdG hlIHJlc2ls aWVuY2Ugb2 YgaXRzIGJy YW5kcy48Yn I+NC4gRm9j dXMgb24gU3 VzdGFpbmFi aWxpdHk6IF RoZSBjb21w YW55IGhhcy BhIHN0cm9u ZyBmb2N1cy BvbiBzdXN0 YWluYWJpbG l0eSBhbmQg cHJvbW90ZX MgdGhlIGNv bmNlcHQgb2 YgcmVzYWxl IHJldm9sdX Rpb24uIEl0 cyBicmFuZH MgZW5jb3Vy YWdlIHRoZS ByZXVzZSBh bmQgcmVjeW NsaW5nIG9m IGdvb2RzLC ByZWR1Y2lu ZyB3YXN0ZS BhbmQgcHJv bW90aW5nIH N1c3RhaW5h YmlsaXR5IH Rocm91Z2gg aXRzIG9wZX JhdGlvbnMu PGJyPjUuIF N0cm9uZyBD dXN0b21lci BMb3lhbHR5 OiBNYW55IG 9mIFdpbm1h cmvigJlzIG N1c3RvbWVy cyBhcmUgcm VwZWF0IGN1 c3RvbWVycy wgYXMgdGhl aXIgYnJhbm RzIG9mZmVy IHF1YWxpdH kgcHJvZHVj dHMgYXQgZG lzY291bnRl ZCBwcmljZX MuIFRoaXMg aGFzIGhlbH BlZCBjcmVh dGUgYSBsb3 lhbCBjdXN0 b21lciBiYX NlIGFuZCBh IHN0cm9uZy BicmFuZCBy ZXB1dGF0aW 9uLjxicj42 LiBGcmFuY2 hpc2VlIFN1 cHBvcnQ6IF dpbm1hcmsg Q29ycCBwcm 92aWRlcyBj b21wcmVoZW 5zaXZlIHRy YWluaW5nIG FuZCBvbmdv aW5nIHN1cH BvcnQgdG8g aXRzIGZyYW 5jaGlzZWVz LCBoZWxwaW 5nIHRoZW0g YmVjb21lIH N1Y2Nlc3Nm dWwgYnVzaW 5lc3Mgb3du ZXJzLiBUaG lzIHN1cHBv cnQgaW5jbH VkZXMgbWFy a2V0aW5nLC BvcGVyYXRp b25hbCwgYW 5kIHRlY2hu b2xvZ2ljYW wgYXNzaXN0 YW5jZSwgd2 hpY2ggc2V0 cyB0aGUgY2 9tcGFueSBh cGFydCBmcm 9tIG90aGVy IGZyYW5jaG lzb3JzLg==

VGhlIFdpbm 1hcmsgQ29y cCBpcyBhIG ZyYW5jaGlz ZSBjb21wYW 55IHRoYXQg c3BlY2lhbG l6ZXMgaW4g YnV5aW5nLC BkZXZlbG9w aW5nLCBhbm Qgb3BlcmF0 aW5nIHJldG FpbCBzdG9y ZSBjb25jZX B0cyB1bmRl ciBhIHZhcm lldHkgb2Yg YnJhbmQgbm FtZXMuIFRo ZXkgcHJvdm lkZSBmcmFu Y2hpc2Ugb3 Bwb3J0dW5p dGllcyB0by BlbnRyZXBy ZW5ldXJzIG FuZCBoZWxw IHRoZW0gZX N0YWJsaXNo IGFuZCBncm 93IHRoZWly IGJ1c2luZX NzZXMuIFdp bm1hcmsgQ2 9ycCBhbHNv IG93bnMgYW 5kIG9wZXJh dGVzIGEgbn VtYmVyIG9m IHN0b3JlIG NvbmNlcHRz LCBpbmNsdW RpbmcgUGxh dG/igJlzIE Nsb3NldCwg T25jZSBVcG 9uIEEgQ2hp bGQsIE11c2 ljIEdvIFJv dW5kLCBQbG F5IEl0IEFn YWluIFNwb3 J0cywgYW5k IFN0eWxlIE VuY29yZS4g VGhlaXIgYn VzaW5lc3Mg bW9kZWwgcm V2b2x2ZXMg YXJvdW5kIH Byb3ZpZGlu ZyBmcmFuY2 hpc2VlcyB3 aXRoIGEgdH VybmtleSBz eXN0ZW0sIG 9uZ29pbmcg c3VwcG9ydC BhbmQgdHJh aW5pbmcsIG FuZCBhY2Nl c3MgdG8gYS Bwcm92ZW4g YnVzaW5lc3 MgbW9kZWwg aW4gb3JkZX IgdG8gZW5h YmxlIHRoZW 0gdG8gZ3Jv dyB0aGVpci BidXNpbmVz cyBhbmQgYW NoaWV2ZSBz dWNjZXNzIG luIHRoZSBy ZXRhaWwgaW 5kdXN0cnku IEluIHJldH VybiwgV2lu bWFyayBjb2 xsZWN0cyBh biBpbml0aW FsIGZyYW5j aGlzZSBmZW UgYW5kIG9u Z29pbmcgcm 95YWx0aWVz IGZyb20gaX RzIGZyYW5j aGlzZWVzLi BUaGV5IGFs c28gZ2VuZX JhdGUgcmV2 ZW51ZSB0aH JvdWdoIHRo ZSBzYWxlIG 9mIG1lcmNo YW5kaXNlIG FuZCBlcXVp cG1lbnQgdG 8gZnJhbmNo aXNlZXMu

To analyze whether AI poses a material threat to Winmark Corp’s products, services, or competitive positioning, one would need to consider several factors related to substitution, disintermediation, and margin pressure.
1. Substitution: AI technologies can enable new products or services that might fulfill the same needs as Winmark Corp’s offerings. If Winmark’s products or services can be replaced by AI-driven alternatives that offer enhanced functionality or efficiency, this could represent a significant threat. For instance, if Winmark specializes in retail solutions, AI-driven analytics and automation tools could be seen as substitutes.
2. Disintermediation: AI has the potential to streamline processes, reducing the need for intermediaries. This could impact Winmark if its business model relies heavily on a network of intermediaries for product delivery or client engagement. If AI allows consumers to access services or products directly, it might weaken Winmark’s position in the market.
3. Margin Pressure: AI can lead to increased competition within an industry, as it often lowers barriers to entry and enables new players to offer services at lower costs. If competitors leverage AI to optimize operations or deliver services more efficiently, Winmark may face margin pressure. Additionally, if AI enables better price competitiveness in its sector, it could lead to reduced pricing power for Winmark.
Ultimately, whether AI poses a material threat would depend on Winmark’s specific industry, competitive landscape, and its ability to adapt to technological changes. If Winmark can leverage AI to enhance its offerings or improve its operational efficiency, it might mitigate these threats. However, if it does not adapt, it could face significant challenges.

The sensitivity of Winmark Corp’s earnings, cash flow, and valuation to changes in interest rates depends on several factors, including its financial structure, operational model, and market conditions.
Earnings Sensitivity:
Winmark Corp’s earnings can be sensitive to interest rates if the company relies on debt for financing operations or expansion. If interest rates rise, the cost of servicing debt increases, which could negatively impact net income. Conversely, lower interest rates could decrease borrowing costs, potentially boosting earnings. Additionally, changes in consumer spending, influenced by interest rates, can affect sales revenue, impacting earnings.
Cash Flow Sensitivity:
The company’s cash flow can be affected by interest rate changes in a few ways. Increased interest rates could lead to higher interest payments on any variable-rate debt, resulting in reduced cash flow from operations. Lower interest rates could enhance cash flow by decreasing financing costs. If Winmark has any fixed-rate debt, cash flow may be less sensitive to rate changes, but overall market rates can still impact the company’s capital expenditure and investment decisions.
Valuation Sensitivity:
Valuation models often use discounted cash flow (DCF) analysis, which incorporates interest rates as part of the discount rate. When interest rates rise, the discount rate increases, which can decrease the present value of future cash flows, leading to a lower valuation. On the other hand, if interest rates decline, the opposite occurs. Changes in interest rates may also indirectly affect investor sentiment and market conditions, influencing valuation multiples.
In summary, Winmark Corp’s earnings, cash flow, and valuation are sensitive to changes in interest rates, particularly through the channels of debt financing and consumer spending behavior. A comprehensive analysis would require an understanding of the company’s specific financial position and market dynamics.

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 bG9nb3MvaG gwY2o2Rmtx UWk1YndNbV RxZ0Mud2Vi cCIgYWx0PS JXaW5tYXJr IENvcnAiIH RpdGxlPSJX aW5tYXJrIE NvcnAiICBj bGFzcz0iaW 1nLWZsdWlk IiBoZWlnaH Q9OTAgd2lk dGg9OTAgbG 9hZGluZz0n bGF6eScgc3 R5bGU9J2Jv cmRlci1yYW RpdXM6IDZw eDsnPgoKIC AgICAgICAg ICAgICAgIC AgICA8ZGl2 IHN0eWxlPS dmbGV4OiAx OyB0ZXh0LW FsaWduOiBj ZW50ZXI7IG 1hcmdpbi1s ZWZ0OiA1cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPH Agc3R5bGU9 J2ZvbnQtc2 l6ZTogMjZw eDsgY29sb3 I6ICMzMzM7 IG1hcmdpbi 1ib3R0b206 IDE1cHg7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIP Cfk4ggV2Fu dCB0byByZW FkIG1vcmUg YWJvdXQgV2 lubWFyayBD b3JwPwogIC 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+G kyBEaXNjb3 ZlciA8aT4i VGhlIENoZW NrbGlzdCBW YWx1ZSBJbn Zlc3RvciDi gJQgQSBTbW FydGVyIFdh eSB0byBQaW NrIFN0b2Nr cyI8L2k+IO KAlCBmcmVl IGVCb29rIQ ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L3A+Cg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8IS0tCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxkaXYgc3 R5bGU9J21h cmdpbi10b3 A6IDEycHg7 IGZvbnQtc2 l6ZTogMTNw eDsgY29sb3 I6ICM0NDQ7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IFNpZ24gdX Agbm93IGFu ZCBnZXQgb3 VyIGZyZWUg ZUJvb2sgCi AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICA8Yj 5UaGUgQ2hl Y2tsaXN0IF ZhbHVlIElu dmVzdG9yIO KAlCBBIFNt YXJ0ZXIgV2 F5IHRvIFBp Y2sgU3RvY2 tzPC9iPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgLS0+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID whLS0KICAg ICAgICAgIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nbWFyZ2 luLXRvcDog MTZweDsgZm 9udC1zaXpl OiAxNHB4Oy Bjb2xvcjog IzQ0NDsgZm 9udC1mYW1p bHk6IC1hcH BsZS1zeXN0 ZW0sIEJsaW 5rTWFjU3lz dGVtRm9udC wgU2Vnb2Ug VUksIFJvYm 90bywgSGVs dmV0aWNhIE 5ldWUsIHNh bnMtc2VyaW Y7IGxpbmUt aGVpZ2h0Oi AxLjY7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIEhh dmUgeW91IG hlYXJkIGFi b3V0IG91ci BzaG9ydCA8 c3Ryb25nIH N0eWxlPSdm b250LXdlaW dodDogNjAw Oyc+RGFpbH kgVmlkZW8g TmV3c2xldH Rlcjwvc3Ry b25nPj8KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIDxhIG hyZWY9J2h0 dHBzOi8vd3 d3Lmluc2ln aHRmdWx2YW x1ZS5jb20v bmV3c2xldH Rlci5waHAn IHRhcmdldD 0nX2JsYW5r JyBzdHlsZT 0nY29sb3I6 ICMwMDdCRk Y7IHRleHQt ZGVjb3JhdG lvbjogbm9u ZTsgZm9udC 13ZWlnaHQ6 IDUwMDsgbW FyZ2luLWxl ZnQ6IDZweD snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIEZp bmQgb3V0IG 1vcmUKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvYT4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIC0tPgog ICAgICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICAKIC AgICAgICAK ICAgICAgIC A8c3BhbiBj bGFzcz0nYm x1cnJlZC10 ZXh0Jz4KIC AgICAgICAg ICAgTVM0Z1 YybHViVyBG eWF5QkRiM0 p3IElIZGhj eUJtYjMgVn VaR1ZrSUds dSBJREU1T0 RnZ1lXIDVr SUdseklHSm ggYzJWa0lH bHVJRSAxcG JtNWxZWEJ2 IGJHbHpMQ0 JOYVcgNXVa WE52ZEdFdS BQR0p5UGpJ dUlGIFJvWl NCamIyMXcg WVc1NTRvQ1 pjeSBCbWJH Rm5jMmhwIG NDQmljbUZ1 WkMgQnBjeU JRYkdGNSBJ RWwwSUVGbl lXIGx1SUZO d2IzSjAgY3 l3Z1lTQmph RyBGcGJpQn ZaaUJ5IFpY UmhhV3dnYz MgUnZjbVZ6 SUhSbyBZWF FnWW5WNUlH IEZ1WkNCel pXeHMgSUhW elpXUWdjMy BCdmNuUnBi bWNnIFoyOX ZaSE11UEcg SnlQak11SU ZkcCBibTFo Y21zZ1EyID l5Y0NCaGJI TnYgSUc5M2 JuTWdiMyBS b1pYSWdabk poIGJtTm9h WE5sSUcgSn lZVzVrY3l3 ZyBhVzVqYk hWa2FXIDVu SUU5dVkyVW cgVlhCdmJp QkJJRSBOb2 FXeGtMQ0JR IGJHRjBiK0 tBbVggTWdR Mnh2YzJWMC BMQ0JOZFhO cFl5IEJIYn lCU2IzVnUg WkN3Z1UzUj ViRyBVZ1JX NWpiM0psIE xDQmhibVFn VjIgbHlkR2 dnUW5WeiBh VzVsYzNNZ1 EzIEpsWkds MExqeGkgY2 o0MExpQlVh RyBVZ1kyOX RjR0Z1IGVT QnZjR1Z5WV ggUmxjeUJ2 ZG1WeSBJRE VzTWpBd0lH IFp5WVc1am FHbHogWlNC c2IyTmhkRy BsdmJuTWdZ V055IGIzTn pJSFJvWlMg QlZibWwwWl dRZyBVM1Jo ZEdWeklHIE Z1WkNCRFlX NWggWkdFdV BHSnlQaiBV dUlFbHVJR0 ZrIFpHbDBh Vzl1SUggUn ZJR2wwY3lC bSBjbUZ1WT JocGMyIFVn YjNCbGNtRj AgYVc5dWN5 d2dWMiBsdW JXRnlheUJE IGIzSndJR0 ZzYzIgOGdj SEp2ZG1say BaWE1nYkdW aGMyIGx1Wn lCaGJtUWcg Wm1sdVlXNW phVyA1bklI TmxjblpwIF kyVnpJSFJv Y20gOTFaMm dnVjJseSBk R2dnUW5Wem FXIDVsYzNN Z1EzSmwgWk dsMElHRnVa QyBCdlptWm xjbk1nIFky OXVjM1ZzZE cgbHVaeUJo Ym1RZyBjM1 Z3Y0c5eWRD IEJ6WlhKMm FXTmwgY3lC bWIzSWdabi BKaGJtTm9h WE5sIFpYTW dkR2h5YjMg Vm5hQ0JYYV c1dCBZWEpy SUdaeVlXID VqYUdselpT QnogZVhOMF pXMXpMaiB4 aWNqNDJMaU JVIGFHVWdZ Mjl0Y0cgRn VlU0JvWVhN ZyBZbVZsYm lCeVpXIE52 WjI1cGVtVm sgSUdadmNp QnBkSCBNZ1 kyOXRiV2ww IGJXVnVkQ0 IwYnkgQnpk WE4wWVdsdS BZV0pwYkds MGVTIEJoYm 1RZ1pXNTIg YVhKdmJtMW xibiBSaGJD QnlaWE53IG IyNXphV0pw YkcgbDBlU3 dnYVc1aiBi SFZrYVc1bk lHIEpsYVc1 bklHNWggYl dWa0lHRWdU VyBsdWJtVn piM1JoIElF dGxlWE4wYj IgNWxJRWh2 Ym05eSBaV1 FnUTI5dGNH IEZ1ZVNCcG JpQXkgTURF M0xqeGljai A0M0xpQlhh VzV0IFlYSn JJRU52Y24g QWdhR0Z6SU dKbCBaVzRn WTI5dWMyIG x6ZEdWdWRH eDUgSUhKaG JtdGxaQyBC aGN5QmhJSF J2IGNDQm1j bUZ1WTIgaH BjMlVnWW5r ZyBSVzUwY2 1Wd2NtIFZ1 WlhWeUlFMW ggWjJGNmFX NWxMQyBCaG JtUWdhWFJ6 IElHWnlZVz VqYUcgbHpa WE1nYUdGMi BaU0J5WldO bGFYIFpsWk NCdWRXMWwg Y205MWN5Qm hkMiBGeVpI TWdZVzVrIE lISmxZMjlu Ym0gbDBhVz l1SUdaeSBi MjBnYVc1a2 RYIE4wY25r Z2NIVmkgYk dsallYUnBi MiA1ekxqeG ljajQ0IExp QlVhR1VnWT IgOXRjR0Z1 ZWVLQSBtWE 1nWm05MWJt IFJsY2l3Z1 UzUmwgZG1W dUlFMTFjbi BCb2VTd2dk MkZ6IElHNW hiV1ZrSUgg Um9aU0JKYm 5SbCBjbTVo ZEdsdmJtIE ZzSUVaeVlX NWogYUdsel pTQkJjMyBO dlkybGhkR2 x2IGJ1S0Ft WE1nUlcgNT BjbVZ3Y21W dSBaWFZ5SU c5bUlIIFJv WlNCWlpXRn kgSUdsdUlE SXdNVCBFdV BHSnlQamt1 IElGZHBibT FoY20gc2dR Mjl5Y0NCby BZWE1nWW1W bGJpIEJoSU hCMVlteHAg WTJ4NUlIUn lZVyBSbFpD QmpiMjF3IF lXNTVJSE5w Ym0gTmxJRE U1T0RrZyBZ VzVrSUdsek lHIHhwYzNS bFpDQnYgYm lCMGFHVWdU ayBGVFJFRl JJR1Y0IFky aGhibWRsSU ggVnVaR1Z5 SUhSbyBaU0 IwYVdOclpY IElnYzNsdF ltOXMgSUZk SlRrRXVQRy BKeVBqRXdM aUJVIGFHVW dZMjl0Y0cg RnVlZUtBbV hNZyBZMjl5 WlNCMllXIH gxWlhNZ2FX NWogYkhWa1 pTQnBibiBS bFozSnBkSG tzIElHTnZi VzFwZEcgMW xiblFzSUhC aCBjM05wYj I0c0lHIGx1 Ym05MllYUn AgYjI0c0lH RnVaQyBCMF pXRnRkMjl5 IGF5ND0KIC AgICAgICA8 L3NwYW4+Ci AgICAgICAg CiAgICAgIC Ag