Rocky Brands

-19.35%

Live  

Rocky Brands, Inc. is an American company that specializes in designing, manufacturing, and marketing footwear and apparel. The company was founded in 1932 and is headquartered in Nelsonville, Ohio.
Rocky Brands offers a wide range of products for different markets such as work, outdoor, military, law enforcement, and western. Some of their well-known brands include Rocky, Durango, Lehigh Outfitters, Michelin Footwear, and Georgia Boot.
In addition to footwear and apparel, Rocky Brands also offers accessories such as socks, insoles, and other shoe care items. The company has a global presence and sells its products in over 90 countries.
Rocky Brands is committed to providing high-quality and durable products to its customers. They use advanced technologies and innovative materials to ensure their products meet the needs of their consumers.
The company also has a strong commitment to social and environmental responsibility, and they strive to create a positive impact in the communities where they operate. This includes sourcing eco-friendly materials, promoting fair labor practices, and giving back to the community through various partnerships and initiatives.
Overall, Rocky Brands is a well-established company with a long history of providing high-quality footwear and apparel to a diverse customer base.

Um9ja3kgQn JhbmRzIGlz IGEgY29tcG FueSB0aGF0 IG1ha2VzIG FuZCBzZWxs cyBib290cy BhbmQgc2hv ZXMsIGVzcG VjaWFsbHkg Zm9yIHBlb3 BsZSB3aG8g d29yayBpbi B0b3VnaCBl bnZpcm9ubW VudHMsIGxp a2UgY29uc3 RydWN0aW9u IHdvcmtlcn Mgb3IgZmFy bWVycy4gVG hleSBjcmVh dGUgc3BlY2 lhbCBraW5k cyBvZiBmb2 90d2VhciB0 aGF0IGFyZS BzdHJvbmcs IGNvbWZvcn RhYmxlLCBh bmQgY2FuIH Byb3RlY3Qg eW91ciBmZW V0IGZyb20g dGhpbmdzIG xpa2Ugd2F0 ZXIsIG11ZC wgb3Igc2hh cnAgb2JqZW N0cy48YnI+ VGhlIHdheS BSb2NreSBC cmFuZHMgbW FrZXMgbW9u ZXkgaXMgYn kgc2VsbGlu ZyB0aGVzZS BzaG9lcyBh bmQgYm9vdH MgdG8gc3Rv cmVzIGFuZC BkaXJlY3Rs eSB0byBjdX N0b21lcnMu IFBlb3BsZS BidXkgdGhl aXIgZm9vdH dlYXIgYmVj YXVzZSB0aG V5IG5lZWQg c2hvZXMgdG hhdCB3aWxs IGxhc3QgYS Bsb25nIHRp bWUgYW5kIG tlZXAgdGhl aXIgZmVldC BzYWZlIHdo aWxlIHRoZX kgd29yay48 YnI+Um9ja3 kgQnJhbmRz IGlzIHN1Y2 Nlc3NmdWwg Zm9yIGEgZm V3IHJlYXNv bnMuIEZpcn N0LCB0aGV5 IGZvY3VzIG 9uIG1ha2lu ZyBoaWdoLX F1YWxpdHkg cHJvZHVjdH MsIHdoaWNo IG1lYW5zIG N1c3RvbWVy cyB0cnVzdC B0aGVpciBi cmFuZCBhbm Qga2VlcCBj b21pbmcgYm FjayBmb3Ig bW9yZS4gU2 Vjb25kLCB0 aGV5IGhhdm UgYSBnb29k IHJlcHV0YX Rpb24gYmVj YXVzZSB0aG V5IGxpc3Rl biB0byB3aG F0IHRoZWly IGN1c3RvbW VycyB3YW50 IGFuZCBpbX Byb3ZlIHRo ZWlyIHByb2 R1Y3RzIGJh c2VkIG9uIH RoYXQuIEZp bmFsbHksIH RoZXkgYWxz byBzZWxsIH RoZWlyIHNo b2VzIG9ubG luZSBhbmQg aW4gc3Rvcm VzLCBtYWtp bmcgaXQgZW FzeSBmb3Ig cGVvcGxlIH RvIGZpbmQg YW5kIGJ1eS B3aGF0IHRo ZXkgbmVlZC 48YnI+Rm9y IHRoZSBmdX R1cmUsIFJv Y2t5IEJyYW 5kcyB3aWxs IGxpa2VseS BzdGF5IHN1 Y2Nlc3NmdW wgYmVjYXVz ZSB0aGV5IG FyZSBhbHdh eXMgbG9va2 luZyBmb3Ig bmV3IHdheX MgdG8gaW1w cm92ZSB0aG VpciBzaG9l cyBhbmQgdG 8gcmVhY2gg bW9yZSBjdX N0b21lcnMu IFRoZXkgYX JlIGFsc28g YXdhcmUgb2 YgY2hhbmdl cyBpbiB3aG F0IHBlb3Bs ZSB3YW50IG FuZCBuZWVk LCBzbyB0aG V5IGNhbiBh ZGFwdCBxdW lja2x5LiBQ bHVzLCB3aX RoIG1vcmUg cGVvcGxlIG 5lZWRpbmcg c3Ryb25nIH dvcmsgYm9v dHMsIGVzcG VjaWFsbHkg YXMgam9icy BpbiBjb25z dHJ1Y3Rpb2 4gYW5kIG91 dGRvb3Igd2 9yayBncm93 LCB0aGV5IG hhdmUgYSBn b29kIGNoYW 5jZSBvZiBj b250aW51aW 5nIHRvIGRv IHdlbGwuPG JyPg==

MS4gTG9uZy 1zdGFuZGlu ZyBoaXN0b3 J5OiBSb2Nr eSBCcmFuZH Mgd2FzIGZv dW5kZWQgaW 4gMTkzMiBh bmQgaGFzIG JlZW4gaW4g b3BlcmF0aW 9uIGZvciBu ZWFybHkgOT AgeWVhcnMs IG1ha2luZy BpdCBvbmUg b2YgdGhlIG 9sZGVzdCBm b290d2Vhci Bjb21wYW5p ZXMgaW4gdG hlIFUuUy48 YnI+Mi4gV2 lkZSByYW5n ZSBvZiBicm FuZHMgYW5k IHByb2R1Y3 RzOiBUaGUg Y29tcGFueS Bvd25zIGFu ZCBvcGVyYX RlcyBhIGRp dmVyc2UgcG 9ydGZvbGlv IG9mIGJyYW 5kcywgaW5j bHVkaW5nIF JvY2t5LCBH ZW9yZ2lhIE Jvb3QsIER1 cmFuZ28sIE xlaGlnaCwg YW5kIHRoZS BsaWNlbnNl ZCBicmFuZC BEaWNraWVz IEZvb3R3ZW FyLiBUaGV5 IG9mZmVyIG Egd2lkZSBy YW5nZSBvZi Bwcm9kdWN0 cywgZnJvbS BydWdnZWQg d29yayBib2 90cyB0byBz dHlsaXNoIG FuZCBmdW5j dGlvbmFsIG Nhc3VhbCBz aG9lcy48Yn I+My4gU3Ry b25nIGNvbW 1pdG1lbnQg dG8gcXVhbG l0eTogUm9j a3kgQnJhbm RzIHByaWRl cyBpdHNlbG Ygb24gcHJv ZHVjaW5nIG hpZ2gtcXVh bGl0eSBmb2 90d2VhciB0 aGF0IGlzIG R1cmFibGUs IGNvbWZvcn RhYmxlLCBh bmQgZGVzaW duZWQgZm9y IHBlcmZvcm 1hbmNlLiBU aGUgY29tcG FueSBoYXMg c3RyaWN0IH F1YWxpdHkg Y29udHJvbC BtZWFzdXJl cyBpbiBwbG FjZSB0byBl bnN1cmUgdG hhdCB0aGVp ciBwcm9kdW N0cyBtZWV0 IHRoZSBoaW doZXN0IHN0 YW5kYXJkcy 48YnI+NC4g RW1waGFzaX Mgb24gaW5u b3ZhdGlvbj ogUm9ja3kg QnJhbmRzIG lzIGNvbnN0 YW50bHkgbG 9va2luZyBm b3IgbmV3IH dheXMgdG8g aW1wcm92ZS B0aGUgcGVy Zm9ybWFuY2 UgYW5kIGZ1 bmN0aW9uYW xpdHkgb2Yg dGhlaXIgZm 9vdHdlYXIu IFRoZXkgaW 52ZXN0IGhl YXZpbHkgaW 4gcmVzZWFy Y2ggYW5kIG RldmVsb3Bt ZW50IHRvIG ludHJvZHVj ZSBuZXcgdG VjaG5vbG9n aWVzIGFuZC BtYXRlcmlh bHMgaW50by B0aGVpciBw cm9kdWN0cy 48YnI+NS4g Rm9jdXMgb2 4gY3VzdG9t ZXIgc2F0aX NmYWN0aW9u OiBUaGUgY2 9tcGFueSBw cmlvcml0aX plcyBjdXN0 b21lciBzYX Rpc2ZhY3Rp b24gYW5kIH N0cml2ZXMg dG8gZXhjZW VkIHRoZWly IGV4cGVjdG F0aW9ucy4g VGhleSBoYX ZlIGEgc3Ry b25nIHJlcH V0YXRpb24g Zm9yIHByb3 ZpZGluZyBl eGNlbGxlbn QgY3VzdG9t ZXIgc2Vydm ljZSBhbmQg c3VwcG9ydC 48YnI+Ni4g Q29ycG9yYX RlIHJlc3Bv bnNpYmlsaX R5OiBSb2Nr eSBCcmFuZH MgaXMgY29t bWl0dGVkIH RvIGJlaW5n IGEgcmVzcG 9uc2libGUg Y29ycG9yYX RlIGNpdGl6 ZW4gYW5kIG lzIGFjdGl2 ZWx5IGludm 9sdmVkIGlu IHN1cHBvcn RpbmcgdGhl IGxvY2FsIG NvbW11bml0 eSBhbmQgdm FyaW91cyBj aGFyaXRhYm xlIGNhdXNl cy48YnI+Ny 4gU3Ryb25n IGZpbmFuY2 lhbCBwZXJm b3JtYW5jZT ogRGVzcGl0 ZSBmYWNpbm cgY2hhbGxl bmdlcyBpbi B0aGUgZm9v dHdlYXIgaW 5kdXN0cnks IFJvY2t5IE JyYW5kcyBo YXMgY29uc2 lzdGVudGx5 IGRlbGl2ZX JlZCBzdHJv bmcgZmluYW 5jaWFsIHJl c3VsdHMgYW 5kIGhhcyBh IHRyYWNrIH JlY29yZCBv ZiBzdGVhZH kgZ3Jvd3Ro IGFuZCBwcm 9maXRhYmls aXR5Ljxicj 44LiBBIGxl YWRlciBpbi B0aGUgbWls aXRhcnkgYW 5kIHdvcmt3 ZWFyIG1hcm tldHM6IFRo ZSBjb21wYW 55IGlzIGEg bWFqb3IgcG xheWVyIGlu IHRoZSBtaW xpdGFyeSBh bmQgd29ya3 dlYXIgbWFy a2V0cywgcH JvdmlkaW5n IGhpZ2gtcX VhbGl0eSwg ZHVyYWJsZS Bmb290d2Vh ciBmb3IgdG hvc2UgaW4g ZGVtYW5kaW 5nIGVudmly b25tZW50cy 48YnI+OS4g R2xvYmFsIH ByZXNlbmNl OiBSb2NreS BCcmFuZHMg aGFzIGEgcH Jlc2VuY2Ug aW4gb3Zlci A5MCBjb3Vu dHJpZXMgYW 5kIGNvbnRp bnVlcyB0by BleHBhbmQg aXRzIHJlYW NoIHRocm91 Z2ggc3RyYX RlZ2ljIHBh cnRuZXJzaG lwcyBhbmQg aW50ZXJuYX Rpb25hbCBk aXN0cmlidX Rpb24gY2hh bm5lbHMuPG JyPjEwLiBB d2FyZC13aW 5uaW5nIGNv bXBhbnk6IF JvY2t5IEJy YW5kcyBoYX MgcmVjZWl2 ZWQgbnVtZX JvdXMgYXdh cmRzIGFuZC ByZWNvZ25p dGlvbnMgZm 9yIGl0cyBw cm9kdWN0cy BhbmQgYnVz aW5lc3MgcH JhY3RpY2Vz LCBpbmNsdW RpbmcgYmVp bmcgbmFtZW Qgb25lIG9m IOKAnEFtZX JpY2HigJlz IE1vc3QgVH J1c3R3b3J0 aHkgQ29tcG FuaWVz4oCd IGJ5IEZvcm JlcyBtYWdh emluZS4=

Um9ja3kgQn JhbmRzIGlz IGEgbGlmZX N0eWxlIGFu ZCBwZXJmb3 JtYW5jZSBm b290d2Vhci BhbmQgYXBw YXJlbCBjb2 1wYW55IHRo YXQgbWFudW ZhY3R1cmVz LCBkZXNpZ2 5zLCBhbmQg bWFya2V0cy Bwcm9kdWN0 cyB1bmRlci BzZXZlcmFs IGJyYW5kcy wgaW5jbHVk aW5nIFJvY2 t5LCBEdXJh bmdvLCBhbm QgR2Vvcmdp YSBCb290Li BUaGVpciBi dXNpbmVzcy Btb2RlbCBp cyBiYXNlZC BvbiB2ZXJ0 aWNhbCBpbn RlZ3JhdGlv biwgbWVhbm luZyB0aGV5 IG93biBhbm QgY29udHJv bCBldmVyeS Bhc3BlY3Qg b2YgdGhlIH Byb2R1Y3Qg Y3JlYXRpb2 4gcHJvY2Vz cywgZnJvbS BkZXNpZ24g YW5kIHByb2 R1Y3Rpb24g dG8gZGlzdH JpYnV0aW9u IGFuZCBtYX JrZXRpbmcu PGJyPlRoaX MgYnVzaW5l c3MgbW9kZW wgYWxsb3dz IHRoZW0gdG 8gaGF2ZSBn cmVhdGVyIG NvbnRyb2wg b3ZlciBxdW FsaXR5LCBw cm9kdWN0aW 9uIGVmZmlj aWVuY3ksIG FuZCBjb3N0 cy4gVGhleS BhbHNvIGhh dmUgYSBzdH JvbmcgZm9j dXMgb24gaW 5ub3ZhdGlv biBhbmQgdG VjaG5vbG9n eSwgaW5jb3 Jwb3JhdGlu ZyBhZHZhbm NlZCBtYXRl cmlhbHMgYW 5kIGZlYXR1 cmVzIGludG 8gdGhlaXIg cHJvZHVjdH MgdG8gcHJv dmlkZSBjdX N0b21lcnMg d2l0aCBtYX hpbXVtIGNv bWZvcnQsIG R1cmFiaWxp dHksIGFuZC BwZXJmb3Jt YW5jZS48Yn I+Um9ja3kg QnJhbmRzIG 9mZmVycyBh IGRpdmVyc2 UgcmFuZ2Ug b2YgcHJvZH VjdHMgZm9y IGRpZmZlcm VudCBtYXJr ZXQgc2VnbW VudHMsIGlu Y2x1ZGluZy B3b3JrLCBv dXRkb29yLC BhbmQgV2Vz dGVybiBhdH RpcmUuIFRo ZXkgZGlzdH JpYnV0ZSB0 aGVpciBwcm 9kdWN0cyB0 aHJvdWdoIG EgY29tYmlu YXRpb24gb2 Ygd2hvbGVz YWxlIGFuZC BkaXJlY3Qt dG8tY29uc3 VtZXIgY2hh bm5lbHMsIG luY2x1ZGlu ZyB0aGVpci Bvd24gcmV0 YWlsIHN0b3 JlcywgZS1j b21tZXJjZS BwbGF0Zm9y bSwgYW5kIH RoaXJkLXBh cnR5IHJldG FpbGVycy48 YnI+VGhlIG NvbXBhbnkg YWxzbyBlbX BoYXNpemVz IHRoZSBpbX BvcnRhbmNl IG9mIGN1c3 RvbWVyIHNl cnZpY2UgYW 5kIGZvc3Rl cmluZyByZW xhdGlvbnNo aXBzIHdpdG ggdGhlaXIg Y3VzdG9tZX JzLiBUaGV5 IG9mZmVyIG EgbGlmZXRp bWUgZ3Vhcm FudGVlIG9u IG1hbnkgb2 YgdGhlaXIg cHJvZHVjdH MgYW5kIGhh dmUgYSBzdH JvbmcgY29t bWl0bWVudC B0byBzdXN0 YWluYWJpbG l0eSwgc29j aWFsIHJlc3 BvbnNpYmls aXR5LCBhbm QgZXRoaWNh bCBidXNpbm VzcyBwcmFj dGljZXMuIF RoaXMgYnVz aW5lc3MgbW 9kZWwgaGFz IGhlbHBlZC BSb2NreSBC cmFuZHMgZX N0YWJsaXNo IGEgc3Ryb2 5nIHByZXNl bmNlIGluIH RoZSBmb290 d2VhciBhbm QgYXBwYXJl bCBpbmR1c3 RyeSBhbmQg YWNoaWV2ZS Bjb250aW51 b3VzIGdyb3 d0aCBhbmQg c3VjY2Vzcy 4=

AI can potentially pose threats to the Rocky Brands company’s products, services, and competitive positioning in several ways, although the extent of these threats may vary based on the company’s adaptability and the industry landscape.
1. Substitution: AI-driven innovations could lead to the development of new materials or manufacturing processes that offer superior performance or cost-effectiveness. For instance, advancements in synthetic materials that mimic or exceed the performance of traditional leather or other materials used by Rocky Brands could attract consumers. Additionally, AI-designed products that enhance comfort and durability could shift consumer preferences away from existing offerings.
2. Disintermediation: The rise of direct-to-consumer business models enabled by AI technologies could disrupt traditional retail channels. If competitors leverage AI for personalized marketing and efficient supply chains, they may effectively reach consumers without relying on intermediaries. This could lead to a reduction in market share for Rocky Brands if it cannot compete effectively in this space or if it fails to enhance its own direct-to-consumer capabilities.
3. Margin Pressure: AI can optimize production processes, supply chain management, and inventory control, leading to cost reductions for competitors. If Rocky Brands cannot similarly utilize AI to reduce its operational costs, it could face pressure on its profit margins, especially if competitors pass these savings on to consumers in the form of lower prices. Additionally, if competitors implement AI-based insights to better understand and respond to consumer trends, they may capture market share, further impacting Rocky Brands’ pricing power.
However, it is also worth noting that AI presents opportunities for Rocky Brands to enhance its offerings and improve operational efficiencies. By adopting AI technologies strategically, the company can mitigate some of these threats and potentially strengthen its competitive position in the marketplace. Emphasizing innovation and adapting to changes driven by AI will be crucial for the company’s future.

The sensitivity of Rocky Brands’ earnings, cash flow, and valuation to changes in interest rates can be assessed through several key factors.
Earnings Sensitivity:
Rocky Brands’ earnings can be affected by changes in interest rates primarily due to higher financing costs. If the company has outstanding debt, rising interest rates can increase interest expenses, thereby reducing net income. Conversely, if rates decrease, the cost of borrowing may decline, potentially boosting earnings if the company takes advantage of lower rates to finance expansion or operational improvements.
Cash Flow Sensitivity:
Interest rate fluctuations directly impact cash flows, particularly if Rocky Brands relies on debt financing. Higher interest rates would lead to increased cash outflows for interest payments, negatively affecting free cash flow. In addition, increased rates may hinder consumer spending as borrowing costs rise, potentially leading to lower sales and cash flow. If the company is able to generate positive cash flow without significant reliance on debt, it may be more insulated from interest rate changes.
Valuation Sensitivity:
The valuation of Rocky Brands is often determined through discounted cash flow (DCF) analysis, which incorporates interest rates in the discount rate. Higher interest rates generally lead to a higher discount rate, which can reduce the present value of future cash flows and, therefore, lower the company’s valuation. Conversely, lower interest rates decrease the discount rate, potentially resulting in a higher valuation.
Overall, while Rocky Brands may be moderately sensitive to interest rate changes, the actual impact would depend on the company’s capital structure, reliance on debt, and overall market conditions. Such sensitivity must be assessed in the context of broader economic factors and the company’s strategic management of interest rate risk.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgUm 9ja3kgQnJh bmRz4oCZIG Vjb25vbWlj cyBvdmVyIH RoZSBuZXh0 IDPigJM1IH llYXJzIGlz IGEgc2lnbm lmaWNhbnQg YW5kIHByb2 xvbmdlZCBk b3dudHVybi BpbiB0aGUg b3V0ZG9vci BhbmQgd29y a3dlYXIgbW Fya2V0cywg ZHJpdmVuIG J5IGEgY29t YmluYXRpb2 4gb2YgZmFj dG9ycyBzdW NoIGFzIGNo YW5naW5nIG NvbnN1bWVy IHByZWZlcm VuY2VzLCBp bmNyZWFzZW QgY29tcGV0 aXRpb24gZn JvbSBib3Ro IGVzdGFibG lzaGVkIGJy YW5kcyBhbm QgbmV3IGVu dHJhbnRzLC BhbmQgZWNv bm9taWMgcm VjZXNzaW9u LiA8YnI+SW 4gdGhpcyBz Y2VuYXJpby wgY29uc3Vt ZXJzIG1heS BzaGlmdCB0 aGVpciBzcG VuZGluZyBo YWJpdHMgdG 93YXJkIG1v cmUgY2FzdW FsIHdlYXIg b3IgYnVkZ2 V0LWZyaWVu ZGx5IG9wdG lvbnMsIGxl YWRpbmcgdG 8gcmVkdWNl ZCBkZW1hbm QgZm9yIHRo ZSBzcGVjaW FsaXplZCBv dXRkb29yIG FuZCB3b3Jr IGZvb3R3ZW FyIGFuZCBh cHBhcmVsIH RoYXQgUm9j a3kgQnJhbm RzIHByb2R1 Y2VzLiBBZG RpdGlvbmFs bHksIGlmIG EgcmVjZXNz aW9uIG9jY3 VycywgdGhl cmUgbWF5IG JlIGEgZGVj bGluZSBpbi BkaXNjcmV0 aW9uYXJ5IH NwZW5kaW5n LCBpbXBhY3 Rpbmcgb3Zl cmFsbCBzYW xlcy4gSW5j cmVhc2VkIG NvbXBldGl0 aW9uIGNvdW xkIGZ1cnRo ZXIgZXJvZG UgbWFya2V0 IHNoYXJlLC Bmb3JjaW5n IFJvY2t5IE JyYW5kcyB0 byBlbmdhZ2 UgaW4gYWdn cmVzc2l2ZS BkaXNjb3Vu dGluZyB3aG ljaCB3b3Vs ZCB1bmRlcm 1pbmUgYnJh bmQgdmFsdW UuPGJyPklm IHRoaXMgc2 NlbmFyaW8g cGxheWVkIG 91dCwgdGhl IGNvbXBhbn nigJlzIG1h cmdpbnMgd2 91bGQgbGlr ZWx5IHNocm luayBzaWdu aWZpY2FudG x5IGR1ZSB0 byBkZWNyZW FzZWQgc2Fs ZXMgcmV2ZW 51ZSBhbmQg bG93ZXIgcH JpY2luZyBw b3dlci4gUH JvZml0IG1h cmdpbnMgY2 91bGQgYmUg cHJlc3N1cm VkIGFzIHBy b2R1Y3Rpb2 4gY29zdHMg cmVtYWluIG hpZ2ggd2hp bGUgc2FsZX Mgdm9sdW1l cyBkZWNsaW 5lLiBUaGUg Y29tcGFuee KAmXMgZ3Jv c3MgbWFyZ2 luIG1pZ2h0 IGZhbGwgYm Vsb3cgaGlz dG9yaWNhbC BsZXZlbHMg YXMgZml4ZW QgY29zdHMg YXJlIHNwcm VhZCBvdmVy IGEgcmVkdW NlZCBzYWxl cyBiYXNlLC BsZWFkaW5n IHRvIGxvd2 VyIG92ZXJh bGwgcHJvZm l0YWJpbGl0 eS48YnI+Q2 FzaCBmbG93 IHdvdWxkIG Fsc28gdGFr ZSBhIGhpdC BhcyBhIHJl c3VsdCBvZi BkZWNsaW5p bmcgc2FsZX MgYW5kIHBy b2ZpdGFiaW xpdHkuIFdp dGggcmVkdW NlZCBjYXNo IGluZmxvd3 MsIHRoZSBj b21wYW55IG 1heSBzdHJ1 Z2dsZSB0by BtYWludGFp biBpdHMgb3 BlcmF0aW9u YWwgbGlxdW lkaXR5LiBB ZGRpdGlvbm FsbHksIGlm IFJvY2t5IE JyYW5kcyBm ZWVscyB0aG UgbmVlZCB0 byBzZWN1cm UgYWRkaXRp b25hbCBmaW 5hbmNpbmcg dG8gd2VhdG hlciB0aGUg ZG93bnR1cm 4sIGl0IGNv dWxkIGluY3 VyIGhpZ2hl ciBpbnRlcm VzdCBleHBl bnNlcywgZn VydGhlciBz dHJhaW5pbm cgY2FzaCBm bG93Ljxicj 5PbiB0aGUg YmFsYW5jZS BzaGVldCwg dGhlIGltcG FjdCB3b3Vs ZCBiZSBldm lkZW50IGlu IHNldmVyYW wgd2F5cy4g QSBkZWNsaW 5lIGluIHNh bGVzIGFuZC Bwcm9maXRh YmlsaXR5IG NvdWxkIGxl YWQgdG8gbG 93ZXIgcmV0 YWluZWQgZW FybmluZ3Ms IHdlYWtlbm luZyB0aGUg Y29tcGFuee KAmXMgZXF1 aXR5IHBvc2 l0aW9uLiBJ ZiB0aGUgY2 9tcGFueSB0 YWtlcyBvbi BkZWJ0IHRv IHN1cnZpdm UgdGhlIGRv d250dXJuLC B0aGlzIHdv dWxkIGluY3 JlYXNlIGxp YWJpbGl0aW VzLCBuZWdh dGl2ZWx5IG FmZmVjdGlu ZyBsZXZlcm FnZSByYXRp b3MuIE1vcm VvdmVyLCBh biBpbmNyZW FzZSBpbiBp bnZlbnRvcn kgZHVlIHRv IHVuc29sZC BzdG9jayBt aWdodCBpbm RpY2F0ZSBh IHNsb3dkb3 duIGluIHNh bGVzLCB3aG ljaCBjb3Vs ZCBhbHNvIH NpZ25hbCBp bmVmZmljaW VuY2llcyBp biBpbnZlbn RvcnkgbWFu YWdlbWVudC 48YnI+VWx0 aW1hdGVseS wgYSBwcm9s b25nZWQgZG 93bnR1cm4g aW4gaXRzIG NvcmUgbWFy a2V0cyBjb3 VsZCBsZWFk IFJvY2t5IE JyYW5kcyB0 byBhIG1vcm UgdnVsbmVy YWJsZSBmaW 5hbmNpYWwg cG9zaXRpb2 4sIGNoYXJh Y3Rlcml6ZW QgYnkgcmVk dWNlZCBtYX JnaW5zLCBz dHJhaW5lZC BjYXNoIGZs b3csIGFuZC BhIHdlYWtl ciBiYWxhbm NlIHNoZWV0 LiBUaGUgY2 9tcGFueSBj b3VsZCBmYW NlIGxvbmct dGVybSBjaG FsbGVuZ2Vz IGluIHJlY2 92ZXJpbmcg aXRzIG1hcm tldCBwb3Np dGlvbiBhbm QgcmVzdG9y aW5nIHByb2 ZpdGFiaWxp dHkgdW5sZX NzIGl0IHBp dm90cyBlZm ZlY3RpdmVs eSB0byBhZG FwdCB0byBu ZXcgY29uc3 VtZXIgZGVt YW5kcyBhbm QgY29tcGV0 aXRpdmUgbG FuZHNjYXBl cy48YnI+

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 bG9nb3Mvaj dFTVVTS20w UUt2Z0xmZ3 ZaUHkud2Vi cCIgYWx0PS JSb2NreSBC cmFuZHMiIH RpdGxlPSJS b2NreSBCcm FuZHMiICBj bGFzcz0iaW 1nLWZsdWlk IiBoZWlnaH Q9NTAgd2lk dGg9NTAgbG 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 YWJvdXQgUm 9ja3kgQnJh bmRzPwogIC 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 AgICAg4pyF IERvd25sb2 FkIDxpPiJU aGUgQ2hlY2 tsaXN0IFZh bHVlIEludm VzdG9yIOKA lCBBIFNtYX J0ZXIgV2F5 IHRvIFBpY2 sgU3RvY2tz IjwvaT4g4o CUIHRvdGFs bHkgZnJlZS 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 dVbTlqYTMg a2dRbkpoYm 1SeiBJSGRo Y3lCbWIzIF Z1WkdWa0lH bHUgSURFNU 16SWdZWCBN Z2RHaGxJRm RwIGJHeHBZ VzBnUW4gSn ZiMnR6SUZO byBiMlVnUT I4dUlHIGx1 SUU1bGJITn YgYm5acGJH eGxMQyBCUG FHbHZMaUJK IGJpQXhPVG MwTEMgQnBk Q0JpWldOaC BiV1VnYTI1 dmQyIDRnWV hNZ1VtOWog YTNrZ1FuSm hibSBSekxq eGljajR5IE xpQlVhR1Vn WTIgOXRjR0 Z1ZVNCcCBj eUJ0YjNOME lHIHR1YjNk dUlHWnYgY2 lCcGRITWdi RyBsdVpTQn ZaaUJ5IGRX ZG5aV1FnWV cgNWtJR1Ix Y21GaSBiR1 VnYjNWMFpH IDl2Y2lCbW IyOTAgZDJW aGNpd2dhVy A1amJIVmth VzVuIElHaH BhMmx1Wnkg QmliMjkwY3 l3ZyBkMjl5 YXlCaWIyID kwY3l3Z1lX NWsgSUdoMW JuUnBibSBj Z1ltOXZkSE 11IFBHSnlQ ak11SUYgSn ZZMnQ1SUVK eSBZVzVrY3 lCb1lYIE1n WVNCb2FYTj AgYjNKNUlH OW1JSCBOd2 IyNXpiM0pw IGJtY2dZVz VrSUcgOTFk R1pwZEhScC BibWNnWVhS b2JHIFYwWl hNZ2FXNGcg WVNCM2FXUm xJSCBKaGJt ZGxJRzltIE lITndiM0ow Y3kgd2dhVz VqYkhWayBh VzVuSUdKdm VHIGx1Wnl3 Z2QzSmwgYz NSc2FXNW5M QyBCaGJtUW djbTlrIFpX OHVQR0p5UG ogUXVJRWx1 SUdGayBaR2 wwYVc5dUlI IFJ2SUdsMG N5QnYgZDI0 Z1luSmhibS BSbFpDQndj bTlrIGRXTj BjeXdnVW0g OWphM2tnUW 5KaCBibVJ6 SUdGc2MyID hnYjNkdWN5 QnYgZEdobG NpQjNaVyB4 c0xXdHViM2 R1IElHWnZi M1IzWlcgRn lJR0p5WVc1 ayBjeUJ6ZF dOb0lHIEZ6 SUVSMWNtRn UgWjI4c0lF eGxhRyBsbm FDQlBkWFJt IGFYUjBaWE p6TEMgQkha Vzl5WjJsaC BJRUp2YjNR c0lHIEZ1Wk NCRGNtVmgg ZEdsMlpTQl NaVyBOeVpX RjBhVzl1IE xqeGljajQx TGkgQkpiaU F4T1RrdyBM Q0IwYUdVZ1 kyIDl0Y0dG dWVTQmkgWl dOaGJXVWdj SCBWaWJHbG piSGtnIGRI SmhaR1ZrSU cgOXVJSFJv WlNCTyBRVk 5FUVZFZ2RX IDVrWlhJZ2 RHaGwgSUhO NWJXSnZiQy BCU1EwdFpM anhpIGNqND JMaUJTYjIg TnJlU0JDY2 1GdSBaSE1n YUdGeklHIE VnYkc5dVp5 MXogZEdGdV pHbHVaeSBC d1lYSjBibV Z5IGMyaHBj Q0IzYVggUm 9JSFJvWlNC dCBhV3hwZE dGeWVTIEJo Ym1RZ2FHRn ogSUdKbFpX NGdZUyBCdF lXcHZjaUJ6 IGRYQndiR2 xsY2kgQnZa aUJ0YVd4cC BkR0Z5ZVNC bWIyIDkwZD JWaGNpQjAg YnlCMGFHVW dWViBNZ1FY SnRaV1FnIF JtOXlZMlZ6 SUggTnBibU 5sSUhSbyBa U0F4T1Rnd2 N5IDQ4WW5J K055NGcgVk dobElHTnZi WCBCaGJua2 dhR0Z6IElH SmxaVzRnY2 0gVmpiMmR1 YVhwbCBaQ0 JtYjNJZ2FY IFJ6SUdOdm JXMXAgZEcx bGJuUWdkRy A4Z2MzVnpk R0ZwIGJtRm lhV3hwZEgg a2dZVzVrSU doaCBjeUJw YlhCc1pXID FsYm5SbFpD QjIgWVhKcG IzVnpJRyBW dWRtbHliMj V0IFpXNTBZ V3hzZVMgMW 1jbWxsYm1S cyBlU0J3Y2 1GamRHIGxq WlhNZ2FXNG cgYVhSeklH OXdaWCBKaG RHbHZibk1z IElITjFZMm dnWVggTWdk WE5wYm1jZy BjbVZqZVdO c1pXIFFnYl dGMFpYSnAg WVd4eklHbH VJRyBsMGN5 QndjbTlrIG RXTjBjeUJo Ym0gUWdjbV ZrZFdOcCBi bWNnZDJGem RHIFV1UEdK eVBqZ3UgSU ZKdlkydDVJ RSBKeVlXNW tjeUJvIFlY TWdkMjl1SU ggTmxkbVZ5 WVd3ZyBZWG RoY21SeklH IFp2Y2lCcG RITWcgWm05 dmRIZGxZWC BJc0lHbHVZ MngxIFpHbH VaeUIwYUcg VWdUM1YwWk c5diBjaUJN YVdabElFIF ZrYVhSdmN1 S0EgbVhNZ1 EyaHZhVyBO bElFRjNZWE prIExDQjBh R1VnUm0gbG xiR1FnSmlC VCBkSEpsWV cwZ1FtIFZ6 ZENCSWRXNT AgYVc1bklF SnZiMyBSek lFRjNZWEpr IExDQmhibV FnZEcgaGxJ RTkxZEdSdi BiM0lnU1c1 a2RYIE4wY2 5rZ1IyOXMg WkNCQmQyRn laQyBCbWIz SWdRbVZ6IG RDQk9aWGNn UW0gOXZkQ0 JFWlhOcCBa MjR1UEdKeV BqIGt1SUZS b1pTQmogYj Ixd1lXNTVJ RyBoaGN5Qm hJR3h2IGJt Y2dhR2x6ZE cgOXllU0J2 WmlCeiBkWE J3YjNKMGFX IDVuSUdOb1 lYSnAgZEdG aWJHVWdZMi BGMWMyVnpJ R0Z1IFpDQm 9ZWE1nWkcg OXVZWFJsWk NCdiBkbVZ5 SUNReUlHID FwYkd4cGIy NGcgZEc4Z2 RtRnlhVyA5 MWN5QnZjbW RoIGJtbDZZ WFJwYjIgNX pJSE5wYm1O bCBJREU1T1 RrdVBHIEp5 UGpFd0xpQk IgYkc5dVp5 QjNhWCBSb0 lHbDBjeUJv IFpXRmtjWF ZoY24gUmxj bk1nYVc0Zy BUbVZzYzI5 dWRtIGxzYk dVc0lFOW8g YVc4c0lGSn ZZMiB0NUlF SnlZVzVrIG N5Qm9ZWE1n YlcgRnVkV1 poWTNSMSBj bWx1WnlCaG JtIFFnWkds emRISnAgWW 5WMGFXOXVJ RyBaaFkybH NhWFJwIFpY TWdhVzRnVU ggVmxjblJ2 SUZKcCBZMj hnWVc1a0lI IFJvWlNCRW IyMXAgYm1s allXNGdVbS BWd2RXSnNh V011CiAgIC AgICAgPC9z cGFuPgogIC AgICAgIAog ICAgICAgIA ==