Gildan Activewear

-14.29%

Live  

Gildan Activewear is a Canadian-based company that manufactures and sells clothing and accessories for men, women, and children. The company was founded in 1984 and is headquartered in Montreal, Quebec.
Gildan Activewear is known for its high-quality basic apparel, including t-shirts, sweatshirts, and underwear, as well as sports jerseys and performance wear. The company also produces and sells a line of socks and hosiery under the brand name Gold Toe.
Gildan is a vertically integrated company, meaning that it controls all aspects of production, from sourcing raw materials to distributing the finished products. This allows the company to maintain control over quality and costs.
The company operates under a set of values and principles, including a commitment to responsible environmental practices and ethical business standards. Gildan has been recognized for its efforts in sustainability and social responsibility, receiving various awards and certifications.
In addition to its main brand, Gildan also owns and operates several other brands, including American Apparel, Anvil, Alstyle, and Comfort Colors. Its products are sold in retail stores, as well as online through its website and other e-commerce platforms.
Overall, Gildan Activewear is a trusted and well-established company in the apparel industry, known for its quality products and commitment to social and environmental responsibility.

R2lsZGFuIE FjdGl2ZXdl YXIgaXMgYS Bjb21wYW55 IHRoYXQgbW FrZXMgY2xv dGhlcywgZX NwZWNpYWxs eSBvbmVzIH RoYXQgeW91 IG1pZ2h0IH dlYXIgZm9y IHNwb3J0cy wgcGxheWlu ZyBhcm91bm QsIG9yIGp1 c3QgcmVsYX hpbmcsIGxp a2UgdC1zaG lydHMsIHN3 ZWF0c2hpcn RzLCBhbmQg c29ja3MuIF RoZXkgY3Jl YXRlIHNpbX BsZSwgY29t ZnkgY2xvdG hpbmcgdGhh dCBjYW4gYm Ugd29ybiBi eSBhbnlvbm UuPGJyPkdp bGRhbiBtYW tlcyBtb25l eSBieSBzZW xsaW5nIHRo ZXNlIGNsb3 RoZXMgdG8g c3RvcmVzIG FuZCBvdGhl ciBjb21wYW 5pZXMuIFdo ZW4gc29tZW 9uZSBnb2Vz IHRvIGEgc2 hvcCBhbmQg YnV5cyBhIE dpbGRhbiBz aGlydCwgdG hlIHN0b3Jl IHBheXMgR2 lsZGFuIGZv ciBpdC4gVG hleSBhbHNv IHNlbGwgdG hlaXIgY2xv dGhlcyBpbi BidWxrIHRv IG9yZ2FuaX phdGlvbnMs IGxpa2Ugc2 Nob29scyBv ciB0ZWFtcy wgdGhhdCB3 YW50IGN1c3 RvbSBjbG90 aGluZyBmb3 IgZXZlbnRz IG9yIGFjdG l2aXRpZXMu IDxicj5HaW xkYW4gaXMg c3VjY2Vzc2 Z1bCBmb3Ig YSBmZXcgcm Vhc29ucy4g Rmlyc3QsIH RoZXkgZm9j dXMgb24gbW FraW5nIGdv b2QgcXVhbG l0eSBjbG90 aGVzIGF0IG EgcHJpY2Ug dGhhdCBtYW 55IHBlb3Bs ZSBjYW4gYW Zmb3JkLiBU aGlzIG1lYW 5zIG1vcmUg cGVvcGxlIH dhbnQgdG8g YnV5IHRoZW lyIHByb2R1 Y3RzLiBTZW NvbmQsIHRo ZXkgbWFrZS BhIGxvdCBv ZiBkaWZmZX JlbnQgc3R5 bGVzIGFuZC Bjb2xvcnMs IHNvIHRoZX Jl4oCZcyBz b21ldGhpbm cgZm9yIGV2 ZXJ5b25lLi BMYXN0bHks IHRoZXkgaG F2ZSBhIHN0 cm9uZyBjb2 1taXRtZW50 IHRvIGJlaW 5nIGVjby1m cmllbmRseS BhbmQgcmVz cG9uc2libG Ugd2hlbiB0 aGV5IG1ha2 UgdGhlaXIg Y2xvdGhlcy wgd2hpY2gg bWFueSBwZW 9wbGUgY2Fy ZSBhYm91dC B0b2RheS48 YnI+SW4gdG hlIGZ1dHVy ZSwgR2lsZG FuIHdpbGwg bGlrZWx5IG NvbnRpbnVl IHRvIGJlIH N1Y2Nlc3Nm dWwgYmVjYX VzZSB0aGV5 IGtlZXAgaW 1wcm92aW5n IHRoZWlyIH Byb2R1Y3Rz LCBsaXN0ZW 4gdG8gd2hh dCBjdXN0b2 1lcnMgd2Fu dCwgYW5kIG ZvY3VzIG9u IGJlaW5nIG dvb2QgdG8g dGhlIHBsYW 5ldC4gQXMg bG9uZyBhcy B0aGV5IGtl ZXAgZG9pbm cgdGhlc2Ug dGhpbmdzLC B0aGV5IHdp bGwgbGlrZW x5IHN0YXkg cG9wdWxhci BhbmQga2Vl cCBtYWtpbm cgbW9uZXku PGJyPg==

MS4gRXN0YW JsaXNoZWQg QnJhbmQ6IE dpbGRhbiBB Y3RpdmV3ZW FyIGlzIGFu IGVzdGFibG lzaGVkIGJy YW5kIGluIH RoZSBjbG90 aGluZyBhbm QgYXBwYXJl bCBpbmR1c3 RyeSwgd2l0 aCBhIGhpc3 RvcnkgZGF0 aW5nIGJhY2 sgdG8gMTk4 NC4gVGhlIG NvbXBhbnkg aXMga25vd2 4gZm9yIGl0 cyBoaWdoLX F1YWxpdHks IGFmZm9yZG FibGUgcHJv ZHVjdHMuPG JyPjIuIEds b2JhbCBQcm VzZW5jZTog R2lsZGFuIE FjdGl2ZXdl YXIgaGFzIG Egc3Ryb25n IGdsb2JhbC BwcmVzZW5j ZSwgd2l0aC BvcGVyYXRp b25zIGluIE 5vcnRoIEFt ZXJpY2EsIE FzaWEsIGFu ZCBFdXJvcG UuIFRoaXMg YWxsb3dzIH RoZSBjb21w YW55IHRvIH JlYWNoIGEg d2lkZSByYW 5nZSBvZiBj dXN0b21lcn MgYW5kIGV4 cGFuZCBpdH MgbWFya2V0 IHNoYXJlLj xicj4zLiBE aXZlcnNpZm llZCBQcm9k dWN0IFJhbm dlOiBUaGUg Y29tcGFueS BvZmZlcnMg YSBkaXZlcn NlIHJhbmdl IG9mIHByb2 R1Y3RzLCBp bmNsdWRpbm cgVC1zaGly dHMsIHBvbG 9zLCBzd2Vh dHNoaXJ0cy wgaG9vZGll cywgYW5kIG FjdGl2ZXdl YXIgZm9yIG 1lbiwgd29t ZW4sIGFuZC BjaGlsZHJl bi4gVGhpcy BhbGxvd3Mg R2lsZGFuIH RvIGNhdGVy IHRvIGEgYn JvYWQgY3Vz dG9tZXIgYm FzZS48YnI+ NC4gQ29tbW l0bWVudCB0 byBTdXN0YW luYWJpbGl0 eTogR2lsZG FuIGlzIGNv bW1pdHRlZC B0byBzdXN0 YWluYWJpbG l0eSBhbmQg aGFzIGltcG xlbWVudGVk IHZhcmlvdX MgaW5pdGlh dGl2ZXMgdG 8gcmVkdWNl IGl0cyBpbX BhY3Qgb24g dGhlIGVudm lyb25tZW50 LiBUaGlzIG luY2x1ZGVz IHVzaW5nIH N1c3RhaW5h YmxlIG1hdG VyaWFscyBh bmQgcHJvY2 Vzc2VzIGlu IGl0cyBwcm 9kdWN0aW9u Ljxicj41Li BBZmZvcmRh YmxlIFByaW Npbmc6IEdp bGRhbidzIH Byb2R1Y3Rz IGFyZSBrbm 93biBmb3Ig dGhlaXIgYW Zmb3JkYWJs ZSBwcmljaW 5nLCBtYWtp bmcgdGhlbS BhY2Nlc3Np YmxlIHRvIG Egd2lkZSBy YW5nZSBvZi BjdXN0b21l cnMuIFRoaX MgbWFrZXMg dGhlIGNvbX BhbnkgYSBw b3B1bGFyIG Nob2ljZSBm b3IgYnVsay BvcmRlcnMg YW5kIGN1c3 RvbWl6ZWQg cHJvZHVjdH MuPGJyPjYu IEhpZ2gtUX VhbGl0eSBT dGFuZGFyZH M6IEdpbGRh biBpcyBrbm 93biBmb3Ig aXRzIGhpZ2 gtcXVhbGl0 eSBwcm9kdW N0cywgd2l0 aCBhIHN0cm 9uZyBmb2N1 cyBvbiBkdX JhYmlsaXR5 IGFuZCBjb2 1mb3J0LiBU aGUgY29tcG FueSB1c2Vz IGFkdmFuY2 VkIHRlY2hu b2xvZ2llcy BhbmQgcXVh bGl0eSBjb2 50cm9sIHBy b2Nlc3Nlcy B0byBlbnN1 cmUgY29uc2 lzdGVuY3kg aW4gaXRzIH Byb2R1Y3Rz Ljxicj43Li BTdHJvbmcg Q29ycG9yYX RlIFNvY2lh bCBSZXNwb2 5zaWJpbGl0 eTogR2lsZG FuIHRha2Vz IGl0cyBjb3 Jwb3JhdGUg c29jaWFsIH Jlc3BvbnNp YmlsaXR5IH NlcmlvdXNs eSBhbmQgaG FzIGltcGxl bWVudGVkIH ZhcmlvdXMg aW5pdGlhdG l2ZXMgdG8g Z2l2ZSBiYW NrIHRvIHRo ZSBjb21tdW 5pdGllcyBp dCBvcGVyYX RlcyBpbi4g VGhpcyBpbm NsdWRlcyBl ZHVjYXRpb2 4sIGhlYWx0 aCwgYW5kIG Vudmlyb25t ZW50YWwgcH JvZ3JhbXMu PGJyPjguIE lubm92YXRp b24gYW5kIF RlY2hub2xv Z3k6IEdpbG RhbiBpcyBj b25zdGFudG x5IGludmVz dGluZyBpbi BhbmQgaW5u b3ZhdGluZy BuZXcgdGVj aG5vbG9naW VzIHRvIGlt cHJvdmUgaX RzIHByb2R1 Y3Rpb24gcH JvY2Vzc2Vz IGFuZCBkZX ZlbG9wIG5l dyBwcm9kdW N0cy4gVGhp cyBhbGxvd3 MgdGhlIGNv bXBhbnkgdG 8gc3RheSBj b21wZXRpdG l2ZSBhbmQg bWVldCB0aG UgZXZvbHZp bmcgbmVlZH Mgb2YgaXRz IGN1c3RvbW Vycy48YnI+ OS4gU3Ryb2 5nIEN1c3Rv bWVyIFJlbG F0aW9uc2hp cHM6IEdpbG RhbiB2YWx1 ZXMgaXRzIG N1c3RvbWVy cyBhbmQgaG FzIGJ1aWx0 IHN0cm9uZy ByZWxhdGlv bnNoaXBzIH dpdGggcmV0 YWlsZXJzLC BkaXN0cmli dXRvcnMsIG FuZCBvdGhl ciBwYXJ0bm Vycy4gVGhp cyBoYXMgaG VscGVkIHRo ZSBjb21wYW 55IHRvIGV4 cGFuZCBpdH MgbWFya2V0 IHJlYWNoIG FuZCBtYWlu dGFpbiBjdX N0b21lciBs b3lhbHR5Lj xicj4xMC4g RW1wbG95ZW UtRm9jdXNl ZDogVGhlIG NvbXBhbnkg cHJpb3JpdG l6ZXMgaXRz IGVtcGxveW VlcyBhbmQg aW52ZXN0cy BpbiB0aGVp ciB0cmFpbm luZyBhbmQg ZGV2ZWxvcG 1lbnQuIFRo aXMgaGFzIG hlbHBlZCBj cmVhdGUgYS Bwb3NpdGl2 ZSB3b3JrIG N1bHR1cmUg YW5kIG1vdG l2YXRlZCB3 b3JrZm9yY2 UsIGxlYWRp bmcgdG8gaG lnaGVyIHBy b2R1Y3Rpdm l0eSBhbmQg cXVhbGl0eS BvZiB3b3Jr Lg==

VGhlIEdpbG RhbiBBY3Rp dmV3ZWFyIG NvbXBhbnkn cyBidXNpbm VzcyBtb2Rl bCBpcyB0by BkZXNpZ24s IG1hbnVmYW N0dXJlLCBh bmQgc2VsbC BhIHdpZGUg cmFuZ2Ugb2 YgYXBwYXJl bCBwcm9kdW N0cywgaW5j bHVkaW5nIG Jhc2ljIGFu ZCBmYXNoaW 9uIFQtc2hp cnRzLCBmbG VlY2UsIHNw b3J0IHNoaX J0cywgdW5k ZXJ3ZWFyLC Bzb2Nrcywg aG9zaWVyeS wgYW5kIGFj dGl2ZXdlYX IgZm9yIG1l biwgd29tZW 4sIGFuZCBj aGlsZHJlbi 4gVGhlIGNv bXBhbnkgdX NlcyBhIHZl cnRpY2FsbH kgaW50ZWdy YXRlZCBtb2 RlbCwgd2hp Y2ggbWVhbn MgaXQgY29u dHJvbHMgdG hlIGVudGly ZSBwcm9kdW N0aW9uIHBy b2Nlc3MgZn JvbSBzb3Vy Y2luZyByYX cgbWF0ZXJp YWxzIHRvIG Rpc3RyaWJ1 dGlvbiB0by ByZXRhaWxl cnMuIFRoaX MgYWxsb3dz IEdpbGRhbi B0byBtYWlu dGFpbiBxdW FsaXR5IGNv bnRyb2wgYW 5kIGVmZmlj aWVuY3ksIH Jlc3VsdGlu ZyBpbiBhIG xvd2VyIGNv c3Qgc3RydW N0dXJlIGFu ZCBwcmljaW 5nIGZvciB0 aGVpciBwcm 9kdWN0cy4g VGhlIGNvbX BhbnkgYWxz byBvcGVyYX RlcyBhIGRp cmVjdC10by 1jb25zdW1l ciBvbmxpbm UgcGxhdGZv cm0gYW5kIH BhcnRuZXJz IHdpdGggbW Fqb3IgcmV0 YWlsZXJzIG ZvciBzYWxl cyBhbmQgZG lzdHJpYnV0 aW9uLiBHaW xkYW4gcHJp ZGVzIGl0c2 VsZiBvbiBp dHMgY29tbW l0bWVudCB0 byBzdXN0YW luYWJpbGl0 eSBhbmQgZX RoaWNhbCBw cmFjdGljZX MsIGFuZCBp bmNvcnBvcm F0ZXMgdGhl c2UgcHJpbm NpcGxlcyBp bnRvIGl0cy BidXNpbmVz cyBtb2RlbC 4=

AI can pose various threats to Gildan Activewear in terms of substitution, disintermediation, and margin pressure.
1. Substitution: AI-driven technologies could lead to the development of new materials or manufacturing processes that offer similar or superior qualities to Gildan’s products. For instance, advancements in textiles through AI could result in fabrics that are more resilient, sustainable, or cost-effective. As competitors leverage AI for product innovation, Gildan may face pressure to keep pace with evolving consumer preferences, potentially leading to market share loss.
2. Disintermediation: The rise of AI in e-commerce and retail may cause disintermediation in the supply chain. Brands leveraging AI can optimize their marketing strategies, directly engaging consumers without the need for traditional retail partners. This could limit Gildan’s distribution channels as consumers increasingly purchase from AI-optimized platforms or direct-to-consumer brands that offer personalized experiences.
3. Margin Pressure: AI can enhance operational efficiency through more precise demand forecasting, inventory management, and production scheduling. Companies that effectively deploy AI may reduce costs and margins, putting price pressure on competitors like Gildan. If Gildan does not adopt similar technologies, it may find itself unable to compete on price or efficiency, which could adversely affect profitability.
In summary, while AI presents opportunities for Gildan to improve processes and products, it also poses material threats that could impact its competitive positioning through substitution, disintermediation, and margin pressure. Gildan would need to embrace AI strategically to mitigate these risks and sustain its market position.

The sensitivity of Gildan Activewear’s earnings, cash flow, and valuation to changes in interest rates can be analyzed from several perspectives:
1. Earnings Sensitivity: Gildan Activewear may experience some sensitivity in its earnings due to interest rate changes, primarily if the company has leveraged its operations by taking on debt. Higher interest rates can lead to increased interest expenses, which can negatively impact net income. If consumers face higher borrowing costs due to rising interest rates, discretionary spending may decrease, potentially affecting Gildan’s sales and profitability.
2. Cash Flow Sensitivity: Gildan’s cash flow can also be influenced by interest rate fluctuations. Increased interest rates generally increase the cost of servicing debt, which can reduce free cash flow available for reinvestment or dividend payments. Additionally, higher rates could affect consumer spending, leading to lower cash inflows from sales. If Gildan sees a decline in demand due to economic conditions linked to interest rate increases, cash flow may further be constrained.
3. Valuation Sensitivity: The valuation of Gildan Activewear is often assessed using discounted cash flow (DCF) models, which are sensitive to changes in the discount rate. If interest rates rise, the discount rates used in these models may also increase, leading to a lower present value of future cash flows. This can result in a reduced valuation for the company. Furthermore, if market expectations for growth adjust due to higher rates, this could also impact the multiple at which the company’s earnings are valued, further influencing its market capitalization.
In summary, Gildan Activewear is likely to see some sensitivity in its earnings, cash flow, and overall valuation in response to changes in interest rates, particularly due to debt servicing costs and potential impacts on consumer behavior and market dynamics.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgR2 lsZGFuIEFj dGl2ZXdlYX LigJlzIGVj b25vbWljcy BpbiB0aGUg bmV4dCAz4o CTNSB5ZWFy cyB3b3VsZC BiZSBhIHNp Z25pZmljYW 50IGFuZCBz dXN0YWluZW QgaW5jcmVh c2UgaW4gcm F3IG1hdGVy aWFsIHByaW NlcywgcGFy dGljdWxhcm x5IGNvdHRv biwgcG9seW VzdGVyLCBh bmQgb3RoZX IgZmliZXJz LiBUaGlzIH NpdHVhdGlv biBjb3VsZC BhcmlzZSBk dWUgdG8gc2 V2ZXJhbCBm YWN0b3JzLC BpbmNsdWRp bmcgY2xpbW F0ZSBjaGFu Z2UsIGdlb3 BvbGl0aWNh bCB0ZW5zaW 9ucyBhZmZl Y3Rpbmcgc3 VwcGx5IGNo YWlucywgb3 IgbWFqb3Ig ZGlzcnVwdG lvbnMgaW4g YWdyaWN1bH R1cmFsIHBy b2R1Y3Rpb2 4gZHVlIHRv IGV4dHJlbW Ugd2VhdGhl ciBldmVudH MuPGJyPkFz IHJhdyBtYX RlcmlhbCBj b3N0cyBlc2 NhbGF0ZSwg R2lsZGFu4o CZcyBkaXJl Y3QgY29zdH Mgd291bGQg aW5jcmVhc2 Ugc3Vic3Rh bnRpYWxseS 4gR2l2ZW4g dGhhdCB0aG UgY29tcGFu eeKAmXMgYn VzaW5lc3Mg bW9kZWwgcm VsaWVzIG9u IHJlbGF0aX ZlbHkgbG93 LWNvc3QgbW F0ZXJpYWxz IHRvIHByb2 R1Y2UgdGhl aXIgZ2FybW VudHMsIGEg cmlzZSBpbi B0aGVzZSBj b3N0cyB3b3 VsZCBzZXZl cmVseSBjb2 1wcmVzcyBw cm9maXQgbW FyZ2lucy4g SWYgdGhlIG NvbXBhbnkg aXMgdW5hYm xlIHRvIHBh c3MgdGhlc2 UgY29zdHMg b24gdG8gY2 9uc3VtZXJz IGR1ZSB0by Bjb21wZXRp dGl2ZSBwcm Vzc3VyZXMg b3IgcHJpY2 Ugc2Vuc2l0 aXZpdHkgaW 4gdGhlIG1h cmtldHBsYW NlLCB0aGVp ciBncm9zcy BtYXJnaW5z IHdvdWxkIG RlY2xpbmUg c2lnbmlmaW NhbnRseS48 YnI+VGhlIG ltcGFjdCBv biBjYXNoIG Zsb3cgd291 bGQgYWxzby BiZSBwcm9u b3VuY2VkLi BJbmNyZWFz ZWQgcHJvZH VjdGlvbiBj b3N0cyB3b3 VsZCBsZWFk IHRvIHRpZ2 h0ZXIgb3Bl cmF0aW5nIG Nhc2ggZmxv d3MsIGVzcG VjaWFsbHkg aWYgR2lsZG FuIGV4cGVy aWVuY2VkIG RlbGF5cyBp biBwYXNzaW 5nIGNvc3Rz IG9udG8gY3 VzdG9tZXJz LiBGdXJ0aG VybW9yZSwg aWYgY29uc3 VtZXIgZGVt YW5kIHdlYW tlbmVk4oCU ZWl0aGVyIG R1ZSB0byBo aWdoZXIgcH JpY2VzIG9y IHNoaWZ0cy BpbiBzcGVu ZGluZyBwYX R0ZXJuc+KA lHRoaXMgY2 91bGQgZXhh Y2VyYmF0ZS BjYXNoIGZs b3cgaXNzdW VzLCByZXN1 bHRpbmcgaW 4gYSBwb3Rl bnRpYWwgbG lxdWlkaXR5 IGNyaXNpcy 48YnI+T24g dGhlIGJhbG FuY2Ugc2hl ZXQsIHByb2 xvbmdlZCBo aWdoIHJhdy BtYXRlcmlh bCBjb3N0cy Bjb3VsZCBm b3JjZSBHaW xkYW4gdG8g aW5jcmVhc2 UgaXRzIGJv cnJvd2luZy B0byBzdXN0 YWluIG9wZX JhdGlvbnMs IGxlYWRpbm cgdG8gaGln aGVyIGRlYn QgbGV2ZWxz LiBUaGlzIH dvdWxkIHJl c3VsdCBpbi BhIGhpZ2hl ciBkZWJ0LX RvLWVxdWl0 eSByYXRpby wgcG90ZW50 aWFsbHkgYW ZmZWN0aW5n IHRoZSBjb2 1wYW554oCZ cyBjcmVkaX QgcmF0aW5n IGFuZCBpbm NyZWFzaW5n IGludGVyZX N0IGNvc3Rz LiBJZiB0aG UgY29tcGFu eSBoYWQgdG 8gaW52ZXN0 IGluIGFsdG VybmF0aXZl IG1hdGVyaW FscyBvciB0 ZWNobm9sb2 dpZXMgdG8g bWl0aWdhdG UgdGhlc2Ug Y29zdHMsIH RoaXMgY291 bGQgbGVhZC B0byBhZGRp dGlvbmFsIG NhcGl0YWwg ZXhwZW5kaX R1cmVzLCBm dXJ0aGVyIH N0cmFpbmlu ZyBjYXNoIH Jlc2VydmVz Ljxicj5Jbi BzdW1tYXJ5 LCBpZiB0aG Ugc2NlbmFy aW8gb2Ygc3 VzdGFpbmVk IHJhdyBtYX RlcmlhbCBw cmljZSBpbm NyZWFzZXMg d2VyZSB0by BwbGF5IG91 dCwgR2lsZG FuIEFjdGl2 ZXdlYXIgd2 91bGQgbGlr ZWx5IGV4cG VyaWVuY2Ug c2lnbmlmaW NhbnRseSBy ZWR1Y2VkIH Byb2ZpdCBt YXJnaW5zLC BzdHJhaW5l ZCBjYXNoIG Zsb3csIGFu ZCBhIHdlYW tlciBiYWxh bmNlIHNoZW V0IGR1ZSB0 byBpbmNyZW FzZWQgZGVi dCBhbmQgcm VkdWNlZCBs aXF1aWRpdH kuIFRoaXMg c2NlbmFyaW 8gY291bGQg bGVhZCB0by Bsb25nLXRl cm0gb3Blcm F0aW9uYWwg Y2hhbGxlbm dlcyBhbmQg cmVkdWNlZC Bjb21wZXRp dGl2ZW5lc3 MgaW4gdGhl IG1hcmtldC 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 bG9nb3MvcT BmSW9pWFpG bmVFYTdUWD VNRWUud2Vi cCIgYWx0PS JHaWxkYW4g QWN0aXZld2 VhciIgdGl0 bGU9IkdpbG RhbiBBY3Rp dmV3ZWFyIi 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 IEdpbGRhbi BBY3RpdmV3 ZWFyPwogIC 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+Z jCBKb2luIG 5vdyB0byBn ZXQgPGk+Il RoZSBDaGVj a2xpc3QgVm FsdWUgSW52 ZXN0b3Ig4o CUIEEgU21h cnRlciBXYX kgdG8gUGlj ayBTdG9ja3 MiPC9pPiBh dCBubyBjb3 N0CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvcD 4KCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwhLS 0KICAgICAg ICAgICAgIC AgICAgICAg ICAgPGRpdi BzdHlsZT0n bWFyZ2luLX RvcDogMTJw eDsgZm9udC 1zaXplOiAx M3B4OyBjb2 xvcjogIzQ0 NDsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgU2lnbi B1cCBub3cg YW5kIGdldC BvdXIgZnJl ZSBlQm9vay AKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgID xiPlRoZSBD aGVja2xpc3 QgVmFsdWUg SW52ZXN0b3 Ig4oCUIEEg U21hcnRlci BXYXkgdG8g UGljayBTdG 9ja3M8L2I+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAg ICAgICAgIC AgICAtLT4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPCEtLQog ICAgICAgIC AgICAgICAg ICAgICAgIC A8ZGl2IHN0 eWxlPSdtYX JnaW4tdG9w OiAxNnB4Oy Bmb250LXNp emU6IDE0cH g7IGNvbG9y OiAjNDQ0Oy Bmb250LWZh bWlseTogLW FwcGxlLXN5 c3RlbSwgQm xpbmtNYWNT eXN0ZW1Gb2 50LCBTZWdv ZSBVSSwgUm 9ib3RvLCBI ZWx2ZXRpY2 EgTmV1ZSwg c2Fucy1zZX JpZjsgbGlu ZS1oZWlnaH Q6IDEuNjsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg SGF2ZSB5b3 UgaGVhcmQg YWJvdXQgb3 VyIHNob3J0 IDxzdHJvbm cgc3R5bGU9 J2ZvbnQtd2 VpZ2h0OiA2 MDA7Jz5EYW lseSBWaWRl byBOZXdzbG V0dGVyPC9z dHJvbmc+Pw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgPG EgaHJlZj0n aHR0cHM6Ly 93d3cuaW5z aWdodGZ1bH ZhbHVlLmNv bS9uZXdzbG V0dGVyLnBo cCcgdGFyZ2 V0PSdfYmxh bmsnIHN0eW xlPSdjb2xv cjogIzAwN0 JGRjsgdGV4 dC1kZWNvcm F0aW9uOiBu b25lOyBmb2 50LXdlaWdo dDogNTAwOy BtYXJnaW4t bGVmdDogNn B4Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg RmluZCBvdX QgbW9yZQog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9h PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgLS0+ CiAgICAgIC AgICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIA ogICAgICAg IAogICAgIC AgIDxzcGFu IGNsYXNzPS dibHVycmVk LXRleHQnPg ogICAgICAg ICAgICBNUz RnVkdobElF IGRwYkdSaG JpQkIgWTNS cGRtVjNaVy BGeUlHTnZi WEJoIGJua2 dkMkZ6SUcg WnZkVzVrWl dRZyBhVzRn TVRrNE5DIE JwYmlCTmIy NTAgY21WaG JDd2dRMiBG dVlXUmhJR0 o1IElIUjNi eUJpY20gOT BhR1Z5Y3l3 ZyBSM0psWn lCaGJtIFFn UjJ4bGJtNG cgUTJoaGJX RnVaSCBrdV BHSnlQakl1 IElGUm9aU0 J1WVcgMWxJ RWRwYkdSaC BiaUJwY3lC aElHIE52Yl dKcGJtRjAg YVc5dUlHOW 1JSCBSb1pT QjBkMjhnIF luSnZkR2hs Y24gUGlnSm tnWm1seSBj M1FnYm1GdF pYIE1zSUVk c1pXNGcgWV c1a0lFUmhi bSA1NUxqeG ljajR6IExp QlVhR1VnWT IgOXRjR0Z1 ZVNCdiBjbW xuYVc1aGJH IHg1SUdKbF oyRnUgSUdG eklHRWdjSC BKdlpIVmpk R2x2IGJpQm hibVFnWkcg bHpkSEpwWW 5WMCBhVzl1 SUdObGJuIF JsY2lCbWIz SWcgWVdOMG FYWmxkMiBW aGNpd2dZbl YwIElHaGhj eUJ6YVcgNW paU0JsZUhC aCBibVJsWk NCMGJ5IEJp WldOdmJXVW cgWVNCc1pX RmthVyA1bk lITjFjSEJz IGFXVnlJRz ltSUcgSmhj MmxqSUdGdS BaQ0JtWVhO b2FXIDl1SU dGd2NHRnkg Wld3c0lHbH VZMiB4MVpH bHVaeUJVIE xYTm9hWEow Y3kgd2djM2 RsWVhSeiBh R2x5ZEhNc0 lHIEZ1WkNC emIyTnIgY3 k0OFluSStO QyA0Z1IybH NaR0Z1IElF RmpkR2wyWl ggZGxZWEln YVhNZyBhMj V2ZDI0Z1pt IDl5SUdsMG N5QmogYjIx dGFYUnRaVy A1MElIUnZJ SE4xIGMzUm hhVzVoWW0g bHNhWFI1TE NCaCBibVFn YUdGeklIIE psWTJWcGRt VmsgSUcxMW JIUnBjRyB4 bElHRjNZWE prIGN5Qmhi bVFnY20gVm piMmR1YVhS cCBiMjV6SU dadmNpIEJw ZEhNZ1pXWm 0gYjNKMGN5 QnBiaSBCbG JuWnBjbTl1 IGJXVnVkR0 ZzSUcgRnVa Q0J6YjJOcC BZV3dnY21W emNHIDl1Yz JsaWFXeHAg ZEhrdVBHSn lQaiBVdUlF bHVJREl3IE 1UY3NJRWRw YkcgUmhiaU JoWTNGMSBh WEpsWkNCQm JXIFZ5YVdO aGJpQkIgY0 hCaGNtVnNM QyBCaElIZG xiR3d0IGEy NXZkMjRnWW 4gSmhibVFn YTI1diBkMj RnWm05eUlH IGwwY3lCdF lXUmwgTFds dUxVRnRaWC BKcFkyRWdZ Mnh2IGRHaH BibWN1SUYg Um9aU0JoWT NGMSBhWE5w ZEdsdmJpIE JvWld4d1pX UWcgUjJsc1 pHRnVJRyBW NGNHRnVaQ0 JwIGRITWdj SEp2WkggVm pkQ0J2Wm1a bCBjbWx1Wn lCaGJtIFFn YVc1amNtVm ggYzJVZ2FY UnpJSCBCeV pYTmxibU5s IElHbHVJSF JvWlMgQm1Z WE5vYVc5dS BJR2x1WkhW emRIIEo1TG p4aWNqNDIg TGlCSGFXeG tZVyA0Z2FY TWdiMjVsIE lHOW1JSFJv WlMgQnNZWE puWlhOMCBJ SE4xY0hCc2 FXIFZ5Y3lC dlppQmkgYk dGdWF5QlVM WCBOb2FYSj BjeUJwIGJp QjBhR1VnZD IgOXliR1Fz SUhOMSBjSE JzZVdsdVp5 IEIwYnlCdF lXNTUgSUcx aGFtOXlJRy BKeVlXNWtj eUJoIGJtUW djbVYwWVcg bHNaWEp6TE NCcCBibU5z ZFdScGJtIG NnVjJGc2JX RnkgZEN3Z1 FXMWhlbSA5 dUxDQmhibV FnIFZHRnla MlYwTGogeG ljajQzTGlC VSBhR1VnWT I5dGNHIEZ1 ZVNCb1lYTW cgY0hKdlpI VmpkRyBsdm JpQm1ZV05w IGJHbDBhV1 Z6SUcgbHVJ SFpoY21sdi BkWE1nWTI5 MWJuIFJ5YV dWekxDQnAg Ym1Oc2RXUn BibSBjZ2RH aGxJRlZ1IG FYUmxaQ0JU ZEcgRjBaWE 1zSUVOaCBi bUZrWVN3Z1 NHIDl1WkhW eVlYTXMgSU dGdVpDQkNZ VyA1bmJHRm taWE5vIExp QkpkQ0JoYk ggTnZJRzl3 WlhKaCBkR1 Z6SUdFZ2Mz IFJoZEdVdG IyWXQgZEdo bExXRnlkQy BCa2FYTjBj bWxpIGRYUn BiMjRnWTIg VnVkR1Z5SU dsdSBJRk52 ZFhSb0lFIE 5oY205c2FX NWggTENCM2 FHbGphQyBC cGN5QnZibV VnIGIyWWdk R2hsSUcgeG hjbWRsYzNR ZyBhVzRnZE dobElIIGR2 Y214a0xqeG kgY2o0NExp QkhhVyB4a1 lXNGdhWE1n IFlTQndkV0 pzYVcgTnNl U0IwY21Gay BaV1FnWTI5 dGNHIEZ1ZV N3Z2JHbHog ZEdWa0lHOX VJRyBKdmRH Z2dkR2hsIE lFNWxkeUJa YjMgSnJJR0 Z1WkNCVSBi M0p2Ym5Sdk lGIE4wYjJO cklFVjQgWT JoaGJtZGxj eSBCMWJtUm xjaUIwIGFH VWdkR2xqYT IgVnlJSE41 YldKdiBiQ0 JIU1V3dVBH IEp5UGprdU lFRmogWTI5 eVpHbHVaeS BCMGJ5QnBk SE1nIGQyVm ljMmwwWlMg d2dSMmxzWk dGdSBJSEJ5 YjJSMVkyIF Z6SUc5MlpY SWcgTlRBd0 lHMXBiRyB4 cGIyNGdaMk Z5IGJXVnVk SE1nY0cgVn lJSGxsWVhJ cyBJRzFoYT JsdVp5IEJw ZENCdmJtVW cgYjJZZ2RH aGxJRyB4aG NtZGxjM1Fn IFlYQndZWE psYkMgQnRZ VzUxWm1Gai BkSFZ5WlhK eklHIGx1SU hSb1pTQjMg YjNKc1pDND hZbiBJK01U QXVJRWRwIG JHUmhiaUJv WVggTWdZbV ZsYmlCaCBJ R0ZqZEdsMl pTIEJ6Y0c5 dWMyOXkgSU dGdVpDQnpk WCBCd2IzSj BaWElnIGIy WWdkbUZ5YV cgOTFjeUJ6 Y0c5eSBkSE 1nZEdWaGJY IE1nWVc1a0 lHVjIgWlc1 MGN5d2dhVy A1amJIVmth VzVuIElHSm xhVzVuSUgg Um9aU0J2Wm 1acCBZMmxo YkNCaGNIIE JoY21Wc0lI TncgYjI1em IzSWdabSA5 eUlFMWhhbT l5IElFeGxZ V2QxWlMgQk NZWE5sWW1G cyBiQ0JoYm 1RZ2RHIGhs SUVOaGJtRm sgYVdGdUlF OXNlVyAxd2 FXTWdWR1Zo IGJTND0KIC AgICAgICA8 L3NwYW4+Ci AgICAgICAg CiAgICAgIC Ag