Tapestry

-16.03%

Live  

Tapestry, Inc. is a multinational luxury fashion holding company headquartered in New York City. It was founded in 1941 by Edward Lewis, and its portfolio of brands includes Coach, Kate Spade New York, and Stuart Weitzman. The company is publicly traded on the New York Stock Exchange under the ticker symbol TPR.
Tapestry's brands are best known for their handbags, accessories, and ready-to-wear collections. The company operates through a multi-channel distribution strategy which includes retail stores, wholesale channels, and digital commerce.
In addition to its fashion brands, Tapestry takes pride in its commitment to sustainability and social responsibility. It has implemented various initiatives and programs to reduce its environmental footprint and empower diversity and inclusion within the company and the communities it operates in.
Tapestry has a global presence and operates in over 20 countries, with approximately 1,500 retail stores and outlets worldwide. It employs over 20,000 people and continues to expand its reach through strategic partnerships, collaborations, and acquisitions.

VGFwZXN0cn kgaXMgYSBj b21wYW55IH RoYXQgbWFr ZXMgYW5kIH NlbGxzIGx1 eHVyeSBmYX NoaW9uIGl0 ZW1zLiBJdC Bvd25zIHNl dmVyYWwgd2 VsbC1rbm93 biBicmFuZH MsIGxpa2Ug Q29hY2gsIH doaWNoIG1h a2VzIGhhbm RiYWdzIGFu ZCBhY2Nlc3 Nvcmllcywg S2F0ZSBTcG FkZSwgd2hp Y2ggaXMga2 5vd24gZm9y IGl0cyBjb2 xvcmZ1bCBh bmQgZnVuIH Byb2R1Y3Rz LCBhbmQgU3 R1YXJ0IFdl aXR6bWFuLC B3aGljaCBp cyBmYW1vdX MgZm9yIHN0 eWxpc2ggc2 hvZXMuIDxi cj5UYXBlc3 RyeSBtYWtl cyBtb25leS BieSBjcmVh dGluZyBiZW F1dGlmdWwg YW5kIHRyZW 5keSBwcm9k dWN0cyB0aG F0IHBlb3Bs ZSBsaWtlIH RvIGJ1eS4g V2hlbiBzb2 1lb25lIGJ1 eXMgYSBoYW 5kYmFnIG9y IGEgcGFpci BvZiBzaG9l cyBmcm9tIG 9uZSBvZiB0 aGVpciBicm FuZHMsIFRh cGVzdHJ5IG Vhcm5zIG1v bmV5IGZyb2 0gdGhhdCBz YWxlLiBUaG V5IGFsc28g c29tZXRpbW VzIGhhdmUg c3BlY2lhbC BzYWxlcyBv ciBzZWFzb2 5hbCBjb2xs ZWN0aW9ucy B0aGF0IGF0 dHJhY3QgbW 9yZSBjdXN0 b21lcnMuPG JyPlRoZSBj b21wYW55IG lzIHN1Y2Nl c3NmdWwgZm 9yIGEgZmV3 IHJlYXNvbn MuIEZpcnN0 LCBpdCBoYX Mgc3Ryb25n IGFuZCBwb3 B1bGFyIGJy YW5kcyB0aG F0IG1hbnkg cGVvcGxlIH RydXN0IGFu ZCBhZG1pcm UuIFNlY29u ZCwgVGFwZX N0cnkgZm9j dXNlcyBvbi BtYWtpbmcg aGlnaC1xdW FsaXR5IHBy b2R1Y3RzIH RoYXQgcGVv cGxlIHdhbn QgdG8gYnV5 LCB3aGljaC BoZWxwcyB0 byBrZWVwIG N1c3RvbWVy cyBoYXBweS BhbmQgY29t aW5nIGJhY2 sgZm9yIG1v cmUuIExhc3 RseSwgVGFw ZXN0cnkgaG FzIGdvb2Qg c3RyYXRlZ2 llcyBmb3Ig c2VsbGluZy BpdHMgcHJv ZHVjdHMsIH doZXRoZXIg aW4gc3Rvcm VzIG9yIG9u bGluZSwgc2 8gdGhleSBj YW4gcmVhY2 ggbWFueSBj dXN0b21lcn MuPGJyPklu IHRoZSBmdX R1cmUsIFRh cGVzdHJ5IG lzIGxpa2Vs eSB0byBzdG F5IHN1Y2Nl c3NmdWwgYm VjYXVzZSB0 aGV5IGtlZX Agd29ya2lu ZyBvbiBuZX cgZGVzaWdu cyBhbmQgZm luZGluZyBu ZXcgd2F5cy B0byBjb25u ZWN0IHdpdG ggcGVvcGxl LiBUaGV5IH VuZGVyc3Rh bmQgd2hhdC BjdXN0b21l cnMgd2FudC BhbmQgYWRh cHQgdG8gY2 hhbmdpbmcg dHJlbmRzLC B3aGV0aGVy IGl04oCZcy BjaGFuZ2lu ZyBzdHlsZX MgaW4gZmFz aGlvbiBvci B1c2luZyBz b2NpYWwgbW VkaWEgdG8g cmVhY2ggbW 9yZSBwZW9w bGUuIEFzIG xvbmcgYXMg dGhleSBjb2 50aW51ZSB0 byBtYWtlIG dyZWF0IHBy b2R1Y3RzIG FuZCBjb25u ZWN0IHdpdG ggdGhlaXIg Y3VzdG9tZX JzIHdlbGws IHRoZXkgY2 FuIGtlZXAg ZG9pbmcgd2 VsbCBpbiBi dXNpbmVzcy 48YnI+

VGhlcmUgYX JlIGEgZmV3 IHRoaW5ncy B0aGF0IG1h a2UgdGhlIF RhcGVzdHJ5 IGNvbXBhbn kgc3BlY2lh bDo8YnI+MS 4gRGl2ZXJz ZSBQb3J0Zm 9saW86IFRh cGVzdHJ5IG lzIHRoZSBw YXJlbnQgY2 9tcGFueSBv ZiBzZXZlcm FsIHdlbGwt a25vd24gbH V4dXJ5IGZh c2hpb24gYn JhbmRzLCBp bmNsdWRpbm cgQ29hY2gs IEthdGUgU3 BhZGUsIGFu ZCBTdHVhcn QgV2VpdHpt YW4uIFRoaX MgZGl2ZXJz ZSBwb3J0Zm 9saW8gYWxs b3dzIHRoZS Bjb21wYW55 IHRvIHJlYW NoIGEgd2lk ZSByYW5nZS BvZiBjdXN0 b21lcnMgYW 5kIG9mZmVy IGEgdmFyaW V0eSBvZiBw cm9kdWN0cy 48YnI+Mi4g U3Ryb25nIE JyYW5kIElk ZW50aXR5Oi BFYWNoIGJy YW5kIHVuZG VyIFRhcGVz dHJ5J3MgdW 1icmVsbGEg aGFzIGEgdW 5pcXVlIGFu ZCB3ZWxsLW VzdGFibGlz aGVkIGJyYW 5kIGlkZW50 aXR5LiBUaG lzIGFsbG93 cyB0aGUgY2 9tcGFueSB0 byBtYWludG FpbiB0aGUg aW5kaXZpZH VhbGl0eSBh bmQgYXV0aG VudGljaXR5 IG9mIGVhY2 ggYnJhbmQg d2hpbGUgc3 RpbGwgYmVu ZWZpdGluZy Bmcm9tIHRo ZSBjb2xsZW N0aXZlIHJl c291cmNlcy BhbmQgZXhw ZXJ0aXNlIG 9mIHRoZSBw YXJlbnQgY2 9tcGFueS48 YnI+My4gRm 9jdXMgb24g U3VzdGFpbm FiaWxpdHk6 IFRhcGVzdH J5IGlzIGNv bW1pdHRlZC B0byBzdXN0 YWluYWJpbG l0eSBhbmQg aGFzIHNldC BhbWJpdGlv dXMgZ29hbH MgdG8gcmVk dWNlIHRoZW lyIGVudmly b25tZW50YW wgaW1wYWN0 IGFuZCBwcm 9tb3RlIHJl c3BvbnNpYm xlIHByYWN0 aWNlcyB3aX RoaW4gdGhl aXIgc3VwcG x5IGNoYWlu LiBUaGlzIG NvbW1pdG1l bnQgdG8gc3 VzdGFpbmFi aWxpdHkgaX MgYmVjb21p bmcgaW5jcm Vhc2luZ2x5 IGltcG9ydG FudCB0byBj dXN0b21lcn MgYW5kIHNl dHMgVGFwZX N0cnkgYXBh cnQgZnJvbS BvdGhlciBj b21wYW5pZX MgaW4gdGhl IGZhc2hpb2 4gaW5kdXN0 cnkuPGJyPj QuIEdsb2Jh bCBQcmVzZW 5jZTogVGFw ZXN0cnkgaG FzIGEgc3Ry b25nIGdsb2 JhbCBwcmVz ZW5jZSwgd2 l0aCByZXRh aWwgc3Rvcm VzIGFuZCBv bmxpbmUgc2 FsZXMgaW4g dmFyaW91cy Bjb3VudHJp ZXMuIFRoaX MgYWxsb3dz IHRoZSBjb2 1wYW55IHRv IHRhcCBpbn RvIGRpZmZl cmVudCBtYX JrZXRzIGFu ZCBhZGFwdC B0byBsb2Nh bCBwcmVmZX JlbmNlcyBh bmQgdHJlbm RzLjxicj41 LiBJbm5vdm F0aXZlIFRl Y2hub2xvZ3 k6IFRoZSBj b21wYW55IG hhcyBpbnZl c3RlZCBpbi Bpbm5vdmF0 aXZlIHRlY2 hub2xvZ3ks IHN1Y2ggYX MgYXVnbWVu dGVkIHJlYW xpdHkgYW5k IDNEIHByaW 50aW5nLCB0 byBlbmhhbm NlIHRoZSBj dXN0b21lci BleHBlcmll bmNlIGFuZC BzdGF5IGFo ZWFkIG9mIG luZHVzdHJ5 IHRyZW5kcy 48YnI+Ni4g Q29ycG9yYX RlIFNvY2lh bCBSZXNwb2 5zaWJpbGl0 eTogVGFwZX N0cnkgaGFz IGEgc3Ryb2 5nIGNvbW1p dG1lbnQgdG 8gY29ycG9y YXRlIHNvY2 lhbCByZXNw b25zaWJpbG l0eSwgaW5j bHVkaW5nIH BoaWxhbnRo cm9weSBhbm QgZGl2ZXJz aXR5IGFuZC BpbmNsdXNp b24gaW5pdG lhdGl2ZXMu IFRoaXMgaG FzIGhlbHBl ZCB0byBidW lsZCBhIHBv c2l0aXZlIH JlcHV0YXRp b24gZm9yIH RoZSBjb21w YW55IGFuZC BpdHMgYnJh bmRzLg==

VGFwZXN0cn kgaXMgYSBt dWx0aW5hdG lvbmFsIGx1 eHVyeSBmYX NoaW9uIGhv bGRpbmcgY2 9tcGFueSB0 aGF0IG93bn Mgc2V2ZXJh bCBwb3B1bG FyIGJyYW5k cywgaW5jbH VkaW5nIENv YWNoLCBLYX RlIFNwYWRl LCBhbmQgU3 R1YXJ0IFdl aXR6bWFuLi BUaGUgY29t cGFueSdzIG J1c2luZXNz IG1vZGVsIG lzIHByaW1h cmlseSBiYX NlZCBvbiBy ZXRhaWwgYW 5kIGJyYW5k IG1hbmFnZW 1lbnQsIHdp dGggYSBmb2 N1cyBvbiBj cmVhdGluZy BoaWdoLXF1 YWxpdHksIH N0eWxpc2gg cHJvZHVjdH MgYW5kIGRl bGl2ZXJpbm cgZXhjZXB0 aW9uYWwgY3 VzdG9tZXIg ZXhwZXJpZW 5jZXMuPGJy PlRhcGVzdH J5IG9wZXJh dGVzIGl0cy ByZXRhaWwg YnVzaW5lc3 MgdGhyb3Vn aCBicmljay 1hbmQtbW9y dGFyIHN0b3 Jlcywgb3V0 bGV0cywgYW 5kIGUtY29t bWVyY2UgY2 hhbm5lbHMu IFRoaXMgYW xsb3dzIGN1 c3RvbWVycy B0byBwdXJj aGFzZSBwcm 9kdWN0cyBi b3RoIGluLX N0b3JlIGFu ZCBvbmxpbm UsIHByb3Zp ZGluZyBjb2 52ZW5pZW5j ZSBhbmQgYW NjZXNzaWJp bGl0eS4gVG hlIGNvbXBh bnkgYWxzby BwYXJ0bmVy cyB3aXRoIG RlcGFydG1l bnQgc3Rvcm VzLCBzcGVj aWFsdHkgcm V0YWlsZXJz LCBhbmQgaW 50ZXJuYXRp b25hbCBkaX N0cmlidXRv cnMgdG8gZX hwYW5kIGl0 cyByZWFjaC BhbmQgYXBw ZWFsIHRvIG Egd2lkZXIg Y3VzdG9tZX IgYmFzZS48 YnI+SW4gYW RkaXRpb24g dG8gaXRzIH JldGFpbCBv cGVyYXRpb2 5zLCBUYXBl c3RyeSBhbH NvIGdlbmVy YXRlcyByZX ZlbnVlIHRo cm91Z2ggYn JhbmQgbWFu YWdlbWVudC 4gVGhlIGNv bXBhbnkgaW 52ZXN0cyBp biBtYXJrZX RpbmcgYW5k IGFkdmVydG lzaW5nIHN0 cmF0ZWdpZX MgdG8gcHJv bW90ZSBpdH MgYnJhbmRz IGFuZCBtYW ludGFpbiB0 aGVpciBzdH JvbmcgcG9z aXRpb25pbm cgaW4gdGhl IGx1eHVyeS BmYXNoaW9u IG1hcmtldC 4gVGhpcyBp bmNsdWRlcy Bjb2xsYWJv cmF0aW9ucy B3aXRoIGlu Zmx1ZW50aW FsIGNlbGVi cml0aWVzIG FuZCBpbmZs dWVuY2Vycy wgYXMgd2Vs bCBhcyBwYX J0aWNpcGF0 aW5nIGluIG 1ham9yIGZh c2hpb24gZX ZlbnRzIGFu ZCB0cmFkZS BzaG93cy48 YnI+VGFwZX N0cnkgYWxz byBmb2xsb3 dzIGEgdmVy dGljYWwgaW 50ZWdyYXRp b24gc3RyYX RlZ3ksIHdo aWNoIGludm 9sdmVzIG93 bmluZyB0aG UgZW50aXJl IHN1cHBseS BjaGFpbiBm cm9tIHJhdy BtYXRlcmlh bHMgdG8gdG hlIGZpbmlz aGVkIHByb2 R1Y3QuIFRo aXMgaGVscH MgdGhlIGNv bXBhbnkgY2 9udHJvbCB0 aGUgcXVhbG l0eSBhbmQg Y29zdCBvZi BpdHMgcHJv ZHVjdHMgYW 5kIGFsbG93 cyBmb3IgcX VpY2tlciB0 dXJuYXJvdW 5kIHRpbWVz Ljxicj5Pdm VyYWxsLCBU YXBlc3RyeS dzIGJ1c2lu ZXNzIG1vZG VsIGNvbWJp bmVzIHJldG FpbCBzYWxl cywgYnJhbm QgbWFuYWdl bWVudCwgYW 5kIHZlcnRp Y2FsIGludG VncmF0aW9u IHRvIGRyaX ZlIGdyb3d0 aCwgcHJvZm l0YWJpbGl0 eSwgYW5kIG JyYW5kIHJl Y29nbml0aW 9uIGluIHRo ZSBsdXh1cn kgZmFzaGlv biBpbmR1c3 RyeS4=

The Tapestry company, which encompasses brands like Coach, Kate Spade, and Stuart Weitzman, faces potential challenges from AI in several areas:
1. Product Substitution: AI-driven technologies can facilitate the creation of high-quality, cost-effective alternatives to Tapestry’s luxury goods. For example, advancements in textiles, 3D printing, and design tools can enable competitors to produce similar products at lower prices or with innovative features that attract consumers. This could lead to a greater number of substitutes in the luxury market, impacting Tapestry’s sales.
2. Disintermediation: AI is transforming retail by enabling direct-to-consumer (DTC) models, which can circumvent traditional retail channels. Brands that leverage AI for data-driven marketing and personalized customer experiences can build stronger connections with consumers without the need for intermediaries. This shift challenges Tapestry to adapt its distribution strategies and may require additional investment in DTC capabilities to maintain market share.
3. Margin Pressure: The integration of AI can drive efficiency and lower costs for competitors, potentially leading to a price war in the luxury segment. If other brands leverage AI to streamline operations and reduce production costs, Tapestry may face pressure to lower prices or invest in marketing to differentiate its products, which could squeeze margins. Additionally, if consumers become accustomed to lower prices from tech-savvy competitors, Tapestry may struggle to justify its premium pricing.
In summary, while Tapestry has strong brand equity and a loyal customer base, the rise of AI may pose significant challenges in terms of product competition, changes in distribution channels, and pressure on profit margins. The company will need to strategically embrace AI to enhance its offerings, streamline operations, and engage directly with consumers to stay competitive in a rapidly evolving market.

The sensitivity of Tapestry’s earnings, cash flow, and valuation to changes in interest rates primarily hinges on several key factors.
1. Earnings Sensitivity: Tapestry’s earnings can be affected by interest rate changes in two significant ways. Firstly, if interest rates rise, consumer borrowing costs increase, potentially leading to reduced discretionary spending on luxury items, which could negatively impact Tapestry’s sales. Secondly, if Tapestry has outstanding debt with variable interest rates, increased rates can raise interest expenses, directly impacting net earnings.
2. Cash Flow Sensitivity: Cash flow is particularly sensitive to interest rate changes, especially if Tapestry uses debt to finance its operations or expansion. Higher interest rates can lead to increased debt servicing costs, thereby reducing free cash flow available for reinvestment or dividend payments. Lower cash flow could also impair the company’s ability to respond to market opportunities or challenges effectively.
3. Valuation Sensitivity: The valuation of Tapestry is also sensitive to interest rates through the discounted cash flow (DCF) model, which relies on future cash flow projections. In a higher interest rate environment, the discount rate used to calculate the present value of future cash flows increases, leading to a lower valuation. Additionally, higher interest rates often coincide with economic slowdowns, which could adversely affect market sentiment and further depress valuations.
Overall, while Tapestry’s business may have some inherent resilience, changes in interest rates can significantly impact its earnings, cash flow, and market valuation. The degree of sensitivity, however, would depend on factors like the company’s debt structure, the overall economic environment, and consumer behavior trends.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgVG FwZXN0cnni gJlzIGVjb2 5vbWljcyBv dmVyIHRoZS BuZXh0IDPi gJM1IHllYX JzIGlzIGEg c2lnbmlmaW NhbnQgYW5k IHN1c3RhaW 5lZCBzaGlm dCBpbiBjb2 5zdW1lciBw cmVmZXJlbm NlcyBhd2F5 IGZyb20gbH V4dXJ5IGFu ZCBwcmVtaX VtIGJyYW5k cyB0b3dhcm QgdmFsdWUt b3JpZW50ZW Qgb3Igc3Vz dGFpbmFibG UgcHJvZHVj dHMuIFRoaX MgdHJlbmQg Y291bGQgYm UgZHJpdmVu IGJ5IGVjb2 5vbWljIGZh Y3RvcnMgc3 VjaCBhcyBh biBleHRlbm RlZCByZWNl c3Npb24sIG luZmxhdGlv biwgb3IgYS BkZW1vZ3Jh cGhpYyBzaG lmdCB3aGVy ZSB5b3VuZ2 VyIGNvbnN1 bWVycyBwcm lvcml0aXpl IGFmZm9yZG FiaWxpdHkg YW5kIGV0aG ljYWwgY29u c3VtcHRpb2 4gb3ZlciBs dXh1cnkgZ2 9vZHMuPGJy PklmIHN1Y2 ggYSBzY2Vu YXJpbyB1bm ZvbGRlZCwg VGFwZXN0cn nigJlzIG1h cmdpbnMgY2 91bGQgYmUg YWR2ZXJzZW x5IGFmZmVj dGVkLiBUaG UgY29tcGFu eSBtYXkgc3 RydWdnbGUg dG8gbWFpbn RhaW4gaXRz IHByaWNpbm cgcG93ZXIs IGxlYWRpbm cgdG8gcHJp Y2UgcmVkdW N0aW9ucyB0 byByZW1haW 4gY29tcGV0 aXRpdmUgaW 4gYSBjaGFu Z2luZyBtYX JrZXQuIFRo aXMgY291bG Qgc2hyaW5r IGdyb3NzIG 1hcmdpbnMg c2lnbmlmaW NhbnRseSwg YXMgVGFwZX N0cnkgd291 bGQgbmVlZC B0byBzZWxs IG1vcmUgcH JvZHVjdHMg YXQgbG93ZX IgcHJpY2Vz IHRvIHN1c3 RhaW4gc2Fs ZXMgdm9sdW 1lcy48YnI+ Q2FzaCBmbG 93IHdvdWxk IGFsc28gYm UgaW1wYWN0 ZWQsIGFzIH RoZSByZWR1 Y2VkIG1hcm dpbnMgd291 bGQgbGVhZC B0byBsb3dl ciBvcGVyYX RpbmcgY2Fz aCBmbG93Li BUYXBlc3Ry eSBtaWdodC BmYWNlIGNo YWxsZW5nZX MgaW4gbWVl dGluZyBpdH MgZmluYW5j aWFsIG9ibG lnYXRpb25z LCBwb3Rlbn RpYWxseSBy ZXN1bHRpbm cgaW4gaW5j cmVhc2VkIH JlbGlhbmNl IG9uIGNyZW RpdCBmYWNp bGl0aWVzIG 9yIG90aGVy IGZvcm1zIG 9mIGZpbmFu Y2luZyB0by BtYWludGFp biBvcGVyYX Rpb25zLCBw YXJ0aWN1bG FybHkgaWYg aW52ZW50b3 J5IGxldmVs cyByaXNlIG R1ZSB0byBk ZWNyZWFzZW QgZGVtYW5k Ljxicj5Pbi B0aGUgYmFs YW5jZSBzaG VldCwgdGhl IGNvbXBhbn kgY291bGQg c2VlIGEgZG V0ZXJpb3Jh dGlvbiBpbi BrZXkgbWV0 cmljcy4gSG lnaGVyIGlu dmVudG9yeS BsZXZlbHMg Y291bGQgbG VhZCB0byBp bmNyZWFzZW Qgd2FyZWhv dXNpbmcgY2 9zdHMgYW5k IG1hcmtkb3 ducyBvbiB1 bnNvbGQgZ2 9vZHMsIGlt cGFjdGluZy B0aGUgYXNz ZXQgc2lkZS 4gQWRkaXRp b25hbGx5LC BpZiBUYXBl c3RyeSBpbm N1cnMgZGVi dCB0byBzdX Bwb3J0IGl0 cyBjYXNoIG Zsb3csIHRo aXMgY291bG QgaW5jcmVh c2UgbGlhYm lsaXRpZXMg YW5kIGRlY3 JlYXNlIGl0 cyBlcXVpdH kgcG9zaXRp b24gb3Zlci B0aW1lLiBM b25nLXRlcm 0gaW52ZXN0 bWVudHMgaW 4gYnJhbmQg ZXF1aXR5IG 1pZ2h0IGFs c28gbG9zZS B2YWx1ZSwg bGVhZGluZy B0byBpbXBh aXJtZW50cy B0aGF0IHdv dWxkIGJlIH JlZmxlY3Rl ZCBhcyB3cm l0ZS1kb3du cyBpbiB0aG UgZmluYW5j aWFsIHN0YX RlbWVudHMu PGJyPk92ZX JhbGwsIGlu IHRoaXMgc2 NlbmFyaW8s IFRhcGVzdH J54oCZcyBm aW5hbmNpYW wgaGVhbHRo IHdvdWxkIG xpa2VseSB3 ZWFrZW4sIG NoYXJhY3Rl cml6ZWQgYn kgcmVkdWNl ZCBtYXJnaW 5zLCBzdHJh aW5lZCBjYX NoIGZsb3cs IGFuZCBhIH BvdGVudGlh bGx5IGxlc3 Mgc3RhYmxl IGJhbGFuY2 Ugc2hlZXQs IGxlYWRpbm cgdG8gYSBj aGFsbGVuZ2 luZyBvcGVy YXRpbmcgZW 52aXJvbm1l bnQuPGJyPg ==

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 bG9nb3MvcW RHTnRHdE9a YU1HQ2xMem 1TYmwud2Vi cCIgYWx0PS JUYXBlc3Ry eSIgdGl0bG U9IlRhcGVz dHJ5IiAgY2 xhc3M9Imlt Zy1mbHVpZC IgaGVpZ2h0 PTUwIHdpZH RoPTUwIGxv YWRpbmc9J2 xhenknIHN0 eWxlPSdib3 JkZXItcmFk aXVzOiA2cH g7Jz4KCiAg ICAgICAgIC AgICAgICAg ICAgPGRpdi BzdHlsZT0n ZmxleDogMT sgdGV4dC1h bGlnbjogY2 VudGVyOyBt YXJnaW4tbG VmdDogNXB4 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxw IHN0eWxlPS dmb250LXNp emU6IDI2cH g7IGNvbG9y OiAjMzMzOy BtYXJnaW4t Ym90dG9tOi AxNXB4Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICDw n5OIIFdhbn QgdG8gcmVh ZCBtb3JlIG Fib3V0IFRh cGVzdHJ5Pw ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L3A+Cg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdpbmRl eC5waHA/cG FnZT1zaWdu dXAnIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICMw MDdCRkY7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBjb2 xvcjogI2Zm ZjsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHBhZGRpbm c6IDEwcHgg MjBweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJvcm Rlci1yYWRp dXM6IDVweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH RleHQtZGVj b3JhdGlvbj ogbm9uZTsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGZv bnQtd2VpZ2 h0OiBib2xk OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luLX JpZ2h0OiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdHJhbn NpdGlvbjog YmFja2dyb3 VuZC1jb2xv ciAwLjNzIG Vhc2U7Jwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgb25t b3VzZW92ZX I9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA1NmIz IicKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IG9ubW91c2 VvdXQ9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA3 QkZGIic+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIGZv ciBmcmVlCi AgICAgICAg ICAgICAgIC AgICAgICAg IDwvYT4KCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxzcGFuIH N0eWxlPSdt YXJnaW46ID AgOHB4OyBj b2xvcjogIz U1NTsnPm9y PC9zcGFuPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPGEgaH JlZj0naW5k ZXgucGhwP3 BhZ2U9bG9n aW4nIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGNvbG9y OiAjMDA3Qk ZGOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdGV4dC1k ZWNvcmF0aW 9uOiB1bmRl cmxpbmU7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBmb2 50LXdlaWdo dDogNTAwOy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bsb2cgaW4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9hPgoK CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxwIHN0 eWxlPSdtYX JnaW4tdG9w OiAxNXB4Oy Bmb250LXNp emU6IDEzcH g7IGZvbnQt d2VpZ2h0Oi Bib2xkOyBj b2xvcjogI2 QzMmYyZjsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg 8J+TliBHZX QgaW5zaWdo dHMgZnJvbS A8aT4iVGhl IENoZWNrbG lzdCBWYWx1 ZSBJbnZlc3 RvciDigJQg QSBTbWFydG VyIFdheSB0 byBQaWNrIF N0b2NrcyI8 L2k+IG5vdy 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 dWR2hsSUYg UmhjR1Z6ZE hKNSBJRWx1 WXk0Z2QyIE Z6SUc5eWFX ZHAgYm1Gc2 JIa2dabSA5 MWJtUmxaQ0 JoIGN5QkRi MkZqYUMgQk pibU11SUds dSBJREU1Tk RFZ1luIGtn YUhWelltRn UgWkNCaGJt UWdkMiBsbV pTQjBaV0Z0 IElFMXBiR1 Z6SUcgRnVa Q0JNYVd4cy BhV0Z1SUVO aGFHIDR1SU ZSb1pTQmog YjIxd1lXNT VJSCBkaGN5 QndjbWx0IF lYSnBiSGtn WVMgQnNaV0 YwYUdWeSBJ R2R2YjJSek lHIDFoYm5W bVlXTjAgZF hKbGNpQmhi bSBRZ2QyRn pJR3R1IGIz ZHVJR1p2Y2 kgQnBkSE1n YUdsbiBhQz F4ZFdGc2FY IFI1SUd4bF lYUm8gWlhJ Z1ltRm5jeS BCaGJtUWdZ V05qIFpYTn piM0pwWlgg TXVQR0p5UG pJdSBJRWx1 SURFNU56IG tzSUhSb1pT QmogYjIxd1 lXNTVJSCBk aGN5QmhZM0 YxIGFYSmxa Q0JpZVMgQl RZWEpoSUV4 bCBaU0JEYj NKd2IzIEpo ZEdsdmJpQm ggYm1RZ1pY aHdZVyA1a1 pXUWdkRzhn IGFXNWpiSF ZrWlMgQnZk R2hsY2lCcy BkWGgxY25r Z1luIEpoYm 1SeklITjEg WTJnZ1lYTW dVMyBSMVlY SjBJRmRsIG FYUjZiV0Z1 SUcgRnVaQ0 JMWVhSbCBJ Rk53WVdSbE xqIHhpY2o0 ekxpQkogYm lBeU1ERTNM QyBCRGIyRm phQ0JKIGJt TXVJR05vWV cgNW5aV1Fn YVhSeiBJRz VoYldVZ2RH IDhnVkdGd1 pYTjAgY25r Z1NXNWpMaS BCMGJ5Qmla WFIwIFpYSW djbVZ3Y20g VnpaVzUwSU dsMCBjeUJr YVhabGNuIE 5sSUhCdmNu Um0gYjJ4cG J5QnZaaSBC c2RYaDFjbm tnIFluSmhi bVJ6TGogeG ljajQwTGlC VSBhR1VnYm 1GdFpTIEJV WVhCbGMzUn kgZVNCM1lY TWdZMiBodm MyVnVJR0Z6 IElHRWdjbV ZtWlggSmxi bU5sSUhSdi BJSFJvWlNC a2FYIFpsY2 5ObElHRnUg WkNCcGJuUm xjbSBOdmJt NWxZM1JsIF pDQnVZWFIx Y20gVWdiMl lnZEdobCBJ R052YlhCaG JuIG5pZ0ps eklHSnkgWV c1a2N5d2di WCBWamFDQn NhV3RsIElI Um9aU0JrYV cgWm1aWEps Ym5RZyBkR2 h5WldGa2N5 IEIxYzJWa0 lHbHUgSUdF Z2RHRndaWC BOMGNua3VQ R0p5IFBqVX VJRlJvWlMg QlVZWEJsYz NSeSBlU0JK Ym1NdUlHIG x6SUdobFlX UnggZFdGeW RHVnlaVyBR Z2FXNGdUbV YzIElGbHZj bXNnUTIgbD BlU0JoYm1R ZyBhR0Z6SU c5MlpYIEln TWpBc01EQX cgSUdWdGNH eHZlVyBWbG N5QjNiM0pz IFpIZHBaR1 V1UEcgSnlQ all1SUZSby BaU0JqYjIx d1lXIDU1NG 9DWmN5Qmkg Y21GdVpITW dZWCBKbElI TnZiR1FnIG FXNGdiM1ps Y2kgQTFNQ0 JqYjNWdSBk SEpwWlhNZ1 lXIDVrSUdo aGRtVWcgYl c5eVpTQjBh RyBGdUlERX NOVEF3IElI SmxkR0ZwYk MgQnpkRzl5 WlhNZyBaMn h2WW1Gc2JI IGt1UEdKeV BqY3UgSUZS b1pTQlVZWC BCbGMzUnll U0JKIGJtTX VJR2x6SUcg TnZiVzFwZE hSbCBaQ0Iw YnlCemRYIE 4wWVdsdVlX SnAgYkdsMG VTQmhibSBR Z2FHRnpJR2 x0IGNHeGxi V1Z1ZEcgVm tJSFpoY21s diBkWE1nYV c1cGRHIGxo ZEdsMlpYTW cgZEc4Z2Nt VmtkVyBObE lHbDBjeUJs IGJuWnBjbT l1YlcgVnVk R0ZzSUdsdC BjR0ZqZEN3 Z2MzIFZqYU NCaGN5QjEg YzJsdVp5Qn pkWCBOMFlX bHVZV0pzIF pTQnRZWFJs Y20gbGhiSE 1nYVc0ZyBk R2hsYVhJZ2 NIIEp2WkhW amRITWcgWV c1a0lIQnli MiAxdmRHbH VaeUJ5IFpY TndiMjV6YV cgSnNaU0J6 YjNWeSBZMm x1Wnk0OFlu IEkrT0M0Z1 NXNGcgTWpB eU1Dd2dWRy BGd1pYTjBj bmtnIFNXNW pMaUIzWVgg TWdiR2x6ZE dWayBJR0Z6 SUc5dVpTIE J2WmlCR1lY TjAgSUVOdm JYQmhibiBu aWdKbHpJRT F2IGMzUWdT VzV1YjMgWm hkR2wyWlNC RCBiMjF3WV c1cFpYIE1n Wm05eUlHbD AgY3lCbFpt WnZjbiBSek lHbHVJR055 IFpXRjBhVz VuSUcgRWdZ Mmx5WTNWcy BZWElnWldO dmJtIDl0ZV NCaGJtUWcg Y21Wa2RXTn BibSBjZ2Qy RnpkR1VnIG FXNGdkR2hs SUcgWmhjMm hwYjI0ZyBh VzVrZFhOMG NuIGt1UEdK eVBqa3UgSU ZSb1pTQlVZ WCBCbGMzUn llU0JKIGJt TXVJR2hoY3 kgQmhJR2hw YzNSdiBjbm tnYjJZZ1ky IDlzYkdGaW IzSmggZEds dmJuTWdkMi BsMGFDQmhj blJwIGMzUn pJR0Z1WkMg QmtaWE5wWj I1bCBjbk1z SUhOMVkyIG dnWVhNZ2NH RnkgZEc1bG NtbHVaeSBC M2FYUm9JRV JwIGMyNWxl U0JtYjMgSW dZU0JzYVcx cCBkR1ZrSU dWa2FYIFJw YjI0Z1kyOX MgYkdWamRH bHZiaSBCaG JtUWdkMjl5 IGEybHVaeU IzYVggUm9J R0Z5ZEdsei BkQ0JMWVda bVpTIEJHWV hOelpYUjAg SUc5dUlHRW diRyBsdVpT QnZaaUJoIF kyTmxjM052 Y20gbGxjeT Q4WW5JKyBN VEF1SUZSb1 pTIEJqYjIx d1lXNTUgSU doaGN5QmhJ SCBOMGNtOX VaeUJ3IGFH bHNZVzUwYU ggSnZjR2xq SUhCeSBaWE 5sYm1ObElH IEZ1WkNCem RYQncgYjNK MGN5QjJZWC BKcGIzVnpJ R05vIFlYSn BkR0ZpYkcg VWdZMkYxYz JWeiBMQ0Jw Ym1Oc2RXIF JwYm1jZ2Iz Sm4gWVc1cG VtRjBhVyA5 dWN5QjBhR0 YwIElHWnZZ M1Z6SUcgOX VJR1Z0Y0c5 MyBaWEpwYm 1jZ2QyIDl0 Wlc0Z1lXNW sgSUdkcGNt eHpMQyBCem RXTm9JR0Z6 IElIUm9aU0 JYYjIgMWxi dUtBbVhNZy BVbVZtZFdk bFpTIEJEYj IxdGFYTnog YVc5dUlHRn VaQyBCSGFY SnNjeUJKIG JtTXUKICAg ICAgICA8L3 NwYW4+CiAg ICAgICAgCi AgICAgICAg