Clorox

-12.53%

More reviews (6)

Live  

The Clorox Company is a multinational consumer goods company that specializes in cleaning and household products. It was founded in 1913 by five entrepreneurs in Oakland, California, as a chlorine bleach manufacturing company. Over the years, it has expanded its product portfolio and now offers a wide range of cleaning, disinfecting, and household products under various brand names such as Clorox, Pine-Sol, Glad, and Burt's Bees.
The company is headquartered in Oakland, California, and has operations in more than 25 countries. It has approximately 8,800 employees worldwide and reported over $6 billion in net sales in its fiscal year 2020.
Clorox is committed to sustainability and has set ambitious goals to reduce its environmental footprint and create a more sustainable future. It has also been recognized for its commitment to diversity and inclusion, earning a spot on the 2021 Diversity Best Practices Inclusion Index.
In addition to its consumer goods business, Clorox also has a portfolio of professional cleaning and disinfecting products, as well as an agricultural division that produces pest control products for farmers and food processors.
As a socially responsible company, Clorox has a long history of supporting communities and disaster relief efforts. In 2020, it launched a $100 million initiative to help communities and frontline workers respond to the COVID-19 pandemic.
In recent years, Clorox has also been recognized for its financial performance and corporate governance, with awards such as the 2021 World's Most Ethical Companies by the Ethisphere Institute and being named one of America's Most Responsible Companies by Newsweek in 2020.

Q2xvcm94IG lzIGEgY29t cGFueSB0aG F0IG1ha2Vz IGNsZWFuaW 5nIHByb2R1 Y3RzIGFuZC BvdGhlciB0 aGluZ3MgdG 8gaGVscCBr ZWVwIG91ci Bob21lcyBh bmQgb3VyIG Vudmlyb25t ZW50IGNsZW FuIGFuZCBz YWZlLiBUaG V5IGFyZSBi ZXN0IGtub3 duIGZvciB0 aGVpciBibG VhY2gsIHdo aWNoIGlzIG EgcG93ZXJm dWwgY2xlYW 5pbmcgc29s dXRpb24gdG hhdCBjYW4g a2lsbCBnZX JtcyBhbmQg c3RhaW5zLi BDbG9yb3gg YWxzbyBtYW tlcyBkaXNp bmZlY3Rpbm cgd2lwZXMs IGxhdW5kcn kgZGV0ZXJn ZW50cywgYW 5kIG90aGVy IGNsZWFuaW 5nIHN1cHBs aWVzLjxicj 5UaGUgd2F5 IENsb3JveC BtYWtlcyBt b25leSBpcy BieSBzZWxs aW5nIHRoZX NlIHByb2R1 Y3RzIHRvIH N0b3Jlcywg d2hpY2ggdG hlbiBzZWxs IHRoZW0gdG 8gcGVvcGxl IGxpa2UgeW 91IGFuZCB5 b3VyIGZhbW lseS4gV2hl biB3ZSBidX kgQ2xvcm94 IHByb2R1Y3 RzIHRvIGNs ZWFuIG91ci Bob21lcywg Q2xvcm94IG Vhcm5zIG1v bmV5IGZyb2 0gdGhvc2Ug c2FsZXMuIF RoZXkgYWxz byBoYXZlIH NvbWUgb3Ro ZXIgcHJvZH VjdHMgdGhh dCBpbmNsdW RlIHRoaW5n cyBmb3IgcG V0cyBhbmQg Zm9vZCBzdG 9yYWdlLjxi cj5DbG9yb3 ggaXMgc3Vj Y2Vzc2Z1bC BiZWNhdXNl IGl0IGhhcy BiZWVuIGFy b3VuZCBmb3 IgYSBsb25n IHRpbWUgYW 5kIHBlb3Bs ZSB0cnVzdC B0aGVpciBw cm9kdWN0cy 4gVGhleSB1 c2Ugc3Ryb2 5nIHNjaWVu Y2UgdG8gY3 JlYXRlIHRo ZWlyIGNsZW FuaW5nIHNv bHV0aW9ucy wgc28gY3Vz dG9tZXJzIG ZlZWwgc2Fm ZSB1c2luZy B0aGVtLiBQ ZW9wbGUgd2 FudCB0byBr ZWVwIHRoZW lyIGhvbWVz IGNsZWFuIG FuZCBzYWZl IGZyb20gZ2 VybXMsIGVz cGVjaWFsbH kgYWZ0ZXIg bGVhcm5pbm cgaG93IGlt cG9ydGFudC BpdCBpcyBk dXJpbmcgdG ltZXMgbGlr ZSB0aGUgQ0 9WSUQtMTkg cGFuZGVtaW MuPGJyPklu IHRoZSBmdX R1cmUsIENs b3JveCB3aW xsIGxpa2Vs eSBjb250aW 51ZSB0byBi ZSBzdWNjZX NzZnVsIGJl Y2F1c2UgZX ZlcnlvbmUg d2lsbCBzdG lsbCBuZWVk IHRvIGNsZW FuIHRoZWly IGhvbWVzIG FuZCB0YWtl IGNhcmUgb2 YgdGhlaXIg ZmFtaWxpZX MuIFBsdXMs IENsb3JveC BpcyBhbHdh eXMgdHJ5aW 5nIHRvIGNv bWUgdXAgd2 l0aCBuZXcg YW5kIGJldH RlciBwcm9k dWN0cyB0by BoZWxwIHVz IGNsZWFuLC B3aGljaCBt ZWFucyB0aG V5IHdpbGwg a2VlcCBtYW tpbmcgdGhp bmdzIHRoYX Qgd2UgbmVl ZCBhbmQgd2 FudCB0byB1 c2UuPGJyPg ==

MS4gUGlvbm VlcmluZyBi cmFuZDogQ2 xvcm94IGlz IGEgaG91c2 Vob2xkIG5h bWUgYW5kIH RoZSBsZWFk aW5nIGJyYW 5kIGluIG1h bnkgY2F0ZW dvcmllcyBz dWNoIGFzIG NsZWFuaW5n IHByb2R1Y3 RzLCBibGVh Y2gsIGFuZC BkaXNpbmZl Y3RhbnQgd2 lwZXMuPGJy PjIuIFN0cm 9uZyBicmFu ZCBwb3J0Zm 9saW86IElu IGFkZGl0aW 9uIHRvIHRo ZSBDbG9yb3 ggYnJhbmQs IHRoZSBjb2 1wYW55IGFs c28gb3ducy BzZXZlcmFs IG90aGVyIH dlbGwta25v d24gYW5kIH RydXN0ZWQg YnJhbmRzLC BpbmNsdWRp bmcgUGluZS 1Tb2wsIEds YWQsIEJ1cn QncyBCZWVz LCBhbmQgQn JpdGEuPGJy PjMuIENvbW 1pdG1lbnQg dG8gaW5ub3 ZhdGlvbjog VGhlIGNvbX BhbnkgaGFz IGEgaGlzdG 9yeSBvZiBp bnRyb2R1Y2 luZyBpbm5v dmF0aXZlIG FuZCBoaWdo LXF1YWxpdH kgcHJvZHVj dHMgdG8gbW VldCB0aGUg Y2hhbmdpbm cgbmVlZHMg b2YgY29uc3 VtZXJzLjxi cj40LiBFbn Zpcm9ubWVu dGFsIHN1c3 RhaW5hYmls aXR5OiBDbG 9yb3ggaGFz IGEgc3Ryb2 5nIGZvY3Vz IG9uIHN1c3 RhaW5hYmls aXR5IGFuZC BoYXMgc2V0 IGFtYml0aW 91cyBnb2Fs cyB0byByZW R1Y2UgaXRz IGVudmlyb2 5tZW50YWwg aW1wYWN0IH Rocm91Z2gg aW5pdGlhdG l2ZXMgc3Vj aCBhcyB1c2 luZyByZW5l d2FibGUgZW 5lcmd5IHNv dXJjZXMgYW 5kIHJlZHVj aW5nIHdhc3 RlIGFuZCB3 YXRlciB1c2 FnZS48YnI+ NS4gU29jaW FsIHJlc3Bv bnNpYmlsaX R5OiBUaGUg Y29tcGFueS BoYXMgYSBj b21taXRtZW 50IHRvIGdp dmluZyBiYW NrIHRvIGNv bW11bml0aW VzIHRocm91 Z2ggdm9sdW 50ZWVyaXNt LCBjaGFyaX RhYmxlIGRv bmF0aW9ucy wgYW5kIGRp c2FzdGVyIH JlbGllZiBl ZmZvcnRzLj xicj42LiBT dHJvbmcgZm luYW5jaWFs IHBlcmZvcm 1hbmNlOiBD bG9yb3ggaG FzIGEgdHJh Y2sgcmVjb3 JkIG9mIGNv bnNpc3Rlbn QgYW5kIHN0 cm9uZyBmaW 5hbmNpYWwg cGVyZm9ybW FuY2UsIG1h a2luZyBpdC BhIHJlbGlh YmxlIGFuZC BzdGFibGUg Y29tcGFueS Bmb3IgaW52 ZXN0b3JzLj xicj43LiBF bXBsb3llZS 1mb2N1c2Vk IGN1bHR1cm U6IFRoZSBj b21wYW55IG hhcyBhIHN0 cm9uZyBlbX BoYXNpcyBv biBlbXBsb3 llZSB3ZWxs LWJlaW5nLC BkaXZlcnNp dHksIGFuZC BpbmNsdXNp b24sIHJlc3 VsdGluZyBp biBoaWdoIG pvYiBzYXRp c2ZhY3Rpb2 4gYW5kIHJl dGVudGlvbi ByYXRlcy48 YnI+OC4gR2 xvYmFsIHBy ZXNlbmNlOi BDbG9yb3gg aGFzIGEgc3 Ryb25nIGlu dGVybmF0aW 9uYWwgcHJl c2VuY2UsIH dpdGggcHJv ZHVjdHMgYm Vpbmcgc29s ZCBpbiBvdm VyIDEwMCBj b3VudHJpZX MsIG1ha2lu ZyBpdCBhIG dsb2JhbGx5 IHJlY29nbm l6ZWQgYW5k IHRydXN0ZW QgYnJhbmQu PGJyPjkuIF N0cm9uZyBz dXBwbHkgY2 hhaW4gYW5k IGRpc3RyaW J1dGlvbiBu ZXR3b3JrOi BUaGUgY29t cGFueSBoYX MgZXN0YWJs aXNoZWQgYS Byb2J1c3Qg c3VwcGx5IG NoYWluIGFu ZCBkaXN0cm lidXRpb24g bmV0d29yay wgZW5zdXJp bmcgdGhlIG F2YWlsYWJp bGl0eSBhbm QgdGltZWx5 IGRlbGl2ZX J5IG9mIHBy b2R1Y3RzLj xicj4xMC4g UXVhbGl0eS BhbmQgc2Fm ZXR5OiBDbG 9yb3ggcHJv ZHVjdHMgYX JlIGtub3du IGZvciB0aG VpciBxdWFs aXR5IGFuZC BlZmZlY3Rp dmVuZXNzLC BhbmQgdGhl IGNvbXBhbn kgdXBob2xk cyBoaWdoIH N0YW5kYXJk cyBmb3IgcH JvZHVjdCBz YWZldHksIH Jlc3VsdGlu ZyBpbiBhIH N0cm9uZyBy ZXB1dGF0aW 9uIGFuZCBj b25zdW1lci B0cnVzdC4=

VGhlIENsb3 JveCBDb21w YW55J3MgYn VzaW5lc3Mg bW9kZWwgaX MgY2VudGVy ZWQgYXJvdW 5kIHRoZSBk ZXZlbG9wbW VudCwgcHJv ZHVjdGlvbi wgYW5kIHNh bGUgb2YgaG 91c2Vob2xk IGNsZWFuaW 5nIGFuZCBo b3VzZWhvbG QgcHJvZHVj dHMuIFRoZX kgYWxzbyBo YXZlIGEgcG 9ydGZvbGlv IG9mIGxpZm VzdHlsZSBi cmFuZHMgZm 9jdXNlZCBv biBoZWFsdG ggYW5kIHdl bGxuZXNzLi BUaGUgY29t cGFueSdzIH ByaW1hcnkg cmV2ZW51ZS BzdHJlYW1z IGluY2x1ZG UgdGhlIHNh bGUgb2YgY2 xlYW5pbmcs IGJsZWFjaC wgYW5kIGxh dW5kcnkgcH JvZHVjdHMs IGFsb25nIH dpdGggdHJh c2ggYmFncy wgd3JhcHMs IGFuZCBzdG 9yYWdlIGNv bnRhaW5lcn MuIFRoZXkg YWxzbyBnZW 5lcmF0ZSBy ZXZlbnVlIG Zyb20gc2Fs ZXMgb2Ygbm F0dXJhbCBh bmQgb3JnYW 5pYyBwcm9k dWN0cywgYX Mgd2VsbCBh cyBpbnZlc3 RtZW50cyBp biBlLWNvbW 1lcmNlIGFu ZCBnbG9iYW wgZXhwYW5z aW9uLiBUaG UgY29tcGFu eSdzIGJ1c2 luZXNzIG1v ZGVsIGVtcG hhc2l6ZXMg aW5ub3ZhdG lvbiwgc3Vz dGFpbmFiaW xpdHksIGFu ZCBzb2NpYW wgcmVzcG9u c2liaWxpdH kgaW4gaXRz IG9wZXJhdG lvbnMgYW5k IHByb2R1Y3 QgZGV2ZWxv cG1lbnQuIF RoZXkgYWlt IHRvIG1lZX QgdGhlIG5l ZWRzIGFuZC BwcmVmZXJl bmNlcyBvZi Bjb25zdW1l cnMgd2hpbG UgbWFpbnRh aW5pbmcgcH JvZml0YWJp bGl0eSBhbm QgbG9uZy10 ZXJtIGdyb3 d0aC4=

AI does present potential challenges to Clorox, particularly in areas such as product development, marketing, and supply chain management. However, the extent of the threat may vary based on several factors.
1. Substitution: As AI continues to evolve, it may enable the creation of new cleaning products that could substitute for traditional Clorox offerings. For example, AI-driven innovations could lead to more effective or eco-friendly alternatives that appeal to consumers seeking sustainable options. If competitors leverage AI to develop superior cleaning solutions, Clorox may face pressure to innovate or risk losing market share.
2. Disintermediation: AI can facilitate direct-to-consumer sales, reducing reliance on traditional distribution channels. If competitors use AI to enhance their online sales platforms or customer engagement strategies, Clorox could face challenges in maintaining its distribution relationships. This shift might lead to a reduction in profit margins as middlemen are eliminated, and companies compete more directly for consumer attention.
3. Margin Pressure: The integration of AI in manufacturing and operations can lead to cost reductions and increased efficiency. If Clorox does not adopt similar technologies, it may find itself at a financial disadvantage, leading to margin pressure. Additionally, AI can enable competitors to optimize pricing strategies based on real-time market data, which may pressure Clorox to adjust its pricing or promotional strategies to remain competitive.
Overall, while AI poses certain threats, Clorox also has opportunities to leverage AI for better product development, enhanced marketing strategies, and improved operational efficiency. The company’s response to these potential challenges will determine its competitive positioning in the market.

The sensitivity of Clorox Company’s earnings, cash flow, and valuation to changes in interest rates can be examined through several perspectives:
1. Earnings: Clorox’s earnings can be negatively impacted by rising interest rates, primarily due to increased borrowing costs. If the company has debt financing, higher interest rates can lead to increased interest expenses, thereby reducing net income. Additionally, if consumers face higher borrowing costs, it may lead to decreased discretionary spending, potentially affecting sales of Clorox’s products.
2. Cash Flow: Changes in interest rates can also affect Clorox’s cash flow. If interest rates rise, the cost of servicing existing debt increases, which can constrain free cash flow. Furthermore, if consumer spending decreases as a result of higher rates, Clorox may see a decline in cash inflows from sales, further impacting cash flow generation.
3. Valuation: Interest rates are a key component in valuation models, particularly in discounted cash flow (DCF) analyses. Higher interest rates increase the discount rate used for future cash flows, which can lower the present value of those cash flows. As a result, if interest rates rise, Clorox’s valuation could decrease, making the stock less attractive to investors.
Overall, while Clorox is generally considered a stable company due to its essential consumer products, its earnings, cash flows, and valuation remain sensitive to fluctuations in interest rates, which can influence both operational costs and consumer behavior.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BDbG9yb3gg Q29tcGFuee KAmXMgZWNv bm9taWNzIG 92ZXIgdGhl IG5leHQgMy 01IHllYXJz IGlzIGEgc2 lnbmlmaWNh bnQgYW5kIH N1c3RhaW5l ZCBzaGlmdC BpbiBjb25z dW1lciBwcm VmZXJlbmNl cyB0b3dhcm RzIGVudmly b25tZW50YW xseSBmcmll bmRseSBhbm Qgc3VzdGFp bmFibGUgcH JvZHVjdHMs IGNvdXBsZW Qgd2l0aCBp bmNyZWFzZW QgcmVndWxh dG9yeSBwcm Vzc3VyZXMu IDxicj5Jbi B0aGlzIHNj ZW5hcmlvLC Bjb25zdW1l cnMgYmVjb2 1lIGhpZ2hs eSBhdmVyc2 UgdG8gdHJh ZGl0aW9uYW wgY2xlYW5p bmcgcHJvZH VjdHMgZHVl IHRvIGdyb3 dpbmcgYXdh cmVuZXNzIG 9mIGhhcm1m dWwgY2hlbW ljYWxzIGFu ZCB0aGVpci BpbXBhY3Qg b24gaGVhbH RoIGFuZCB0 aGUgZW52aX Jvbm1lbnQu IFRoaXMgc2 hpZnQgY291 bGQgbGVhZC B0byBhIGRl Y2xpbmUgaW 4gc2FsZXMg Zm9yIENsb3 JveOKAmXMg Y29yZSBwcm 9kdWN0IGxp bmVzLCB3aG ljaCBhcmUg YmFzZWQgb2 4gY2hlbWlj YWwgZm9ybX VsYXRpb25z IHRoYXQgbW F5IGJlIHBl cmNlaXZlZC BhcyBsZXNz IHNhZmUgY2 9tcGFyZWQg dG8gbmF0dX JhbCBvciBl Y28tZnJpZW 5kbHkgYWx0 ZXJuYXRpdm VzLiA8YnI+ QWRkaXRpb2 5hbGx5LCBn b3Zlcm5tZW 50cyBtaWdo dCBpbnRyb2 R1Y2Ugc3Ry aWN0ZXIgcm VndWxhdGlv bnMgb24gdG hlIHByb2R1 Y3Rpb24gYW 5kIGRpc3Ry aWJ1dGlvbi BvZiBob3Vz ZWhvbGQgY2 xlYW5pbmcg cHJvZHVjdH MsIGltcG9z aW5nIGhpZ2 hlciBjb21w bGlhbmNlIG Nvc3RzIG9y IHJlc3RyaW N0aW5nIHRo ZSB1c2Ugb2 YgY2VydGFp biBjaGVtaW NhbHMuIElm IENsb3JveC BpcyBzbG93 IHRvIGFkYX B0IHRvIHRo ZXNlIGNoYW 5nZXMgb3Ig ZmFpbHMgdG 8gaW5ub3Zh dGUgZWZmZW N0aXZlbHks IGl0cyBtYX JrZXQgc2hh cmUgY291bG Qgc3VmZmVy IHNpZ25pZm ljYW50bHku PGJyPlJlZ2 FyZGluZyB0 aGUgY29tcG FueeKAmXMg bWFyZ2lucy wgaWYgQ2xv cm944oCZcy BzYWxlcyBk ZWNsaW5lIG R1ZSB0byBk ZWNyZWFzZW QgY29uc3Vt ZXIgZGVtYW 5kIGZvciBp dHMgdHJhZG l0aW9uYWwg cHJvZHVjdH MsIHRoZSBn cm9zcyBtYX JnaW5zIGNv dWxkIHNocm luayBjb25z aWRlcmFibH kuIFdoaWxl IHRoZSBjb2 1wYW55IG1p Z2h0IHRyeS B0byBvZmZz ZXQgdGhpcy BieSByYWlz aW5nIHByaW NlcyBvciBy ZWR1Y2luZy Bjb3N0cywg dGhlIGluYW JpbGl0eSB0 byBhZGFwdC B0byBjb25z dW1lciBwcm VmZXJlbmNl cyBjb3VsZC BsZWFkIHRv IGEgY29udG ludW91cyBl cm9zaW9uIG 9mIG1hcmtl dCBzaGFyZS BhbmQgcHJv Zml0YWJpbG l0eS4gQ29u c2VxdWVudG x5LCBvcGVy YXRpbmcgbW FyZ2lucyB3 b3VsZCBsaW tlbHkgdGFr ZSBhIGhpdC wgYWZmZWN0 aW5nIG92ZX JhbGwgZmlu YW5jaWFsIH BlcmZvcm1h bmNlLjxicj 5JbiB0ZXJt cyBvZiBjYX NoIGZsb3cs IGlmIHNhbG VzIGRlY2xp bmUgc2lnbm lmaWNhbnRs eSBhbmQgb3 BlcmF0aW9u YWwgZWZmaW NpZW5jeSBp cyBjb21wcm 9taXNlZCwg Q2xvcm94IG 1pZ2h0IGV4 cGVyaWVuY2 UgYSByZWR1 Y3Rpb24gaW 4gY2FzaCBm bG93IGdlbm VyYXRpb24u IFRoaXMgc2 l0dWF0aW9u IHdvdWxkIG JlIGV4YWNl cmJhdGVkIG lmIHRoZSBj b21wYW55IG Fsc28gaW52 ZXN0cyBoZW F2aWx5IGlu IHJlZm9ybX VsYXRpbmcg cHJvZHVjdH Mgb3IgZGV2 ZWxvcGluZy BuZXcgb25l cyB0aGF0IG FsaWduIHdp dGggc3VzdG FpbmFiaWxp dHkgZGVtYW 5kcywgZnVy dGhlciBzdH JhaW5pbmcg Y2FzaCByZX NlcnZlcy4g SWYgc3VzdG FpbmVkLCB0 aGlzIGNvdW xkIGxlYWQg dG8gaW5jcm Vhc2VkIHJl bGlhbmNlIG 9uIGRlYnQg ZmluYW5jaW 5nIHRvIG1h aW50YWluIG 9wZXJhdGlv bnMsIGltcG FjdGluZyBm aW5hbmNpYW wgc3RhYmls aXR5Ljxicj 5PbiB0aGUg YmFsYW5jZS BzaGVldCwg dGhlIGxvbm ctdGVybSBp bXBsaWNhdG lvbnMgb2Yg dGhpcyBzY2 VuYXJpbyBj b3VsZCByZX N1bHQgaW4g aW5jcmVhc2 VkIGxpYWJp bGl0aWVzIG lmIHRoZSBj b21wYW55IH Rha2VzIG9u IGRlYnQgdG 8gc3VzdGFp biBvcGVyYX Rpb25zIGFt aWQgZGVjbG luaW5nIHJl dmVudWVzLi BBZGRpdGlv bmFsbHksIG xvd2VyIGNh c2ggZmxvdy BhbmQgcHJv Zml0YWJpbG l0eSBjb3Vs ZCBsZWFkIH RvIGEgZGVj bGluZSBpbi ByZXRhaW5l ZCBlYXJuaW 5ncywgbmVn YXRpdmVseS BpbXBhY3Rp bmcgZXF1aX R5LiBUaGUg b3ZlcmFsbC BsZXZlcmFn ZSByYXRpby Bjb3VsZCB3 b3JzZW4sIH JhaXNpbmcg cmVkIGZsYW dzIGZvciBp bnZlc3Rvcn MgYW5kIGNy ZWRpdG9ycy ByZWdhcmRp bmcgdGhlIG NvbXBhbnni gJlzIGZpbm FuY2lhbCBo ZWFsdGguPG JyPkluIHN1 bW1hcnksIG Egc2hpZnQg aW4gY29uc3 VtZXIgcHJl ZmVyZW5jZX MgY291cGxl ZCB3aXRoIG luY3JlYXNl ZCByZWd1bG F0b3J5IHBy ZXNzdXJlIG NvdWxkIGlt cGFpciBDbG 9yb3jigJlz IGVjb25vbW ljcyBieSBu ZWdhdGl2ZW x5IGFmZmVj dGluZyBtYX JnaW5zLCBj YXNoIGZsb3 csIGFuZCBv dmVyYWxsIG JhbGFuY2Ug c2hlZXQgc3 RyZW5ndGgs IHBvdGVudG lhbGx5IGxl YWRpbmcgdG 8gbG9uZy10 ZXJtIGZpbm FuY2lhbCBj aGFsbGVuZ2 VzIGZvciB0 aGUgY29tcG FueS48YnI+

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 bG9nb3MvdD FIajhBM2Fq cllzcmxEUm VmaVkud2Vi cCIgYWx0PS JDbG9yb3gi IHRpdGxlPS JDbG9yb3gi ICBjbGFzcz 0iaW1nLWZs dWlkIiBoZW lnaHQ9NTAg d2lkdGg9NT AgbG9hZGlu Zz0nbGF6eS cgc3R5bGU9 J2JvcmRlci 1yYWRpdXM6 IDZweDsnPg oKICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdmbGV4 OiAxOyB0ZX h0LWFsaWdu OiBjZW50ZX I7IG1hcmdp bi1sZWZ0Oi A1cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPHAgc3R5 bGU9J2Zvbn Qtc2l6ZTog MjZweDsgY2 9sb3I6ICMz MzM7IG1hcm dpbi1ib3R0 b206IDE1cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIPCfk4gg V2FudCB0by ByZWFkIG1v cmUgYWJvdX QgQ2xvcm94 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+TpSBH ZXQgb3VyIG ZyZWUgZUJv b2sgbm93Oi A8aT4iVGhl IENoZWNrbG lzdCBWYWx1 ZSBJbnZlc3 RvciDigJQg QSBTbWFydG VyIFdheSB0 byBQaWNrIF N0b2NrcyI8 L2k+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv cD4KCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwh LS0KICAgIC AgICAgICAg ICAgICAgIC AgICAgPGRp diBzdHlsZT 0nbWFyZ2lu LXRvcDogMT JweDsgZm9u dC1zaXplOi AxM3B4OyBj b2xvcjogIz Q0NDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgU2ln biB1cCBub3 cgYW5kIGdl dCBvdXIgZn JlZSBlQm9v ayAKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IDxiPlRoZS BDaGVja2xp c3QgVmFsdW UgSW52ZXN0 b3Ig4oCUIE EgU21hcnRl ciBXYXkgdG 8gUGljayBT dG9ja3M8L2 I+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AgICAgICAg ICAgICAtLT 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPCEtLQ ogICAgICAg ICAgICAgIC AgICAgICAg ICA8ZGl2IH N0eWxlPSdt YXJnaW4tdG 9wOiAxNnB4 OyBmb250LX NpemU6IDE0 cHg7IGNvbG 9yOiAjNDQ0 OyBmb250LW ZhbWlseTog LWFwcGxlLX N5c3RlbSwg QmxpbmtNYW NTeXN0ZW1G b250LCBTZW dvZSBVSSwg Um9ib3RvLC BIZWx2ZXRp Y2EgTmV1ZS wgc2Fucy1z ZXJpZjsgbG luZS1oZWln aHQ6IDEuNj snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgSGF2ZSB5 b3UgaGVhcm QgYWJvdXQg b3VyIHNob3 J0IDxzdHJv bmcgc3R5bG U9J2ZvbnQt d2VpZ2h0Oi A2MDA7Jz5E YWlseSBWaW RlbyBOZXdz bGV0dGVyPC 9zdHJvbmc+ PwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg PGEgaHJlZj 0naHR0cHM6 Ly93d3cuaW 5zaWdodGZ1 bHZhbHVlLm NvbS9uZXdz bGV0dGVyLn BocCcgdGFy Z2V0PSdfYm xhbmsnIHN0 eWxlPSdjb2 xvcjogIzAw N0JGRjsgdG V4dC1kZWNv cmF0aW9uOi Bub25lOyBm b250LXdlaW dodDogNTAw OyBtYXJnaW 4tbGVmdDog NnB4Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgRmluZCBv dXQgbW9yZQ ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9hPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgICAgICAg ICAgICAgLS 0+CiAgICAg ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg IAogICAgIC AgIAogICAg ICAgIDxzcG FuIGNsYXNz PSdibHVycm VkLXRleHQn PgogICAgIC AgICAgICBN UzRnVkdobE lFIE5zYjNK dmVDQkQgYj Ixd1lXNTVJ SCBkaGN5Qm 1iM1Z1IFpH VmtJR2x1SU QgRTVNVE1n WW5rZyBabW wyWlNCbGJu IFJ5WlhCeV pXNWwgZFhK eklHbHVJRS A5aGEyeGhi bVFzIElFTm hiR2xtYjMg SnVhV0V1SU ZSbyBaWGtn WTJodmMyIF VnZEdobElH NWggYldVZ1 EyeHZjbSA5 NElHSjVJR0 52IGJXSnBi bWx1WnkgQj BhR1VnZDI5 eSBaSE1nWT Joc2IzIEpw Ym1VZ1lXNW sgSUhOdlpH bDFiUyBCb2 VXUnliM2hw IFpHVXNJSG RvYVcgTm9J R0Z5WlNCMC BhR1VnZEhk dklHIDFoYV c0Z2FXNW4g Y21Wa2FXVn VkSCBNZ2FX NGdZbXhsIF lXTm9Manhp Y2ogNHlMaU JEYkc5eSBi M2dnZDJGek lHIGx1YVhS cFlXeHMgZV NCdFlYSnJa WCBSbFpDQm hjeUJoIElH aHZkWE5sYU cgOXNaQ0Jp YkdWaCBZMm dnWVc1a0lI IE4wWVdsdU lISmwgYlc5 MlpYSXNJRy BKMWRDQm9Z WE1nIGMybH VZMlVnWlgg aHdZVzVrWl dRZyBhWFJ6 SUhCeWIyIF IxWTNRZ2JH bHUgWlNCMG J5QnBibSBO c2RXUmxJR0 VnIGRtRnlh V1YwZVMgQn ZaaUJqYkdW aCBibWx1Wn lCaGJtIFFn YUc5MWMyVm 8gYjJ4a0lI QnliMiBSMV kzUnpManhp IGNqNHpMaU JVYUcgVWdZ Mjl0Y0dGdS BlZUtBbVhN Z2FXIE52Ym 1saklHSnMg WldGamFDQm liMyBSMGJH VWdaR1Z6IG FXZHVJR2ho Y3kgQnlaVz FoYVc1bCBa Q0JzWVhKbl pXIHg1SUhW dVkyaGggYm 1kbFpDQnph VyA1alpTQj BhR1VnIE1U a3lNSE1zSU ggZHBkR2dn YVhSeiBJR1 JwYzNScGJt IE4wYVhabE lHUnAgWVcx dmJtUXRjMi BoaGNHVmtJ R3hoIFltVn NJR0Z1WkMg QmhibWRzWl dRZyBibVZq YXlCbWIzIE lnWldGemFX VnkgSUhCdm RYSnBibSBj dVBHSnlQal F1IElFbHVJ SFJvWlMgQX hPVEl3Y3l3 ZyBZU0JEYk c5eWIzIGdn WlhobFkzVj AgYVhabElH NWhiVyBWa0 lFRnlZMmhw IFpTQk1aV1 VnWTIgRnRa U0IxY0NCMy BhWFJvSUhS b1pTIEJ6Yk c5bllXNGcg UTJ4dmNtOT RJRyAxbFlX NXpJR0pzIF pXRmphQ3dn ZDIgaHBZMm dnWW1WaiBZ VzFsSUdFZ2 NHIDl3ZFd4 aGNpQmogWV hSamFIQm9j bSBGelpTQm hibVFnIGFH VnNjR1ZrSU ggTnZiR2xr YVdaNSBJSF JvWlNCaWNt IEZ1Wk9LQW 1YTWcgWVhO emIyTnBZWC BScGIyNGdk MmwwIGFDQm liR1ZoWTIg Z3VQR0p5UG pVdSBJRVIx Y21sdVp5IE JYYjNKc1pD QlggWVhJZ1 NVa3NJRSBO c2IzSnZlT0 tBIG1YTWdZ bXhsWVcgTm 9JSGRoY3lC MSBjMlZrSU hSdklHIFJw YzJsdVptVm ogZENCM2Iz VnVaSCBNZ1 lXNWtJSEJ5 IFpYWmxibl FnYVcgNW1a V04wYVc5dS BMaUJVYUdV Z1kyIDl0Y0 dGdWVlS0Eg bVhNZ2MyRn NaWCBNZ2FX NWpjbVZoIG MyVmtJSE5w WjIgNXBabW xqWVc1MCBi SGtnWkhWeW FXIDVuSUhS b2FYTWcgZE dsdFpTQmhi bSBRZ2FYUn pJR0pzIFpX RmphQ0IzWV ggTWdaWFps YmlCdyBZV0 5yWVdkbFpD IEJwYmlCem JXRnMgYkNC d2IyTnJaWC BRdGMybDZa U0JpIGIzUj BiR1Z6SUcg WnZjaUJ6Yj J4ayBhV1Z5 Y3lCMGJ5IE JqWVhKeWVT QjMgYVhSb0 lIUm9aVyAw dVBHSnlQal l1IElFTnNi M0p2ZUMgQm laV05oYldV ZyBZU0J3ZF dKc2FXIE5z ZVNCMGNtRm sgWldRZ1ky OXRjRyBGdW VTQnBiaUF4 IE9USTRMQ0 JoYm0gUWdh R0Z6SUdKbC BaVzRnYkds emRHIFZrSU c5dUlIUm8g WlNCT1pYY2 dXVyA5eWF5 QlRkRzlqIG F5QkZlR05v WVcgNW5aU0 J6YVc1aiBa U0F4T1RJNU xqIHhpY2o0 M0xpQkogYm lBeE9UVTNM QyBCRGJHOX liM2dnIGFX NTBjbTlrZF cgTmxaQ0Jw ZEhNZyBabW x5YzNRZ2Jt IDl1TFdKc1 pXRmogYUNC d2NtOWtkVy BOMExDQmhJ R3hoIGRXNW tjbmtnWkcg VjBaWEpuWl c1MCBJR05o Ykd4bFpDIE JEYkc5eWIz Z2cgVTNWa2 N5NDhZbiBJ K09DNGdRMn h2IGNtOTRJ R0ZqY1ggVn BjbVZrSUds MCBjeUJpYV dkblpYIE4w SUdOdmJYQm wgZEdsMGIz SXNJSCBSb1 pTQmliR1Zo IFkyZ2dZbk poYm0gUWdV SFZ5Wlhncy BJR2x1SURF NU5UIFlnWV c1a0lHSmwg WTJGdFpTQj BhRyBVZ2JH RnlaMlZ6IG RDQmliR1Zo WTIgZ2diV0 Z1ZFdaaCBZ M1IxY21WeU lHIGx1SUhS b1pTQjMgYj NKc1pDNDhZ biBJK09TNG dTVzRnIGRH aGxJREU1Tm ogQnpMQ0JE Ykc5eSBiM2 dnWlhod1lX IDVrWldRZ2 FYUnogSUhC eWIyUjFZMy BRZ2JHbHVa U0IwIGJ5Qn BibU5zZFcg UmxJR3hwY1 hWcCBaQ0Jp YkdWaFkyIG dzSUZCcGJt VXQgVTI5c0 lHTnNaVyBG dVpYSXNJR0 Z1IFpDQkxh VzVuYzIgWn ZjbVFnWTJo aCBjbU52WV d3c0lIIGRv YVdOb0lHbH ogSUhOMGFX eHNJRyBFZ2 NHOXdkV3ho IGNpQmljbU Z1WkMgQm1i M0lnYjNWMC BaRzl2Y2lC bmNtIGxzYk dsdVp5NDgg WW5JK01UQX VJRiBSdlpH RjVMQ0JEIG JHOXliM2dn YUcgRnpJRz F2Y21VZyBk R2hoYmlBNE xEIEF3TUNC bGJYQnMgYj NsbFpYTWdZ VyA1a0lITm xiR3h6IElH bDBjeUJ3Y2 0gOWtkV04w Y3lCcCBiaU J0YjNKbElI IFJvWVc0Z0 1UQXcgSUdO dmRXNTBjbS BsbGN5Qmhj bTkxIGJtUW dkR2hsSUgg ZHZjbXhrTG p4aSBjajR4 TVM0Z1NXID RnWVdSa2FY UnAgYjI0Z2 RHOGdhRyA5 MWMyVm9iMn hrIElHTnNa V0Z1YVcgNW 5JSEJ5YjJS MSBZM1J6TE NCRGJHIDl5 YjNnZ1lXeH ogYnlCdFlY SnJaWCBSek lHRnVaQ0J6 IFpXeHNjeU J3WlggSnpi MjVoYkNCai BZWEpsSUhC eWIyIFIxWT NSekxDQncg Y205bVpYTn phVyA5dVlX d2dZMnhsIF lXNXBibWNn YzMgVndjR3 hwWlhNcyBJ R0Z1WkNCc2 FXIFpsYzNS NWJHVWcgY0 hKdlpIVmpk SCBNZ2MzVm phQ0JoIGN5 QkNjbWwwWV MgQjNZWFJs Y2lCbSBhV3 gwY21GMGFX IDl1SUhONW MzUmwgYlhN Z1lXNWtJRS BKMWNuVGln Smx6IElFSm xaWE1nYm0g RjBkWEpoYk NCaSBaV0Yx ZEhrZ2NIIE p2WkhWamRI TXUgUEdKeV BqRXlMaSBC SmJpQXlNRE U1IExDQkRi Rzl5YjMgZ2 dkMkZ6SUc1 aCBiV1ZrSU c5dVpTIEJ2 WmlCR2IzSj AgZFc1bDRv Q1pjeSBCWG IzSnNaT0tB IG1YTWdUVz l6ZEMgQkJa RzFwY21Way BJRU52YlhC aGJtIGxsY3 lCbWIzSWcg ZEdobElHWn ZkWCBKMGFD QmpiMjV6IF pXTjFkR2wy WlMgQjVaV0 Z5TGp4aSBj ajR4TXk0Z1 ZHIGhsSUdO dmJYQmggYm 5rZ2FHRnpJ RyBFZ2MzUn liMjVuIElH TnZiVzFwZE cgMWxiblFn ZEc4ZyBjM1 Z6ZEdGcGJt IEZpYVd4cG RIa2cgWVc1 a0lHaGhjeS BCelpYUWdj MlYyIFpYSm hiQ0JsYm4g WnBjbTl1Yl dWdSBkR0Zz SUdkdllXIH h6TENCcGJt TnMgZFdScG JtY2djbSBW a2RXTnBibW NnIFozSmxa VzVvYjMgVn paU0JuWVhN ZyBaVzFwYz NOcGIyIDV6 SUdGdVpDQj MgWVhSbGNp QjFjMiBGbl pTd2dZVzVr IElHRmphR2 xsZG0gbHVa eUI2WlhKdi BJSGRoYzNS bElIIFJ2SU d4aGJtUm0g YVd4c0lHbH VJRyBGc2JD QnZaaUJwIG RITWdWVk1n YjMgQmxjbU YwYVc5dSBj eTQ4WW5JK0 1UIFF1SUVO c2IzSnYgZU NCcGN5Qmhi SCBOdklHdH ViM2R1IElH WnZjaUJwZE ggTWdjR2hw YkdGdSBkR2 h5YjNCcFl5 IEJwYm1sMG FXRjAgYVha bGN5d2dhVy A1amJIVmth VzVuIElHUn ZibUYwYVcg OXVjeUIwYn lCayBhWE5o YzNSbGNpIE J5Wld4cFpX WWcgWldabW IzSjBjeSB3 Z1lYTWdkMl ZzIGJDQmhj eUJsWkggVm pZWFJwYjI1 aCBiQ0JoYm 1RZ1kyIDl0 YlhWdWFYUj UgSUhCeWIy ZHlZVyAxek xqeGljajR4 IE5TNGdRMn h2Y20gOTRJ R2x6SUhSby BaU0J1ZFcx aVpYIElnYj I1bElHSnMg WldGamFDQm ljbSBGdVpD QnBiaUIwIG FHVWdkMjl5 YkcgUWdZVz VrSUhSbyBa U0JqYjIxd1 lXIDU1SUdW emRHbHQgWV hSbGN5QjBh RyBGMElHbD BjeUJ3IGNt OWtkV04wY3 kgQmpZVzRn WW1VZyBabT kxYm1RZ2FX IDRnT1RBbE lHOW0gSUZW VElHaHZkWC BObGFHOXNa SE11CiAgIC AgICAgPC9z cGFuPgogIC AgICAgIAog ICAgICAgIA ==