Broadridge Financial Solutions

-12.57%

Live  

Broadridge Financial Solutions is a global fintech company that provides technology solutions to financial institutions and corporations. The company was created in 2007 as a spin-off from ADP and has since become a leading provider of investor communications, securities processing, and data and analytics solutions. Broadridge serves over half the world's public companies and processes over $5 trillion in fixed income and equity trades per day. The company is headquartered in New York City, with operations in over 20 countries. Broadridge's services include securities trade processing, investor communications, data and analytics, wealth management, and digital solutions. Some notable clients of Broadridge include major financial institutions such as JPMorgan Chase and Bank of America, as well as companies like Amazon and Netflix. The company has a strong commitment to innovation and is constantly developing new products and services to meet the evolving needs of the financial industry.

QnJvYWRyaW RnZSBGaW5h bmNpYWwgU2 9sdXRpb25z IGlzIGEgY2 9tcGFueSB0 aGF0IGhlbH BzIGJhbmtz LCBpbnZlc3 RtZW50IGZp cm1zLCBhbm Qgb3RoZXIg YnVzaW5lc3 NlcyBtYW5h Z2UgYWxsIH NvcnRzIG9m IGZpbmFuY2 lhbCBpbmZv cm1hdGlvbi BhbmQgdHJh bnNhY3Rpb2 5zLiBJbWFn aW5lIHRoZX kgYXJlIGxp a2UgaGVscG VycyBmb3Ig Y29tcGFuaW VzIHRoYXQg ZGVhbCB3aX RoIG1vbmV5 LiBUaGV5IG 1ha2Ugc3Vy ZSB0aGF0IG V2ZXJ5dGhp bmcgaXMgb3 JnYW5pemVk IGFuZCBydW 5zIHNtb290 aGx5LCBsaW tlIHNlbmRp bmcgb3V0IG JpbGxzIG9y IG1ha2luZy BzdXJlIHBl b3BsZSBnZX QgdGhlaXIg c3RvY2sgZG l2aWRlbmRz IG9uIHRpbW UuPGJyPkJy b2FkcmlkZ2 UgZWFybnMg bW9uZXkgYn kgcHJvdmlk aW5nIHRoZX NlIGltcG9y dGFudCBzZX J2aWNlcywg Y2hhcmdpbm cgY29tcGFu aWVzIGZvci B0aGUgaGVs cCB0aGV5IG dpdmUuIFRo ZXkgb2ZmZX IgdGhpbmdz IGxpa2UgcH JpbnRpbmcg YW5kIG1haW xpbmcgc3Rh dGVtZW50cy wgbWFuYWdp bmcgc2hhcm Vob2xkZXIg dm90ZXMsIG FuZCBtYWtp bmcgc3VyZS B0aGF0IHBl b3BsZSBjYW 4gYnV5IGFu ZCBzZWxsIH N0b2NrcyBl YXNpbHkuIF NpbmNlIHRo ZXkgaGVscC BtYW5hZ2Ug bW9uZXkgYW 5kIGludmVz dG1lbnRzLC B0aGV5IGhh dmUgbWFueS BjdXN0b21l cnMgd2hvIH JlbHkgb24g dGhlbS48Yn I+VGhlIHJl YXNvbiBCcm 9hZHJpZGdl IGlzIHN1Y2 Nlc3NmdWwg YW5kIGxpa2 VseSB0byBz dGF5IHRoYX Qgd2F5IGlu IHRoZSBmdX R1cmUgaXMg YmVjYXVzZS B0aGVyZSB3 aWxsIGFsd2 F5cyBiZSBh IG5lZWQgZm 9yIHRoZWly IHNlcnZpY2 VzLiBBcyBs b25nIGFzIH Blb3BsZSBp bnZlc3QgaW 4gc3RvY2tz IGFuZCBjb2 1wYW5pZXMg bmVlZCB0by BoYW5kbGUg ZmluYW5jaW FsIGluZm9y bWF0aW9uLC BCcm9hZHJp ZGdlIHdpbG wgYmUgaW1w b3J0YW50Li BUaGV5IGFs c28ga2VlcC BpbXByb3Zp bmcgdGhlaX IgdGVjaG5v bG9neSB0by BtYWtlIHRo aW5ncyBmYX N0ZXIgYW5k IGVhc2llci Bmb3IgdGhl aXIgY2xpZW 50cywgd2hp Y2ggaGVscH MgdGhlbSBz dGF5IGFoZW FkIG9mIHRo ZSBjb21wZX RpdGlvbi4g U28sIGFzIH RoZSB3b3Js ZCBvZiBmaW 5hbmNlIGtl ZXBzIGNoYW 5naW5nLCBC cm9hZHJpZG dlIGlzIHJl YWR5IHRvIG hlbHAgYnVz aW5lc3Nlcy BhZGFwdCBh bmQgZ3Jvdy 48YnI+

MS4gTGVhZG luZyBwcm92 aWRlciBvZi B0ZWNobm9s b2d5LWRyaX ZlbiBzb2x1 dGlvbnM6IE Jyb2Fkcmlk Z2UgRmluYW 5jaWFsIFNv bHV0aW9ucy BpcyBhIGxl YWRpbmcgcH JvdmlkZXIg b2YgdGVjaG 5vbG9neS1k cml2ZW4gc2 9sdXRpb25z IHRvIGZpbm FuY2lhbCBp bnN0aXR1dG lvbnMsIGNv cnBvcmF0aW 9ucywgYW5k IG11dHVhbC BmdW5kcy4g VGhlIGNvbX BhbnkgbGV2 ZXJhZ2VzIG N1dHRpbmct ZWRnZSB0ZW Nobm9sb2d5 IHRvIGRlbG l2ZXIgZWZm aWNpZW50IG FuZCBpbm5v dmF0aXZlIH NvbHV0aW9u cyB0byBpdH MgY2xpZW50 cy48YnI+Mi 4gR2xvYmFs IHJlYWNoOi BCcm9hZHJp ZGdlIGhhcy BhIGdsb2Jh bCBwcmVzZW 5jZSwgd2l0 aCBvcGVyYX Rpb25zIGlu IG92ZXIgMj AgY291bnRy aWVzIGFuZC BzZXJ2aW5n IGNsaWVudH MgaW4gb3Zl ciAxMzUgbW Fya2V0cy4g VGhpcyBnbG 9iYWwgcmVh Y2ggYWxsb3 dzIHRoZSBj b21wYW55IH RvIG9mZmVy IGl0cyBzZX J2aWNlcyB0 byBhIGRpdm Vyc2UgcmFu Z2Ugb2YgY2 xpZW50cyBh bmQgZ2l2ZX MgaXQgYSBz dHJvbmcgZm 9vdGhvbGQg aW4gdGhlIG dsb2JhbCBm aW5hbmNpYW wgaW5kdXN0 cnkuPGJyPj MuIElubm92 YXRpdmUgc2 9sdXRpb25z OiBUaGUgY2 9tcGFueSBp cyBrbm93bi Bmb3IgaXRz IGlubm92YX RpdmUgc29s dXRpb25zLC B3aGljaCBh cmUgZGVzaW duZWQgdG8g c3RyZWFtbG luZSBwcm9j ZXNzZXMsIH JlZHVjZSBj b3N0cywgYW 5kIGluY3Jl YXNlIGVmZm ljaWVuY3kg Zm9yIGl0cy BjbGllbnRz LiBCcm9hZH JpZGdlIGNv bnRpbnVvdX NseSBpbnZl c3RzIGluIH Jlc2VhcmNo IGFuZCBkZX ZlbG9wbWVu dCB0byBzdG F5IGF0IHRo ZSBmb3JlZn JvbnQgb2Yg dGVjaG5vbG 9naWNhbCBh ZHZhbmNlbW VudHMgaW4g dGhlIGZpbm FuY2lhbCBp bmR1c3RyeS 48YnI+NC4g U3Ryb25nIG N1c3RvbWVy IGJhc2U6IE Jyb2Fkcmlk Z2Ugc2Vydm VzIGEgdmFz dCBhbmQgZG l2ZXJzZSBj dXN0b21lci BiYXNlLCBp bmNsdWRpbm cgdG9wLXRp ZXIgZmluYW 5jaWFsIGlu c3RpdHV0aW 9ucywgbGVh ZGluZyBjb3 Jwb3JhdGlv bnMsIGFuZC B0b3AgbXV0 dWFsIGZ1bm RzLiBUaGUg Y29tcGFueS dzIHN0cm9u ZyByZWxhdG lvbnNoaXBz IHdpdGggaX RzIGNsaWVu dHMgYXJlIG EgdGVzdGFt ZW50IHRvIG l0cyBxdWFs aXR5IHNlcn ZpY2VzIGFu ZCBjb21taX RtZW50IHRv IGN1c3RvbW VyIHNhdGlz ZmFjdGlvbi 48YnI+NS4g RW5kLXRvLW VuZCBzb2x1 dGlvbnM6IE Jyb2Fkcmlk Z2Ugb2ZmZX JzIGVuZC10 by1lbmQgc2 9sdXRpb25z LCBjb3Zlcm luZyB0aGUg ZW50aXJlIG xpZmVjeWNs ZSBvZiBhIG ZpbmFuY2lh bCB0cmFuc2 FjdGlvbi4g VGhpcyBpbm NsdWRlcyBw cmUtdHJhZG UgYWN0aXZp dGllcywgdH JhZGUgZXhl Y3V0aW9uLC Bwb3N0LXRy YWRlIHByb2 Nlc3Npbmcs IGFuZCByZW d1bGF0b3J5 IGFuZCBjb2 1wbGlhbmNl IHNlcnZpY2 VzLCBwcm92 aWRpbmcgYS Bjb21wcmVo ZW5zaXZlIH N1aXRlIG9m IHNvbHV0aW 9ucyB0byBp dHMgY2xpZW 50cy48YnI+ Ni4gU3Ryb2 5nIHJlcHV0 YXRpb246IF dpdGggb3Zl ciA1MCB5ZW FycyBvZiBp bmR1c3RyeS BleHBlcmll bmNlLCBCcm 9hZHJpZGdl IGhhcyBlc3 RhYmxpc2hl ZCBhIHN0cm 9uZyByZXB1 dGF0aW9uIG ZvciBpdHMg cmVsaWFiaW xpdHksIHNl Y3VyaXR5LC BhbmQgaW50 ZWdyaXR5Li BUaGUgY29t cGFueSBpcy B0cnVzdGVk IGJ5IHNvbW Ugb2YgdGhl IHdvcmxkJ3 MgbGFyZ2Vz dCBmaW5hbm NpYWwgaW5z dGl0dXRpb2 5zLCBtYWtp bmcgaXQgYS ByZXB1dGFi bGUgYW5kIH JlbGlhYmxl IHBhcnRuZX IgZm9yIGl0 cyBjbGllbn RzLjxicj43 LiBDb21taX RtZW50IHRv IHJlc3Bvbn NpYmxlIGJ1 c2luZXNzIH ByYWN0aWNl czogQnJvYW RyaWRnZSBp cyBjb21taX R0ZWQgdG8g cmVzcG9uc2 libGUgYnVz aW5lc3MgcH JhY3RpY2Vz LCBpbmNsdW RpbmcgZXRo aWNhbCBjb2 5kdWN0LCBj b3Jwb3JhdG UgZ292ZXJu YW5jZSwgYW 5kIGVudmly b25tZW50YW wgc3VzdGFp bmFiaWxpdH kuIFRoZSBj b21wYW55IG hhcyBiZWVu IHJlY29nbm l6ZWQgZm9y IGl0cyBlZm ZvcnRzIGlu IHRoZXNlIG FyZWFzLCBy ZWNlaXZpbm cgbnVtZXJv dXMgYXdhcm RzIGFuZCBy ZWNvZ25pdG lvbnMgZnJv bSByZXB1dG FibGUgb3Jn YW5pemF0aW 9ucy4=

QnJvYWRyaW RnZSBGaW5h bmNpYWwgU2 9sdXRpb25z IGlzIGEgZ2 xvYmFsIGZp bnRlY2ggY2 9tcGFueSB0 aGF0IHByb3 ZpZGVzIHRl Y2hub2xvZ3 kgYW5kIGlu Zm9ybWF0aW 9uIHNlcnZp Y2VzIHRvIH RoZSBmaW5h bmNpYWwgc2 VydmljZXMg aW5kdXN0cn kuIFRoZWly IGJ1c2luZX NzIG1vZGVs IGlzIGZvY3 VzZWQgb24g cHJvdmlkaW 5nIGVuZC10 by1lbmQgc2 9sdXRpb25z IGZvciB0aG UgZW50aXJl IGludmVzdG 1lbnQgbGlm ZWN5Y2xlLC Bmcm9tIGlz c3VlciB0by BpbnZlc3Rv ci4gVGhpcy BpbmNsdWRl cyBzZXJ2aW NlcyBzdWNo IGFzIGRhdG EgYW5kIGFu YWx5dGljcy wgbWFya2V0 IGludGVsbG lnZW5jZSwg aW52ZXN0b3 IgY29tbXVu aWNhdGlvbn MsIHRyYWRl IHByb2Nlc3 NpbmcsIGFu ZCB3ZWFsdG ggbWFuYWdl bWVudCBzb2 x1dGlvbnMu IFRoZXkgdX RpbGl6ZSBh IGNvbWJpbm F0aW9uIG9m IGlubm92YX RpdmUgdGVj aG5vbG9neS BhbmQgaW5k dXN0cnkgZX hwZXJ0aXNl IHRvIGhlbH AgdGhlaXIg Y2xpZW50cy BpbXByb3Zl IG9wZXJhdG lvbmFsIGVm ZmljaWVuY3 ksIHJlZHVj ZSByaXNrLC BhbmQgZW5o YW5jZSB0aG Ugb3ZlcmFs bCBpbnZlc3 RvciBleHBl cmllbmNlLi BUaGVpciBj bGllbnRzIG luY2x1ZGUg YmFua3MsIG Jyb2tlci1k ZWFsZXJzLC Bhc3NldCBt YW5hZ2Vycy wgaGVkZ2Ug ZnVuZHMsIG FuZCBjb3Jw b3JhdGlvbn MuIEJyb2Fk cmlkZ2UgZ2 VuZXJhdGVz IHJldmVudW UgdGhyb3Vn aCBhIGNvbW JpbmF0aW9u IG9mIHNvZn R3YXJlIGxp Y2Vuc2luZy wgcHJvY2Vz c2luZyBmZW VzLCBhbmQg ZGF0YSBzdW JzY3JpcHRp b25zLg==

AI can pose potential threats to Broadridge Financial Solutions in several ways, although the specific impact will depend on various factors including technological advancements, market adaptations, and the company’s strategic responses.
1. Substitution: AI technology can automate certain financial processes that Broadridge’s products handle, such as transaction processing, data analysis, and reporting. If competitors develop AI-driven solutions that can perform these tasks more efficiently or at a lower cost, Broadridge might face challenges in maintaining market share. The rise of AI-driven platforms could offer firms more agile and cost-effective alternatives to traditional services.
2. Disintermediation: The introduction of AI could lead to disintermediation in the financial services sector, where customers bypass traditional intermediaries like Broadridge. Companies leveraging AI for direct transactions or personalized financial services could appeal directly to consumers or businesses, reducing the need for Broadridge’s intermediary roles, particularly in areas such as investment management or account services.
3. Margin Pressure: As AI solutions become more cost-effective, Broadridge may experience margin pressure as pricing competition intensifies. If competitors implement AI technologies that allow them to reduce operational costs, Broadridge may be forced to lower its prices to remain competitive, potentially impacting overall profitability.
To mitigate these risks, Broadridge could invest in AI technologies to enhance its own services, improve efficiency, and offer innovative solutions that leverage AI to add value for clients. By adapting to the trends in AI and integrating these technologies into its offerings, Broadridge can remain competitive and potentially turn risks into opportunities for growth.

The sensitivity of Broadridge Financial Solutions’ earnings, cash flow, and valuation to changes in interest rates can be analyzed through several key factors:
1. Earnings Sensitivity: Broadridge primarily operates in the financial services industry, offering technology solutions and data services. Changes in interest rates can impact the company’s earnings, particularly if they influence the demand for financial products and services. For example, higher interest rates may lead to increased borrowing costs, potentially reducing client activity in capital markets and impacting transaction volumes. Conversely, rising rates could benefit Broadridge if clients are more inclined to invest in certain products.
2. Cash Flow Sensitivity: Cash flows are closely tied to interest rates, especially in terms of financing activities. If interest rates rise, the company’s cost of debt may increase, affecting free cash flow and overall liquidity. On the other hand, if the company has a significant amount of cash and cash equivalents, higher interest rates could improve the returns on these assets, positively affecting cash flows.
3. Valuation Sensitivity: Valuation models, particularly discounted cash flow (DCF) models, are sensitive to interest rate changes. Higher interest rates can lead to a higher discount rate applied to future cash flows, resulting in a lower present value and, therefore, a decrease in the company’s valuation. This scenario can influence investor perceptions and market capitalization.
Overall, Broadridge’s exposure to interest rate fluctuations may be moderate but significant enough to warrant attention, especially in periods of volatility in the financial markets. The precise impact would depend on the direction and magnitude of interest rate changes, as well as the company’s financial structure and market positioning.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgQn JvYWRyaWRn ZSBGaW5hbm NpYWwgU29s dXRpb25z4o CZIGVjb25v bWljcyBvdm VyIHRoZSBu ZXh0IDPigJ M1IHllYXJz IGlzIGEgc2 lnbmlmaWNh bnQgYW5kIH N1c3RhaW5l ZCBkZWNsaW 5lIGluIHRo ZSBkZW1hbm QgZm9yIHRy YWRpdGlvbm FsIGZpbmFu Y2lhbCBzZX J2aWNlcyBh bmQgcmVsYX RlZCBvdXRz b3VyY2luZy Bzb2x1dGlv bnMgZHVlIH RvIGFkdmFu Y2VtZW50cy BpbiB0ZWNo bm9sb2d5LC BzdWNoIGFz IGJsb2NrY2 hhaW4gYW5k IGFydGlmaW NpYWwgaW50 ZWxsaWdlbm NlLiBJZiBm aXJtcyBhY3 Jvc3MgdGhl IGZpbmFuY2 lhbCBzZXJ2 aWNlcyBzZW N0b3Igd2Vy ZSB0byBhZG 9wdCBkZWNl bnRyYWxpem VkIGZpbmFu Y2UgKERlRm kpIG1vZGVs cyBvciBmdW xseSBhdXRv bWF0ZWQgcG xhdGZvcm1z IGZvciB0YX NrcyB0cmFk aXRpb25hbG x5IGhhbmRs ZWQgYnkgQn JvYWRyaWRn ZSwgc3VjaC BhcyB0cmFu c2FjdGlvbi Bwcm9jZXNz aW5nLCBkYX RhIG1hbmFn ZW1lbnQsIG FuZCByZWd1 bGF0b3J5IG NvbXBsaWFu Y2UsIHRoZS Bjb21wYW55 IGNvdWxkIH NlZSBhIHN1 YnN0YW50aW FsIHJlZHVj dGlvbiBpbi BpdHMgY2xp ZW50IGJhc2 UgYW5kIHJl dmVudWUuPG JyPkluIHRo aXMgc2Nlbm FyaW8sIGhl cmXigJlzIG hvdyB0aGUg Y29tcGFuee KAmXMgZmlu YW5jaWFsIG 1ldHJpY3Mg bWlnaHQgYm UgaW1wYWN0 ZWQ6PGJyPj EuIDxzdHJv bmc+TWFyZ2 luczwvc3Ry b25nPjogQn JvYWRyaWRn ZSBjb3VsZC BleHBlcmll bmNlIGEgc2 hhcnAgZGVj bGluZSBpbi Bwcm9maXQg bWFyZ2lucy 4gQXMgcmV2 ZW51ZXMgZn JvbSB0cmFk aXRpb25hbC BzZXJ2aWNl cyBkd2luZG xlLCB0aGUg Y29tcGFueS BtYXkgYmUg Zm9yY2VkIH RvIHJlZHVj ZSBwcmljZX MgdG8gcmVt YWluIGNvbX BldGl0aXZl LiBGdXJ0aG VybW9yZSwg aW5jcmVhc2 VkIGludmVz dG1lbnQgaW 4gdGVjaG5v bG9neSB0by BrZWVwIHBh Y2Ugd2l0aC BpbmR1c3Ry eSBjaGFuZ2 VzIGNvdWxk IGxlYWQgdG 8gcmlzaW5n IG9wZXJhdG lvbmFsIGNv c3RzLCBzcX VlZXppbmcg bWFyZ2lucy BldmVuIG1v cmUuIDxicj 4yLiA8c3Ry b25nPkNhc2 ggRmxvdzwv c3Ryb25nPj ogQSBwZXJt YW5lbnQgc2 hpZnQgaW4g ZGVtYW5kIH dvdWxkIGxp a2VseSByZX N1bHQgaW4g ZGVjcmVhc2 VkIGNhc2gg ZmxvdyBmcm 9tIG9wZXJh dGlvbnMuIF dpdGggcmVk dWNlZCByZX ZlbnVlIGFu ZCBwb3NzaW JseSBpbmNy ZWFzZWQgY2 9zdHMgZnJv bSBuZWNlc3 NhcnkgdGVj aG5vbG9naW NhbCB1cGdy YWRlcyBvci ByZXN0cnVj dHVyaW5nIG VmZm9ydHMs IEJyb2Fkcm lkZ2UgY291 bGQgZmFjZS BjYXNoIGZs b3cgY2hhbG xlbmdlcy4g VGhpcyBjb3 VsZCBhbHNv IGxpbWl0IG l0cyBhYmls aXR5IHRvIH JlaW52ZXN0 IGluIGdyb3 d0aCBpbml0 aWF0aXZlcy wgcGF5IGRp dmlkZW5kcy wgb3IgcGF5 IGRvd24gZX hpc3Rpbmcg ZGVidC48Yn I+My4gPHN0 cm9uZz5CYW xhbmNlIFNo ZWV0PC9zdH Jvbmc+OiBJ ZiBjYXNoIG Zsb3cgZGVj bGluZXMgc2 lnbmlmaWNh bnRseSwgQn JvYWRyaWRn ZSBtaWdodC BmaW5kIGl0 c2VsZiBpbi BhIGNoYWxs ZW5naW5nIH Bvc2l0aW9u IG9uIGl0cy BiYWxhbmNl IHNoZWV0Li BBIHJlZHVj dGlvbiBpbi ByZXZlbnVl IHN0cmVhbX MgY291bGQg bGVhZCB0by Bsb3dlciBh c3NldCB2YW x1YXRpb25z LiBBZGRpdG lvbmFsbHks IHRvIHN1c3 RhaW4gb3Bl cmF0aW9ucy BkdXJpbmcg YSBwZXJpb2 Qgb2YgZGlt aW5pc2hlZC BjYXNoIGZs b3csIHRoZS Bjb21wYW55 IG1heSBuZW VkIHRvIHJl c29ydCB0by BkZWJ0IGZp bmFuY2luZy 4gVGhpcyBj b3VsZCBpbm NyZWFzZSBs ZXZlcmFnZS BhbmQgbGVh ZCB0byBhIG RldGVyaW9y YXRpb24gb2 YgaXRzIGRl YnQgcmF0aW 9zLCBwb3Rl bnRpYWxseS BpbXBhY3Rp bmcgaXRzIG NyZWRpdCBy YXRpbmcgYW 5kIGluY3Jl YXNpbmcgYm 9ycm93aW5n IGNvc3RzLi BBIHdlYWtl ciBiYWxhbm NlIHNoZWV0 IG1pZ2h0IG 1ha2UgaXQg ZGlmZmljdW x0IGZvciBC cm9hZHJpZG dlIHRvIG5h dmlnYXRlIH Rocm91Z2gg ZmluYW5jaW FsIGNoYWxs ZW5nZXMsIG FmZmVjdGlu ZyBpdHMgbG 9uZy10ZXJt IHN1c3RhaW 5hYmlsaXR5 Ljxicj5Pdm VyYWxsLCB0 aGlzIGh5cG 90aGV0aWNh bCBzY2VuYX JpbyB3b3Vs ZCBjcmVhdG UgYSByaXBw bGUgZWZmZW N0IHRocm91 Z2hvdXQgQn JvYWRyaWRn ZeKAmXMgZm luYW5jaWFs IGhlYWx0aC wgZW1waGFz aXppbmcgdG hlIGltcG9y dGFuY2Ugb2 YgYWRhcHRh YmlsaXR5IG FuZCBpbm5v dmF0aW9uIG luIGFuIGV2 b2x2aW5nIG ZpbmFuY2lh bCBsYW5kc2 NhcGUuPGJy Pg==

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 bG9nb3MveE VNTDlBOVU1 NHpobWh2TE xsdnMud2Vi cCIgYWx0PS JCcm9hZHJp ZGdlIEZpbm FuY2lhbCBT b2x1dGlvbn MiIHRpdGxl PSJCcm9hZH JpZGdlIEZp bmFuY2lhbC BTb2x1dGlv bnMiICBjbG Fzcz0iaW1n LWZsdWlkIi BoZWlnaHQ9 NTAgd2lkdG g9NTAgbG9h ZGluZz0nbG F6eScgc3R5 bGU9J2Jvcm Rlci1yYWRp dXM6IDZweD snPgoKICAg ICAgICAgIC AgICAgICAg ICA8ZGl2IH N0eWxlPSdm bGV4OiAxOy B0ZXh0LWFs aWduOiBjZW 50ZXI7IG1h cmdpbi1sZW Z0OiA1cHg7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPHAg c3R5bGU9J2 ZvbnQtc2l6 ZTogMjZweD sgY29sb3I6 ICMzMzM7IG 1hcmdpbi1i b3R0b206ID E1cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIPCf k4ggV2FudC B0byByZWFk IG1vcmUgYW JvdXQgQnJv YWRyaWRnZS BGaW5hbmNp YWwgU29sdX Rpb25zPwog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L3A+Cgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdpbmRleC 5waHA/cGFn ZT1zaWdudX AnIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJhY2tncm 91bmQtY29s b3I6ICMwMD dCRkY7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBjb2xv cjogI2ZmZj sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH BhZGRpbmc6 IDEwcHggMj BweDsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJvcmRl ci1yYWRpdX M6IDVweDsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHRl eHQtZGVjb3 JhdGlvbjog bm9uZTsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGZvbn Qtd2VpZ2h0 OiBib2xkOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgbW FyZ2luLXJp Z2h0OiAxMH B4OwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdHJhbnNp dGlvbjogYm Fja2dyb3Vu ZC1jb2xvci AwLjNzIGVh c2U7JwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgb25tb3 VzZW92ZXI9 J3RoaXMuc3 R5bGUuYmFj a2dyb3VuZE NvbG9yPSIj MDA1NmIzIi cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG 9ubW91c2Vv dXQ9J3RoaX Muc3R5bGUu YmFja2dyb3 VuZENvbG9y PSIjMDA3Qk ZGIic+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBTaWdu IHVwIGZvci BmcmVlCiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvYT4KCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xzcGFuIHN0 eWxlPSdtYX JnaW46IDAg OHB4OyBjb2 xvcjogIzU1 NTsnPm9yPC 9zcGFuPgoK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGEgaHJl Zj0naW5kZX gucGhwP3Bh Z2U9bG9naW 4nIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGNvbG9yOi AjMDA3QkZG OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dGV4dC1kZW NvcmF0aW9u OiB1bmRlcm xpbmU7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBmb250 LXdlaWdodD ogNTAwOyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBs b2cgaW4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9hPgoKCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxwIHN0eW xlPSdtYXJn aW4tdG9wOi AxNXB4OyBm b250LXNpem U6IDEzcHg7 IGZvbnQtd2 VpZ2h0OiBi b2xkOyBjb2 xvcjogI2Qz MmYyZjsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAg8J +GkyBEaXNj b3ZlciA8aT 4iVGhlIENo ZWNrbGlzdC BWYWx1ZSBJ bnZlc3Rvci DigJQgQSBT bWFydGVyIF dheSB0byBQ aWNrIFN0b2 NrcyI8L2k+ IOKAlCBmcm VlIGVCb29r IQogICAgIC AgICAgICAg ICAgICAgIC AgICA8L3A+ CgogICAgIC AgICAgICAg ICAgICAgIC AgICA8IS0t CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxkaXYg c3R5bGU9J2 1hcmdpbi10 b3A6IDEycH g7IGZvbnQt c2l6ZTogMT NweDsgY29s b3I6ICM0ND Q7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIFNpZ24g dXAgbm93IG FuZCBnZXQg b3VyIGZyZW UgZUJvb2sg CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 Yj5UaGUgQ2 hlY2tsaXN0 IFZhbHVlIE ludmVzdG9y IOKAlCBBIF NtYXJ0ZXIg V2F5IHRvIF BpY2sgU3Rv Y2tzPC9iPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgLS0+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwhLS0KIC AgICAgICAg ICAgICAgIC AgICAgICAg PGRpdiBzdH lsZT0nbWFy Z2luLXRvcD ogMTZweDsg Zm9udC1zaX plOiAxNHB4 OyBjb2xvcj ogIzQ0NDsg Zm9udC1mYW 1pbHk6IC1h cHBsZS1zeX N0ZW0sIEJs aW5rTWFjU3 lzdGVtRm9u dCwgU2Vnb2 UgVUksIFJv Ym90bywgSG VsdmV0aWNh IE5ldWUsIH NhbnMtc2Vy aWY7IGxpbm UtaGVpZ2h0 OiAxLjY7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIE hhdmUgeW91 IGhlYXJkIG Fib3V0IG91 ciBzaG9ydC A8c3Ryb25n IHN0eWxlPS dmb250LXdl aWdodDogNj AwOyc+RGFp bHkgVmlkZW 8gTmV3c2xl dHRlcjwvc3 Ryb25nPj8K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIDxh IGhyZWY9J2 h0dHBzOi8v d3d3Lmluc2 lnaHRmdWx2 YWx1ZS5jb2 0vbmV3c2xl dHRlci5waH AnIHRhcmdl dD0nX2JsYW 5rJyBzdHls ZT0nY29sb3 I6ICMwMDdC RkY7IHRleH QtZGVjb3Jh dGlvbjogbm 9uZTsgZm9u dC13ZWlnaH Q6IDUwMDsg bWFyZ2luLW xlZnQ6IDZw eDsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIE ZpbmQgb3V0 IG1vcmUKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvYT 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIC0tPg ogICAgICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAK ICAgICAgIC AKICAgICAg ICA8c3Bhbi BjbGFzcz0n Ymx1cnJlZC 10ZXh0Jz4K ICAgICAgIC AgICAgTVM0 Z1FuSnZZVy BSeWFXUm5a U0JHIGFXNW hibU5wWVcg d2dVMjlzZF hScCBiMjV6 SUdseklHIE VnWjJ4dllt RnMgSUdacG JuUmxZMiBn Z1kyOXRjR0 Z1IGVTQjBh R0YwSUggQn liM1pwWkdW eiBJSFJsWT JodWIyIHh2 WjNrZ1lXNW sgSUdSaGRH RWdjMiA5c2 RYUnBiMjV6 IElIUnZJSF JvWlMgQm1h VzVoYm1OcC BZV3dnYzJW eWRtIGxqWl hNZ2FXNWsg ZFhOMGNua3 VQRyBKeVBq SXVJRWwwIE lIZGhjeUJt YjMgVnVaR1 ZrSUdsdSBJ REl3TURjZ1 lYIE1nWVNC emNHbHUgTF c5bVppQnZa aSBCQlJGQW dLRUYxIGRH OXRZWFJwWX kgQkVZWFJo SUZCeSBiMk 5sYzNOcGJt IGNwTENCaE lIQmggZVhK dmJHd2dZVy A1a0lHaDFi V0Z1IElISm xjMjkxY20g TmxjeUJ0WV c1aCBaMlZ0 Wlc1MElHIE 52YlhCaGJu a3UgUEdKeV BqTXVJRSBK eWIyRmtjbW xrIFoyVWdh WE1nYUcgVm haSEYxWVhK MCBaWEpsWk NCcGJpIEJN WVd0bElGTj EgWTJObGMz TXNJRSA1bG R5QlpiM0py IExDQmhibV FnYUcgRnpJ RzltWm1sai BaWE1nYVc0 Z01qIEVnWT I5MWJuUnkg YVdWeklHRn liMyBWdVpD QjBhR1VnIG QyOXliR1F1 UEcgSnlQal F1SUZSbyBa U0JqYjIxd1 lXIDU1SUdo aGN5QmggY0 hCeWIzaHBi VyBGMFpXeD VJREV3IExE QXdNQ0JsYl ggQnNiM2xs WlhNZyBkMj l5YkdSM2FX IFJsTGp4aW NqNDEgTGlC Q2NtOWhaSC BKcFpHZGxJ SE5sIGNuWn BZMlZ6SUcg OTJaWElnTl N3dyBNREFn WTJ4cFpXID UwY3l3Z2FX NWogYkhWa2 FXNW5JRyBK aGJtdHpMQ0 JpIGNtOXJa WEl0WkcgVm hiR1Z5Y3l3 ZyBZWE56Wl hRZ2JXIEZ1 WVdkbGNuTX MgSUdGdVpD QnZkRyBobG NpQm1hVzVo IGJtTnBZV3 dnYVcgNXpk R2wwZFhScC BiMjV6TGp4 aWNqIDQyTG lCSmRDQnAg Y3lCamIyNX phVyBSbGNt VmtJSFJ2IE lHSmxJSFJv WlMgQnNZWE puWlhOMCBJ SEJ5YjNacF pHIFZ5SUc5 bUlHbHUgZG 1WemRHOXlJ RyBOdmJXMT FibWxqIFlY UnBiMjV6SU cgRnVaQ0Iw WldObyBibT lzYjJkNUlI IE52YkhWMG FXOXUgY3lC MGJ5QjBhRy BVZ1ptbHVZ VzVqIGFXRn NJSE5sY24g WnBZMlZ6SU dsdSBaSFZ6 ZEhKNUxqIH hpY2o0M0xp QkogYmlBeU 1ERTVMQyBC Q2NtOWhaSE pwIFpHZGxJ R2hoWkMgQm hJSEpsZG1W dSBkV1VnYj JZZ0pEIFF1 TlNCaWFXeH MgYVc5dUxD QnRZVyB0cG JtY2dhWFFn IGIyNWxJRz ltSUggUm9a U0IwYjNBZy BjbVYyWlc1 MVpTIDFuWl c1bGNtRjAg YVc1bklHWn BibiBSbFky Z2dZMjl0IG NHRnVhV1Z6 TGogeGljaj Q0TGlCQyBj bTloWkhKcF pHIGRsNG9D WmN5QnogWl hKMmFXTmxj eSBCcGJtTn NkV1JsIElI QnliM2g1SU ggWnZkR2x1 Wnl3ZyBiWF YwZFdGc0lH IFoxYm1RZ2 NISnYgWTJW emMybHVaeS B3Z2MyVmpk WEpwIGRHbG xjeUJ3Y20g OWpaWE56YV c1biBMQ0Jo Ym1RZ1pHIE YwWVNCaGJt UWcgWVc1aG JIbDBhVyBO ekxqeGljaj Q1IExpQlVh R1VnWTIgOX RjR0Z1ZWVL QSBtWE1nZE dWamFHIDV2 Ykc5bmVTQn ogYjJ4MWRH bHZibiBNZ2 FHVnNjQ0Jt IGFXNWhibU 5wWVcgd2dh VzV6ZEdsMC BkWFJwYjI1 eklHIEZ1Wk NCamIzSncg YjNKaGRHbH ZibiBNZ2FX MXdjbTkyIF pTQjBhR1Zw Y2kgQnZjR1 Z5WVhScCBi MjVoYkNCbF ptIFpwWTJs bGJtTjUgTE NCeVpXUjFZ MiBVZ2NtbH pheXdnIFlX NWtJR1Z1YU cgRnVZMlVn WTNWeiBkRz l0WlhJZ1pY IGh3WlhKcF pXNWogWlhN dVBHSnlQai BFd0xpQkpi aUJoIFpHUn BkR2x2Ymkg QjBieUJwZE hNZyBZMjl5 WlNCaWRYIE 5wYm1WemN5 d2cgUW5Kdl lXUnlhVyBS blpTQmhiSE 52IElHOW1a bVZ5Y3kgQm piMjV6ZFd4 MCBhVzVuSU dGdVpDIEIw WldOb2JtOX MgYjJkNUlI TmxjbiBacF kyVnpJSFJ2 IElHaGxiSE FnWW4gVnph VzVsYzNObC BjeUIzYVhS b0lIIEpwYz JzZ1lXNWsg SUhKbFozVn NZWCBSdmNu a2dZMjl0IG NHeHBZVzVq WlMgd2daR2 xuYVhSaCBi Q0IwY21GdW MyIFp2Y20x aGRHbHYgYm l3Z1lXNWtJ RyA5MGFHVn lJR05vIFlX eHNaVzVuWl ggTXUKICAg ICAgICA8L3 NwYW4+CiAg ICAgICAgCi AgICAgICAg