Zozo Inc

More reviews (5)

Live  

Zozo Inc is a Japanese fashion and technology company known for its online retail platform Zozotown. The company was founded in 2004 by Yusaku Maezawa and is headquartered in Chiba, Japan.
Zozotown is one of Japan’s largest and most successful online retail platforms, offering a wide range of fashion and lifestyle products from both international and domestic brands. It has over 800 brands and 6.9 million registered users as of 2020.
In addition to Zozotown, Zozo Inc also operates the mobile shopping app Zozo JP, which allows users to try on clothes virtually using augmented reality technology. The company has also expanded into other areas such as cosmetics, home goods, and food through its various subsidiary companies.
In 2018, Zozo Inc made headlines when its founder, Yusaku Maezawa, became the first private passenger to book a trip around the moon with SpaceX. The company also gained attention for their Zozosuit, a body-measuring suit that users could wear to get precise measurements for ordering custom-made clothing from Zozotown.
In 2020, Zozo Inc was acquired by SoftBank Group, a Japanese conglomerate, in a $3.7 billion deal. The company continues to expand and innovate in the fashion and technology industries, aiming to provide a unique and personalized shopping experience for their customers.

Wm96byBJbm MgaXMgYSBj b21wYW55IG Zyb20gSmFw YW4gdGhhdC Bmb2N1c2Vz IG9uIGZhc2 hpb24gYW5k IGNsb3RoaW 5nLiBUaGV5 IGhhdmUgYS Bjb29sIG9u bGluZSBzdG 9yZSB0aGF0 IHNlbGxzIG RpZmZlcmVu dCB0eXBlcy BvZiBjbG90 aGVzLCBhbm QgdGhleSBh bHNvIGNyZW F0ZSB0aGVp ciBvd24gdW 5pcXVlIGJy YW5kIG9mIG Nsb3RoaW5n LiBPbmUgb2 YgdGhlIHJl YWxseSBpbn RlcmVzdGlu ZyB0aGluZ3 MgdGhleSBk byBpcyBoZW xwIHBlb3Bs ZSBmaW5kIG Nsb3RoZXMg dGhhdCBmaX QgdGhlbSBw ZXJmZWN0bH kuIFRoZXkg aGF2ZSBzcG VjaWFsIHRv b2xzIGFuZC B0ZWNobm9s b2d5LCBsaW tlIGEgbWVh c3VyaW5nIG RldmljZSBj YWxsZWQgWm 96b3N1aXQs IHRoYXQgY2 FuIHRha2Ug eW91ciBib2 R54oCZcyBt ZWFzdXJlbW VudHMgc28g eW91IGNhbi BvcmRlciBj bG90aGVzIH RoYXQgZml0 IGp1c3Qgcm lnaHQuPGJy Plpvem8gSW 5jIG1ha2Vz IG1vbmV5IG J5IHNlbGxp bmcgdGhlc2 UgY2xvdGhl cyBkaXJlY3 RseSB0byBj dXN0b21lcn Mgb25saW5l LiBUaGV5IG Fsc28gd29y ayB3aXRoIG 90aGVyIGJy YW5kcyB0by BzZWxsIHRo ZWlyIGNsb3 RoZXMgb24g dGhlaXIgd2 Vic2l0ZSwg d2hpY2ggaG VscHMgdGhl bSBlYXJuIG V4dHJhIG1v bmV5LiBXaG VuIHBlb3Bs ZSBidXkgY2 xvdGhlcyBm cm9tIHRoZW lyIHdlYnNp dGUsIFpvem 8gZ2V0cyBh IHBvcnRpb2 4gb2YgdGhh dCBzYWxlLj xicj5XaGF0 IG1ha2VzIF pvem8gSW5j IHN1Y2Nlc3 NmdWwgaXMg dGhhdCB0aG V5IHVuZGVy c3RhbmQgd2 hhdCBwZW9w bGUgd2FudC BpbiBmYXNo aW9uLiBUaG V5IGhhdmUg ZW1icmFjZW QgdGVjaG5v bG9neSwgd2 hpY2ggaGVs cHMgcGVvcG xlIHNob3Ag c21hcnRlci BhbmQgbW9y ZSBjb21mb3 J0YWJseS4g UGx1cywgdG hleSBmb2N1 cyBvbiBwcm 92aWRpbmcg YSBnb29kIG V4cGVyaWVu Y2UgZm9yIH RoZWlyIGN1 c3RvbWVycy wgbGlrZSBl YXN5IHJldH VybnMgYW5k IGZhc3Qgc2 hpcHBpbmcu PGJyPkluIH RoZSBmdXR1 cmUsIFpvem 8gSW5jIHdp bGwgbGlrZW x5IHN0YXkg c3VjY2Vzc2 Z1bCBiZWNh dXNlIHRoZX kga2VlcCBp bm5vdmF0aW 5nIGFuZCBm aW5kaW5nIG 5ldyB3YXlz IHRvIHVzZS B0ZWNobm9s b2d5IGluIG Zhc2hpb24u IFRoZXkgYX JlIGFsc28g ZXhwYW5kaW 5nIHRoZWly IHJlYWNoIH RvIG1vcmUg Y3VzdG9tZX JzIGFuZCBp bXByb3Zpbm cgdGhlaXIg cHJvZHVjdH MuIEFzIGxv bmcgYXMgdG hleSBjb250 aW51ZSB0by BsaXN0ZW4g dG8gd2hhdC BwZW9wbGUg d2FudCBhbm QgYWRhcHQg dG8gY2hhbm dlcywgdGhl eSB3aWxsIG xpa2VseSBy ZW1haW4gYS Bwb3B1bGFy IGNob2ljZS Bmb3IgY2xv dGhpbmcgc2 hvcHBlcnMu PGJyPg==

Wm96byBJbm MgaXMgYSBK YXBhbmVzZS BlLWNvbW1l cmNlIGNvbX BhbnkgdGhh dCBpcyBrbm 93biBmb3Ig aXRzIGlubm 92YXRpdmUg YW5kIHRlY2 hub2xvZ2lj YWxseSBhZH ZhbmNlZCBh cHByb2FjaC B0byBvbmxp bmUgc2hvcH BpbmcuIEhl cmUgYXJlIH NvbWUgb2Yg dGhlIHNwZW NpYWwgZmVh dHVyZXMgYW 5kIGhpZ2hs aWdodHMgb2 YgdGhlIGNv bXBhbnk6PG JyPjEuIE1h ZGUtdG8tbW Vhc3VyZSBj bG90aGluZz ogWm96byBJ bmPigJlzIG ZsYWdzaGlw IGJyYW5kLC BaT1pPVE9X Tiwgb2ZmZX JzIGN1c3Rv bWl6ZWQgY2 xvdGhpbmcg dGhhdCBpcy B0YWlsb3Jl ZCB0byBmaX QgZWFjaCBp bmRpdmlkdW FsIGN1c3Rv bWVy4oCZcy Bib2R5IG1l YXN1cmVtZW 50cy48YnI+ Mi4gVGVjaC 1mb2N1c2Vk OiBUaGUgY2 9tcGFueeKA mXMgZm91bm RlciBhbmQg Q0VPLCBZdX Nha3UgTWFl emF3YSwgaX MgYSB0ZWNo IGVudHJlcH JlbmV1ciBh bmQgaGFzIG J1aWx0IFpv em8gSW5jIG ludG8gYSBj dXR0aW5nLW VkZ2UgZS1j b21tZXJjZS BhbmQgdGVj aG5vbG9neS Bjb21wYW55 Ljxicj4zLi BCb2R5IG1l YXN1cmVtZW 50IHRlY2hu b2xvZ3k6IF pvem8gSW5j IGhhcyBkZX ZlbG9wZWQg YSBib2R5IG 1lYXN1cmVt ZW50IHN5c3 RlbSBjYWxs ZWQgdGhlIF pPWk9TVUlU LCB3aGljaC B1c2VzIGEg bW9iaWxlIG FwcCBhbmQg YSBzcGVjaW FsbHkgZGVz aWduZWQgYm 9keXN1aXQg dG8gYWNjdX JhdGVseSBt ZWFzdXJlIG EgcGVyc29u 4oCZcyBib2 R5IGFuZCBo ZWxwIHRoZW 0gZmluZCB0 aGUgcGVyZm VjdCBmaXR0 aW5nIGNsb3 RoZXMuPGJy PjQuIEludG VsbGlnZW50 IGZhc2hpb2 4gc2hvcHBp bmc6IFpvem 8gSW5jIHVz ZXMgYXJ0aW ZpY2lhbCBp bnRlbGxpZ2 VuY2UgYW5k IGRhdGEgYW 5hbHl0aWNz IHRvIHByb3 ZpZGUgcGVy c29uYWxpem VkIGZhc2hp b24gcmVjb2 1tZW5kYXRp b25zIHRvIG l0cyBjdXN0 b21lcnMgYm FzZWQgb24g dGhlaXIgcH JlZmVyZW5j ZXMsIHN0eW xlLCBhbmQg Ym9keSBzaG FwZS48YnI+ NS4gR2xvYm FsIGV4cGFu c2lvbjogWm 96byBJbmMg aGFzIGV4cG FuZGVkIGl0 cyBvcGVyYX Rpb25zIHRv IHNldmVyYW wgY291bnRy aWVzIGluIE FzaWEgYW5k IGlzIGFjdG l2ZWx5IGVu dGVyaW5nIH RoZSBnbG9i YWwgbWFya2 V0LCB3aXRo IHBsYW5zIH RvIGxhdW5j aCBpbiB0aG UgVW5pdGVk IFN0YXRlcy BhbmQgRXVy b3BlLjxicj 42LiBDb2xs YWJvcmF0aW 9uIHdpdGgg aGlnaC1wcm 9maWxlIGJy YW5kczogWm 96byBJbmMg aGFzIHBhcn RuZXJlZCB3 aXRoIG1ham 9yIGZhc2hp b24gYnJhbm RzIHN1Y2gg YXMgTmlrZS wgQWRpZGFz LCBhbmQgVW 5pcWxvIHRv IG9mZmVyIG V4Y2x1c2l2 ZSBwcm9kdW N0cyBhbmQg Y28tYnJhbm RlZCBjb2xs ZWN0aW9ucy B0byBpdHMg Y3VzdG9tZX JzLjxicj43 LiBJbm5vdm F0aW9uIGlu IGN1c3RvbW VyIHNlcnZp Y2U6IFRoZS Bjb21wYW55 IG9mZmVycy BhIGhpZ2hs eSBwZXJzb2 5hbGl6ZWQg YW5kIGludH VpdGl2ZSBz aG9wcGluZy BleHBlcmll bmNlIHdpdG ggZmVhdHVy ZXMgc3VjaC BhcyB2aXJ0 dWFsIHNob3 BwaW5nIGFz c2lzdGFudH MsIHZvaWNl IHJlY29nbm l0aW9uLCBh bmQgcmVhbC 10aW1lIGN1 c3RvbWVyIH N1cHBvcnQu PGJyPk92ZX JhbGwsIFpv em8gSW5jIH N0YW5kcyBv dXQgZm9yIG l0cyB1c2Ug b2YgdGVjaG 5vbG9neSwg aW5ub3ZhdG lvbiwgYW5k IGRpc3J1cH Rpb24gaW4g dGhlIHRyYW RpdGlvbmFs IGZhc2hpb2 4gaW5kdXN0 cnksIG1ha2 luZyBpdCBh IHVuaXF1ZS BhbmQgZXhj aXRpbmcgY2 9tcGFueSB0 byB3YXRjaC 4=

Wm96byBJbm MgaXMgYSBK YXBhbmVzZS BlLWNvbW1l cmNlIGNvbX BhbnkgdGhh dCBzcGVjaW FsaXplcyBp biBvbmxpbm UgcmV0YWls aW5nIGFuZC BmYXNoaW9u LiBUaGVpci BidXNpbmVz cyBtb2RlbC BpcyBiYXNl ZCBvbiBzZW xsaW5nIGEg d2lkZSByYW 5nZSBvZiBh cHBhcmVsIG FuZCBhY2Nl c3Nvcmllcy BwcmltYXJp bHkgdGhyb3 VnaCB0aGVp ciBvbmxpbm Ugc2hvcHBp bmcgcGxhdG Zvcm0sIFpv em90b3duLC B3aGljaCBp cyBvbmUgb2 YgdGhlIGxh cmdlc3QgZS 1jb21tZXJj ZSBzaXRlcy BpbiBKYXBh bi48YnI+VG hlIGNvbXBh bnnigJlzIG 1haW4gc291 cmNlIG9mIH JldmVudWUg aXMgZ2VuZX JhdGVkIHRo cm91Z2ggc2 FsZXMgb2Yg cHJvZHVjdH Mgb24gdGhl aXIgcGxhdG Zvcm0sIHdp dGggY29tbW lzc2lvbnMg ZWFybmVkIG Zyb20gZWFj aCB0cmFuc2 FjdGlvbi4g VGhleSBhbH NvIG9mZmVy IGFkdmVydG lzaW5nIGFu ZCBtYXJrZX Rpbmcgc2Vy dmljZXMgdG 8gZmFzaGlv biBicmFuZH MgYW5kIHJl dGFpbGVycy wgYWxsb3dp bmcgdGhlbS B0byByZWFj aCBhIHdpZG VyIGF1ZGll bmNlIHRocm 91Z2ggWm96 b+KAmXMgcG xhdGZvcm0u PGJyPlpvem 8gSW5jIGhh cyBhbHNvIG V4cGFuZGVk IGludG8gdG hlIHJldGFp bCBidXNpbm VzcyBieSBv cGVuaW5nIH BoeXNpY2Fs IHN0b3Jlcy wga25vd24g YXMgWm96b3 Rvd24gc3Rv cmVzLCB3aG ljaCBvZmZl ciBhIHVuaX F1ZSBzaG9w cGluZyBleH BlcmllbmNl IGJ5IGNvbW JpbmluZyBv bmxpbmUgYW 5kIG9mZmxp bmUgc2hvcH BpbmcuPGJy PkFub3RoZX Iga2V5IGFz cGVjdCBvZi Bab3pvIElu Y+KAmXMgYn VzaW5lc3Mg bW9kZWwgaX MgdGhlaXIg ZGV2ZWxvcG 1lbnQgb2Yg cHJvcHJpZX RhcnkgdGVj aG5vbG9neS wgc3VjaCBh cyB0aGUgWm 96b3N1aXQs IGEgYm9keS BtZWFzdXJl bWVudCBkZX ZpY2UgdGhh dCBhbGxvd3 MgY3VzdG9t ZXJzIHRvIG FjY3VyYXRl bHkgbWVhc3 VyZSB0aGVp ciBib2R5IG RpbWVuc2lv bnMgYW5kIG ZpbmQgdGhl IHBlcmZlY3 QgZml0dGlu ZyBjbG90aG luZyBvbiB0 aGUgcGxhdG Zvcm0uPGJy Pk92ZXJhbG wsIFpvem8g SW5j4oCZcy BidXNpbmVz cyBtb2RlbC BpcyBmb2N1 c2VkIG9uIG xldmVyYWdp bmcgdGVjaG 5vbG9neSBh bmQgYSBzdH Jvbmcgb25s aW5lIHByZX NlbmNlIHRv IG9mZmVyIG Egd2lkZSBy YW5nZSBvZi BmYXNoaW9u IHByb2R1Y3 RzIHRvIGN1 c3RvbWVycy BhbmQgcHJv dmlkZSBhIH NlYW1sZXNz IHNob3BwaW 5nIGV4cGVy aWVuY2Uu

To evaluate whether AI poses a material threat to Zozo Inc’s products, services, or competitive positioning, we need to consider several factors, including substitution, disintermediation, and margin pressure.
1. Substitution: If AI technologies enable new products or services that can fulfill the same needs as those offered by Zozo Inc, there could be a risk of substitution. For instance, if AI-driven platforms can provide fashion recommendations, virtual fitting experiences, or personalized shopping services, customers may choose these alternatives over Zozo’s offerings. This is particularly relevant in the fashion and retail sectors, where personalization and customer experience are becoming increasingly important.
2. Disintermediation: AI can streamline processes in various industries, potentially reducing the need for intermediaries. If AI tools allow consumers to connect directly with manufacturers or creators, Zozo may face challenges in maintaining its role within the supply chain. Disintermediation might also occur if customers use AI-driven platforms to find better deals or solutions without involving companies like Zozo in their purchasing process.
3. Margin Pressure: The integration of AI into business operations may lead to increased efficiency and productivity, allowing competitors to reduce costs and pricing. If Zozo cannot match these efficiencies due to technological gaps, it might experience margin pressure. Additionally, AI can enable competitors to offer more cost-effective solutions or innovative features that attract customers, further impacting Zozo’s market position.
In conclusion, while Zozo Inc may have strong brand recognition and existing customer loyalty, AI does pose potential threats through substitution, disintermediation, and margin pressure. The extent of these threats will depend on how effectively Zozo can leverage AI within its own operations and adapt to changing market dynamics.

The sensitivity of Zozo Inc’s earnings, cash flow, and valuation to changes in interest rates can be assessed from several angles:
1. Earnings: Changes in interest rates can affect consumer spending behavior, especially in the retail sector where Zozo operates. If interest rates rise, consumers may have less disposable income due to higher borrowing costs, which can lead to decreased sales and, consequently, lower earnings. Conversely, lower interest rates may encourage consumer spending, boosting earnings.
2. Cash Flow: Interest rate fluctuations can also impact Zozo’s cash flow, particularly if the company has any outstanding debt. Higher interest rates would increase interest expenses, squeezing cash flow. Conversely, if interest rates decrease, Zozo could benefit from lower interest payments, leading to improved cash flow. Additionally, if consumers are spending less due to higher rates, cash inflows from sales may decline.
3. Valuation: Interest rates play a crucial role in valuation models, particularly those that use discounted cash flow (DCF) analysis. Higher interest rates typically lead to higher discount rates, which can lower the present value of future cash flows and thus decrease the company’s valuation. On the other hand, lower interest rates reduce the discount rate, potentially enhancing the company’s valuation.
Overall, while interest rates may not be the only factor influencing Zozo Inc’s financial performance, they certainly play a significant role. In times of rising rates, the company may face challenges in terms of demand, cash flow, and valuation, whereas falling rates could present opportunities for growth.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci Bab3pvIElu Yy7igJlzIG Vjb25vbWlj cyBvdmVyIH RoZSBuZXh0 IDPigJM1IH llYXJzIGlz IGEgc2lnbm lmaWNhbnQg YW5kIHN1c3 RhaW5lZCBk ZWNsaW5lIG luIHRoZSBK YXBhbmVzZS BlLWNvbW1l cmNlIG1hcm tldCBkdWUg dG8gaW5jcm Vhc2VkIGNv bXBldGl0aW 9uLCByaXNp bmcgb3Blcm F0aW9uYWwg Y29zdHMsIG FuZCBjaGFu Z2luZyBjb2 5zdW1lciBw cmVmZXJlbm Nlcy4gPGJy PkluIHRoaX Mgc2NlbmFy aW8sIGVzdG FibGlzaGVk IGludGVybm F0aW9uYWwg cGxheWVycy Bjb3VsZCBp bnRlbnNpZn kgdGhlaXIg cHJlc2VuY2 UgaW4gSmFw YW4sIGxldm VyYWdpbmcg dGhlaXIgZX N0YWJsaXNo ZWQgbG9naX N0aWNzIGFu ZCB0ZWNobm 9sb2dpY2Fs IGNhcGFiaW xpdGllcyB0 byB1bmRlcm N1dCBwcmlj ZXMuIENvbm N1cnJlbnRs eSwgWm96by B3b3VsZCBm YWNlIHJpc2 luZyBvcGVy YXRpb25hbC Bjb3N0cyBm cm9tIGxvZ2 lzdGljcywg d2FyZWhvdX NpbmcsIGFu ZCBmdWxmaW xsbWVudCwg ZXhhY2VyYm F0ZWQgYnkg aW5mbGF0aW 9uIGFuZCBz dXBwbHkgY2 hhaW4gZGlz cnVwdGlvbn MuIEFkZGl0 aW9uYWxseS wgYSBzaGlm dCBpbiBjb2 5zdW1lciBi ZWhhdmlvci B0b3dhcmRz IHN1c3RhaW 5hYmlsaXR5 IGNvdWxkIG xlYWQgdG8g ZGVjcmVhc2 VkIGRlbWFu ZCBmb3IgZm FzdCBmYXNo aW9uLCB3aG ljaCB3b3Vs ZCBsaWtlbH kgaW1wYWN0 IFpvem/igJ lzIHByaW1h cnkgYnVzaW 5lc3MgbW9k ZWwuPGJyPk lmIHRoaXMg c2NlbmFyaW 8gcGxheXMg b3V0LCBpdC B3b3VsZCBs aWtlbHkgcm VzdWx0IGlu IGRpbWluaX NoZWQgc2Fs ZXMgYW5kIH JlZHVjZWQg bWFya2V0IH NoYXJlIGZv ciBab3pvLi BNYXJnaW5z IHdvdWxkIG RlY2xpbmUg YXMgdGhlIG NvbXBhbnkg bWF5IG5lZW QgdG8gZW5n YWdlIGluIG FnZ3Jlc3Np dmUgcHJpY2 UgY29tcGV0 aXRpb24gdG 8gcmV0YWlu IGN1c3RvbW VycywgbGVh ZGluZyB0by Bjb21wcmVz c2lvbiBpbi Bwcm9maXQg bWFyZ2lucy 4gQ2FzaCBm bG93IHdvdW xkIGJlIG5l Z2F0aXZlbH kgaW1wYWN0 ZWQgYnkgYS Bjb21iaW5h dGlvbiBvZi Bsb3dlciBy ZXZlbnVlIG FuZCBoaWdo ZXIgY29zdH MsIHBvdGVu dGlhbGx5IH JlcXVpcmlu ZyB0aGUgY2 9tcGFueSB0 byBkaXAgaW 50byByZXNl cnZlcyBvci BpbmNyZWFz ZSBkZWJ0IH RvIG1haW50 YWluIG9wZX JhdGlvbnMu IDxicj5Pbi B0aGUgYmFs YW5jZSBzaG VldCwgdGhl IGltcGFjdC B3b3VsZCBi ZSBldmlkZW 50IHRocm91 Z2ggYSBkZW NyZWFzZSBp biB0b3RhbC Bhc3NldHMg ZHVlIHRvIG RldGVyaW9y YXRpbmcgY2 FzaCBwb3Np dGlvbnMgYW 5kIGluY3Jl YXNlZCBsaW FiaWxpdGll cyBzdGVtbW luZyBmcm9t IGxvYW5zIH Rha2VuIHRv IGNvdmVyIG 9wZXJhdGlv bmFsIHNob3 J0ZmFsbHMu IFRoZSBjb2 1wYW554oCZ cyBsZXZlcm FnZSByYXRp b3Mgd291bG Qgd29yc2Vu LCBpbmRpY2 F0aW5nIGEg aGlnaGVyIH Jpc2sgcHJv ZmlsZSB0by BpbnZlc3Rv cnMgYW5kIG NyZWRpdG9y cy4gRXF1aX R5IG1pZ2h0 IGFsc28gYm UgbmVnYXRp dmVseSBhZm ZlY3RlZCBp ZiB0aGUgY2 9tcGFueSBl eHBlcmllbm NlcyBsb3Nz ZXMsIHJlZH VjaW5nIHJl dGFpbmVkIG Vhcm5pbmdz LCB3aGljaC Bjb3VsZCB1 bHRpbWF0ZW x5IHVuZGVy bWluZSBpbn Zlc3RvciBj b25maWRlbm NlIGFuZCBs ZWFkIHRvIG EgbG93ZXIg c3RvY2sgdm FsdWF0aW9u LiA8YnI+T3 ZlcmFsbCwg dGhpcyBzY2 VuYXJpbyBj b3VsZCBmdW 5kYW1lbnRh bGx5IGFsdG VyIFpvem/i gJlzIGNvbX BldGl0aXZl IGxhbmRzY2 FwZSwgcHV0 dGluZyBzaW duaWZpY2Fu dCBwcmVzc3 VyZSBvbiBp dHMgZmluYW 5jaWFsIGhl YWx0aCBhbm QgbG9uZy10 ZXJtIHZpYW JpbGl0eS48 YnI+

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 bG9nb3MvV3 pKQ0VhTkhi Umg3SjdkRV BPbEUud2Vi cCIgYWx0PS Jab3pvIElu YyIgdGl0bG U9Ilpvem8g SW5jIiAgY2 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 Fib3V0IFpv em8gSW5jPw 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 4pyFIERvd2 5sb2FkIDxp PiJUaGUgQ2 hlY2tsaXN0 IFZhbHVlIE ludmVzdG9y IOKAlCBBIF NtYXJ0ZXIg V2F5IHRvIF BpY2sgU3Rv Y2tzIjwvaT 4g4oCUIHRv dGFsbHkgZn JlZSEKICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9wPgoKICAg ICAgICAgIC AgICAgICAg ICAgICAgPC EtLQogICAg ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdtYXJnaW 4tdG9wOiAx MnB4OyBmb2 50LXNpemU6 IDEzcHg7IG NvbG9yOiAj NDQ0Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIG5v dyBhbmQgZ2 V0IG91ciBm cmVlIGVCb2 9rIAogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGI+VGhl IENoZWNrbG lzdCBWYWx1 ZSBJbnZlc3 RvciDigJQg QSBTbWFydG VyIFdheSB0 byBQaWNrIF N0b2Nrczwv Yj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIC0t PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8IS0t CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxkaXYg c3R5bGU9J2 1hcmdpbi10 b3A6IDE2cH g7IGZvbnQt c2l6ZTogMT RweDsgY29s b3I6ICM0ND Q7IGZvbnQt ZmFtaWx5Oi AtYXBwbGUt c3lzdGVtLC BCbGlua01h Y1N5c3RlbU ZvbnQsIFNl Z29lIFVJLC BSb2JvdG8s IEhlbHZldG ljYSBOZXVl LCBzYW5zLX NlcmlmOyBs aW5lLWhlaW dodDogMS42 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBIYXZlIH lvdSBoZWFy ZCBhYm91dC BvdXIgc2hv cnQgPHN0cm 9uZyBzdHls ZT0nZm9udC 13ZWlnaHQ6 IDYwMDsnPk RhaWx5IFZp ZGVvIE5ld3 NsZXR0ZXI8 L3N0cm9uZz 4/CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdodHRwcz ovL3d3dy5p bnNpZ2h0Zn VsdmFsdWUu Y29tL25ld3 NsZXR0ZXIu cGhwJyB0YX JnZXQ9J19i bGFuaycgc3 R5bGU9J2Nv bG9yOiAjMD A3QkZGOyB0 ZXh0LWRlY2 9yYXRpb246 IG5vbmU7IG ZvbnQtd2Vp Z2h0OiA1MD A7IG1hcmdp bi1sZWZ0Oi A2cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBGaW5kIG 91dCBtb3Jl CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 L2E+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICAgICAgIC AgICAgICAt LT4KICAgIC AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgCiAgICAg ICAgCiAgIC AgICAgPHNw YW4gY2xhc3 M9J2JsdXJy ZWQtdGV4dC c+CiAgICAg ICAgICAgIE 1TNGdXbTk2 YnkgQkpibU 1nZDJGeiBJ R1p2ZFc1a1 pXIFFnYVc0 Z01UazUgT0 NCaWVTQktZ WCBCaGJtVn paU0JsIGJu UnlaWEJ5Wl cgNWxkWEln V1hWeiBZV3 QxSUUxaFpY IHBoZDJFdV BHSnkgUGpJ dUlGUm9aUy BCamIyMXdZ VzU1IElIZG hjeUJ2Y20g bG5hVzVoYk d4NSBJRzVo YldWa0lGIE 4wWVhKMElG UnYgWkdGNU lFTnZMaSBC TWRHUXVJR0 Z1IFpDQnpk R0Z5ZEcgVm tJR0Z6SUdG dSBJRzl1Yk dsdVpTIEJ6 YUc5d2NHbH UgWnlCM1pX SnphWCBSbE xqeGljajR6 IExpQkpiaU F5TUQgQTBM Q0IwYUdVZy BZMjl0Y0dG dWVTIEJzWV hWdVkyaGwg WkNCcGRITW dabSBseWMz UWdZWEJ3IF lYSmxiQ0Jp Y20gRnVaQ0 JqWVd4cyBa V1FnNG9DY1 dtIDk2YjNO MWFYVGkgZ0 owZ2QyaHBZ MiBnZ1kyOX VjMmx6IGRH VmtJRzltSU cgMWhaR1V0 ZEc4dCBiV1 ZoYzNWeVpT IEJqYkc5MG FHbHUgWnlC MWMybHVaeS BCaWIyUjVJ RzFsIFlYTj FjbVZ0Wlcg NTBjeUJqYj J4cyBaV04w WldRZ2RHIG h5YjNWbmFD QmggSUdKdl pIa2djMiBO aGJtNXBibW NnIGMzbHpk R1Z0TGogeG ljajQwTGlC SiBiaUF5TU RFeUxDIEJh YjNwdklFbH UgWXlCc1lY VnVZMiBobF pDQnBkSE1n IGIzZHVJR1 poYzIgaHBi MjRnWlMxai BiMjF0WlhK alpTIEJ6YV hSbElHTmgg Ykd4bFpDQm FiMyBwdmRH OTNiaXdnIG QyaHBZMmdn YUcgRnpJR0 psWTI5dCBa U0J2Ym1VZ2 IyIFlnZEdo bElHeGggY2 1kbGMzUWdi MiA1c2FXNW xJR1poIGMy aHBiMjRnYz IgaHZjSEJw Ym1jZyBjMm wwWlhNZ2FX IDRnU21Gd1 lXNHUgUEdK eVBqVXVJRS BsdUlESXdN VGdzIElGcH ZlbThnU1cg NWpJR2x1ZE hKdiBaSFZq WldRZ2RHIG hsSUZwdmVt OXogZFdsME lESXNJRyBG dUlIVndaR0 YwIFpXUWdk bVZ5YzIgbH ZiaUJ2WmlC MCBhR1VnYj NKcFoyIGx1 WVd3Z1dtOT YgYjNOMWFY UXNJSCBkb2 FXTm9JSFZ6 IFpYTWdZU0 J6YlcgRnlk SEJvYjI1bC BJR0Z3Y0NC aGJtIFFnWV NCd2IyeHIg WVNCa2IzUX RjRyBGMGRH VnlibVZrIE lHSnZaSGx6 ZFcgbDBJSF J2SUhSaCBh MlVnWW05a2 VTIEJ0WldG emRYSmwgYl dWdWRITXVQ RyBKeVBqWX VJRWx1IElE SXdNVGdzSU YgcHZlbThn U1c1aiBJRz FoWkdVZ2FH IFZoWkd4cG JtVnogSUhk b1pXNGdhWC BRZ1lXNXVi M1Z1IFkyVm tJSFJvWVgg UWdhWFFnZD I5MSBiR1Fn WW1VZ2RHIG hsSUdacGNu TjAgSUhCeW FYWmhkRyBV Z1kyOXRjR0 Z1IGVTQjBi eUJtYkgga2 dZU0J0YVhO eiBhVzl1SU dGeWIzIFZ1 WkNCMGFHVW cgYlc5dmJp QjNhWCBSb0 lGTndZV05s IFdDQnBiaU F5TUQgSXpM aUJaZFhOaC BhM1VnVFdG bGVtIEYzWV NCcGN5Qnog WlhRZ2RHOG dZbSBVZ2RH aGxJR1pwIG NuTjBJSEJo ZVcgbHVaeU J3WVhOeiBa VzVuWlhJZ2 IyIDRnVTNC aFkyVlkgNG 9DWmN5Qndi RyBGdWJtVm tJRTF2IGIy NGdiRzl2Y0 MgNDhZbkkr Tnk0ZyBTVz RnTWpBeE9T IHdnV205Nm J5QkogYm1N Z1lXNXViMy BWdVkyVmtJ R2wwIGN5Qm xiblJ5ZVMg QnBiblJ2SU hSbyBaU0Ju Ykc5aVlXIH dnYldGeWEy VjAgSUhkcG RHZ2dkRyBo bElHeGhkVz VqIGFDQnZa aUJwZEggTW dabWx5YzNR ZyBhVzUwWl hKdVlYIFJw YjI1aGJDQm wgTFdOdmJX MWxjbSBObE lITnBkR1Vz IElGcHZlbT hnVjIgOXli R1F1UEdKeS BQamd1SUVG eklHIDltSU RJd01qQXMg SUZwdmVtOG dTVyA1aklH aGhjeUJsIG VIQmhibVJs WkMgQnBkSE 1nWW5WeiBh VzVsYzNNZ2 RHIDhnYVc1 amJIVmsgWl NCaElISmhi bSBkbElHOW 1JSEJ5IGIy UjFZM1J6SU cgRnVaQ0J6 WlhKMiBhV0 5sY3l3Z2FX IDVqYkhWa2 FXNW4gSUdF Z2JXOWlhVy B4bElIQmhl VzFsIGJuUW djMlZ5ZG0g bGpaU3dnWV NCbSBZWE5v YVc5dUlHIE 52YjNKa2FX NWggZEdsdm JpQmhjSCBB c0lHRnVaQ0 JoIElIWnBj blIxWVcgd2 dabUZ6YUds diBiaUJoYz NOcGMzIFJo Ym5RdVBHSn kgUGprdUlF bHVJRCBJd0 1qRXNJRmwx IGMyRnJkU0 JOWVcgVjZZ WGRoSUdGdS BibTkxYm1O bFpDIEJvWl NCM2IzVnMg WkNCaVpTQn pkRyBWd2NH bHVaeUJrIG IzZHVJR0Z6 SUUgTkZUeU J2WmlCYSBi M3B2SUVsdV l5IEIwYnlC bWIyTjEgY3 lCdmJpQm9h WCBNZ2JtVj NJSFpsIGJu UjFjbVVzSU UgUmxZWEpO YjI5dSBMQ0 IzYUdsamFD IEJoYVcxek lIUnYgSUhO bGJtUWdZUy BCbmNtOTFj Q0J2IFppQm hjblJwYzMg UnpJRzl1SU dFZyBkSEpw Y0NCaGNtID kxYm1RZ2RH aGwgSUcxdm IyNHVQRyBK eVBqRXdMaU JCIGN5QnZa aUJOWVggSm phQ0F5TURJ eCBMQ0JhYj NwdklFIGx1 WXlCb1lYTW cgWVNCdFlY SnJaWCBRZ2 RtRnNkV1Vn IGIyWWdiM1 psY2kgQWtP U0JpYVd4cy BhVzl1SUdG dVpDIEJsYl hCc2IzbHog SUc5MlpYSW dOQyB3d01E QWdjR1Z2IG NHeGxMZz09 CiAgICAgIC AgPC9zcGFu PgogICAgIC AgIAogICAg ICAgIA==