{
  "version": 3,
  "sources": ["ssg:https://framerusercontent.com/modules/WDGaZlzozbMllE5fnvH4/G5FfzCn8J9Vm8ZVsvaKC/lJJc2nkUB-4.js"],
  "sourcesContent": ["import{jsx as e,jsxs as t}from\"react/jsx-runtime\";import{ComponentPresetsConsumer as n,Link as o}from\"framer\";import{motion as a}from\"framer-motion\";import*as i from\"react\";import{Youtube as r}from\"https://framerusercontent.com/modules/NEd4VmDdsxM3StIUbddO/1de6WpgIbCrKkRcPfQcW/YouTube.js\";export const richText=/*#__PURE__*/t(i.Fragment,{children:[/*#__PURE__*/t(\"h2\",{children:[\"Well, that really comes down to a few things which we\u2019ll dive into, but here\u2019s the \",/*#__PURE__*/e(\"strong\",{children:\"TL;DR\"})]}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/t(\"li\",{\"data-preset-tag\":\"p\",children:[/*#__PURE__*/e(\"p\",{children:\"How much time do you want to spend dealing with FX?\"}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[\"A few mins per month \u2B62 \",/*#__PURE__*/e(\"strong\",{children:\"Bound\"})]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Anything from an hour to a few days per week \u2B62 FX Brokers\"})})]})]}),/*#__PURE__*/t(\"li\",{\"data-preset-tag\":\"p\",children:[/*#__PURE__*/e(\"p\",{children:\"Do you prefer fixed transparent pricing tiers or do you enjoy a ring round and barter\"}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[\"Fixed transparent pricing tiers \u2B62 \",/*#__PURE__*/e(\"strong\",{children:\"Bound\"})]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Ring round and barter \u2B62 FX Brokers\"})})]})]}),/*#__PURE__*/t(\"li\",{\"data-preset-tag\":\"p\",children:[/*#__PURE__*/e(\"p\",{children:\"Would you prefer to primarily have a relationship with a Product or a person?\"}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[\"Product \u2B62 \",/*#__PURE__*/e(\"strong\",{children:\"Bound\"})]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Person \u2B62 FX Brokers\"})})]})]})]}),/*#__PURE__*/e(\"h2\",{children:\"Intro\"}),/*#__PURE__*/e(\"p\",{children:\"Now of course I work for Bound and for those of you who have checked out my Linkedin, you\u2019ll know that I\\xa0 spent the prior decade as an FX Broker, for my sins. I jest. But really, I moved into tech because over the years I watched the rise of FX apps like Wise and Revolut change the way companies do FX. They made simple Spot conversions easy, cheap and fast. But for anyone who wanted hedging at a better price than standard bank rates, they still had to speak to an FX Broker. Now, those days are over because of Bound.\"}),/*#__PURE__*/e(\"p\",{children:\"So there\u2019s my little story and I\u2019m sure you\u2019ve worked out which side of the fence I sit on \uD83D\uDE05\"}),/*#__PURE__*/e(\"p\",{children:\"Like many of you, I don\u2019t like speaking with sales or customer service people either. I use Monzo for my personal banking, love the app and have never spoken to anyone there. I use Tradingview to keep an eye on financial markets, love the app and again, have never spoken to anyone there. I use Linkedin to stalk most of you, can\u2019t say I love this one, but you guessed it, have never spoken to anyone there either.\"}),/*#__PURE__*/e(\"p\",{children:\"For the purpose of this blog, I\u2019ll be as impartial as I can - especially as FX is so esoteric and there is so much shite online that sometimes firing questions at an experienced professional over a short call is a much faster way to get the information you want.\"}),/*#__PURE__*/e(\"h2\",{children:\"How much time do you want to spend dealing with FX?\"}),/*#__PURE__*/e(\"p\",{children:\"If you\u2019re the type of person that loves having hundreds of tabs open with very many spreadsheets on different windows and paper with scribblings of random numbers all over your desk, then you probably want to deal with an FX Broker or maybe even a few of them.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"You see, FX is so much more than getting a good rate right now. How much Value-at-Risk do you have? Do you need to protect a specific rate? Are you trying to optimise for avoidance of poor timing? What about when you\u2019ve locked a rate and now you need to make a change to the amount or settlement date? What about taking some of your hedged currency now? How do you gather all the information you need for accounting and reporting? Do you want to be opportunistic by using a mixture of FX instruments?\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"All of these things require speaking to someone at an FX Broker. Phone calls and emails take an enormous amount of time. But hey, if you\u2019ve got the time, then why not spend it on the phone or going back and forth over email?\"}),/*#__PURE__*/e(\"p\",{children:\"Or, if you winced reading the question \u201Chow much time do you want to spend dealing with FX\u201D and immediately thought\\xa0 \u201Cas little time as physically possible\u201D then you sound like a Bound customer ;)\"}),/*#__PURE__*/e(\"p\",{children:\"You can do all of the above on Bound very easily. Take a look at this video from our Founder Seth showing an example of how you can amend your hedges in a few clicks.\\xa0\"}),/*#__PURE__*/e(\"div\",{className:\"framer-text-module\",style:{\"--aspect-ratio\":\"560 / 315\",aspectRatio:\"560 / 315\",height:\"auto\",width:\"100%\"},children:/*#__PURE__*/e(n,{componentIdentifier:\"module:NEd4VmDdsxM3StIUbddO/1de6WpgIbCrKkRcPfQcW/YouTube.js:Youtube\",children:t=>/*#__PURE__*/e(r,{...t,play:\"Off\",shouldMute:!0,thumbnail:\"High Quality\",url:\"https://youtu.be/eElLe7ChSNo\"})})}),/*#__PURE__*/e(\"h2\",{children:\"Do you prefer fixed transparent pricing tiers or do you enjoy a ring round and barter?\"}),/*#__PURE__*/e(\"p\",{children:\"If you\u2019ve been around the block, you\u2019ll know the FX Broker business model. \"}),/*#__PURE__*/e(\"p\",{children:\"You get a fantastic introductory price (potentially even a loss leader), then slowly slowly, trade by trade, the rates start slipping and before you know it, you\u2019re paying what you were or potentially even more than with your old FX Broker. It\u2019s not too dissimilar from your car\\xa0 insurance trying it at renewal and that pisses everyone off.\"}),/*#__PURE__*/e(\"p\",{children:\"Now of course there are some honest folk out there who will keep your pricing at an agreed level and they may service you fantastically. But at some point, the FX Broker will be behind their target and need to make up lost ground. At that point, squeezing an extra little bit out of every single customer can make a material difference at an aggregate level.\"}),/*#__PURE__*/e(\"p\",{children:\"Things get particularly tricky when rates are moving fast or you\u2019re trying to make amendments to an existing transaction, like a drawdown from a forward for example. Namely because unless you have access to a live forward point stream, you can\u2019t see how much you\u2019re being charged.\"}),/*#__PURE__*/e(\"p\",{children:\"So now most people have accounts with a handful of FX Brokers and play them off against each other to ensure competitive pricing. Bartering can be fun. Who doesn\u2019t love to have a little go at a car boot sale or when you\u2019re buying a fun hat on the side of the road whilst on holiday? Some people enjoy the barter of ringing round a few FX Brokers.\"}),/*#__PURE__*/e(\"p\",{children:\"But what if you don\u2019t have time for that? What if you\u2019d rather know exactly how much you\u2019re being charged for booking transactions, amending them and how much extra volume you need to transact to hit the next discount tier?\\xa0\"}),/*#__PURE__*/t(\"p\",{children:[\"Well then you\u2019ll probably want to \",/*#__PURE__*/e(o,{href:\"https://pricing.bound.co/\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"see how much Bound will charge and you can do that here\"})}),\".\"]}),/*#__PURE__*/e(\"h2\",{children:\"Would you prefer to primarily have a relationship with an app or a person?\"}),/*#__PURE__*/e(\"p\",{children:\"I say \u201Cprimarily\u201D because unlike a lot of financial apps, Bound has a team of vastly experienced FX professionals that are on hand when you need them. But as our Founder Dan always says - if you have to talk to someone at Bound, then Bound is doing something wrong.\"}),/*#__PURE__*/e(\"p\",{children:\"If you\u2019re the kind of person that doesn\u2019t like apps and would prefer a high touch relationship to manage their FX, then you will certainly want to use a FX Broker.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"You\u2019ll get to know each other really well and may even become good friends!\\xa0 This is nirvana for FX Brokers because it means you\u2019re not paying attention to rates anymore.\\xa0 I\u2019ll say it again, there are a handful of good folk out there with a strong moral compass that will keep your pricing consistent. But when they are behind target and their manager is shouting at them to make more money or their job will be at risk- what do you think they are going to do? What would you do?\"}),/*#__PURE__*/e(\"p\",{children:\"You may like to spend time chit chatting with your FX Broker about where rates are potentially headed. This is defined as speculation and is not something that you\u2019ll be able to talk to anyone at Bound about. Why? Because we don\u2019t speculate on currencies, we create easy workflows so you can hedge your risk yourself in just a few clicks.\"}),/*#__PURE__*/e(\"p\",{children:\"If you\u2019d prefer to have the tools you need to manage things yourself, then Bound would certainly be more up your street.\"}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"380\",src:\"https://framerusercontent.com/images/BbXIfdLzFi8nBmIprOXL1qRhet8.png\",style:{aspectRatio:\"1436 / 760\"},width:\"718\"})]});export const richText1=/*#__PURE__*/t(i.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"Are you a tech startup looking for the best accounting software to handle your finances? Look no further! In this article, we will compare and analyse some of the top accounting software options available for tech startups. From QuickBooks to Rillet, we've got you covered with all the information you need to make an informed decision. So, sit back, relax, and let's dive into the wonderful world of accounting software!\"}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(o,{href:\"https://quickbooks.intuit.com/uk/\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"QuickBooks\"})})}),/*#__PURE__*/e(\"p\",{children:\"First up on our list is QuickBooks. Known for its user-friendly interface and powerful features, QuickBooks has been the go-to accounting software for many small businesses, including tech startups. With QuickBooks, you can easily manage your expenses, track your income, and handle your payroll. It also offers a mobile app, so you can stay on top of your finances on the go.\"}),/*#__PURE__*/e(\"p\",{children:\"One of the standout features of QuickBooks is its integration with other business apps, such as PayPal and Shopify. This means you can seamlessly sync your financial data across different platforms, saving you time and reducing the risk of errors. Plus, QuickBooks offers a robust reporting system, allowing you to generate insightful reports and gain valuable insights into your business's financial health.\"}),/*#__PURE__*/e(\"p\",{children:\"However, QuickBooks does come with a price tag. While it offers different pricing plans to cater to businesses of all sizes, the cost can add up, especially for tech startups on a tight budget. So, if you're looking for a more affordable option, keep reading!\"}),/*#__PURE__*/e(\"p\",{children:\"Another key feature of QuickBooks is its ability to automate repetitive tasks, such as invoicing and expense tracking. By setting up recurring transactions, you can save time and ensure accuracy in your financial records. Additionally, QuickBooks offers a wide range of customisable templates for invoices, reports, and other financial documents, allowing you to maintain a professional look while streamlining your workflow.\"}),/*#__PURE__*/e(\"p\",{children:\"Furthermore, QuickBooks provides excellent customer support through various channels, including phone, email, and live chat. Whether you have a technical issue or need help navigating the software's features, QuickBooks' support team is readily available to assist you. This level of customer service can be invaluable, especially for small businesses without dedicated accounting staff.\"}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(o,{href:\"https://www.sage.com/en-gb/sage-business-cloud/intacct/\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Sage Intacct\"})})}),/*#__PURE__*/e(\"p\",{children:\"If you're looking for an accounting software that's specifically designed for growing businesses, Sage Intacct might be the perfect fit for your tech startup. With its advanced features and flexible scalability, Sage Intacct is an ideal choice for startups that are planning to scale rapidly.\"}),/*#__PURE__*/e(\"p\",{children:\"One of the key advantages of Sage Intacct is its robust financial management capabilities. It offers a wide range of features, including accounts payable, accounts receivable, general ledger, and cash management. It also provides in-depth insights into your financial data, allowing you to make data-driven decisions and optimise your cash flow.\"}),/*#__PURE__*/e(\"p\",{children:\"In addition, Sage Intacct offers seamless integration with other business systems, such as CRM and inventory management software. This means you can streamline your workflows and eliminate manual data entry, saving you time and reducing the risk of errors.\"}),/*#__PURE__*/e(\"p\",{children:\"However, it's worth noting that Sage Intacct can be more complex to set up and use compared to other accounting software options. As a tech startup, you might need to invest some time and resources into training your team to fully utilise its features. So, if you're looking for a more straightforward solution, let's move on to the next option!\"}),/*#__PURE__*/e(\"p\",{children:\"Furthermore, Sage Intacct provides customisable reporting and analytics tools that allow you to track key performance indicators (KPIs) and generate detailed financial reports. This level of insight can help you identify trends, opportunities, and potential areas for improvement within your business operations.\"}),/*#__PURE__*/e(\"p\",{children:\"Another notable feature of Sage Intacct is its multi-entity and multi-currency support, making it an ideal choice for startups with international operations or subsidiaries. This functionality ensures that you can manage finances across different locations seamlessly, consolidating financial data for a comprehensive view of your business's financial health.\"}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(o,{href:\"https://www.netsuite.co.uk/portal/uk/home.shtml\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"NetSuite\"})})}),/*#__PURE__*/e(\"p\",{children:\"Next on our list is NetSuite. Powered by Oracle, NetSuite is a cloud-based accounting software that offers a wide range of features specifically tailored to the needs of tech startups.\"}),/*#__PURE__*/e(\"p\",{children:\"One of the standout features of NetSuite is its comprehensive suite of financial management tools. From accounts payable to inventory management, NetSuite has got all your accounting needs covered. It also offers customisable dashboards, so you can easily monitor key financial metrics and track your business's performance in real-time.\"}),/*#__PURE__*/e(\"p\",{children:\"NetSuite also provides multi-currency support, making it an excellent choice for tech startups with international operations. It simplifies the process of managing multiple currencies, ensuring accurate financial reporting and compliance.\"}),/*#__PURE__*/e(\"p\",{children:\"However, NetSuite might not be the most cost-effective option for small tech startups. It comes with a hefty price tag, and the implementation process can be time-consuming and complex. So, if you're looking for a more affordable option without compromising on functionality, read on!\"}),/*#__PURE__*/e(\"p\",{children:\"Moreover, NetSuite offers seamless integration with other business applications, such as customer relationship management (CRM) and e-commerce platforms. This integration streamlines your business processes and improves overall efficiency. By connecting different systems, NetSuite helps you eliminate data silos and ensures that information flows smoothly across departments.\"}),/*#__PURE__*/e(\"p\",{children:\"Another key feature of NetSuite is its scalability. As your tech startup grows, NetSuite can easily accommodate your expanding business needs. Whether you're adding new users, expanding into new markets, or launching new product lines, NetSuite can scale with your business, providing you with the flexibility to adapt to changing circumstances.\"}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(o,{href:\"https://www.xero.com/\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Xero\"})})}),/*#__PURE__*/e(\"p\",{children:\"For tech startups looking for a cost-effective accounting solution, Xero might be the perfect fit. With its affordable pricing plans and user-friendly interface, Xero is a popular choice among small businesses, including tech startups.\"}),/*#__PURE__*/e(\"p\",{children:\"Xero offers a wide range of features, including bank reconciliation, invoicing, and expense tracking. It also provides real-time visibility into your cash flow, allowing you to make informed decisions and manage your finances effectively.\"}),/*#__PURE__*/e(\"p\",{children:\"One of the standout features of Xero is its strong emphasis on collaboration. It allows you to invite your accountant or bookkeeper to access your financial data, making it easier to collaborate and ensure accurate financial reporting.\"}),/*#__PURE__*/e(\"p\",{children:\"However, it's worth noting that Xero's reporting capabilities are not as robust as some of the other accounting software options on this list. If detailed financial reporting is a priority for your tech startup, you might want to consider other options. But if affordability and user-friendliness are your top concerns, Xero is definitely worth considering!\"}),/*#__PURE__*/e(\"p\",{children:\"Moreover, Xero integrates with over 800 third-party apps, allowing you to customize and expand its functionality to suit your business needs. Whether you need project management tools, e-commerce integrations, or payroll services, Xero's app marketplace has you covered.\"}),/*#__PURE__*/e(\"p\",{children:\"Another advantage of using Xero is its multi-currency support, making it ideal for tech startups with international clients or suppliers. You can easily manage transactions in multiple currencies, track exchange rate fluctuations, and generate reports in different currencies.\"}),/*#__PURE__*/e(\"p\",{children:\"Furthermore, Xero offers a mobile app that lets you manage your finances on the go. Whether you're traveling for business or simply prefer to work from your smartphone, the Xero app provides convenient access to your financial data anytime, anywhere.\"}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(o,{href:\"https://dynamics.microsoft.com/en-gb/gp/#:~:text=Dynamics%20GP%20is%20a%20mid,SQL%20Server%20to%20store%20data.\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Microsoft Dynamics\"})})}),/*#__PURE__*/e(\"p\",{children:\"When it comes to accounting software options for tech startups, it's hard to ignore the behemoth that is Microsoft. Microsoft Dynamics offers a comprehensive suite of business applications, including an accounting module that caters to the needs of tech startups.\"}),/*#__PURE__*/e(\"p\",{children:\"One of the key advantages of Microsoft Dynamics is its seamless integration with other Microsoft products, such as Excel and Outlook. If your tech startup is already using Microsoft tools, this can be a major advantage as it eliminates the need for double data entry and ensures data consistency.\"}),/*#__PURE__*/e(\"p\",{children:\"Microsoft Dynamics also offers advanced reporting capabilities, allowing you to generate customised reports and gain deep insights into your business's financial performance. Plus, it offers a wide range of additional modules, such as project management and inventory management, making it a versatile option for growing tech startups.\"}),/*#__PURE__*/e(\"p\",{children:\"However, the implementation process of Microsoft Dynamics can be more time-consuming compared to other accounting software options. As a tech startup, you need to carefully consider the resources and time required to implement and maintain Microsoft Dynamics.\"}),/*#__PURE__*/e(\"p\",{children:\"Another notable feature of Microsoft Dynamics is its scalability. As your tech startup grows, Microsoft Dynamics can easily scale with your business, accommodating increased data volume and complexity without compromising performance. This scalability ensures that your accounting software can keep up with the evolving needs of your expanding tech startup, providing a reliable and stable platform for financial management.\"}),/*#__PURE__*/e(\"p\",{children:\"In addition to its integration with Microsoft products, Microsoft Dynamics also offers seamless integration with third-party applications through its extensive library of connectors and APIs. This flexibility allows tech startups to customise their accounting software ecosystem by integrating with specialised tools and services, enhancing overall efficiency and productivity.\"}),/*#__PURE__*/e(\"p\",{children:\"Furthermore, Microsoft Dynamics provides robust security features to protect your financial data from unauthorised access and cyber threats. With built-in compliance tools and regular updates to address emerging security risks, you can rest assured that your sensitive financial information is safeguarded within the Microsoft Dynamics ecosystem.\"}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(o,{href:\"https://rillet.com/\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Rillet\"})})}),/*#__PURE__*/e(\"p\",{children:\"Finally, we have Rillet. While not as popular as some of the other accounting software options on this list, Rillet deserves a mention for its unique approach to accounting. Rillet is an artificial intelligence-driven accounting software that automates many accounting tasks, allowing you to focus on what matters most: growing your tech startup.\"}),/*#__PURE__*/e(\"p\",{children:\"With Rillet, you can automate tasks such as data entry, bank reconciliation, and expense management. It uses machine learning algorithms to learn from your financial data and improve its accuracy over time. This can be a major time-saver for tech startups with limited resources and a need for efficiency.\"}),/*#__PURE__*/e(\"p\",{children:\"When it comes to artificial intelligence-driven accounting software like Rillet, the future looks promising. With advancements in machine learning and data analytics, these tools are becoming increasingly sophisticated and accurate. Imagine a world where accounting tasks are not just automated but also predictive, helping you make strategic financial decisions for your tech startup.\"}),/*#__PURE__*/e(\"p\",{children:\"Furthermore, Rillet's integration capabilities with other business tools and platforms can streamline your workflow even further. By connecting Rillet to your CRM system, for example, you can have a seamless flow of data between sales and financials, providing you with a holistic view of your business operations. This level of integration can be a game-changer for tech startups looking to optimise their processes and drive growth.\"}),/*#__PURE__*/e(\"p\",{children:\"However, it's worth noting that Rillet might not be suitable for all tech startups. If you have complex accounting needs or require in-depth financial reporting, you might find Rillet's features lacking. But if automation and simplicity are your top priorities, Rillet is definitely a contender.\"}),/*#__PURE__*/e(\"p\",{children:\"So there you have it - a comprehensive comparison of accounting software options for tech startups. From the user-friendly interface of QuickBooks to the automation capabilities of Rillet, each software option offers unique features and benefits. As a tech startup, it's essential to carefully evaluate your business needs and budget before making a decision. Good luck with finding the perfect accounting software for your tech startup!\"})]});export const richText2=/*#__PURE__*/t(i.Fragment,{children:[/*#__PURE__*/e(\"div\",{className:\"framer-text-module\",style:{\"--aspect-ratio\":\"560 / 315\",aspectRatio:\"560 / 315\",height:\"auto\",width:\"100%\"},children:/*#__PURE__*/e(n,{componentIdentifier:\"module:NEd4VmDdsxM3StIUbddO/1de6WpgIbCrKkRcPfQcW/YouTube.js:Youtube\",children:t=>/*#__PURE__*/e(r,{...t,play:\"Off\",shouldMute:!0,thumbnail:\"High Quality\",url:\"https://www.youtube.com/watch?v=eElLe7ChSNo\"})})}),/*#__PURE__*/e(\"h2\",{children:\"Many companies don\u2019t want risk to exchange rates\"}),/*#__PURE__*/e(\"p\",{children:\"Most of the companies we talk to aren\u2019t looking to actively place bets on currencies. They reluctantly do business in other currencies to access more customers or better suppliers (including international staff).\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Every time they agree to future revenue or costs paid in another currency, they have risk that the moving exchange rate can make their cash flows unstable and unpredictable.\\xa0\"}),/*#__PURE__*/e(\"h2\",{children:\"However, many don\u2019t do anything about the risk they have\"}),/*#__PURE__*/e(\"p\",{children:\"Surprisingly, even though most of these don\u2019t want exposure to exchange rates, most aren\u2019t actively managing that risk. They know the risk is there. They don\u2019t want it. But, they\u2019re not dealing with it at all or have a haphazard strategy.\\xa0\"}),/*#__PURE__*/e(\"h2\",{children:\"Why? Assumption: Hedging is hard and rigid\"}),/*#__PURE__*/e(\"p\",{children:\"One of the most common reasons companies give for not hedging their unwanted currency risk is that their cash flows are fluid and somewhat unpredictable. Hedging feels complicated and rigid.\\xa0\"}),/*#__PURE__*/e(\"h2\",{children:\"Flexibility with Bound\"}),/*#__PURE__*/e(\"p\",{children:\"Let\u2019s go through some examples of how Bound is making it easier to hedge currencies with the flexibility that real companies need.\"}),/*#__PURE__*/e(\"p\",{children:\"Let\u2019s pretend we are a UK-based, GBP-based company and we have roughly USD 100,000 in costs. We\u2019ve budgeted (and hedged out those costs for 8 months - until the end of our currency budget cycle).\"}),/*#__PURE__*/e(\"p\",{children:\"Let\u2019s go through some quick examples.\"}),/*#__PURE__*/e(\"h3\",{children:\"Help! My numbers are higher than I expected! USD costs came in at 120,000.\"}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"324\",src:\"https://framerusercontent.com/images/MVrVXol7iboyFuKlmN8FLHlWM0.gif\",style:{aspectRatio:\"1152 / 648\"},width:\"576\"}),/*#__PURE__*/e(\"h3\",{children:\"Help! My numbers are lower than I expected! USD costs only came in at 90,000.\"}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"324\",src:\"https://framerusercontent.com/images/t41JdCmqZW46iXxNbWiA4krInU.gif\",style:{aspectRatio:\"1152 / 648\"},width:\"576\"}),/*#__PURE__*/e(\"h3\",{children:\"Help! My dates have changed! I need my USD a few weeks early than expected.\"}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"324\",src:\"https://framerusercontent.com/images/hJJBpjo829F9svOpYHOI2UzKdI.gif\",style:{aspectRatio:\"1152 / 648\"},width:\"576\"}),/*#__PURE__*/e(\"h3\",{children:\"Help! My project has been broken into pieces! I need some money now and some later!\"}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"324\",src:\"https://framerusercontent.com/images/TFoFNUWppugqFjaXSc8MqXti4WQ.gif\",style:{aspectRatio:\"1152 / 648\"},width:\"576\"}),/*#__PURE__*/e(\"h3\",{children:\"Help! My entire project has been canceled. What can I possibly do now?\"}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"324\",src:\"https://framerusercontent.com/images/Jq5SyEQzxwkmgfdAJ6VCSXLYGks.gif\",style:{aspectRatio:\"1152 / 648\"},width:\"576\"}),/*#__PURE__*/e(\"p\",{children:\"A quick note about costs. Some of these amendments have some costs and may be impacted by the volatility of the markets.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Here\u2019s how we think about this. In most scenarios, customers would just use that extra money in a different month, but in extreme situations, we might need to cancel something.\\xa0\"}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/t(\"li\",{\"data-preset-tag\":\"p\",children:[/*#__PURE__*/e(\"p\",{children:\"In this pretend scenario, we had expected USD 100,000 per month for 8 months. So, a total of USD 800,000.\\xa0If I just use the spot-market to buy that USD, my exposure is something like this:\"}),/*#__PURE__*/e(\"ul\",{children:/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"USD 800,000 * however much the market might move\"})})})]}),/*#__PURE__*/t(\"li\",{\"data-preset-tag\":\"p\",children:[/*#__PURE__*/e(\"p\",{children:\"When using Bound and hedging, I was off by small amounts here and there and completely off one month. My ultimate exposure was something like this:\"}),/*#__PURE__*/e(\"ul\",{children:/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"USD 110,000 (net amount I was ultimately off) * however much the market might move\"})})})]}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"I reduced the exposure the company had by 86%! And that included being completely off for one month.\\xa0\"})})]}),/*#__PURE__*/e(\"h3\",{children:\"Hedging isn\u2019t about getting it perfect. It\u2019s about minimising exposure and making cash flows as stable and predictable as possible for your business!\"})]});export const richText3=/*#__PURE__*/t(i.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"Startups, particularly those in their early stages, often operate on tight budgets and even tighter profit margins. \"}),/*#__PURE__*/e(\"p\",{children:\"In such conditions, financial management can become a daunting task. Without the right tools, finance leaders in startups may struggle to keep a finger on the pulse of the company's financial health, manage expenses efficiently, forecast and plan for the future, and maintain compliance with tax and regulatory requirements.\"}),/*#__PURE__*/e(\"p\",{children:\"In this post, you will learn about some of the best tools that can help finance leaders at startups meet these challenges head-on. \"}),/*#__PURE__*/e(\"p\",{children:\"We've divided them into four categories: Financial Planning and Analysis, Expense Management, Cash Flow Management, and Compliance and Reporting. For each category, we provide examples of tools that have been well-received by finance professionals.\"}),/*#__PURE__*/e(\"h2\",{children:\"Financial Planning and Analysis\"}),/*#__PURE__*/e(\"p\",{children:\"Financial planning and analysis (FP&A) is the cornerstone of any finance leader's role. It involves budgeting, forecasting, and tracking key performance indicators (KPIs), among other tasks.\"}),/*#__PURE__*/t(\"p\",{children:[\"For budgeting, consider tools like \",/*#__PURE__*/e(o,{href:\"https://www.planguru.com/\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"PlanGuru\"})}),\" and \",/*#__PURE__*/e(o,{href:\"https://www.adaptiveplanning.com/\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Adaptive Planning\"})}),\". PlanGuru offers budgeting, forecasting, and financial dashboard capabilities, while Adaptive Planning is known for its comprehensive suite of FP&A tools.\"]}),/*#__PURE__*/t(\"p\",{children:[\"When it comes to forecasting, \",/*#__PURE__*/e(o,{href:\"https://www.venasolutions.com/\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Vena Solutions\"})}),\" and \",/*#__PURE__*/e(o,{href:\"https://www.floatapp.com/\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Float\"})}),\" come highly recommended. Vena Solutions offers a full suite of FP&A tools, including robust forecasting capabilities, while Float is particularly well-regarded for its cash flow forecasting features.\"]}),/*#__PURE__*/t(\"p\",{children:[\"For KPI tracking, \",/*#__PURE__*/e(o,{href:\"https://www.liveplan.com/\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"LivePlan\"})}),\" and \",/*#__PURE__*/e(o,{href:\"https://www.fathomhq.com/\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Fathom\"})}),\" are excellent choices. LivePlan offers business plan software that includes KPI tracking, while Fathom allows for in-depth financial analysis and reporting. As far as general reporting and business intelligence is concerned, options include \",/*#__PURE__*/e(o,{href:\"https://www.microsoft.com/en-us/power-platform/products/power-bi/\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Power BI\"})}),\", \",/*#__PURE__*/e(o,{href:\"https://cloud.google.com/looker\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Looker\"})}),\", \",/*#__PURE__*/e(o,{href:\"https://www.metabase.com/\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Metabase\"})}),\" and \",/*#__PURE__*/e(o,{href:\"https://equals.com/\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Equals\"})}),\".\"]}),/*#__PURE__*/e(\"h2\",{children:\"Expense Management\"}),/*#__PURE__*/e(\"p\",{children:\"Managing expenses effectively is critical for maintaining profitability in a startup. This involves tracking expenses, managing online purchases, and processing invoices efficiently.\"}),/*#__PURE__*/t(\"p\",{children:[\"For expense tracking, try apps like \",/*#__PURE__*/e(o,{href:\"https://www.expensify.com/\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Expensify\"})}),\" and \",/*#__PURE__*/e(o,{href:\"https://www.receipt-bank.com/\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Dext\"})}),\". Expensify allows for receipt scanning and expense reporting, while Dext automates data entry from receipts and invoices. \",/*#__PURE__*/e(o,{href:\"https://www.spendesk.com/\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Spendesk\"})}),\" another popular option.\"]}),/*#__PURE__*/t(\"p\",{children:[\"If you often make online purchases, consider using virtual cards from \",/*#__PURE__*/e(o,{href:\"https://www.brex.com/\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Brex\"})}),\" or \",/*#__PURE__*/e(o,{href:\"https://ramp.com/\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Ramp\"})}),\". These provide enhanced security and allow for better control over online spending.\"]}),/*#__PURE__*/t(\"p\",{children:[\"For invoice processing, \",/*#__PURE__*/e(o,{href:\"https://www.bill.com/\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Bill.com\"})}),\" and \",/*#__PURE__*/e(o,{href:\"https://tipalti.com/\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Tipalti\"})}),\" are popular choices. Both these platforms automate the entire end-to-end payables process, making it faster and more efficient.\"]}),/*#__PURE__*/e(\"h2\",{children:\"Cash Flow Management\"}),/*#__PURE__*/e(\"p\",{children:\"Ensuring a smooth cash flow is another crucial task for finance leaders at startups. This involves forecasting cash flows, scheduling payments, and optimizing cash flows.\"}),/*#__PURE__*/t(\"p\",{children:[\"For cash flow management and forecasting, consider using \",/*#__PURE__*/e(o,{href:\"https://pulseapp.com/\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Pulse\"})}),\", \",/*#__PURE__*/e(o,{href:\"https://agicap.com/en/\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Agicap\"})}),\" or \",/*#__PURE__*/e(o,{href:\"https://dryrun.com/\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Dryrun\"})}),\". Pulse is known for its simple, intuitive interface, while Dryrun offers scenario-based cash flow forecasting.\"]}),/*#__PURE__*/t(\"p\",{children:[\"For payment scheduling, check out \",/*#__PURE__*/e(o,{href:\"https://www.meliopayments.com/\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Melio\"})}),\" and \",/*#__PURE__*/e(o,{href:\"https://routable.com/\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Routable\"})}),\". Both these platforms make it easy to schedule and track payments.\"]}),/*#__PURE__*/t(\"p\",{children:[\"To optimize cash flows, consider using platforms like \",/*#__PURE__*/e(o,{href:\"https://www.trovata.io/\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Trovata\"})}),\" or \",/*#__PURE__*/e(o,{href:\"https://c2fo.com/\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"C2FO\"})}),\". Trovata offers real-time cash visibility and forecasting, while C2FO is a platform where suppliers can offer discounts to customers in exchange for early payment, thereby optimizing cash flows for both parties.\"]}),/*#__PURE__*/t(\"p\",{children:[\"And to help make your cash flows more stable and predictable, check out \",/*#__PURE__*/e(o,{href:\"https://www.bound.co/product\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Bound\"})}),\" (that's us by the way :)). You can minimise exchange rate risk and loss by using Bound's currency hedging technology.  \"]}),/*#__PURE__*/e(\"h2\",{children:\"People and Pay Management\"}),/*#__PURE__*/t(\"p\",{children:[\"For things like onboarding, compensation and payroll management technology to look into includes \",/*#__PURE__*/e(o,{href:\"https://www.bamboohr.com/\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Bamboo HR\"})}),\" for wide variety of needs, as well as \",/*#__PURE__*/e(o,{href:\"https://www.brightpay.co.uk/\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"BrightPay\"})}),\" and \",/*#__PURE__*/e(o,{href:\"https://gusto.com/\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Gusto\"})}),\" for easy payroll.  \"]}),/*#__PURE__*/e(\"h2\",{children:\"Equity Management\"}),/*#__PURE__*/e(\"p\",{children:\"Startups often use equity as a key incentive to attract top talent. However, not handling stock options well can lead to significant issues for both the company and its shareholders, such as wasted resources and operational inefficiencies.\"}),/*#__PURE__*/e(\"p\",{children:\"To prevent these problems, Chief Financial Officers (CFOs) at startups typically rely on a cap table management system to monitor agreements, registers of shareholders, and employee stock ownership.\"}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(o,{href:\"https://www.capdesk.com/\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Capdesk\"})}),\" / \",/*#__PURE__*/e(o,{href:\"https://carta.com/private-companies/cap-table-management/\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Carta\"})}),\" and \",/*#__PURE__*/e(o,{href:\"https://ledgy.com/cap-table\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Ledgy\"})}),\" are some good options here. \"]}),/*#__PURE__*/e(\"h2\",{children:\"Payments, Billing and AR\"}),/*#__PURE__*/t(\"p\",{children:[\"These might be one of the most important tools since they are key to brining the money in :). Usual suspects to think about here are \",/*#__PURE__*/e(o,{href:\"https://stripe.com/gb\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Stripe\"})}),\", \",/*#__PURE__*/e(o,{href:\"https://www.chargebee.com/\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Chargebee\"})}),\" and \",/*#__PURE__*/e(o,{href:\"https://upflow.io/\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Upflow\"})}),\".\"]}),/*#__PURE__*/e(\"h2\",{children:\"Compliance, Tax, Accounting\"}),/*#__PURE__*/e(\"p\",{children:\"Finally, finance leaders at startups need to ensure compliance with tax and regulatory requirements and generate accurate financial reports.\"}),/*#__PURE__*/t(\"p\",{children:[\"For compliance management, consider using software like \",/*#__PURE__*/e(o,{href:\"https://www.workiva.com/\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Workiva\"})}),\" or \",/*#__PURE__*/e(o,{href:\"https://diligent.com/\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Diligent\"})}),\". Workiva offers a wide range of risk, compliance, data management, and reporting solutions, while Diligent is known for its governance, risk, and compliance tools.\"]}),/*#__PURE__*/t(\"p\",{children:[\"For tax preparation, \",/*#__PURE__*/e(o,{href:\"https://turbotax.intuit.com/\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"TurboTax\"})}),\" and \",/*#__PURE__*/e(o,{href:\"https://www.taxjar.com/\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"TaxJar\"})}),\" are popular choices. TurboTax offers a range of tax preparation software, while TaxJar specializes in sales tax compliance. \",/*#__PURE__*/e(o,{href:\"https://www.anrok.com/\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Anrok\"})}),\" is often seen as a good option for things related to sales tax.\"]}),/*#__PURE__*/t(\"p\",{children:[\"For accounting and related financial reporting, consider using \",/*#__PURE__*/e(o,{href:\"https://quickbooks.intuit.com/\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"QuickBooks\"})}),\", \",/*#__PURE__*/e(o,{href:\"https://www.xero.com/\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Xero\"})}),\" or \",/*#__PURE__*/e(o,{href:\"www.netsuite.co.uk\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Netsuite\"})}),\". All these platforms offer comprehensive accounting and financial reporting features.\"]}),/*#__PURE__*/e(\"h2\",{children:\"Next Steps\"}),/*#__PURE__*/e(\"p\",{children:\"Now that we've covered some of the best tools available for finance leaders at startups, it's time to take the next step. Evaluate your startup's specific needs, and then explore these tools in greater depth. \"}),/*#__PURE__*/e(\"p\",{children:\"Most of them offer free trials or demo versions, so you can test them out.\"})]});export const richText4=/*#__PURE__*/t(i.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"First things first, you\u2019re not alone. This is how Bound operates and we have many customers in this same scenario.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"\u2026Maybe the company has a US top-co (like nearly all YC companies).\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"\u2026Maybe it raised a recent round from a US VC and investors wanted to think in terms of USD\u2013forcing the GBP issue down to the company.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"\u2026Perhaps the company\u2019s management is working under the assumption of an eventual US-based acquisition.\"}),/*#__PURE__*/e(\"p\",{children:\"Whatever the reason, if you\u2019ve raised USD and you operate primarily in GBP, then you\u2019ve put ~10% of your company\u2019s funds at risk of being eaten by unpredictable/unfavorable exchange rate movements. And it\u2019s possible that no one involved in this process is talking about it, because no one really knows what best practice is. Or maybe you\u2019re getting random advice from everyone you ask.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Bound can\u2019t tell you what to do, but we help a lot of companies think through this. Two big questions arise immediately when we talk to customers about this situation:\"}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"In which currency are you going to report your financial statements?\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"In which currency do you want to hold your cash balances?\\xa0\"})})]}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"344\",src:\"https://framerusercontent.com/images/TQr1Vq9k9AefUnKTzMI8GtPJEc.png\",style:{aspectRatio:\"1218 / 689\"},width:\"609\"}),/*#__PURE__*/e(\"p\",{children:\"So, let\u2019s pretend you did this 2 years ago. Let\u2019s take a look at what happened. Here\u2019s the GBP/USD rate over the past 2 years.\"}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"365\",src:\"https://framerusercontent.com/images/rLeGVwo0KXkT8C0DvCmVWXlc0.png\",style:{aspectRatio:\"1206 / 731\"},width:\"603\"}),/*#__PURE__*/e(\"p\",{children:\"So, how did 2022 and 2023 look for you?\"}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"337\",src:\"https://framerusercontent.com/images/9PrGE32dHTq2dZ6f3hLv6x8Mtk.png\",style:{aspectRatio:\"1234 / 675\"},width:\"617\"}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})]})]});export const richText5=/*#__PURE__*/t(i.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"Let\u2019s assume I\u2019m a UK-based company and I report my financials in GBP.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"I signed a contract in January 2023 with a German customer for EUR 300,000 over 24 months. At the time of contract signing, this was worth GBP 265,486.\\xa0\"}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[\"The \",/*#__PURE__*/e(\"strong\",{children:\"purple line\"}),\" is the historic GBP/EUR exchange rate for 2022 and 2023.\\xa0\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[\"The \",/*#__PURE__*/e(\"strong\",{children:\"neon line\"}),\" is a simulated randomly generated GBP/EUR exchange rate for 2024.\\xa0\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[\"The \",/*#__PURE__*/e(\"strong\",{children:\"red stars\"}),\" are the days I get paid EUR 25,000 from my European customer.\"]})})]}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"410\",src:\"https://framerusercontent.com/images/UCyEJqmESxvRssrYiGFMa1YpYpU.png\",style:{aspectRatio:\"1394 / 820\"},width:\"697\"}),/*#__PURE__*/e(\"h2\",{children:\"Example 1 - Revenue recognised at contract signing and customer payments are receivables\"}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"From an accounting perspective I recognised EUR 300,000 (GBP 265,485) at contract signing.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"For the first months of 2023, I\u2019m took small losses on the GBP/EUR rate, around GBP 100/month.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"By late 2023 and into simulated 2024, I\u2019m taking GBP 1,000 to GBP 1,500 losses each month.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Overall, I take a loss of GBP 20,101.56 over the course of the contract. That\u2019s ~15% of the total contract value, assuming I convert all EUR receivables to GBP at time of receipt.\"})})]}),/*#__PURE__*/e(\"h2\",{children:\"Example 2 - Revenue recognised monthly when I get paid\"}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"I estimated my contract value at GBP 265,485.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"I expected GBP 22,223.80 in revenue each month at the time of contract signing.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"For the first few months of 2023, I wasn\u2019t far off projection with revenues of GBP 22,178.85, GBP 22,030.31 and GBP 22,007.33.\\xa0\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"By the later half or 2023 and into simulated 2024, my monthly revenues come in closer to GBP 20,700 to GBP 20,800 and I\u2019m missing projections by nearly 15%.\\xa0\"})})]}),/*#__PURE__*/e(\"h2\",{children:\"Summary\"}),/*#__PURE__*/e(\"p\",{children:\"That\u2019s an example of one contract. Now multiply that by the number of European customers you have. Numbers can get significant.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"I don\u2019t recall a single conversation with a customer when they told me that they actively tried to sign contracts in EUR, USD, JPY, etc. because they had a thoughtful view on strengthening exchange rates.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Most of our customers don\u2019t want to take currency risk at all. They want to find the best customers and to hire the best talent around the world. Currency risk is just a necessary evil that comes along with international expansion.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"But you don\u2019t need to just be a helpless victim of exchange rates. You may not be able to control the global economy, but you can use currency hedging to make your finances more stable and predictable.\\xa0\"})]});export const richText6=/*#__PURE__*/t(i.Fragment,{children:[/*#__PURE__*/t(\"p\",{children:[\"There are a lot of Fx and currency hedging providers out there.\",/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/e(\"br\",{}),\"One client we were chatting with said they get 10 calls a day from people selling FX related things :)\",/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/e(\"br\",{}),\"So what makes Bound different? And who gets the most out of our product?\",/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/e(\"br\",{}),\"It's other tech companies who don't want to spend too much time and effort on Fx.\",/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/e(\"br\",{}),\"They want something that is super easy to setup and flexible enough to change along with their business needs.\",/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/e(\"br\",{}),\"Check out this video to see how easy and fast we make it.\"]}),/*#__PURE__*/e(\"div\",{className:\"framer-text-module\",style:{\"--aspect-ratio\":\"560 / 315\",aspectRatio:\"560 / 315\",height:\"auto\",width:\"100%\"},children:/*#__PURE__*/e(n,{componentIdentifier:\"module:NEd4VmDdsxM3StIUbddO/1de6WpgIbCrKkRcPfQcW/YouTube.js:Youtube\",children:t=>/*#__PURE__*/e(r,{...t,play:\"Off\",shouldMute:!0,thumbnail:\"High Quality\",url:\"https://youtu.be/KavG-fSbvK8\"})})}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/e(\"br\",{}),\"And if you want to see more, you can access the whole product instantly to play around and see if you like it -> \",/*#__PURE__*/e(o,{href:\"https://demo.bound.co/signup\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Get started\"})})]})]});export const richText7=/*#__PURE__*/t(i.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"To make a great product that customers want and love, people in tech companies need to be EXTREMELY passionate about what they're building. \"}),/*#__PURE__*/e(\"p\",{children:\"You can see the passion and satisfaction that our CEO, Seth Phillips, gets from the work we're doing at Bound. \"}),/*#__PURE__*/e(\"p\",{children:\"It's infectious! \uD83D\uDE00 \"}),/*#__PURE__*/e(\"p\",{children:\"This is from a recent event, where Seth was speaking about Scaling as a leader as you scale your business.\"}),/*#__PURE__*/e(\"div\",{className:\"framer-text-module\",style:{\"--aspect-ratio\":\"560 / 315\",aspectRatio:\"560 / 315\",height:\"auto\",width:\"100%\"},children:/*#__PURE__*/e(n,{componentIdentifier:\"module:NEd4VmDdsxM3StIUbddO/1de6WpgIbCrKkRcPfQcW/YouTube.js:Youtube\",children:t=>/*#__PURE__*/e(r,{...t,play:\"Off\",shouldMute:!0,thumbnail:\"High Quality\",url:\"https://youtu.be/hWkWM6vviGU\"})})}),/*#__PURE__*/e(\"h3\",{children:\"Video transcript\"}),/*#__PURE__*/e(\"p\",{children:\"\u200AI love getting in front of a customer. I love selling to a customer. I love meeting with our investors and pitching and selling our business and selling that dream. \"}),/*#__PURE__*/e(\"p\",{children:\"I love getting my hands [dirty], like working with our engineers and sitting down and getting my hands into the product and improving that and making that better and seeing that improve, that's really valuable for me.\"}),/*#__PURE__*/e(\"p\",{children:\"That is tactical. You change things, have this epiphany and say hey, wait a second if we got the product in this one section, we can rearrange how we're doing it. And it simplifies our product, simplifies our life,  life for our customers. That's really rewarding - that creativity.\"}),/*#__PURE__*/e(\"p\",{children:\"Almost, like I say, building with my hands. My dad always told me I would get, which I never got, was the satisfaction of building things with my hands. But maybe the analogy for me is building this in software. \"}),/*#__PURE__*/e(\"p\",{children:\"I love the hustle and the grind. That's fun for me.\"})]});export const richText8=/*#__PURE__*/t(i.Fragment,{children:[/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"strong\",{children:\"The myth of hedging costs\"})}),/*#__PURE__*/e(\"p\",{children:\"Maybe the title of this section gives away my conclusion, but here we go. Foreign exchange volatility can mess up any company\u2019s financials. Companies not wanting to be held hostage by FX should consider hedging - i.e. taking the volatility from FX out of their finances.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"What I keep hearing though is that hedging is expensive. So let\u2019s attempt to drill down into the costs of hedging versus executing foreign exchange transactions via spot conversions.\"}),/*#__PURE__*/e(\"p\",{children:\"It's important to note that the specific components of hedging costs can vary based on the type of financial instruments being used, the markets involved, and the strategies employed. The below focuses on standard hedges via forwards and other vanilla instruments.\"}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"strong\",{children:\"Transaction Costs\"})}),/*#__PURE__*/e(\"p\",{children:\"These are the direct costs incurred when executing a hedge, such as provider fees, commissions, and any other fees associated with trading financial instruments. \"}),/*#__PURE__*/e(\"p\",{children:\"In our experience, hedging instruments are a few basis points (1 basis point = 0.01%) more expensive than spot, but in most cases well below 1% (unless you hedge with your bank and have not negotiated, or there are implications for margin postings).\"}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"strong\",{children:\"Bid-Ask Spread\"})}),/*#__PURE__*/e(\"p\",{children:\"The bid-ask spread is the difference between the buying (bid) and selling (ask) prices of a financial instrument. \"}),/*#__PURE__*/e(\"p\",{children:\"In the Interbank Market for major currency pairs, these tend to be marginal for forwards - think single digit basis points or even fractions of a basis point. Spot transactions also have bid-ask spreads, so this doesn\u2019t usually make hedging much more expensive than spot.\"}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"strong\",{children:\"Margin\"})}),/*#__PURE__*/e(\"p\",{children:\"If a hedge involves trading on margin, there may be interest costs associated with borrowing funds to support the margin position. Margin tends to be more of a cash flow issue rather than an actual cost for most companies.\"}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"strong\",{children:\"Slippage\"})}),/*#__PURE__*/e(\"p\",{children:\"Slippage occurs when the execution price of a trade differs from the expected price. This can happen in fast-moving markets or due to low liquidity. \"}),/*#__PURE__*/e(\"p\",{children:\"Slippage costs can contribute to overall hedging expenses, but this is usually for very large transactions or if transacting in very illiquid currencies. \"}),/*#__PURE__*/e(\"p\",{children:\"Most company\u2019s hedging transactions will fall well below the threshold where slippage applies if transacting in major currencies.\"}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"strong\",{children:\"Time\"})}),/*#__PURE__*/e(\"p\",{children:\"Time can be a major factor to impact your hedging costs. It depends on the solutions implemented and how they are dealt with though and luckily there are providers out there that are very easy to implement and offer flexibility to adjust hedges. \"}),/*#__PURE__*/e(\"p\",{children:\"Here is how I think about the time commitment buckets for hedges:\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"Exposure and Hedge Modeling Costs\"})}),/*#__PURE__*/e(\"p\",{children:\"If complex financial models or derivatives are used for hedging, there may be costs associated with developing and implementing these models. This can be mitigated by simplified exposure calculations and easy to implement and monitor hedges such as forward contracts. Once a company knows the exposure and has a hedging strategy, with solutions such as Bound, time commitment is similar to execution of spot.\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"Maintenance Costs\"})}),/*#__PURE__*/e(\"p\",{children:\"The ongoing monitoring and management of a hedge position may involve additional time. This includes the costs associated with adjusting the hedge to maintain its effectiveness over time. Again, if implemented via a self service platform, the time commitment is down to a similar amount a company would spend on ad hoc spot transactions.\"}),/*#__PURE__*/t(\"h3\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Reporting Costs:\"}),\" \"]}),/*#__PURE__*/e(\"p\",{children:\"Compliance with regulatory requirements and the associated reporting and documentation procedures can contribute to the overall cost of hedging.\\xa0\"}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"strong\",{children:\"Conclusion\"})}),/*#__PURE__*/e(\"p\",{children:\"If summing up all the potential costs of hedging versus spot, we are talking about basis points rather than percentages. On the flipside, FX markets tend to move in multiple percentage points and that volatility then goes through a company\u2019s financials. So the costs versus benefits are very limited - not enough as an excuse not to hedge.\"}),/*#__PURE__*/e(\"p\",{children:\"This assumes that a company is not in the business of speculating in foreign exchange, as markets can go up as well as down. Just be aware that FX is one of the most traded capital markets and the larger players tend to be professional investors and institutions whose day job it is to trade these instruments.\"})]});export const richText9=/*#__PURE__*/t(i.Fragment,{children:[/*#__PURE__*/e(\"h2\",{children:\"Are you happy\u2026..?\"}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"699\",src:\"https://framerusercontent.com/images/P6T6N5vJMAsJXhmK3inZq3Oswv0.png\",style:{aspectRatio:\"1048 / 1398\"},width:\"524\"}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"br\",{}),\"Seemingly not, apathetic at best.\"]}),/*#__PURE__*/e(\"p\",{children:\"Having formerly been a currency broker for almost a decade, don't judge me. I was hoping to share some insight on this much maligned industry and how with technology it is finally evolving for the better.\"}),/*#__PURE__*/e(\"p\",{children:\"Let\u2019s face it, managing currency is a pain in the arse, rarely a core competency, a by-product of doing business internationally and more often than not guided by instinct, intuition, and guesswork (one and the same thing).\"}),/*#__PURE__*/e(\"p\",{children:\"Firstly, credit where credit is due to the currency industry stalwarts. It takes a certain type of person to be willing to be told to f\\xa5\\xa3k off in myriad ways and still keep smiling and dialing. Perhaps here lies the first problem\u2026\"}),/*#__PURE__*/e(\"p\",{children:\"They just won\u2019t leave you alone.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"And why won't they leave you alone?\"}),/*#__PURE__*/e(\"h2\",{children:\"FX is a funny business. \"}),/*#__PURE__*/e(\"p\",{children:\"Money is made or lost in most cases when currency changes hands. As if by magic! It is for this reason brokers are so numerous\u2026these little crumbs, lost in exchange, all add up.\"}),/*#__PURE__*/e(\"p\",{children:\"And the good folk behind the incessant calls, emails and linkedIn messages are out to get their hands on your crumbs.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"The model is simple, let me know if this sounds familiar?\"}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"You are beaten, after the 20th call, into submission - Sign Up\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"You book your first spot trade - Broker makes a small bit of money\\xa0\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"You are hectored to book a forward - Broker makes more money\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"You are badgered to book larger forward for longer - Broker makes even more money\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"You enter the murky world of options\u2026\u2026..\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Restructure Time - you are losing money, you are on a margin call, you are unhedged and your position might be closed out - At this point you don't know what is up or down.\"})})]}),/*#__PURE__*/e(\"p\",{children:\"The model hinges on obfuscation and complexity. The more complex the product the more money in it\u2026..\\xa0\"}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"635\",src:\"https://framerusercontent.com/images/SMpjKDXk4QgjQK4m4BgQwR0rlg.png\",style:{aspectRatio:\"1354 / 1270\"},width:\"677\"}),/*#__PURE__*/e(\"p\",{children:\"So what if I told you that you could have your cake, keep your crumbs and eat them both.\"}),/*#__PURE__*/e(\"h2\",{children:\"Currency volatility isn\u2019t going anywhere, but the way in which companies manage it is\u2026\"}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"640\",src:\"https://framerusercontent.com/images/j7lmzKrTMC1lDKzPZiNySae5lmo.png\",style:{aspectRatio:\"1156 / 1280\"},width:\"578\"}),/*#__PURE__*/e(\"p\",{children:\"Tech companies want a tech solution to a problem. Not an on-going war of attrition with numerous banks and brokers. None of whom can be kept honest for very long.\\xa0\"}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"646\",src:\"https://framerusercontent.com/images/p2dlQl3a7zoraqdgvEBUflJM4E.png\",style:{aspectRatio:\"1388 / 1292\"},width:\"694\"}),/*#__PURE__*/e(\"p\",{children:\"Tons of venture-backed companies are using tech to effortlessly solve the challenge of managing currency. \"}),/*#__PURE__*/e(\"p\",{children:\"And the best part is you never need to speak to another broker again.\\xa0\"})]});export const richText10=/*#__PURE__*/t(i.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"One of the most common questions we get here at Bound is \u201CAt what volume of foreign currency flow does it make sense to start hedging?\u201D\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Obviously that isn\u2019t a question we can answer for another firm. A company needs to answer that for itself.\\xa0\"}),/*#__PURE__*/e(\"h2\",{children:\"What I can offer as a quick TL;DR is this: our smallest customers generally start thinking about using hedging to make foreign cash flows more stable and predictable when they start to have foreign revenue or foreign costs greater than $100,000/month. Most of our customers do much more than that, but that\u2019s when we start to see questions start to come up.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"For Bound, we\u2019re a USD-funded company and report our financials in USD. We earn revenue in all sorts of currencies and our operating costs are primarily in GBP and EUR. We\u2019ve used our own product from day 1.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Now, that\u2019s not a fair comparison for most other companies since this is all we do everyday. Also, it\u2019s common for companies to reach out to us after a shocking currency event that skewed their finances. So this makes us keenly aware of what can go wrong when companies just YOLO their currency risk and then get surprised when they get surprised. ;)\"}),/*#__PURE__*/e(\"p\",{children:\"But, here are some discussion points that we talk to customers about when this question comes.\\xa0\"}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/t(\"li\",{\"data-preset-tag\":\"p\",children:[/*#__PURE__*/e(\"p\",{children:\"There seems to be a trend in tech right now that is rewarding stability and predictability. We\u2019ve moved on from the \u201Cgrowth at all costs\u201D of 2020 and 2021. Investors and finance teams that we talk to today want to have predictable projections and they want to hit those numbers. How important are stable and predictable foreign cash flows to your overall projections?\\xa0\"}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Could a 10% loss in foreign revenue have a material impact overall?\"})}),/*#__PURE__*/t(\"li\",{\"data-preset-tag\":\"p\",children:[/*#__PURE__*/e(\"p\",{children:\"Could a 10% rise in foreign costs have a material impact overall?\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})})]})]})]}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"I use 10% as a placeholder here. You might want to consider the volatility of the currencies you deal with. Currency volatility has been on the rise over the past few years and so that means this has become a bigger issue for companies - especially those that are completely unprotected.\\xa0\"})})]}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"571\",src:\"https://framerusercontent.com/images/nLdxxP177jle0xjhelJgKdInxI.png\",style:{aspectRatio:\"2058 / 1142\"},width:\"1029\"}),/*#__PURE__*/e(\"ul\",{children:/*#__PURE__*/t(\"li\",{\"data-preset-tag\":\"p\",children:[/*#__PURE__*/e(\"p\",{children:\"Think about proportions.\\xa0\"}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Is this a million-dollar problem?\"}),\" If you have significant foreign cash flows and fluctuations can cause millions in unpredictable fluctuations, then think about proportional investment to solve the problem. How much would you spend to help other areas of the business be more predictable? This doesn\u2019t mean you need to spend a lot of time, but is the potential value enough to spend proactive time on?\\xa0\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Is this a hundred-thousand dollar problem?\"}),\" If your currency risk is in the 6 figure range, then think about how much time you\u2019d want your team to spend on a problem that size? None? 10-minutes per month? There are programs you can set up that are automated and will be directionally correct without needing to spend much time.\\xa0\"]})})]})]})}),/*#__PURE__*/e(\"p\",{children:\"Ultimately, currency hedging used to be a lot of work, but we\u2019re trying to make it easier for you.\\xa0\"}),/*#__PURE__*/t(\"p\",{children:[\"If you\u2019ve got a lot of foreign currencies flowing through your business and aren\u2019t doing anything to manage your exchange rate risk, then reach out and we\u2019ll help you understand how much risk you have.\\xa0\",/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})]})]});export const richText11=/*#__PURE__*/t(i.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"When I tell people that businesses manage their currency risk through my startup, Bound , many ask where I think currency rates are going. This is especially true amongst the American expat community I\u2019ve found myself a part of in London\u2026 They love to ask me what the best way to move their GBP salary back to USD is!\"}),/*#__PURE__*/e(\"p\",{children:\"They\u2019re always a bit shocked when I tell them that I don\u2019t follow rates. Sure, I know approximately where GBPUSD might be hovering around - but don\u2019t be surprised if I\u2019m off by a few cents.\"}),/*#__PURE__*/e(\"h3\",{children:\"In fact, I\u2019ve almost made it a point not to follow the rates, as it goes against what we believe\\xa0 here at Bound: don\u2019t rate gawk.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Rate gawking is when someone obsessively follows exchange rates in an attempt to convert at the perfect time. They may wait for exchange rates to drop a bit because they think buying USD is too expensive right now, or they may have listened to their drunken friend at the pub who told them \u201Cthis Covid thing is nothing to worry about '' back in 2020.\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"Listen, if you think you can time the market, maybe it\u2019s time to quit your desk job and start day trading currencies on a beach in Rio. Good luck with that!\"}),/*#__PURE__*/e(\"p\",{children:\"Currency fluctuations are a pain, but they shouldn\u2019t be something you have to constantly think about. That\u2019s why we started Bound.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Your job as a treasurer or as CFO isn\u2019t to make money on foreign currency; it's to reduce risk.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Bound wants to lower the barrier to hedging with easy to understand and easy to manage hedging products for CFOs and treasury teams.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Don\u2019t be a rate gawker.\"})]});export const richText12=/*#__PURE__*/t(i.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"If you stopped by Bound\u2019s office in London, you\u2019d see this photo-shopped picture of Jack Bogle hanging on the wall.\"}),/*#__PURE__*/e(\"img\",{alt:\"jack bogle currency hedging\",className:\"framer-image\",height:\"817\",src:\"https://framerusercontent.com/images/GtE9v7BB5zy9cezglG2ZqXTg.png\",style:{aspectRatio:\"1228 / 1634\"},width:\"614\"}),/*#__PURE__*/e(\"p\",{children:\"It\u2019s a little irreverent. We know that. We intend no disrespect. On the contrary, this is our style of praise. We\u2019re big fans.\\xa0\"}),/*#__PURE__*/e(\"h2\",{children:\"Who is Jack Bogle?\"}),/*#__PURE__*/e(\"p\",{children:\"Jack Bogle is the founder of Vanguard and generally credited with popularising the index fund for stock investors. Few of us probably think about this now, but it was only 30-40 years ago when people started investing widely via index funds and ETFs.\"}),/*#__PURE__*/e(\"p\",{children:\"Before that investors needed to pick stocks themselves - read the news, peruse some quarterly reports and form an opinion on which companies and industries are on the rise. Or maybe investors would hire an advisor or fund to help them pick stocks or completely manage their investments for them.\"}),/*#__PURE__*/e(\"p\",{children:\"Today, millions of investors collectively invest trillions of dollars into tools that are specifically designed to avoid the alchemy of picking winning stocks. These tools are generally low-fee, automated products that optimise for wide market exposure and auto-adjust themselves for diversification, rebalancing, etc.\"}),/*#__PURE__*/e(\"p\",{children:\"These tools preach a simple gospel: If you\u2019re not a professional investor, don\u2019t try to pick stocks. Adjust a few settings then automate a simple, long-term-focused investment strategy. Keep it simple. Just put your money in. Pay a small fee. Let the thing run for the next 10-20 years. Whatever you do, don\u2019t pick stocks.\"}),/*#__PURE__*/e(\"p\",{children:\"Equity investing best practice in-a-box.\"}),/*#__PURE__*/e(\"h2\",{children:\"So, why do we love Jack Bogle so much?\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"We view what we\u2019re building for corporate treasury/finance teams to be analogous to what index funds and ETFs did for stock market investors.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Today, treasury/finance teams\\xa0 have have 2 choices:\"}),/*#__PURE__*/t(\"ol\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Ignore currency risk.\"}),\" Think of exchange rates as externalities and pretend that there is nothing to be done. If significant rate swings can\u2019t hurt your business, then this may be a reasonable approach. However, for the companies we work with, adverse movements in exchange rates could mean thousands or millions in lost revenue or rising costs.\\xa0\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Be a Rate-Picker.\"}),\" This looks a lot like stock investing 50 years ago. Read about interest rates. Analyse the economic outlook of the European Union. Listen to sentiment clues in US Federal Reserve announcements. Maybe consult with your bank or a currency broker - because they know where rates are going to go ;)\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Bound\"}),\" is the 3rd choice: currency conversion and hedging best practice in-a-box. Low fee, automated, simple, optimised. Set a few reasonable settings based on your risk tolerance. Input numbers into the Bound app. Don\u2019t try to pick rates. Most importantly, make those foreign cash flows more stable and predictable so you don\u2019t have surprises in your finances because of exchange rates.\"]})})]}),/*#__PURE__*/e(\"p\",{children:\"The analogy isn\u2019t perfect, but we draw a lot of inspiration from Mr. Bogle.\\xa0\"}),/*#__PURE__*/e(\"h2\",{children:\"One thing is for sure. We believe that 40 years from now, finance teams will look back and say, \u201CI\u2019m glad I don\u2019t have to manually try to pick rates and time the currency markets\u201D just like many of us feel today about having to pick investments and time the stock market.\"})]});export const richText13=/*#__PURE__*/t(i.Fragment,{children:[/*#__PURE__*/e(\"div\",{className:\"framer-text-module\",style:{\"--aspect-ratio\":\"560 / 315\",aspectRatio:\"560 / 315\",height:\"auto\",width:\"100%\"},children:/*#__PURE__*/e(n,{componentIdentifier:\"module:NEd4VmDdsxM3StIUbddO/1de6WpgIbCrKkRcPfQcW/YouTube.js:Youtube\",children:t=>/*#__PURE__*/e(r,{...t,play:\"Off\",shouldMute:!0,thumbnail:\"High Quality\",url:\"https://youtu.be/ENmspr1Jyu4\"})})}),/*#__PURE__*/e(\"h3\",{children:\"Transcript\u200A \"}),/*#__PURE__*/e(\"p\",{children:\"\u200AHey, my name's Luke and I'm part of the go to market team here at Bound. This video is just to explain what you can do with our currency conversion and hedging platform.  \"}),/*#__PURE__*/e(\"p\",{children:\"So exchange rate swings are very unpredictable and what most tech companies aren't aware of is that you don't need to take whatever the exchange rate is on the day that you need to transfer your money.\"}),/*#__PURE__*/e(\"p\",{children:\"I'm going to show you how you can use hedging strategies to optimise how you convert currencies.  \"}),/*#__PURE__*/e(\"h2\",{children:\"Forwarding \"}),/*#__PURE__*/e(\"p\",{children:\"\u2026is an easy way to lock exchange rates for your future conversions. You're essentially removing the risk that the rate is going to get worse from the current moment and replacing an unknown future rate with a known one now.\"}),/*#__PURE__*/e(\"p\",{children:\"So if you favour planning ahead with certainty over anything else then forwarding will suit you nicely.  \"}),/*#__PURE__*/e(\"h2\",{children:\"Averaging \"}),/*#__PURE__*/e(\"p\",{children:\"\u2026is a super simple strategy that smooths out exchange rate volatility. So instead of taking your chances on the jaggedly red line, you're now automatically maintained on the gentle yellow line.\"}),/*#__PURE__*/e(\"p\",{children:\"Averaging works by programmatically splitting up your future conversion requirements into many small transactions and just spreads them out over several months. \"}),/*#__PURE__*/e(\"p\",{children:\"So if achieving a specific rate is not overly important to you, And you just want to avoid converting at bad times, averaging could be for you. \"}),/*#__PURE__*/e(\"h2\",{children:\"Ranging\"}),/*#__PURE__*/e(\"p\",{children:\"We've spoken with a lot of tech companies that want to try and balance getting a better rate with also having protection in place should the worst case scenario happen. It's normal to feel invincible when rates are in your favor, but as soon as they drop below an important level, panic can set in fast.\"}),/*#__PURE__*/e(\"p\",{children:\"So we made a new strategy called ranging. It allows you to set both protective and target guardrails on your future conversions. So you can protect your downside whilst keeping your upside.  \"}),/*#__PURE__*/e(\"h2\",{children:\"This is our onboarding process\"}),/*#__PURE__*/e(\"p\",{children:\"\u2026we aim to get everything set up within a week and our customers have loved how quick and straightforward it is.\"}),/*#__PURE__*/e(\"h2\",{children:\"So I'm going to show you how easy it is to use these strategies on our app. \"}),/*#__PURE__*/e(\"p\",{children:\"So here I have an averaging program that say I've got funded in us dollars, but my operational costs are in euros. \"}),/*#__PURE__*/e(\"p\",{children:\"Here are all my cash flows over the next 12 months. And the dates I'm going to physically transfer the cash on. I can increase the amounts and decrease the amounts in line with changing business needs, and I can also move the settlement dates out as well. Backwards and forwards. \"}),/*#__PURE__*/e(\"p\",{children:\"Let's have a look at a forwarding program here. Let's say this is my U S dollar SAS revenue, but I need it in Sterling. Again, I can just click here and push the day out. I'll get a refresh quote, hit save, hit confirm. \"}),/*#__PURE__*/e(\"p\",{children:\"And that's all done for me. Exactly the same thing with changing the amount if say I've got a little bit more revenue coming in than I thought. Just simply change that, get a quote, hit confirm. \"}),/*#__PURE__*/e(\"h2\",{children:\"And everything is reconfigured for me in the background to ensure you don't need to take your chances by converting on the spot anymore. \"}),/*#__PURE__*/e(\"h2\",{children:\"With the programs feature in our app, you can optimise currency conversions and hedging with these to plan ahead and minimise loss with all the flexibility that you need. \"}),/*#__PURE__*/e(\"h4\",{children:/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})})]});export const richText14=/*#__PURE__*/t(i.Fragment,{children:[/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"strong\",{children:\"The moment of realisation \uD83D\uDCA1\"})}),/*#__PURE__*/e(\"p\",{children:\"Over the last couple of years, we\u2019ve spoken to hundreds of venture backed tech companies that have a continuous requirement to convert their currencies.\"}),/*#__PURE__*/e(\"p\",{children:\"Most commonly because they have raised venture capital/debt or bill revenue in one or a couple of main currencies, and have operational expenses like rent, payroll, etc. in other currencies.\"}),/*#__PURE__*/e(\"p\",{children:\"Over 95% of them simply convert on the day that they need to make payments. It\u2019s the default way to do it.\"}),/*#__PURE__*/e(\"p\",{children:\"If you deal with your currencies in this way, there\u2019s no other way to say this - you are unwittingly speculating on currency markets.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Let me explain.\"}),/*#__PURE__*/e(\"p\",{children:\"When you know with a reasonable degree of certainty what your future projected foreign cash flows are, you have a problem.\"}),/*#__PURE__*/e(\"p\",{children:\"You know what the exchange rate is today, but what will it be tomorrow, next month, next quarter, in 12 months time?\"}),/*#__PURE__*/e(\"p\",{children:\"Spoiler alert! No one knows.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"The notion that someone would claim to know is absurd.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"If I told you that I can predict the future, you would laugh at me right? Exactly.\"}),/*#__PURE__*/e(\"p\",{children:\"What we do know from history, is that exchange rates can swing 20% or more each year.\"}),/*#__PURE__*/e(\"p\",{children:\"Now I hear you thinking\u2026 \u201CWell yea, exchange rates could go against us, but they could also go in our favour\u201D.\"}),/*#__PURE__*/e(\"p\",{children:\"OK, now STOP!\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"You just did it.\"}),/*#__PURE__*/e(\"p\",{children:\"By even thinking that rates *could* go in your favour - you have unconsciously fallen into the speculation mindset.\"}),/*#__PURE__*/e(\"p\",{children:\"I find this is the easiest way to think about it;\"}),/*#__PURE__*/e(\"p\",{children:\"Speculation = Attempting gain.\"}),/*#__PURE__*/e(\"p\",{children:\"Hedging = Preventing loss.\"}),/*#__PURE__*/e(\"p\",{children:\"If you are not in the mindset of preventing loss, you are in the mindset of attempting to gain - whether you realise it or not.\"}),/*#__PURE__*/e(\"p\",{children:\"Is attempting to gain from exchange rate movements your goal as a company? Of course not.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"You\u2019re not in the business of currency trading. You\u2019re in the business of selling tech.\"}),/*#__PURE__*/e(\"p\",{children:\"Should you be attempting to prevent loss from exchange rate movements? Absolutely!\"}),/*#__PURE__*/e(\"p\",{children:\"You don\u2019t deal with exchange rates because you want to. You deal with them because you have to.\"}),/*#__PURE__*/e(\"p\",{children:\"Using a hedging strategy to prevent loss is the smart money move.\"}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"strong\",{children:\"Ways you can hedge using Bound \uD83E\uDD14\"})}),/*#__PURE__*/e(\"h3\",{children:\"Forwarding \uD83D\uDD12\"}),/*#__PURE__*/e(\"p\",{children:\"Forwarding is for companies that simply want to lock exchange rates for use in the future.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"If you\u2019re someone that wants certainty above anything else, particularly for things like foreign revenue with thin margins, then Forwarding will suit you perfectly.\"}),/*#__PURE__*/e(\"p\",{children:\"With the Bound app you can lock exchange rates for your future/projected foreign cash flows and see the numbers right on your screen.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"That\u2019s great for planning and gives you time to make adjustments based on changing business needs.\"}),/*#__PURE__*/e(\"p\",{children:\"By locking exchange rates, you are of course removing the ability to gain from where the rate is currently.\"}),/*#__PURE__*/e(\"p\",{children:\"But remember, you are not attempting to gain with a hedging strategy.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"You are attempting to prevent loss, and if you want to do that from this particular moment in time, that is exactly what Forwarding does.\"}),/*#__PURE__*/e(\"p\",{children:\"\u201COk makes sense, but I don\u2019t necessarily care too much about certainty. I\u2019m more concerned about converting or\\xa0 locking rates at a bad time. Can you help with that?\u201D\"}),/*#__PURE__*/e(\"p\",{children:\"Glad you asked!\"}),/*#__PURE__*/e(\"p\",{children:\"Next up\u2026\"}),/*#__PURE__*/e(\"h3\",{children:\"Averaging \u2696\uFE0F\"}),/*#__PURE__*/e(\"p\",{children:\"This is for companies that want to dramatically reduce the risk of mistiming their currency transactions.\"}),/*#__PURE__*/e(\"p\",{children:\"If you\u2019re someone that doesn\u2019t want to pay attention to exchange rates at all, then Averaging could be for you.\"}),/*#__PURE__*/e(\"p\",{children:\"With Bound you can\\xa0 automatically split up your future/projected foreign cash flows into many small transactions and spread them over several months (it all happens in the background - the only time you need to move cash is on your chosen settlement date).\"}),/*#__PURE__*/e(\"p\",{children:\"By doing that, you\\xa0 spread the risk of converting or\\xa0 locking a rate on a bad day.\"}),/*#__PURE__*/e(\"p\",{children:\"Think of it in comparison to diversification in investing. You wouldn\u2019t pick just one stock to invest in and invest all your money at the same time. You would diversify your investment by buying an ETF or index fund, and you would buy into them over time. A slice each day or each month for example.\"}),/*#__PURE__*/e(\"p\",{children:\"Averaging works in a similar way.\"}),/*#__PURE__*/e(\"p\",{children:\"You don't convert or lock a rate on just one day, but on many days over a period of time.\"}),/*#__PURE__*/e(\"p\",{children:\"Of course you\u2019ll trend with the market over a long period of time by using this strategy.\"}),/*#__PURE__*/e(\"p\",{children:\"But you are attempting to minimise loss by avoiding the worst days to convert or lock a rate on.\"}),/*#__PURE__*/e(\"p\",{children:\"You will benefit from the smoothing effect of Averaging, so there will be very little difference between the exchange rates you use month on month, and that\u2019s great for reducing FX noise in your books.\"}),/*#__PURE__*/e(\"p\",{children:\"By Averaging, you are essentially slowing down and reducing market volatility. That means in a dramatic shock event where rates move significantly and fast, you won\u2019t suffer the consequences overnight and instead have time to adjust.\"}),/*#__PURE__*/e(\"p\",{children:\"\u201CSounds pretty cool and easy, but I\u2019d like something in the middle. I want to reduce market volatility and also have some degree of certainty.\u201D\"}),/*#__PURE__*/e(\"p\",{children:\"No problem.\"}),/*#__PURE__*/e(\"p\",{children:\"We have something just for you\u2026\"}),/*#__PURE__*/e(\"h3\",{children:\"Ranging \uD83D\uDFF0\"}),/*#__PURE__*/e(\"p\",{children:\"Ranging is for companies that want certainty of exchange rates within a specified range of their choice.\"}),/*#__PURE__*/e(\"p\",{children:\"If you\u2019re someone that looks at the current rate and wants to try and achieve a better one, but also wants protection in place, you sound like a Ranging customer.\"}),/*#__PURE__*/e(\"p\",{children:\"The Bound app allows you to enter both your target and protected rates for your projected foreign cash flows.\"}),/*#__PURE__*/e(\"p\",{children:\"If your target rates are hit, happy days. You will automatically grab it. Trade booked.\"}),/*#__PURE__*/e(\"p\",{children:\"If your protection rates are hit, happy days. You will automatically grab it. Trade booked.\"}),/*#__PURE__*/e(\"p\",{children:\"If neither are hit by the time you need the currency, you will obviously be inside your specified range and will book at the live market rate.\"}),/*#__PURE__*/e(\"p\",{children:\"Now for the savvy ones, if you see that your target rate looks like it\u2019s going to get hit soon, you might consider moving both your target and protection rates in your favour to benefit from\\xa0 the gains whilst maintaining your protection. \uD83D\uDE0F\"}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"strong\",{children:\"Ready for your new and flexible toolkit \uD83D\uDD79\uFE0F\"})}),/*#__PURE__*/e(\"p\",{children:\"Maybe you\u2019re worried about getting your hedging wrong - \u201Cwhat if my projections change?\u201D\"}),/*#__PURE__*/e(\"p\",{children:\"Fear not my friends!\"}),/*#__PURE__*/e(\"p\",{children:\"You can make amendments to your projected amounts and future dates on all strategies at any time on the Bound app.\"}),/*#__PURE__*/e(\"p\",{children:\"And if you\u2019re wondering - we price all our strategies exactly the same.\"}),/*#__PURE__*/e(\"p\",{children:\"Why?\"}),/*#__PURE__*/e(\"p\",{children:\"Because we don\u2019t care which way you decide to hedge.\"}),/*#__PURE__*/e(\"p\",{children:\"We just want you to stop speculating and start preventing loss \uD83D\uDE0E - especially if you can do it in an effortless and automated way.\"}),/*#__PURE__*/e(\"p\",{children:\"Who doesn\u2019t want to save time and money, right?\"})]});export const richText15=/*#__PURE__*/t(i.Fragment,{children:[/*#__PURE__*/e(\"h2\",{children:\"Expanding a tech company to a new country\"}),/*#__PURE__*/e(\"p\",{children:\"In 2017 I was working for Paxos in New York City. After some back-and-forth with our CEO over the course of 6 months, I agreed to move to London to set up an office and build a team there.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Paxos had an office in Singapore, so this wasn\u2019t the first time it had opened a foreign office, but it was the second. ;)\"}),/*#__PURE__*/e(\"p\",{children:\"We were working on a big project with some UK partners and I was traveling to London for one week each month anyway\u2013YOLO.\"}),/*#__PURE__*/e(\"p\",{children:\"There were a million things to figure out when opening up a foreign office. Set up the legal entity. Find a payroll provider. Find and rent office space. Get new employment contracts. Learn the local laws. Get a visa for you and others. There is a lot.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"One thing that I didn\u2019t think much about personally, and the company didn\u2019t think much about either, was how volatile exchange rates could potentially impact salaries.\\xa0\"}),/*#__PURE__*/e(\"h2\",{children:\"Not thinking about currencies\"}),/*#__PURE__*/e(\"p\",{children:\"For me, of course, the Post-brexit era wasn\u2019t great on my newly negotiated USD-converted-to-GBP salary.\"}),/*#__PURE__*/e(\"p\",{children:\"I was negotiating a cross-currency compensation package around this time.\"}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"576\",src:\"https://framerusercontent.com/images/NIE9cGECef5qOZ6yF1glWZ2Ayc.png\",style:{aspectRatio:\"2060 / 1152\"},width:\"1030\"}),/*#__PURE__*/e(\"p\",{children:\"I negotiated hard. At first, I was feelin\u2019 good.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"I paid rent and food in GBP, but all my savings and investments were going back to USD.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Then this happened.\\xa0\"}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"575\",src:\"https://framerusercontent.com/images/aXM8V7tiiTPD0lYvXWGLJTiIk.png\",style:{aspectRatio:\"2056 / 1150\"},width:\"1028\"}),/*#__PURE__*/e(\"p\",{children:\"Feelin\u2019 less good.\"}),/*#__PURE__*/e(\"p\",{children:\"I took roughly a 15% pay cut in my disposable income.\"}),/*#__PURE__*/e(\"p\",{children:\"From the job perspective, on the other hand, I was hiring UK staff. UK salaries were looking better and better for our USD-funded startup accustomed to NYC salary demands.\"}),/*#__PURE__*/e(\"p\",{children:\"We built the headcount up from 1, to 3, to about 25. Talent in the UK looked like a bargain.\"}),/*#__PURE__*/e(\"p\",{children:\"Then this happened.\"}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"577\",src:\"https://framerusercontent.com/images/iwdboUewa3D2g2iCaNsXHwEhE.png\",style:{aspectRatio:\"2064 / 1154\"},width:\"1032\"}),/*#__PURE__*/e(\"p\",{children:\"Now, personally I was feeling a bit redeemed, but our payroll budgets were getting blown out and it looked like the UK-office was overpaying for talent.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Felt like I couldn't win.\\xa0\"}),/*#__PURE__*/e(\"h2\",{children:\"My personal takeaway\"}),/*#__PURE__*/e(\"p\",{children:\"Well, that was the lesson.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"I\u2019m a product manager. I\u2019m not a currency trader. Should I really be surprised that it felt like I was always bleeding from exchange rate movements?\"}),/*#__PURE__*/e(\"p\",{children:\"If you\u2019re not a currency trader, but find yourself trading currencies\u2013reach out to explore how you can use Bound's app to minimise such losses and risk.\"})]});export const richText16=/*#__PURE__*/t(i.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"2023 was quite the year. So much happened so fast. While there were many lessons learned, as a startup CFO, these are some of the main ones that stood out for me.\"}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"strong\",{children:\"Funding markets are still tough\"})}),/*#__PURE__*/e(\"p\",{children:\"As always, liquidity is on top of mind, even when you have plenty of runway to go.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Fundraising in 2023 was still tough, which on the positive side meant that basic finance fundamentals are back in fashion.\"}),/*#__PURE__*/e(\"p\",{children:\"No such things as how quickly you can spend the money you have raised, but rather try to extend the runway as much as possible and focus A LOT on your path to profitability. Yes! Finally, after a couple of years of madness, market participants are interested in not only top line growth but also bottom line feasibility again.\"}),/*#__PURE__*/e(\"p\",{children:\"Having said that, top line growth seems to still be the one key factor the VC market is focused on for any company's ability to raise.\"}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"strong\",{children:\"Interest rates are up\"})}),/*#__PURE__*/e(\"p\",{children:\"Easy to miss in the day to day chaos of financials, but with interest rates being back at decent levels, cash management should be on the front of mind. Most startups raise their funds and then deplete them over time. Not getting interest for those funds is no longer optional.\"}),/*#__PURE__*/e(\"p\",{children:\"At Bound, we had quite a few discussions on how to best manage our cash after the SVB insolvency. In the end we decided to open up a brokerage account and invest in short dated US Treasuries (we are USD functional), which has served us well as we receive decent returns with immediate liquidity if we do need to pull funds back for operations.\"}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"strong\",{children:\"SVB collapse\"})}),/*#__PURE__*/e(\"p\",{children:\"As with most VC backed startups, we at Bound also had quite a bit of cash at SVB. So when the news came in that their share price had dropped by 30% overnight, we pulled out all available funds immediately. Unfortunately, we had some money stuck on 30 day notice accounts, so it was quite stressful until HSBC bought SVB UK and First Citizens bought the US part.\"}),/*#__PURE__*/e(\"p\",{children:\"Still not entirely sure what the lessons learned are, sure you should always diversify your banks (which we had) and keep your cash as liquid and safe as possible. So maybe even 30 days' notice is just too long to predict any bank\u2019s failure.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"I don\u2019t agree with people who claim they have seen the collapse coming (after the fact of the collapse), no bank is strong enough to sustain a bank run.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"SVB has in my opinion done a very decent job to distribute available funds to companies in the speed they did. The main thing that has changed since the Lehman failure is that information travels even faster now and the pulling of funds by customers from their bank is instantaneous.\"}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"strong\",{children:\"Stress Testing and Scenario Planning - Especially Uncertain Times\"})}),/*#__PURE__*/e(\"p\",{children:\"In a rapidly evolving business landscape, CFOs play a pivotal role in navigating uncertainties and mitigating risks. This was important in 2023 and will be key in 2024 as well given the economic and geopolitical environment we find ourselves in.\"}),/*#__PURE__*/e(\"p\",{children:\"Through scenario planning and risk assessments, I anticipate potential hurdles, allowing the company to pivot swiftly when required. Collaborative efforts with other leaders enable the formulation of agile strategies that are resilient to market fluctuations or unexpected disruptions.\"}),/*#__PURE__*/e(\"p\",{children:\"An example of this would be working together on best-case and worst-case scenarios, and determining if ideas can withstand adversity. Stress test assumptions and have contingency plans that protect growth trajectories and capital reserves even if projections fall short.\"}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"strong\",{children:\"Collaboration as a Key Driver\"})}),/*#__PURE__*/e(\"p\",{children:\"Effective collaboration between CFOs, founders, and executives is key for success. It entails fostering an environment of open communication and mutual respect (easier said than done), where financial insights merge seamlessly with broader strategic goals.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"By aligning financial metrics with the company's vision, CFOs can facilitate informed decision-making across departments, ensuring that financial strategies align with operational realities.\"}),/*#__PURE__*/e(\"p\",{children:\"Some keys to effective day-to-day collaboration between CFOs, founders and executives:\"}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"12px\",\"--framer-text-color\":\"rgb(55, 65, 81)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Ask each other probing\\xa0 and challenging questions.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"12px\",\"--framer-text-color\":\"rgb(55, 65, 81)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Dig into what metrics and benchmarks are used to target new initiatives and goals.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"12px\",\"--framer-text-color\":\"rgb(55, 65, 81)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Are the metrics rooted in company data and industry research?\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"12px\",\"--framer-text-color\":\"rgb(55, 65, 81)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Challenge overly optimistic assumptions with additional analysis bringing financial guardrails.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"12px\",\"--framer-text-color\":\"rgb(55, 65, 81)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/t(\"p\",{children:[\"Connect Vision with Financials.\",/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})]})})]})]});export const richText17=/*#__PURE__*/t(i.Fragment,{children:[/*#__PURE__*/e(\"h2\",{children:\"We \uD83D\uDC9C finance teams from tech companies\"}),/*#__PURE__*/e(\"p\",{children:\"We spend a lot of time here at Bound talking with finance teams from venture-backed tech companies. \"}),/*#__PURE__*/e(\"p\",{children:\"Like most of the work conversations you probably have, our conversations follow a general outline like this:\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:\"\u201CHey, Where you calling in from in the world?\u201D\"})}),/*#__PURE__*/t(\"p\",{children:[\"[insert your favourite location]\",/*#__PURE__*/e(\"em\",{children:\".\"})]}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:\"Oh cool, my cousin lived there for a few years. She always said nice things.\"})}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:\"\u2026\u2026 Wait for it\u2026\u2026 here comes the obligatory weather comment\u2026 \"})}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:\"\u201CWell, you\u2019ve got better weather than us right now. I\u2019d switch [weather-related complaint] for your [generic weather compliment that is, at best, loosely accurate].\u201D\"})}),/*#__PURE__*/e(\"p\",{children:\"Then the conversation turns to foreign cash flows\u2013which some people might find boring, but we get pretty excited about here at Bound. After all, this is what we do. \"}),/*#__PURE__*/e(\"h2\",{children:\"Why these finance teams talk about Bound\"}),/*#__PURE__*/e(\"p\",{children:\"Finance teams at growth-stage tech companies use Bound\u2019s app to take foreign cash flows that normally bounce around with exchange rates and make them more stable and predictable. \"}),/*#__PURE__*/e(\"p\",{children:\"Classic use-cases for using Bound:\"}),/*#__PURE__*/t(\"ol\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"A company has relatively predictable foreign revenues streaming into the business and they use their bank or an online currency exchange (Wise, Revolut, Airwallex, etc. etc.) or their Payments Services Provider to exchange currencies at spot rates of the day.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"A company has relatively predictable foreign costs streaming out of the business for foreign operations, and they use those same providers to buy those foreign currencies as the need arises each month. \"})})]}),/*#__PURE__*/e(\"p\",{children:\"Companies with these use-cases, use Bound\u2019s technology to make these foreign cash flow streams more stable and predictable almost overnight. \"}),/*#__PURE__*/e(\"h2\",{children:\"How exchange rates can hurt SAAS companies \uD83D\uDD25\"}),/*#__PURE__*/e(\"p\",{children:\"One situation that comes up a lot with SAAS companies is the headache of foreign revenue contracts. Here\u2019s an example of how exchange rates can potentially burn saas companies with a lot of international customers. \"}),/*#__PURE__*/e(\"h4\",{children:\"THE SETUP\"}),/*#__PURE__*/e(\"p\",{children:\"Let\u2019s pretend we\u2019re a UK-based SAAS company with European customers. We report our finances in GBP. \"}),/*#__PURE__*/e(\"p\",{children:\"This is a fictional example roughly based on 2022 and 2023, but also includes simulated exchange rates into the future. \"}),/*#__PURE__*/e(\"p\",{children:\"We invoice monthly in arrears and recognize revenue evenly over the contract.\"}),/*#__PURE__*/e(\"h4\",{children:\"THE SALE\"}),/*#__PURE__*/e(\"p\",{children:\"We sign a new contract with a new customer. Yeah! \"}),/*#__PURE__*/e(\"p\",{children:\"European customers don\u2019t like paying in GBP, so we price European customers in EUR. \"}),/*#__PURE__*/e(\"p\",{children:\"The new contract is worth EUR 25,000/month for 24 months\u2013EUR 600,000 total. Let\u2019s pretend we sign the contract in Jan of 2023. The GBP/EUR exchange rate is about 1.125 at the time of contract signing. That\u2019s roughly where the rate was for the first half of 2023. We\u2019ll expect GBP 22,223.80 per month in revenue.\"}),/*#__PURE__*/e(\"p\",{children:\"Based on that rate, the sales team just booked GBP 533,371.26 . Nice work team!\"}),/*#__PURE__*/e(\"h4\",{children:\"THE FIRST INVOICE\"}),/*#__PURE__*/e(\"p\",{children:\"30 days later, we invoice the customer EUR 25,000 and record our GBP 22,223.80 in revenue. \"}),/*#__PURE__*/e(\"p\",{children:\"Of course, over the course of the month the exchange rate didn\u2019t stay perfectly stable. We\u2019ll pretend the GBP/EUR rate moved a little. Let\u2019s say it\u2019s now 1.127. Not a big deal, GBP 22,178.85. Whatever. GBP 44.95 isn\u2019t a big deal. I can just write down our revenue a little, take a small currency loss or maybe I\u2019ll just shrug this off. \"}),/*#__PURE__*/e(\"h4\",{children:\"THE PAINFUL GBP RALLY\"}),/*#__PURE__*/e(\"p\",{children:\"But now let\u2019s run a GBP-strengthening scenario for the remaining 23-months. At the time of writing, in early December 2023, GBP/EUR is up to 1.17. (This is mostly the true story of GBP/EUR over 2023) \"}),/*#__PURE__*/e(\"p\",{children:\"I\u2019ve also thrown historic GBP/EUR data into a statistical rate simulator and told it to run a realistic GBP-strengthening scenario. \"}),/*#__PURE__*/e(\"p\",{children:\"Let\u2019s see how our company does here for the rest of the year.\"}),/*#__PURE__*/e(\"img\",{alt:\"currency exchange hedging service app\",className:\"framer-image\",height:\"405\",src:\"https://framerusercontent.com/images/ihXxkafljnbccjUd7zTPC8SFI.png\",style:{aspectRatio:\"1440 / 810\"},width:\"720\"}),/*#__PURE__*/e(\"p\",{children:\"So, that GBP 44.95 problem in the first month, that we brushed past, ended up being a GBP 63,525.13 problem over the course of the contract. That figure is harder to ignore, especially when you figure we have 50 customers with similar contracts.\"}),/*#__PURE__*/e(\"p\",{children:\"If the same scenario with all 50 of our European customers, we\u2019re looking at currency losses or revenue write downs in the ballpark of GBP 3,000,000. And remember, currency losses aren\u2019t just paper losses. This has a real impact to our GBP cash flow.\"}),/*#__PURE__*/e(\"h4\",{children:\"THE MESSY RENEWAL\"}),/*#__PURE__*/e(\"p\",{children:\"One last problem. The renewal. The rate at renewal time was all the way up to 1.19. \"}),/*#__PURE__*/e(\"p\",{children:\"The customer is happy and wants to renew at EUR 25,000/month for another 24 months. Seems great, but that\u2019s only going to be GBP 504,201.68 at this new exchange rate. \"}),/*#__PURE__*/e(\"p\",{children:\"So, I need to fight for a 6% price increase just to stay steady with the figures from our last contract or I realize revenue contraction from a happy customer. ;(\"}),/*#__PURE__*/e(\"p\",{children:\"Again, multiply that by 50 European customers and I\u2019ve got a material renewal problem to deal with. \"}),/*#__PURE__*/e(\"h2\",{children:\"We love this sh*t, so you don\u2019t have to \uD83D\uDE09\"}),/*#__PURE__*/e(\"p\",{children:\"These are the types of problems that Bound helps SAAS-companies deal with. Reach out to see if you can make your foreign cash flows more stable and predictable. \"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})})]});export const richText18=/*#__PURE__*/t(i.Fragment,{children:[/*#__PURE__*/e(\"h2\",{children:\"What is currency risk?\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Currency risk (or sometimes called \u201CFX risk\u201D) is the risk that changes in the value of one currency relative to another will have a negative impact on a company's financial performance. This risk arises when exchange rates move between the time terms are agreed and the time of the related cash flows. Currency risk can be a significant threat to a company's financial performance. However, there are many strategies and tools companies use to limit the impacts of this risk.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"An example: Let's say a company within the US imports goods from the United Kingom, and the US company agrees to pay 10,000 British pounds for the goods ($12,000 USD). Payment is due in 30 days. During that time the value of the British pound gains against the US dollar. On the day the payment is due, the company buys 10,000 pounds, but because exchange rates have moved, it costs $15,000. Ultimately, the goods cost the company $15,000 although they originally expected the cost to be $12,000. This difference would damage the company's bottom line because the cost of those goods has increased.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})}),/*#__PURE__*/e(\"h2\",{children:\"The importance of currency risk management to treasury teams\"}),/*#__PURE__*/e(\"p\",{children:\"FX risk management can be important for businesses of all sizes that operate internationally, whether they sell internationally, buy foreign sourced goods or pay foreign service providers. Currency fluctuations can have a significant impact, so it is vital that businesses have a plan in place to manage this risk. When it comes to FX risk management, many companies turn to FX hedging. When a business hedges its currency exposure, they are often entering into a financial contract. The intention is to help mitigate the potential of financial loss. The finer details of risk management depend on the type of currency hedging method.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"FX risk management is especially important for treasurers because they are responsible for overseeing a company's finances. They need to make sure that the company is not exposed to unnecessary risk, and that its financial performance is not adversely affected by currency fluctuations.\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})}),/*#__PURE__*/e(\"h2\",{children:\"Discuss the challenges of managing FX risk manually\\xa0\"}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Inaccurate FX forecasting - It is difficult to predict with certainty how currency values will fluctuate in the future, even with the help of sophisticated models and algorithms. As a result, FX forecasts are often wrong and can lead to costly mistakes.\\xa0\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Unforeseen events - These events could be political risks, economic risks and natural disasters.\\xa0 They can all have a significant impact on foreign exchange rates.\\xa0\"})}),/*#__PURE__*/t(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:[/*#__PURE__*/e(\"p\",{children:\"Time-consuming - It requires a deep understanding of FX markets and the ability to collect and analyse large amounts of data. This can be a significant burden for businesses that do not have the resources to dedicate to FX forecasting. This can lead to mistakes and may become very difficult and costly for a company to scale.\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})})]})]}),/*#__PURE__*/e(\"h2\",{children:\"What are the different types of risk management tools and software?\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Softwares and platforms\\xa0\"}),/*#__PURE__*/t(\"p\",{children:[\"When looking for \",/*#__PURE__*/e(o,{href:\"https://www.bound.co/product\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"FX risk management software and solutions\"})}),\" it is essential to look into what features are available to help mitigate risk. Many companies offer currency management solutions with the key selling point being FX payments but do not offer tools which limit FX exposure. When looking for software, treasurers need to ensure they have hedging solutions like forward contracts, options, swaps, NDF\u2019s, averaging and forwarding. Platforms like Bound\u2019s, offer a range of in-platform tools that allow businesses to hedge their risk in a way that suits their needs and business type.\\xa0\"]}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})}),/*#__PURE__*/e(\"h2\",{children:\"Risk management tools\"}),/*#__PURE__*/e(\"p\",{children:\"Risk management tools are used by CFO\u2019s and treasury teams to identify, assess and manage currency risk exposure. Depending on their requirements, there will be a variety of hedging solutions they should consider.\"}),/*#__PURE__*/e(\"p\",{children:\"Forward contract - Exchange rate contracts that companies use to lock in an exchange rate for a future date, protecting them from currency fluctuations.\"}),/*#__PURE__*/e(\"p\",{children:\"Options - Currency options allow companies to buy or sell currencies at a future date, without obligation. Options typically have up-front costs but are generally more flexible than forward contracts.\"}),/*#__PURE__*/e(\"p\",{children:\"Swaps - Swaps are financial transactions in which two parties exchange currencies, but also pre-agree to exchange them back at a future date.\"}),/*#__PURE__*/e(\"p\",{children:'NDFs - are short-term contracts where two parties agree to exchange the difference between the contracted rate and the future spot price of a currency. The actual currency is not exchanged, which gives it the name \"non-deliverable.\"'}),/*#__PURE__*/e(\"p\",{children:\"Averaging - Averaging allows businesses to automatically spread their risk over as much time as possible, smoothing out short-term volatility. Averaging is aimed at businesses that want to minimise the risk of transacting their currency conversions at an inopportune time. It can help a company to focus on business growth instead of where currencies are moving.\"}),/*#__PURE__*/e(\"p\",{children:\"Forwarding - Forwarding is a popular hedging choice for experienced hedgers. Forwarding sets up a series of forward contracts into the future to give the business exchange rate stability in the near-term and high visibility in the medium-term and/or long-term.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})}),/*#__PURE__*/e(\"h2\",{children:\"Benefits of using FX risk management software and tools\"}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Helps to protect against losses from currency fluctuations.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Improves financial planning and forecasting.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(31, 31, 31)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Reduces volatility in cash flows.\"})})]}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})}),/*#__PURE__*/e(\"h2\",{children:\"Requirements when looking for FX risk management software?\"}),/*#__PURE__*/e(\"p\",{children:\"When it comes to finding the ideal currency risk management software, it's essential businesses know how it is helping limit their exposure. Bound\u2019s currency risk tools allow businesses to recognise, implement and report with ease.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Discover: Identifying and quantifying currency risk can help treasurers understand how changes in exchange rates could impact their business.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Manage: Tools that automate the decision-making and execution for treasures.\\xa0\"}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Averaging: With averaging, businesses spread their risk over as much time as possible. They\u2019ll still trend with long-term rate changes, but they\u2019ll smooth out the short-term volatility.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Forwarding: Forwarding is a popular hedging strategy for large corporations. Forwarding gives businesses good visibility and a high degree of certainty on their future figures, whilst reducing the impact of market volatility.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"In addition to Bound's automated tool, treasures will find a series of self-serve financial products within the Bound platform that customers can use. Some Bound users manage their currency risk in minutes per day using Program Managers.\"})})]}),/*#__PURE__*/e(\"p\",{children:\"Generate reports: CFOs and treasurers will want to make life easier when doing month-end reconciliations or when creating quarterly financial statements. Some Bound customers use the platform to integrate their bank account and bookkeeping software to report and reconcile their foreign currency transactions automatically.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Automation: With Bound\u2019s FX hedging API, businesses can embed our currency hedging tools into their platform. This can be a perfect solution for companies that have high volumes of currency running through their platform, allowing effortless currency risk management.\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})}),/*#__PURE__*/e(\"h2\",{children:\"Conclusion\\xa0\"}),/*#__PURE__*/t(\"p\",{children:[\"Embracing \",/*#__PURE__*/e(o,{href:\"https://www.bound.co/product\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"FX risk management tools\"})}),\" is vital for limiting the effects of currency fluctuations. As businesses operate internationally, the potential impact of currency risk on financial performance cannot be overlooked. By adopting sophisticated solutions like averaging and forwarding, treasures can proactively shield their companies from losses, enhance financial planning accuracy, and stabilise cash flows. Integrating these tools seamlessly into existing systems not only streamlines reporting and reconciliation but also allows businesses to automate currency risk management.\"]}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"em\",{children:\"This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. Nothing in this material is, or should be considered to be, financial, investment or other advice on which reliance should be placed and does not take into account your personal circumstances or objectives. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of this content. No opinion given in the material constitutes a recommendation by Bound Rates Limited or the author that any particular transaction or investment strategy is suitable for any specific person and as such is considered to be a marketing communication.\"}),\"\u200D\"]})]});export const richText19=/*#__PURE__*/t(i.Fragment,{children:[/*#__PURE__*/e(\"h2\",{children:\"What is FX hedging?\"}),/*#__PURE__*/e(\"p\",{children:\"FX hedging is a currency risk management strategy businesses use to protect themselves against losses caused by fluctuations in foreign exchange rates. Essentially this means a business purchases financial products to protect itself against unexpected movements in exchange rates.\\xa0\"}),/*#__PURE__*/e(\"h2\",{children:\"Why do businesses hedge FX?\"}),/*#__PURE__*/e(\"p\",{children:\"Protect against losses caused by unfavourable currency movements\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Provide certainty about future cash flows\"}),/*#__PURE__*/e(\"p\",{children:\"Can improve a business\u2019s profitability\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Can reduce financial risk\"}),/*#__PURE__*/e(\"p\",{children:\"When a business hedges its FX exposure, it enters into a financial contract that can lock in an exchange rate for a future date or protect the business if exchange rates move the wrong direction. This means the business knows exactly how much it will pay or receive in its home currency, or at least will know a worst-case scenario, regardless of how the exchange rate changes. By doing this, CFOs and treasurers are able to forecast their financial performance more accurately. Many businesses also consider hedging FX exposure to prevent their margins from being compressed. Depending on the business, FX exposure can have very noticeable effects on top-line and bottom-line financial performance.\\xa0\\xa0\"}),/*#__PURE__*/e(\"h2\",{children:\"How does FX hedging work?\"}),/*#__PURE__*/e(\"p\",{children:\"When a business hedges its currency exposure, it enters into financial contracts that mitigate the potential of financial loss. The finer details on this depend on the type of currency hedging method (which we\u2019ll go over below). Depending on the business use case, companies can select different methods to help protect against losses caused by fluctuations in exchange rates.\"}),/*#__PURE__*/e(\"h2\",{children:\"What are the different types of currency hedging?\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(o,{href:\"https://www.bound.co/blog/internal-fx-hedging-methods\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Internal hedging Methods\"})})}),/*#__PURE__*/e(\"p\",{children:\"Invoicing in the local currency - This means invoicing the customer in the currency of the country where it is located. You\u2019ve probably seen many US SaaS businesses that charge their UK customers in dollars. This protects the US dollar based company from losses if the dollar value strengthens and pushes the currency risk onto its customer.\"}),/*#__PURE__*/e(\"p\",{children:\"Leading and lagging - This is the process of delaying or accelerating foreign currency payments. Say the home currency weakens; the company may delay payments until the exchange rate moves in their favour.\\xa0\"}),/*#__PURE__*/t(\"p\",{children:[\"Matching (also called natural hedging) - This means that the company matches its foreign currency receivables with its foreign currency payables. This helps protect the company from losses if the value of its home currency strengthens.\",/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})]}),/*#__PURE__*/e(\"h3\",{children:\"External Hedging Methods\"}),/*#__PURE__*/e(\"p\",{children:\"Averaging - Averaging allows businesses to systematically spread their risk over as much time as possible, smoothing out short-term volatility. Many businesses that want to focus on business growth instead of where currencies are moving use averaging to minimize the risk of transacting many of their currency conversions at an inopportune time.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Layered hedging - Layered hedging is a popular hedging strategy for larger companies. Layered hedges are spread over time and may help reduce the impact of market volatility to provide businesses with good visibility and a high degree of certainty on their forecast figures.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Forward contracts - These contracts allow businesses to lock in an exchange rate at a future date. Companies that want to know exactly how they\u2019ll pay or receive, regardless of the exchange rate changes often choose to use forwards.\"}),/*#__PURE__*/e(\"p\",{children:\"Options contracts - These contracts give the company the right to buy or sell a currency at a certain price on a future date. Many options have up-front costs, but they can be more flexible than forward contracts, as there is no obligation for the company to act on their options.\\xa0\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Swaps - Swaps are financial transactions in which two parties exchange currencies, but also pre-agree to exchange them back at a future date at a predetermined exchange rate.\"}),/*#__PURE__*/e(\"p\",{children:'Non-Deliverable Forwards (\u201CNDF\u201D) - NDFs are short-term contracts where two parties agree to exchange the difference between the contracted rate and the future spot price of a currency. The total amount of the currencies are not exchanged. Rather, only the net gain or loss is exchanged, which gives it the name \"non-deliverable.\"'}),/*#__PURE__*/e(\"h2\",{children:\"Automating currency hedging\"}),/*#__PURE__*/e(\"p\",{children:\"Many treasurers are looking into ways they can automate manual tasks such as currency risk management. Companies like Bound have put in place products to make this possible, giving businesses a cockpit of tools to make this a smoother process and improve efficiency.\\xa0\\xa0\"}),/*#__PURE__*/e(\"h2\",{children:\"How to choose the right hedging strategy\"}),/*#__PURE__*/e(\"p\",{children:\"Businesses have the choice of internal and external hedging methods, they first need to decide which makes more sense for their business. The best hedging strategy for a company will depend on its specific circumstances and the way foreign currencies move through their businesses. Where treasury teams are uncertain of which strategy suits their needs, they should consult a financial advisor to choose the right hedging strategy for their needs.\"}),/*#__PURE__*/e(\"h2\",{children:\"Currency hedging use cases\"}),/*#__PURE__*/e(\"p\",{children:\"Paying international offices and staff in foreign currencies\"}),/*#__PURE__*/e(\"p\",{children:\"Receiving international customer revenues in foreign currencies\"}),/*#__PURE__*/e(\"p\",{children:\"Timing regular foreign currency expenses with the relevant currency balances\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Repatriating revenues to base reporting currency\"}),/*#__PURE__*/e(\"p\",{children:\"Expanding into new markets / active in multiple markets\"}),/*#__PURE__*/e(\"p\",{children:\"Protecting their bottom line, no matter the use case\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})}),/*#__PURE__*/e(\"p\",{children:\"For more use cases and testimonials on how customers use the Bound platform, please get in touch.\\xa0\"}),/*#__PURE__*/e(\"h2\",{children:\"Conclusion\"}),/*#__PURE__*/e(\"p\",{children:\"FX hedging is a complex topic, but it can be important for businesses that operate in multiple currencies to manage risk. By hedging their currency exposure, businesses can protect themselves from losses caused by fluctuations in foreign exchange rates.\\xa0\"}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(o,{href:\"https://calendly.com/bounddemo/30min\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:/*#__PURE__*/e(\"em\",{children:/*#__PURE__*/e(\"strong\",{children:\"Request a demo\"})})})}),/*#__PURE__*/e(\"em\",{children:/*#__PURE__*/e(\"strong\",{children:\" for a personalised intro into how you can use \"})}),/*#__PURE__*/e(o,{href:{webPageId:\"augiA20Il\"},motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:/*#__PURE__*/e(\"em\",{children:/*#__PURE__*/e(\"strong\",{children:\"Bound\"})})})}),/*#__PURE__*/e(\"em\",{children:/*#__PURE__*/e(\"strong\",{children:\" to manage your currency risk through automated solutions.\\xa0\"})})]}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:\"This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. Nothing in this material is, or should be considered to be, financial, investment or other advice on which reliance should be placed and does not take into account your personal circumstances or objectives. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of this content. No opinion given in the material constitutes a recommendation by Bound Rates Limited or the author that any particular transaction or investment strategy is suitable for any specific person and as such is considered to be a marketing communication.\"})})]});export const richText20=/*#__PURE__*/t(i.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"A good forex broker can help you capitalize on a market that trades 24 hours every day, five days a week. To find one that is best suited for your trading style, you'd have to first know your needs. If you're an active trader, you'd need trading platforms that support you in and out orders. If you're an investor, you'd want a more stable investment strategy. Read on this blog post to find out ways to be more successful in your forex trading.\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"strong\",{children:\"Practical Steps to Help you Find a Good Forex Broker\"})}),/*#__PURE__*/t(\"p\",{children:[\"As with any investment, choosing a\",/*#__PURE__*/e(o,{href:\"https://www.bound.co/blog/look-for-in-a-fx-broker\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\" forex broker\"})}),\" is a crucial part of your strategy. It is necessary to do your homework and choose a broker that can provide you with the best trading platform, which will have the following features:\"]}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"1 - Choose Regulated Forex Brokers\"})}),/*#__PURE__*/e(\"p\",{children:\"A lot of forex brokers can be found online, which is why it's important to review their reliability before you actually put your money with them. A good place to start is to find forex brokers that are regulated. Licensed brokers are more reliable since they are covered by a more reliable regulatory environment, and you can rest assured that your funds will be kept safe.\"}),/*#__PURE__*/e(\"p\",{children:\"The cost of getting regulated as a forex broker is quite expensive, so it is also a good way to keep out fly-by-night operations. The last thing you want is to have your hard-earned money disappear into the hands of fraudsters.\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"2 - Effectively Double-Check\"})}),/*#__PURE__*/e(\"p\",{children:\"After eliminating fraudulent forex brokers, you should start with the ones that remain. To find the good ones, you can ask for references from other forex traders or check the broker's reputation among traders. You should also check for any documents that can prove the broker's legitimacy.\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"3 - Check the Forex Broker Allowed Country List\"})}),/*#__PURE__*/e(\"p\",{children:\"The last thing you want is to deposit your money into a forex trading account that's not allowed by your country's laws. These types of brokers will put your money at risk, and you may have to face legal consequences if you use their services.\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"4 - Check the Trading Platforms\"})}),/*#__PURE__*/e(\"p\",{children:\"A forex broker should be offering clients access to trading platforms that they can use comfortably. If you're an active trader, you should want a trading platform that allows you to input in and out orders. You also need to be able to see the real-time movements of currencies.\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"5 - Check the New Client Requirements\"})}),/*#__PURE__*/e(\"p\",{children:\"Checking broker requirements is a good way to determine if a broker is trying to attract new investors or just churning out new clients to get their hands on their money. A good broker will not impose a minimum deposit requirement for new investors. Some brokers may not even require any deposit at all to open a trading account.\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"6 - Forex Broker Capital\"})}),/*#__PURE__*/e(\"p\",{children:\"In addition to checking for client requirements, it's also important to understand how much money a broker is able to handle. A good broker should have enough capital to finance the accounts of traders. In short, the broker should not have to rely on outside sources to provide additional funding.\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"7 - Look into Support and the Customer Service\"})}),/*#__PURE__*/e(\"p\",{children:\"You should also check the customer service that the forex broker has to offer. You should be able to easily contact the broker in case you have any kind of issue. An online trader can quickly find himself in a sticky situation if he has to go contact a broker by snail mail or call them on a hotline.\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"8 - Check Currency Pairs Available\"})}),/*#__PURE__*/e(\"p\",{children:\"Currency pairs create a market where commodities, raw materials, and other goods are traded, and they are available in different pairs that you can use during your trades. Some brokers may not have the latest currency pairs, or they may be working with less popular currency pairs that you can't use.\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"9 - Check the Account Types Available\"})}),/*#__PURE__*/e(\"p\",{children:\"A good broker should be offering a variety of account types you can use to build your portfolio. You may want to start with an independent account first before moving on to a managed account.\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"10 - Check the Payment Methods\"})}),/*#__PURE__*/e(\"p\",{children:\"Payment methods vary from one broker to another, but if you're going to be depositing and withdrawing money to your accounts, you should see to it that you're allowed to use the most convenient payment methods. You should check for payment methods that can help you get your money faster.\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"11 - Check Currency Spreads\"})}),/*#__PURE__*/e(\"p\",{children:\"A currency spread refers to the difference between the buying price and the selling price of a currency. Spreads can be a lot or a little, depending on the market and the currency pair. A good broker will be offering tight spreads so that traders can trade more actively.\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"12 - Account Openings and Account Requirements\"})}),/*#__PURE__*/e(\"p\",{children:\"You should also look into how long it takes to open an account with a broker. If the process takes too long, you may end up losing interest in the process. You should also check out any new client requirements that they will impose on you.\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"13 - Deposit and Withdrawal Methods\"})}),/*#__PURE__*/e(\"p\",{children:\"A good forex broker should also offer a variety of ways to deposit and withdraw money from your account, especially if you're going to be depositing and withdrawing funds on a regular basis.\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"14 - Check the Verification Requirements\"})}),/*#__PURE__*/e(\"p\",{children:\"Verification is another way to look for fraudulent forex brokers. You should not be required to send your passport or driver's license for verification. These kinds of documents are used for high net-worth individuals, and you should not be required to send them for verification for a small account.\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"15 - Check the Repairs and Security Downtime\"})}),/*#__PURE__*/e(\"p\",{children:\"You should also check how long a broker needs to fix software problems that may have affected your account. You should also know how long your accounts were down for security upgrades or maintenance.\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"16 - Check the Compensation Rates\"})}),/*#__PURE__*/e(\"p\",{children:\"Compensation has two parts, which are the spreads and the offer to reward. You should find out how much each of these two parts is. The spreads are the price difference between the buy and sell price of a currency pair, and the offer to reward is the bonus offered by the broker for each successful trade.\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"17 - Check the Forex Trading Conditions\"})}),/*#__PURE__*/e(\"p\",{children:\"A good broker should provide you with conditions of trading before you even open an account with them. Good conditions of the trading clause would include information regarding the broker's margin and leverage since these are the two most important factors in determining the quality of a broker.\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"18 - Forex Trading Platform\"})}),/*#__PURE__*/e(\"p\",{children:\"A good forex broker should have access to forex trading platforms that are available to use. If a broker is offering only outdated platforms, you should stay away from them.\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"19 - Check the Forex Broker's History\"})}),/*#__PURE__*/e(\"p\",{children:\"You should also check the broker's history. A good broker should not be hiding their history, and they should be proud of their accomplishments. You should be able to see how long they have been in business, how long they have been in their current location, and where they have offices in other locations.\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"20 - Demo accounts and testing\"})}),/*#__PURE__*/e(\"p\",{children:\"A demo account is a good way to find out if you can use a broker's platform before you actually put your money in. You should also be able to test out the trading platform to make sure it works the way you want it to.\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"21 - Margin and Leverage\"})}),/*#__PURE__*/e(\"p\",{children:\"Margin and leverage refer to the money that you can borrow from your broker to buy or sell a currency pair. A good broker will be willing to give you a reasonable amount of margin and leverage based on your available finances. You should not be forced to borrow a huge amount of money just to be able to trade.\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"22 - Support for Mobile Users\"})}),/*#__PURE__*/e(\"p\",{children:\"Since most traders today have mobile devices, it is important to see if a broker is offering support for mobile devices. You should be able to access your accounts through mobile apps so you can always monitor your trades on the go.\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"23 - Check Profitability\"})}),/*#__PURE__*/e(\"p\",{children:\"A good forex broker should provide you with the tools and resources you need to be successful. A good broker will also provide you with information that can help you make more profitable trades.\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"24 - Value-added services\"})}),/*#__PURE__*/e(\"p\",{children:\"A forex broker should also offer value-added services that can increase your trading profits. One example is when a broker is offering commission-free trading. You should also check for charting tools, technical indicators, and news services that can help you make better decisions when trading.\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"25 - Check the Risk Management and Hedging Options\"})}),/*#__PURE__*/t(\"p\",{children:[\"A forex broker should also provide you with \",/*#__PURE__*/e(o,{href:\"https://www.bound.co/blog/our-beginner-s-guide-to-fx-risk-management-strategies\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"risk management tools\"})}),\" that can help you understand the risks you're taking as a trader. You should also be able to hedge your trades to reduce the risks of investing in a particular currency pair.\"]}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"strong\",{children:\"Why Working with the Right Broker is Crucial\"})}),/*#__PURE__*/e(\"p\",{children:\"Checking a forex broker's background and experience can help you determine if the broker is a good choice for you. If you decide to open an account with a new broker, you need to be sure that the broker is stable, and you should be checking for any signs of instability that can pose a threat to your money and your investments.\"}),/*#__PURE__*/e(\"p\",{children:\"The right forex broker can help you achieve your goals and objectives in the forex market. But the wrong broker can actually work against your interests and quickly drain your bank account.\"}),/*#__PURE__*/e(\"p\",{children:\"Not all forex brokers are the same. Some brokers are interested in clients that can keep them in business for a long time, while others are interested in clients that can bring in a few thousand dollars and then quickly go away.\"}),/*#__PURE__*/e(\"p\",{children:\"There are some brokers that are outright fraudulent, and it is important to find out what kind of broker you are dealing with before you put your money in.\"}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"strong\",{children:\"Ask for Advice About Good Hedging Tools\"})}),/*#__PURE__*/t(\"p\",{children:[\"You may have already heard about \",/*#__PURE__*/e(o,{href:\"https://www.bound.co/blog/tools-for-foreign-exchange-risk-management\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"forex hedging tools\"})}),\", and you may already have some experience with them. However, it is still a good idea to look into hedging tools to find out if they are a good investment, and you should be looking into the pros and cons of using a particular tool.\"]}),/*#__PURE__*/e(\"p\",{children:\"You should also find out if using hedging tools help you save money and if they are really worth the effort.\"}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"strong\",{children:\"Hedging Tools and Collateralized Trades\"})}),/*#__PURE__*/e(\"p\",{children:\"When you hedge a trade, you are basically protecting the risk of a currency pair that you prefer to trade against. A hedged trade can also help you lower the cost of your trades if you are having a problem with negative trades.\"}),/*#__PURE__*/e(\"p\",{children:\"Some brokers allow you to hedge your trades using a currency's price change, which is known as a price-based hedge, or you can hedge your trades against the movement of a price by using the currency's interest rates, which is known as an interest-rate-based hedge.\"}),/*#__PURE__*/e(\"p\",{children:\"You can also hedge your trades by using the performance of a stock in currency pairs. This is known as a stock-based hedge.\"}),/*#__PURE__*/e(\"p\",{children:\"However, you should also be careful about using hedging tools if you are using only one to hedge your trades since you could end up losing money in the process.\"}),/*#__PURE__*/e(\"p\",{children:\"You should be looking into price-based and interest-rate-based hedges, which are the most common hedging tools used by forex traders.\"}),/*#__PURE__*/e(\"p\",{children:\"You can use price-based hedges if you want to protect your trade from the movement of price, and these are the most common hedging tools used by forex traders. You can use interest-rate-based hedges to protect your trade from the movements of interest rates.\"}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"strong\",{children:\"Conclusion\"})}),/*#__PURE__*/e(\"p\",{children:\"In conclusion, you should carefully choose your forex broker before you decide to put your money in their hands. All the things mentioned in this blog post are things you should consider to make sure you're getting the most out of your trading experience.\"}),/*#__PURE__*/t(\"p\",{children:[\"If you are looking for a reliable, \",/*#__PURE__*/e(o,{href:\"https://www.bound.co/blog/averaging-auto-hedging-faqs\",motionChild:!0,nodeId:\"lJJc2nkUB\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"auto hedging\"})}),\" platform to help in trading, try Bound! This is the auto hedging platform dedicated to making currency protection better for businesses.\"]})]});\nexport const __FramerMetadata__ = {\"exports\":{\"richText3\":{\"type\":\"variable\",\"annotations\":{\"framerContractVersion\":\"1\"}},\"richText9\":{\"type\":\"variable\",\"annotations\":{\"framerContractVersion\":\"1\"}},\"richText14\":{\"type\":\"variable\",\"annotations\":{\"framerContractVersion\":\"1\"}},\"richText10\":{\"type\":\"variable\",\"annotations\":{\"framerContractVersion\":\"1\"}},\"richText2\":{\"type\":\"variable\",\"annotations\":{\"framerContractVersion\":\"1\"}},\"richText4\":{\"type\":\"variable\",\"annotations\":{\"framerContractVersion\":\"1\"}},\"richText13\":{\"type\":\"variable\",\"annotations\":{\"framerContractVersion\":\"1\"}},\"richText12\":{\"type\":\"variable\",\"annotations\":{\"framerContractVersion\":\"1\"}},\"richText20\":{\"type\":\"variable\",\"annotations\":{\"framerContractVersion\":\"1\"}},\"richText5\":{\"type\":\"variable\",\"annotations\":{\"framerContractVersion\":\"1\"}},\"richText17\":{\"type\":\"variable\",\"annotations\":{\"framerContractVersion\":\"1\"}},\"richText15\":{\"type\":\"variable\",\"annotations\":{\"framerContractVersion\":\"1\"}},\"richText1\":{\"type\":\"variable\",\"annotations\":{\"framerContractVersion\":\"1\"}},\"richText8\":{\"type\":\"variable\",\"annotations\":{\"framerContractVersion\":\"1\"}},\"richText7\":{\"type\":\"variable\",\"annotations\":{\"framerContractVersion\":\"1\"}},\"richText11\":{\"type\":\"variable\",\"annotations\":{\"framerContractVersion\":\"1\"}},\"richText6\":{\"type\":\"variable\",\"annotations\":{\"framerContractVersion\":\"1\"}},\"richText16\":{\"type\":\"variable\",\"annotations\":{\"framerContractVersion\":\"1\"}},\"richText19\":{\"type\":\"variable\",\"annotations\":{\"framerContractVersion\":\"1\"}},\"richText\":{\"type\":\"variable\",\"annotations\":{\"framerContractVersion\":\"1\"}},\"richText18\":{\"type\":\"variable\",\"annotations\":{\"framerContractVersion\":\"1\"}},\"__FramerMetadata__\":{\"type\":\"variable\"}}}"],
  "mappings": "qSAAyS,IAAMA,EAAsBC,EAAIC,EAAS,CAAC,SAAS,CAAcD,EAAE,KAAK,CAAC,SAAS,CAAC,gGAAmGE,EAAE,SAAS,CAAC,SAAS,OAAO,CAAC,CAAC,CAAC,CAAC,EAAeF,EAAE,KAAK,CAAC,SAAS,CAAcA,EAAE,KAAK,CAAC,kBAAkB,IAAI,SAAS,CAAcE,EAAE,IAAI,CAAC,SAAS,qDAAqD,CAAC,EAAeF,EAAE,KAAK,CAAC,SAAS,CAAcE,EAAE,KAAK,CAAC,kBAAkB,IAAI,SAAsBF,EAAE,IAAI,CAAC,SAAS,CAAC,+BAAuCE,EAAE,SAAS,CAAC,SAAS,OAAO,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,kBAAkB,IAAI,SAAsBA,EAAE,IAAI,CAAC,SAAS,gEAA2D,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,EAAeF,EAAE,KAAK,CAAC,kBAAkB,IAAI,SAAS,CAAcE,EAAE,IAAI,CAAC,SAAS,uFAAuF,CAAC,EAAeF,EAAE,KAAK,CAAC,SAAS,CAAcE,EAAE,KAAK,CAAC,kBAAkB,IAAI,SAAsBF,EAAE,IAAI,CAAC,SAAS,CAAC,0CAAkDE,EAAE,SAAS,CAAC,SAAS,OAAO,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,kBAAkB,IAAI,SAAsBA,EAAE,IAAI,CAAC,SAAS,yCAAoC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,EAAeF,EAAE,KAAK,CAAC,kBAAkB,IAAI,SAAS,CAAcE,EAAE,IAAI,CAAC,SAAS,+EAA+E,CAAC,EAAeF,EAAE,KAAK,CAAC,SAAS,CAAcE,EAAE,KAAK,CAAC,kBAAkB,IAAI,SAAsBF,EAAE,IAAI,CAAC,SAAS,CAAC,kBAA0BE,EAAE,SAAS,CAAC,SAAS,OAAO,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,kBAAkB,IAAI,SAAsBA,EAAE,IAAI,CAAC,SAAS,0BAAqB,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,OAAO,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,mhBAA8gB,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,qHAA+F,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,0aAAga,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,6QAAwQ,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,qDAAqD,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,+QAA0Q,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,+fAA0f,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,uOAAkO,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,6NAAyM,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,4KAA4K,CAAC,EAAeA,EAAE,MAAM,CAAC,UAAU,qBAAqB,MAAM,CAAC,iBAAiB,YAAY,YAAY,YAAY,OAAO,OAAO,MAAM,MAAM,EAAE,SAAsBA,EAAEC,EAAE,CAAC,oBAAoB,sEAAsE,SAASC,GAAgBF,EAAEG,EAAE,CAAC,GAAGD,EAAE,KAAK,MAAM,WAAW,GAAG,UAAU,eAAe,IAAI,8BAA8B,CAAC,CAAC,CAAC,CAAC,CAAC,EAAeF,EAAE,KAAK,CAAC,SAAS,wFAAwF,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,uFAA6E,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,mWAAyV,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,wWAAwW,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,ySAA0R,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,sWAA4V,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,oPAAqO,CAAC,EAAeF,EAAE,IAAI,CAAC,SAAS,CAAC,0CAAkDE,EAAEI,EAAE,CAAC,KAAK,4BAA4B,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,yDAAyD,CAAC,CAAC,CAAC,EAAE,GAAG,CAAC,CAAC,EAAeL,EAAE,KAAK,CAAC,SAAS,4EAA4E,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,qRAA2Q,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,mLAAyK,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,sfAAue,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,8VAAoV,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,+HAA0H,CAAC,EAAeA,EAAE,MAAM,CAAC,IAAI,GAAG,UAAU,eAAe,OAAO,MAAM,IAAI,uEAAuE,MAAM,CAAC,YAAY,YAAY,EAAE,MAAM,KAAK,CAAC,CAAC,CAAC,CAAC,EAAeM,EAAuBR,EAAIC,EAAS,CAAC,SAAS,CAAcC,EAAE,IAAI,CAAC,SAAS,uaAAua,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAEI,EAAE,CAAC,KAAK,oCAAoC,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,YAAY,CAAC,CAAC,CAAC,CAAC,CAAC,EAAeL,EAAE,IAAI,CAAC,SAAS,0XAA0X,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,0ZAA0Z,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,qQAAqQ,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,2aAA2a,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,qYAAqY,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAEI,EAAE,CAAC,KAAK,0DAA0D,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,cAAc,CAAC,CAAC,CAAC,CAAC,CAAC,EAAeL,EAAE,IAAI,CAAC,SAAS,sSAAsS,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,2VAA2V,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,kQAAkQ,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,2VAA2V,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,0TAA0T,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,yWAAyW,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAEI,EAAE,CAAC,KAAK,kDAAkD,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,UAAU,CAAC,CAAC,CAAC,CAAC,CAAC,EAAeL,EAAE,IAAI,CAAC,SAAS,0LAA0L,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,mVAAmV,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,gPAAgP,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,8RAA8R,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,0XAA0X,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,2VAA2V,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAEI,EAAE,CAAC,KAAK,wBAAwB,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,MAAM,CAAC,CAAC,CAAC,CAAC,CAAC,EAAeL,EAAE,IAAI,CAAC,SAAS,6OAA6O,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,gPAAgP,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,6OAA6O,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,uWAAuW,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,gRAAgR,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,sRAAsR,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,4PAA4P,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAEI,EAAE,CAAC,KAAK,kHAAkH,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,oBAAoB,CAAC,CAAC,CAAC,CAAC,CAAC,EAAeL,EAAE,IAAI,CAAC,SAAS,yQAAyQ,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,0SAA0S,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,iVAAiV,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,qQAAqQ,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,0aAA0a,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,2XAA2X,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,4VAA4V,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAEI,EAAE,CAAC,KAAK,sBAAsB,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,QAAQ,CAAC,CAAC,CAAC,CAAC,CAAC,EAAeL,EAAE,IAAI,CAAC,SAAS,4VAA4V,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,mTAAmT,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,mYAAmY,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,obAAob,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,ySAAyS,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,ubAAub,CAAC,CAAC,CAAC,CAAC,EAAeO,EAAuBT,EAAIC,EAAS,CAAC,SAAS,CAAcC,EAAE,MAAM,CAAC,UAAU,qBAAqB,MAAM,CAAC,iBAAiB,YAAY,YAAY,YAAY,OAAO,OAAO,MAAM,MAAM,EAAE,SAAsBA,EAAEC,EAAE,CAAC,oBAAoB,sEAAsE,SAASC,GAAgBF,EAAEG,EAAE,CAAC,GAAGD,EAAE,KAAK,MAAM,WAAW,GAAG,UAAU,eAAe,IAAI,6CAA6C,CAAC,CAAC,CAAC,CAAC,CAAC,EAAeF,EAAE,KAAK,CAAC,SAAS,uDAAkD,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,+NAA0N,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,mLAAmL,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,+DAA0D,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,wQAAoP,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,4CAA4C,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,oMAAoM,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,wBAAwB,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,yIAAoI,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,+MAAqM,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,4CAAuC,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,4EAA4E,CAAC,EAAeA,EAAE,MAAM,CAAC,IAAI,GAAG,UAAU,eAAe,OAAO,MAAM,IAAI,sEAAsE,MAAM,CAAC,YAAY,YAAY,EAAE,MAAM,KAAK,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,+EAA+E,CAAC,EAAeA,EAAE,MAAM,CAAC,IAAI,GAAG,UAAU,eAAe,OAAO,MAAM,IAAI,sEAAsE,MAAM,CAAC,YAAY,YAAY,EAAE,MAAM,KAAK,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,6EAA6E,CAAC,EAAeA,EAAE,MAAM,CAAC,IAAI,GAAG,UAAU,eAAe,OAAO,MAAM,IAAI,sEAAsE,MAAM,CAAC,YAAY,YAAY,EAAE,MAAM,KAAK,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,qFAAqF,CAAC,EAAeA,EAAE,MAAM,CAAC,IAAI,GAAG,UAAU,eAAe,OAAO,MAAM,IAAI,uEAAuE,MAAM,CAAC,YAAY,YAAY,EAAE,MAAM,KAAK,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,wEAAwE,CAAC,EAAeA,EAAE,MAAM,CAAC,IAAI,GAAG,UAAU,eAAe,OAAO,MAAM,IAAI,uEAAuE,MAAM,CAAC,YAAY,YAAY,EAAE,MAAM,KAAK,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,8HAA8H,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,2LAAsL,CAAC,EAAeF,EAAE,KAAK,CAAC,SAAS,CAAcA,EAAE,KAAK,CAAC,kBAAkB,IAAI,SAAS,CAAcE,EAAE,IAAI,CAAC,SAAS,iMAAiM,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,KAAK,CAAC,kBAAkB,IAAI,SAAsBA,EAAE,IAAI,CAAC,SAAS,kDAAkD,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,EAAeF,EAAE,KAAK,CAAC,kBAAkB,IAAI,SAAS,CAAcE,EAAE,IAAI,CAAC,SAAS,qJAAqJ,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,KAAK,CAAC,kBAAkB,IAAI,SAAsBA,EAAE,IAAI,CAAC,SAAS,oFAAoF,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,kBAAkB,IAAI,SAAsBA,EAAE,IAAI,CAAC,SAAS,0GAA0G,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,iKAAuJ,CAAC,CAAC,CAAC,CAAC,EAAeQ,EAAuBV,EAAIC,EAAS,CAAC,SAAS,CAAcC,EAAE,IAAI,CAAC,SAAS,sHAAsH,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,sUAAsU,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,qIAAqI,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,0PAA0P,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,iCAAiC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,gMAAgM,CAAC,EAAeF,EAAE,IAAI,CAAC,SAAS,CAAC,sCAAmDE,EAAEI,EAAE,CAAC,KAAK,4BAA4B,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,UAAU,CAAC,CAAC,CAAC,EAAE,QAAqBL,EAAEI,EAAE,CAAC,KAAK,oCAAoC,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,mBAAmB,CAAC,CAAC,CAAC,EAAE,6JAA6J,CAAC,CAAC,EAAeP,EAAE,IAAI,CAAC,SAAS,CAAC,iCAA8CE,EAAEI,EAAE,CAAC,KAAK,iCAAiC,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,gBAAgB,CAAC,CAAC,CAAC,EAAE,QAAqBL,EAAEI,EAAE,CAAC,KAAK,4BAA4B,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,OAAO,CAAC,CAAC,CAAC,EAAE,0MAA0M,CAAC,CAAC,EAAeP,EAAE,IAAI,CAAC,SAAS,CAAC,qBAAkCE,EAAEI,EAAE,CAAC,KAAK,4BAA4B,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,UAAU,CAAC,CAAC,CAAC,EAAE,QAAqBL,EAAEI,EAAE,CAAC,KAAK,4BAA4B,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,QAAQ,CAAC,CAAC,CAAC,EAAE,qPAAkQL,EAAEI,EAAE,CAAC,KAAK,oEAAoE,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,UAAU,CAAC,CAAC,CAAC,EAAE,KAAkBL,EAAEI,EAAE,CAAC,KAAK,kCAAkC,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,QAAQ,CAAC,CAAC,CAAC,EAAE,KAAkBL,EAAEI,EAAE,CAAC,KAAK,4BAA4B,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,UAAU,CAAC,CAAC,CAAC,EAAE,QAAqBL,EAAEI,EAAE,CAAC,KAAK,sBAAsB,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,QAAQ,CAAC,CAAC,CAAC,EAAE,GAAG,CAAC,CAAC,EAAeL,EAAE,KAAK,CAAC,SAAS,oBAAoB,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,wLAAwL,CAAC,EAAeF,EAAE,IAAI,CAAC,SAAS,CAAC,uCAAoDE,EAAEI,EAAE,CAAC,KAAK,6BAA6B,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,WAAW,CAAC,CAAC,CAAC,EAAE,QAAqBL,EAAEI,EAAE,CAAC,KAAK,gCAAgC,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,MAAM,CAAC,CAAC,CAAC,EAAE,8HAA2IL,EAAEI,EAAE,CAAC,KAAK,4BAA4B,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,UAAU,CAAC,CAAC,CAAC,EAAE,0BAA0B,CAAC,CAAC,EAAeP,EAAE,IAAI,CAAC,SAAS,CAAC,yEAAsFE,EAAEI,EAAE,CAAC,KAAK,wBAAwB,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,MAAM,CAAC,CAAC,CAAC,EAAE,OAAoBL,EAAEI,EAAE,CAAC,KAAK,oBAAoB,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,MAAM,CAAC,CAAC,CAAC,EAAE,sFAAsF,CAAC,CAAC,EAAeP,EAAE,IAAI,CAAC,SAAS,CAAC,2BAAwCE,EAAEI,EAAE,CAAC,KAAK,wBAAwB,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,UAAU,CAAC,CAAC,CAAC,EAAE,QAAqBL,EAAEI,EAAE,CAAC,KAAK,uBAAuB,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,SAAS,CAAC,CAAC,CAAC,EAAE,kIAAkI,CAAC,CAAC,EAAeL,EAAE,KAAK,CAAC,SAAS,sBAAsB,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,4KAA4K,CAAC,EAAeF,EAAE,IAAI,CAAC,SAAS,CAAC,4DAAyEE,EAAEI,EAAE,CAAC,KAAK,wBAAwB,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,OAAO,CAAC,CAAC,CAAC,EAAE,KAAkBL,EAAEI,EAAE,CAAC,KAAK,yBAAyB,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,QAAQ,CAAC,CAAC,CAAC,EAAE,OAAoBL,EAAEI,EAAE,CAAC,KAAK,sBAAsB,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,QAAQ,CAAC,CAAC,CAAC,EAAE,iHAAiH,CAAC,CAAC,EAAeP,EAAE,IAAI,CAAC,SAAS,CAAC,qCAAkDE,EAAEI,EAAE,CAAC,KAAK,iCAAiC,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,OAAO,CAAC,CAAC,CAAC,EAAE,QAAqBL,EAAEI,EAAE,CAAC,KAAK,wBAAwB,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,UAAU,CAAC,CAAC,CAAC,EAAE,qEAAqE,CAAC,CAAC,EAAeP,EAAE,IAAI,CAAC,SAAS,CAAC,yDAAsEE,EAAEI,EAAE,CAAC,KAAK,0BAA0B,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,SAAS,CAAC,CAAC,CAAC,EAAE,OAAoBL,EAAEI,EAAE,CAAC,KAAK,oBAAoB,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,MAAM,CAAC,CAAC,CAAC,EAAE,sNAAsN,CAAC,CAAC,EAAeP,EAAE,IAAI,CAAC,SAAS,CAAC,2EAAwFE,EAAEI,EAAE,CAAC,KAAK,+BAA+B,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,OAAO,CAAC,CAAC,CAAC,EAAE,0HAA0H,CAAC,CAAC,EAAeL,EAAE,KAAK,CAAC,SAAS,2BAA2B,CAAC,EAAeF,EAAE,IAAI,CAAC,SAAS,CAAC,oGAAiHE,EAAEI,EAAE,CAAC,KAAK,4BAA4B,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,WAAW,CAAC,CAAC,CAAC,EAAE,0CAAuDL,EAAEI,EAAE,CAAC,KAAK,+BAA+B,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,WAAW,CAAC,CAAC,CAAC,EAAE,QAAqBL,EAAEI,EAAE,CAAC,KAAK,qBAAqB,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,OAAO,CAAC,CAAC,CAAC,EAAE,sBAAsB,CAAC,CAAC,EAAeL,EAAE,KAAK,CAAC,SAAS,mBAAmB,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,iPAAiP,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,wMAAwM,CAAC,EAAeF,EAAE,IAAI,CAAC,SAAS,CAAcE,EAAEI,EAAE,CAAC,KAAK,2BAA2B,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,SAAS,CAAC,CAAC,CAAC,EAAE,MAAmBL,EAAEI,EAAE,CAAC,KAAK,4DAA4D,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,OAAO,CAAC,CAAC,CAAC,EAAE,QAAqBL,EAAEI,EAAE,CAAC,KAAK,8BAA8B,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,OAAO,CAAC,CAAC,CAAC,EAAE,+BAA+B,CAAC,CAAC,EAAeL,EAAE,KAAK,CAAC,SAAS,0BAA0B,CAAC,EAAeF,EAAE,IAAI,CAAC,SAAS,CAAC,wIAAqJE,EAAEI,EAAE,CAAC,KAAK,wBAAwB,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,QAAQ,CAAC,CAAC,CAAC,EAAE,KAAkBL,EAAEI,EAAE,CAAC,KAAK,6BAA6B,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,WAAW,CAAC,CAAC,CAAC,EAAE,QAAqBL,EAAEI,EAAE,CAAC,KAAK,qBAAqB,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,QAAQ,CAAC,CAAC,CAAC,EAAE,GAAG,CAAC,CAAC,EAAeL,EAAE,KAAK,CAAC,SAAS,6BAA6B,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,8IAA8I,CAAC,EAAeF,EAAE,IAAI,CAAC,SAAS,CAAC,2DAAwEE,EAAEI,EAAE,CAAC,KAAK,2BAA2B,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,SAAS,CAAC,CAAC,CAAC,EAAE,OAAoBL,EAAEI,EAAE,CAAC,KAAK,wBAAwB,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,UAAU,CAAC,CAAC,CAAC,EAAE,sKAAsK,CAAC,CAAC,EAAeP,EAAE,IAAI,CAAC,SAAS,CAAC,wBAAqCE,EAAEI,EAAE,CAAC,KAAK,+BAA+B,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,UAAU,CAAC,CAAC,CAAC,EAAE,QAAqBL,EAAEI,EAAE,CAAC,KAAK,0BAA0B,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,QAAQ,CAAC,CAAC,CAAC,EAAE,gIAA6IL,EAAEI,EAAE,CAAC,KAAK,yBAAyB,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,OAAO,CAAC,CAAC,CAAC,EAAE,kEAAkE,CAAC,CAAC,EAAeP,EAAE,IAAI,CAAC,SAAS,CAAC,kEAA+EE,EAAEI,EAAE,CAAC,KAAK,iCAAiC,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,YAAY,CAAC,CAAC,CAAC,EAAE,KAAkBL,EAAEI,EAAE,CAAC,KAAK,wBAAwB,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,MAAM,CAAC,CAAC,CAAC,EAAE,OAAoBL,EAAEI,EAAE,CAAC,KAAK,qBAAqB,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,UAAU,CAAC,CAAC,CAAC,EAAE,wFAAwF,CAAC,CAAC,EAAeL,EAAE,KAAK,CAAC,SAAS,YAAY,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,mNAAmN,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,4EAA4E,CAAC,CAAC,CAAC,CAAC,EAAeS,EAAuBX,EAAIC,EAAS,CAAC,SAAS,CAAcC,EAAE,IAAI,CAAC,SAAS,6HAAwH,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,6EAAwE,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,qJAA2I,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,kHAAwG,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,gaAAuY,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,8KAAyK,CAAC,EAAeF,EAAE,KAAK,CAAC,SAAS,CAAcE,EAAE,KAAK,CAAC,kBAAkB,IAAI,SAAsBA,EAAE,IAAI,CAAC,SAAS,sEAAsE,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,kBAAkB,IAAI,SAAsBA,EAAE,IAAI,CAAC,SAAS,+DAA+D,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,EAAeA,EAAE,MAAM,CAAC,IAAI,GAAG,UAAU,eAAe,OAAO,MAAM,IAAI,sEAAsE,MAAM,CAAC,YAAY,YAAY,EAAE,MAAM,KAAK,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,+IAAgI,CAAC,EAAeA,EAAE,MAAM,CAAC,IAAI,GAAG,UAAU,eAAe,OAAO,MAAM,IAAI,qEAAqE,MAAM,CAAC,YAAY,YAAY,EAAE,MAAM,KAAK,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,yCAAyC,CAAC,EAAeA,EAAE,MAAM,CAAC,IAAI,GAAG,UAAU,eAAe,OAAO,MAAM,IAAI,sEAAsE,MAAM,CAAC,YAAY,YAAY,EAAE,MAAM,KAAK,CAAC,EAAeF,EAAE,IAAI,CAAC,SAAS,CAAcE,EAAE,KAAK,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,UAAU,gBAAgB,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,EAAeU,EAAuBZ,EAAIC,EAAS,CAAC,SAAS,CAAcC,EAAE,IAAI,CAAC,SAAS,sFAA4E,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,6JAA6J,CAAC,EAAeF,EAAE,KAAK,CAAC,SAAS,CAAcE,EAAE,KAAK,CAAC,kBAAkB,IAAI,SAAsBF,EAAE,IAAI,CAAC,SAAS,CAAC,OAAoBE,EAAE,SAAS,CAAC,SAAS,aAAa,CAAC,EAAE,+DAA+D,CAAC,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,kBAAkB,IAAI,SAAsBF,EAAE,IAAI,CAAC,SAAS,CAAC,OAAoBE,EAAE,SAAS,CAAC,SAAS,WAAW,CAAC,EAAE,wEAAwE,CAAC,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,kBAAkB,IAAI,SAAsBF,EAAE,IAAI,CAAC,SAAS,CAAC,OAAoBE,EAAE,SAAS,CAAC,SAAS,WAAW,CAAC,EAAE,gEAAgE,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,EAAeA,EAAE,MAAM,CAAC,IAAI,GAAG,UAAU,eAAe,OAAO,MAAM,IAAI,uEAAuE,MAAM,CAAC,YAAY,YAAY,EAAE,MAAM,KAAK,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,0FAA0F,CAAC,EAAeF,EAAE,KAAK,CAAC,SAAS,CAAcE,EAAE,KAAK,CAAC,kBAAkB,IAAI,SAAsBA,EAAE,IAAI,CAAC,SAAS,4FAA4F,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,kBAAkB,IAAI,SAAsBA,EAAE,IAAI,CAAC,SAAS,qGAAgG,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,kBAAkB,IAAI,SAAsBA,EAAE,IAAI,CAAC,SAAS,iGAA4F,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,kBAAkB,IAAI,SAAsBA,EAAE,IAAI,CAAC,SAAS,0LAAqL,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,wDAAwD,CAAC,EAAeF,EAAE,KAAK,CAAC,SAAS,CAAcE,EAAE,KAAK,CAAC,kBAAkB,IAAI,SAAsBA,EAAE,IAAI,CAAC,SAAS,+CAA+C,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,kBAAkB,IAAI,SAAsBA,EAAE,IAAI,CAAC,SAAS,iFAAiF,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,kBAAkB,IAAI,SAAsBA,EAAE,IAAI,CAAC,SAAS,yIAAoI,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,kBAAkB,IAAI,SAAsBA,EAAE,IAAI,CAAC,SAAS,uKAAkK,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,SAAS,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,0IAAqI,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,uNAAkN,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,kPAA6O,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,oNAA+M,CAAC,CAAC,CAAC,CAAC,EAAeW,EAAuBb,EAAIC,EAAS,CAAC,SAAS,CAAcD,EAAE,IAAI,CAAC,SAAS,CAAC,kEAA+EE,EAAE,KAAK,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,CAAC,EAAE,yGAAsHA,EAAE,KAAK,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,CAAC,EAAE,2EAAwFA,EAAE,KAAK,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,CAAC,EAAE,oFAAiGA,EAAE,KAAK,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,CAAC,EAAE,iHAA8HA,EAAE,KAAK,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,CAAC,EAAE,2DAA2D,CAAC,CAAC,EAAeA,EAAE,MAAM,CAAC,UAAU,qBAAqB,MAAM,CAAC,iBAAiB,YAAY,YAAY,YAAY,OAAO,OAAO,MAAM,MAAM,EAAE,SAAsBA,EAAEC,EAAE,CAAC,oBAAoB,sEAAsE,SAASC,GAAgBF,EAAEG,EAAE,CAAC,GAAGD,EAAE,KAAK,MAAM,WAAW,GAAG,UAAU,eAAe,IAAI,8BAA8B,CAAC,CAAC,CAAC,CAAC,CAAC,EAAeJ,EAAE,IAAI,CAAC,SAAS,CAAcE,EAAE,KAAK,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,CAAC,EAAE,oHAAiIA,EAAEI,EAAE,CAAC,KAAK,+BAA+B,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,aAAa,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,EAAeO,EAAuBd,EAAIC,EAAS,CAAC,SAAS,CAAcC,EAAE,IAAI,CAAC,SAAS,8IAA8I,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,iHAAiH,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,6BAAsB,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,4GAA4G,CAAC,EAAeA,EAAE,MAAM,CAAC,UAAU,qBAAqB,MAAM,CAAC,iBAAiB,YAAY,YAAY,YAAY,OAAO,OAAO,MAAM,MAAM,EAAE,SAAsBA,EAAEC,EAAE,CAAC,oBAAoB,sEAAsE,SAASC,GAAgBF,EAAEG,EAAE,CAAC,GAAGD,EAAE,KAAK,MAAM,WAAW,GAAG,UAAU,eAAe,IAAI,8BAA8B,CAAC,CAAC,CAAC,CAAC,CAAC,EAAeF,EAAE,KAAK,CAAC,SAAS,kBAAkB,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,6KAAwK,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,2NAA2N,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,4RAA4R,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,sNAAsN,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,qDAAqD,CAAC,CAAC,CAAC,CAAC,EAAea,EAAuBf,EAAIC,EAAS,CAAC,SAAS,CAAcC,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,2BAA2B,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,yRAAoR,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,6LAAwL,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,0QAA0Q,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,mBAAmB,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,oKAAoK,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,2PAA2P,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,gBAAgB,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,oHAAoH,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,sRAAiR,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,QAAQ,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,gOAAgO,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,UAAU,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,uJAAuJ,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,4JAA4J,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,wIAAmI,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,MAAM,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,wPAAwP,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,mEAAmE,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,mCAAmC,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,0ZAA0Z,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,mBAAmB,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,mVAAmV,CAAC,EAAeF,EAAE,KAAK,CAAC,SAAS,CAAcE,EAAE,SAAS,CAAC,SAAS,kBAAkB,CAAC,EAAE,GAAG,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,sJAAsJ,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,YAAY,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,0VAAqV,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,wTAAwT,CAAC,CAAC,CAAC,CAAC,EAAec,EAAuBhB,EAAIC,EAAS,CAAC,SAAS,CAAcC,EAAE,KAAK,CAAC,SAAS,wBAAmB,CAAC,EAAeA,EAAE,MAAM,CAAC,IAAI,GAAG,UAAU,eAAe,OAAO,MAAM,IAAI,uEAAuE,MAAM,CAAC,YAAY,aAAa,EAAE,MAAM,KAAK,CAAC,EAAeF,EAAE,IAAI,CAAC,SAAS,CAAcE,EAAE,KAAK,CAAC,CAAC,EAAE,mCAAmC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,8MAA8M,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,sOAAiO,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,mPAA8O,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,2CAAsC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,qCAAqC,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,0BAA0B,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,wLAAmL,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,2HAA2H,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,2DAA2D,CAAC,EAAeF,EAAE,KAAK,CAAC,SAAS,CAAcE,EAAE,KAAK,CAAC,kBAAkB,IAAI,SAAsBA,EAAE,IAAI,CAAC,SAAS,gEAAgE,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,kBAAkB,IAAI,SAAsBA,EAAE,IAAI,CAAC,SAAS,wEAAwE,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,kBAAkB,IAAI,SAAsBA,EAAE,IAAI,CAAC,SAAS,8DAA8D,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,kBAAkB,IAAI,SAAsBA,EAAE,IAAI,CAAC,SAAS,mFAAmF,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,kBAAkB,IAAI,SAAsBA,EAAE,IAAI,CAAC,SAAS,oDAA0C,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,kBAAkB,IAAI,SAAsBA,EAAE,IAAI,CAAC,SAAS,8KAA8K,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,+GAA0G,CAAC,EAAeA,EAAE,MAAM,CAAC,IAAI,GAAG,UAAU,eAAe,OAAO,MAAM,IAAI,sEAAsE,MAAM,CAAC,YAAY,aAAa,EAAE,MAAM,KAAK,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,0FAA0F,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,kGAAwF,CAAC,EAAeA,EAAE,MAAM,CAAC,IAAI,GAAG,UAAU,eAAe,OAAO,MAAM,IAAI,uEAAuE,MAAM,CAAC,YAAY,aAAa,EAAE,MAAM,KAAK,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,wKAAwK,CAAC,EAAeA,EAAE,MAAM,CAAC,IAAI,GAAG,UAAU,eAAe,OAAO,MAAM,IAAI,sEAAsE,MAAM,CAAC,YAAY,aAAa,EAAE,MAAM,KAAK,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,4GAA4G,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,2EAA2E,CAAC,CAAC,CAAC,CAAC,EAAee,EAAwBjB,EAAIC,EAAS,CAAC,SAAS,CAAcC,EAAE,IAAI,CAAC,SAAS,uJAA6I,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,qHAAgH,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,gXAA2W,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,+NAAqN,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,0WAAgW,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,oGAAoG,CAAC,EAAeF,EAAE,KAAK,CAAC,SAAS,CAAcA,EAAE,KAAK,CAAC,kBAAkB,IAAI,SAAS,CAAcE,EAAE,IAAI,CAAC,SAAS,oYAAqX,CAAC,EAAeF,EAAE,KAAK,CAAC,SAAS,CAAcE,EAAE,KAAK,CAAC,kBAAkB,IAAI,SAAsBA,EAAE,IAAI,CAAC,SAAS,qEAAqE,CAAC,CAAC,CAAC,EAAeF,EAAE,KAAK,CAAC,kBAAkB,IAAI,SAAS,CAAcE,EAAE,IAAI,CAAC,SAAS,mEAAmE,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAsBA,EAAE,KAAK,CAAC,UAAU,gBAAgB,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,kBAAkB,IAAI,SAAsBA,EAAE,IAAI,CAAC,SAAS,qSAAqS,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,EAAeA,EAAE,MAAM,CAAC,IAAI,GAAG,UAAU,eAAe,OAAO,MAAM,IAAI,sEAAsE,MAAM,CAAC,YAAY,aAAa,EAAE,MAAM,MAAM,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBF,EAAE,KAAK,CAAC,kBAAkB,IAAI,SAAS,CAAcE,EAAE,IAAI,CAAC,SAAS,8BAA8B,CAAC,EAAeF,EAAE,KAAK,CAAC,SAAS,CAAcE,EAAE,KAAK,CAAC,kBAAkB,IAAI,SAAsBF,EAAE,IAAI,CAAC,SAAS,CAAcE,EAAE,SAAS,CAAC,SAAS,mCAAmC,CAAC,EAAE,2XAAsX,CAAC,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,kBAAkB,IAAI,SAAsBF,EAAE,IAAI,CAAC,SAAS,CAAcE,EAAE,SAAS,CAAC,SAAS,4CAA4C,CAAC,EAAE,uSAAkS,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,6GAAwG,CAAC,EAAeF,EAAE,IAAI,CAAC,SAAS,CAAC,+NAA6NE,EAAE,KAAK,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,UAAU,gBAAgB,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,EAAegB,EAAwBlB,EAAIC,EAAS,CAAC,SAAS,CAAcC,EAAE,IAAI,CAAC,SAAS,yUAA+T,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,mNAA+L,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,oJAA0I,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,yWAAoW,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,mKAA8J,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,kJAAwI,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,0GAAqG,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,0IAA0I,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,8BAAyB,CAAC,CAAC,CAAC,CAAC,EAAeiB,EAAwBnB,EAAIC,EAAS,CAAC,SAAS,CAAcC,EAAE,IAAI,CAAC,SAAS,+HAAqH,CAAC,EAAeA,EAAE,MAAM,CAAC,IAAI,8BAA8B,UAAU,eAAe,OAAO,MAAM,IAAI,oEAAoE,MAAM,CAAC,YAAY,aAAa,EAAE,MAAM,KAAK,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,8IAAoI,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,oBAAoB,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,4PAA4P,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,ySAAyS,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,gUAAgU,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,mVAAoU,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,0CAA0C,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,4CAA4C,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,wJAAmJ,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,wDAAwD,CAAC,EAAeF,EAAE,KAAK,CAAC,SAAS,CAAcE,EAAE,KAAK,CAAC,kBAAkB,IAAI,MAAM,CAAC,qBAAqB,OAAO,sBAAsB,eAAe,2BAA2B,MAAM,EAAE,SAAsBF,EAAE,IAAI,CAAC,SAAS,CAAcE,EAAE,SAAS,CAAC,SAAS,uBAAuB,CAAC,EAAE,8UAAyU,CAAC,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,kBAAkB,IAAI,MAAM,CAAC,qBAAqB,OAAO,sBAAsB,eAAe,2BAA2B,MAAM,EAAE,SAAsBF,EAAE,IAAI,CAAC,SAAS,CAAcE,EAAE,SAAS,CAAC,SAAS,mBAAmB,CAAC,EAAE,ySAAyS,CAAC,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,kBAAkB,IAAI,MAAM,CAAC,qBAAqB,OAAO,sBAAsB,eAAe,2BAA2B,MAAM,EAAE,SAAsBF,EAAE,IAAI,CAAC,SAAS,CAAcE,EAAE,SAAS,CAAC,SAAS,OAAO,CAAC,EAAE,yYAA+X,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,sFAAiF,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,qSAAiR,CAAC,CAAC,CAAC,CAAC,EAAekB,EAAwBpB,EAAIC,EAAS,CAAC,SAAS,CAAcC,EAAE,MAAM,CAAC,UAAU,qBAAqB,MAAM,CAAC,iBAAiB,YAAY,YAAY,YAAY,OAAO,OAAO,MAAM,MAAM,EAAE,SAAsBA,EAAEC,EAAE,CAAC,oBAAoB,sEAAsE,SAASC,GAAgBF,EAAEG,EAAE,CAAC,GAAGD,EAAE,KAAK,MAAM,WAAW,GAAG,UAAU,eAAe,IAAI,8BAA8B,CAAC,CAAC,CAAC,CAAC,CAAC,EAAeF,EAAE,KAAK,CAAC,SAAS,mBAAc,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,mLAA8K,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,2MAA2M,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,oGAAoG,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,aAAa,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,sOAAiO,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,2GAA2G,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,YAAY,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,wMAAmM,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,mKAAmK,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,kJAAkJ,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,SAAS,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,iTAAiT,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,iMAAiM,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,gCAAgC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,uHAAkH,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,8EAA8E,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,qHAAqH,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,0RAA0R,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,8NAA8N,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,qMAAqM,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,2IAA2I,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,6KAA6K,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,KAAK,CAAC,UAAU,gBAAgB,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,EAAemB,EAAwBrB,EAAIC,EAAS,CAAC,SAAS,CAAcC,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,qCAA8B,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,+JAA0J,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,gMAAgM,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,iHAA4G,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,gJAA2I,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,iBAAiB,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,4HAA4H,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,sHAAsH,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,kCAAkC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,4DAA4D,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,oFAAoF,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,uFAAuF,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,+HAAgH,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,mBAAmB,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,kBAAkB,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,qHAAqH,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,mDAAmD,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,gCAAgC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,4BAA4B,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,iIAAiI,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,+FAA+F,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,mGAAyF,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,oFAAoF,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,sGAAiG,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,mEAAmE,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,0CAAmC,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,sBAAe,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,gGAAgG,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,2KAAsK,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,2IAA2I,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,yGAAoG,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,6GAA6G,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,2EAA2E,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,2IAA2I,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,8LAA0K,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,iBAAiB,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,eAAU,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,wBAAc,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,2GAA2G,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,2HAAiH,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,qQAAqQ,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,0FAA0F,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,kTAA6S,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,mCAAmC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,2FAA2F,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,gGAA2F,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,kGAAkG,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,gNAA2M,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,gPAA2O,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,gKAAiJ,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,aAAa,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,sCAAiC,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,mBAAY,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,0GAA0G,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,yKAAoK,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,+GAA+G,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,yFAAyF,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,6FAA6F,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,gJAAgJ,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,iQAAqP,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,yDAA6C,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,yGAA0F,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,sBAAsB,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,oHAAoH,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,8EAAyE,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,MAAM,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,2DAAsD,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,4IAAqI,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,sDAAiD,CAAC,CAAC,CAAC,CAAC,EAAeoB,EAAwBtB,EAAIC,EAAS,CAAC,SAAS,CAAcC,EAAE,KAAK,CAAC,SAAS,2CAA2C,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,kMAAkM,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,gIAA2H,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,gIAA2H,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,kQAAkQ,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,uLAA6K,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,+BAA+B,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,8GAAyG,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,2EAA2E,CAAC,EAAeA,EAAE,MAAM,CAAC,IAAI,GAAG,UAAU,eAAe,OAAO,MAAM,IAAI,sEAAsE,MAAM,CAAC,YAAY,aAAa,EAAE,MAAM,MAAM,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,2DAAsD,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,6FAA6F,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,yBAAyB,CAAC,EAAeA,EAAE,MAAM,CAAC,IAAI,GAAG,UAAU,eAAe,OAAO,MAAM,IAAI,qEAAqE,MAAM,CAAC,YAAY,aAAa,EAAE,MAAM,MAAM,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,yBAAoB,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,uDAAuD,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,6KAA6K,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,8FAA8F,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,qBAAqB,CAAC,EAAeA,EAAE,MAAM,CAAC,IAAI,GAAG,UAAU,eAAe,OAAO,MAAM,IAAI,qEAAqE,MAAM,CAAC,YAAY,aAAa,EAAE,MAAM,MAAM,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,8JAA8J,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,+BAA+B,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,sBAAsB,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,gCAAgC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,gKAAsJ,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,oKAA0J,CAAC,CAAC,CAAC,CAAC,EAAeqB,EAAwBvB,EAAIC,EAAS,CAAC,SAAS,CAAcC,EAAE,IAAI,CAAC,SAAS,oKAAoK,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,iCAAiC,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,wFAAwF,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,4HAA4H,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,wUAAwU,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,wIAAwI,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,uBAAuB,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,uRAAuR,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,yVAAyV,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,cAAc,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,4WAA4W,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,4PAAuP,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,mKAA8J,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,6RAA6R,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,mEAAmE,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,uPAAuP,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,+RAA+R,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,gRAAgR,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,+BAA+B,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,sQAAsQ,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,gMAAgM,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,wFAAwF,CAAC,EAAeF,EAAE,KAAK,CAAC,SAAS,CAAcE,EAAE,KAAK,CAAC,kBAAkB,IAAI,MAAM,CAAC,qBAAqB,OAAO,sBAAsB,kBAAkB,2BAA2B,MAAM,EAAE,SAAsBA,EAAE,IAAI,CAAC,SAAS,uDAAuD,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,kBAAkB,IAAI,MAAM,CAAC,qBAAqB,OAAO,sBAAsB,kBAAkB,2BAA2B,MAAM,EAAE,SAAsBA,EAAE,IAAI,CAAC,SAAS,oFAAoF,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,kBAAkB,IAAI,MAAM,CAAC,qBAAqB,OAAO,sBAAsB,kBAAkB,2BAA2B,MAAM,EAAE,SAAsBA,EAAE,IAAI,CAAC,SAAS,+DAA+D,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,kBAAkB,IAAI,MAAM,CAAC,qBAAqB,OAAO,sBAAsB,kBAAkB,2BAA2B,MAAM,EAAE,SAAsBA,EAAE,IAAI,CAAC,SAAS,iGAAiG,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,kBAAkB,IAAI,MAAM,CAAC,qBAAqB,OAAO,sBAAsB,kBAAkB,2BAA2B,MAAM,EAAE,SAAsBF,EAAE,IAAI,CAAC,SAAS,CAAC,kCAA+CE,EAAE,KAAK,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,UAAU,gBAAgB,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,EAAesB,EAAwBxB,EAAIC,EAAS,CAAC,SAAS,CAAcC,EAAE,KAAK,CAAC,SAAS,gDAAyC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,sGAAsG,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,8GAA8G,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAsBA,EAAE,KAAK,CAAC,SAAS,0DAAgD,CAAC,CAAC,CAAC,EAAeF,EAAE,IAAI,CAAC,SAAS,CAAC,mCAAgDE,EAAE,KAAK,CAAC,SAAS,GAAG,CAAC,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAsBA,EAAE,KAAK,CAAC,SAAS,8EAA8E,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAsBA,EAAE,KAAK,CAAC,SAAS,uFAA8D,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAsBA,EAAE,KAAK,CAAC,SAAS,2LAAuK,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,4KAAuK,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,0CAA0C,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,0LAAqL,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,oCAAoC,CAAC,EAAeF,EAAE,KAAK,CAAC,SAAS,CAAcE,EAAE,KAAK,CAAC,kBAAkB,IAAI,SAAsBA,EAAE,IAAI,CAAC,SAAS,qQAAqQ,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,kBAAkB,IAAI,SAAsBA,EAAE,IAAI,CAAC,SAAS,4MAA4M,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,oJAA+I,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,sDAA+C,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,8NAAyN,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,WAAW,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,gHAAsG,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,0HAA0H,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,+EAA+E,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,UAAU,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,oDAAoD,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,2FAAsF,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,6UAAyT,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,iFAAiF,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,mBAAmB,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,6FAA6F,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,gXAAkV,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,uBAAuB,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,+MAA0M,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,2IAAsI,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,oEAA+D,CAAC,EAAeA,EAAE,MAAM,CAAC,IAAI,wCAAwC,UAAU,eAAe,OAAO,MAAM,IAAI,qEAAqE,MAAM,CAAC,YAAY,YAAY,EAAE,MAAM,KAAK,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,uPAAuP,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,sQAA4P,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,mBAAmB,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,sFAAsF,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,8KAAyK,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,oKAAoK,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,2GAAsG,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,wDAA4C,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,mKAAmK,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAsBA,EAAE,KAAK,CAAC,UAAU,gBAAgB,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,EAAeuB,EAAwBzB,EAAIC,EAAS,CAAC,SAAS,CAAcC,EAAE,KAAK,CAAC,SAAS,4BAA4B,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,2eAAie,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,4lBAA4lB,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAsBA,EAAE,KAAK,CAAC,UAAU,gBAAgB,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,8DAA8D,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,goBAAgoB,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,gSAAgS,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAsBA,EAAE,KAAK,CAAC,UAAU,gBAAgB,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,yDAAyD,CAAC,EAAeF,EAAE,KAAK,CAAC,SAAS,CAAcE,EAAE,KAAK,CAAC,kBAAkB,IAAI,MAAM,CAAC,qBAAqB,OAAO,sBAAsB,eAAe,2BAA2B,MAAM,EAAE,SAAsBA,EAAE,IAAI,CAAC,SAAS,mQAAmQ,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,kBAAkB,IAAI,MAAM,CAAC,qBAAqB,OAAO,sBAAsB,eAAe,2BAA2B,MAAM,EAAE,SAAsBA,EAAE,IAAI,CAAC,SAAS,4KAA4K,CAAC,CAAC,CAAC,EAAeF,EAAE,KAAK,CAAC,kBAAkB,IAAI,MAAM,CAAC,qBAAqB,OAAO,sBAAsB,eAAe,2BAA2B,MAAM,EAAE,SAAS,CAAcE,EAAE,IAAI,CAAC,SAAS,wUAAwU,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAsBA,EAAE,KAAK,CAAC,UAAU,gBAAgB,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,yEAAyE,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,6BAA6B,CAAC,EAAeF,EAAE,IAAI,CAAC,SAAS,CAAC,oBAAiCE,EAAEI,EAAE,CAAC,KAAK,+BAA+B,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,2CAA2C,CAAC,CAAC,CAAC,EAAE,kiBAAwhB,CAAC,CAAC,EAAeL,EAAE,IAAI,CAAC,SAAsBA,EAAE,KAAK,CAAC,UAAU,gBAAgB,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,uBAAuB,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,4NAAuN,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,0JAA0J,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,0MAA0M,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,+IAA+I,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,0OAA0O,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,4WAA4W,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,0QAA0Q,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAsBA,EAAE,KAAK,CAAC,UAAU,gBAAgB,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,yDAAyD,CAAC,EAAeF,EAAE,KAAK,CAAC,SAAS,CAAcE,EAAE,KAAK,CAAC,kBAAkB,IAAI,MAAM,CAAC,qBAAqB,OAAO,sBAAsB,eAAe,2BAA2B,MAAM,EAAE,SAAsBA,EAAE,IAAI,CAAC,SAAS,6DAA6D,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,kBAAkB,IAAI,MAAM,CAAC,qBAAqB,OAAO,sBAAsB,eAAe,2BAA2B,MAAM,EAAE,SAAsBA,EAAE,IAAI,CAAC,SAAS,8CAA8C,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,kBAAkB,IAAI,MAAM,CAAC,qBAAqB,OAAO,sBAAsB,kBAAkB,2BAA2B,MAAM,EAAE,SAAsBA,EAAE,IAAI,CAAC,SAAS,mCAAmC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAsBA,EAAE,KAAK,CAAC,UAAU,gBAAgB,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,4DAA4D,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,kPAA6O,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,mJAAmJ,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,kFAAkF,CAAC,EAAeF,EAAE,KAAK,CAAC,SAAS,CAAcE,EAAE,KAAK,CAAC,kBAAkB,IAAI,MAAM,CAAC,qBAAqB,OAAO,sBAAsB,eAAe,2BAA2B,MAAM,EAAE,SAAsBA,EAAE,IAAI,CAAC,SAAS,qMAA2L,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,kBAAkB,IAAI,MAAM,CAAC,qBAAqB,OAAO,sBAAsB,eAAe,2BAA2B,MAAM,EAAE,SAAsBA,EAAE,IAAI,CAAC,SAAS,mOAAmO,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,kBAAkB,IAAI,MAAM,CAAC,qBAAqB,OAAO,sBAAsB,eAAe,2BAA2B,MAAM,EAAE,SAAsBA,EAAE,IAAI,CAAC,SAAS,+OAA+O,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,yUAAyU,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,kRAA6Q,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAsBA,EAAE,KAAK,CAAC,UAAU,gBAAgB,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,gBAAgB,CAAC,EAAeF,EAAE,IAAI,CAAC,SAAS,CAAC,aAA0BE,EAAEI,EAAE,CAAC,KAAK,+BAA+B,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,0BAA0B,CAAC,CAAC,CAAC,EAAE,siBAAsiB,CAAC,CAAC,EAAeL,EAAE,IAAI,CAAC,SAAsBA,EAAE,KAAK,CAAC,UAAU,gBAAgB,CAAC,CAAC,CAAC,EAAeF,EAAE,IAAI,CAAC,SAAS,CAAcE,EAAE,KAAK,CAAC,SAAS,utBAAutB,CAAC,EAAE,QAAG,CAAC,CAAC,CAAC,CAAC,CAAC,EAAewB,EAAwB1B,EAAIC,EAAS,CAAC,SAAS,CAAcC,EAAE,KAAK,CAAC,SAAS,qBAAqB,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,8RAA8R,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,6BAA6B,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,sEAAsE,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,2CAA2C,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,iDAA4C,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,2BAA2B,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,qsBAAqsB,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,2BAA2B,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,+XAA0X,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,uDAAuD,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAEI,EAAE,CAAC,KAAK,wDAAwD,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,0BAA0B,CAAC,CAAC,CAAC,CAAC,CAAC,EAAeL,EAAE,IAAI,CAAC,SAAS,4VAAuV,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,mNAAmN,CAAC,EAAeF,EAAE,IAAI,CAAC,SAAS,CAAC,8OAA2PE,EAAE,KAAK,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,UAAU,gBAAgB,CAAC,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,0BAA0B,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,+VAA+V,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,wRAAwR,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,+OAA0O,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,kSAAkS,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,gLAAgL,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,qVAA2U,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,6BAA6B,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,oRAAoR,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,0CAA0C,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,icAAic,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,4BAA4B,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,8DAA8D,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,iEAAiE,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,kFAAkF,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,kDAAkD,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,yDAAyD,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,sDAAsD,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAsBA,EAAE,KAAK,CAAC,UAAU,gBAAgB,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,uGAAuG,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAS,YAAY,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,mQAAmQ,CAAC,EAAeF,EAAE,IAAI,CAAC,SAAS,CAAcE,EAAEI,EAAE,CAAC,KAAK,uCAAuC,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAsBL,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,gBAAgB,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,iDAAiD,CAAC,CAAC,CAAC,EAAeA,EAAEI,EAAE,CAAC,KAAK,CAAC,UAAU,WAAW,EAAE,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAsBL,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,OAAO,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,gEAAgE,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAsBA,EAAE,KAAK,CAAC,UAAU,gBAAgB,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAsBA,EAAE,KAAK,CAAC,SAAS,utBAAutB,CAAC,CAAC,CAAC,CAAC,CAAC,CAAC,EAAeyB,EAAwB3B,EAAIC,EAAS,CAAC,SAAS,CAAcC,EAAE,IAAI,CAAC,SAAS,+bAA+b,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAsBA,EAAE,KAAK,CAAC,UAAU,gBAAgB,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,sDAAsD,CAAC,CAAC,CAAC,EAAeF,EAAE,IAAI,CAAC,SAAS,CAAC,qCAAkDE,EAAEI,EAAE,CAAC,KAAK,oDAAoD,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,eAAe,CAAC,CAAC,CAAC,EAAE,2LAA2L,CAAC,CAAC,EAAeL,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,oCAAoC,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,uXAAuX,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,qOAAqO,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,8BAA8B,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,oSAAoS,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,iDAAiD,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,qPAAqP,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,iCAAiC,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,wRAAwR,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,uCAAuC,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,2UAA2U,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,0BAA0B,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,2SAA2S,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,gDAAgD,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,8SAA8S,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,oCAAoC,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,8SAA8S,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,uCAAuC,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,iMAAiM,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,gCAAgC,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,kSAAkS,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,6BAA6B,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,iRAAiR,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,gDAAgD,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,iPAAiP,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,qCAAqC,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,gMAAgM,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,0CAA0C,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,8SAA8S,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,8CAA8C,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,yMAAyM,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,mCAAmC,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,mTAAmT,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,yCAAyC,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,0SAA0S,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,6BAA6B,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,+KAA+K,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,uCAAuC,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,oTAAoT,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,gCAAgC,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,2NAA2N,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,0BAA0B,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,wTAAwT,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,+BAA+B,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,0OAA0O,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,0BAA0B,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,oMAAoM,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,2BAA2B,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,ySAAyS,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,oDAAoD,CAAC,CAAC,CAAC,EAAeF,EAAE,IAAI,CAAC,SAAS,CAAC,+CAA4DE,EAAEI,EAAE,CAAC,KAAK,kFAAkF,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,uBAAuB,CAAC,CAAC,CAAC,EAAE,iLAAiL,CAAC,CAAC,EAAeL,EAAE,KAAK,CAAC,SAAsBA,EAAE,KAAK,CAAC,UAAU,gBAAgB,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,8CAA8C,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,0UAA0U,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,+LAA+L,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,sOAAsO,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,6JAA6J,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,KAAK,CAAC,UAAU,gBAAgB,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,yCAAyC,CAAC,CAAC,CAAC,EAAeF,EAAE,IAAI,CAAC,SAAS,CAAC,oCAAiDE,EAAEI,EAAE,CAAC,KAAK,uEAAuE,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,qBAAqB,CAAC,CAAC,CAAC,EAAE,2OAA2O,CAAC,CAAC,EAAeL,EAAE,IAAI,CAAC,SAAS,8GAA8G,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,KAAK,CAAC,UAAU,gBAAgB,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,yCAAyC,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,qOAAqO,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,0QAA0Q,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,6HAA6H,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,kKAAkK,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,uIAAuI,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,oQAAoQ,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,KAAK,CAAC,UAAU,gBAAgB,CAAC,CAAC,CAAC,EAAeA,EAAE,KAAK,CAAC,SAAsBA,EAAE,SAAS,CAAC,SAAS,YAAY,CAAC,CAAC,CAAC,EAAeA,EAAE,IAAI,CAAC,SAAS,iQAAiQ,CAAC,EAAeF,EAAE,IAAI,CAAC,SAAS,CAAC,sCAAmDE,EAAEI,EAAE,CAAC,KAAK,wDAAwD,YAAY,GAAG,OAAO,YAAY,aAAa,GAAG,QAAQ,oBAAoB,aAAa,GAAG,SAAsBJ,EAAEK,EAAE,EAAE,CAAC,SAAS,cAAc,CAAC,CAAC,CAAC,EAAE,2IAA2I,CAAC,CAAC,CAAC,CAAC,CAAC,EAClx6IqB,EAAqB,CAAC,QAAU,CAAC,UAAY,CAAC,KAAO,WAAW,YAAc,CAAC,sBAAwB,GAAG,CAAC,EAAE,UAAY,CAAC,KAAO,WAAW,YAAc,CAAC,sBAAwB,GAAG,CAAC,EAAE,WAAa,CAAC,KAAO,WAAW,YAAc,CAAC,sBAAwB,GAAG,CAAC,EAAE,WAAa,CAAC,KAAO,WAAW,YAAc,CAAC,sBAAwB,GAAG,CAAC,EAAE,UAAY,CAAC,KAAO,WAAW,YAAc,CAAC,sBAAwB,GAAG,CAAC,EAAE,UAAY,CAAC,KAAO,WAAW,YAAc,CAAC,sBAAwB,GAAG,CAAC,EAAE,WAAa,CAAC,KAAO,WAAW,YAAc,CAAC,sBAAwB,GAAG,CAAC,EAAE,WAAa,CAAC,KAAO,WAAW,YAAc,CAAC,sBAAwB,GAAG,CAAC,EAAE,WAAa,CAAC,KAAO,WAAW,YAAc,CAAC,sBAAwB,GAAG,CAAC,EAAE,UAAY,CAAC,KAAO,WAAW,YAAc,CAAC,sBAAwB,GAAG,CAAC,EAAE,WAAa,CAAC,KAAO,WAAW,YAAc,CAAC,sBAAwB,GAAG,CAAC,EAAE,WAAa,CAAC,KAAO,WAAW,YAAc,CAAC,sBAAwB,GAAG,CAAC,EAAE,UAAY,CAAC,KAAO,WAAW,YAAc,CAAC,sBAAwB,GAAG,CAAC,EAAE,UAAY,CAAC,KAAO,WAAW,YAAc,CAAC,sBAAwB,GAAG,CAAC,EAAE,UAAY,CAAC,KAAO,WAAW,YAAc,CAAC,sBAAwB,GAAG,CAAC,EAAE,WAAa,CAAC,KAAO,WAAW,YAAc,CAAC,sBAAwB,GAAG,CAAC,EAAE,UAAY,CAAC,KAAO,WAAW,YAAc,CAAC,sBAAwB,GAAG,CAAC,EAAE,WAAa,CAAC,KAAO,WAAW,YAAc,CAAC,sBAAwB,GAAG,CAAC,EAAE,WAAa,CAAC,KAAO,WAAW,YAAc,CAAC,sBAAwB,GAAG,CAAC,EAAE,SAAW,CAAC,KAAO,WAAW,YAAc,CAAC,sBAAwB,GAAG,CAAC,EAAE,WAAa,CAAC,KAAO,WAAW,YAAc,CAAC,sBAAwB,GAAG,CAAC,EAAE,mBAAqB,CAAC,KAAO,UAAU,CAAC,CAAC",
  "names": ["richText", "u", "x", "p", "ComponentPresetsConsumer", "t", "Youtube", "Link", "motion", "richText1", "richText2", "richText3", "richText4", "richText5", "richText6", "richText7", "richText8", "richText9", "richText10", "richText11", "richText12", "richText13", "richText14", "richText15", "richText16", "richText17", "richText18", "richText19", "richText20", "__FramerMetadata__"]
}