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American Express Company (NYSE:AXP)
Q3 2007 Earnings Call
October 22, 2007 5:00 pm ET
Dan Henry - CFO
Ron Stovall - IR
Meredith Whitney - CIBC World Markets
Chris Brendler - Stifel Nicholas
Ken Posner - Morgan Stanley
David Hochstim - Bear Stearns
Sanjay Sakhrani - KBW
Bob Napoli - Piper Jaffray
Brad Ball - Citi
Eric Wasserstrom - UBS
Mark Sproule - Thomas Weisel Partners
James Fotheringham - Goldman Sachs
Welcome to the American Express third quarter 2007 earnings conference call. (Operator Instructions) I would now like to turn the conference over to our host, Mr. Ron Stovall, Investor Relations. Please go ahead.
Ron Stovall
Thank you and welcome to everyone. We appreciate all of you joining us for today's discussion.
As usual, it's my job to remind you that the discussion today contains certain forward-looking statements about the company's future financial performance and business prospects, which are subject to risks and uncertainties, and speak only as of today. The words believe, expect, anticipate, optimistic, intend, plan, aim, will, should, could, likely and similar expressions are intended to identify forward-looking statements.
Factors that could cause actual results to differ materially from these forward-looking statements included in the company's financial and other goals are set forth within today's earnings press release, which was filed in an 8-K report; and in the company's 2006 10-K report, already on file with the Securities and Exchange Commission.
In the third quarter 2007 earnings release and supplement, which are now posted on our website at ir.americanexpress.com and on file with the SEC in an 8-K report, we have provided information that compares and reconciles the company's managed financial measures with GAAP financial information, and we explain why these presentations are useful to management and to investors. We urge you to review that information in conjunction with today's discussion.
Dan Henry, Executive Vice President and Chief Financial Officer of American Express, will provide some introductory remarks highlighting the key points relating to today's announcement.
Once he completes his remarks we will turn to the moderator, who will announce your opportunity to get into the queue for the Q&A period. Up until then, no one is actually registered to ask questions. While we will attempt to respond to as many of your questions as possible before we end the call, we do have a limited amount of time. Based on this, we ask that you limit yourself to one question at a time during the Q&A.
With that, let me turn the discussion over to Dan.
Dan Henry
Thanks, Ron and thanks, everyone for joining the call today. I'm very pleased to address the results for this quarter. As Ron mentioned, I will make some introductory remarks and then we will open up the line to take your questions.
As you've seen in the earnings documents, our third quarter results were a continuation of the strong business momentum we have reported throughout recent years. They reflect the benefit of our multi-year investments in a broad range of business-building initiatives.
When we compare our results from continuing operations to the third quarter of last year, net revenue grew 11%, income increased 15% and diluted EPS of $0.90 rose 18%. In addition, ROE for the prior 12 months was 38%.
Significant items this quarter included:
A $41 million after-tax charge related to the American Express International Deposit Company's investment portfolio, resulting from the previously announced sale of American Express Bank; and,
A $75 million tax benefit, primarily related to the resolution of prior years' tax items. Last year's third quarter included a $24 million after-tax gain on the sale of our card-related operations in Malaysia and Indonesia.
In addition, both quarters included reengineering costs which totaled approximately $7 million after-tax in each period.
During the quarter and year-to-date we returned 84% and 85% respectively of total capital generated to our shareholders through share repurchases and dividends. Since 1994, we have returned 70% of capital generated to shareholders, which is above our 65% long-term target.
The 11% revenue growth in the quarter reflects strong double-digit increases in a number of revenue categories, including discount revenue and card member lending finance revenue. As we discussed with you last quarter, overall revenue growth was suppressed somewhat by substantially higher interest expense.
There is one other point I want to clarify related to revenue estimates that I pointed out last quarter but continues to be an issue. It generally appears that brokerage analysts' models detailing our revenues haven't adjusted to reflect our revised income statement presentation. However, within the various services that report the analyst estimates, there seems to be inconsistencies in the revenues reflected from various analysts. In most cases, revenues reflected are net of interest expense as we report them; while in others, revenues before interest expense seem to be included.
Additionally, in some cases, revenue estimates are made on a managed rather than a GAAP basis. Because of this, the consensus revenue figures reported by these services are not comparable to our reported GAAP revenues net of interest expense. For those who want to compare the company's revenues from a managed perspective, you need to add the U.S. Card Services GAAP-to-managed adjustment shown in our earnings tables and supplements.
Now as previously communicated, we revised our segment reporting this quarter to reflect the impact of our recent realignment of the company into consumer and business-to-business organizations and the agreement to sell American Express Bank to Standard Chartered. As a result of these events, the previously reported International Card and Global Commercial Services segment is now reported as two separate segments: International Card Services and Global Commercial Services. In addition, the results of American Express Bank have been removed from the corporate and other segment and are now reported within the discontinued operations line.
So let me make a few observations related to the revised reporting. As you have seen within our prior disclosures, our overall international business growth has been strong, as the combination of our proprietary consumer, corporate services and global network services business have strengthened the company's position and potential throughout the major regions around the globe.
I would like to note that the relatively slower card and volume growth within international card services during recent quarters reflects the constrained level of investments during the past few years, in addition to the negative impact of business sales in Brazil, Malaysia and Indonesia.
As you know from our prior disclosures, difficult industry-wide credit conditions in certain markets and our own restructuring activities reduced acquisition and loyalty-related investments outside the U.S.
Recent quarters also reflect the more selective premium customer strategy the international card services management team has been focused on. The benefits of that strategy shift are evident in the strong average card member spend growth and the higher average fee per card reported in this quarter. These results, in addition to increased investment levels, position us well for the future.
You'll note a tax credit in most quarters within international card services. This will likely continue, as our internal tax allocation process reports within this segment the consolidated tax benefit arising from its ongoing non-U.S. funding activities.
Lastly, you'll see that segment capital and return on segment capital for international card services and global commercial services include the impact from the allocation of goodwill that previously resided within the old international card and global commercial services segment. The majority of the goodwill was attributed to business travel acquisitions. Consistent with Generally Accepted Accounting Principles, that goodwill has been allocated to the two segments based on the relative fair value of these segments. Our segment capital allocation method includes a dollar-for-dollar allocation for our goodwill.
I note this because it is important for you to understand that the return on tangible equity within the international card services and global commercial services segments are substantially higher than the reported returns, which include the impact of this goodwill.
Now as far as our consolidated results go, they were driven by excellent growth in card member spend, loans and cards in-force. Billed business growth remains strong, and each of our customer segments in every geographic region contributed to the 16% growth worldwide or 14% growth on an FX-adjusted basis.
Let me give you some more detail. In our U.S. proprietary business, consumer spending grew 12%; small business spending rose 15%; and corporate services volumes improved by 9%. In total, U.S. volumes for retail and everyday spend grew 15%. This category represents about 68% of U.S. billings. Travel and entertainment-related spending, which accounts for the remainder, rose 10%.
Outside the U.S., proprietary billed business grew 10% on an FX-adjusted basis. This was driven by 7% growth within our consumer and small business activity, and 15% growth within corporate services. Within global network services, billed business rose 45%, driven by nearly 100% growth within the U.S., as well as continued robust growth outside of the U.S.
Worldwide cards in-force rose 11%. We added 2.5 million net new cards during the quarter and 8.2 million net new cards since last year. This reflects 6% growth versus last year in proprietary cards, and 32% growth in network partner cards. Spending per proprietary basic card grew 8% worldwide, even with the suppressing effect of substantial card additions over the past few years. Our average discount rate of 2.57 was flat versus last year and last quarter.
With strong growth in cards and a higher average fee per card, net card fee revenue increased 13% this quarter. Travel commissions and fees increased 13%, reflecting a 16% increase in travel sales.
Once again, we saw our strong growth in card member spending generate a high level of loan growth. Worldwide lending balances on an owned basis rose 32%. On a managed basis, balances grew 23% on 24% growth in the U.S. and a 17% increase in our non-U.S. portfolios. This strong growth continues to reflect the flowthrough of particularly attractive spending levels within our co-brands, lending on charge and other credit card relationships. It also reflects our successful acquisition efforts surrounding these products.
Securitization income increased 2%, as higher gains from issuances and a greater average balance on securitized loans offset higher write-offs and interest expense. Card member lending finance revenue rose 30% on growth in the owned portfolio. Interest expense increased 39%. This was due to a 40% increase in funding costs within the lending business and a 38% increase in the charge card and other interest expense lines. Much of this reflects volume increases within the business but also higher market rates, which, as you know, rose during the third quarter as LIBOR-based rates and market spreads increased in reaction to the credit concerns that were pervasive throughout the markets.
As we discussed with you last quarter, interest expense was also driven by the expiration of some fixed rate debt and hedges at the end of last year. Specifically, fixed rated debt and hedges within the US card business declined by $11 billion. The effective funding rate on that amount was 3.2%. It was replaced by funding based on higher market rates of approximately 5.4%. This resulted in about $59 million of incremental expense in the quarter versus last year, that was solely related to the debt and hedges that expired.
Marketing and promotion rewards and card member services expense increased 14%, reflecting higher volumes related to rewards costs and greater marketing and promotion expense. Our marketing efforts this quarter were somewhat more focused on spending outside the U.S. versus the U.S.-oriented investment activity during the second quarter. Increases in rewards costs continue to reflect strong spending growth, higher redemption rights and increased card member participation.
Human resource expense increased 11% due to merit increases, greater benefits costs and a higher number of employees, primarily resulting from customer service initiatives and acquisitions within corporate services. The growth in the remaining operating expenses reflect the impact of increased volumes within our technology and card member servicing activities. However, excluding the impact of last year's gain on the sale of our Malaysian and Indonesian businesses, these expenses were flat.
The total provision for loss and benefits increased 25% versus last year, as the lending provision increased 41%, the charge provision rose 9%, and the other provision was 5% higher. The increase in lending provision was driven by higher loan volumes and increased past due and writeoff rates in the US portfolio relative to the lower year-ago levels that benefited from the impact of the 4Q05 bankruptcy legislation. The charge card provision rose 9%, reflecting growth in volumes and relatively stable credit indicators.
The consolidated tax rate of 24% for the quarter declined versus the 29% rate last year, due to the $75 million of tax benefits I referenced earlier.
With that, let me conclude with a few final comments. We again delivered strong revenue and earnings growth and excellent returns during the quarter, while continuing to invest in key business initiatives and maintaining balance sheet strength.
Business metric performance, like growth in billed business and loan balances, continued to be in the top tier of the industry. The gap between our growth rate and that of most major competitors demonstrates the effectiveness and ongoing benefits of our marketing and rewards investments over the past several years.
Credit quality continues to compare favorably to the industry. As expected, losses and past due levels within the U.S. have trended higher, post the bankruptcy reform benefit of last year. However, credit quality indicators remain in line with historic ranges, as we continue to benefit from our focus on the premium market sector and our rewards-oriented strategy.
Needless to say, in light of some signs of stress within aspects of the environment and our strong receivable growth, we continue to be carefully monitoring the trends as we go forward.
While our bottom line results were strong during the quarter, as expected, we continued to be negatively impacted by near-term interest rates and provision challenges discussed with you in prior quarters.
Within interest expense, we saw the effect of the items I mentioned earlier: the $11 billion reduction in our fixed rate debt and hedge position, higher volumes and generally higher market rates. The interest expense level in the fourth quarter is obviously dependent on the credit market environment. Credit spreads remain wider for debt issuers across all rating classes. Our spreads did not widen as much as comparably rated financial institutions in the third quarter, and have since narrowed along with the rest of the market.
For the remainder of 2007, if the more recent reductions in the LIBOR benchmark rates persist but the wider credit spreads continue, we believe our funding costs would not be materially different than what we shared with you last quarter.
As you know from our prior discussions, we have made considerable efforts over recent years to implement flexible business plans. These plans position us to pull back on spending when required by external economic factors or business performance. They also allow us to increase spending if the environment permits.
As such, for the remainder of 2007 we continue to plan to work to target our marketing-related investments to further build upon our competitive strengths at a point where some of our competitors may be experiencing comparatively weaker business results.
In addition to the flexibility measures, we remain focused on reengineering to maximize our ability to invest in key growth opportunities. While reengineering will likely generate some costs from period to period, it positions us to continue to effectively control underlying operating expense growth.
Despite some of the near-term interest and provision pressures we see, we continue to have confidence in the outlook of our business for several reasons: our position within the affluent and high-spending card member sectors remain excellent; it is supported by our ability to leverage our direct merchant relationships, the unique information benefit of our closed loop network and our attractive rewards program.
Given our business momentum and industry-leading results in recent years, and our strong track record of innovation, product development and customer-focused marketing, we believe that we are well-positioned to execute against growth opportunities in a manner that continues to appropriately balance our short, medium and long-term business and financial goals.
Thank you for listening. We are now ready to take your questions.
Question-and-Answer Session
Your first question comes from Meredith Whitney - CIBC World Markets.
Meredith Whitney - CIBC World Markets
Dan, could I just get you to rephrase your final comments? Were you saying that you're going to use the excess earnings or any upside in earnings to plow that back into marketing -- I know I'm extrapolating here -- as opposed to buying back shares, because you feel the opportunities are so rich this quarter?
Dan Henry
I think our outlook now is the same as it has been for a number of years. We look to continue to invest in the business momentum that we've achieved. We certainly balanced the amount that we're spending on marketing, so that we can balance our earnings targets, as well as to continue to invest appropriately to achieve the kind of growth that we have over recent periods. So we're very focused on our billed business growth, as well as loan growth and cards in-force. So we will continue to invest to maintain that business momentum.
Meredith Whitney - CIBC World Markets
So your summary is basically no new changes?
Dan Henry
Meredith Whitney - CIBC World Markets
You guys again experienced receivable growth that none of your competitors experienced; not to mention the billed business growth. Is your provisioning policy that you're just keeping up with the receivables growth, which you're allowed to do? Can you explain your provision policy, because obviously the market is freaked out sufficiently about some of the bank players who have increased their provisions, for different reasons?
Dan Henry
So as we have discussed, we are focused on acquiring customers that have a high level of spend. We put products in the marketplace, both charge products and other lending products, and we really allow the customer to choose which product they want to use, but focused on customers with high spend. As people spend on lending products, there is a flowthrough effect of that high level of spending, which is driving the increase in our loan balances.
Now, as it relates to our provisioning, we have used the same model for provisioning for the last several years. It's focused on the experience that we see and we used those models the same way this quarter as we have in past quarters. So we continue to use the same methodology. We think it's a methodology that appropriately matches credit expense with the revenues that are being generated and provides us with reserves that are appropriate, given the behavior that we're seeing within our customers.
Meredith Whitney - CIBC World Markets
Finally, what are you seeing in terms of behavioral trends with your high end consumer? Thanks so much.
Dan Henry
I think you can look at both our average spend numbers, which despite the fact that we continue to bring in a substantial number of new cards, continue to be very strong, continue to be well above the competition. I think that's a reflection of the quality of customers we're bringing in, as well as the loyalty of those customers, based on the value proposition that we offer to them.
Your next question comes from Chris Brendler – Stifel Nicholas.
Chris Brendler – Stifel Nicholas
Are you seeing any signs of a slowdown, particularly domestically? Last time I discussed this with you, it seemed like the small business sector would be a place where you might see early warning signs of a slowdown, but 15% this quarter looks pretty good. Anything beneath the surface that suggests that you're seeing any sort of slowdown in the U.S.?
Dan Henry
As I mentioned, small business billed business grew by 15%. That's the same level that we had last quarter. Quite frankly, the portfolio continues to perform very well and we are very pleased with it. So in the third quarter, as I said, 15% growth we view to be very positive.
Chris Brendler – Stifel Nicholas
The discount rate continues to defy gravity a little bit. You mentioned in the supplement that you expect that to continue to trend down over time, but it's not trending down this year. Any color on the discount rate? Is that still a mix issue, or is it any sort of pricing initiatives that you have been able to put through?
Dan Henry
Our discount rate is affected by the mix of spending. We have emphasized over the last few years spending in everyday spend categories. Some of those categories have lower discount rates than the average, so to the extent we continue to grow in that area, you'll see discount rates potentially come down.
Also, as certain merchants increase their billings, there is some impact on our rate related to that.
Those two factors, in large measure in recent quarters have been offset by value recapture, where there are merchants where we can clearly demonstrate the value that we are bringing to them and as a result, are able to actually increase the discount rate.
This quarter's rate is the same as last year or last quarter, but what happens in the future will depend on the mix of those items and that's what will drive the discount rate. It could well be that in the future there is a drop in discount rate.
Your next question comes from Ken Posner - Morgan Stanley.
Ken Posner - Morgan Stanley
Good afternoon. American Express is clearly generating very impressive revenue growth from its lending strategy. With the credit delinquencies starting to march up as has been long expected, and with economists in the U.S. calling for a little bit of a slowdown, are you guys taking steps now to tighten underwriting standards and dial back on the growth? Or, are you planning to keep growing, so that the denominator keeps the credit loss ratio from getting too high?
Dan Henry
I think it's important to view our results in the context of the industry, which everybody is aware of. We've been able to balance strong business growth, along with credit indicators which continue to be favorable to the industry.
Certainly, if you look at some of our competitors, while their growth in spending and their portfolios have been significantly slower than ours,, some have been able to control credit well and some have not. As we all know, credit risk is inherent in our business. Our main focus is to ensure that we are making good economic decisions that really maximize the portfolio, as opposed to being focused on simply keeping writeoff rates at a low level. That has always been our outlook and will continue to be our outlook.
As we've discussed numerous times, we think we have built very strong credit capabilities, and those capabilities will monitor very closely what is taking place within the portfolio. We will react appropriately to any changes in the credit environment.
Ken Posner - Morgan Stanley
Could I take that to mean then that there are no plans underway at this moment, or no steps being taking right now to tighten underwriting or dial back on that growth rate?
Dan Henry
I think we continue to want to focus on the premium sector. As you've seen from the charts that we showed at the financial community meeting in August, the make-up of our portfolio this year is exactly the same as it was last year, and the make-up of that portfolio is certainly focused on the prime and super-prime. We haven't changed that focus; we will continue to have that focus.
Again, our immediate reaction to what is taking place in the marketplace isn't to constrain spending of our customers. We do that on a customer-by-customer basis and as long as customers continue to behave appropriately, we will continue to have them spend, which is very much in line with our business model.
Your next question comes from David Hochstim - Bear Stearns.
David Hochstim - Bear Stearns
Could you talk a little bit more about the growth in cards in the quarter and the change in average spending per card member? Just looking at the sequential changes there, is there an effect on the timing of the increase in cards on average spending per card member?
Could you give us a sense of what kind of shift there has been in the last quarter or two on different relationships? Costco, for example, or Delta? Are those still contributing meaningfully to growth in spending as well as cards, or not so much?
Dan Henry
Our cards in-force growth this quarter was strong. It actually is pretty consistent with what we have seen over the last several quarters.
David Hochstim - Bear Stearns
It was a little better, actually.
Dan Henry
A little better, but consistent. That's a reflection of where we're putting our investments. We are very focused on continuing to bring new card members into the franchise. Once we have them into the franchise, to build their loyalty over time, to ensure that we offer them the right product at entry but also, as they evolve as customers, to modify what product they may have so that we continue to meet their needs. I think that is part of the average spend story as well, and we continue to be very focused on having the right loyalty programs in place to drive that higher level of spending.
Quite frankly, I think we're also benefiting in terms of average spend and overall spend, by the fact that the affluent sector is performing very well, and that is really our sweet spot. So I think both how we're investing, what our customer base is and our focus on loyalty programs are all contributing to the high level of spend and the improvement in average spend per card member.
David Hochstim - Bear Stearns
Is there any change in the relative mix of things like Costco and Delta, in terms of new cards and spending, or the other top relationships?
Dan Henry
I think our co-brand partners continue to be a very important part of our franchise. We're seeing an appropriate amount of growth in both cards and spend from those co-brand partners. I would say that we have had a very good relationship with them which has been beneficial to both our customers -- to them and to us -- and that is continuing.
David Hochstim - Bear Stearns
Can you give us a sense of how different funding costs were on secured and unsecured financings in the second half of the third quarter versus the second quarter? I was a little unclear on what you were seeing.
Dan Henry
As you think about it, we really broke this into two pieces. One, we were comparing the $11 billion of fixed rate funding we had last year. When those hedges and fixed rate debt rolled off, they had a rate of about 3.2%. When we had to refund the average cost of that was about 5.4%. We have higher expense in the quarter this quarter compared to last quarter, just as a result of that, of $59 million.
If you look at the rest of the portfolio, I think the funding costs in the third quarter are slightly higher than in the second quarter because there was a run-up in interest rates last year. I guess the goal in the second quarter this year was higher for us, because interest rates were lower in the second quarter of '06 than they were in the third quarter of '06. I think funding costs for us from the second quarter to the third quarter are relatively comparable and we think, assuming the environment doesn't change, would be similar in the fourth quarter to the third quarter.
David Hochstim - Bear Stearns
So saying basically that you weren't affected by the spread widening?
Dan Henry
I think there are multiple things going on in the marketplace. We had LIBOR jump up. We had the spreads widen. On the other hand, Fed funds were moving down, even though that's what we collect from our customers. But when you put it in the mix of all the events that happened in the marketplace, we would think we would wind up in about the same place from a rate basis in the fourth quarter as compared to what we were in the third quarter.
Your next question comes from Sanjay Sakhrani - KBW.
Sanjay Sakhrani - KBW
Dan, you mentioned a lot of the marketing dollars were spent internationally. What were the regions where most of those were spent?
Dan Henry
I think we spent broadly across many regions, including Australia and India. We mixed it up with both some of our larger, more mature markets as well as some of the markets that are smaller and emerging. We focused most of the dollars on acquisition, as we are looking to bring in more card members to the franchise. I would say it was pretty broad-based and heavily focused on the acquisition side. It also continues to support the strategy in international that I referred to, where there we are focusing on the premium sector.
Sanjay Sakhrani - KBW
If we were to think about the next couple of years and where the growth would come from, what regions would the growth in that segment come from?
Dan Henry
So I don't think we do forecasting, although I think we will continue to focus on our major markets, which make a strong contribution. We would be looking to selectively decide which other markets are important that we invest in. Effectively, it will be driven in large measure by both strategy as well as by using our investment optimization process, where we look at which investments will give us the greatest long-term return. So a combination of those two things, I think, will dictate year by year and over the longer term where our investments go.
Your next question comes from Bob Napoli - Piper Jaffray.
Bob Napoli - Piper Jaffray
Thank you. I was also focused on the international opportunity and any change in your viewpoint, given you've had a very substantial run-up or increase in marketing in the international segment. You're starting to see an acceleration of card growth. You had talked about under-investing internationally.
I would like a little more color. Your marketing is up 50% year over year; 43% internationally and up $60 million quarter over quarter.
Dan Henry
As I said, because of just general industry issues, there were credit issues internationally. The fact that we were doing some restructuring, if you look back over the last couple of years, our investment levels were constrained. We think the international markets represent a significant opportunity to us and so we wanted to increase those investment levels.
Now, when you saw us increase investment levels in marketing in the second quarter, it primarily came within the U.S. business because when we realized we had the opportunity, there was more readiness in the U.S. to spend within the second quarter. So as we moved to the third quarter, we wanted to balance that out so that we were increasing our investments in both the U.S. and the international markets, and therefore you saw that in the U.S. segment in the third quarter growth wasn't as robust, but we increased marketing in the third quarter.
So if you look at the two quarters together, it really shows an increase in marketing dollars across all regions of the globe.
Bob Napoli - Piper Jaffray
You also talked about the tax credit that you had, you expect to continue?
Dan Henry
Bob Napoli - Piper Jaffray
What kind of a tax rate are you looking at next quarter and the next couple of quarters, so I can understand what that is?
Dan Henry
In this quarter within the international card services, there was partial sharing of the $75 million; there was about $17 million in there. But even excluding that, there was a credit for that segment. I think that will continue, and it's really based on the way we do our internal tax allocation within the group. We realized some benefits that are in high tax rate environments that we allocate to the international segment. But a large portion of their taxable income is actually in lower tax rate environments, and we permanently reinvest the dollars there. So on that, there's a very low tax rate. We don't expect that to change, so we would continue to see that tax benefit as we move forward.
Bob Napoli - Piper Jaffray
What is the global or the corporate tax rate, then?
Dan Henry
This quarter, our global tax rate was 24% this quarter, compared to 29% in the quarter last year.
Bob Napoli - Piper Jaffray
What is it ongoing?
Dan Henry
The 24% is largely driven by the $75 million tax benefit that we received, related to prior periods. I think we've talked about this on other occasions. If you think about our tax rate, absent any items related to prior periods, we will probably be around that 30%, 31% range. That's on a consolidated basis, but the amount that we're allocating to the international card services group, for the reasons I just cited, it's likely that they will continue to actually have a tax benefit, even when they have pre-tax income.
Bob Napoli - Piper Jaffray
On the hedges, Dan, is that the last big significant amount, the $11 billion, to run off? The $11 billion of funding where the hedges ran off this quarter that cost you $59 million. You said that fourth quarter cost of funds should be similar to the third quarter. So is that the last significant amount?
Dan Henry
The $11 billion ended last year. So every quarter this year will have an impact. So related to that, next quarter, the fourth quarter will be negatively impacted for a similar amount when you compare it to last year.
Bob Napoli - Piper Jaffray
But there are no additional hedges that are running off?
Dan Henry
No significant hedges that are running off, no.
Bob Napoli - Piper Jaffray
Last question, one of your competitors had said that they had seen an uptick in delinquencies and credit issues in areas that have experienced high home price appreciation like California and Florida, for example. Are you not seeing that same kind of a thing?
Dan Henry
As you can see from our credit metrics, they have ticked up slightly, but very much in line with what we expected coming off very low rates last year. At the current time, the credit quality of our portfolio continues to be the same. I think we benefit from the fact that we are focused on the prime and super-prime areas so we have not directly seen an impact from sub-prime activity at the current time.
Your next question comes from Brad Ball - Citi.
Brad Ball - Citi
A question about the GNS business. You have been ramping the growth there significantly. Is there any particular relationship or product that has really been behind that growth? Can you talk about any prospects for additions on the GNS side?
Dan Henry
Our GNS business continues to be very strong. We had growth in the U.S. of almost 100%. Growth outside the U.S. continues to be very robust. I think we are seeing positive results across a broad spectrum of products that we are issuing, as well as a broad section of our partners. We continue to be very pleased with the GNS growth and the way that it fits into our overall strategy, both in the U.S. and internationally.
When you really put together internationally a combination of our proprietary business and the GNS business, we are very pleased with the position we are in.
Brad Ball - Citi
You said in your prepared remarks that there was an impact in the year-ago quarter from lower bankruptcies. We are still seeing bankruptcy levels running a bit below normal. Are you still seeing some benefit from that? How long do you expect that to play out?
Dan Henry
I think if you look at industry statistics, they have gradually been rising over the past year or so. In recent time, probably ticking up a little bit faster. I think we'll keep our eye on that. But when you look at the bankruptcies in relation to our other writeoffs, they are in line with what our expectations were and reflect the fact that we're coming off very low levels in '06.
Your next question comes from Eric Wasserstrom - UBS.
Eric Wasserstrom - UBS
I am just trying to reconcile two distinct trends. On the one hand, in terms of your payout ratios, you talk about how you continue to be far above the standard that you've set for yourself over time, which in some ways seems to question the appropriateness of that standard, given where your ROE is. I wonder why that target isn't discussed?
The only reason I could think of would be if there was some concern about credit trends. But on the other hand, of course, the message is that the credit trends, though rising moderately, are very well contained.
Can you help me understand that interplay between credit pressures and capital allocation?
Dan Henry
I don't think what we are returning to shareholders in terms of dividends or share buybacks has anything to do with concerns about credit. We've been at levels above 55% for quite a while now. I think we like to keep the flexibility that we have in terms of returning capital to shareholders by having a lot of it come through share repurchases. It enables us, if sometime in the future we were going to do some supporting acquisitions, that we would have a way of funding that using the capital that is generated from our business quarter to quarter. That's really the driving force behind keeping the dividend level at where is today, or somewhere near that.
As you know, we periodically have increased it over time, but having the flexibility to either absorb bumps in the road or to be available for acquisitions is the reason that we have our current policy. We'll largely continue that in the future.
Your next question comes from Mark Sproule - Thomas Weisel Partners.
Mark Sproule - Thomas Weisel Partners
On managed receivable growth, can you talk a little bit about the investment there and where you see opportunities distinctly, given some of the pressures that your competitors have noted? How do you balance the desire to build the portfolio with the market pressures of the current environment?
Dan Henry
As we say often, we have a spend-centric focus. It is not our objective to build the loan balances. It is our objective to bring on card members who have higher than average spend. We allow those customers, really, to pick the product that best suits them; so that could be a charge card, it could be a co-branded card, it could be lending on charge, it could be a Blue card. As long as, on average, we're bringing in customers that have higher average spend, that really meets our business model of being focused on spend.
Now what we're getting is really a flowthrough of that higher spend on our lending products, which is what's growing our loan balances. So we don't have a loan balance growth target, it is really driven by our spend. We continue to be focused on the behavior of our customers. We think we have excellent, best in class credit capabilities. They are at all times focused on the behaviors of our customers. Given the environment today, are even more so.
I think loan growth is coming from really strong billed business growth that we are seeing at the end of the day. I think we're comfortable with where we are based on our focus on investing and allowing spending that will have an economic gain for us over time.
Mark Sproule - Thomas Weisel Partners
I think you had mentioned earlier the bifurcation between international spending and domestic spending. As you look into Q4 and beyond, should we see some of that revert back to being maybe a little bit more evenly divided between the two, as you try to acquire more customers domestically?
Dan Henry
Well, I think our spending growth, if you're going to split it between U.S. and outside the U.S., in part will be driven by our investment dollars. So if we are tending to invest a little bit more on one section than the other, you would expect to see somewhat stronger growth there. Now, it's not spending that comes five days or even a quarter after we bring on customers; it builds over time.
I think where we're doing our investing has an influence, as well as the economy also has an influence. We have been pleased with the investments we have been making. I think we've had very good returns.
Going back a little bit to the question on how do we feel about our AR growth, our AR growth is significantly higher than our competitors', but our billed business growth is also significantly higher than our competitors'. So you have to link those two together, and that stronger billed business growth is what is driving the higher AR growth.
We will continue to invest both in the U.S. and internationally. What the growth rates will be will be dependent on our investments and the economies within the respective regions.
Mark Sproule - Thomas Weisel Partners
If I could sneak one last one in quickly. I understand the credit markets, or your credit stability, has been much stronger than your competition. When you look in your portfolio and you're assessing issues that might be problematic, what are you doing to proactively stay ahead of what might be consumer issues across the country, whether it's regionally or group specific?
Dan Henry
On the charge card side, every charge is something that is approved as the charge goes through. We are very focused on our lending customers. If we see good behaviors, we increase their lines. If the individuals' behaviors are not, we actively manage those lines down.
I think we also benefit from a wide amount of diversity within the portfolio, based on the products that we offer and the co-brand partners that we have. So it is something that we are diligent about all the time. We are constantly investing in improving our capabilities and seeing what information we can use to help improve our assessment of a customer's credit worthiness, and therefore what we allow them to spend.
So it is an ongoing mission of ours to have capabilities that will help to drive our business.
Your next question comes from Ken Posner - Morgan Stanley.
Ken Posner - Morgan Stanley
I wanted to ask a question about the discount rate, which as an earlier questioner had pointed out, has remained stable year over year. Can you address the incentives and cashbacks that are netted out in that calculation? Have those changed as a proportion of the total, or are those flat year over year as well?
Dan Henry
As it relates to cashbacks, which are reflected in the discount revenue line, our cashback product continues to perform very well. That is increasing within that line. As we deal with commercial clients, that is also something that gets netted on that line, and we continue to have strong growth in that business as well.
Discount revenue is growing, and those are elements that actually slow that growth down. When you are doing comparisons from billed business to discount revenue, those are some of the elements that come into play there.
Ken Posner - Morgan Stanley
Forgive me, because I've misplaced which page has the footnote that refers to the items that are netted out of that calculation. What is the effect of incentives and other kinds of things that are netted out of the discount rate calculation? Are they increasing or decreasing?
Dan Henry
I don't think they are having a material effect on the discount rate. The thing that has a major effect on the discount rate is really the mix of business that we're seeing by type of merchant; that has an impact. The volumes at specific merchants have an impact. Those would have an impact in terms of driving the rate down.
The major thing that's having an impact in improving the rate is really value recapture where we are dealing with merchants where we can clearly demonstrate that we are bringing value to them and that it's warranted that we have a higher rate. Those are the three key elements that are driving the discount rate.
Your final question comes from James Fotheringham - Goldman Sachs.
James Fotheringham - Goldman Sachs
Thank you. Just with respect to growth opportunities, can you talk about what you see as the greatest opportunities to grow the network? What is the best way to realize these opportunities with respect to organic versus strategic initiatives? Thanks.
Dan Henry
I think our network is going to grow in two ways. The network is going to grow just based on the growth in our proprietary business. As we've said, we think we have great opportunities both in the consumer sector, in middle market, within small business. We think there is an abundant amount of growth as customers and businesses will continue to use credit cards more and more into the future. So I think as we grow the proprietary business, that will strengthen the network.
GNS will also have a very positive effect on the network as we bring more cards onto the network, more spending onto the network. How we utilize independent operators also will benefit the network in terms of allowing our customers to use their card in more places.
Really, all elements of our business will help to improve the network, strengthen it and help us to continue to gain share as we have over the last several years.
James Fotheringham - Goldman Sachs
With respect to debit, do you see that as an opportunity for growth? Or is that not in the consideration that you just outlined?
Dan Henry
Debit is something that we've talked about many times. It's hard to have a large debit program without demand deposits. There are certainly a number of things we can think about doing, but when we look at those opportunities compared to the investment opportunities that we have in our core business, we have so many opportunities in our core business, that's where we will continue to invest.
James Fotheringham - Goldman Sachs
Thank you very much.
Dan Henry
Thanks, everybody for participating in the call today. Just before we get off, I wanted to mention that we will be filing an 8-K within the next couple of weeks, which will actually provide restatements back through 2005. You should be on the lookout for that. That will provide you with some additional historical information on a restated basis.
Thank you, everyone for joining the call. Have a good evening.
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Damn, damn, damn! Eudoxie is the hottest Hip-Hop boo in the game. We have proof!
Luda took his possible wife to the premier of his new movie "New Year's Eve," that we're sure most men out there will get unwillingly dragged to by their wives and girlfriends. But the picture reminded us of something very important: Luda's lady is HOT!

subset: commoncrawl


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They're bad policy, and reproductive rights advocates should stop asking politicians to support them.
Throughout this year's campaign season, women's health advocates have pressed candidates who oppose legal abortion to clarify whether they support "rape exceptions" for women seeking to terminate pregnancies that have resulted from a sexual assault.
Politicians like Todd Akin, Richard Mourdock, John Koster, Mitt Romney, and Paul Ryan have already confirmed their support for a sweeping ban to roll back all legal access to abortion across the nation. Nevertheless, it has become important for some supporters of reproductive rights to hear that these men don't really mean it when it comes to survivors of sexual assault. The interest in rape exceptions makes sense from an emotional standpoint—choice advocates, who expect politicians to feel compassion toward vulnerable women who are recovering from sexual violence, often take the opportunity to point out a case where they believe opposing abortion rights is unforgivably extreme. From a policy point of view, though, their push for rape exceptions falls flat.
For one thing, exceptions only in the cases of rape, incest, and preserving the life of the woman are incredibly, impossibly narrow concessions in the broader landscape of reproductive rights. For those who support legal abortion access, the central argument is that society needs to empower women with the autonomy over their own bodies and the power to determine their own futures—and politicians who personally oppose abortion have no right to dictate those things for every woman in the country. Framing the debate as a struggle to get more lawmakers to agree on abortion access for women who have been raped is not the final goal that choice advocates are striving for. But going multiple rounds in the fight over "rape exceptions" sets up that implicit assumption, effectively stalling the conversation about abortion access in this one small place.
And one of the most problematic things about choice advocates imagining that agreeing on "rape exceptions" is a small, positive step toward reproductive justice is the fact that the policy wouldn't work in practice—and could actually hurt women.
Try it out in the hypothetical. If tomorrow Pennsylvania implemented a state-wide ban on legal abortions that included an exception for rape, how would its politicians, doctors, law enforcement, and abortion clinics effectively enforce it? How will women claim their "rape exception"? Will they have to file the appropriate paperwork with the state and, if so, who will be responsible for approving or denying their abortion request? A woman will probably have to definitively prove she was raped, and verify that she isn't just lying to cheat the system. And in that case, sexual assaults may be ranked against each other, as the bureaucrat in charge of dispensing legal abortions determines which women's claims are more valid than others. Perhaps the rapes that appear to have been violent violations of virginal girls will be seen as more tragic, somehow more "legitimate," while other women may be less likely to be approved for their abortion rights if they were raped at a party where they were drinking alcohol and wearing a skirt. Would Pennsylvania adopt regulations that require rape survivors to report the crime to the authorities within a 72-hour time frame to qualify for their abortion benefits—as one state lawmaker there has actually already proposed?
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What's NewBug fixes
App DescriptionHave fun coloring and painting this Christmas with My Big Christmas Coloring Book!
Choose from lots of festive pictures to color or fill in and then save and share them with your friends and family.
Add a message and turn your Christmas creation into your very own Christmas card!
View the trailer here:-
App Changes
November 30, -0001 Initial Release


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- Resources
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News & Publications Results
Related items for Practice area: Labour and Employment.
48 matches.
|Cross Canada Guide to Human Rights Law in Employment
|IKEA slapped with labour violation in B.C. strike dispute
|L&E Bulletin: SCC Decision on Statutory Freeze Provisions in Labour Legislation
Today, the Supreme Court of Canada provided guidance on the proper interpretation and application of damages for breaches of statutory freeze provisions in labour legislation. These provisions prevent employers from changing terms and conditions of employment after a certification application is made by a union in respect of its employees or during the bargaining process. This case is significant to employers—the Court held that any change to the terms or conditions of employment during a statutory freeze can only be made if the change is consistent with the employer's past management practices or it is a change a reasonable employer would have made in the same circumstances. The change cannot be made because of the arrival of the union.
|Labour and Employment Law Bulletin: Changes to Temporary Foreign Worker Program Announced
Employment Minister Jason Kenney and Immigration Minister Chris Alexander today announced significant reforms to the Temporary Foreign Worker Program ("TFWP"). The TFWP is being reorganized into two streams: the TFWP administered by Employment and Social Development Canada ("ESDC") and the International Mobility Program administered by Citizenship and Immigration Canada ("CIC"). The changes to the TFWP reinforce the federal government's position that the TFWP should be a program of last and limited resort for employers.
|Labour & Employment Law Bulletin: Who is an "employee" under the British Columbia Human Rights Code?
The Supreme Court of Canada has provided some important guidance regarding who qualifies as an "employee" under the British Columbia Human Rights Code in the case of McCormick v. Fasken Martineau DuMoulin LLP.
The case centred around a complaint filed with the British Columbia Human Rights Tribunal by Mr. McCormick, an equity partner at Fasken, alleging that the requirement to divest and retire discriminated against him as an "employee" on the basis of his age. While the Tribunal found that Mr. McCormick was an "employee" for the purposes of human rights legislation, its decision was eventually overturned by the British Columbia Court of Appeal. In upholding the Court of Appeal's decision, the Supreme Court of Canada found that the factors determinative of an employment relationship are the extent to which an individual is controlled by, and dependent on, the alleged employer.
|Doing Business in Western Canada
This guide has been prepared by Lawson Lundell as a concise resource outlining certain key relevant laws and regulations that companies should consider when doing business in Western Canada.
|Labour & Employment Law Bulletin: Privacy Commissioner's Report on Police Information Checks Released
On April 15, 2014, the Office of the Information and Privacy Commissioner for British Columbia (the "Privacy Commissioner") issued a report regarding the use of police information checks in British Columbia (the "Report").
|Union's Right to Employees' Home Contact Information from Employer Trumps Privacy Concerns
Ritu Mahil and Euan Sinclair'sco-authored article, "Union's Right to Employees' Home Contact Information from Employer Trumps Privacy Concerns", examines whether an employer is required to provide employees' home contact details to assist the union with its communications, in light of both the recent Supreme Court of Canada decision in Bernard v. Attorney General (Canada) in the federal context, and the prevailing authority in British Columbia.
|Constructive Dismissal: Should I Stay or Should I Go?
Ritu Mahil'sarticle, "Constructive dismissal: should I stay or should I go?", discusses employee constructive dismissal claims becoming commonplace and the questions an employee might ask themselves when faced with a difficult working environment.
|The Importance of Responding to Privacy Complaints
A recent decision from the Alberta Office of the Information and Privacy Commissioner (the "Alberta Privacy Commissioner") highlights the importance of responding to all privacy complaints and cooperating, to the extent possible, with the Information and Privacy Commissioner during investigations.
|Labour & Employment Law Bulletin: Viewing Employee's Personal Email Violates Privacy Legislation
On December 18, 2013, the Alberta Office of the Information and Privacy Commissioner ordered an employer to provide training to its staff on appropriate management of personal information in response to the employer viewing a former employee's personal email account in breach of Alberta's Personal Information Protection Act ("Alberta PIPA").
|Labour & Employment Law Bulletin: Pension benefits will not be deducted from damages for wrongful dismissal
On December 13, 2013, the Supreme Court of Canada released its decision in IBM Canada Limited v. Waterman, 2013 SCC 70. The decision clarifies that pension benefits paid to an employee during a reasonable notice period should not be deducted from damages for wrongful dismissal.
|Supreme Court of Canada Declares Alberta Privacy Legislation Invalid
The Supreme Court of Canada today issued its much anticipated decision in Alberta (Information and Privacy Commissioner) v. United Food and Commercial Workers, Local 401, 2013 SCC 62, a decision which addresses the balancing of privacy rights with the rights of freedom of expression under the Canadian Charter of Rights and Freedoms.
|What you need to know about changes to Canada's Temporary Foreign Worker program
Deborah Cushing's article, "What you need to know about changes to Canada's Temporary Foreign Worker program", discusses recent changes to the rules of the temporary foreign worker program for employers in Canada.
|Cross Canada Guide to Human Rights Law in Employment
|Labour & Employment Law Bulletin: Restrictive Covenants involving sale of a business: Payette v. Guay Inc., 2013 SCC 45
The Supreme Court of Canada recently reiterated that restrictive covenants that arise in the context of the sale of a business will be treated differently and more generously than those that arise in the context of a contract of employment. While the case arose under the Civil law of Quebec, it clearly has implications for the common law regimes in the rest of Canada.
|Labour & Employment Law Bulletin: Changes to the Temporary Foreign Worker Program
Effective July 31, 2013 the Federal Government announced new rules relating to the temporary foreign worker program. It has advised that the changes are being made to ensure that Canadians are given the first chance at available jobs.
|Labour & Employment Law Bulletin: Supreme Court of Canada Upholds Labour Arbitration Board Decision Rejecting Random Alcohol Testing
The Supreme Court of Canada released its decision in a case concerning random alcohol testing at a paper mill operation. The Court upheld the decision of the labour arbitration board that mandatory random alcohol testing by breathalyzer was not permitted even though it was limited to employees in safety-sensitive positions.
|Labour & Employment Law Bulletin: WorksafeBC Approves Workplace Anti-Bullying and Harassment Policies
On April 24, 2013, WorkSafeBC announced the approval of new Occupational Health and Safety Workplace Bullying and Harassment Policies, which come into effect on November 1, 2013.
Policy D3011502, titled Employer Duties – Workplace Bullying and Harassment, sets out minimum requirements for employers to satisfy their obligation to take all reasonable steps to ensure the health and safety of workers and their obligation to inform, instruct, train and supervise workers to ensure their safety and those of other workers (sections 115(1)(a) and 115(1)(c) of the Workers Compensation Act).
|National Post Ranks Lawson Lundell as Top 10 Canadian Law Firm
Lawson Lundell has been named by Chambers Global, an independent third party legal services guide, in eight practice categories: Aboriginal; Dispute Resolution in British Columbia; Employment and Labour; Energy; Environmental; Mining; Pensions and Benefits; and Real Estate.


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Frankie lives in Coventry, England. He has held many positions including children's worker, factory worker. In one warehouse the manager tried o explain how to put a coin in the drinks machine and kindly stopped the insult when informed 'I've got that bit' ... proper jobs aren't all they're cut out to be, unless it's cutting out with a pair of scissors. He has written most of his life but started to do it seriously when he was a bus driver. The job consisted of driving along in a mobile loony bin. One day he was asked if he wanted to buy some grass by a passenger, who asked for sixty quid for a small plastic pouch of the stuff. He refused and told the manager (at least he thought it was the manager, who was hard to see through the cloud of sweet smelling smoke). "Terrible! That's very expensive and not good for business" said the manager. "Not a good businessman at all" the manager carried on.
"Well, I see your point, but not too bad for a seven year old. He had a face hard enough to chop wood on, which will serve him well in the future." The job started Frankie writing seriously and the book which deals with the mad training to be able to dodge a machete (Skid Marks). There are many other books too from this disturbed mind. Seven genres in all.
Anyway, have a great day.


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What does YAPI stand for?
What does YAPI mean? This page is about the various possible meanings of the acronym, abbreviation, shorthand or slang term: YAPI.
We've found a total of 3 definitions for YAPI:
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Young Actors Professional Intensive
Youth Advocate Program International
Young Artist Performance Incubator
Still can't find the acronym definition you were looking for? Use our Power Search technology to look for more unique definitions from across the web!
"YAPI." Abbreviations.com. STANDS4 LLC, 2014. Web. 22 Dec. 2014. <http://www.abbreviations.com/YAPI>.


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is extremely useful for use with the tablet. Transformed into a small tablet netbook very light and easy to carry, takes up very little space, and has a soft texture that is very good for the proper care of the tablet. One of the cons is that you have to put a barrier between the keyboard and screen ... Read more
I like many thing about this case. Is simple, little, but have resistance, I feel that my tablet is protected for it. Keys are comfortable and big in relation with other. I like so much the color, is so pretty, elegant and different. If you want something like that. This is your case!! The connector ... Read more


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Pro Activ • Proactiv Repairing Lotion • Treatments (Face)
(280 reviews)
|Average Rating.
|Would buy this product again.
Redbone21 on 4/12/2012 3:36:00 PM more reviews by Redbone21
Age: 19-24 Skin: Acne-prone, Olive, Warm Hair: Brown, Curly, Fine Eyes: Brown
As a system you have to be very careful because it can burn your face. Lately I havent used the whole system. Just my sensitive cleanser cetaphil + this lotion at night and my acne had been calm. This individual product is good but for this lotion alone is like $18 and the bottle is kind of small so be aware
2 out of 2 people found this review helpful. Was this review helpful to you? Yes No
*TOP REVIEWER* leung on 4/1/2012 9:52:00 PM more reviews by leung
Age: 30-35 Skin: Combination Hair: Brown Eyes: Black
I love using this for any breakouts or pending breakouts. It works wonderfully on face and chest. Sometimes I get bumps on my chest from being under the sun and this works overnight and my skin is smooth the next morning. This is part of the 3 step system but I only use the Repairing lotion. Definitely recommended.
Was this review helpful to you? Yes No
itzelc18 on 2/19/2012 6:14:00 PM more reviews by itzelc18
Age: 19-24 Skin: Sensitive, Medium, Warm Hair: Brown, Wavy, Fine Eyes: Brown
I bought this about two years ago and was using it regularly and it worked, but I found that after a couple months, it stopped working and I broke out. I never used it again and found something cheaper.
Was this review helpful to you? Yes No
Donovan on 2/13/2012 12:28:00 AM more reviews by Donovan
Age: 30-35 Skin: Combination, Fair Hair: Brunette Eyes: Green
Don't fall for the hype!!!! I was not satisfied with any of the Proactiv products I've purchased. I've found better products at drugstores for a significant fraction of the price. I got MORE acne (white heads) after using this product, plus it made my face feel greasy. The only reason I rated it 1 is because it has a mild scent, and is mild on the skin.
2 out of 2 people found this review helpful. Was this review helpful to you? Yes No
*TOP REVIEWER* missykeyana on 2/12/2012 6:45:00 PM more reviews by missykeyana
Age: 25-29 Skin: Acne-prone, Dark, Neutral Hair: Black, Kinky, Medium Eyes: Brown
Very good product. I used this as part of the entire ProActiv system years ago and it helped clear my skin. This lotion was gentle to my skin and did not cause any adverse effects. I liked that it only took a tiny amount for my whole face. That little bottle lasted a long time! Now that my face has mostly cleared up except for hormonal breakouts, and I'm terrified of aging my face before its time, I am scaling back the use of this to spot treatment only. However, I would recommend that any acne sufferers try this lotion, or the Equate version. They both worked the same for me.
Was this review helpful to you? Yes No
lori2003 on 1/30/2012 5:02:00 PM more reviews by lori2003
Age: 30-35 Skin: Combination, Fair-Medium, Warm Hair: Blond, Wavy, Fine Eyes: Blue
I have been using the Walmart Equate Repairing Lotion ($4.18, and the ingredients are basically the same, see the end of my review for the Equate ingredients) for over a month now and my skin has vastly improved! It is less red, pores are a bit smaller, and hardly any breakouts now! I actually got a compliment the other day on my skin from a total stranger and that has never happened to me in my life!! This is the only thing that I have found that has unclogged my skin! I do not use the entire Proactiv line (Walmart's Equate does sell knock offs of the Proactive Cleanser & Toner). I tried all three products many years ago and it made my breakouts worse! I use this with my Renee Rouleau products instead of using glycolic acid (glycolic makes me break out). I only apply this once in the evening after I have applied my Renee Rouleau moisturizer. Only applying this without another moisturizer dries me out too bad and leads to breakouts. Using it twice a day, dries me out too much, too. All, in all, I recommend this product, especially the Walmart version since it is so cheap. It's worth a shot!
Equate Repairing Lotion Ingredients: Active Ingredient: 2.5% Benzoyl Peroxide. Inactive Ingredients: purified water, ethoxydiglycol, cyclotetrasiloxane, cetearyl alcohol, ceteareth-20, propylene glycol, dimethicone, glyceryl stearate, cyclopentasiloxane, diazolidinyl urea, methylparaben, propylparaben, PEG-100 stearate, panthenol, allantoin, triethanolamine, carbomer, xantham gum, fragrance
4 out of 5 people found this review helpful. Was this review helpful to you? Yes No
Jillydearest on 1/12/2012 2:55:00 PM more reviews by Jillydearest
Age: 19-24 Skin: Combination, Olive Hair: Brunette Eyes: Brown
I like this to keep acne away. It doesn't seem to help a lot on the acne I already have, and it's EXTREMELY drying to my face (especially now that it's winter). After I apply this to my face I quickly use emu oil or another moisturizer I have to keep my face soft. I would buy it again since it helps prevent a lot of acne from coming up. Just remember to moisturize very well after!!
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mihnea on 12/22/2011 3:36:00 PM more reviews by mihnea
Age: 30-35 Skin: Oily, Fair-Medium, Cool Hair: Black, Wavy, Medium Eyes: Blue
Walmart's generic brand 'Equate' makes a great knock-off, Equate Repairing Lotion. It's exactly the same ingredients and the packaging is better.The price varies depending on where you live, my Walmart sells it for $4.18 per 2oz. bottle. It's worth looking into, Proactiv can get pretty pricey in the long run. I hope this was helpful :)
4 out of 5 people found this review helpful. Was this review helpful to you? Yes No
*TOP REVIEWER* lizzea on 12/6/2011 5:11:00 AM more reviews by lizzea
Age: 25-29 Skin: Acne-prone, Tan Hair: Black Eyes: Brown
This has been pretty good at keeping zits at bay and it seems to do a good job of drying out existing blemishes. I think it works really well when used in unison with the other Pro Activ products, especially after toning. I think it's actually worked a bit better than some of my old Benzoyl peroxide gels/creams in the past, which impresses me. I do find that it's a bit expensive for what you get, but I have been fairly content with the results so am happy to give it a good number of lippies :)
1 out of 1 people found this review helpful. Was this review helpful to you? Yes No
TheHster on 10/16/2011 3:25:00 AM more reviews by TheHster
Age: 36-43 Skin: Acne-prone, Fair-Medium Hair: Blond Eyes: Hazel
If you saw this on the tele and ordered it spare of the moment, then your not alone.
I received this about 2 weeks ago and have been using it as directed morning and night, and omg, it seems to be working. Hate that.
I wanted this stuff to be average- scrub, lotion and repair. The packaging is so, so. Routine is simple, smell is non offensive.
Does it work? Yup. My skin is clearer, and less wee bumps appearing. I've also used the mask and this too is quite nice with my skin being super clean feeling following.
I'd say the whole routine is fairly addictive and suspect that when I stop using it all he&@ might break loose but for now I have the best skin I've had for ages . People have commented.
4 out of 4 people found this review helpful. Was this review helpful to you? Yes No
Top Rated Treatments (Face)
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Book your room at Palacio Guendulain
Classic Double RoomMax Occupancy: 3 guests (up to 2 children, 2 infants)
Deluxe Double RoomMax Occupancy: 3 guests (up to 2 children, 2 infants)
Classic Double Room Single UseMax Occupancy: 1 guest
Deluxe Double Room Single UseMax Occupancy: 1 guest
4-star historic hotel in Pamplona with a restaurant
Situated in Pamplona, this historic hotel is close to Plaza del Castillo, Pamplona City Hall, and Pamplona Cathedral. Also nearby are Auditorio Baluarte and Plaza de Toros.
Hotel Features
In addition to a restaurant, Palacio Guendulain features complimentary bicycles. Other amenities include a bar/lounge and complimentary wireless Internet access.
Room Amenities
All guestrooms feature beds with pillowtop mattresses, complimentary wireless Internet access, and complimentary high-speed (wired) Internet access. Other amenities include separate bedrooms and air conditioning.Information missing or incorrect? Tell us!
At your hotel
At your hotel
The hotel offers a restaurant. A bar/lounge is on site where guests can unwind with a drink. Public areas are equipped with complimentary high-speed wired and wireless Internet access. 4 meeting rooms are available. This historic hotel also offers a rooftop terrace, tour/ticket assistance, and multilingual staff.
- 24-hour front desk
- Babysitting or childcare (surcharge)
- Total number of rooms - 25
- Number of floors - 3
- Babysitting or childcare
- Bar/lounge
- Breakfast available (surcharge)
- Concierge services
- Elevator/lift
- Tours/ticket assistance
- Free Wi-Fi
- Free wired high-speed Internet
- Dry cleaning/laundry service
- Area shuttle (surcharge)
- Rooftop terrace
- Laundry facilities
- Meeting rooms
- Multilingual staff
- Restaurant
- Number of meeting rooms - 4
- Number of buildings/towers - 1
Stay connected
Available in all rooms: Free Wi-Fi , Free wired high-speed Internet
Available in some public areas: Free Wi-Fi , Free wired high-speed Internet
In your room
- Climate control
- Air conditioning
- Minibar
- Hair dryer
- In-room childcare (surcharge)
- In-room safe
- Iron/ironing board (on request)
- Rollaway/extra beds available
- Free Wi-Fi
- Free wired high-speed Internet
- Soundproofed rooms
- Hypo-allergenic bedding available
- Complimentary newspaper
- Room service (limited hours)
- Pillowtop mattress
- Cribs/infant beds (complimentary)
- Separate bedroom
- Connecting/adjoining rooms available
Eat and drink
Continental breakfasts are available for a surcharge and are served each morning between 7:00 AM and 10:30 AM.
Palacio Guendulain has a restaurant on site.
Room service (during limited hours) is available.
The recreational activities listed below are available either on site or nearby; fees may apply.
- Bicycle rentals nearby
- Complimentary bicycles on site
The fine print for Palacio Guendulain
When you arrive
Check-in time starts at 3 PM
When you leave
Check-out time is noon
How you can pay
You need to know
Extra-person charges may apply and vary depending on hotel policy.
Government-issued photo identification and a credit card or cash deposit are required at check-in for incidental charges.
Special requests are subject to availability upon check-in and may incur additional charges. Special requests cannot be guaranteed.
Hotel Registry Number - UH000852
- Breakfast fee: EUR 17 for adults and EUR 10 for children (approximately)
- Rollaway bed fee: EUR 58.30 per night
We should mention
Cash transactions at this property cannot exceed EUR 2500, due to national regulations. For further details, please contact the property using information in the booking confirmation. The property has connecting/adjoining rooms, which are subject to availability and can be requested by contacting the property using the number on the booking confirmation.


text:
This jade carving features a jade jar with vines, flowers, leaves and what appears to be birds- This piece is about 5 inches tall and about 6 inches wide.
I have examined this jade carving and see no imperfection except for a one small bird wing that is chipped- please see photo.
If you have any questions, please email me. .
Item ID: T284
Another shopper has this item in their Cart or Wish List.
Victorian Glass, Porcelain, Chinese & Japanese Treasures, Jewelry and the Unexpected.
Please check out our Vintage Collectible Area for Jade, & Other Oriental Treasures


text:
|Please post here and then email me with 'Splish Splash' in the subjest line. Include the name that the seeds will be sent to.
You will send 90 cents in postage and 8 (2 by 3 inch) ziplock bags (the kind from Walmart craft dept.) I will supply the bubble mailer with these seeds;
Larkspur 'Splish Splash' Commercial 2009
Follow-Up Postings:
|I would love them, email me ur address.
|I would love them, email me ur address.
|I am interested if your offer is still open. Thanks!
- Posted by love2gardennc z7b NC (My Page) on Sun, Apr 1, 12 at 16:32
|Thank you, these seeds have been taken.
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text: Ben Stiller is sort of the comedy version of Brad Pitt, in the sense that if he enjoys the experience of working with someone on one project, chances are he'll do it again. And he seems to have found that in Jonah Hill. The actor first popped up in a little cameo in "Night at the Museum: Ba...Read More »


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yuxiang's Activity: Topics
By yuxiang
Hi! I am yuxiang, I am a licensed diploma nurse,from Shandong,China. And,I have total five years nursing working experience.I am preparing for the IELTS for the past few years,And I think My English is pretty good, I am interested in finding a job in some western countries ,And I am also interested in immigrating to the some other country.
In Activity: Topics, you will find a list of every topic submitted by yuxiang.
- by yuxiang Jan 8 '131 RepliesLast post Silverdragon102
- Forum: International Nursing
- by yuxiang Dec 28 '120 RepliesLast post yuxiang
- Forum: International Nursing


text:
Book your room at Hotel Kyriad Tours Sud
Standard room with double bedMax Occupancy: 2 guests (up to 1 child, 1 infant)
Standard room with two bedsMax Occupancy: 2 guests (up to 1 child, 1 infant)
Chambray-les-Tours hotel with a restaurant
Situated in the suburbs, this hotel is close to Pole Sante Leonard de Vinci, Parc des Expositions de Tours, and Stade de la Vallee du Cher. Area attractions also include Vinci International Convention Centre and Tours Cathedral.
Hotel Features
In addition to a restaurant, Hotel Kyriad Tours Sud features complimentary wireless Internet access. Other amenities include free self parking and a library.
Room Amenities
Flat-screen televisions come with premium satellite channels. Guestrooms also feature complimentary wireless Internet access, air conditioning, and coffee/tea makers.Information missing or incorrect? Tell us!
At your hotel
At your hotel
The hotel offers a restaurant. High-speed wireless Internet access is complimentary. This Chambray-les-Tours hotel also offers a library, multilingual staff, and complimentary newspapers in the lobby. Complimentary self parking is available on site.
- Free Wi-Fi
- Restaurant
- Breakfast available (surcharge)
- Total number of rooms - 54
- Multilingual staff
- Complimentary newspapers in lobby
- Front desk (limited hours)
- Library
- Number of floors - 2
- Free RV, bus, truck parking
- Free self parking
- Fireplace in lobby
- Number of buildings/towers - 1
- Television in lobby
Stay connected
Available in all rooms: Free Wi-Fi
Available in some public areas: Free Wi-Fi
Park your car
Free self parking, Free RV, bus, truck parking
In your room
- Premium TV channels
- Soundproofed rooms
- Air conditioning
- Coffee/tea maker
- Daily housekeeping
- Private bathroom
- Hair dryer
- Shower only
- Satellite TV service
- Iron/ironing board (on request)
- Desk
- Flat-panel TV
- Room service (limited hours)
- Connecting/adjoining rooms available
- Cribs/infant beds (complimentary)
- Free Wi-Fi
- Blackout drapes/curtains
Eat and drink
Buffet breakfasts are available for a surcharge and are served each morning between 6:30 AM and 9:30 AM.
Hotel Kyriad Tours Sud has a restaurant serving breakfast and dinner.
Room service (during limited hours) is available.
To make requests for specific accessibility needs, complete the "Special or Accessibility Requests" section of "Trip Preferences" when you book your hotel.
- Accessible path of travel
- Accessible bathroom
- Accessible parking
- In-room accessibility
The fine print for Hotel Kyriad Tours Sud
When you arrive
Check-in time starts at 1 PM
Check-in time ends at 11 PM
Special check-in instructions:
Reception is available until 11 PM. Guests who require after-hours check-in must make arrangement in advance using the telephone number provided on the confirmation notice.
When you leave
Check-out time is noon
How you can pay
Your pets
Pets allowed, Pet maximum weight in kg is 10
You need to know
Extra-person charges may apply and vary depending on hotel policy.
Government-issued photo identification and a credit card or cash deposit are required at check-in for incidental charges.
Special requests are subject to availability upon check-in and may incur additional charges. Special requests cannot be guaranteed.
No rollaway/extra beds available
- A tax is imposed by the city: EUR 1.10 per person, per night
- Breakfast fee: EUR 9.70 per person (approximately)
- Pet fee: EUR 7.00 per pet, per night
We should mention
The property has connecting/adjoining rooms, which are subject to availability and can be requested by contacting the property using the number on the booking confirmation.
National Rating
This hotel has received its official star rating from the French Tourism Development Agency, ATOUT France.


text:
Most people think of candy as something detrimental to dental health. However, one oral biologist claims that he has developed a sweet treat that will actually help fight cavities.Dr Israel Kleinberg told Ivanhoe Broadcast News that his fluoride-free candy protects dental health by increasing the mouth's pH levels to neutralize acid, as well as preserving the minerals in tooth enamel.The creation is the result of several years of research investigating how saliva works to benefit dental health, then attempting to mimic - and improve on - this process."[It's] like if you've got a swimming pool. You have got to get the pH right. If you've got a neutral pH, you've got the ideal condition," he told the news provider.An amino acid known as arginine works in combination with calcium in the product's main ingredient to deposit a layer of protection upon teeth. Kleinberg said that in preliminary studies, kids who ate two of the candies twice per day over the course of a year reduced their cavity incidence by 68 percent.The American Dental Association has said that saliva offers some of the most effective protective benefits against tooth decay.
© 2008 Brafton Inc.
The materials and articles published on DentalPlans.com are for informational purposes only. Although DentalPlans.com strives to be accurate and complete, the information is provided without liability for errors. DentalPlans.com does not warrant the accuracy or completeness of the information, text graphics, links, or other items contained on DentalPlans.com.
DentalPlans.com expressly disclaims liability for errors or omissions in these materials and DentalPlans.com makes no commitment to update the information on DentalPlans.com.
DentalPlans.com expressly disclaims all liability for the use or interpretation by others of information on DentalPlans.com. Decisions based on information contained on DentalPlans.com are the sole responsibility of the visitors, and visitors agree to hold DentalPlans.com and its Affiliates harmless against any claims for damages arising from decisions visitors make on such information.
Nothing on DentalPlans.com constitutes medical advice or other forms of advice. DentalPlans.com assumes no responsibility for material created or published by third parties linked to DentalPlans.com with or without DentalPlans.com's knowledge.
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zip code. These plans are not considered to be qualified health plans under the
Affordable Care Act. Please consult with the respective plan detail page for additional
plan terms. The discounts are available through participating healthcare providers
only. To check that your provider participates, visit our website or call us. Since
there is no paperwork or reimbursement, you must pay for the service at the time
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© 1999-2014 DentalPlans.com, Inc. All Rights Reserved. Patents Pending.


text:
DALLAS A head-on collision on Dallas' Central Expressway sent two people to the hospital in serious condition overnight. The crash happened around 2:30 a.m. on Friday near Royal Lane.
Steven Salgado was driving south on Central Expressway when he saw a black car speed by him going the wrong way.
His headlights were not on at all just his parking lights, said Salgado. He was not fazed. You figure if you are passing a car that fast you would look at somebody. He didn't. He was just staring straight.
Police said the driver of the wrong way car was 31-year-old Ahmed Figueroa.
Dallas police said he was drunk when he smashed into a grey Honda driven by a 21-year-old McKinney woman.
The woman suffered two broken legs but survived the mangled vehicles.
Salgado said it could have been him who got hit.
I happened to see him at the last second, so I scooted over and as he whizzed past me and we got over, Salgado said.
Police arrested Figueroa for intoxication assault.
Court records show he was so drunk he could not tell police where he had been or how much alcohol he had consumed.
It is not the first time he is been arrested for being behind the wheel drunk. Court records also showed he was placed on 180-day probation in July for a DWI in Irving.
I m still shaken up about it, Salgado said. I'm still thinking how close that really was.
Figueroa was in the left hand lane. Dallas police said that is where more than 90 percent of wrong way crashes happen. Police warn people driving at night not to drive in the far left hand lane.
Salgado said it is a tip he will follow from now on.
E-mail email@example.com


text:
Grey's Anatomy Caption Contest 340by Steve Marsi at . Comments
Welcome to the 340th Grey's Anatomy Caption Contest here at TV Fanatic, where readers submit their best caption(s) for a photo from the ABC drama! Ready to see who won it this time around?
Your Caption Contest winner, using a photo from "I Was Made For Lovin' You," is SiriD.
Congratulations! The winning entry appears below. Honorable mentions go out to marjea and Carilie. Thanks to everyone for playing and best of luck again in next week's edition!
Webber: You know, I lost the combination to this about a year ago, now I just carry it around.
Steve Marsi is the Managing Editor of TV Fanatic. Follow him on Google+ or email him here.Tags: Grey's Anatomy, Caption Contests
Webber: It's a new era Bailey when the interns refer to you as 'Booty call Bailey'!
BAiley: Yes, the oncall room, any room in fact has it's uses when the 'gasman' calls!
Webber: Bailey, you and I have become very close over the years, so I want to give you the best advice I have for your marriage. Don't be surprised or upset if Dr. Warren isn't home on time, or for that matter, if he doesn't even make it home at night. You'll just have to be understanding and give him all your trust. That's how Adele and I did it.
Bailey: Chief, do I look like an idiot?!
Webber: I can't believe the Power Ball jackpot was $579 million.
Bailey: And what would you have done with all that money?
Webber: I would have given it to Shonda Rhimes so she wouldn't kill me in 2013.
Webber: You know, I lost the combination to this about a year ago, now I just carry it around.
Bailey: Hey Richard, how's Adele doing. Richard: She's gotten worst. She needs help going to the bathroom. She cant dress herself. She's forgotten how to read and write. Bailey: Im sorry chief. Richard: (cries) If I could swich places with her I would.
Baliey: Hey Richard, how is Adele. Richard: She's gotten worst. She needs help going to the bathroom.. She cant dress her self. She's forgotten how to read or write. Baliey: Im so sorry chief. Richard: (cries) If I could switch places with I would.
Bailey: Listen, I made a promise to Callie that she can be my Pastor. So you can be the Maid of Honor.
Webber: Listen just because Derek did it once does not make it cool.
Bailey: I beg to differ. Did you see his hair?
Richard: "I'm telling you, I've got Shonda's hit list right here in this briefcase."
Miranda: "And?"
Richard: "We're not in it!"
Miranda: "Do I look stupid to you? If we're not in it it's not Shonda's. Everybody is on Shonda's list..."
Richard: "It's just a file of my notes on this plane crash situation."
Miranda: "Well the hospital is somewhat liable"
Richard: "In order for the hospital to be liable there has to be proof of responsibility. There can be no responsibility if the choice to get on that plane was voluntary versus mandatory in which case responsibility is not applicable."
Miranda: "Whatchew talkin' bout Webber?"
Richard (thinking): Bailey can never find out that inside this briefcase is all the footage I've collected of Karev's one night stands!


text:
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