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BMC Software, Inc. (NASDAQ:BMC)
F3Q08 Earnings Call
February 7, 2008 5:00 pm ET
Derrick Vializ - Investor Relations
Robert E. Beauchamp - President, Chief Executive Officer, Director
Stephen B. Solcher - Chief Financial Officer, Senior Vice President
Michael Turits - Raymond James
Derek Bingham - Goldman Sachs
Brendan McCabe - Oppenheimer
Richard Sherman - MKM Partners
Philip Winslow - Credit Suisse
Walter Pritchard - Cowen & Company
Kirk Materne - Banc of America
Tim Klasell - Thomas Weisel
Tom Curlin - RBC Capital
Good day, everyone and welcome to today's BMC Software third quarter fiscal year 2008 earnings conference call. Today's program is being recorded. At this time for opening remarks, I would like to turn things over to Mr. Derrick Vializ. Please go ahead, sir.
Derrick Vializ
Good afternoon, everyone. I'm Derrick Vializ, Vice President of Investor Relations and I would like to thank you for joining us today. On today's call, Bob Beauchamp, our CEO, will provide an overview of our third quarter performance, an update on our business service management strategy, and an update on our mainframe business. After that, Stephen Solcher, our CFO, will provide additional financial and operational details. Bob will then update our guidance for fiscal 2008 before we open the call to questions.
The prepared comments were previously recorded. In addition, this call is being webcast and a complete record of the call will be made and posted to our website. In addition to today's earnings press release, we have posted a presentation which we will refer to at various times during the call. Both of these documents are available on our investor relations website at bmc.com/investors.
Before we continue, I would like to remind you that the statements in this discussion, including statements made during the question-and-answer session regarding BMC's future financial and operating results, the development of and demand for BMC's products, BMC's operating strategies, acquisitions, and other statements that are not statements of historical fact are considered forward-looking statements. These statements are subject to numerous important factors, risks and uncertainties which could cause actual results to differ from the results implied by these or any other forward-looking statements. Cautionary statements relative to these forward-looking statements and BMC's operating results are described in today's press release and the financial presentation, and in our annual report on Form 10-K.
All of these documents are available on our website. These forward-looking statements are made as of today based on certain expectations and we undertake no obligation to update these forward-looking statements.
I would also like to point out that the company's use of non-GAAP financial measures is explained in today's earnings press release and a full reconciliation between each non-GAAP measure and the corresponding GAAP measure is provided in the tables accompanying the press release and in our GAAP to non-GAAP reconciliations found on our website at bmc.com/investors.
At this time, I will turn the call over to Bob.
Robert E. Beauchamp
Thank you, Derrick. Good afternoon, everyone and thank you for joining us for today's call. BMC's third quarter results continue to demonstrate positive momentum in the execution of our strategy for growth in revenue, profitability, cash flow from operations, and leadership in the markets we serve.
This is the 11th consecutive quarter in which we've met or exceeded our revenue and non-GAAP EPS guidance, as we've seen yet again strong year-over-year performance in all our key metrics.
For example, we saw strong growth in licensed and total bookings. Revenue rose 11%, which exceeded the high end of the guidance range and grew across all major geographies. License revenue grew 17%. Our non-GAAP operating margin improved five points year over year, reaching 30% for the quarter.
Non-GAAP diluted EPS were $0.57, which represented an increase of 39% and exceeded the high end of the guidance range.
Year-to-date cash flow from operations almost doubled on a year-over-year basis.
With our improved performance in the third quarter, we are again raising our guidance for the full year. I will cover this at the end of our prepared remarks but first, I would like to spend a little time discussing how our two business units performed during the quarter.
Our ESM unit continued to ride the rising tide of interest in business service management as core BSM license bookings grew 11% during the third quarter with tough comparisons.
In the fourth quarter, we expect to see our core BSM license bookings growth rate doubling that of the current quarter. We pioneered this movement and we continue to be both the thought and market leader in business service management.
Indeed, our BSM software solutions have rapidly become the standard. Credit Suisse, Merrill Lynch, Unisys, EDS, Motorola, Tata Motors, MET Life -- these are just a few of the companies I've recently spoken to and they've all expressed how committed and excited they are to be standardizing on our BSM platform.
Tata Motors, India's premiere auto maker and increasingly an important player on the international stage, offers an outstanding example. The company selected BMC's BSM platform to assist in shrinking the development cycle time of its newly unveiled low-cost automobile, the Nano.
Our solutions enabled the company to streamline its IT service delivery and align its IT infrastructure with its business needs. In fact, Probir Mitra, the CIO of Tata Motors, said: "the recent success of Nano happened with the assistance of BSM tools provided by BMC Software. During the development of the Nano, the BSM tools helped us in the simulation of various processes and reduction of product lifecycle times. All this led to heavy cost cutting and time efficiency." He further added that he would recover Tata Motors' substantial investment in our BSM software in less than one year.
Since implementing our software solutions, the company has seen its IT manpower requirements drop by 20%. Calls related to desktops and PCs dropped by 40% and perhaps most telling, help desk calls from suppliers have plummeted, where once its help desk fielded some 2,500 calls per month from a network of 1,700 suppliers. Tata Motors has reported a staggering 80% reduction since implementing our BSM solutions.
That these impressive benefits should accrue to such a large company in such a short period of time is very convincing evidence of the transformative power of our BSM platform.
It's a message that's been heard by major companies throughout the world. Just this past quarter, we've concluded deals with a top global consulting and systems integration firm, the largest municipal hospital and healthcare system in the United States, two major life insurers, one of the world's leading pharmaceutical companies, and a preeminent global financial services firm.
What's driving the success of BSM, in particular our BSM solutions?
The fact that distributed IT environments are becoming increasingly complex, compounding the difficulties in evolving and effectively managing IT processes. At its core, BSM provides the opportunity to align IT with business priorities, to reduce cost through automation across all of IT, so that budget can be recaptured or reallocated to growth the customer's business.
It's the platform leading CIOs are using to redesign and modernize all key IT processes.
Turning next to our DSM solutions, although license bookings were flat this quarter, we remain encouraged by year-to-date performance of our DSM product lines, as license bookings have grown 9% year over year. This segment of our business shares certain characteristics with the mainframe marketplace. The deals may be large and the cyclical timing of contract renewals make revenues lumpy.
Last quarter, we announced actions to improve our sales executions through increased incentives and by linking sales to BSM deals. These efforts, combined with our innovative vision and technology leadership, position us well for continued improvement.
We've also seen an impressive quarter from our mainframe service management unit. Thanks to outstanding execution and solid demand for our market leading mainframe systems and data management software tools, MSM performed well above our expectations in the third quarter. Total bookings exceeded expectations on both a quarterly and trailing 12-month basis.
We never forget that our large mainframe customers are running their most mission-critical systems, which rely on our technology to ensure a high level of performance and availability. Our innovative solutions have earned us loyalty from our existing clients, which has been instrumental in renewing contracts, increasing their run-rate of spend, and bringing new business in the door.
For example, in this quarter alone, we've continued to expand our customer base with 27 new MSM customers, as many enterprises choose our market-leading job scheduling solutions over those of our competitors.
We continue to innovate and drive revenue growth in segments many consider to be relatively mature. For example, we've recently gone GA with a new data and systems management tool for IMS. This new product helps out customers quickly pinpoint the root cause of problems and provide essential audit information. We're not surprised that we saw sales for this new product within the first week of its release.
Our MSM business unit is in a healthy marketplace, characterized by a stabilizing pricing environment, ongoing demand for increased capacity, and by our position as a key player in the industry.
Let me next comment on the overall operating efficiencies and scale of our business. Two years ago, we launched a business process improvement program that focused on increasing the company's operating margins. Our goal is to be among the top quartile in our peer group across all key functional areas.
Give the large margin improvement we saw this quarter with our non-GAAP operating margin reaching 30%, we feel we are right on track to meet this goal.
Finally, I would like to say a few words regarding our commitment to delivering shareholder value. Over the past years, we've worked to strengthen and improve our balance sheet, while pursuing an accelerated share repurchase program. We've also made smaller but strategic acquisitions that have helped enhance our competitive standing.
This approach has generated some encouraging early successes -- ProactiveNet, Imprezza, and Real Ops have all seen increasing customer acceptance of their technologies. In fact, run-book automation has quickly become one of the hottest technologies supporting the data center today. We've seen BSM customers mentioned on earlier calls, such as Lowe's Home Improvement stores and MET Life, eagerly adopt our new solutions to their long-term BSM roadmaps.
We believe this approach to building shareholder value has been a successful way to make BMC a much stronger and more competitive company and it's enabled us to achieve our strategic and financial goals.
We are pleased with the market recognition of our efforts. As we look ahead to the remainder of 2008, we see solid growth opportunities for BMC and in pursuit of that growth, we'll continue to rely on the three pillars of our success -- to build greater value for our shareholders as we leverage the strength of our business model, the value that our proven solutions provide our customers, and the consistent improvement in our financial and operational performance.
With that, I will turn the call over to Steve for a more detailed operational and financial review. Afterward, I'll return with some brief closing remarks. Steve.
Stephen B. Solcher
Thanks, Bob. Our solid third quarter results reflect the continued strength of our business model. Once again, we saw solid growth in our key financial metrics, including total bookings, revenue, non-GAAP operating margin, and non-GAAP earnings.
We have now met or exceeded our revenue and non-GAAP EPS guidance for 11 consecutive quarters. This also marks our seventh consecutive quarter of double-digit growth in our core BSM license bookings.
I am also pleased with our continued success in generating higher levels of revenue growth while maintaining our expense control focus. This quarter, we achieved double-digit quarterly revenue growth for the first time in over three years. Our non-GAAP operating margin continues to expand, now at 30%. Not since March of 2000 has our non-GAAP operating margin reached this level.
With that, let me begin by reviewing our financial results. In the third quarter, non-GAAP operating income increased by 37% to $140 million. Non-GAAP operating margin increased 5 percentage points from a year ago to 30%. Non-GAAP net earnings for the third quarter were $112 million, an increase of 31% over fiscal 2007. Non-GAAP diluted EPS for the period was $0.57, up 39% compared to the year-ago period. This reflects a non-GAAP effective tax rate for the quarter of 29%.
These non-GAAP results reflect diluted shares outstanding in the third quarter of $198 million versus $210 million in the year-ago period. GAAP operating income in the third quarter was $107 million compared to $74 million in the year-ago period. GAAP net income and fully diluted EPS were $89 million and $0.45 compared to $64 million and $0.30 in the third quarter of fiscal 2007.
Turning now to bookings -- total bookings were $452 million, up 4% compared to the year-ago period. Total bookings on a trailing 12-month basis were $1.8 billion, up 14% compared to the year-ago period. The weighted average contract length for total bookings on a trailing 12-month basis was 2.3 years, which was comparable to the year-ago period.
On an annualized basis, trailing 12-month bookings were $770 million, up 11% compared to the year-ago period. This marks the eighth consecutive quarter in which we've achieved annualized bookings growth on a trailing 12-month basis.
Please refer to slide seven in our presentation. Now let me turn to the performance of each of our business units. For our ESM business unit, license bookings are the best measure of performance. Total ESM license bookings were $117 million in the third quarter, up 8% over the year-ago period. Within our ESM business unit, license bookings of our core BSM product group were up 11% in the third quarter in comparison to a year ago.
As we've noted, this is the seventh consecutive quarter of double-digit growth in our core BSM license bookings.
Core BSM license bookings were particularly strong in North America, offsetting under-performance in Europe. Please see slide eight of our presentation for historical license bookings growth.
Turning to our mainframe unit, we believe the MSM business unit is best evaluated on the basis of total and annualized bookings over the trailing 12 months. In the third quarter, total MSM bookings on a trailing 12 month basis were $769 million with an average contract length of 3.1 years.
In the year-ago period, total MSM bookings were $660 million, with an average contract length of three years.
Normalizing for contract length, total annualized MSM bookings for the trailing 12 months were $247 million, a 12% increase compared to a year ago. As we've often said, this is a lumpy business in which bookings can vary quarter to quarter. We remain pleased with the solid performance in trends we've seen in our MSM business over the last calendar year. Our full year expectation for the business has improved once again.
We now expect MSM annualized bookings to be up compared to fiscal 2007.
Turning to revenue, total revenue for the quarter was $459 million, an 11% increase compared to fiscal 2007 third quarter. We have now seen acceleration in revenue growth over the last four quarters.
License revenue was $182 million, an increase of 17% compared to a year ago. This strong increase in license revenue resulted from license bookings growth in a lower ratable rate in comparison to the prior year.
During the quarter, the percentage of license bookings that was deferred was 49%. This is a decline of five percentage points from the prior year. Maintenance revenue in the third quarter of 2008 was $246 million, an increase of 6% compared to a year ago and a $5 million increase on a sequential basis.
From a geographic perspective, total revenue growth was reported in all major regions with the U.S. increasing 10% and international increasing 13%. Professional services revenue was $31 million in the third quarter, up 27% compared to $25 million in the year-ago period.
Moving next to operating expenses, I continue to be very pleased with our ability to control operating expenses. Non-GAAP operating expenses were $319 million, up 3% from the prior year but were down slightly after adjusting for the negative impact of currency movements.
There are a few key drivers underlying our ability to hold down costs that should continue to trend well for us going forward. These have included continuing our expansion into low cost locations, eliminating redundancies in systems and applications, re-engineering core processes. For example, as a result of our efforts to standardize, simplify, and automate order services in our Houston and Amsterdam processing centers, nearly all of our support orders and more than half of our license orders are now processed electronically. As a result, we have seen efficiency gains of 25%.
We expect to see improvement in other key functional areas beyond fiscal 2008, as a result of ongoing initiatives to control costs and improve the scalability of our business model.
I am going to move on now to the balance sheet. Total deferred license revenue at the end of the third quarter was $542 million, up $30 million or 6% sequentially. During the quarter, we deferred $104 million of license revenue or 49% of license bookings and recognized $74 million of deferred license revenue from the balance sheet.
Total deferred revenue at the end of the third quarter was $1.7 billion, flat sequentially.
Software development cost on the balance sheet were $113 million as we capitalized $17 million and amortized $16 million during the quarter.
Cash and marketable securities at December 31st were $1.4 billion.
For the quarter, cash flow from operations was $65 million, a decrease of $48 million from the year-ago period. This decrease was principally due to higher cash taxes and DSOs reverting back to historical norms.
During the quarter, we repurchased 5.5 million shares for an aggregate value of $186 million. We now have slightly under $785 million remaining in our stock repurchase program.
With that, I'll turn the call back over to Bob for his concluding remarks.
Robert E. Beauchamp
Thank you, Steve. As you can see, it's been a very successful quarter for BMC and we feel that the months ahead hold new opportunities to prove the strength of our business model, the value of our software offerings, and our commitment to improved financial and operational performance.
Let me now update you on our guidance for fiscal 2008.
We are raising our guidance and now expect non-GAAP EPS for the year to be in the range of $1.90 to $1.94 per share. Non-GAAP EPS excludes an estimated $0.38 of special items related to expenses for amortization of intangible assets, in-process research and development, share-based compensation and restructuring activity.
Underlying this full year fiscal 2008 non-GAAP EPS estimates are the following assumptions: we are raising our guidance for revenue and now expect the annual revenue growth rate to be in the high-single-digits; we are raising our guidance for total bookings and now expect the annual bookings growth rate to be in the mid-single-digits; we expect the license bookings ratable rate to be slightly higher than last year's; we expect non-GAAP operating expenses to be essentially flat; and we expect non-GAAP effective tax rate of 30%.
As a result of our strong year-to-date performance, we are increasing our expectations for cash flow from operations. We now expect cash flow from operations to improve to between $550 million and $590 million.
Turning to our guidance for the fourth fiscal quarter, we anticipate fourth quarter revenue to range between $450 million and $465 million, and non-GAAP EPS to be in the range of $0.48 to $0.52. This reflects a non-GAAP effective tax rate of 31.5%.
Non-GAAP EPS for the fourth quarter excludes an estimated $0.09 of special items related to expenses of amortization of intangible assets, in-process research and development, share-based compensation and restructuring activity.
Finally, I want to remind you that we recently changed the date of our annual investor day to March 11th. We hope you have already made the change in your calendars and will be able to join us at our headquarters here in Houston.
With that, we'll turn the call over to questions. Operator.
Question-and-Answer Session
(Operator Instructions) Michael Turits, Raymond James.
Michael Turits - Raymond James
Just a little question on the BSM license bookings rate. It looked a little bit lighter than trend, it had been trending up, it was a little light I know on tough compares. Are you still expecting it to be at the same rate of growth as last year? What do you think the full year ends up at?
Robert E. Beauchamp
Yes, we actually reiterated our position and we believe that we'll see it move into the high teens for the full year. The level of growth at 11%, while it was strong, was lower than our long-term expectations. That primarily had to do with a few countries in Europe. And as you mentioned in your question, we came off a 29%, 28% year-over-year growth rate last year, so we had a very tough compare.
But as we look forward into Q4, we're quite encouraged and we see that growth rate will move up into the 20s. So when that all settles, we'll be up into the high teens as we though we'd be.
Michael Turits - Raymond James
Sorry for the -- but it was -- you corrected me on that. That's fine. And then also on the cash flow, which is at $65 million, a little bit less than in my model, down pretty significantly quarter over quarter and somewhat year over year. You gave us some insight into that but still, you raise guidance, cash flow guidance going into the -- for the full year, so what was -- was this quarter what you expected and if it wasn't, it was lighter, what really drove the upside for the full year?
Stephen B. Solcher
The full year number is strictly driven from the strong bookings that we had in the third quarter, so we have visibility right now on how cash is going to fall out for the most part into Q4. So seasonally, the fourth quarter is typically our strongest quarter. We don't think that there's going to be any real change there. I would say other than the cash taxes that we expected in the quarter, and DSOs reverting back to their historical norm, so we had about a 10-day move in DSOs, third quarter cash flow for us came in as expected.
Michael Turits - Raymond James
Okay, that's good. And then if you just give me one more -- on the BSM core license bookings, you've always been able to give pretty specific guidance on that in terms of bookings going forward and now -- so is there -- can you give us some sense for how you get that visibility and how do we get comfortable with that?
Robert E. Beauchamp
First is just the sales pipeline. We just look at the -- what we see coming in from our sales forecasting and we believe we are getting better at that each quarter. And it gets us a range that we can get fairly comfortable in.
Michael Turits - Raymond James
Okay, great, guys. Thanks very much.
Robert E. Beauchamp
I'll just add on one thing about the -- about as we move forward. We have -- in Europe, which is the only place where we had a problem with a core BSM and it was actually only a few countries in Europe, we've already made some changes there. We think we've addressed those issues. It was quite strong in North America and around the world. It was really just localized to a few countries, just a handful of countries in Europe which we think we've got our arms around.
Michael Turits - Raymond James
Appreciate it.
Derek Bingham, Goldman Sachs.
Derek Bingham - Goldman Sachs
Congrats on the quarter. You mentioned the ratable rate, you expect it to be slightly higher for the full year FY08, is that right?
Robert E. Beauchamp
That's correct.
Derek Bingham - Goldman Sachs
And then any sense for where that ought to trend next year?
Stephen B. Solcher
You know, long-term I think it continues to trend where there is going to be more deferral, and I think it is strictly driven that the MSM business is going to continue to see it go what I would say closer to full subscription, 100% deferral and I think that will trend just on the way that customers are buying product there.
And I think long-term, I think you are going to see more perpetual deferral with the remainder of the business. So I think long-term, you are going to continue to see the deferral rate creep up over time.
Derek Bingham - Goldman Sachs
What would be driving deferral of perpetual licenses?
Stephen B. Solcher
Typically it's driven by -- I'm going to use an accounting term -- co-mingling, which is selling multiple types of product within one transaction. So different pricing models will cause transactions to get co-mingled.
Derek Bingham - Goldman Sachs
You mean co-mingling with mainframe contracts?
Stephen B. Solcher
It could be co-mingling with mainframe, it could be co-mingling with the DSM product line, it could be co-mingling within its own self, so it's all of the above. And then it's just Ts and Cs itself, so terms and conditions that are being inserted into contracts will cause deferral.
Derek Bingham - Goldman Sachs
Okay, got it. And then if I could just ask, I think we had had tougher bookings compares for the back half of this year. Could you talk about what the bookings compare, or what we might expect for total bookings and deferred revenue next quarter?
Stephen B. Solcher
Next quarter again I think it is a very tough compare. We are looking for total bookings to actually be slightly down. I think in general, I look at it and believe that one of the surprising things that occurred in this quarter is just the strength of the mainframe bookings that we had. We've actually continued to refine our outlook in the gross number where that number at the beginning of the year we were thinking was going to decline in the high single digits. We are now believing that that business is probably in the low single digit decline and maybe even could exit the year flat.
If you even adjust for term length on a per annum basis, the thing that we said in the call was that on an annualized basis, we believe their bookings are actually going to be up over '07, so we are going to see growth in annualized bookings on that piece too.
Derek Bingham - Goldman Sachs
Okay, but you are choosing to -- you're being conservative on down year over year?
Stephen B. Solcher
On the mainframe side?
Derek Bingham - Goldman Sachs
Well, on total, but I guess you're saying it's driven by the mainframe.
Stephen B. Solcher
Yeah, I just -- I would say within the number probably is a degree of conservatism but we've got some work to do left in the quarter. But it's no change -- that's what we've been saying all year.
Derek Bingham - Goldman Sachs
Got it. All right, perfect. Thank you so much.
Brendan McCabe, Oppenheimer.
Brendan McCabe - Oppenheimer
I've got two questions -- one is on buy-backs. With interest rates going down, you know, you don't get as much kind of foregone interest income if you use the cash to buy back shares. Have you thought about increasing that at all? That's the one financial question.
And then the one business question is more and more people are talking about CMDBs and some of your competitors have very similar sounding acronyms, like BSM and initiatives like that. So seeing if you noticed any changes in the field or how you have to approach customers.
Stephen B. Solcher
On the buy-back, I think your analysis is right spot on. I think the accretion that we get through buying the shares back today is more attractive than it has been just because the interest rate that we are earning on the cash is less so.
Robert E. Beauchamp
On the second question, I think it's wonderful news because in my experience in 20 years in this business, when you adopt a strategy and your the leader in it, you've got the market share and the technology and then all your competitors begin to say the same message, there's a sort of a wave effect that essentially helps validate the strategy even further, and we're seeing that with really all of our competitors saying whatever CMDB is, we're going to write one of those too.
I will tell you that we have not -- we have no fear as I stand here right now of a competitive CMDB functionally being highly competitive. We still -- we do have -- for instance, we have one customer I know of in Germany that is one of IBM's best customers in the world and they have now for months been working with large teams of technicians attempting to implement their CMDB.
We on the other hand are winning account after account of the names in the industry, in the largest industries who have standardized on us. Virtually every major systems integrator and outsourcer that I can think of, the large -- the telecommunications, manufacturing. Just talking to Dell Computers yesterday. They are in -- I mean, it's just around the world, we're seeing BMC winning that battle.
I do expect more competitive pressure as they realize just how incredibly strategic that piece of technology is but the reality is our market share is already so large, in so many of the world's largest accounts, we have a very strong strategic advantage and I haven't seen the technology threaten us yet.
It is -- so far, it is pure marketing or relationship-based that we have competition on in that product area.
Brendan McCabe - Oppenheimer
And then just one last follow-up on the European BSM localized weakness that you talked about, was that an internal issue or was that a localized demand issue?
Robert E. Beauchamp
We don't think it was localized demand. We dug into it pretty deep and the answer came back with a finger pointing back at us. It was really some operational execution problems and we wanted to try to really look through that and we've become quite convinced that was the issue and the action has already been taken.
Richard Sherman, MKM Partners.
Richard Sherman - MKM Partners
On the European issue, it sounds like it might be a U.K., southern Europe issue. Is that correct?
Robert E. Beauchamp
Well, I don't know if we want to break out the -- it was not the U.K. It wasn't Germany, so it wasn't our biggest markets, put it that way. In fact, I was just recently in Germany and some wonderful BSM victories for us there with some of the larger enterprises in Germany and a sales organization that knows how to sell it.
So I think we are in pretty good shape in our largest countries. We had some weaknesses in some of the smaller countries.
Richard Sherman - MKM Partners
And then on the headcount, your OpEx was up about 3%, as Steve said, I guess due to mainly currency. What percentage of employees are now overseas and what was the total headcount in the quarter end?
Stephen B. Solcher
Total headcount is 5,983, about 20% are what we would characterize as low-cost jurisdictions, just something that -- you know, locations that would be India and what we would consider northern Israel, Telhi.
Richard Sherman - MKM Partners
Okay, great. Thank you very much.
Philip Winslow, Credit Suisse.
Philip Winslow - Credit Suisse
I just wanted to touch on the mainframe business again. Obviously strong year-over-year growth, despite a reasonably tough comp during the quarter. I'm just wondering if you could give us a sense for what the pricing trends you are seeing out there and when you do think about licensed bookings growth, the mainframe obviously you talked about, the renewal base dragging down overall bookings next quarter, but when you do look at the licensed bookings going forward, what would be your expectation there?
Robert E. Beauchamp
On the first part of the question, which just has to do with -- I took the question as why are we doing well? It is -- but besides the obvious things, that our products are great and all that other stuff that you know I'm going to say, I'll tell you one thing that is also somewhat different, is that really every quarter now for the past two years we have been improving that organization operationally by the fact that as you know, we've separated into a dedicated business unit, it has its own general manager, its own sales force, its own pre-sales, its own post-sales organization, own marketing initiatives, its own customer councils, et cetera.
And what we've seen is a significant improvement in our customer faith and customer focus and operating skills.
One other point on that is that we've also -- they've also been able to develop intelligence reports, business analytics where we have a very clear picture of the business that's coming up in front of us, of the pricing trends. And by the way, to answer your question directly, the pricing has been holding nicely. In fact, we've seen our run-rate increase in I believe all but three of our largest, of our top 15 transactions last quarter. We saw our annualized run-rate with the customers signed up to commit to us to pay us over divided by the number of years, we've seen that increase in all but three transactions and across the business unit.
So that's a sign that we are -- of a stable business and improving business.
Philip Winslow - Credit Suisse
Great. Thanks.
Walter Pritchard, Cowen & Company.
Walter Pritchard - Cowen & Company
Just on professional services, that business is up quite a bit over the last couple of quarters and I know you've been hiring there, you put a new head of the business and so forth. Maybe you could just help us out understanding how big that business gets over the next 12 months or 24 months as a percentage of revenue or as a growth rate?
Robert E. Beauchamp
Let me just take it generically for a second and then Steve will give you a view of the numbers, but from our standpoint, I'm actually quite optimistic about professional services frankly for the first time in a while for a number of reasons. One is we've just seen an across the board revenue pipeline build, the revenue growth 27%. I just got back from a trip to India and into Europe where I visited with our offices there and with customers, and actually the reason that their profitability was weak, particularly in Europe, was that demand was higher than they expected, that they had to sub-contract some of the agreements at rates that were less profitable than we would have liked, so we are seeing continued strength in demand.
We've also brought in the new head of professional services, a very experienced services executive, David Levantee, who is quite optimistic that he knows how to run this business more profitably and continue with a revenue trajectory in this sort of strong growth.
Ultimately, we don't expect to see the business get more than 20% of our business in the long-term. It's not our goal to be a large professional services organization. It is to use our services organization to ensure that we have both the consulting capability and the delivery capability of our solutions.
Case in point -- one of the largest banks in the world that we've used as a reference before recently, who standardized on BSM, invited us up to New York. In fact, I'll be up there visiting them next week, I believe, in New York, and told us that our professional services organization implementing BSM was one of the best IT projects that they have had in many, many years and it was in their view, a strong success and they've asked us to now expand our relationship and begin to bid on other areas where BMC has solutions that we can offer integrated services.
So I'm feeling much better about services. We still have a ways to go before it's officially in great shape, but the trajectory just feels very good right now.
Walter Pritchard - Cowen & Company
And then just on mainframe as a follow-up, I think you talked about in the release, 27 new customers in mainframe. I'm just trying to get a sense of how big of a factor you think share gains or competitive displacements are in your performance around the mainframe, especially in the last couple of quarters?
Robert E. Beauchamp
I wouldn't overplay it. I think that we are excited about the 27 new customers with the bulk of that being in our enterprise job scheduling, which by the way is a combination of mainframe and distribute. That's an enterprise class product, a product that runs on all servers in the enterprise, or can depending on how the customer implements it, with mainframe being the centerpiece server in most of those large instances.
But we do see competitive wins. That is part of our run-rate expansion we've talked about. We are winning some customers over to us and replacing competition, but I wouldn't overplay it as a very large percentage of our success right now. It is [part of it].
Walter Pritchard - Cowen & Company
And then just Steve, quickly on the finance receivables, can you just give us a number for what the balance was that was sold during the quarter?
Stephen B. Solcher
About $30 million.
Walter Pritchard - Cowen & Company
Great, and where do you expect that next quarter?
Stephen B. Solcher
Less than that.
Walter Pritchard - Cowen & Company
Okay, great. Thanks a lot.
Kirk Materne, Banc of America.
Kirk Materne - Banc of America
Thanks very much. Bob, can you talk a little bit about just the trends you are seeing in sort of the ASPs around the BSM products? I know for a while a lot of your customers were buying these more on a modular basis. Are you seeing them take them on in the full suite now -- is that a trend you continue to see?
Robert E. Beauchamp
Actually -- go ahead, I'm sorry.
Kirk Materne - Banc of America
I was going to say and for some of the bigger deals you referenced, were those customers that had been playing with maybe one or two products and then decided to take on a full suite? Just any trends, that would be great.
Robert E. Beauchamp
Right. Actually, really an interesting question there because we've been looking at this. What's happened recently -- as a matter of fact, this quarter was a good example of it, is we've really seen what I internally refer to as the BSM effect happens, where we see the modules that surround core BSM beginning to rise so that all the ships are rising with the tide around BSM. Let me give you some examples.
We saw solid growth in AR system, which is the base platform that Remedy is based upon but many of our applications are based upon, it's our core development platform around BSM. We saw the AR system and platform have solid growth. We saw our customer support application have solid growth. We saw our asset management solution have solid double-digit growth. We saw change management have solid digit growth. By the way, that is now if not the largest one of the largest solution sets in the company in ESM today. We saw help desk, which is by the way not one of our fastest growing areas, grow nicely as well.
We saw our knowledge management suite grow very strong as well. So just keep going down the list -- Atrium, solid growth; our service impact and event management, solid growth; service desk express, solid growth; service automation, solid growth; it just goes -- identify management.
So really, as you look across the product line, kind of the suites that make up core BSM we saw all of those ships basically or most of them, at least, rising with the tide and we think that's a very good sign of what happens when platform strategy works.
Kirk Materne - Banc of America
Okay, great and then maybe along those lines with BSM, can you talk about some of the leverage you are maybe starting to get from some of your system integrator partners in that part of the business as well? And maybe Steve, if you could just chime in in terms of what is that -- is that really what needs to happen to allow you guys to continue to push margins up even from these levels, maybe getting better leverage from the direct channel over time?
Robert E. Beauchamp
Well, the systems integrator leverage is something we're very keen on. We have, as you know, it's the only -- systems integration and outsourcing is the only sales organization we have that is actually petitioned as a vertical. Something we kicked off about a year ago, maybe a year-and-a-half ago we kicked that off and that's been paying dividends as that group continues to perform well.
The fact that most of them have adopted our platform or at least very key parts of our platform, and I believe -- I can't think of one, frankly, that's not looking to spread out with us as their operating platform.
It is very important to our strategy. We see it in leverage -- I was in Australia recently and I met with one of the large system integrators there who is very keen on some large transactions. In fact, I met with the senior executives of that firm about some large contracts that they are planning on competing against and the fact that they have strong relationships there. This is a vertical in Australia, although we're strong in Australia we are very weak in one particular vertical that years ago one of our competitors made roads in. This systems integrator is working with us on a coordinated strategy to go after that vertical and they really bring the relationship to that customer.
So we do those sort of opportunities. We just -- you also just see the mass of out-sourcers with some really exciting math around it. In fact, some of the largest transactions that we are currently working for the next few quarters are integrators and outsourcers.
Kirk Materne - Banc of America
Thanks very much. Congrats on the quarter.
Tim Klasell, Thomas Weisel.
Tim Klasell - Thomas Weisel
Just a couple of quick ones here -- first, on the cash collection, Steve, in your guidance, how much of those receivables have you already collected on the quarter? Did you already front-run the quarter just a little bit? On the Q4, that is?
Stephen B. Solcher
Help me with the question.
Tim Klasell - Thomas Weisel
Sorry. How have the receivables from Q3 been collected so far this quarter? Did you get an early run on your cash flow guidance for Q4?
Stephen B. Solcher
No, that doesn't give me -- our increase is not driven from cash that we've collected so far. It's really driven from the strength of the opportunity that's in front of us. So from gross bookings to be up 4% year over year makes me feel more comfortable about where we're going to end up in the quarter. It's not the level of cash collections. We're using our historical trends of DSOs to back into the cash collection side, so I wouldn't look at early collections as a metric.
Tim Klasell - Thomas Weisel
Okay, very good. And then, the weighted average contract length has been growing for a while but this quarter it seems like it's beginning to taper off, particularly on the MSM side. Do you think 3.1, 3.2, is that where things are tapering off or was this a little bit of an abnormality?
Stephen B. Solcher
It's some tough compares in '07 that are falling off. We will actually end the year close to 3 than 3.1. Again, you know -- that we're excited about the business is we are seeing a shrinking of length and still seeing gross bookings increase. So gross bookings are up and again we've guided net single digit on an annualized basis, so adjusted for contract length, we're seeing double-digit growth in annualized bookings.
Tim Klasell - Thomas Weisel
Okay, and then one final one on the MSM -- IBM is entering a new product cycle. I know historically there is very little if no correlation, but have you seen any of your customers holding up in front of that?
Robert E. Beauchamp
I'll answer that. I'm not aware of anybody stalling as a result of that. We certainly haven't heard that.
I will tell you that I am in the next few weeks going to be speaking with one of our customers about a capacity growth that they have, which is by far the largest single mainframe shop I have ever seen. And they are a large customer of ours and the discussion is a dramatic increase in their capacity.
And so we are -- you see some very large mainframe shops out there planning on getting larger, so that's encouraging. And I think it's more of an all ships rise with the tide. We think long-term, IBM shipping more MIPs is great for our business. It's just difficult to land it one quarter at a time as to when we actually have the impact.
Did that answer your question?
Tim Klasell - Thomas Weisel
Absolutely. And then just sort of one follow-on that -- you mentioned that some of these data centers are getting very large and the hosting providers are in your pipeline. Are there any large renewals in Q4 that you are feeling fairly confident in, or are these large renewals just going to get a little bit lumpier?
Robert E. Beauchamp
I don't know how to answer that question. I'm not sure I understand it exactly.
Tim Klasell - Thomas Weisel
I should just say are they going to get a little bit more random because they get larger and --
Robert E. Beauchamp
No, they don't get more random. I wasn't suggesting that our deals are going to get bigger and bigger. I'm saying that our customers are getting bigger and bigger so I'm not seeing the mainframe atrophy out of some of these big accounts. I'm seeing the customer saying next year we're going to be 30% more mainframe MIPs or 40% or 50% -- in one customer's case, 80% more mainframe MIPs.
So I don't think we're going to see any sort of a return of the killer whales in the mainframe business come back anytime soon. I think the business actually right now, while it is very much of a lumpy business, I don't see that going away. I don't think it's getting lumpier and I think our ability to forecast them and see them coming is greater than it's ever been in our history, frankly.
Tim Klasell - Thomas Weisel
Okay, very good. That's very helpful. Thank you.
Robert E. Beauchamp
Operator, let's take one more call.
Tom Curlin, RBC.
Tom Curlin - RBC Capital
Just on the mainframe side, which seems to be a theme for this call, can we dig in a little deeper on what's driving these capacity increases? I mean, it's not as if we're in a super hot environment for IT spending in aggregate. I mean, if you get down to an architectural level, what's happening in the mainframe environment that necessitates the increase? Is it a blanket statement that these customers simply haven't increased capacity in a long time? Or can we point to application requirements changing? What's happening?
Robert E. Beauchamp
Well, okay, I'll take a shot at it. I think that it has to do with, from my discussions with customers who've taken this position, it's just a great platform and the price points of that platform have come down, some of it at our expense and our competitors' expense and IBM's expense, in terms of the pricing of the mainframe space and it's finally reached a point I think of it's much closer to equilibrium so that there's not the [hue and cry] there once was of I've got to get off the mainframe because the price points are too high.
It's a very competitive platform. It is, by the way, still the most reliable, scalable, high performance platform in the world and you see -- I mean, if you go up and down the streets of New York, I defy you to find a large financial services outfit that's not running its most critical apps on it. It is still running most of the financial services in the world.
You also see consolidation around the outsourcers and some of the outsourcers that specialize in verticals getting larger as they do consolidation and take more of that away from smaller companies who want to host it.
So I don't think there is anything dramatic other than just the platform is quite competitive. IBM has done some good things with their technology from the hardware standpoint and the price points on the software have become very competitive with any other platform.
Tom Curlin - RBC Capital
And how would you rate the, from your perspective, the coming product cycle at IBM? Is it a minor upgrade or a big-time, significant --
Robert E. Beauchamp
We don't know. It's going to depend a little bit on IBM and how greedy they get with their pricing on the software. They have consolidated their market share on the mainframe so that they are again the only game in town. The [AMDOCS] of the world are gone, the Hitachis are gone -- all of their competitors essentially are gone out of that space, so it will be interesting to see if they are able to maintain their pricing competitiveness in that market.
If they hold the price points as competitive to the platform, then I think we will see it be a strong cycle. But frankly, we're not building models on that and I wouldn't encourage you to if you are looking at us that way. We just don't know.
Tom Curlin - RBC Capital
All right, and then just housekeeping -- you gave us a metric on the receivables for this quarter. Do you mind giving us last quarter? I think we're missing that.
Stephen B. Solcher
I don't have that number right in front of me. I could probably pull that for you. I wanted to say it was about $90 million, if I can remember, but I can give you that --
Robert E. Beauchamp
If you want to give us a call, we'll get you the exact number.
Tom Curlin - RBC Capital
Thank you.
Robert E. Beauchamp
Okay. All right, let me just wrap it up with just a couple of quick stories. One of them is next week I am going to be the keynote speaker at one of our large BSM customers, one of the world's largest high-tech manufacturers, as the only vendor asked to speak this year or last year. They've gone through and are going through a major cost restructuring to be more efficient and competitive and to drive cost out of their organization and they have standardized on BSM from BMC to do that and they are well, well on their way into production with our platform and they've asked me to speak on this revolution that is business service management and I'm looking forward to that. That's the sort of thing that just did not happen at BMC and the CIO and I were speaking about it just yesterday on the phone, as we were reviewing that meeting.
Another one is a large firm that is in Asia, a very large firm in Asia, one we've not mentioned on this call, that has recently notified their employees that all acquisitions of software must be cleared through the BSM roadmap to ensure that it fits to the roadmap that is BSM before any software will be acquired, and that we are the de facto standard for acquisition. In fact, they were one of the customers, one of the first customers to acquire our run-book automation product as soon as it hit the market.
And those sorts of stories -- and that was Tata Motors, are what we are seeing happening right now in the marketplace. We're excited about it. We look forward to helping our customers reduce their costs and run more efficiently through automation which frankly has become even more important in the last 90 days than it was just a year ago as customers focus on process cost reduction.
So we'll be helping them with that. We look forward to working with you and look forward to talking with many of you later on this afternoon and the days to come. Thank you very much for joining us and see you at investor day.
That concludes the BMC Software teleconference. Have a pleasant day.
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text:
With a stay at Runway Suites in Puerto Princesa, you'll be convenient to Mendoza Park and Palawan Special Battalion WW2 Memorial Museum. This hotel is within close proximity of Hartman Beach and Robinsons Place Palawan.
Make yourself at home in one of the 12 air-conditioned rooms featuring flat-screen televisions. Cable television is provided for your entertainment. Bathrooms have showers and complimentary toiletries. Conveniences include desks and in-room massages, and housekeeping is provided daily.
Pamper yourself with onsite massages or take in the view from a rooftop terrace. Additional amenities at this hotel include complimentary wireless Internet access and tour/ticket assistance.
A complimentary cooked-to-order breakfast is served daily.
Business, Other Amenities
Featured amenities include dry cleaning/laundry services and luggage storage. A roundtrip airport shuttle is provided at no charge.

subset: commoncrawl


text:
With Instructables you can share what you make with the world, and tap into an ever-growing community of creative experts.
Ok, here I am again. This instructable will teach you how to put youtube videos onto your Nintendo Wii by SD card. You may ask, "Why is this ...
For this instructable, you will need a computer with a SD card slot (more thin than a usb slot, but longer), an SD card (the larger it is, ...
Two things you need to download: http://www.redkawa.com/videoconverters/wiivideo9/and...http://youtubedownload.altervista.org/ scroll to the bottom, where you download.
Ok, now you go to a youtube video you like, and under the description, there should be a textbox or whatever labeled URL. Copy it. Then start the ...
Ok, now start up the downloaded wii Video 9. Now, press the 'select file' button, and browse for the .flv file you downloaded earlier. It will ask you ...
Softmod any Wii (Version 1.0 - 4.3)by vishalapr
How to play Wii backups from a usb stick with no modchip.by Solderguy
How to make your Wii run homebrew!by crazydog75
Join 2 million + to receive instant DIY inspiration in your inbox.
© 2016 Autodesk, Inc.


text:
Quotation mark to signal unusual usage of a word
When you use the quotation mark to signal unusual usage of a word, do you use the mark only the first time, or throughout an entire essay?Edit: for example, I am using a noun in a different way than it is conventionally used to convey a meaning I find necessary for the essay. It is not a proper noun.
1 answer
The Chicago Manual of Style discourages the use -- or the overuse -- of "scare quotes" -- that's what they are called.
Scare quotes should only be used to signal an ironic or purposefully incorrect use of a word. (You should use italics to signal the use of uncommon words borrowed from other languages.)
Patty makes a good point ... and CMoS implies the same. Why would you repeatedly use a word ironically or incorrectly? Once has power ... but overuse causes the effect to be dilluted.
I hope this helps.
|link comment
|answered Nov 27 '13 at 17:13 Jeff Pribyl Grammarly Fellow
Your answer
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Sneak peak of a real estate listings web app we at Populate are designing for a client.
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Show and tell for designers
What are you working on? Dribbble is a community of designers sharing screenshots of their work, process, and projects.
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Category: Top 10 Lists
Top 10 Ways Babies Resemble Drunk College Students
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(Not that I know anything about being a drunk college student. *Ahem*) 10. They have no problem passing out in strange places. 9. Bulk up by indulging in frequent...
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Royal Ascot Hotel Apartment3N Dubai
What's Included
|Hotel and Room
|3 night(s)
Royal Ascot Hotel Apartment
|Room only
- Return Dubai airport transfer on SIC basis with meet & Greet services
- Half day Dubai city Tours
- Dhow Cruise with dinner & transfer
- Desert Safari with BBQ Dinner, Tannora Show & Belly Dancing
- UAE Single entry visa Charges
- All Tours & transfers on SIC basis
- All taxes & service charges
* Prices mentioned are for per person on twin sharing basis (minimum 2 people staying together)
Hotel Overview
Near the airport, Royal Ascot Hotel Apartment is located in Dubai's Bur Dubai neighborhood and close to BurJuman Mall, Dubai International Convention and Exhibition Centre, and Dubai Museum. Nearby points of interest also include Grand Mosque and Gold Souk.
Property Features.
Royal Ascot Hotel Apartment's restaurant serves breakfast, lunch, and dinner. Room service is available during limited hours. The apartment serves continental breakfasts each morning in the coffee shop (surcharges apply). Recreational amenities include an outdoor pool, a health club, a sauna, and a steam room. This 4-star property has a 24-hour business center and offers a meeting/conference room, limo/town car service, and audiovisual equipment. Wireless and wired high-speed Internet access is available in public areas (surcharges apply). This Dubai property has event space consisting of banquet facilities and a ballroom. The property has a beach shuttle, which is complimentary. Concierge services and tour assistance are available. Guest parking is complimentary. Additional property amenities include a rooftop terrace, a coffee shop/café, and laundry facilities.
77 air-conditioned guestrooms at Royal Ascot Hotel Apartment feature CD players and washers/dryers. Accommodations offer city views. Beds come with down comforters and down blankets. In addition to separate living rooms, these individually furnished rooms include desks. Kitchenettes include full-sized refrigerators/freezers, stovetops, microwaves, and separate dining areas. Bathrooms feature shower/tub combinations with handheld showerheads. They also offer bidets, makeup/shaving mirrors, and slippers. In addition to complimentary newspapers and safes, guestrooms offer phones. 29-inch LCD televisions have free movie channels and DVD players. Also included are coffee/tea makers and complimentary bottled water. Guests may request a turndown service, extra towels/bedding, and wake-up calls. Housekeeping is available daily.
Hotel Highlights
Facilities at hotel
- Golf
- Baby Sitting
- Tennis Courts
- Bar
- Concierge Services
- Coffee Shop
- Children's Club
- Swimming Pool
- Airport Transfer
- Conference Facility
- Restaurant
- Wi-Fi
- Gym
- Room Service
- Casino
- Air Conditioning
- Spa
- Pets Allowed
Hotel Rooms
Suite, 2 Bedrooms
Studio Room
Two bedroom apartment
One bedroom apartment
Two Bedroom Suite
One Bedroom Suite
- The package once booked is refundable and cancellable.
- Flight cancellation will be as per airline cancellation policy.
- Hotel cancellation will be Free before 15 days of check-in.
- Cancellations or changes made 48 hours before arrival are subject to 1 night room charge and tax penalty.
- Price shown includes all taxes and fees.
Additional Information
- Check-in at hotel starts from 14:00 hrs.
- Check-out time is until 12:00 hrs.
- Early check-in or late check-out is subject to availability and may be chargeable by the hotel.
- Once your payment has been processed, we will send you an email confirmation.
- You will receive all travel vouchers required for your flights and accommodation shortly afterwards.


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Very good quality pub food with local ingredientsWould Recommend
Very enjoyable Read more
4.4/5 from 49 Reviews
92% Would Recommend
1 room(s) added
All our double en-suites include a comfotable double bed, which is accessible from both side.
All our twin en-suite rooms have two comfortable single beds accessible from both sides.
Our family ensuite room includes a comfortable double and single bed. The souble bed is accessible from both sides.
Very enjoyable Read more
Short and sweet Read more
Stayed here to visit friends locally. Great location. Read more
The staff could not have been more helpful. Read more
Stayed two nights over a weekend, thought it might be noisy, but it was fine. Quirky rooms as the Inn is so old. Beds super comfortable. Lovely people. Don't resist the excellent breakfast. Read more
We stayed overnight as part of a trip to find our family roots. Everyone was super friendly and we had a lovely meal at the Bistro next door as the pub doesn't do Sunday evening meals. Read more
Short stay whilst doing a course nearby Read more
We have stayed at the Exeter before. Nicky runs a good local that accepts visitors. The breakfasts are lovely and a good choice, evening meals are good standard pub fare. The hospitality is warm without being intrusive. Modbury is a lovely village steeped in history and very relaxed and a great base for visiting Devon and Cornwall Read more
It was adequate for just one night Read more
We originally had 2 nights booked as we were attending a wedding in the next village and decided to extend our stay by an extra night as it was such a lovely place. A fantastic room, great breakfast, in a lovely little village only a short drive from the beach and also close to Plymouth. We'll definitely be staying there again whenever we head to that part of the country again. Read more
Stayed overnight after local horse race meeting. Welcoming friendly staff. Had excellent evening meal with friends and owner suggested move of table which was super. Read more
A brief get-away - two nights - to revisit old haunts in Devon; hotel well-placed for that. Read more
One night mid-week stay in twin room. Read more
Wonderful food at great value. Friendly staff and atmosphere, laid back, lovely clean and quiet.
Great place to stay. Read more
Stayed Saturday night - Delightful. Read more
Very very friendly accommodating staff nothing too much trouble. Lovely relaxed atmosphere unspoilt with great local colour. Plus excellent cooked breakfast Read more
Very Comfortable Read more
We were warmly welcomed by the hosts, had fantastic evening meal and excellent breakfasts. The room was lovely, clean, light and quiet. Read more
Area obviously very good. Hotel was as described being historic, however disappointed with service, although evening meal was very good. Read more
Adequate bedroom but old-fashioned decor. The shower was unusable as the hot water was scalding but if you tried to mix it with cold water then it was freezing. The water pressure was also very low. It meant that I had to settle for a wash in the sink. Luckily we were only staying for 1 night after a wedding so I could go home for a proper shower. Read more
With prior warning arrived late and was greeted warmly and shown to my room. It had been a long day and I was so ready for bed. Had an excellent night's sleep and woke up next morning totally refreshed. Breakfast looked great but I am not a great breakfast eater so had toast and jam which was plenty. Read more
Visiting local places of interest. Read more
The room itself was lovely with a nice bed and good en suite. We couldn't hear any noise from the pub itself. The only potential problem was that window opened onto an alley which had a small stream. If you like the sound of running water, this will delight you. There were other sounds from it though: people popping out for a cigarette, the faint sound of the TV from early morning risers etc. But overall this wasn't a problem for us. Read more
Superb Read more
3 nights B & B Read more
We traveled from tees side (N.E.)our transport broke down twice, so we did not arrive until after Midnight.
Next day was the Wedding & Reception,so once again our return was after midnight.
The short time we had with the staff was very good. Read more
we satyed at the exeter inn knowing the area well, seems like we dropped on a bosting pub and inn. Read more
really enjoyed stay particularly food and drink Read more
Lots of artex - waited nearly an hour for breakfast Read more
We found our stay to be very relaxing. Nothing was too much trouble for our hosts and we met some nice people. Read more
Stayed 1 night as was attending a wedding at Shilstone House. Booked & paid online & picked up the keys before returning later that night. After a great sleep & wash up we had a cracking breakfast by the resident chef & met the owners as we left who were a lovely couple. Read more
Enjoyable 2 day break to visit Devon tourist spots Read more
Very relaxing and enjoyable stay. Read more
We booked two rooms for the four of us, visiting friends and family while touring the area. Read more
We were two persons for holiday. Best conditions close to the sea and wonderful landscape with lots of facilities to spend the days. Located in the heart of the charming Modbury, the Exeter Inn let us enjoy the village with lots of nice stores, hiking on various routes, enjoying the seaside and the Dartmoor. Read more
Very friendly, room plenty large enough for family of 4. Slept very well. Read more
2 nights End of May 2013 Read more
Local wedding - had a lovely stay, thanks guys. Read more
Overnight stay as working in the area early next morning. Read more
we got exactly what we wanted knowing that being a very
old inn you have to go without some modern luxuries but the character of the place outweighs it.couldnt fault the cleanliness or staff who were very friendly and helpful.would definately return. Read more
The Exeter Inn was an ideal base for exploring the South Hams.A charming pub which serves good quality food and beer etc.Accommodation was to a very good standard and at the rear of the main part of the pub so was very quiet.Breakfast was really good quality with locally sourced meat.Nicky in particular was very friendly and helpful as well as working as a Trojan!I would certainly recommendthe Inn to my friends/relatives. Read more
Very good Read more
Welcomed in early in the after noon had a very good lunch then returning late in the evening welcomed back and met more of the staff. Second night to the accompaniment of a very good band had a wonderful evening with friends. Read more
Shame about the weather Read more
Stayed for 4 nights to visit the sights of South Devon Read more
My partner and I stayed for 2 nights at The Exeter Inn, as we had a wedding in the area. Read more
we enjoyed our stay at the Exeter inn, room was lovely, good pub atmostphere and pub grub. Read more
Stayed here as we were doing some work in a house nearby. Very friendly staff. Would stay here again. Read more
We stayed one night while visiting family in the area Read more
You will always be greeted with a warm welcome at the 14th century coaching inn that is, The Exeter Inn. We are situated in the heart of Modbury, a lovely devonshire village only a stones through away from the moors and the coast, which makes its a great area to enjoy many activities from country walks to surfing at the local beaches. In the summer our beer garden is a perfect place to sit and enjoy a drink in the sun, or for the winter months come and cuddle up in front of our open fire! We are renowned for our quality real ales and the overall quality of our lagers, ciders, wines and much much more. We serve home cooked and locally sourced traditional pub food, from pies, to ham egg and chips, and not to mention our pizza menu, which you can eat in or take away! There is also a frequent range of entertainment available from live bands to BBQ's and entertainment in the garden! So come and book a room and stay for a while or just visit us for the day, you will always be met with a friendly face at The Exeter Inn, Modbury.
Off-site parking,


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Hotel Rumi Punku
The entrance of the Hotel is an Inca building, being one of the most beautiful and classic entrees of Inca period in Cusco.
It has double Jamba and a double lintel which walls have a double corner angle feature found only on rare opportunities, it's a synonymous of nobility, superiority or importance of a house, logically linked to the unmistakable stamp of the Inca architecture: that's the reason why the Hotel name is "Rumi Punku",(Quechua´s word) which means Stone Door.
It was a XVI Century Colonial House which has around 03 courtyards, 02 water fountains, and in the back yard facing a beautiful Inca wall, you will find a peaceful garden.
The property is a fusion of three time periods: Inka for the entree and walls, Spanish Colonial style and with all the modern supplies of a 3- star Hotel.
Book your tours with Cusco Top Travel & Treks, our main tour operator for many years giving our guests the best and most secure options for touring in Cusco region.
Just click on the link below and contact our Tour Operator or visit:
Under a hard work, now we are a 3- Star Hotel, recognized by the Tourism Office (Dirección Regional de Turismo) as one of the best Hotels of Three Stars in Cusco; winning the Q'ente Prize to Best Tourism Quality 2010 – 2011 – 2012 – 2014.


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5 total
He is still being held in a NJ jail and awaiting his court date and then is going to be transferred to a Delaware jail since Delaware is where the crime was committed. And he is also on probation for charges that happened in NJ previously. So I wa...
The charges in this case appear particularly serious and as the other posts described, your brother should have proper representation in both states. The reason your brother should sit with a lawyer immediately is that the extradition process, a probation violation in NJ and a pending charge in Delaware all carry significant penalties and these decisions should be made in consideration of how each choice will effect what occurs with the other cases. Therefore, he needs to consult with counsel and make sure to explain what is happening with all of his matters. It would be premature to guess about what he is facing in any one of these circumstances, but the charges appear serious and he should not make any "quick" decisions without an attorney - such as waiving extradition or pleading guilty to get back to the other state.See question
I already served 4 of the 6 month administrative suspension period
Every case is different and dependent on its particular facts and circumstances, however, there is often the opportunity to receive a reduction at an administrative hearing for the MVC. I would need to know more information about your particular case to know whether there would be a strong enough basis to reduce the suspension.See question
I WAS CHECKING THE STATUS OF MY BORTHER'S PETITION MADE TO MY NEPHEW AND IT SAYS: your name was updated relating to your I130, IMMIGRANT PETITION FOR RELATIVE, FIANCE(E), OR ORPHAN. WHAT DOES IT MEAN?
If the relationship is between your brother and his son, it could simply mean that USCIS has reached another stage of review and has updated (or proceeded past) another part of the process. Don't panic yet. If there is any problem, your brother will receive a form requesting additional information.See question
We are about to file the I-130 and wonder if we need to prove our relationship with more documentation than marriage certificate. We just got married and don't own anything together or have any accounts together. Do we need to get an affidavit or ...
The instructions are very helpful in providing you with examples of the kind of evidence you will need. However, evidence such as photos of you both together sharing various events, affidavits from friends and family attesting to your relationship, evidence from or leading up to your wedding are all helpful. Consider seeking the advice of experienced counsel before submitting your application.See question
I was accused of beating a man only because of the color and model of my car.
As the other attorneys have mentioned, this is a very serious charge and you should proceed very carefully, and only with the advice of experienced counsel. A full review of your case is necessary to determine how best to attack the State's case and the indictment. However, a motion to dismiss the indictment is possible short of going to trial, but as others have mentioned, they are rarely granted.See question


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3 posts tagged with thinwhiteduke.
Displaying 1 through 3 of 3. Subscribe:
Because even bad Bowie is better than no Bowie
How to Read Like Bowie - David Bowie's Top 100 Books Don't miss Meta-Bowie or Bowie on metafilter music or in MetaTalk (just because).
Space Oddity
The Man who Fell to Earth was Nicholas Roeg's Sci-fi classic featuring a fragile cocaine addicted David Bowie, between his Thin White Duke days and his Berlin trilogy, as a homesick alien falling into despair. Years later Duncan Jones - AKA Zowie Bowie, subject of a sentimental song on Hunky Dory - would make a Sci-Fi film of his own with similar themes of isolation.
Bowie 76: somewhere between Mars and Berlin
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If you are a User who needs information about their Personal Data, contact the Owner directly using the contacts below.
If you are the owner of this privacy policy, head to the iubenda website to understand why this policy has been deactivated.
Alpha Applications, Nikolaeva 11/1, Novosibirsk, Russia, [email protected]


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Mopar JK parts
Just found out my new red Rubicon should be here within a couple of weeks, and am considering a winch bumper. Mopar sells a pretty good looking one, anyone out there have any experience with it? Also, anyone have any experience with the Mopar lift kit? I know it's pretty pricey, but my understanding is that your warranty remains intact if a dealer installs the kit. Any truth to this?
Just picked up my 10 red Rubicon last week. Had the dealer put on Off Road Bumper 8221171Sab $612.00. It's a great looking bumper that includes the winch mount and integrated production fog lamp mounting provisions. The winch isn't going on right away so I also ordered and had them put on the Winch block off cover 82211936ab $57.00. This bumper is perfect for the Rubicon and it looks great. Haven't received any negatives on it. The best thing about this bumper is that the stock fog lamps fit right into it with no modifications. I highly recommend this bumper.
kik: Post a pic.
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Hon Hai Net Misses Estimates on Higher Costs, Unit Losses
Hon Hai Precision Industry Co. (2317), manufacturer of Apple Inc. (AAPL)'s iPad and iPhone, posted profit which missed analyst estimates after raising wages, spending to build factories and losses at its Hong Kong unit.
First-quarter net income climbed 3.6 percent to NT$14.9 billion ($510 million), from NT$14.4 billion a year earlier, the Taipei-based company said in an exchange filing today. The average of 10 analyst estimates compiled by Bloomberg was for profit of NT$21.5 billion.
Foxconn Technology Group, of which Hon Hai is the flagship, raised wages 25 percent in February and is continuing to spend money moving factories to inland China. Hon Hai's profitability usually moves in the opposite direction to that of Apple, which posted its highest operating margin in over a decade.
"That poor result caught me by surprise," said Vincent Chen, the top-ranked analyst covering Hon Hai according to data compiled by Bloomberg, who rates the stock "hold" at Yuanta Financial Holding Co. in Taipei. "The wage rises haven't been passed on to customers yet, which impacted profits."
Planned Migration
Customers have agreed to cover the cost of higher salaries, Chairman Terry Gou told Bloomberg News today before the earnings announcement. Foxconn's planned migration of production capacity from Eastern China to the interior of the country is around 60 percent complete, he said.
"There'll be a shortage of labor if you don't pay more. We've calculated the real cost if we pay more, and in fact when considering overtime, we will actually be saving on costs," Gou said. "And secondly, if we pay more, then everyone will pay more."
Gross margins, which measure revenue less the cost of goods sold, will gradually rebound throughout this year, Chief Financial Officer Huang Chiu-lian told Bloomberg News today before the earnings announcement, without providing a target for gross margin.
Unconsolidated sales climbed 43 percent to NT$789.9 billion for the quarter, Hon Hai said. The company will publish consolidated numbers before the end of May.
Gross margin at the unconsolidated level fell to 4 percent during the period from 4.5 percent a year earlier, while the operating margin, which measures sales less all operating costs, dropped to 0.9 percent from 1.1 percent.
Apple Sales
Apple sold 35.1 million iPhones for the March quarter, ahead of the 31.2 million average of analyst estimates and 11.8 million iPads, compared with expectations for 11.9 million. Hon Hai makes both devices at its factories in China, while rival Pegatron Technology Corp. is a secondary supplier of the iPhone.
Apple's gross margin widened to 47 percent, its highest on record, while operating margin climbed to 39 percent during the March quarter, its highest since 2000. Apple's margins usually climbed when Hon Hai's decline, Bloomberg News reported in January.
Production bottlenecks for producing the iPad, including a lower yield rate and a shortage of panels, may have impacted Hon Hai's profits during the quarter, Arthur Liao, who rates the stock "buy" at Fubon Financial Holding Co., wrote in a note to clients last week. The panel-supply problems will probably be solved this quarter, he wrote.
Apple's iPhone will account for 23 percent of Hon Hai revenue this year, and iPad around 17 percent, Liao wrote.
Shares and stock options granted to management will also raise costs throughout this year, Yuanta's Chen said.
Foxconn raised base wages by up to 25 percent in February, doubling the salary of a junior worker in Shenzhen, its main production hub, to 1,800 yuan ($285) a month from 900 yuan three years ago. The company in March agreed to a further unspecified salary hike after the Fair Labor Association said it found cases of employees working longer hours and more days in a row than allowed.
Growth Forecast
Gou, who founded the company, cut his annual sales-growth forecast in September 2009 to 15 percent from a 30 percent target that had been in place for more than a decade as Hon Hai's size burgeoned. Revenue growth will be at least 15 percent this year, driven by China and Brazil, he said Dec. 1.
Slowing labor supply and increased government incentives prompted Gou to begin expansion in central China, away from Hon Hai's main production base on the east coast and closer to its workforce, a move that raised costs and cut profit margins.
Foxconn International Holdings Ltd. (2038), a Hong Kong-listed phone manufacturing affiliate 72 percent owned by Hon Hai, last week said its first-half loss will widen "significantly" due to weaker demand from customers and higher costs.
The supplier of phones to Nokia Oyj (NOK1V), which posted a loss of $17.7 million for the first half of 2011, fell to its lowest in 3 1/2 years in Hong Kong after the profit warning.
To contact the reporter on this story: Tim Culpan in Taipei at firstname.lastname@example.com.
To contact the editors responsible for this story: Paul Tighe at firstname.lastname@example.com; Michael Tighe at email@example.com.


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Getting you more information on this room
this is a great place full size fridge 2 burner stove and a microwave in each room the bed is very comfortable great room
Comfort, paid less for way more, most friendly staff, clean place, everything worked, delicious breakfast --- a lot to choose from, way more than most places.
If there is a room available i would take it, well worth the price to get a good nights rest......thank you Days Inn 😀
Nice area and clean room but beds are really hard so if you like soft mattress not the place for you.
Second and third visit for a week at a time. Easy to get to, great shuttle service to Mayo clinics, clean, quiet, comfortable rooms. Full size frig, stove tops, microwave and sink in kitchen area. No utensils/cookware to use for cooking or eating-bring your own. Very sporadic wireless on the second week stay. Said it was because of amount of...
my family and i booked 3 rooms with two beds in each a couple of weeks in advance of our trip. when we arrived the desk clerk was real apologetic but we had not gotten the rooms we had reserved. we got 3 rooms but one bed in one room, one bed and pull out couch in another and two...
This was a 'group' event. After checking in, it was discovered that people were charged different amounts for their rooms. When we tried to discuss this with the manager, all we were given was a run around, with nothing solved. It was very disappointing for those of us who ended up paying more for our rooms.
"I liked 4th floor as it was quiet, maybe less wireless service."
"away from the elevator"
"All rooms were very clean and nice."
"High floor, away from elevator and not on hiway side"
"Stay elsewhere"


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Check in from 17h / Check out prior to 11h
Fasthotel Chambery: Find photos, reviews, information, amenities and compare prices for 2 stars hotels in Chambery, France.
Fasthotel Chambery offers a comfortable setting when in Chambery. It also features meeting rooms.
Hotel description
Fasthotel Chambéry offers comfortable accommodation and is the perfect base for either the holiday maker or business traveller.
Fasthotel features 40 rooms, all of which are equipped with a range of amenities to ensure an enjoyable stay.
A satisfying breakfast is available each morning at the hotel, and there are numerous cafés and eateries close by. In the evening, guests can relax in the comfortable lounge bar.
Fasthotel Chambery provides an ideal base to explore Lake Aiguebelette and Lake Bourget, as well as everything the local area has to offer. Chateau de Chambery is just an easy drive from the hotel.
Hotel features
Restaurant, Bar / Lounge
Meeting Rooms, Photocopier
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Users who viewed Fasthotel Chambery also viewed these 2 stars Chambery hotels:
Art Hotel Chambery
154 Rue Sommeiller, Chambery
154 Rue Sommeiller, Chambery
Best Hotel Chambery Centre
9 rue Denfert-Rochereau, Chambery
9 rue Denfert-Rochereau, Chambery
Ibis Chambery
100 Rue Eugene Ducretet, Chambery
100 Rue Eugene Ducretet, Chambery
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Nearest hotels
- Le Chateau de Candie
1 km
- Brit Hotel Chambery
1.1 km
- Madame Vacances by Eurogroup Moliets
1.2 km


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Icecat: syndicator of product information via global open catalog with more than 3811026 data-sheets 14816 brands – register (free)
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The general trademark of a manufacturer by which the consumer knows its products. A manufacturer can have multiple brand names. Some manufacturers license their brand names to other producers.Philips
Product name:
Product name is a brand's identification of a product, often a model name, but not totally unique as it can include some product variants. Product name is a key part of the Icecat product title on a product data-sheet.Wireless Modem Router
Product code :
The brand's unique identifier for a product. Multiple product codes can be mapped to one mother product data-sheet if the specifications are identical. We map away wrong codes or sometimes logistic variants.SNA6640
Category : wireless routers
Data-sheet quality: created/standardized by Icecat
The quality of the product data-sheet can be on several levels:
only logistic data imported: we have only basic data imported from a supplier, a data-sheet is not yet created by an editor.
created by Philips: a data-sheet is imported from an official source from a manufacturer. But the data-sheet is not yet standardized by an Icecat editor.
created/standardized by Icecat: the data-sheet is created or standardized by an Icecat editor.
only logistic data imported: we have only basic data imported from a supplier, a data-sheet is not yet created by an editor.
created by Philips: a data-sheet is imported from an official source from a manufacturer. But the data-sheet is not yet standardized by an Icecat editor.
created/standardized by Icecat: the data-sheet is created or standardized by an Icecat editor.
Included since: 02 Dec 2006
The date Icecat noticed for the first time that this product was included in the price list of a channel partner
Info modified on: 15 Apr 2016 14:09:01
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Product views: 7576
This statistic is based on the 65075 using ecommerce sites (eshops, distributors, comparison sites, ecommerce ASPs, purchase systems, etc) downloading this Icecat data-sheet since 02-12-06 Only sponsoring brands are included in the free Open Icecat content distribution as used by 63374 free Open Icecat users .
Long product name Philips Wireless Modem Router:
The short editorial description of Philips Wireless Modem RouterWireless Modem Router
Marketing text Philips Wireless Modem Router:
The official marketing text of Philips Wireless Modem Router as supplied by the manufacturerThis router gives you high-speed Wireless Internet access without the need for an additional ADSL modem, therefore making it very easy to install. It works simultaneously with your regular telephone line.
Wirelessly connect to multiple PC's
- Share one Internet connection
Fast, easy setup
- No need for external modem
Secure network
- Latest encryption technology
Short summary description Philips Wireless Modem Router:
This short summary of the Philips Wireless Modem Router data-sheet is auto-generated and uses the product title and the first six key specs.Philips Wireless Modem Router, WEP, WPA, WPA2, Mac OS 9x +, Windows 98SE, ME, 2000, XP
Long summary description Philips Wireless Modem Router:
This is an auto-generated long summary of Philips Wireless Modem Router based on the first three specs of the first five spec groups.Philips Wireless Modem Router. Security algorithms: WEP, WPA, WPA2. Compatible operating systems: Mac OS 9x +, Windows 98SE, ME, 2000, XP, Maximum data transfer rate: 0.108 Gbit/s, Bandwidth: 2.4 GHz
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DSL features
Supports ISDN connection
Security algorithms
Security algorithms are used to provide authentication, cipher key generation, integrity and radio link privacy to users on mobile networks. The security algorithms supported are the ones that can be used with this product.
Other features
2.4 GHz
xDSL connection
Maximum data transfer rate
0.108 Gbit/s
Compatible operating systems
List of desktop operating systems tested as compatible with this product.
Mac OS 9x +, Windows 98SE, ME, 2000, XP


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Can't fault the service we received, arrived on time! gave us a quote the next day! Very happy to recommend Nicholls & Nicholls Bricklaying.
Tony did an amazing job and the whole experience was so easy! This was a job I had been meaning to get on top for a while and between the time I posted the job and my courtyard and two driveways were thoroughly cleaned and sealed was less then 4 days! Tony made it so easy fo..
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Annerley, QLD
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I required a fence to be replaced. The owner and myself need it back to the way it once was.
The property is for a unit block
The materials needed are bricks.
About 2 metres high and 3 metres...


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Goldcorp Centre for the Arts, 149 West Hastings Street
Aboriginal Lecture Series | Two-Spirit and Indigenous Transgender Stories
FREE, no registration required!
When: Wed, March 9, 2016. 7:00 PM
Where: Djavad Mowafaghian World Art Centre, Goldcorp Centre for the Arts, 149 W. Hastings St.
Additional Info: Co-presented by SFU's Vancity Office of Community Engagement, the Indigenous Research Institute and the Office for Aboriginal Peoples
"Two-Spirit and Indigenous Transgender Stories and Photos of Safety, Belonging and Wellbeing"
Presented by Cindy Holmes, Bon Fabian, Elizabeth James, Sandy Lambert and Chase Willier
This presentation will discuss emerging themes from Two-Spirit and Indigenous transgender co-researchers in a community-based participatory research project about safety, well-being, belonging and place in the lives of transgender, Two-Spirit and gender nonconforming people in Vancouver BC. This research project is being developed and conducted in collaboration with transgender, Two-Spirit and gender nonconforming community members to address community health concerns and strategies for action. The study uses Photovoice, a participatory action research approach that combines photography, storytelling and social action.
Speaker Bios
Cindy Holmes is a white, queer, cisgender researcher who was raised on the traditional territory of the Attawandaron people in Ontario. Her research explores intersections between violence, social inequities, health and place. It is grounded in over 20 years work in community health and social justice movements. She is a Michael Smith Foundation for Health Research Postdoctoral Fellow in the Faculty of Health Sciences at Simon Fraser University.
Bon Fabian is a proud Two-Spirit living in Vancouver, who runs Two-Spirit sweat lodges and is called to provide spiritual support for Aboriginal people who are sick in hospitals.
Elizabeth "Raven" James is a Native American Two-Spirit post-operative transsexual who has worked with the Trans PULSE Project, Taking Care of Business and the Sharp Access Project. She is a published author with Emerald Insight and the Canadian Scholars' Press. She is a tough warrior who is a 3rd degree Midiwinn teacher.
Sandy Lambert is a Two-Spirit man who has been involved in the HIV/AIDS and Indigenous health movements for the past 10 years. This has included meaningful work as a Community Research Associate with many projects throughout British Columbia.
Chase Willier (Nirkwuscin) is a Two-Spirit Cree (nehiyaw) transman from Sucker Creek and Saddle Lake First Nations in Alberta. He spent most of his service in the RCMP working with Aboriginal peoples and was traditionally adopted by the Syilx Nation while working in their territory. Since retirement, he has been actively involved in numerous initiatives in the trans community.
Upcoming Events in this Series:
March 16, 2016 | "Pragmatism at the Intersection of Indigeneity, Cultural Property, and Intangible Heritage" presented by Prof. George Nicholas
March 23, 2016 | "Finding Mile Zero on the Powwow Trail" presented by Dr. Eldon Yellowhorn
Related to this series: A recording of the 2015 Lecture Series on Aboriginal Issues
Find out more about the work of our partners & join the online discussion in SFU's Vancity Office of Community Engagement Facebook group!