text:
Something To Be Proud Of - I was at a public pool last week and I saw a woman with scars on her thighs, arms, and shoulders, they were clearly self harm scars. She wasn't hiding them at all and she didn't look the least bit embarrassed. Not only did I admire her but I also felt...
6 Responses
Jul 23, 2012
Every Scar Is a Memory - I have at least one scar from every job I've ever had (and I've had a lot of jobs). Some are small, and some go all the way to the bone. I remember how and when I earned each one. In a way, they serve as little reminders of where i have come from and how...
1 Response
Jan 29, 2008
Time - I promised my friend I would stop cutting.
The urges are still there.
Maybe I need time...
Maybe I need my blade...
I have no idea what I need.
But I know what I want...
I want time to heal this...to make it go away.
I don't want to hurt myself anymore....
1 Response
Sep 29
Why Won't It Stop? - Back when I was in the end of my 7th grade year my parents started going though a divorce. I was 12 turning 13. I needed to stay strong with everything I was going through for my little sister. My parents finally ended up get a divorce the beginning of my 8th...
1 Response
Sep 19
Scared Body and Broken Soul . - I Have so many scars on my body and on my soul that you can't see where they start and where they end. First time I cutted my self was at age sixteen but I was seeing life with opened eyes for the first time when I was fourteen. When I started...
1 Response
1 day ago
Only 2 - 1965 - I have a hot water burn scar that completely covers my left bicep. I was 18 months old when I managed to pull a pot of boiling water off the stove. Mum panicked and pulled the long sleeved pullover off of me, taking a lot of skin with it...
4 Responses
Jan 19, 2009
*This May Be Triggering* - One day in 5th grade I came home crying my parents yelled at me for it. Great parents right!
It was late at night when I snapped my cousin told me everything about cutting so about how she did it and regretted it. I ransacked the kitchen searching...
2 Responses
Oct 13
My Brother .Tj - I had the greatest brother ever. along time ago we were leaving a friends house and a 18 wheeler almost hit us so he misses the driver and we go off a clift were there was water I got out but he didn't my set belt broke somehow and that's how I lived iv went...
4 Responses
Nov 18
Their Darkest Moment - Best friends.
They'll carry scars.
For the rest of their lives.
Because of each other.
Oct 21
I A Lucky To Be Alive! - I stand in front of the mirror after my shower, and marvel at the road maps that appear before my eyes..
Each one a testiment to the strength I have..and to the power of healing.
They travel up and down, side to side.
They will never go away.
12 Responses
Sep 14, 2010
Scars - I hate people who point out my cuts and scars. Because they never take the time to see how deeply I'm hurting inside. Those little white lines are just fake, numb covers to hide the real pain underneath. Sometimes when I run my hand over my scars I can feel something...
2 Responses
Sep 17
Scars And Cuts - Some people make fun of others because they cut them selves. Everyone has a different reason, some people just love the feel of cold steel cutting through their own flesh. My worst scar is on my chest. I didn't stab myself or anything but it was from a heart...
1 Response
Nov 4
I hate when people look at my scars and judge me. I have a dark past that's no secret. But what makes you think it's okay to point and stared. I'm not a freak. Just different.
1 Response
1 day ago
Where My Scars Came From. - Start from my fingertips and keep going up my arm, look at it, I know, it's not pretty. Look at my heart; I keep it on my arm. Look at my scars... That's where the most popular girl in school called me fat. That's where my best friend moved away...
3 Responses
Apr 13, 2012
I Knew I'd Marry Him - The day my boyfriend kissed the scars I'd carried for years, I knew I'd marry him. We've been together 15 years, and he still traces my scars with his fingers. I spent years trying to hide them, now I know they aren't a disfigurement or a defect...
11 Responses
May 5, 2008
So Many - so many I lost count,and not just physical scars and cuts:/
7 Responses
Oct 6
A Little Story - I indeed have cuts and scars , but they make me the person I am today , I do look at them and hate them with a passion but without them I wouldn't of learnt from my mistakes and I certainly wouldn't understand the pain that certain individuals feel in the modern...
4 Responses
Nov 26
My Self-Harm Story - Anymore I only have scars. Scars that I didn't even need. It took me two years to realize you shouldn't dwell on the past or bottle things up because one day, that bottle will blow. Cutting is not needed. It's a temporary fix to a temporary problem.
The way I...
1 Response
Oct 26
There Was Once A Little Girl - Who was just so full of life. Big green eyes and a head full of blonde curls and who loved britney spears so much. She was just so happy. Middle school came and the name calling began. Being called "fat" and "ugly" was a daily routine. "Ew who would...
Sep 30
I Have Many - I love my scars they are almost all good times. I only have a few physical external scar left from the worst times of my life. I used to claw and scratch my skin when I was stressed and lucky that never scarred. I have burn scars on my hands from rope, an accident...
1 Response
Oct 14
Me Too.... - age 12: i carved half of a heart into my left hand because i wanted to love myself and have my father love me, but i lost the nerve so i didnt finish it.
age 15: things got bad. i went back to self injury. i started making lines up my right forearm, to help control...
2 Responses
Jul 31, 2012
Cut... - The feel of that blade on my skin
I slice it open,
I see the blood,
the world stops,
my anger subsides,
my stress is temporally alleviated,
I don't feel quite so alone,
My anxiety levels drop back down,
I feel almost normal,
I feel calm,
and somewhat happy
I'm so...
3 Responses
Jan 1
Cutters Lullaby - I didn't write this but I thought id share it since its so well written.
Go to sleep and close your eyes, And dream of broken butterflies, That tore their wings against a thorn, You know the pain that they have borne. Silver metal shines so bright, Scarlet...
3 Responses
Jun 15
A Kiss - She had gone out when he found them...a small box with her blades inside...he picked them up and put them in his pocket. When she got home he gently took her hand and asked her to roll up her sleeves...she panicked...refused...saying no...he looked deep into her eyes...
3 Responses
Nov 16
"This Means I Belong To You" - I guess you could say its my favorite scar of the many I have recieved whether out of being a clutzy person or self-inflicted, this scar ment the most to me. It ment love. It was back around 8th grade, and he was the boy I wanted, the only...
1 Response
Aug 14, 2011
I Feel In Control - When i cut i feel relieved, in control. No one can stop me from cutting. Thats the one thing i have power over. The pain people cause me hurts, but the pain of the razor on my skin hurts worse.
2 Responses
Nov 10
Scars - I have so many scars all up my arms, I feel ashamed to look at them I I'm honest, there always there. I try and make ten disappear by making more and more cuts then realize what I have just done, I'm actually addicted to the pain. My thighs are even worse. I'm constantly...
1 Response
Oct 6
What Would You Do? - So about 6 months ago my 13 year old daughter gave me a letter. She was in tears and said read this!
So the letter went on to tell me that she had been cutting herself for a year!
I went to her room and we hugged and cried together. I knew she was...
Nov 13
Pain And Sorrow Behind The Scars - Most of my scars are not self inflicted. I have a few that I had done myself because I was so numb from the drugs I didn't know if I was alive or not...
I never felt as if it was necessary for me to cut or harm myself, others always did that...
1 Response
Nov 4
Not Just Cuts But Battle Wounds - I have been struggling with cutting for the past five years, I cut my left shoulder mainly and i have built up so much scar tissue over the years that I can hardly feel it anymore, and it takes real effort to bleed. I've been having terrible...
1 Response
Jan 16
Scars.. - I remember the feeling of relief when I put a blade on my skin for the first time..
3 Responses
Nov 2
I Used To Self Harm - It was after high school. I don't remember why I started, I think it was accidental at first, but it felt great, so I started to do it more. From actual cutting to cig burns. I still have the scars on my skin, it shows more in the summer times. Its...
Nov 12
What if I told you that lighters and razors used to be my only friends? Would you care? Or would shoot me nasty looks and stare?
4 Responses
1 day ago
Like Mother Like Daughter - once upon a time there was a teenage girl (who was bipolar) and a teenage guy (who was a druggie) and they had sex and nine months later i was born. They couldn't take care of me and weren't even together and they just bounced me around from state to...
Sep 19
My Story Is No Story - Every time I look at this scar the painful memories and circumstances come back to me and it's just to painful to even think about and I just try to put it out of my mind, but the memories are vivid and etched in my mind and heart.
10 Responses
Jul 31, 2010
I Thought It Would Take The Emotional Pain Away... - I started cutting about three years ago when my mom first got sick,she had two major strokes im January of 2009.She now has brain damage and says what is on her mind no matter what it is.I've experienced her bad behavior and...
Feb 4, 2012
Reminiscence - i have many scars... on my wrists, on my calves.... and i attribute the honor of being the reason behind mostly to my family..its sad really... i do it not more but they remind me... of the situation, the reason....they sadden me, and also tempt me for more of...
1 Response
Sep 20, 2011
I'm Usually The Problem - I have exploded so many times in foster care and destroyed so much stuff cause of the pain I feel inside. I still hate myself for hurting people feelings and making them hate me. All I really wanted was friends, someone to notice me, someone to talk to...
3 Responses
Aug 14, 2012
The Deepest Cut - so i have over 345 scars on my body. im not proud of them but they tell my life story from the age of 13 to now. my mom and dad argued all the time because of my moms drug addictions. my mom would take her anger out on me. she would yell or hit me and i took it...
4 Responses
Jul 27, 2012
My depression is self diagnosed, but I don't think it makes a difference. Every day I fear the moment I lose control over myself, something that is closer every time I wake up.
I cut, it doesn't necessarily have anything to do with depression, but the cuts get deeper every time...
1 Response
4 days ago
Oh the Stories..... - I could tell you about many scars. I am a walking testament to scars. I could tell you about the scar on my cheek, which I got from teasing my dog when I was 5. I could tell you about the scar on my head from dodging a 10 speed bike. Or the time we decided...
1 Response
May 25, 2009
I have "ugly" bruises dancing up my arms and seating themselves on my thighs. To me, they're so beautiful... And that's my story. My scars and cuts are my art. I look at my body in disgust but when I find my way to the blade marks I find a sense of comfort. The only way I can...
1 Response
5 days ago
The Woodsplitter - Sitting in hospital texting with one hand. A simple and common accident yet still annoying. I crushed my thumb between a log and the base plate. It was a gnarly piece of wood that slid and got me as the ram came down. My thumb hurts and I'll need stitches, but...
2 Responses
Jan 8
A Few Weeks Clean... - So I'm some what proud to say I haven't cut myself in a few weeks... I had a much longer clean streak before the summer though, I didn't cut for a year and a half but then summer came and I found I had to much time on my hand to think. And me with time to...
1 Response
Oct 15
Different Chapters~ - All over my body are scars. Some are healing, others are very deep. Each and every mark tells another chapter.
Wrists, stomach, ankles, thighs... That's where the worst lie.
My body is the story.
I just need someone who can read it and tell me I am...
Oct 26
I Was Clean For A Year. - I was put on an anti-depressant. I felt good. I felt happy. But soon I found myself slipping back into my old ways: not leaving the house, not responding to texts, being tired all the time... I didn't ask to be this way, it was never something I thought...
Oct 26
My Scar's Story - There is a small scar .. it has healed , hardly noticeable anymore
This small scar,though harmless looking white and almost invisible , reminds me everday of a story I will not forget ...
A story of a woman down trodden , friendless and too hopeless to leave...
14 Responses
Jul 14, 2010
Cry For Help? Please. - My dad finally noticed the scars and cuts on my wrist today... He then told my mother. So my mother told me that cutting is just a cry for help and that it's just to get attention. She then went on about how I shouldn't do it because I get everything I...
6 Responses
Jun 20
Blood Art - She paints a pretty picture
But her story has a twist
Her paintbrush was a razor
Her canvas was her wrist .
She paints a pretty picture
In a color that's blood red
While using her sharp paintbrush
She ends up finally dead
Her pretty picture fading
Quite slowly on...
2 Responses
Apr 3
My Self Harm Story - It amazes me how every one of my scars tell a story. Some a story about how I've survived. Some about how I've failed and how I'm weak. But they all have emotion behind them. Anger. Hate. Guilt. It's all there. I can't go back and change it. I remember the...
1 Response
Nov 14
I Survived The World - I have many scars, a few on my arms, on my legs and even one on my chest. I could sit here and tell you about all of them but i'm not, i'm gonna tell you briefly about one.
The one i'm talking about is on my chest. 17cm from the top of my breast bone to...
2 Responses
Oct 20
My Story of Hope. - I have many Scars and Cuts That Tell a story. They Are like walls If they could talk they would tell you a story. Of The obstacles I have over Come and The strength I have From All the pain. They are beauty Marks. Because with the Scars They have To tell you I...
2 Responses
Jun 13, 2008
Am A Simple Girl With A Sad Story - I can't find words to discrib my pain or the suffer I been throw,let just say that am dead who pretend to be alive.i came here to continue acting like living ppl.
u can know more about me throw my experiences.
God bless&peace
1 Response
Nov 12
I Have Scars - i have scars all over my left forearm. i hate to say that i was the one that caused them. i have a really deep fat scar on my arm from a suicidal attempt when i got friend zoned by someone who was making it sound like he was breaking up with his girlfriend. i had a...
2 Responses
Nov 28
Too Many Scars - When I was ten, I remember sitting on the stairs bored waiting for PE to commence. While sitting there I remember counting all the scars on my body. I came up with over sixty. I was so impressed with myself.
How I got them? Easy. I was a boy when I was little...
2 Responses
Nov 10
My Scars All Tell Stories... - I have several prominent scars on my body; some old and some more recent. None of them are particularly pretty, but they all have associations to things I love.
Working from my feet upwards, the first is a funny-looking cluster of little dashes on...
1 Response
Nov 16
Scars Are A Sign Of Strength - I started cutting freshmen year. I started having a lot of family problems and they ALWAYS stressed me out. I hated being in this house so I'd stay out late and come home and get my a** whooped. I have really strict parents and all I really wanted...
2 Responses
Nov 10
Scars - We all have scars, inside and out. We have freckles from sun exposure, emotional trigger points, broken bones, and broken hearts.
However our scars manifest, we need not feel ashamed but beautiful.
Alexander Foss
Tiny Buddha
2 Responses
Nov 18
I Have Scars* "Graphic" - I've had a lot of broken bones and scars in my lifetime from car accidents, but if have say that the worst of all is when I had a compound fracture to my femur. It was horrible feeling my bone sticking out of the side of my leg and the thought of knowing...
Nov 19
Reminders - I have scars on my wrists. The first time I ever cut myself I was in 7th grade. my mother and I have never had a great relationship, we argue and we get physical, we both have a really hard time controlling are anger. I love my mom but we have a hard time not fighting...
1 Response
Nov 17


text:
Mold spores can affect indoor air quality. Controlling mold means controlling moisture.
If you use a rodenticide, a pesticide to eliminate or deter rodents, they will not always take the bait if other food is available.
Stink-bugs and ladybugs seek shelter as the temperature drops. Sealing cracks, fixing holes and installing chimney screens can help.
Report a human, pet, or other pesticide incident.
People and Pets
Science and Regulation
Pests and Environment

subset: commoncrawl


text:
Utilty Flare Pant
Product Code: 5402
List: $27.99
Our Price:
Utility Girl Stretch- This flare leg utility pant features two front patch pockets, one back pocket with large utility loop on the right (total of three), and a drawstring dyed-to- match tie in the front and elastic back. Regular Inseam 31". Petite Inseam 28". 52/45/3 Cotton Poly Spandex for flexible stretch fit.
- Click here to find out more about Utility Girl's features and benefits!
Sizing Chart


text:
Elaine Pagels, The Truth About the Book of RevelationsThe Long Now FoundationMonday, August 20, 2012 from 7:30 PM to 9:00 PM (PDT)San Francisco, CA |
Event Details
The Long Now Foundation's monthly
Seminars About Long-term Thinking present
Elaine Pagels'
The Truth About the Book of Revelations
Probably the most consequential vision of the future ever written is the Bible's Book of Revelation. If God didn't write it (through the sainted instrument of someone named John), then who did, and why?
Elaine Pagels has a persuasive answer, spectacularly illustrated. The author of The Gnostic Gospels; Beyond Belief; and Revelations: Visions, Prophecy, and Politics in the Book of Revelation, Pagels analyzes other revelations of the time (they were common) and examines how John's particular version of apocalypse made it into the world's most popular book. John had his own agenda. It wasn't Christian.
Links and more info on Elaine Pagels at LongNow.org
Doors open at 7:00pm, event starts at 7:30pm
at The Cowell Theater in San Francisco
If you'd like a pre-Seminar bite, Greens Restaurant has a happy hour from 5-7pm. We're also having a reception at the Long Now Museum after the Seminar.
Have questions about Elaine Pagels, The Truth About the Book of Revelations?
Contact The Long Now Foundation
When & Where
Cowell Theater
Pier 2, Fort Mason Center
San Francisco,
Monday, August 20, 2012 from 7:30 PM to 9:00 PM (PDT)
Add to my calendar


text:
Summary (Masterplots II: British and Commonwealth Fiction Series)
The action of the novel is set in postcolonial Africa, in a state undergoing the traumas of self-definition after independence, and concerns the effects of change on the lives of several Indian Africans, Europeans, and native Africans living in Mobuto Sese Seko's Zaire. As a journey into the heart of what the Europeans called "darkness," the novel echoes Joseph Conrad's earlier Heart of Darkness (1902) in structure and spirit. Its structure is a journey that reverses the one made earlier by slaves: Salim the narrator (like Conrad's Marlow) journeys inland from the coast to do a job and earn a living, but he finds his identity threatened by his position as a non-African Indian in a "half-made society," envying more secure neocolonialists privileged by the Big Man. He leaves for England, returns to Africa, and at the end of the novel, flees for his life to, one assumes, Europe. The irony of the once-colonized native finding refuge in the country responsible for his state of restless exile and insecurity is one of many circular and ironic movements in the novel. It suggests, as in his adulterous affair with Yvette, the perpetuation of one of the consequences of colonization: the cyclic process of exile and personal exploitation, as well as the recurring parasitic nature of the relationship between the colonizer and the colonized.
The novel is in four parts: "The Second Rebellion," "The New Domain," "The Big Man," and...
(The entire section is 711 words.)
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Subscribe now to read the rest of A Bend in the River Summary. Plus get complete access to 30,000+ study guides!
Summary (Magill's Survey of World Literature, Revised Edition)
In A Bend in the River, as in all of his later works, Naipaul's dominant theme is alienation. The characters in this novel are not simply outsiders, such as Mr. Biswas among the Tulsis, but bewildered individuals attempting to survive in a rapidly changing society, where the rules are changed daily. The setting is a state in central Africa that has recently undergone a revolution and a civil war. The new government is under the control of a president, actually a dictator, who rules his country with the use of informers, youth squads, disappearances, and executions.
Into this reign of terror comes the protagonist, Salim, an East African Indian who has left the coastal area where his family has lived and traded for generations and bought a shop in an isolated village located on a bend in the river, which he believes should make it an ideal trading place. On his drive across Africa, as he bribes his way through road blocks, at times Salim questions his own sanity. He reaches his destination and settles down in the partially deserted village, hoping for peace and profit, but secure in the fact that he does have a home to which he can return. Unfortunately, he soon learns that his coastal village has been destroyed in a revolution and his family has dispersed. Now Salim is truly marooned.
One of the points that Naipaul makes in A Bend in the River is that one does not have to be alone to be isolated. Salim is not alone. There...
(The entire section is 773 words.)
Summary (Masterplots, Fourth Edition)
Salim envies his well-to-do friend Indar, who informs him that he is going away to England to study at a famous university. Indar explains that one has to be strong to continue to live in Africa and that "We're not strong. We don't even have a flag." It is against such a backdrop of insecurity and fear that Salim decides to leave the coast and his Muslim community and head into the interior. "To stay with my community," Salim acknowledges, "to pretend that I had simply to travel along with them, was to be taken with them to destruction. I could be master of my fate only if I stood alone."
Nazruddin, a family friend, offers Salim his abandoned shop in the interior of Africa, at the bend of a river, in a settlement that has been half destroyed during the violence that preceded the area's political independence. Salim travels to the interior, takes over the small shop, and spends the next seven years attempting to establish himself before the violence and social chaos return.
He befriends some Indian families, trades with a mysterious character named Zabeth, a magician from downriver, and agrees to look after her son, Ferdinand, who attends school at the local lycée. He soon acquires a living companion when his family, which broke up and dispersed during a social revolution on the coast, sends him their slave, Ali, who takes the new name of Metty (a name that means "someone of mixed race"). Salim later befriends a...
(The entire section is 962 words.)
Source: Masterplots II: British and Commonwealth Fiction Series, ©1987 Salem Press, Inc.. All Rights Reserved.
Source: Masterplots, Fourth Edition, ©2010 Salem Press, Inc.. All Rights Reserved.
Source: Magill's Survey of World Literature, Revised Edition, ©2009 Salem Press, Inc.. All Rights Reserved.


text:
The Shortall
Born out of love for vintage denim and its Americana roots , Current/Elliott respects the history of denim and its timelessness. A true visionary, CEO and Creative Director Serge Azria harmonizes new ideas with time-honored techniques. With its unique silhouettes, classic fits, and everlasting aesthetics, Current/Elliott delivers its customers more of what they have always loved; a distinct and timeless collection that promises to love and be loved for years to come.
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- Styled with LnA Ruby Tank in White/Black Stripe.
- Styled with Dolce Vita Rezzie Bootie in Black.
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- Modeled in size 25. See fit guide for model's dimensions.
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text:
The educational focus of the Faculty of Applied Social Sciences is to prepare its students for real-life work situations in the social sector. During the course of their studies, students gain intensive work experience, which they analyze and reflect in their coursework. The faculty's special feature are its two distance learning programs (a bachelor's and a consecutive master's program).
Hochschule RheinMain
University of Applied Sciences
Faculty of Applied Social Sciences
Office of the Dean
Kurt-Schumacher-Ring 18
65197 Wiesbaden
Building E, Room 206
Phone: +49 (0)611 9495-1301
Fax: +49 (0)611 9495-1303
E-mail: dekanat-swhs-rmde


text:
American Metalcraft 18918SP 18" SuperPerforated Pizza Disk
- Quantity Discounts!
Buy 1 - 11 | $7.29/Each |
The American Metalcraft 18918SP 18" SuperPerforated pizza disk will help you bake the perfect pizza pie every time! This product contains (550) 3/8" holes that allow the bottom of the pizza to cook fast, creating a mouth-watering, crispy, golden crust. This disk also allows cooked pizza to stay fresh by letting moisture escape. Cheese pizzas or meat lover's, keep up with those orders and keep the customers coming back for more with this pizza disk!
The edges of the disks and the edges of the holes are unfinished and may be sharp. This item is non-returnable.
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ALA Diversity and Outreach Fair
Generously supported by DEMCO
2013 Diversity and Outreach Fair
Saturday, June 29, 2013 | Chicago, Illinois
About the Fair
Each year, the ALA Office for Literacy and Outreach Services (OLOS) invites library professionals from all kinds of institutions to submit proposals to participate in the ALA Diversity and Outreach Fair, which is held during ALA's Annual Conferences.
Generously sponsored by DEMCO, the ALA Diversity and Outreach Fair is an opportunity for libraries and member groups to share their successful diversity and outreach initiatives with ALA Annual Conference attendees, celebrate diversity in America's libraries and exhibit "diversity in action" ideas.
The Fair highlights library services to underserved or underrepresented communities, including people with disabilities; poor and homeless populations; people of color; English-language learners; gay, lesbian, bisexual and transgender people; new Americans, new and non-readers; older adults; people living in rural areas; incarcerated people and ex-offenders; and mobile library services and bookmobiles.
Each year's fair focuses on a special theme based on service to one of these communities. The theme of the 2013 Diversity and Outreach Fair is Removing Barriers to Service for All: Creating Meaningful and Integrated Library Experiences for People with Disabilities.
Selected presenters will develop and facilitate a poster session to be held during the ALA Annual Conference in the exhibits hall. In addition, the participants are encouraged to submit, in digital format, information and resources from their program.
Prizes will be awarded by DEMCO for best displays. The "Best of Show" recognition for creativity, visual appeal and stated impact on local community include:
First Place: $200 DEMCO gift certificate
Second Place: $100 DEMCO gift certificate
Third Place: $50 DEMCO gift certificate
NEW! Applications for the 2013 Diversity and Outrech Fair are now closed. We will be announcing the selected presenations soon!
Past Fairs
For additional information about the ALA Diversity and Outreach Fair, please contact the ALA Office for Literacy and Outreach Services, 800-545-2433, ext. 4294, or firstname.lastname@example.com.


text:
Queensland loves to play on social media and we strive to show each member of our online community that we listen and care about their experiences in Queensland. Whether you're still planning your trip or you're already here, tweet us @Queensland or tag #thisisqueensland and who knows? We may just surprise you with our response.
Sometimes we even run a little giveaway or competition on our social media profiles, so keep your eyes peeled.
Tag your photos with #thisisqueensland to share them with us. You never know, we might just pick your photo to feature on Facebook, Instagram and Twitter.


text:
My son and I stayed on September 29th. From the minute we walked in the door, the front desk, gentleman was very helpful and made several suggestions for rooms, and even let us see the different rooms. We were allowed to check in early. Later a woman (housekeeping manager?) and a housekeeper, checked on us to see if we needed... More
- Also Known As:
- Northwoods Hotel
- Northwoods Hotel Lake Placid
- Northwoods Lake Placid
- Official Description (provided by the hotel):
- The Northwoods Inn is situated on Main Street, a short walk to the Olympic Arena and Oval, public beach, numerous restaurants, movie theater, and quaint shops of Lake Placid. The hotel offers a sidewalk cafe, two restaurants and "The Cabin," a warm and cozy fireplace bar overlooking Main Street. Our rooftop bar offers a majestic view of the entire town plus the High Peaks and Whiteface Mountain. The breakfasts and our gourmet burgers have been voted "The best in Lake Placid." The Northwoods Inn is an all suite hotel and includes extended stay suites with kitchenettes with affordable rates. Our lakeside rooms offer spectacular views of Mirror Lake and the Adirondack mountains. All other rooms have balconies where guests can sit outside and enjoy the fresh mountain air. All rooms feature air conditioning, cable TV and separate sitting areas. ... more less
- Reservation Options:
- TripAdvisor is proud to partner with Expedia, Booking.com, Hotels.com, Priceline, Travelocity and Tingo so you can book your Northwoods Inn reservations with confidence. We help millions of travellers each month to find the perfect hotel for both holiday and business trips, always with the best discounts and special offers.


text:
Jon Puckett - VP, Investor Relations
Lynn Blodgett - President and CEO
Kevin Kyser - CFO
Tom Burlin - COO, Government
Tom Blodgett - COO, Commercial
Ashwin Shirvaikar - Citigroup
Julio Quinteros - Goldman Sachs
George Price - Stifel Nicolaus
Jason Kupferberg - UBS
Bob - William Blair
James Friedman - Susquehanna Financial Group
Jim Kissane - Merrill Lynch
Tien-Tsin Huang - JP Morgan
David Grossman - Thomas Weisel Partners
Suji De Silva - Kaufman Brothers
Eric Boyer - Wells Fargo Securities
Affiliated Computer Services, Inc. (ACS) F4Q09 (Qtr End 06/30/09) Earnings Call August 6, 2009 4:30 PM ET
Welcome to the ACS fourth quarter and fiscal year 2009 conference call. Today's call will consist of prepared statements by ACS, followed by a question anticipate answer period. All participants will be able to listen only until the question-and-answer session begins. The call is webcast live from the company's website and is available for replay purposes. If you have any objections, you may disconnect at this time.
I would now like to turn the conference call over to Jon Puckett, Vice President, Investor Relations. Mr. Puckett, you may begin.
Jon Puckett
Good afternoon and thank you for joining us today to discuss our fourth quarter and fiscal year 2009 results. Today on the call we have Lynn Blodgett, President and Chief Executive Officer; Tom Burlin, Chief Operating Officer, Government; Tom Blodgett, Chief Operating Officer, Commercial and Kevin Kyser, Chief Financial Officer.
As always, I must caution everyone that any statements on this call that are not historical facts may be considered forward-looking statements within the meaning of the federal securities laws. As you know, forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed in or imply by these statements.
Additional information concerning these factors is contained in the company's filings with the SEC. Copies are available from the SEC's website, from the ACS website, or from ACS investor relations. We have also provided a presentation on our website that we will refer to during our discussion. We will reference certain non Generally Accepted Accounting Principle financial measures, which we believe provide useful information for investors.
We have posted both the presentation and the reconciliation of those measures to Generally Accepted Accounting Principles on the investor relations page of our website at acs-inc.com. Finally, we disclaim any intention to and undertake no obligation to update or revise any forward-looking statements.
I will now turn it over to Lynn Blodgett, who will provide a summary of the significant events during the quarter and the fiscal year.
Lynn Blodgett
Thanks, John and thanks to all of you for joining us today. Please turn to slide number 3. 2009 was a year of unprecedented challenges and a year that demonstrated to me the real strength of ACS. I am proud of our management team and of our 74,000 employees. I am also grateful to our wonderful customers for the opportunities that they have provided us.
In 2009, a year that most would consider to be the worst economic environment in many decades, we posted record revenue, record earnings per share, record new business signings and a near record free cash flow. In a year where most of our competitors showed double-digit revenue erosion, we grew 6% excluding divestitures, a significant difference in growth. I believe that our performance leads our sector in nearly every metric and demonstrates again, how resilient our business model really is.
Let me give you some specifics, new business bookings were $271 million for the quarter and $1.018 billion for the year. I think it is worthy a mention that our fourth quarter bookings were the second highest in our history, bested only by the third quarter. Back-to-back record bookings show how really well our sales teams work and how well our service offerings stack up against our competition.
Record revenue of $1.7 billion for the quarter and $6.5 billion for the year, show that not only are we booking sales, but that those sales are translating into revenue. Adjusted EPS of $0.99-cents for the quarter, and $13.73 for the year, both ahead of consensus and a record for the year.
It's also noteworthy to remember that we operated in the same economy as everyone else and that we had to overcome headwinds in nearly every one of our markets. But we did and rather than shrinking, we grew in bookings, profit and revenue.
The year 2009 contained many important and difficult strategic initiatives. Fortunately we began most of these before the full extent of the economic downturn was evident. One was Project Compete. We replaced approximately 4,000 higher cost employees with employees in low cost areas. This effort that involved people from every line of business and every administrative area was executed with precision, compassion and efficiency.
We, in fact, reduced our cost by over $100 million and perhaps even more important than that, we refined our global production model and improved our ability to mover higher tier work to lower cost areas. This will help us reduce costs even more in the future and improves our ability to save our customers more money, as we move more of their higher tier work to low cost areas.
The money we saved through Project Compete has allowed us to accelerate efforts in several key areas. Number one, sales, we have added about 100 sales people and the support structure associated with them. This cost which amounts to about one-third of the total savings has been entirely covered by the fruits of Projects Compete.
A dramatic improvement in bookings. For example we booked as much in the last two quarter as we did in all of 2007, is a direct result of this investment.
Number two, out of cycle discounts for customers. We have worked with many of our customers who have faced unprecedented budgetary pressure to assist them with discounts that are above and beyond those that we are required to provide under the contract. We have done this because it's the right thing to do.
We have helped our clients as a true partner and received valuable goodwill and increased contract term or other valuable consideration that places us in a much stronger long-term position. Nearly all of these discounts have been funded by Project Compete.
Number three; Investment in innovation. We currently have many projects underway tat are fundamentally changing the way we deliver our services to our customers and enhancing their offerings, and making them more competitive in their markets.
For example, I recently was in Houston and visited our customer, the Metro Transit Authority. They showed me the system that we have implemented in about 750 buses. This new system, which features contactless ticketing and the ability to replenish the card on the bus has allowed our customers to dramatically reduce operating expenses and is a tremendous convenience for the customer which will increase ridership.
This system is applicable to cities around the globe. These investments have been funded in large part by Project Compete. As I look forward into 2010, we will continue our strategy of aggressive cost control, including more, moving more of our mid-tier functions to low cost production locations.
We will also continue to invest in sales and marketing. Last year, we hired nearly 100 sales people and we plan to add about the same number this year. Our strong bookings and the associated revenue have helped counter much of the downward pressure caused by the economy and has allowed us to grow when as I said earlier, most of our sector declined in revenue and we must continue expanding our sales and marketing investment.
Finally, we must continue to execute on acquisitions. Our track record of successfully identifying companies that add to our competitive position through technology broader geographic coverage, increased scale and other benefits remains a core competency to ACS. We plan to accelerate our pace of acquisitions in FY'10. Last year, we added about $180 million of revenue through acquisitions.
Although we will always maintain our degree of discipline and not do a deal just to make a number, I expect to see a contribution from acquisitions of approximately 5%. With our strong bookings and increased emphasis in acquisitions, I expect total growth of about 10% with about half coming from acquisitions and half from internal growth.
Our ability then to navigate fiscal 2009 and deliver record results across the board gives me confidence that our business model is sound. The actions we took this year improved our competitive position and will continue to fuel our growth.
In closing, I have the greatest respect for my team. They are professionals of the highest caliber who have been able to accomplish truly outstanding things this year. With such a team, with clients who know our commitment to them and with a growing list of prospects who need and want our services, I am optimistic about our prospects in fiscal 2010.
Now, let me turn it over to Tom Burlin, who will provide a government operations update.
Tom Burlin
Thanks, Lynn. If you please turn to slide six for an update on our government business, our state and local business grew above corporate average in fiscal 2009, due to increased volumes in electronic payment services and employment benefits and the children in youth services.
Recall, the majority of the services we provide to our government clients either generate revenue or save the money. Many states and local municipalities are experiencing their tightest budgets in receipt memory and we are seeking to reduce their cost to service delivery. While we empathize with these clients, this difficult environment brought some more opportunity for ACS.
We expect the increased demand that we say in electronic payment services will continue in fiscal 2010 through the cost savings we can deliver with our leveragable solution.
Next let me update you on the Indiana eligibility contract. We are part of a team, led by IBM that is modernizing the welfare eligibility system in Indiana. Earlier this year, IBM submitted a corrective action plan to the state and we are heavily involved in implementing it.
Under the plan we are working with IBM in the coalition team to provide increased support, process enhancement, system improvement to better serve the constituents. To help us successfully implement the plan, we added headcount during the fourth quarter which we estimate will impact ACS by approximately $10 million in the first half of fiscal 2010. We are committed to working with the state and IBM to successfully deliver this contract and we'll update you on our progress.
Let's move on to our direct student loan contract. Today we process a 100% of direct student loans for the Department of Education and generated approximately $225 million of revenue in fiscal 2009. We expect the contract to continue through the middle of fiscal 2012 under the remaining two performance base period and the contract may also be extended at the discretion of the department for an additional two option years.
We were not down-selected in the title for procurement and we protested the department's decision. We will follow the federal protest process and update you as we have more information.
Now let's cover some fiscal 2010 opportunities. In addition to electronic payments, we expect incremental revenue opportunities and government healthcare from the stimulus package. Specifically the high-tech act allocates nearly $36 billion on spending in healthcare information and technology.
The government has allocated approximately $300 million for state Medicaid agencies to implement health information exchanges. Our experience in developing HIEs like in Alabama positioned us well in this market. The state Medicaid market is also poised for growth as 23 Medicaid deals will come up for renewal or a bid between now and December 2010.
We estimate the market opportunity of these 23 deals ranges from $700 million to $800 million in annual recurring revenue. Four of the 23 deals are ACS Medicaid clients, including Texas. Of the remaining 19 opportunities, 15 are with our competitors and four are Greenfield opportunities.
We believe the investment we have made in our enterprise Medicaid platform positions us to take share in this market. Also, fiscal 2010 will be the first full year of open competition in the federal market and we are excited about the opportunity this presents for us.
Finally, we expect to capitalize on our innovative solutions in transportation market as we help our client spot prospects, address global issues like traffic management and congestion. As I look to fiscal 2010. I'm confident that our business model will continue to deliver strong performance.
If you will now turn please to slide seven, we acquired Pharm/Dur on June 30 for approximately $10 million. Pharm/Dur generated trailing 12 months revenue of $6 million and provides pharmacy auditing and verification services. This acquisition positions ACS as a leader in this market and allows us the opportunities to leverage these services to our state Medicaid client and prospects.
Now, let me turn it over to Tom Blodgett, who will provide an update on the commercials operations.
Tom Blodgett
Thanks, Tom. Now, please turn to slide nine. The commercial business delivered record bookings of $418million in the last six months of FY'09. A significant win in our Healthcare Payer business was in the area and helped our performance.
This important and strategic success was a direct result of our investments in technology and innovation. This solution transforms the way our clients communicate with their customers and results in higher quality, while significantly reducing our clients operating costs. I am pleased to report that this specific implementation is ramping well ahead of plan and our current pipeline includes over $250 million of new prospects with our fortified outbound fulfillment solution.
There have been several questions about a couple of our large accounts, Sprint and GM. Let's begin with Sprint, which has been a very important and long-term partner to ACS and represents about 4% of total ACS revenue. We provide them with various services, including finance and accounting, and a broad spectrum of customer care. Although our transaction volumes were down in fiscal year '09, we exceeded our financial targets with Sprint for the year. In particular, we saw a significant growth in the prepaid program called BOOST.
We hope to expand services based on Sprint's recently announced acquisition of another prepaid vendor Virgin Mobile USA. Through the years, we have worked very hard, made significant investments and enjoyed a prominent position in the wireless market. This broad position provides a stable and predictable business model, which allowed us to grow faster than our corporate average in this fiscal year and we expect this growth to continue.
Now, let's cover GM, another important and significant long-term customer that represents 2% of total ACS revenue. We provide GM with global finance and accounting and human resource services in Europe. In an effort to assist this key client with their short-term needs and solidify our long-term relationship, we discounted in the fourth quarter certain services we provide them.
While this action will have a near-term negative impact on revenue and margin, we believe it was the right thing to do. We look forward to serving this great client for many years to come.
An exciting area for growth in fiscal '10 is the commercial student loan market. During fiscal 2009, we signed several new business deals with regional loan services and increased our market share in this space. Our size and scale provides us good opportunities to consolidate servicing from smaller loan services or large commercial banks. Due to our value proposition we expect to expand this business well above corporate average.
Finally, we expect to continue to grow internationally. Over the last 18 months, we have closed five acquisitions outside of the United States with deals in Germany, Latin America, the Caribbean and two deals in the United Kingdom. These acquisitions have added about 10,000 employees and $290 million in annual revenue.
This expansion helps to increase our presence in these local markets and allows us to provide additional services to our multi-national clients. Our M&A pipeline includes international acquisitions that will further expand our global footprint including Eastern Europe and Asia.
Please turn to slide 10. During June, we closed the acquisition of Anix, a UK based IT service provider, which will expand our presence in this market, a strong sales engine that Anix has developed, should help us sign more business in this market. Anix generated trailing 12 month revenue of approximately $70 million and the purchases price was $51 million. Anix operating margin are consistent with our ITO business.
Now, let me turn it over to Kevin who will provide additional details on our operating and financial results.
Kevin Kyser
Thanks Tom. Please turn to slide 12 for a quick overview of the fourth quarter. Revenue was $1.7 billion in the quarter and earned 6% excluding divestitures and 3% internally. Internal revenue growth for all of fiscal 2009 was 3.5%, about 3% below our beginning of the year expectations, due to a two point drag from the economy and a one point drag from the exchange rates.
Fourth quarter operating margins were in line with our expectations at 10% after considering the impact of deferred compensation costs. The accrual of management bonus and startup costs from the record new business pulled operating margins below 11% this quarter. Diluted EPS was $0.99 for the fourth quarter and exceeded our expectations
We saw a benefit from lower Project Compete spending as our process is more efficient than we anticipated. We also had a lower effective tax rate, which was offset by an equipment write-down in our transportation business.
Please turn to slide 13. We signed $271 million in annual recurring revenue during the quarter. Fourth quarter signings were particularly strong in communications and consumer goods, as we expanded existing client relationships.
In ITO, we launched a new strategic partnership with Novell and in Total Benefit Outsourcing, we signed seven new client logos.
In government, we saw strength in state and local, particularly in constituent services, in public transportation and in government health care as we added Virginia MMIS to our Medicaid client list.
For the year, we topped the $1 billion mark in bookings, which represents 27% growth over fiscal 2008. Total contract value was $4.5 billion or 43% growth over the prior year. Total contract value of all new sales and renewals was $9.3 billion in the year. Our renewal rate was 84% in the quarter as we renewed $267 million of annual recurring revenue and $768 million in total contract value.
For the year, our renewal rate was 85% and below our target of 90% due to the loss of the Georgia MMIS contract and the decision to not renew some less profitable contracts. Even after the two highest course of signings in our history, the pipeline remains $2 billion, and its split 55% commercial and 45% government. We have included our typical signings renewals in pipeline charge as an appendix to this presentation.
Now turn to slide 14 and I'll discuss the commercial segment. Commercial revenue topped the $1 billion mark for the first time, improved 5% excluding divestitures with 2% coming from internal revenue. We experienced internal revenue growth in healthcare payer and commercial education. The 2% internal revenue growth was impacted by the continued softness in HR consulting and project work in systems integration.
Adjusted operating margins in the commercial segment were 11% in the fourth quarter, a 130 basis points improvement over the prior year. This improvement was primarily driven by operational efficiencies in our HR business. In addition, existing contracts in F&A continued to mature and provide good year-over-year EBIT growth.
Turn to slide 15 and let's discuss the government segment. Government revenue was $683 million for the quarter and represented 7% total growth excluding divestitures and 5% internal growth. The primary drivers of the internal growth were higher volumes in electronic payments and education solutions. Project work and volumes in transportation continue to be weak and had a negative impact on internal growth in this segment.
Operating margin in the government segment was 14.8% in the fourth quarter, a decline of 290 basis points from last year, the lower volumes of transportation along with the $6 million equipment write down negatively impacted margins in the quarter.
The federal non-compete, which expired in November of 2008 was contributing to the EBIT in the prior year and the first part of this year and was worth about 50 basis points of margin decline in the quarter. As Tom mentioned earlier, we are focused on successfully delivering on the Indiana contract and we added workforce, which negatively impacted margins as well and will continue to impact margins in the first half of fiscal 2010.
Turn to slide number 16 and we will discuss cash flow for the quarter and for the full year. We had a strong finish to the year with record free cash flow of $326 million in the fourth quarter or 19% of revenue. For the year, we finished at the top end of our stated range with $514 million of free cash or 8% of revenue.
CapEx and intangible additions increased this quarter as we expected to $100 million as we continued to spend on our new business wins. CapEx and intangible additions for the year ended at $363 million or 5.6% of revenue. With the record new business signings and strong pipeline, I expect CapEx and addition to intangibles to continue to increase going into fiscal 2010, but still remain in the 5.50% to 6.50% range.
Turn to slide 17; I will review some of the major balance sheet categories at June 30. With the strong cash flow finished in the year, our cash balance was $731 million at June 30. Accounts receivables decreased $79 million from March 31st and we had a six day improvement in DSOs.
Accrued compensation and payroll increased due to the achievement of our growth hurdles and the resulting accrual of management bonus. Current debt increased due to the reclassification our $250 million senior notes from long-term. These notes naturally mature in June 2010 and we expect to pay these off with cash on hand.
Please turn to slide 18, for an update on Project Complete. During the quarter, we increased our global production headcount by almost 600 taking the total headcount under this project to just over 3,600. In the quarter, we incurred $4 million of transition costs, which was below our expected range of $6 million to $8 million as we were continuing to see higher efficiency from our offshore workforce.
Offsetting the transition costs, we reduced our overall severance accrual by $3 million as we do not expect to payout the full severance we originally reported.
During the first quarter of fiscal 2010, we expect to incur $3 million to $5 million of transition costs as we wrap up Project Compete. Project Compete has been a successful program for us and we will achieve the full annually run rate savings of $40 million in the second quarter of fiscal 2010.
Before we go to Q&A, let me provide our goals for fiscal 2010 and give you some color on the first quarter.
Please turn to slide 19, for fiscal year 2010, we expect total revenue growth of approximately 10% with approximately half from acquisitions and half from internal sources. In order to support this internal revenue growth acceleration, we expect bookings will grow double-digit in fiscal 2010. If the economic cycle improves and has a positive impact on our underlying volumes and project work, we would expect internal revenue growth to be higher.
Turning to EPS; as you update your estimates for fiscal 2010, let me highlight a few items for your consideration. First, as I mentioned earlier, Project Compete will benefit margins by approximately 50 basis points in fiscal 2010.
Second, due to the severity of the economic environment in the fourth quarter of fiscal 2009, we assisted certain clients and provided out-of-cycle discounts for sole-source extensions or contractual considerations. This will negatively impact revenue and EPS in the short-term, but will tie up revenue and profit for the long-term.
Third, we will spend additional money on the Indiana Eligibility Contract in the first half of the year to ensure its success.
Fourth, the GM discount that Tom mentioned and that we provided that client will impact revenue and profit throughout fiscal 2010.
Lastly, because bookings exceeded our target by over $100 million in fiscal 2009, we will have higher incremental startup costs that will impact margins and earnings in the short-term. . With these factors in mind, we are expecting fiscal year 2010 EPS growth in the low to mid-teen percent range and operating margins similar to fiscal 2009.
Project Compete is benefiting the margins and has allowed us to find the out-of-cycle discounts, the GM discounts that I mentioned and the additional costs on the Indiana. Contract. Free cash-flow is expected to be between 6% and 8% of revenue. The effective tax rate for fiscal 2010 should be approximately 36%.
For the first quarter of 2010, we are expecting we are expecting total revenue growth of 4% to 6% with about half from acquisitions and half from internal sources. We anticipate out-of-cycle discounts and continued weakness in volumes, and project work to continue impacting internal revenue growth.
Margins are expected to be in the mid-10% range, in the first quarter due to the client discounts, increased costs related to the Indiana eligibility contract and incremental startup costs from higher bookings. Margin should increase throughout the year.
As you update your models, I recommend that you take into consideration the historical EPS decline from the fourth quarter to the first quarter. EPS for the first quarter is expected to be in the range of $0.92 to $0.95, consistent with prior year's cash flow in the first quarter will be light, due to the payment of management bonuses.
That is all of the prepared comments we have at this time. Let's open it up for questions. We want to hear from as many callers as possible. So I am going to ask that you ask your initial question and then we will allow you one follow-up question. Operator, please begin the Q&A session.
Question-and-Answer Session
(Operator Instructions). Our first question today comes from Ashwin Shirvaikar of Citigroup.
Ashwin Shirvaikar - Citigroup
My question is on your revenue target, you said half from acquisitions for the full year, which implies roughly $310 to $350 million of acquired revenue. So could you talk a little bit about what kind of acquisitions you have in mind? What is your pipeline looking like, things of that sort?
Lynn Blodgett
Thanks, Ashwin, this is Lynn. The type of acquisitions that we are looking for is as Tom Blodgett mentioned, we have three or four that are in Eastern Europe and one in Asia actually that we have been seriously considering. We are also looking at potential acquisitions in the government space that can help us in the area rounding out at our overall healthcare offering.
In the commercial space, we will continue to look for acquisitions that provide us with platforms we can leverage. We have done some nice acquisitions in our customer care area. That seems to be an area that we will continue to focus on.
Ashwin Shirvaikar - Citigroup
Okay and a separate question on Indiana. To get a worst case analysis of, if Indiana gets canceled, what is the financial impact to ACS?
Tom Burlin
Ashwin, this is Tom Burlin. It's tough to quantify that because we can't anticipate what course that may take. Obviously, we are deeply involved in the operations, today. We operate both the modernized and the as-is components of it. So, even a cancellation would take some type of unwinding. So, kind of tough to answer that.
What we are focused on obviously is its success where we have added several hundred people to that account, meet regularly with IBM and the state. Our focus right now is to be successful in this cap and to execute on it and continue to service Indiana.
Our next question comes from Julio Quinteros of Goldman Sachs.
Julio Quinteros - Goldman Sachs
I know there is a lot of moving parts to this to the story for fiscal '010 given everything that you guys just talked about. I guess to get to the point, I mean when can we expect to start to see the leverage in the business from the restructuring benefits and all of the things you guys have been working on for the last 12 months or so.
Obviously there is some incremental things to contemplate but at this point, can we expect to see a margin model here down the road that's better than 11%, better than 12%? How do we think about that?
Lynn Blodgett
Yes, Julio let me see if I can maybe lay it out for you. Obviously, this economy has impacted us. We see opportunities to take a little bit of an offensive approach here and help some of our clients out and assist them as they are struggling. Those were the kind of the discounts, the out-of-cycle discounts that we talked about.
I clearly think there is a leverage point here. And I think what we took on with Project Compete is allowing us to be offensive here. I think if we hadn't done Project Compete we probably have to go along with defensive, but it really allowed us to play a little bit of offense here and help some of our clients out. Now, from time-to-time, things will be going to bump. Like on Indiana, we haven't been perfect in that situation and we're stepping up to the platen to make things right there and do what's right.
But clearly, I think there are leverage points here inside of our business. The operating margin should be down the first part of the year, but they should progress upwards throughout the year. We should exit the year above the 11% range and I'm very confident in that, when you look at the platforms we have in our business, the many platforms that we have, whether it's around loan processing or Medicaid or whatever the case maybe. We've got platforms that we can truly leverage.
Tom Burlin
I think, to Julio, the thing that everybody needs to look at is that the impact of the economy that we've said a couple of points last year, and then we'll see the full year impact of that this year. That revenue that has gone away is typically a higher margin revenue. So as we see the economy improve, not only do we see an uptick in revenue growth, but it should lead to margin expansion because that's some of the highest margin worth. So, as you do that incremental, it makes a big difference. Does that help?
Next in queue we have Bryan Keane with Credit Suisse.
Bryan Keane - Credit Suisse
Kevin, I was just hoping you could run through the math, looking at the bookings for the year. I think bookings are up 27% year-over-year, and I know you have done an exercise before we you talk about getting into internal revenue growth, so if we are at 5%, if you can walk us through how to think about that? How much is pricing taking off, renewals and so forth?
Kevin Kyser
I would say that things are not deferring too much from our revenue model that we laid out for you back in May of last year in terms of the price discounts. Let me quantify that, I exclude the out-of cycle discounts out of that 2% number.
I would say the things that are a little bit different are the economy where volumes typically are flat for us. Volumes around, whether it's transportation, project, or things of that nature, had probably a 2% impact on us in the fiscal year, and in the fourth quarter, actually had a 3% drag for us. So, I would say that's a little bit different in the revenue model.
In addition, this is something we have been mentioning over the last several quarters is the ramp rate, so, if you look at a $1 billion in fiscal bookings, we saw about 22% of revenue contribution in the year.
If you will recall, when we laid that out for you last year in May, we kind of thought it was 25 to 30. For the '09 bookings into 10, we are projecting about 55%, incremental contribution where we typically see 60 to 65. So a little bit lighter, but I would tell you that the first and second quarters can be characterized as slower than normal just because of the mix.
I would characterize the fourth quarter our record quarter as faster than our historical average, and I would characterize the fourth quarter that we just completed as right on average. So what we are seeing the bookings turn somewhat, but we are still not getting a full contribution as we would expect from '09, but just because how we started off the first half of the year.
Bryan Keane - Credit Suisse
You expect organic growth to accelerate through the year and margin to accelerate as some of the volumes come on from the ramp up of business? Is that correct?
Kevin Kyser
Yes. That is correct. Also, we've got some Indiana cost burdened in the first quarter and in the second quarter, we want to get that thing back on track, so that cost is going to be more heavily weighted towards the first half of the year. The GM discount will be spread pretty evenly across the year.
The startup costs will be more slanted towards the first part of the year on the margins, because that's when you see a quick pickup in your bookings, you got to spend a lot of money to bring those bookings on, and we, unlike our peers, have to expense all of that startup costs, where many of our peers, all of our peers hang up some of that transition cost. We are expensing it. So, it does have a negative impact on our margins.
Bryan Keane - Credit Suisse
The last question from me is, besides Indiana and GM, there were some other contracts that you had, some discounts to it. How many more of those?
Kevin Kyser
Right now a handful, and we got some more we got to execute on, but they are very selective. Obviously, we are not giving this discount for nothing, right? We are giving the discount to tie up the revenue over a longer term.
Our next question comes from George Price of Stifel Nicolaus.
George Price - Stifel Nicolaus
Thanks. About 10% over all growth and basically flattish margin. How are we getting the low to mid-teen EPS growth Kevin? What's kind of the drivers down below the operating line I guess?
Kevin Kyser
I think you should have probably a lower interest expense right? I mean the rates have come down, we should get a full year impact of that this year.
George Price - Stifel Nicolaus
Anything else in there?
Kevin Kyser
No, that's the biggest piece.
George Price - Stifel Nicolaus
Okay. Can you guys quantify deferred comp and what the impact was in the quarter?
Kevin Kyser
Yeah, I think it was about $8 million. So that was about 50 basis points. And it turned negative. Here's how that swings. As the market improves, it becomes a drag on operating margins as the overall market declines, it becomes a help on operating margins. And that's why we are spiking it up just so you can take it, just so you can spike it out and see -- obviously, if there is whatever, if there is an improvement above the line there is a bad guy below the line and they effectively offset this, so there is no impact on EPS.
So the $8 million without that 10% margins would have been 10.5% margins that's consistent with the color that we gave at the end of the third quarter.
George Price - Stifel Nicolaus
I just wanted to get it on a pretax basis, it nets out?
Lynn Blodgett
Yeah. It's the [zero] on a pre-tax basis. That's right.
George Price - Stifel Nicolaus
Your deferred comp, your bonuses for performance and step-on actually causing is it to miss targets, is what I was getting at?
Lynn Blodgett
No. The deferred comp has nothing to do with our bonuses. So I probably wasn't clear about that. Deferred comp is when our employees deferred their compensation into a trust. There is earnings on that and there is earnings that we have to pay them and they effectively offset. So deferred comp is not associated with management bonus.
Next in queue, we have Jason Kupferberg with UBS.
Jason Kupferberg - UBS
Thanks a lot guys. So a question on fiscal '10 in terms of what you provided for in your guidance. Are you expecting any material change in the broader pricing environment versus what you discussed historically and have you built any additional cushion into the margin outlook in fiscal '10? In case you need to do any additional off-the-cycle discounting above and beyond what you have already described there?
Lynn Blodgett
Jason this Lynn. First of all in terms of overall pricing environment, we haven't seen and I heard Kevin mention in his part of the prepared comments, that is staying pretty true to what we've seen over the last three or four years.
The exception are these unusual things we have already spiked out. We have anticipated in the number that we've given you for FY10, that we will have some additional discounts that we'll give. We think that we've got most of them that we can see right now dealt with, but we have baked in some portion of the additional discounts.
Jason Kupferberg - UBS
Okay, that's good. My follow-up is on Indiana. Is there any material amount of assets related to this contract on your balance sheet that could be at risk of impairment?
Lynn Blodgett
For us, it's not a development project. IBM is doing a lot for the development, most of the development. For us, it's building in our back office processes and things of that nature. So we don't have a big CapEx requirement with this. We may have some leasehold improvements. We might have a couple of leases there but nothing of a major amount.
Next in queue, we have [Bob Ansari] with William Blair & Company.
Bob Ansari - William Blair & Company
A couple of questions, just one on pricing again, you said it's been a handful of customers that you sort of done this out- of-cycle discount. What's the risk that you get more customers back to you or, how far through that are you?
Tom Burlin
This is Tom, I'll take a shot on the government side and ask Tom comment on the commercial side. Most of these clients, and particularly in government, there are certain segments of our market. The IP infrastructure market in particular has been hard hit, especially in this case. We have a concentration of projects on the west coast where their economy has been damaged probably even more severely than the national average.
So on those situations and based on our long-term relationships with those various counties. They asked us and in some cases we proactively sort them out and really, I think it's the one as Lynn said its right thing to do. I think we will be in as proactive, as our clients are being active to us. Normally I think over there it is not unusual. I think we have put in a little bit more for these in the future.
But I don't think we are going to see a rush of our clients through the door to do this. This is something that you would have to have a pretty stable and long-term relationship with us and very trusting relationship I think.
Tom Blodgett
This is Tom Blodgett, let me just add. We are fortunate that we are in such a healthy financial situation to be able to provide limited and selective assistance to our clients.
I think it's important to recognize that when we do this, we end up with a much stronger relationship, whether that's longer-term or more favorable conditions.
So even in the event that we did have additional clients that approached us with a specific need, we would structure a deal that was good for them but also very good for ACS. So, we are not worried about being overrun by these kinds of requests.
Bob Ansari - William Blair & Company
Okay. And I guess a follow-up on the sales add for next year for 100. I looked at the IT bookings, and they were better kind of than they had been in the prior quarters as a percentage of total bookings, and one of the focus areas was to add sales resources to kind of grow the IT business.
Is that the focus for the 100 adds next year end? So, how should we think of IT growth versus BPO growth coming into 2010?
Tom Blodgett
Let me take a shot that and then maybe Burlin can from the government side. We are continually looking, because we are in multiple markets as you know, and we take a look at those, it seem to be providing the most potential. At the current time, clearly international, where we've made some investment and acquisitions is an area where we will invest in sales to help supplement those successes.
Also, I mentioned in the area of outbound fulfillment, a new technology that is really dynamic, and we've already got $250 of annual recurring revenue in our pipeline. So, we'll invest in sales there.
In the commercial loan business where we are seeing a great opportunity, we'll make investments. So, I think we make those adjustments as we go, and as we see where the opportunities are we'll continue to invest.
Tom Burlin
Sure. I think I would just add to that in the government market. We have a very diverse market there. If I had to focus on the areas where we were continuing to add resources transportation is offering a lot of opportunity in the enforcement business that we are seeing legislation move. We are seeing opportunities to drive revenue in various congestion schemes and other parking schemes.
As cities are stressed for revenue, they are turning to these kinds of revenue generating, so we are ramping up our transportation sales force both domestically and internationally.
Then last, we have got a great opportunity in the federal space to extend both our BPO and ITO markets there. So, we've added talent into the federal space to start driving sales there.
Our next question comes from James Friedman with Susquehanna.
James Friedman - Susquehanna
Kevin, after the third quarter conference call, I thought you had reduced your free cash flow assumptions for quarter and for the year. It was coming in at about the low end of the 6% target, which would have given you $200 million maybe coming in at 326. I'm trying to figure out what the overage was due to?
Kevin Kyser
I guess I under estimated the team's ability to collect cash just to be honest with you. I'll say I was surprised as well as you about that. As we were getting into the quarter, I was like, this is too good to be true, but I'll tell you, we applied a lot of pressure to it. We didn't like the way our third quarter performance was, and we just put more focus on it.
We reduced DSOs six days, which is a pretty major improvement. I don't think we've ever seen that type of improvement.
Obviously, our largest quarter of free cash flow, and we had our largest quarter of CapEx in addition to intangibles. So, in my mind it was a great quarter end of the quarter, and put us in a good position from a cash balance perspective.
The only thing that we have to do is, especially these days in this economy, we need to stay on top of our AR. So, everybody is mindful of that, and everybody is being real vigilant there, and it's paying off.
Tom Burlin
If I can just add to that. Several accounts, where we were in the red, we went and improved our performance, and when you perform, clients pay. So, kudos to the teams out there that focused on performance, we were able to collect.
James Friedman - Susquehanna
If my analytical skills are failing me, would you have any estimate of what the day reduction in DSO yields in free cash?
Kevin Kyser
I used to have the number. Lets see. Isn't it like $10 million a day?
James Friedman - Susquehanna
Yes, sounds right. Then a housekeeping detail. You mentioned the equipment write down, that's a little obscure, but if you could allude to what that is and how that impacted the numbers?
Kevin Kyser
Sure. We had some equipment that was sitting on the books, and we needed to catch up depreciation on it. The equipment had been deployed, it's about $6 million, and it ran through depreciation and amortization. A one time event, and then that's what put some margin pressure on the government segment.
Our next question comes from Jim Kissane of Merrill Lynch.
Jim Kissane - Merrill Lynch
Thanks and great job on filings and the cash flow. Do you have a sense of the margin profile on the new business that you're putting up right now, and maybe also on the acquisitions that you are looking at. To get my second question in, just given the tough environment out there, do you think you need to expand and possibly extend Project Compete?
Lynn Blodgett
I think that I'll go backwards. I think in terms of Project Compete, as we pointed out earlier; we've spent a lot of time and money in building the infrastructure, the recruiting infrastructure, the training infrastructure to deal with the mid-tier type of employee that we are moving. As that's now established, we'll don't have to incur that cost again.
So we are definitely going to continue to move mid-tier and lower-tier work to this low cost area. So in a way, yes, we will be continuing Project Complete. We are not going to cull it out, because we think we have absorbed sort of those startup costs, if I could say it that way. Now in terms of margin on the work, I'll ask Tom Blodgett to answer that.
Tom Blodgett
I think that in terms of the margins on our traditional work, we don't see any significant changes. Let me address your questions about margins on acquisitions. We have had a great track record. It's part of our culture. But we know how to do acquisitions, we know how to do the right ones, we have a discipline and if you take a look at the acquisitions that we accomplished, that generated new revenue for us in FY '09, the margins were solid, in line with our corporate margins if not a little bit higher.
So, one of the reasons you are seeing a continued emphasis on acquisitions and we are giving it some more focus is, because we believe acquisitions are good. They are good for our revenues, they are good our expanding market and they are good for e-bid.
Jim Kissane - Merrill Lynch
I guess as your valuations come in, I guess somewhat better than the past, going back to the '07 timeframe?
Tom Blodgett
I think it would be fair to say that acquisition is one of our core competencies. We know how to do it and I think we did better. I think when we do an acquisition, we know how to help them get better. First of all we buy successful companies and then without breaking them, we add something that helps them get better, including improved margins.
Our next question comes from Tien-Tsin Huang with JP Morgan.
Tien-Tsin Huang - JP Morgan
Congrats on the bookings. I had a follow-on question on one of Jim questions. The $40 million in savings from Project Compete, does Indiana and the out-of-cycle discount, I think you call it. Does that eat into the savings to the point that you are sacrificing some your investments and innovation or sales in order to get to that flat margin target for fiscal 2010?
Lynn Blodgett
Great question and the answer is no. We have run through the numbers pretty carefully internally and we are certainly as I mentioned about sales, we are investing. We invested to bring on a 100 people, we are going to bring on 100 more and in terms of innovation, we have been able to start up these projects that we talked about that have been equal to about another third of the savings. So, it's not eating into it.
Tien-Tsin Huang - JP Morgan
Okay. The mix is the same. Good to know. My follow up is just on the transportation side. Any signs of the volumes getting better at all and how much of a drag to '09 revenues did you experience from the weaker volumes in transportation?
Lynn Blodgett
I would have to say that I don't see the volumes improving right now. I think they are staying, we have apparently seen the bottom. They are flattened out now for a couple of quarters. But I don't see that picking up and I think we probably saw a about a one-point drag on growth that resulted in those volumes.
Tien-Tsin Huang - JP Morgan
That's one point to overall growth. Right?
Lynn Blodgett
Yes, to the company. Yes.
I think we have David Grossman with Thomas Weisel.
David Grossman - Thomas Weisel Partners
In terms of the margin profiles for the year, I think, Kevin, you talked about 10.5% for the year and exiting at 11.
Should we assume that given the front end cost of the bookings in the state of Indiana that you kind of start in the 10% range and then you kind of radically increase up to 11% exiting the year?
Kevin Kyser
No, actually, David, I said fiscal year '10 operating margins would be similar to fiscal year '09. I think fiscal year '09 in the 10%, 9% - 11% range, somewhere there and we said they would be similar to those. So we would expect to open the year about 10.5%.
Correctly as earlier stated as you put it with Indiana really hitting us hard in the first quarter and then if that kind of lessens the startup costs for this surge in bookings is overcome, then our margin should pick up throughout the year. And we should actually exit the year above 11%.
So again, when we were contemplating the increase in the operating margins is going into fiscal '10. We didn't really have a good sense that obviously that General Motors was going to file bankruptcy and we needed to do something to keep them as a client.
We didn't have this out-of-cycle discounts factored in. That's one of the things. It's a long-term decision to keep those clients around and help them out during this time. And then obviously, Indiana, we didn't have the idea that it would be this impact our margins that much.
So again, we are thinking fiscal '10 margins are going to look a lot like fiscal '09 and we should improve the margins throughout the year.
David Grossman - Thomas Weisel Partners
So again your benchmark for '09 is 10.9% or 11%?
Kevin Kyser
Yeah. I think its about 10.9 once you kind of back out the deferred comp and things like that, 10.9%.
Next in queue we have Karl Keirstead with Kaufman Brothers.
[Suji De Silva] - Kaufman Brothers
Thank you for taking my question. This is [Suji De Silva]. I'm filling in for Karl. First question is around bookings. Could you just give us little more color on what specifics are in those offering or strength and weakness there and looking forward to fiscal '10, in what position do you see strength throughout?
Tom Blodgett
Sure. Let me talk to it from the commercial side. We're seeing strong bookings especially in the fourth quarter in our communication and consumer goods. So even though there is a movement of wireless activity, overall, the bookings are strong in that area as we continue to expand our market share.
Also, in our Healthcare Payer and other areas as we have begun to market our Outbound Performance solution that I talked about, we've seen some good bookings and we see a strong pipeline. So I think that will continue to be strong.
Then in the commercial consumer loan business, student lending business, we're seeing a consolidation and we're able to take advantage of that. So, I think again, overall, bookings are very strong and especially in those specific areas.
[Suji De Silva] - Kaufman Brothers
Tom Burlin
I would add to that in the government space, Kevin mentioned that we added Virginia. We are pleased and proud they added Virginia to our portfolio of Medicaid clients. I talked about the opportunities we see going forward there. So we expect more of that. We had a great win in our international public transit business.
We want to be in Lima, Peru, to do a build-to-operate on the transit system, and I point that out now only because it's a 15-year contract that runs a little over $12 million a year, which are great into the revenue stream and stay there for a long time.
The other thing is, it's a manifestation of our strategy, which was to take our public transit business from largely a project-based business of installing ticketing devices and gates and those sort of things to adding the back end annuity business to it, and getting in to the build-to-operate model. We see more of those opportunities coming.
[Suji De Silva] - Kaufman Brothers
Okay. Any pockets of weakness in the quarter?
Tom Burlin
I just think our regular. One of the things that has been offset here, obviously, is the project works, so our nonrecurring revenue in the bookings and the bookings in those areas have retracted tracked on project work, it's going down.
[Suji De Silva] - Kaufman Brothers
Okay. Then one quick one on project. It sounds like you are going to continue this a little bit more, but not maybe call it out, both for this quarter and it looks like September slower than expected. Should we expect it to continue at this lower level or could it ramp up at all going forward?
Tom Blodgett
Since a high percentage of this activity affects our commercial business, let me comment. I think one of the advantages that we gain through the exercising and the activity that we went through in FY09 with Project Compete was we developed a process and systems and infrastructure to be able to effectively move positions offshore
So, for example, recruiting in these outlying areas has been built up. So, as we look forward, I think that we are going to continue at the same pace, but without all the same costs.
So, I think it probably will become more business as usual as we continue to move. We'll also be focusing in FY10 on maybe moving up the food chain a little bit, and looking at mid-tier people, middle management people that will have a greater impact on our cost model.
[Suji De Silva] - Kaufman Brothers
Okay. So you are targeting 4,200 heads for September I believe. Should it be about that pace we've seen over the last four quarters if are we continue this?
Tom Blodgett
I think the numbers might change because, again, we are going to change the demographics of the targeted person.
The last question for today comes from Eric Boyer with Wells Fargo Securities.
Eric Boyer - Wells Fargo Securities
Hi, thanks. Just a follow-up to an earlier question. On the volume declines, the 3% negative impact to revenue growth in the fourth quarter. I think you said transportation was 1% of that decline, that's now at least stable. Have the other areas that contributed to the other 2% of revenue decline bottomed out yet?
Kevin Kyser
The other areas would be around our consulting business, whether it be in HR. and obviously you can see what the other public competitors are doing in that space, but they are probably declining somewhere in the mid-single digits to double digits, and clearly, we will write in that range. So, has that bottomed out? I hope so, but I don't see it coming back any time soon.
Then, I think the other big area would be project work in our IT business, systems integration type work that I hope has bottomed out. However, it's hard for me to call the bottom on some off these, but that as well as healthcare consulting.
So, that's kind of flavor for what some of the others places you can look to kind of triangulate that. We are hopeful that the drag won't increase although we will see a incremental drag going into the first quarter from these out-of-cycle discounts that we have.
Eric Boyer - Wells Fargo Securities
Okay. Thanks. Then just on customer care business outside of Sprint, can you just talk to volumes and the sales cycles you are seeing there?
Tom Blodgett
Sure, because I mentioned, fortunately, we have a pretty good market share here, and we deal with most of the major wireless providers. It seems at least to some extent when one is seeing churn, an another one is picking up those clients.
So, at the same time, we're seeing struggling with one, we're seeing additions to another, and overall we're optimistic about the growth this area. In '09, we grew greater than our corporate average and we expect that to continue.
Eric Boyer - Wells Fargo Securities
Thank a lot.
Lynn Blodgett
Okay. Thanks very much. We are going to wrap things up. I just wanted to first of all thank all of you for participating in the call today.
Just in summary, I think we had what I would consider a great year in 2009. I mean it was a year that presented an awful lot of challenge and our people really stepped up, and I think did a great job.
We made some investments as we pointed out, some investment with some of our margins, but it's the right thing to do. We had made one set of negotiations with some client where we gave up $12 million, and ended up picking up $260 million in additional contract values. These are deals that we think are the right things to do.
We really expect in 2010 to have strong growth, 10% and roughly half coming from internal and half from acquisition. We think our EPS growth is going to be strong. We expect to continue to have very strong bookings, and we think all of that will add up to a very strong year in 2010.
So I wanted to thank all of our people and thank each of you for participating today. Thank you very much.
This concludes today's conference, you may disconnect at this time.
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Cowley Hill, Borehamwood - 4 bed - £545,000 - Barons
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Cowley Hill, Borehamwood £545,000
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Bedrooms: 4
We are delighted to offer for sale this very spacious four bedroom detached property located within an enviable position on the borders of greenbelt location yet close enough to local amenities including shops, train station, etc. Further accommodation encompasses entrance porch, entrance hallway, downstairs cloakroom/wc/shower room, luxury fitted kitchen with granite work surfaces and integrated appliances, spacious lounge of approximately 24ft! with archway to separate dining room, en-suite shower room/wc to master bedroom, further family bathroom, west facing rear garden and front garden with large driveway. Furthermore, this property benefits from a detached outbuilding (original garage) which is currently used as a playroom/guest suite. This property is situated on a very wide plot and lends itself to great further expansion (stpp)
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99 Cowley Hill Aug 22 2013 £925,000
15 Cowley Hill Jun 18 2013 £310,000
187 Cowley Hill Jan 18 2013 £375,000
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Average sold prices for Cowley Hill
Type | Sales | Sold Price |
Semi-detached | 20 | £361,060 |
Detached | 10 | £497,100 |
All | 30 | £406,407 |
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