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as the tenure of the leadership team has increased we have been able to initiate positive changes throughout our business structure that have directly contributed to our recent successes
in asset management market conditions were more favorable for yieldoriented products but remain challenging for most active managed strategies particularly domestic equities
and as many of you know who have been on the seller side or the acquirer side no transaction is easy dnow has stated to our longterm shareholders that (it is->its) better for us to remain patient for the right deal
and now of course when the products are out there we are very eager and curious to see how its going to be received by the end consumer they are the one judging the product at the end
the lower third quarter 2015 valueadded sales into these end markets was heavily influenced by the slowdown in the overall china market demand
some of the renewals or customers have and then secondly i was wondering if you could give us a bit more detail on the renewals in q4 and then also the nordic renewals in terms of the price and volume
and the company continues to have significant available liquidity to support meaningful organic growth opportunities as well as pursue strategic growth alternatives
the attraction to conns business model that initially brought me here 2 years ago has turned into excitement about our ability to grow and create significant value in the future
the expansion of our us process solutions group to new shale plays beyond the rocky mountain region by leveraging our substantial rotating equipment infrastructure and our us supply chain services customer partnerships
(*->a) lot of people have posted comments and theres a lot of people who are very happy with the denim (and tshirts->teachers) that they received (and->*)
and our (third generation->thirdgeneration) 3d nand technology by the end of fiscal 2018 and we continue to expect to ramp initial volume for each of these new nodes
in canada (weve->we) sharpened our focus on growing our payments business over the past few years (weve->we) made concerted efforts to improve our credit and debit card offerings
we encourage you to monitor our website at microncom throughout the quarter for the most current information on the company including information on the various financial conferences that well be attending
that will drive new demand for our deposition materials and favor us over less capable and less innovative target producers
the availability of cash and financing to our (middlemarket->middle market) competitors along with (our->their) willingness to pay more for the same opportunity and finally the sellers expectations coming out of a down cycle
we spent a great deal of energy and effort looking at past named storms unfortunately a couple of things you have to go back almost a decade to the last named storms
and for the contract segment there has been a slight decrease in the revenues as i mentioned on the (periodization->prioritization) side
and able to support our communities quickly after (harvey first->harveyfirst) made landfall in total (conns->cons) has lost approximately 100 selling days as a result of the storm
we are enthused about the rapid land drilling rig recovery that we are experiencing and are hopeful for its stability and sustainability which give us confidence for the future
this very strong growth reflects some improved product offerings such as the scotiabank accelerator account combined with a greater focus on winning more core deposits
when we look at that line how much of it is flow revenue versus trading revenue that might allow us to like zero in a little bit when were trying to model this out
over the past couple of years we have evolved our business into a multimanager model by developing a core set of services that can support a number of distinct investment teams
so mobile is another large driver of dram memory and of course it is also a large driver with average capacities continuing to increase for flash as well
these efforts resulted in strong volume growth in targeted areas notably retail and commercial loans and deposits and a more profitable business mix
ultimately they had recognized (the->a) full liquidity (events->event) in one of the investments within that portfolio and therefore we took the final mark we had been marking that investment along the way
theres a little bit remaining (over->of) the old (quarter contracts->contract) in the first quarter but on the year as a whole thats not a big amount and we will therefore end this deviation
as we outlined in our recent investor day we continue to see great potential from these markets expecting growth in the 9 to 11 range over the medium term
i must remind you that the discussion on todays earnings call may include certain forwardlooking statements and must be viewed (therefor->therefore) in conjunction with the risk that the company faces
this can be provided by either an existing policy such as a homeowners or renters insurance or a policy (conns sells->concells) on behalf of thirdparty insurance carriers
so (i->*) its difficult for me to put a number to it but i think as we go forward having made much of the deeper investments into the business
and southwestern louisiana causing conns to close locations for several days in the houston golden triangle and southwestern louisiana markets
and we will continue to monitor this and ensure that we maintain the capital discipline to keep the sufficient liquidity on the balance sheet to be able to run this business sensibly
so that exercise is fully complete and they gave us a design down to the (context->contact) between the transition and (flitch->fresh) that exercise is fully complete
when the rig count accelerates dramatically like it has recently because of the lag in your business the denominator gets overstated relative to the numerator and
situation and with an increasingly divergent range of views on this particular matter it feels that the fcc like any regulator is ultimately going to have to try and be
tests of these couplings by (hess->house) in the north dakota bakken fields showed tremendous improvements (on->in) oil production output and drastically reduced maintenance (costs->cost)
i will spend a few minutes providing some macro observations on our results and the markets for the quarter and deb will provide more specific highlights on our financial performance
the products so some of the turnover you saw is optimizing our business against the market opportunity so we did reduce coverage in sectors like insurance
as we enter the second half of our fiscal year we are focused on further enhancing our financial and operating performance and we continue to anticipate full year profitability
i will also touch on some of the decisive actions weve taken to align our operations and cost structure in order to hasten the return of our momentum (and->in) earnings growth
of this swing in demand in the second half of 2015 we are encouraged by the order entry rate pattern thus far in the fourth quarter
for those participating on (the->*) webcast we dont have the possibility to raise questions but you will find contact information at the end of the presentation so please feel free to get in touch
having experienced the impact of hurricane harvey firsthand i can tell you that this was a significant storm that (unleased->unleashed) record amounts of rain and caused historic flooding
that some of the statements we make during this call may contain forecasts projections and estimates including but not limited to comments about our outlook for the companys business
and focus also on the retailers that we have work together with them to strengthen their business also if their business is strong our business is strong
as a whole relative to what we know happened in the market id say we did a great job of protecting our base quite frankly the customers that we deal with understand the value that we bring (*->and)
and it shows you at the bottom what customers say are the 3 most important consideration factors when buying motor insurance in (that->their) price (that->their) product and its ease
bringing true innovation to the marketplace and doing so more rapidly than our competition all the while supporting this innovation with a clear marketing strategy that speaks to our core consumer
thankfully our employees and their families are safe and were doing what we can do to support them during this difficult time of rebuilding we are back to business as usual with minimal disruption
consistent with this theme of steady demand it should be noted that included in 2017 results is the operational and disruptive impact of the fire at a customers plant
additional information regarding these risks and uncertainties is contained in the press release issued today and more information can be found in the companys sec filings
i also want to thank you and all of our shareholders for the confidence that you have in timkensteel now chris will walk you through the financials and well both be back to take questions at the end chris
even in real terms excluding the effect of the exchange rates and new consolidations sales also increased for 3 quarters in a row and (continued->continue) on a growth path
strength in our valueadded solutions and our domain business contributed to our revenue outperformance at the same time we utilized our significant cash generation and strong balance sheet
well first off (lets->look) our perspective is its a pretty tough market out there for any company to go public and the ones who do go public generally havent enjoyed themselves that much so
because the base has been substantially corrected and the new business that we have done in the last 15 months have reflected phenomenal asset quality correction and high collection efficiency
the (event->even) settles down so therefore whichever way the results are on may 23 we may have to wait for a month or so to see how the consumer settle down
it now has the capability for even more personalized searches and ultimately we (can->could) even suggest (that->the) best tariff to a customer and switch them if they want us to do that
for the rest of the year the components associated with black diamond and (pieps->peaks) really have not changed in totality weve just been shifting and reallocating in terms of timing but also
thank you courtney and we welcome all of you to this call were very pleased with our results for the first quarter as we continue to experience growth in loans deposits and earnings
the majority of growth capital has been invested in the new facility in (acheson->atcherson) but the investment also includes the purchase of strategic and incremental heavy equipment
it was built last year in partnership with experian and we have just finished engineering the next level of functionality which (has->is) access to (3->free) credit files
grain is an inefficient cargo loading delays due to complicated logistics and weather issues make the total days of voyage increase absorbing (the->*) ship capacity
at the heart of this is (a->the) successful implementation of our strategic action plan which (include->includes) continuing to increase our integration rate in tissue
and that was driven by the update in the retail provisioning methodology and the changes which we introduced are related to reducing timing
in summary were very excited about todays announcement webcom finished the year with strong results and the acquisition of (yodle->vo) positions us for an even stronger future
as you saw in our release we outperformed our guidance for the fourth quarter we took aggressive actions while facing weak global commodity markets and high customer inventory levels
position filled over the last year to 15 (*->years) and that one of the missions that i announced as part of my 100day plan would be to
todays call is copyrighted by timkensteel corporation we prohibit any use recording or transmission of any portion of the call without our (express->expressed) advanced written consent
so weve called it go for a reason it allows us in our lab to experiment with journeys that are much more engaging than you can do on the (website->*)
bond interest payment at the beginning of the month and the decision to avail ourselves of the cure period coupled with a transition in leadership from the
overall we continue to be very pleased with the financial and operating performance of the company despite some of the uncertainty that has been evident in recent weeks the toy industry continues to grow
and then when it comes to cardinal and swimways obviously as you mentioned they both have material international opportunity where do you currently stand in terms of their international penetration relative to where you think you can get to
hope you all continue to have as much fun and enjoyment from this business because it is a fun business it is unique to be able to make money by helping people save money and doing the right thing for customers
as always our focus remains on securing favorable terms with our supplier and successfully fulfill all of our material input needs
in addition to (tape cast->tapecast) technology the acquisition also provides a stronger sales force in europe and backup foundry capabilities regionally which is important for our customers
before beginning their review of our financial results we ask that you please take note of our standard caution as to any forwardlooking statements that may be made during the course of todays call
we are indeed contemplating some potential transactions however as of today we havent signed any legally binding (*->doc) documents with regards to any such
we have the capital necessary to support the growth of our balance sheet and our strong cash dividend we still have plenty of dry powder with over 3 million shares remaining in our buyback program
you guys are i think in a pretty good position to be picky because you dont need to do a deal so what (you->*) would (*->you) be looking for in a bank acquisition what would it need to have and
and weve gone back with the team to offering that type of tool in a bit more of a simple way than we did at the beginning of the year and that is already paying (dividends->dividend)
before i get into the meat of my prepared remarks i would like to clear up some possible confusion around (a->the) section of my press release quote which states that
for more information about our results please refer to our september 30 2018 managements discussion and analysis which is available on sedar and edgar
it is always good to kind of see how the monsoons widespread whether it is on time whether important states get them all of this do matter for sure
and data is really driving the differentiated services in those areas and (weve->we) said it started with double (started->start of) the year with doubledigit growth and it certainly finished last year
so from a commercial vehicle construction equipment (shifting->shift in) industry (it is->its) kind of (mold->moved) definitely (the->in a) slowdown for fleet operator and large contractor (purchasers->purchases)
so the change in the organization model that we created where there are verticals created by product and (they->there) are separate vertical for bucketwise recovery
delivering a period of sustained growth on the back of it so these are (things->themes) that feel relevant (for->to) me for the continued delivery of (moneysupermarket->money supermarket) and i look forward to bringing my perspective to the business
the outperformance was driven primarily by strength in our doitforme and domain business our premium domain business benefited from increased demand from china
personal view of this right now is that well actually start to see an order book (pickup->pick up) in oil and gas
we had a cleanup and a correction of the currency in the erp system
we havent seen any of that right so the cba has been very united
during my first few weeks at the company ive been diving into the details of the business and operations
the idea is to take one brand and build a very high largescale business and complement
we are in the early phases of a recovery and the pace of bankruptcies in our energy space is easing
still drilling in the offshore arena so the scrapping actually hurts me worse than the decline in rig count
and in addition the financing is not an expensive financing for us
i am proud of our teams response to the disruption harvey caused and many of our stores were open
and well just really have to update you in the next quarterly call (and->on) where that comes out
the primary driver of the improved cash flows was the liquidation of working capital
we are continuing to demonstrate how were able to reduce the existing cost base
from the remarkable pace we achieved in our advisory business over the past 2 quarters
is there a change in sentiment regarding a consideration in putting capital to work
youve been really winning over your customers so does that change your view at all in the long run
the investment provides cost efficiencies to support the longterm cost targets of the automotive
and this is an exercise which (we->*) will continue during the months to come
that we significantly beefed up as i mentioned in my notes or in my prepared comments
our robust new product pipeline is creating exciting new sales opportunities
now how do we build all these different kinds of battery systems for different applications
to grow substantially as a percentage basis in those other plays because were so small to start with
and exit the present global slowdown even stronger and more nimble than when we entered it
while we have several targets in our pipeline the levers that we cannot control include the surrounding market
some areas where we would not have overlap would be a global product
asia performing also well we have actually our first delivery to japan now in this quarter
the reconciliation has confirmed that the grade control model
weve taken a number of actions including reductions in force to protect and enhance our margins
partly offset by a higher tax rate due to lower tax benefits this quarter
so they are bringing the average down (but->*)
the pricing actions that you guys are taking sort of internally versus whats going on in the market
more fast memory and more fast storage that means flash as well as dram
this is the mix shift in our sbu nand components that i (have->had) referenced earlier
a number of trials have been completed within the past weeks
that is reflected in very low interest rates very low dispersion why dont i just
(about->*) proceeds either from the perspective (content->of quantum) or what we would do or what have you and i would
but perhaps most impressive were the multiple implementations of artificial intelligence
due to the additional charges from the rework issue we discussed on the first quarter earnings call
(ore->or) mining has now moved to both the western and eastern portions of the pit
you seem to have debt but i dont see much of interest expenses
and to follow up on some of our very exciting exploration results that have been coming out
how much more you can actually kind of cut before you kind of cut into the bone if you will
but they are coming primarily from interest income on surplus fund and insurance (coverage->recovery)
yes (hey->*) john we really havent broken it out in that level of detail other than saying
our progress in the (60dayplus->60day plus) dollar balance is demonstrated even further
with this overview ill turn the call back over to norm to conclude our prepared remarks
(*->and) that you have no plans to add a destination so is this just a different way of getting to the same
we all know that it happens what would be helpful to understand is how pervasive you called it infrequent
improvements to our balance sheet have reduced working capital as a percent of revenue excluding cash
even though we still expect to make improvements to (days->day) sales outstanding and inventory turns
is operating well and looking to improve upon that past performance
and richard of course prefers to sell to guys who can (pay->sell) a little extra
(youve->you) signed to deliver those revenues or is there going to be a mismatch there (thanks->*)
so if we kind of assume that we will continue with that kind of benefit
thats an interesting area for us to look at because the brand is already known we have a fairly
their business model isnt quite doing what they thought it was going to do when we originally went into the loan
to profitability and build a better future through exploration
the impact of acquisitions helped (to->*) offset declining margins in latin america
regarding revenue in the quarter the largest single customer growth in our us energy center business
now id like to turn the call over to deb to discuss our results in more detail
im looking forward to speaking with all of you at our analyst and investor event in may
it is in the details of execution where most value creation takes place
our green production process which makes conventional processes obsolete
a quick reminder of the division between our different segments
hurricane harvey was arguably one of the worst storms to ever impact the state of texas
as we have said consistently we are focused on creating value for our shareholders
that investment is more or less made we (have->had) to make very deep investments in
we have started the implementation of sap to replace our aged erp systems
some of the growth rate areas we are focused on are optical switching
as you can see this is a significant movement
i think again auto on its own tends to run
my recommendation is always not to focus too much on domestic and export sales
good morning and thank you for joining us to review our second quarter results
in addition our website contains the earnings press release which was filed a short while ago
and to cite a couple of examples in the performance materials group
if you think about the credit business and what happens from a trend standpoint
thank you very much for participating we look forward to talking to you next quarter
our rf sensor enables more efficient engine and (emissions->emission) system operation and control
theyve never really tackled the eastern hemisphere so we agreed to partner up
to ensure we are operating efficiently and producing the best possible returns for our shareholders
it would be useful to get a reminder of what the cbas red lines are
as i noted earlier the increase was driven by a small number of energy accounts
harvey developed rapidly and lingered over the region for multiple days
youve talked about the investments youre making from an investment from a technology perspective
in addition we believe conns is well positioned to support our local communities
and to that extent improvement (and->in) profitability will start to happen from next year (*->onwards)
came from a recent contract win with a customer very active in the bakken and delaware basins
i wonder if you could comment as to whether or not the current quarter
we are in very early phase of this business other businesses include
and so in the industry they were i guess they didnt see it coming so they built their inventories and i think thats what why were seeing it down so much
the incremental cost that would be required to scale up that business now is a very small cost possibly in the front end and just an incremental cost at the back end
we continue to shape our fig buildout to conform to this model we are pleased with the addition of simmons as we completed our first full quarter together (the->*)
our people are problem solvers and innovators when it comes to our products our processes and especially in this challenging environment our operational efficiency
(i am->im) pleased to report that there were no lost time injuries during the quarter and we continued to achieve an excellent safety record
these factors all piled on to provide for a challenging third quarter for materion as i will outline in a moment we believe we will see the trough
although we will have the benefit in the second half of the expanded plant capacity and (the->*) related volumetric upgrades spreading overheads and fixed (cost->costs) over larger volumes
once these programs are fully implemented and seasoned into the portfolio we continue to expect net interest income and fee yield
countered by spurts of safe haven buying interest related to numerous geopolitical events and uncertainties the spot price continued to increase for copper
and the sales increase exceeds the rate of the increase during the recovery period as the supply chain adjusts inventory levels in both directions
and then finally we believed that we could reduce the capital with increased revenue and if you look at our (var it->*) continues to come down we are accomplishing that
this has always been something that we have viewed (*->that) as being scalable and if the oil price increases we would then consider increasing the drilling program
overall its important to our customers its a major item that they purchase frequently and weve been doing this for a very long time and we believe were good at it
ill do so but first i think we just got to have to show the chair i think this is an excellent example of what we are doing in product development now
tending to the more modern side we strongly believe that this is a product that will really find its place in the central european market
the impacts of this repatriation transition tax were largely offset by our accumulated tax losses and other tax (credits->credit)
there (is->are) some very positive momentum in the advanced materials group as well advanced materials is successfully leveraging its leading semiconductor capabilities
forwardlooking statements are subject to a number of risks and uncertainties that may cause the actual results of the company to differ materially from those discussed in the forwardlooking statements
not just because the customer is focused on it but from a credit standpoint and their ability to be able to repay and (the->*) ability to be able to do that effectively
(*->and we) have remained resilient in terms of our cash generation and the cash sitting on our balance sheet throughout this (fiscal->difficult) quarter of q1 from a production perspective
so thats again like ashish was saying for (pantaloons->pantalone) its not something which we need to do all the time and yet i think we (have->had) to scale up (our->*)
and while the global markets (are->were) in disarray (post brexit->postbrexit) there has been no material impact on our business and our clients experienced only minimal disruption
starting with safety as (i have always said->our voice heard) safety of our employees and contractors is our most important value
and in precision optics also part of precision coatings we are continuing to match our level of technical expertise to our production capabilities
weve made investments in our retail collection capabilities which has strengthened our overall lending business and the credit performance in both canada and international
one innovation that were particularly excited about is interactive voice recognition which allows us to authenticate customers simply and quickly
could you remind us please on how you and intelsat reconcile your views on opportunity cost
we are also not alone in facing these headwinds for our part we are facing these challenges headon with meaningful actions to mitigate their impact
spends a lot (of->more) money with us for consumables to run those rigs than a land rig so its meaningful when one of those gets scrapped so yes
given what you know now and given what you might be thinking about for fiscal 16 maybe you can kind of just give us a little bit of some directional ideas as far as how youre
the decrease was a combination of lower yearoveryear incentive compensation expense and reduced discretionary spending
is something thats happening through those conversations and i wouldnt foresee what (youve->you) just described ever happening because i think we would
in terms of our midstream business the marcellus led the pack with increased customer growth as mild winter conditions allowed for more project activity
because it has the highest and most efficient energy or electron storage capacity
and (sir->shall) we expect the networks division to see an acceleration in revenue growth in the remainder of the year or is it too early to say
i think we are making good progress in bringing together and addressing the myriad concerns that there are (right->out there)
and what weve done is weve taken in a quick estimation and we dont know yet because (we->weve) still got to
and then in terms of the distribution destocking tapering are you seeing that broadly in distribution or just sort of nonoil and gas distribution
whether its responding to events outside of our control like hurricane harvey or planned strategies we are pursuing to grow our business
we remain focused on adding technology and talent and broadening our geographic reach the latest acquisition addresses all of these areas for us
our goal is to provide children in difficult circumstances with the opportunity to play learn and grow allowing kids to be kids no matter where they live
with the acquisition of swimways whereby we said we wanted to use swimways as a beachhead for further acquisitions in the outdoor category when it makes sense to do so
it has been only 8 days since harvey ended and the situation in southeast texas and southwest louisiana is still very fluid
or the evolving regulatory regime we will consider teams that are additive to our product suite and fill a differentiated niche in the market
from first quarter 18 report only on reported ebit and then leave out the adjusted
this concludes todays conference call you may now disconnect
(our->are) twin creatures in (1->one) egg delivering a new hatching experience and interactivity that builds on but sets it apart from the original
that seems to actually have compressed from mid2016 so can you comment on why thats the case and do you actually see that getting extended or (are you->*)
a lot of business to win here in the second half of the year that were working on pipelines good also in some of the product lines you focused a little bit earlier on the ceramic product line
such statements involve risks and uncertainties and actual results may differ materially from those expressed or implied in such statements
well attempt to try to split that out and delineate that as we give future guidance and explanation of performance and results
earlier in the year so we think we are on track and we can actually expand the speed or even increase (this->the) speed
in which youre surging and then if you could also contrast that with the mortgage growth even ex (tangerine->tandurine) it seems like its a little bit below where the market is and wondering if thats a conscious decision or if its a competitive response
as stephen noted we expect there to be additional provisions for some of our loans in the energy sector notwithstanding these headwinds we are encouraged by some of the recent trends we have seen in selected businesses
however we think these restructurings will end up with most of the banks at the senior level coming through (*->so) the worst senior loan recovery rate over the last 25 years according to moodys is about 50 (i->and)
we are poised to grab an even bigger share of the 12 million canadians who are ready to do their banking primarily through digital channels the second priority i want to highlight is our evolving business mix
i must remind you that some of the statements made in this call are forwardlooking statements within the meaning of federal securities laws these forwardlooking statements represent the companys present expectations or beliefs concerning future events
our joint demonstration at a major oil and gas trade show attracted the attention of many other major oil companies eager to learn how toughmet couplings can reduce savings for them too
as andrew highlighted the diversity in our business mix positioned us for a strong quarter on the strength of sequential improvements in our capital raising and brokerage activities which more than offset the expected decline in advisory revenues
because of the nearterm uncertainty harvey has created we are not providing specific financial guidance for the third quarter we will resume quarterly guidance when we announce third quarter results in december
were looking at a number of different financial ratios which are set up under different circumstances so financial covenants are set to trip well before the company defaults thats the whole point of the early warning (systems->system) so
our internal ratings while taking into account the external factors are performed on a continual basis based on macro and companyspecific factors which provide in our mind a more robust and proactive assessment
however higher claim volumes reduced credit insurance revenue as we recently experienced primarily in the third quarter of fiscal year 2017 due to the severe flooding in louisiana
(*->for) the quarter we encountered markets that on the whole were more constructive for us than earlier in the year for example we started to see the first green shoots of a recovery in equity capital raising
this result is a significant step forward for (asanko->asanco) as it clearly verifies the accuracy of our resource model which is used for all life of mine planning
in addition certain markets around the mexican border and in the southern part of texas (remained->remain) soft which we believe is caused by statements coming out of the nations capital regarding immigration policy
what data points (were->are) you seeing that might give you any more optimism or what data points (were->are) you seeing that might make you more concerned as you thought about the potential to bring down losses in that credit book as we move forward over the next year or so
revenues were positively impacted by foreign currency translation higher fee income and trading revenues as well as higher wealth management and insurance revenues as well as contributions from acquisitions
thank you mike and good morning to everyone joining us on the call today during my comments i will cover our third quarter 2015 financial results review third quarter profitability by segment
and any need for relief facilitates a discussion between the bank and (*->the) borrower in these instances the bank works to be constructive with the borrower to improve the situation but we do not compromise our economic interest
we have the right people and strategies in place to navigate the challenging market conditions and create value for our shareholders with that ill turn it over to sean to review this quarters performance
and this tends to drive the average down because people tend to buy more the longer they are members but we have a lot of members who are in their second year
the investment performance of our products is reflective of the environment as well our betterperforming products focus on the relatively inefficient market segments like small cap or emerging markets
the decline in operating profit is primarily attributed to the 16 decline in valueadded sales the negative impact of foreign exchange rates and an unfavorable product mix
and then as we mentioned weve turned now to modest inflows so i think thats fairly indicative if its going to stabilize and continue to improve from here i think we could expect that were going to start getting flows
thank you very much first i want to thank everyone for joining us we also appreciate everyones thoughts and prayers not only on this call but in your notes and emails as we weather through harvey (and->*)
additional space and equipment is required to manufacture the increasingly complex architectures of these leading technologies to maintain (data->wafer) capacity and meet market demand
in addition we are developing a new store growth plan and expect to begin adding new locations next fiscal year as plans solidify we will update investors accordingly
issue that well have to deal with that will create some form of a bubble that well deal with but it is not a systemic issue from a structure and a credit performance standpoint on an ongoing
as market inventories are adjusting to their slower growth environment in oil and gas there is a similar adjustment underway but the oil and gas recovery will likely take longer
as expected second quarter sales were impacted by the underwriting refinements made last fiscal year general consumer softness and the transition to progressive (with->which) slowed leasetoown sales
got it got it thats helpful and as you think about kind of some of the investments youre considering making on the equity side of things i think you guys had mentioned just looking at things that might work better at different parts of the cycle (are->*)
as our credit spread widens and we gain more confidence with our credit platform and approach conns senior leadership team can start to shift even more of its focus to driving retail growth
i also saw a company with significant opportunity to become a national retailer and create meaningful shareholder value if the right platform was created and managed correctly
so i believe that our nontoxic production technology makes all conventional toxic manufacturing process obsolete and it will do so in the next few years
according to early reports it is estimated that at least (100000->100) homes were flooded or damaged while tens of thousands of residents living in the destructive path were forced to evacuate
and (i am->im) extremely proud of the platform we have created i am confident we are headed in the right direction and we are well positioned to create longterm and sustainable shareholder value
as (weve->we) said before our efforts and resources will be prioritized on the pacific alliance region as we look to achieve greater relevance and presence in this important region
of conns core leadership team 22 of the top 25 positions have been replaced during my tenure with the company these positions have been filled with leaders that have the combined finance
prior to the impact of harvey for the third quarter we were expecting samestore sales to improve from the second quarter as we fully (lapped->lap) the meaningful underwriting changes we made last fiscal year
and obviously they have to take into account whats going on in the market but i would say in general our people did just a fantastic job at working their way through those negotiations
volumes remain strong in q3 and a slightly favorable exchange rate and lower fixed (costs->cost) more than offset the impact of (volume->higher) recycled material cost during the quarter
depending on the extent and timing of any future convertible note redemptions this net cash positive position remains a significant milestone in the ongoing strengthening of our financial foundation
second quarter results demonstrated that the transformation underway in our credit business is gaining real momentum and the business platform we have developed positions us well for the future
we continue to see good opportunities to grow canadian banking over the course of 2016 turning to international banking as sean noted we delivered another quarter of earnings
what the pace of that inventory growth is going to look like through the year as you start to get some of these products youre ordering that do have those longer lead times start to come into inventory (so->sort of) how do we need to think about inventory growth
as well as ongoing investments to rationalize our supply chain as we continue to position ourselves for growth including by improving and integrating cardinal and swimways logistics structures
have deferred that (1->one) year to 2018 and you may have the ability to defer repayments an additional year would you be able to confirm that thats the case today or is that something thats still to be negotiated
and our thanks to many many sponsors over the years like nasa who has nurtured us with research and development programs over the (years->*)
our international group has also experienced some success as we are beginning to export (leased->lease) automatic custody transfer units or (lact->lacked) units from our us process solutions group to nigeria
as well as the country as a whole conns has been part of the texas community for over 125 years our thoughts continue to be with the many families who have lost so much
based on your comments it sounds like youd expect to see some catchup of that growth in 2q i guess im just trying to think about with the business as it is today and that growth trajectory whats the potential margin contribution
as cleanup efforts get underway we expect many of our core customers will have meaningful job opportunities created by rebuilding efforts which should help improve stormrelated credit performance
they also have approximately 14 of their business in asia and house the majority of the companys foreign exchange rate exposure with large sales offices in germany and japan
we have confidence in our strategy in our employees and in our future as we position now inc to serve the energy and industrial markets with quality products and solutions
and (try->tried) to displace their competitors in the other hemisphere with their (products->product) so its going to be more difficult than simply signing for example the cameron engineered (valve line->valvoline) we knew pretty much it was going to shift to us
these outflows subsided meaningfully in the second quarter and were partially offset by some market appreciation in these products during the quarter i will spend a few minutes on the cost side of the ledger
and corresponding margin of 123 the second half of our summer season (remained->remain) strong and contributed to our solid third quarter (result->results)
thanks stephen before we open the call for questions id like to comment briefly on each business lines performance over the quarter and make some brief remarks on the outlook
which have mostly been resolved now and subsequently the price has fallen back somewhat gold and base metal equities are benefiting from the increased metal prices as evidenced by the global gold index and global base metal index
our public finance business produced a stellar quarter with record results as we fired on all cylinders we took advantage of our geographic range with strong results in california texas and kansas
prior to the (storm making->stormaking) landfall conns responded quickly and proactively closed its corpus christi location as the storm continued it impacted portions of southeastern texas
before i turn it over to sean to discuss this quarters results in more detail i wanted to update our shareholders on the important steps we are taking to build an even better bank
early performance trends remain encouraging for originations made in the second half of fiscal year 2017 after the more significant underwriting changes were implemented
moving to slide 4 we (*->are we) have tried to employ as much capital discipline as possible under the current oil price environment we took the decision back in december
driven by oil and gas storage levels and opec actions until such time that the (under investment->underinvestment) in offshore development for the last 3 years and beyond begins to produce meaningful offshore production declines
second is oil and gas with the past year of depressed crude oil prices and (the->a) global glut of supply domestic production activity has dropped to the lowest level in more than 5 years
as a result we increased our credit card penetration with scotiabank customers from the low 20s to the low 30s and we still have room to make further progress
each excludes the impact of certain other costs and therefore has not been calculated in accordance with gaap a reconciliation of each is included in our press release
there are some that are putting out these very large cost saves and god (bless->blessed) them but i dont know how (they can->theyre going to) do that especially with the regulatory environment on branch closures (is->*) getting a lot more scrutiny also
and some other items meaning that comparing the 2 quarters are somewhat difficult however the underlying performance in stressless remains on the same level
got it and i guess were moving into kind of the fourth quarter period here and that generally is a i dont know (i mean->if) were almost a month through and i dont know if you have any kind of insight but
we foresee a very large number of exclusive stores also even in the (innerwear->innowear) segment with the added benefit of men and women together the proposition will become even stronger
continued growth in the middle east a seasonal increase in russia and the cis and anticipated projects in australia may be sufficient to hold revenues firm sequentially in our international segment
potential risks and uncertainties that could cause the actual results of operations or financial condition of the company to differ materially from those expressed or implied by forwardlooking (statement->statements) used in this call
we anticipate that the margin will be down slightly from current levels but likely not more than 3 to 5 basis points over the next 2 quarters as lower for longer remains in effect
as we look at the fourth quarter and head into (the->*) spring 18 this is where we are balancing 2 different components one we want to continue to ensure a high level of fulfillment rates
on the product mix front sales into the oil and gas exploration market are relatively high margin given the value proposition of the (toughmet->tough met) material in the drilling environment
the primary drivers of this increase are the buildup of safety stock as part of our manufacturing transition plan and the addition of working capital from the noliac acquisition
nevertheless we feel it is incumbent on us to remain committed to our defined investment process for each of the products and continue to seek alpha within that context
at the close of the financing the maturity on the existing and new term loans and the revolver will reset to 5 years extending (*->the) maturity (at->of) the existing credit facility
so we expect to benefit by using some of those tools in our existing programs going forward so absolutely well be combining the efforts (well->will) be utilizing their tools
remember that gets through our footprint our raw material cost quicker because of the cycle (times->time) so again weve been very active in the market there recovering those raw material prices as well
weve been saying for some time its a question of when not if and were pleased thats come we believe theres very much a need for greater transparency of all of the sectors we operate (*->in)
these statements involve risks and uncertainties that could cause actual results to differ materially these forwardlooking statements reflect our opinion as of the date of the conference call and
more cohesion in terms of how we present ourselves to our clients more cohesion in terms of how we structure our operations internally so there are 3 parts to the plan
so a more cohesive (whole->hole) in terms of how we present ourselves externally to our clients and a more cohesive (whole->hole) in terms of how we operate ourselves behind the scenes and rationalize our businesses
i dont think that these digital aggregators are doing very much business were not seeing that but they certainly will add transparency and we have to deal with that and secondly were seeing more demanding more sophisticated consumers
contained in our databases that are processing millions of records per day as our software analyzes and collects over 200 data points for each network connection detected
but (we->weve) been in discussions with our key network providers and have succeeded in striking new contracts with some these new contracts will reduce the committed nac in the second quarter
(and->*) eric i would say these arent new disclosures in the sense that thats pretty strong term i would say this is an evolution of a partner strategy and as greg talked about weve been doing many of these for a while
(want to->once you) come back again to whats changed as compared to a month ago i understand you were saying there was a sudden decline but equally it sounds like you had already identified the sharp slowdown in china
to open new branches and have a new presence in those places but primarily its marketing spend to boost and increase the presence of dignity and simplicity online
i said that there are 3 things that agc was going to focus on accordingly we have been focusing on focusing our efforts on those 3 things
primarily driven by refinancing transactions we completed in 2015 and the dissolution of our global alliance with sri late last year
but when on the cutting edge errors do occur in this case complex algorithms determining the relative reliability of various networks prevented some valid connections from happening
as they have become too costly to deploy and maintain and integrating them is becoming complex and extremely expensive in fact
moving to our communications end market our communications end market is expected to increase in the midsingle (digits->digit) sequentially due to continued program demand strength
the final element in this section is operational excellence this means efficiently making more of the tires the market demands especially in the face of increasing complexity
weve spoken about (bezeq->bezak) in israel which last month had a successful passover promotion of their smartconnect service and is looking for ways to expand (the->this) success with us
the financial profile of yodle is different than webcom so we wanted to lay out some key financial and operating metrics to give you a better sense of what the combined entity will look like
and understand that they need to be online in order to market themselves its created an opportunity for new entrants into the space especially in that what we call the presence part of the space
and some of the other related (costs->cost) i wouldnt look at it as a straight elimination based on how those (had->have) been allocated
our cash flow provides the company with greater capacity to drive shareholder value (to->through) investing in the business pursuing acquisitions and prudently managing our capital structure
consistent with cdcs communication to us earlier this year in april that they intend to procure less than the total remaining doses under the existing contract
(focused->focus) on taking our company to the next level my leadership team and i are excited about the opportunities in front of us as we continue to focus on accelerating value for our customers
but we have seen positive progress in terms of the restructuring effect in the glass segment and the growth in the (chemicals->chemical) segment
i think we just have to accept the fact that well first and foremost we expect to be able to continue to achieve a premium to the vast majority of the market a lot of the research that weve done (suggests that->suggested)
and i wont give you a figure but certainly lower than what we see today but it will depend on how profitability plays out and again the profitability of those different jurisdictions as it has in the past
and that is that we will have no hesitation in returning excess capital as you (would->*) recall weve never said that we have to wait for specific reporting periods to make decisions its a dynamic process
that announcement was made in january and the results that steves going to talk you through now are in the light of the changes that we made and announced to our business at that time so ill hand you over to steve now and hell talk us through
the yearoveryear increase in our diversified revenue was primarily due to new program ramps in our energy business and to a lesser extent growth in our aerospace and defense end market
for the year we expect strong growth from our doitforme and online marketing businesses that will be offset by declines in domains and doityourself
in summary we had a very strong first quarter in the americas and were looking forward to opportunities across our markets in 2016 and in the longer term as well
we experienced some volume declines due to price increase to offset currency depreciations in emerging markets
to announce that we have received yesterday our authority to operate or ato from the department of health and human services
the company disclaims any intention or obligation to update or revise any forwardlooking statements whether as a result of new information future events or otherwise
good morning my name is keith and i will be your conference operator today
(*->in our) script that there have been some benefits from the premium domain business in china its a bit uncertain how long that will last
as well as new program ramps on a yearoveryear basis we expect communications revenue to be up in the low double digits based on program demand strength
as you are aware we are making strides to improve our supply within our us and global manufacturing footprint to meet this demand
(when->and if) you go back to january what did we say we were reducing prices and one of the main objectives is to seek a relationship between stabilizing market share and pricing
is that they start slowly by testing in certain markets or certain areas before they actually put a marketing launch behind it
in order to drive consistent growth with strong operating margins we have made progress in this area as demonstrated by our 18 yearoveryear growth
weve been very focused on directing our investments in marketing dollars up the value curve by increasing our participation in the engagement and interaction areas
i should have been more specific (*->to) i guess youll get the size of the development contract in terms of dollars will you also know the size of the procurement contract in dollars
that is one thing that we have to be cautious about two (is->if) not all branches are still fully productive during the year whatever branches that we (opened->open)
customers want more premium (goodyearbranded->goodyear branded) products and increasing our supply is both our biggest challenge and our greatest opportunity
given the biothrax range and kind of the overall revenues you could back into something that looks like it was good a bit higher than where (you are->youre) tracking to right now
it was no surprise that the standout performance was really energy club (they->that) just (make->makes) switching as simple as possible but still gives customers a choice
their significant focus and investments theyve made in software assets they really have a great platform to help small businesses
and our new content management system allows us then to personalize that message to that customer with a relevant message thats appropriate for that customer
we think that for a company like ours given the nature of business we are in given the promoter background that we have and the longstanding experience of this industry
in particular i am pleased to announce that well be moving into our new shop and maintenance facility by midnovember ahead of schedule
this change is a result of our adoption of new guidance regarding the presentation of debt issuance (costs->cost) on the income statement
and on target to be completed during the second quarter of 2018 now steve will describe our results in more detail followed by paul
which nobody else has across that breadth of (product->products) how do we use that to talk to you when you want to be talked to about what you want to be talked to
in automotive business the new consolidation of ficosa and the growth of existing products greatly contributed to increased sales
in the international area of our business our established markets are performing well we remain however relatively underrepresented compared to the industry as a whole
we also have an expanded set of tools that help small businesses proactively engage their customers to drive repeat sales and customer loyalty
fall 17 performance 70 up was in line with our booking expectations for fall 17 and weve kind of intimated towards strong apparel growth
hikes in front of the currency depreciation in those specific markets and of course this impacted the market but also
so its those types of things online scheduling estimating even taking payments in the field those kinds of things are the kinds of applications
despite an increase in operating profit net income was lower due to no recurrence of the recording of income from the
this is a good example of furthering strengthening of the automotive glass business based on the portfolio management
thank you wed like to thank everyone for listening (in->to) todays call and we look forward to speaking with you when we report our fourth quarter and our full year
energy prices are also on the rise with (npower->mpower) scottish power and edf all having announced price increases in the near future
(*->in) both the domain and the diy business but were not going to throw money away just to be (just->*) to play in what is becoming an increasingly
we are seeing strong growth in our first line collection as well as our full stretch (air perm->airprom) insulated jacket series as anticipated
and driving financial and operational improvements for our company i am pleased with achieving 3 quarters of consecutive yeartoyear revenue growth
so paul are you saying that (*->the) first quarter level is a reasonable run rate for the rest of the year once we exclude
scale they should be able to get into the same range of net margins that weve been operating in here it may take a few years but (it->*) we see it in a few years
to the growth we experienced this quarter and will the coming quarters we also grew our ski business by 9 due to increases in snow safety equipment
with regards to adoption of the cloud agent is (that is->*) the primary service that benefits from increased adoption whether its from a new client or an existing client
we believe (that->the) government is continuing to drive towards establishing the capability of protecting 25 million people from the threat of (anthrax->athreats)
and those points have been passed along to the physician community along with my comments around existing stakeholders
(*->it) should also be no surprise if we secure additional term contracts before the end of the year which will underpin our earnings expectations
however the other side of the coin was low interest rates meant that loans and credit cards were incredibly attractive products for customers
to utilize those assets as profitably i assume some of it has to do with the maintenance facility which you guys just talked about (*->and) the extra capacity (it->*) gives you but
and that every tire that we produce is quite quickly mounted on a truck so we will not experience those
the customers appear very happy with our situation because they know that our way of working brings extra productivity
but they dont have the muscle to reach the market at large and so you see lots of the applications that yodle has developed
as darren mentioned earlier we did experience a softer second quarter within solar end market due to the timing of certain programs
offers power purchase agreements exclusively for projects that utilize capstones products and is designed to capture projects that were potentially lost because of (*->a) lack of financing
this similarly reflect a lower average selling price lower demand and an unfavorable geographical sales mix
with freight rates and secondhand asset prices also low there is currently (a->*) little to no incentive to place additional (new building->newbuilding) orders
(realtime->real time) but to quantify how much more we can achieve from a cost perspective im not prepared to get into details on this call
as you know this is our first quarter of results for our combined americas business and im extremely pleased with the teams performance
stopping very clearly so now theres a very clear (conscience->conscious) that you need to know what you have which is making (adding->having) a global and continuous view
we continue to see strong adoption for the cloud agent from our customers with now more than 13 million cloud agents
by product customers tell us they (need->mean) features they want us to help customers find the product features that they want (in->and) value
weve been moving in this direction on our own because we believe this market is underserved and that it is an area where webcom is most differentiated competitively
we expect to receive additional clarity upon completion of the contract negotiations and (will->well) be sharing that with you as soon as practical
overall im very pleased with our strong first quarter performance even though we are running our business to create longterm shareholder value
outside the oil sands civil construction at the highland valley copper mine from our 3year contract continued to generate steady revenue
ill briefly touch on all 3 and as i go through them youll see how all the content is integrated no matter where it appears on the road map
this allows moneysavingexpert to do collective energy switches which is effectively an exclusive tariff for a limited time period at a scale that no other player does in the market
please turn to slide 20 the chinese domestic coal industry seems to be going through a phase of restructuring similar to the one that (*->the) iron ore industry went through in the past several years
someone wakes up one day and has a brilliant idea that theyre going to create some scheduling software for a specific vertical market and (they are->theyre) able to achieve relatively small scale with that a very valuable product
predominantly (*->no) i think sme wont register a very aggressive growth as i just explained one segment of the sme business that we were in we have taken a cautious view in terms of how much we want to grow there
more towards existing because as our renewal base grows our opportunities for upsell (continued->continue) to increase especially with these additional solutions so our business always tends to skew towards existing
one final note before i turn it to paul as the houston area moves forward and away from harvey and its effect we reiterate our continued support for those who remain displaced and who look for a return to normalcy
which we call the megatrends at our investor conference in boston on september 15 also we will use the conference to discuss our strategic business units and update our longterm performance targets
is that a matter the (end parts->interpart) versus (the->*) industry is that a matter of just being more disciplined on price because it still remains competitive there or would you expect to be performing in line with the industry going forward
and then to your second question were not giving up on diy were not giving up on domains but we are going to be realistic theres only so far you can chase cost of acquisition
in terms of regions for growth today we made an announcement about a joint venture in the automotive glass production in morocco
to corporate development activities we are investing in additional resources to drive our market and product diversification strategy towards that end we have hired a chief strategy officer
about (the->*) 2 quarters back while it may not be all out and over but for a company like ours we have not (have->had) to go through a major pressure or suffering from (the->*) ability to raise funds
with additional investments needed in vessels for (deferred->third) special surveys or beyond and the recently ratified ballast water management convention (additional->a decent) level of scrapping can continue
we also want to highlight that our current business plan and guidance are only based on organic developments and do not include any possible effects from any acquisitions
and realize a reasonable return on investment and frankly the markets very competitive and there are crazy things going on in the market right now and wed rather put our money where we can acquire a new subscriber
with a subscriber base that is now well north of 3 million generating improvements in both our customer and product retention is a significant lever to drive improved financial performance
at what point well get clarity on whether or not that is the anthrax vaccine that the government ultimately transitions to and not (move->some of) the other candidates in development is that a
and so its not a matter of technology now its a matter of customer appetite and regulation to make sure you can take customers down that journey that (wants it->want)
as a result as you can see as of this first half we have successfully shifted to a structure supported evenly by the 3 segments
the aecon asset purchase remains on target to close in q4 and will be financed as mentioned through an upsized and term extended credit facility
if you were in the lets say you were in the field services business and you were on a job site and you wanted to give someone an estimate (theyve->they) created an application that allows you to online
we were notified during the second quarter that an aftermarket program with one of our largest consumer customers will be exiting during the third quarter as a result of supplier consolidation
during the course of this conference call management may make projections or other forwardlooking statements regarding future events or financial performance of the company within the meaning of the safe harbor provisions
story and was wondering whether its going to be driven by volumes obviously in (*->one) as one driver but how much of it is going to be driven by (*->say) the product mix
a team that is aligned from top to bottom around a common set of goals as defined in our strategy road map is the most important ingredient in our plan for longterm success
starting right at the top we begin with a clear and direct expression of our goal to deliver sustainable revenue and profit growth over the long term while increasing the value of our brand
martin will expand on this topic in his remarks as it relates to our new facility but demand continues to grow for our cost effective and reliable heavy equipment service offering
but we want to frankly own the space that adds real value its not about having a website its about getting found its about getting conversion its about interacting and engaging with customers
as a result we expect our total second quarter cost savings versus inflation to be similar to the first quarter actuals and improving later in the year
our objective with the updated road map was to clarify whats important to us and create a singlepage document to reinforce alignment among all our associates throughout the organization
not to go back to the guidance but when you originally provided your guidance (i think->*) it was in january i dont think you gave a specific other biodefense guide but
and when we come to ease this is where credit club really helps just like energy club you can see the data that the banks will use in a very simple format
and i really hope you guys have as much fun with this business as (ive->i have) had over the last 8 years so im blown away by your kind words and thank you very much indeed ive loved it thank you
to have access to share their data (and->in) their transactions with whoever they choose through apis these are just 2 of the emerging opportunities for the group as we go (forward->forwards)
while the value of (this->these) entities may not be currently appreciated by the market we believe that the intrinsic value of these companies will be recognized over time
as we prioritized plant optimization activities and made shifts in production to enhance our capabilities to supply more hva tires
those are first and foremost making sure that the 21st century organization maintains its steadfast commitment to clinical excellence and quality of patient care
so if we can use marketing or tech or product development to go after that id be delighted to so i think reinvestment is a good thing but it will be around going after specific opportunities in (there i->that)
our strong margin performance in 2015 reflects our improving growth profile over the course of the year our sharp focus on expense management and our disciplined investment approach
as for the price decline in the display business we had anticipated that and have implemented various measures which are bearing fruit
we feel very good about our ability to drive growth (in->and) mix in hva segments in brazil and about how weve managed our value proposition in this difficult recessionary environment
for example we are now (one->1) year into an exciting new program that allows us to significantly reduce friction points in key customer areas
together with (our->a) recent credit card portfolio acquisition these factors helped to drive continued improvement in the net interest margin again this quarter
with the current interest rate levels which touched on historic lows recently we continue to see broad flows into equities in the search for yield
from the blast movement technology (trials->trial) that we have carried out in recent days are confirming the work we need to undertake
based on delivering a unique value proposition that provides access to quality goods for the home to a growing population of underserved customers
we recently launched a joint marketing effort with our development partner and customer (hess->hets) to promote our new (patent pending->patentpending) toughmet coupling for oilfield production
to further try to reduce the transportation costs on our crude oil (and->*) as well as some other small items within the other capex such as the completion of our gas lift
on a margin contribution basis whats the potential there given that we assume that the margins are nicely accretive especially as you get to a higher run rate
this is at the same level as for 2016 taking away the additional dividend paid out last year (trinemarie->trinbris) will go more into details on that
looking forward the modest benefit of recent rate increases in some of the countries we operate in will take a few quarters before they start to materialize
philly the philly area we dont think were going to be going running into philadelphia in the way of putting in branches and the like but if (the->*) customers are there and the ability to meet the needs of the market
it also should be noted that we plan to file our first quarter 2017 form 10q later today and it will also be available on our website
the noncomp level incorporates a full quarter of simmons expenses we are proud of the fact that we achieved the bulk of the cost synergies targeted in our acquisitions at close
very clear and definitive plan around that and actually we dont have a plan and dont have the ability to execute on sort of spectrum clearing beyond that (*->now)
we also (well->will) have a presentation in our website which you can follow and review at your leisure at any point
that its almost unparalleled so to try to determine what that impact will be and how long that will last is somewhat difficult
ladies and gentlemen that does conclude the earnings call for today we thank you for your participation and ask that you please disconnect your lines have a great day
(about->*) we talked last time about the ongoing reshaping of our organization around our customers in q1 we brought together all of our engineering resources under common leadership (and->*)
we continue to believe we are well positioned to achieve a credit spread of at least (1000->100) basis points before servicing and financing (costs->cost)
similarly the slowdown in the 4g telecom infrastructure buildout in china lower sales (for->from) performance alloys and composites and advanced materials
that is (a->the) sign that the (bank in->banking) question is extending and pretending and there are big losses coming down the pike what would be your response to that argument
both growing yearoveryear and sequentially as we commented during our second quarter call we are starting to see new product and application wins
we are an organization with exceptional leaders solid financial resources and well continue to respond to the needs of our customers
i guess before it hit how were you thinking about the outlook for the losses side of the credit business and
as a result of hurricane harvey third quarter retail sales will be impacted by the loss of approximately 100 selling days associated with the store closures
these flows have driven marketwide valuations indiscriminately higher and mostly divorced from the underlying value of individual stocks
and weve done a lot of work here it gives us a number of things it gives us that (sort of->third) technology it gives us a backup foundry in europe it gives us a stronger sales force in europe as well
while enhancing our financial and operating performance and we continue to anticipate full year profitability with this let me turn the call over to lee
the operating profit positive this quarter first time in a number of quarters (that->if) thats gone positive is that something you think you can sustain for the remainder of the year as well
a few people on the ground was a lot more appropriate than having them work out of a different area and certainly that helps as we are getting some loan volumes coming in from
in those cases so thats why you can expect that we will be having formations and restructurings going forward over this next year as this plays out
so this is something that you can order without (zozosuits->zoso suit) but based on the (weight->wage) or (height->high)
as is the forecast for the recovery in the oil and gas while we feel were through the trough based on our current order entry rate
but we are also cognizant that our growth initiatives of the past couple of years have increased our noncomp (levels->level) by over 20 given market conditions and our current
other than in respect of cards and auto we are increasingly focused on quality its not just about quantity and so we have tightened up
if you can look at the consolidated balance sheet so the main point here is that we did a share buyback which
we continue to manage operating expenses tightly and are generally only increasing operating expenses for developing and qualifying new products and technologies
but as well highlight in a few minutes materion is also finding innovative ways to help oil companies tap new technologies to lower production costs
and i would say (you know->*) thats not just an outcome its very much a choice weve been thoughtful and weve been deliberate about which asset classes we want to grow and at what pace
and whats the underlying strategy to increase your penetration there what do you find attractive in that market that you continue to target
when i reflect on these activities and what we focus our customerfacing teams on is the incredibly (broader->broad and) positive impact that were having in our customers businesses and indeed their end users
creating a strong profitable and differentiated business provides conns with flexibility to navigate a highly competitive marketplace
the rest of the industry is going to react when you finally do get up and running in terms of this type of technology i mean i imagine people recognizing the inherently
i think its fair to say that the results surprised the markets as volumes and volatility spiked in both equity and fixed income classes
the opportunity to create a dramatic impact on the world around us is undeniable and im excited to be part of this team (shaping->shipping) that future
go more into detail on operations and ill leave the floor to (trinemarie->trinomerie) to go (to->through) the (financial->financials) and well do a summary and outlook at the end (and->*) there will also be the possibility to ask questions
as a note we are no longer providing a separate presentation to accompany our conference call remarks please refer to the investor presentation going forward
in another recent development weve begun partnering with several semiconductor equipment oems to develop new materials compatible with (the->their) new sputtering processes
specifically on the credit side of our business we created programs to increase yield and improve account performance which produced the highest credit spread in the past 7 quarters while conns borrowing costs have continued to decline
markets there so what weve seen is a much greater decline in our alloy business than our advanced materials business as a function of the markets that theyre playing in china and to your question on within china
as you may remember from our most recent investor call at the end of july we commented on the building uncertainty and volatility in the end markets we serve and the persistently sluggish macroeconomic environment
so were seeing pipe shortages and higher demand for pipe actual increases in pipe that are sticking in the market and were benefiting from that in the short term as our lower cost of inventory is moved out so
canada and the international segments are profitable in the period all of our balance sheet metrics are tracking as planned we have more cash than debt again and were nearing an important psychological segue into ebitda profitability
predominantly in our core markets those around in texas as well as in arizona (*->and) new mexico that have a heavy immigration population we have seen softness there and you saw that in
and so we have to sit down and readdress to see what their business model (cranks->creaks) out now so it would be infrequent as it relates to the entire book of loans (scotias->scotiaz) entire book but it (*->would) be frequent as it relates to the oil and gas sector is that fair
for materion the impact reaches beyond lower demand for telecom infrastructure growth in china which we projected for the second half but also in consumer electronics and other products (supplied->supply) to general markets
we will keep on hunting for the right deals to be struck at the right time in the right place and for the right price until then we will keep pushing forward (in->and) returning this business to profitability so with that let me turn the call over to dan thanks robert
our abs notes are performing in line with our expectations and i am pleased with the new warehouse facility (weve->we) put in place on august 15 this new facility further diversifies conns funding sources and provides additional flexibility to fund the business
thank you sanjay im excited to be joining micron at a time when the company is accelerating its focus on execution including the delivery of more highvalue solutions and the ongoing improvement of cost competitiveness
post the blast to maximize gold recovery and limit ore losses and dilution the use of the technology has now become a permanent feature of our mining operations
the response of conns employees located in the (affected->effective) areas is commendable and all of us at conns are thankful they are safe and appreciate their passion to return quickly to work and help our customers and communities rebuild
the 18 decline in the credit segment provision was primarily the result of a reduction in the allowance driven largely by a decline in the 6month average first payment default rate from the prior year versus an increase in the allowance in the same period last fiscal year
we would be much more inclined to active passive while its enjoying and obviously doing very well i think thats very much a scale business and we would be late and small so neither of those (are->is) particularly appealing
yes i think well see pricing continue to improve as long as the markets as robust as it is we saw price increases basically across most product lines particularly in pipe as we expected
impacting the margins on our (foreigndenominated->foreign denominated) sales but also the impact of increased activity of us dollardenominated sales transactions resulting from higher activity levels of our foreign competitors
we have a lot of really exciting things going on on land i mean really exciting stuff and so the problem is as it grows and the offshore declines its been kind of washing each other out except for the fourth quarter and the reason for that was (*->is) q3 had some unusual items in it so
the rollout with marathon begins to ramp up considerably (2->two) new branches to support oxy activities in (*->the) delaware come online and modest improvements in downstream and industrial segments improve the trajectory of those businesses
yes im just curious how should we assess the potential demand destruction in dram demand from higher asps in mobile and pc environments over the next few quarters if there were to be an issue
this has decreased more rapidly than the average retail price and this is because the proportion of preorders has increased which also means
in addition management actions were taken in the quarter to reduce the precision optics business headcount 10 primarily in china in response to the (drop off->dropoff) in the projector display market
so (that->*) the (fractures seem->structure seems) to look a little bit different than what we (have->had) originally expected but it seems to move in a very promising and positive way
weve accomplished this goal we have hired key sales staff have been recruited and weve identified and trained very knowledgeable people within our organization to take on a sales responsibility
get the most efficient product that i can if we return to more normalized markets you can see alpha from good fundamental work and wed like to have a broader set of products
can you just give us a sense as to how we should be thinking about do you feel as though the platform is kind of largely in place here do you anticipate that youre going to continue to make additional investments over the coming quarters how should we think about that
the first is our digital transformation at (scotiabank->coshabank) we have made great progress towards digitizing the bank and building digital solutions to give our customers the best experience there is
we are also making good progress on the liability side of our balance sheet across all business lines we are focused on increasing customer deposit balances which further deepens customer relationships
due to the completion of budgets last year and being in the planning phase for 2017 capital projects during q1 sequential nonrecurrence of large project offset gains from our downstream and industrial groups
so just imagine how much dataintensive applications are now being run in order to provide users smooth experience that then requires high performance and lot of memory
as we make it easier for our customers to do business with scotiabank we expect there to be revenue benefits in addition these improved processes also make things much easier for our employees
our own experience in asset management mirrors the market mlp and our international products generally benefited from the search for yield our domestic value products suffer from the low dispersion
as they begin to replace the products in their homes that were damaged by the storm and as the company experienced in prior storms retail sales rebounded in subsequent quarters as rebuilding efforts got underway
the strong performance you see in our fixed income brokerage business reflects the meaningful contributions from the gkst team this team continues to perform well and has been a welcome addition to the firm
depending on the stage of the brand role in the portfolio and the growth ambition that we have
we always focus on acquisitions that will add markets with strong customer demographics quality personnel and synergies that come from any combination
otherwise i would say in terms of cards and auto i wouldnt point to any regional variances in particular
the companys actual future performance may materially differ from that contemplated by the forwardlooking statements as a result of a variety of factors
in our international markets particularly the pacific alliance region we are seeing positive signs across the region and expect economic growth
and relationships related to it so i think that we can continue to grow that area without being the highest (rate payer->ratepayer) in the deposit space
and we have additional ones in the pipeline this is definitely an area in which we will see positive development
ladies and gentlemen thank you for participating in todays conference this does conclude the program and you may all disconnect everyone have a great (day->*)
this past july the first of the sea patrol themed episodes aired with the highest episodic ratings ever for the series
there is a lot of opportunity that just (*->be) by the size of our sales force or the focus of our sales force were not a clear target previously
we operate a diverse number of portfolios across different geographies and some books are performing better than others but overall in excellent shape
but there are still some remaining concerns especially internationally so we must continue to be diligent as we extend credit
this is the same as for the ordinary dividend for 16 and (the->*) approval of this will be
on this mornings call rick will comment on our first quarter operating results as well as the progress being made on our capital projects and exploration programs for the quarter
the materion team has responded very well in taking the necessary actions to counter some of the headwinds that we find ourselves in
based on increased orders (and->in) modular solutions currently being fabricated in our shops us process solutions should also post strong growth
why is it that (for scotia->frescotia) and frankly all of the canadian banks the corporate loan growth has been so good are there particular sectors you can point to
if that payment is not in line with what their credit means are available and what theyre capable of repaying it creates
before i move to the outlook id like to note that we will no longer report out as 2 segments given the organizational changes made last quarter
what could be the kind of opportunity landscape and currently what kind of top line would we be doing in that kind of a space
and im more convinced than ever that (theres->there is) a fantastic opportunity to build an even stronger company while continuing to enhance shareholder value
do you plan on reinvesting the savings you expect to achieve from micron and (elpida->alpita) coming together for the first time on 1x development
it will have only a marginal financial benefit in q4 due to the timing of its rollout and the contract parameters
and so accordingly we do expect some deviations as we fully bed down our systems and processes
so we look ahead at the year with strong demand drivers for nand in the industry and growing opportunities for our nand business
manufacturing (utilization will be around->*) 45 and our cost reduction actions will continue to favorably impact financial results
and our strategy going forward we do expect this financing to give us the flexibility and confidence to carry out (our->a) longterm
they grew nicely in the quarter but dont forget their lag is even longer than the energy branch lag because we have to design the equipment and we have to fabricate (and shop->it in shops) and so
deposits which is a market that we think we can do very well in because it does coincide with a full relationship with the board of (eds->ed) corporate cash management (products->product) services
as well as the everchanging economic regulatory and credit trends while maximizing financial performance
we did not accurately forecast the magnitude of the broader china slowdown and the impact on the consumer electronics market
further information regarding these as well as supplemental financial and operating information may be found within our press release
our industry expertise also propelled our results particularly in the senior living sector an area of investment for us over the past couple of years
here at scotiabank and mike has lots to be proud of in terms of his contribution to the capital markets business and the bank overall
so that is the end of the live (streaming->stream)
and if we also remind ourselves about the other bookings that are related to this you recognize on this page
the unique synergy of conns retail and credit businesses gives the company a compelling competitive advantage in the marketplace
we have scenarios where were on the high side and we have scenarios were on the low side but we have a degree of confidence that we will be within that range
the sequential revenue comparison was impacted by a mix shift within our nand component sales which ill elaborate on momentarily
is meant to just pass the volatility in our raw material along in a very visible transparent way so
hume will then provide an overview of our first quarter financial results and our guidance for 2017 with that ill turn the call over to rick
this quarter is marked by 2 key financial highlights namely a positive cost performance despite lower production
india remains the (fastest growing->fastestgrowing) major economy in the world and (theres->*) an increasing level of confidence and expectation on growth
we are actively seeking teams that may be looking for a new more stable platform driven by challenging market conditions
the oil and gas is anybodys guess at this point i looked at a number of different transcripts the other day just to try to get a feel for
we have demonstrated success in acquiring (and->*) integrating and innovating strategic business and making each transition accretive to our financial results
to finish i want to highlight that we firmly believe that our current effort will deliver strategic and financial benefits
i believe this demonstrates that we are making all efforts possible to reduce the costs and hit the targets that we have set ourselves internally
issues for us on the credit side of the house but we continue to feel very strongly that we have not had an impact
on that front any updates as to the (timeline->time line) where you expect to achieve that (*->and)
the anticipated (ramp up->rampup) in production and the required oil price in order to fund that purely from operating cash flow
international banking also continues to experience very good credit performance as we pursue growth in a disciplined manner
the market our revenues grew faster than we expected and it takes a little bit of time for the mentality from
okay so id start with saying our fundamental strategy for the firm again is to lead with industry expertise and leverage that across
we would follow them but right now we do not see us going across the river into the markets that are contiguous to philadelphia
(there is->theres) a little bit more industrial in both new jersey and in pennsylvania and that seems to be the market thats going pretty well
in fact we took down inventory much faster than in previous cycles while still maintaining industryleading customer service levels
some of that was driven by the new insurance (packs->tax) introduced by the government but it really is a result of the strategic initiatives delivering revenue and share growth in this important channel for the group
any either increased demand or interest from customers after some of the recent attacks like and i think were thinking mostly the (dyn->din) attack that (was that->*) came out last week
outside of the restructuring expense (in->and) the raw material spread ebitda sort of being sequentially flat and the improved utilization and cost cutting quarteronquarter sort of offsetting
to engage through notifications which allows you to get much more personal we are still learning the theme of the presentation was we build tech we learn we test and learn because we dont know what customers want
(were->we are) in progress of developing a film script and we expect to see further progress in 2018 this is an exciting development for (*->our) entertainment franchise and we will update you in the coming months as we progress on this initiative
the combination of market forces and choosing to deemphasize this area makes us a headwind on revenue for us for the year we will continue our efforts on diy retention but on a net basis we expect this area to decline
while we have brought in stability to this through the new (indas->indias) approach of ecl but it still will have the pressure of the first and second quarter economic activity (*->sorry) of the rural market
we have huge increase in revenues we are making (profits->profit) and our pipeline is beyond belief its massive and growing very quickly every day
to the extent that todays discussion refers to any nongaap measures relative to regulation g the required explanations and reconciliations are available in the investors section of the cts website
that as you improve the quality of your service and thats reflected in retention it gives you better opportunities to upsell and crosssell but its still too early and we dont have any real metrics to provide on todays call
yearly figures keep in mind that that was mainly taken in the connection with the payment of the dividend which was done in september so prior to september there was rather limited debt
in addition to the improving margin profile of yodle we will continue to generate strong free cash flow which will be used to deleverage driving benefits to net income and eps over the first 12 months of ownership
before we do an accelerated launch just like energy club (im->*) sorry just like credit club we built credit club last year the team spent the last 4 or 5 months really getting credit files right because (its->*) the credit file
(of->our) solutions visible in (a->the) single pane of glass are critical tools that enable qualys to become the actor of choice in (these->this) or (ought->*) to be the actor of choice
these statements are based solely on our current expectations and there are risks and uncertainties that can cause actual results and the timing of such results to differ materially from those projected in the forwardlooking statements
more measurable (benefits->benefit) will become in the first quarter of 2017 in tissue the benefit from the full realization of the second quarter canadian retail market price increase
was negatively affected as a result of higher contractual adjustments which is partly due to a shift from traditional feeforservice commercial payers to managed care and medicare replacement payers
if we see the lpo growing (and->*) the commercial business growing in that market then we might look at augmenting it with a small location at best and we think its logical market expansion of the team capital markets that we acquired
you get cash back if you switch another product and in an app environment it allows you to prompt with notifications because youve got all the data in a really interesting way that an app generation is really interested in
the lower quality of customer you get and weve talked about this on previous calls weve tested and experimented and even played in this space and the repercussions of playing in the price game
as mentioned on the last quarters call we accelerated the timing of various sales and marketing initiatives to further boost what we expect to be a strong fall 17 and even stronger spring 18 selling season
additional information about factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forwardlooking statements
our tech now allows us to fully align our services to the needs of our customers (moneysupermarket->money supermarket) is the groups leading brand when it comes to insurance
can you help us better understand how sierras business has trended in that time to help us see that its been more limited volatility relative to that end market or give us comfort on that front
up the value chain and our effectiveness both to outside prospects but even to our own customers so we think theres a great opportunity to sell to our existing customers
(*->we) theres still a lot of construction going on in pennsylvania and we followed our customers in the past but theres a little bit of that in new jersey too so i dont think were looking at (1->one) market versus the other being in competition
so you do see the growth is (a->*) little stagnated but whereas the recovery is not because the money is still there but the people are not deploying it to add assets but they definitely do not want to continue liability
emphasizing again the product development and innovation what we see is that we need to adjust a bit more to the regional tastes of the different markets that we are present in as i just mentioned the market is very different
and they have very high arpu but slightly lower arpu than the media business so as the media business which is being deemphasized that (*->that) will create what appears to be
and i dont know what comp youre looking at but may not necessarily have the integrated cancer model that we utilize here which has an effect
based on the development that we had and also how we see the start of 2018 cost is always important we need to have a relentless focus on (costs->cost)
these impacts were slightly offset by improved results in tissue that are largely attributable to higher volume and favorable raw materials and product mix
is personalized emails about other products you would be interested in and expert advice and expert tips on whats happening in products that you didnt look at (that->but) might be relevant for you
and of course we need to be the preferred (partner->*) partners after all pay our fees and they have to want to work with us if were going to get the best deals for customers and the best range of products for customers
we take a longterm view of the business and are excited about the opportunities in front of us to grow profitably we are especially pleased with the potential that yodle brings and we look forward to updating everyone after the transaction closes
conservative way before opening branches what about deals i know you had said obviously (youve->you) laid out your criteria for deals but do you see more deal opportunity in the philly market than you do up here
looking forward we expect overall business conditions to remain favorable in the fourth quarter within the context of lower seasonal demand that is usually observed during the period
loyalty support and patience over the past 2 years as well as through the harrowing aftermath of hurricane harvey
by slower growth changes in credit strategy and the performance of accounts originated under prior underwriting standards
our sales into the consumer electronics and telecommunication infrastructure (markets->market) in the asian region were down significantly
our credit performance (continue->continued) to strengthen with the provision recorded primarily as a result of loan portfolio growth
we anticipated consistent margins compared to prior seasonal trends while our credit spread was projected to continue to grow
both other brands offering expansion through that distribution and that distribution offering opportunity for other products within that brand
i think what we were talking about is whats the (is the->*) broad investments in advertising that we do for various parts of the business
versus some of the other items like better freight recovery and all the other benefits youre getting as the business (start->starts) to grow again just trying to get a feel for
as the economic demand in china softened and it appears customers and distributors were correcting inventory levels
this market now supports a healthy demand environment with several secular demand drivers that i have discussed earlier
their quick thinking and (problem solving->problemsolving) in every corner of the organization is the reason we reported betterthanexpected results for the fourth quarter
and the results are very encouraging in that the technology allows us to amend our (dig plans->big plan)
this strong financial profile is the result of consistent execution and focus across the entire company
we also are expanding our efforts to add products to our platform that will be attractive across a range of market conditions
these achievements illustrate our focus and (the->*) ability to deliver value to both our customers and shareholders
so which technology will drive the energy storage business the general consensus is lithium
the situation in central and south europe remains challenging as we have also said in some of the previous quarterly presentations
i think that were just like normal we have return (*->on) equity hurdles and were being more discerning in the deals that we want
and retail experience required to successfully understand and execute conns unique business model
when you build business youll have to make the right investment to position yourself strongly for future and which is what (were->we are) doing right now
i do think that what weve seen over the last month or 2 suggests that (this->the) strategic importance
turning to slide 16 which provides an update on our energy exposures which have been actively managed over the past year
moving on to our credit segment we are successfully executing strategies to strengthen credit performance and profitability
while we still have much to accomplish i am encouraged with the solid foundation we have created and the direction we are headed
as we look forward to the second half of the year in the context of our revised guidance which peter will be discussing in more detail shortly
while our activity is still at relatively modest levels we are seeing some momentum building subject to stable market conditions
in the long term an increase in our distribution in the short term we have managed to have some very successful promotions
current loss expectations for historic vintages remain generally in line with the rates we have previously communicated
hurricane harvey was a major weather event that disrupted many communities within southeast texas and southwestern louisiana
this segment contains 100 of the companys direct exposure to oil and gas exploration (markets->market)
while our mitigating actions are important so too is the recognition that our fundamental strategy of driving growth
i would say and i think commercial is a very good example of this the business is very much being driven by bc and ontario
additional branch consolidations are always under review as leases come due while assuring customer satisfaction remains paramount
industrial end markets will continue to be weak due to the impact of low oil prices and depressed global commodity markets
these costs include branch distribution center and regional expenses as well as corporate costs
the full benefits of stricter underwriting take time to appear and our overall credit segment results continue to be influenced
management took actions quickly in the quarter to adjust variable (costs->cost) in response to the lower sales level
that it had on our copper beryllium product line that goes mainly into electronic connector material in a very broad
we have a graphic on the (right hand->righthand) side of the page on the presentation in front of you
we continue to evaluate additional opportunities to accelerate our deleveraging actions that will provide a high rate of return
in 2019 our q1 results are in line with our expectations and consistent with the guidance that we gave in february
so our current business is only repeat order because our channel part is over almost 12 18 months back
so in each of our brands its going to be extremely critical for us to be able to keep growing this business
before we start on the actual presentation id just like to do a recap of ekornes what we are
and if we once again (looked->look) into the (yield->old) currency contracts
and also address the global markets as well and we can actually address a lot of demand going forward
including machine learning training and inferencing to complement the compute taking place at the edge
that led to the earnings actually then being higher although the reported ebit was lower
and so by definition kind of how this could go and how do we make sure were looking after the interest of everybody
this spread provides conns with the flexibility to successfully navigate events like hurricane harvey
our supply chain services operator customers because we have to plan with them to support those activities and theyre still all planning to add rigs now
our performance in the medical market continues to be strong delivering significant growth over last year
its also a business where consumers have a lot of respect for quality for dependability and so on
in the industrial energy sector low latency connectivity is a requirement for digitizing (real time->realtime) operations
different from performance alloys and composites the energy end market exposure for the advanced materials segment
to improve the environmental record of the plant even further no hesitation (naturally->in actually) looking at those
due to that power service acquisition how much is that adding to revenue that youre able to go sell a more complete package there
is also you can look at it at your leisure at electrovayacom and theres a corporate presentation
there will be an opportunity to ask questions at the end of (chriss->chris) prepared remarks now i would like to turn it over to
partly offset by lower expenses and lower taxes this completes my review of our financial results
and we remain confident in our ability to capitalize on the many opportunities available to us throughout the key markets we serve
time frame for completing the review and when could we potentially start to see some of the benefits and then are there any
we see record revenues for this quarter as (a->the) combined strength of the 2 companies (emerges->merges)
as we said some of (that is->thats) timing and also reflective of just the way bonuses (worked->work) given if you recall a couple of years ago we capitalized staff bonuses into salary
(*->the) split of front and back of house what (itll->it will) also enable us to do is take a lot of administration thats currently done out in the network take it out of the network
maybe pivoting back to the product side of the equation youve talked a lot in the last couple of calls about getting mobile right not only short term but as a stimulant
from a working capital management perspective we have been a little bit more disciplined this year because we put some focus on it and were just getting better (*->at)
that i did talk about (on->in) the call is (telrite telrite->telorite telright) is seeing a much higher conversion rate (here is->heres) a company that has fewer than (a->1) million subscribers
while it will take time our ultimate goal is to transition the majority of the miraclegro business to organic without compromising on performance
weve also completed the first phase of our southbound gulf coast reversal project and we expect to see further expansions for the business associated with (expansive->extensive)
in order to think we can execute (one->1) to 2 we have to have a half dozen or more that are in some advanced stage of discussion simply because
alongside the funeral business and the changes were making there the (crematoria->crematorial) business continues to perform well continues to be a great underpin to our financial performance
organization and use ipass as the means to intelligently manage their mobility cost this is a big opportunity for us and
so far this year we also completed the adoption of nearly half of the (700000->700) smart meters from the contract we were awarded last quarter
as we do that as you know those tires are really high specifications yields are a little bit lower so thats having a little bit of an impact on us as well
to which certain services will be added not everyone will want those but a certain proportion will choose to add additional services to that and what were trying to demonstrate on the bottom right
so (when they what->with) the (the->*) asks that are coming into forms of marketing campaigns and awards campaigns theyre seeing that in very big numbers from us anyway
yes one of the things that ive tried to convey to people in conversations is that our cost savings are not
while current spot rates would imply a more favorable outcome its very early in the year and currencies remain volatile
color commentary in terms of what else needs to happen what do you have (in->*) how much (is->of) this is execution versus what you won versus what you still have to bring in the door to give us
another has to do with the fact that we know where all the hotspots are around the world so the ability to provide heat maps
and being able to aggregate people to talk about the same things and watch the same things at roughly the same time has got a lot of value (*->and) were still learning all the fine arts of that
yes (*->i) think about it if youve got 5 to 10 years more growth in your current market youre probably optimizing value to stay in your current market and strengthen
over time i think that mitigates but in the near term we feel a little bit of pressure on that front the other place
so as a small example of that we are seeing increasing secularism and ill come back to this but weve seen a significant reduction over the last many years
(okay->*) september 30 that can fall october 1 so it can change the timing of the recognition of revenue on the project
in sales and marketing excellence we strive to create demand for our brand and for our innovative products driving consumers and (endusers->end users) to our customers
there is a good opportunity and people that we can achieve that premium so youre right over time i expect us to be more geographically
we think that there (may->might) have been a small positive impact in march of this year because of those closures last year and could have (the small->and could have)
we successfully executed the spin transaction in the first half of the year and our business units (remained->remain) focused on operations and delivering for our customers
and im not sure the overall trajectory for us is affected too much by the clean power (plant->plan) perhaps more so by gas price load growth
the new way what we do is having the ability to dynamically switch and that can be any place in the world but it also can be
we do have a seasonal business over there and what we also saw in q1 as an industry is that winter stuck around longer which meant the summer changeover season
over a period of time reduce viewing facilities in some of (our->their) locations (fullservice->full service) facilities will be larger and have viewing facilities and then the last is satellite
and i think thats because we saw a little bit of (a->the) broader industrial macro impacting industrial environmental in 2015 we are projecting some growth
i guess there is a potential that we could accelerate the growth of this sector via acquisition so well keep our eyes out for those opportunities
acquisitions to further grow and diversify our company remain a top priority that said finding the right deal is requiring some patience
and on my second question is on forsys can you give a bit of indication on these 2 feeds that youve won the geographic (regions->region)
(in->and) the kind of (the->*) shared window model versus the purely original model so when we invest in (an->*) original show we find that were having a better payback in terms of (viewers->*)
the variance compared to our expectation was driven by previously disclosed issues with the permit for one of our longwalls at the bailey mine
how will that scale up over the next couple of quarters it sounds like youve renegotiated some things but it should continue to step up a little bit over the course of the year and then i had some followups
i wouldnt describe it as delays it was initially sort of forecast as part of the transaction that we would spend a period of time
the ability to supply (highvalueadded->high valueadded) tires of increasing complexity such as larger rim diameters and greater performance specifications
(*->joined) the fray i dont think these digital people are doing very much business but they certainly added to the general noise around funeral pricing and funerals generally
however the decline in revenue was substantially smaller when including the impact of favorable commodity price hedges down 23 from the prior year period
the key thing is we need to maintain relevance (to->with) the customer we have it here we have it in the nordics we need to maintain that relevance we will be very focused on doing so were not going to do anything
shutting down (than->in) rail plants or is it that within the rail plants you selected the ones that are less likely to retire
(a->the) theme i thought of preference for bucket 3 to be the driver for the business over the medium to long term as you do think about some of your partners
this project should add longterm contracted capacity into chicago from our existing interconnection with the rockies express pipeline
one contributor to this growth (comes->will come) from (*->a) large portion of our capital backlog that should be commissioned and online over the next few quarters
retailer support has been strong again and weve done a much better job this year managing inventory and distribution challenges that come with this category
as well as (*->many of) the internal options we have and while we benefit from high commodity prices what you have seen is a good focus on cost control through that period as well
any refinancing would also be subject to execution of an agreement to the operation agreement in respect of the pennsylvania mining complex
on the safety side we reduced the number and severity of reportable incidents during the third quarter compared to the second quarter
some hydro products in what would be viewed as sort of conventional lawn and garden channels
we have a very strong team and are ensuring that our digital marketing efforts are focused in those (area->areas) that are going to receive the most attention by our consumers
also note that if we give guidance about future results that guidance will only be a reflection of managements beliefs at the time the statement is made
as you can see navios holdings shares these savings and creates considerable extra value for the other companies of the group
is working for that team so sorry i cant break it out but i hope that gives you a flavor of what were experiencing
no on that i was referring to is the investments that we made in sales resources and business development resources
our strong third quarter performance reflects the continued success our cloudbased security platform is finding in the marketplace
we are going to expand to western asia and have more expanded coverage
compounding the problem is the fact that they have a hard time finding qualified people to operate them
primarily as a result of new programs in our energy end market as well as new programs in our aerospace and defense business
within the market and nor indeed like some of the other online sites that you dont think theres any sort of use in moving into adjacent areas
but the operational issue has already been resolved and the plant has begun operating at full capacity
their ability to anticipate to perceive and to meet the needs of their current customers as well as attract new customers
i would note that going forward we expect that costs related to our business process modernization
and well get (well->*) that (would->will) give us more bang for our buck so we plan to use that but we love the team thats there and we plan to
(*->the) cash balance at the end of the period doesnt seem to match with the cash on the balance sheet at the end of the period
that range of 105 to (110->10) is probably a pretty steady range that i would expect to see the allowance and then with growth
volume increase in automotive glass as well as lower raw materials and fuel prices and cost reductions
loan loss provision expense can you talk about (the->*) more about where that expense is going especially in light of
in our apis (well->will) be able to connect the group to both evolving fintechs and big banks alike
in addition weve seen a rising cost of customer acquisition and limited product differentiation in the presence market
also another very important thing that we see in that area is that we had a competitor that was not very disciplined
which are subject to risks and uncertainties that could cause actual outcomes and results to differ materially from conclusions
kind of putting pressure on the changed approach to this business weve come out well and they have also registered a decent growth in their bottom line
finally we continue to make good progress with our west coast project and are happy with this progression
but once we find what does work and we get the engagement rates (from->rather than) the conversion rates because this is all about the long game
new york and (nuremberg->nuremburg) which well be entering into very shortly and so when we actually get back to you in march with our full year results
these increases are effective december 1 and will be gradually implemented upon customer contract renewal
is expected to be down in the 30 range both sequentially and relative to the same period last year
as i have said previously celesticas business is solid we have a strong platform to build on and we have
related to help out around the conversion as well as social security tax seasonality partially driven by the january payment of annual bonuses
the higher volumes at kearl were achieved through both heavy civil construction as well as core mine service activity
this included enhancing the products improving the efficiency of our feet on the street channel and expanding our partnerships
on balance sheet i will highlight the key points in comparison with the end of the previous fiscal year
and when we talk to customers about whats important when buying motor insurance the data is on this chart
i cant unbundle each of the components that make that work but youve got good evidence there of how our technology investment
in our canadian operations (or->are) in their austin operation their scottsdale operation or our argentina operation
that is intended to limit the number of 5 or more owners and therefore reduce the risk of a possible change of ownership
(and->*) do you have an estimate of the amount that you (will->would) have to spend on that fleet to bring it to
in energy business both cylindrical and prismatic automotive batteries showed significant growth
although the revenue is not overall material to celestica we do expect some profit pressure as we exit the year
(in->and) credit scores and affordability (of->are) the fundamental calculations in helping people find the right mortgage for them
nor do i want to suggest that we believe this positive trend in q3 will necessarily continue in future periods
to hedge our equity settle restricted and performance stock units issued (annually->only) to key employees
this indicates that our initiatives are steadily bearing fruit
by doing so we have internalized the cost savings achieved with scale and increased our purchasing power
and not create expectations relative to whether its electronic health records or penalties and the like
when it comes to operating income from recurring activities at constant exchange rates we mentioned it would be
despite some of the external challenges during the quarter we clearly demonstrated growth that is far outpacing the industry
from the critical trade shows that started in la this past september and continue in hong kong new york and (nuremberg->nuremburg)
yes we think we can get access to additional fleet of the nature required to do that work
to prove that our electronic health records are really driving operations and quality initiatives here in the company
we had a very good third quarter where our top line revenue was at the very high end of our guidance
we think about business applications and digital ad spending as being part of the engagement and interaction segments
(*->in) china for example weve talked about it in the last quarter but we (have->had) certain expectation and we will do significantly
dig down (and->im) curious in the quarter what geography is having the biggest impact on (a->the) material yearoveryear growth within the rest of world segment
yes and the erp rollout would be finished by the end of next year is that the right way to think about it
on slide i think (its->is) 13 what has been a bit more hitting us this year and was not expected
darren and rob will provide some brief comments on the quarter and then we will open the call for questions
in europe challenging market realities are expected to continue to negatively impact operational results
the key is putting in place that differentiator which is certainly what the board has been aligned to
we will complete our conversion process to a new core system in the second quarter as planned and previously reported
our storage business came in slightly below our expectations and represented 17 of total revenue for the second quarter
remember that we also announced a 5 price increase in june in the (cascades->cascade) pro canadian market
at the beginning of this recovery we had excess inventory in our system that aided the growth we experienced last quarter
the headline for the quarter is that a combination of relatively strong performance in reasonably good markets
that and other slowdowns throughout the emerging markets in asia have weighed on the weak rate of global growth
on transportation costs we continue to try to optimize all the various routes that we have for transporting our liquids
throughout the remainder of this year we will focus on supporting our employees and local communities in (their->the) rebuilding efforts
id like to start todays call by discussing the impact of hurricane harvey as many of you have seen in the media
once again wed like to thank you for your participation on todays conference call you may now disconnect
we were impacted by certain rework costs that were resolved in the first quarter but also impacted our second quarter margins
the smelter performance continues to improve as we reduce variation and increase capability of the hot metal section
the asia trade finance (deductions->reductions) that commenced a year ago will largely conclude next quarter
it is important to note that a large majority of the consolidated net loss is attributed to noncash items
during this fiscal year conns expects to roll out new direct loan offerings in oklahoma and tennessee
partially offsetting this growth was lower net gains on investment securities and lower underwriting and advisory fees
i was curious what are some signs that you look (for->forward) to assess if you are beginning to see demand destruction in dram demand
one integration of administration and operations to improve efficiency and reduce (costs->cost)
id like to thank all of conns employees customers vendors and shareholders for their hard work
(and->*) not filling open positions and so were a little bit more flexible there without taking the restructuring charge
our value proposition is so strong that we will grow at a great pace
we have clearly identified an action plan to tackle these issues and the initial results
they appear to have adjusted their inventory levels based on the slower growth and see a little bit of a pickup
we will continue to concentrate on the needs of our customers while focusing on producing longterm value for our stakeholders
while the growing sales into the industrial components market are generally lowermargin product sales
(*->to) reduce additional cost or to streamline cost but can you kind of give me a sense as far as
our worldwide market continues to be challenging but the worst may be over with improving activity
the banking business is gaining traction as we have moved into the top 10 in deal activity in the space
those factors are listed in the earnings press release issued this morning and now ill turn it over to joe for comments
going forward well benefit from having greater flexibility to access our worldwide cash deposits
you dont want to be adjusting for whats happened in the rearview mirror you want to also be analyzing whats going on in your order book
capital raising across both equity and debt products substantially outpaced the market during the quarter
we have now reduced back again and because this (*->just) didnt give the (desired->decide) effect we have now reduced back again
here in canada and internationally delivering good performances across several core areas
(loanstodeposits->loans to deposits) on an average basis actually came down a little bit this quarter based on that strong growth we saw in the core area
financial (positions->position) and if an order comes through that is a deviation from
creating a strong credit infrastructure was a key area of focus over the past 2 years
so this is due to the number of employees increase of number of employees on a consolidated basis
as a reminder the prepared remarks from this call and webcast replay will be available on our website later on today
several markets did show overall growth including industrial components defense and medical
looking at some of the consumer electronics and maybe the holiday build i mean the quarter itself was down 17 (is->does) that
and also if you go down and look at the 2 bottom lines you see that for the whole time period
we are taking our delivery channels to yet another level to meet the changing desires of commercial and retail customers
the shift in business mix impacting the margin im wondering if you see any need
these profits came through increased revenues from higher margin sales to nonautomotive customers
kind of what we look at is trying to meet the market and we looked at the counties around there and having
compared to the prior year representing the improving credit quality in the portfolio
while the optics business (and->of) the precision coatings group (have->has) been impacted by a (drop off->dropoff) in the projection display market
so the business has performed well if we look at it currently i would say its performing within our expectations
when we opened the doors of our digital factory this summer hundreds of (scotiabankers->scotia bankers) from our rapid labs
just because someone trips a covenant doesnt necessarily mean theyre seconds away from default it means obviously
of delivering sustainable earnings which allows us to consistently increase dividends for our shareholders
how much flexibility do you have within your development program to move around wells
these measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures
tangerine has 2 million customers and is the market leader for canadas direct ready customers
they are subject to risks and uncertainties and actual results may differ materially
given our relative exposure to munis we have benefited from tightening credit spreads in municipal bonds
the dining category is a very big category if you look at the total furniture sales
and the balance (balancing->*) of the financing will be received pending a positive shareholder vote
for example we are starting to realize contributions to our advisory results from our fig team
and very eager to see how the development will be in the shops its out there very soon
our sales decrease typically exceeds the rate of the oil rig count decrease on the way down
than to overpay for a deal rush through a transaction or misunderstand the risk and liabilities associated with it
speed to 5g is pretty critically important and a pretty key part of that
this actuation expansion has produced such success that we are now implementing another site in the marcellus
were seriously impacted by the storm and we are standing by to provide support to those in need
looking at our corporate and commercial loan books the overall credit quality continues to be solid
so weve been on top of this for some time and thats really helping to improve our returns at the end
it will take time its taking time we started this a couple of years ago really the results are just starting to appear now
(the->with) lead times extending for certain items we expect inventory levels to continue to rise
capabilities like these have driven increased memory and storage requirements in recent years
this is the first quarter which includes (the->a) full 3 months of operating results
first pay default and delinquency rates on originations from july of last year
where we expect it to be but also where theres opportunities for us to say yes to customers
that was held back by supply chain services for those reasons i mentioned earlier around capital projects with the 4 big operators because
thank you all for joining us this morning we look forward to updating you on the third quarter thank you
at micron over the course of (the->*) last few years and in fact if you look at the industry itself
mainly high recurring revenue and a strong cash flow that we can expect to maximize through (the->*) utilization of our significant net operating loss carryforwards ill have more to say about the acquisition as well as
raising funds from the market through multiproduct approach will not be a challenge while we continue to factor the interest rates to remain around the same (level->levels) that we are currently experiencing and (were->we are) not willing to look at a downward trend (quality->already)
due to the closing of our bronx lebanon riverhead upper chesapeake and (holyoke center->julioke centers) as well as the transition of our greenville north carolina radiation center to an unconsolidated health system joint venture
any selling we do is going to be very soft and its going to be frankly more akin to serving and you put your finger on it selling someone things like professional email with the domain name that goes with their website
while were very pleased with our performance to date in 2017 we still see many growth opportunities in 2018 and beyond and we are confident we will be able to act on these opportunities to deliver on the longterm growth target we have set for the company
these improvements in addition to our increased revenue have contributed to our yearoveryear profitability improvements the leadership changes made earlier in the year and increased focus by the team is starting to have an impact
we expect our operating expenses to sequentially increase in q4 as we are continuing to invest in our business as we scale (for the->further) rollout of additional solutions to our platform because we have a highly profitable operational model
our managed care contracts generally are 2 to 3year contracts in place with existing fee schedules and the like so i would put it in the opportunity area going forward to try and better
weve made significant strides this year in focusing our incremental investments and efforts in these areas where we are able to provide a differentiated marketing offering for small businesses and where we can drive positive change more quickly
this compares with the annual progress of the operating results of michelin in 2017 to which we add of course the contribution of (fenner->feneric) in other words
yes so there was a little bit of a timing impact here related to the (bd pieps->bdps) business associated with some sales and marketing initiatives that we wanted to continue to pursue however i will restate that as we think about the outlook
we have retained our margin we have become a multiproduct growth company and we have improved on our returns all of that has happened i think our approach for the year (will->would) be to maintain this degree of quality this degree of return
we are investing in sales and marketing campaigns that are driving enhanced consumer awareness which have both driven strong asap orders for fall 17 and improved even more (*->of) the stronger bookings for spring 18 and we have made what we believe
not your company specifically but just sales related to movies how do you think about when a license opportunity comes up how much visibility do you have kind of just a decisionmaking process around whether you pursue a certain licensing opportunity or
to be honest we didnt even look at (that->their) performance when we decided to make the acquisition we just wanted to get our hands on the assets because we thought that we could (match->march) our own performance with those new assets over time
(youre->you were) talking about commercial real estate that a lot of your peers are pulling back and i think that means yourselves can you just give us some specifics on how youre pulling back how youre adjusting the (dials->dial) some examples of what youve done
(the film->*) and then just one on i guess the product side of things the boys action segment has been somewhat soft compared to some of your other segments can you maybe talk about how you think about that segment over the next couple of years any big
for the 9 years ive been here and the only new entrant was google who came in and out of the market during the 5year period but nobody else has entered that market if you ask people to name frontofmind players in energy
series of applications in the dentist vertical market theyve got some applications in the chiropractor vertical market (and->in) the automobile market (and->in) the field services market and they have some additional vertical market applications
and because nearly half of our motor insurance searches now are on mobile weve also thanks to our fusion investment been able to build both native apps and web services to see what works best for customers
i also want to note that our operations in october were impacted by hurricane matthew which caused us to miss approximately 1800 treatments in the month due to facility closures and related issues
highest safety because of the flexible (ceramic separator and->ceramics preparator an) amazing long cycle life almost double that of our (competitors->competitor) which means
these risks are listed in our public filings these statements the investor presentation and the press release also include data that are not measures of performance under ifrs i would like to remind the media and internet users
however whats most important is we are making significant progress toward meeting our longerterm goals we set forth several quarters ago to pivot and reposition our company for renewed revenue growth and to achieve profitability in the near term
we will almost certainly see an adjustment in the q1 as we normally do but i dont think its going to be anything like what weve seen over the last couple of years where sentiment was really at a different point in the cycle
and it may not be a new product but i think a new (vehicle->vigor) that (is->these) oems are going to bring to the rural market because their pressure is extremely high both in terms of product competition and inquiry at (our->urban) level (and therefore even->*)
we would anticipate seeing margin improvement after the first year of ownership as far as our outlook on top line growth we would expect yodle to grow in the high single digits this year with the opportunity for improved growth beyond that
but theres many different services that we offer energy companies and because weve replatformed our energy club we can offer very different services to energy companies who have an eye on growth and want to grow their customer base
now we have improved our (asaps->aseps) by increasing our marketing and that has had an impact and we saw (a->*) significant increase this quarter in asaps and then the other side of that thats improved is our fulfillment due to buying more inventory
in terms of anticipated yearend 2016 results and expectations for 2017 we are not prepared to address projections or anticipated future period results on this call
so when you talk about the fact that youre going to be short in terms of units for (luvabella->lobobella) this year just (units in->due to the) demand is it about the same magnitude that you were short on hatchimals last year
we planned early knowing this and so have developed with our sourcing base a pretty aggressive plan to meet the demand and we are shipping earlier again
the seasonal q1 dip is on the horizon but with the current improvement in the chinese economy it looks less likely dry bulk will experience the precipitous q1 rate declines we have seen over the last couple of years
all the global and exclusive global rights to a unique flexible ceramic separator with great high temperature properties and outstanding safety
i would like now to spend a moment on southeastern europe we have posted another strong performance in our southeastern european segment
its certainly been a highlight of my career over the last 13 years id like to emphasize that were dedicated to our core mission of advancing science for the benefit of patients
an important part of our strategy is to increasingly focus on volumedriven growth and our results reflect the progress that were making on that objective
development and treatment of neurological diseases while we will also continue to progress our very interesting compounds in lupus
thank you that concludes todays conference call please disconnect your lines at this time and we thank you for your participation
my final order of business before i turn the call over to david (meline->maline) is to discuss the executive succession announcements that we issued today
a highly disciplined execution from our food lion team and most of all thanks to a lot of energy from all of our associates
we are confident in our capabilities and we know that reliability of quality supply is a key factor for our customers
to develop truly innovative technology focused on bringing effective (controlledrelease->controlrease) organic fertilizers to the consumer market for the first time
interest by technology writers across the country far exceeded our expectations and reinforced our belief that were on the right path here
this part of our business benefited from an increase in postcontract earnings due to the sale of equipment related to several leases as well as higher portfolio earnings
but it still is early days and we dont want to declare (a->*) victory too early and so were seeing a lot of the right actions happening and starting to see
we received many rave (views->reviews) regarding both (vuforia->buforia) and the augmented reality for the enterprise strategy that we unveiled
the cost of it would be slightly higher because we have (an->had) additional voluntary (leavers->levers) in the last part of this year so well have to make up for it
and also had responsibility for value and access which as i discussed earlier is an increasingly important component of todays dynamic health care environment
but if you dont back it up with the best customer service going youre not going to be successful or youre not going to make the margins that you would like to make on a sustainable basis
to gain deeper insight into where this new technology is headed and how it intersects with our core business and how customers and partners are putting it to work in their business
or advanced space diversity is a feature of multicore everywhere that increases capacity with (reduced->reduce) expense for longhaul (applications->application)
be able to make a lot of that opportunity but while we wait for that we are moving into some of the adjacent business and we have had some good early success
its been going on for a long time with (marlboro->malboro) its also been going on for a long time with camel and now were starting to see it on newport as well
expansion there but there are some things at play as it relates to annuity theres also some things that we had mentioned on prior calls where we have a land and expand
between now and the end of 2020 we expect continued progress as we aim to build a multifranchise portfolio including
and we would like to if we can because thats great growth for the future (*->were) every marketing dollar we spend we think were spending at attractive unit economics and generating good
data that weve accumulated in iceland through (decode->dcode) who as you know have done some of the really seminal
and developing complex solutions for our clients as well as the success of our (land and expand->landandexpand) strategy which gets us in the door with large enterprise customers
in closing i wish to sincerely thank the entire uniselect team for their continued commitment and passion towards delivering the industrys best customer experiences
(*->the) agreement so that was very important part of that deal for us was the ability to kind of
well provide additional details on the subscription transition throughout the call but suffice it to say that our program appears to be hitting on all cylinders
and in a subset of patients a meaningful improvement in visual acuity suggesting that (nsrrep1->nsr rep1) has the potential to significantly alter the course of this disease
we would be very comfortable spending mid to upper teens as a percentage of revenue for marketing in a given quarter
dont have a predisposing genetic driver to have them be very likely to develop
for next year focused on controlling the things that we can control but the primary point that is directing our planning is
(*->okay) and then just last if i can within this the asset that you levered as you grew the consumer business was the brand and the selling effort
financial analysis of subscription versus perpetual the crossover is at right around 4 years they see the (benefit->benefits) to subscription
we have also been able to keep profitability more or less at last years level it puts us in a good position to realize our full year targets
we continue to maintain a solid liquidity position with strong operating cash flows and meaningful available capacity in our financing facilities
we continue to provide significant cash returns to shareholders consistent with our commitment to deploy excess cash over time
and we have also made further price investments to which we already referred to in july in order to stay competitively priced in all of our markets
in your ongoing phase i trials and are you looking at your products more as monotherapy assets or as part of existing combinations down the road
compounded with an increase in (personal->personnel) expenses as well as (high->higher) advertising and promotion expenses after the end of the (mourning->morning) period
i encourage you to join us at our big (liveworx->liveworks) event this june in boston where were hosting what we believe will be the preeminent event in the connected world
right now the majority of our business is in free drug but we are rapidly converting that business to paid prescriptions
to the (progress->promise) and particularly objective clinical data where we can to go after genetic origins of disease and this has been
likewise im convinced that platforms such as our bite technology and other therapeutic modalities have the potential to deliver transformative medicines
but are confident that we have effective programs in place to support our market share and continue to grow profit thanks for your attention and back to you howard
i think for years customers have been wanting to buy under subscription and our market (study->studies) showed
but i think the consistent thesis for us has been quality of loading and the economic value on a sustained basis that we can generate from that
worked hard to maintain the focus on the operations and the progress from all sides of the company and again im impressed by the (reaction->direction) of the team
clearly this growth in recurring software revenue represents a very positive trend in our business and will drive cash flow in subsequent quarters
so thats so i dont think its actually that hard to figure out and id just say go out (of business->and do some) store (but->visits) its more interesting than probably
what is notable about this engagement is that we are now able to leverage the expertise and offerings from acquisitions across our broader customer base
and hes also played a critical role in building our earlystage oncology pipeline particularly our portfolio of bite molecules which we find especially promising
on those deals that have already been won or in some cases are in some very interesting (proofs->proof) of concept now (it->that) doesnt take the pressure off patricia in continuing to close new deals
thank you for your interest in resolute and with that nick ill turn it back to you thank you ted once again our team deserves recognition for the great job they have done to preserve value since this current down cycle started over a year ago
so the good news is were getting more enterprise business i think we did tell you guys that we were focusing both on enterprise and strategic deals this year to make sure we had a balance
im encouraged by the early signs of our pipelines building but it has to work its way (to->through) the sales process (and to->into a) bookings process and then converting that into revenue and that especially in the diversified business does take a period of time
(this->it) seems a little bit late to the party given what went on 3 years ago under your previous employer can you talk (to->*) me a little bit about why you (suddenly like->were so late) to try and get involved and have a say and how much say do you have
largely driven by continued growth from our solar business including revenue from the second quarter pushout relative to the third quarter of 2015 we expect growth in the low double digits
the backlog of expansion projects in the business is robust the most (eminent->imminent) is the chicago market expansion which entails the construction of additional compression facilities on our gulf coast line
but they will still be full service and particularly (there->they) will be viewing chapels so that people can pay their respects to the (deceased->disease) i mentioned earlier on that less people are viewing the (deceased->disease) so one of the things we plan to do is not
innovation excellence is what we strive for when designing products from the market back this ensures that we are creating products and services that respond to the demands of consumers (endusers->and users) and our customers
as some of you may recall we unveiled our original road map at the investor meeting in march 2011 and since then it has served as our guide to win in a rapidly changing and competitive tire industry
in fairly rapid order (a->*) great deal more consistency to our prices so large chunks of the network will go to a standardized price and the rest will follow over a period of time hopefully fairly promptly but there are limits to what we can do but (the->*)
and of course our network footprint has more than tripled since then and is now a key tactical and strategic asset as we control more network capacity than any other company on the planet
no business can thrive without solid revenue growth and (were->we are) working hard to develop (a->new) develop new sources of revenue despite the current macroeconomic challenges the status of these (*->new) revenue initiatives
but now we find ourselves moving into a new life cycle and instead of a series of disparate businesses where we presented ourselves externally with lots and lots of local trading names and we operated our businesses somewhat autonomously behind the scenes
in the first half of the year we more than doubled our fiber connection sales compared to the previous period largely as a result of the increased market demand for our ultrafast broadband connectivity solutions
we are not (veering->varying) from the course we set 2 years ago we are confident in our ability to deliver our annual guidance and in our promise of being available on 1 billion devices by the end of this year
weve put a lot of effort into quantifying the plan that we have its a good plan and it is very very much deliverable i should say that we contemplated all sorts of other changes which we discarded to focus on
i think this compares extremely favorably to other clean tech companies in our space (who have->plus) significant portions of their revenue coming from 1 or 2 markets and are heavily dependent on government subsidies in those markets
yes weve really been trying to optimize on when is the best time for the content creators and for the fans to release that content and sometimes theyre regulated by outside forces and other times theyre just trying to line up that perfect viewing time
the industrys evolution to (highvalueadded->high valueadded) tires has been accelerated by many european car companies their preferences are driving (mix up->mixup) both in oe and replacement across the entire region
the plans that ive presented to you today so i think it is very very much actionable it positions us for good sustainable operating profit growth into the future
the good news is that we continue to see momentum in our strategic partnerships (yes->*) so im very i feel good about the fact that both verticals both opportunities
overly (hubristic->hubistic) about it i do not think that in 6 months weve solved all our problems but i think you can take from today that with the reaction weve seen from the price cuts weve already put in place and the reaction weve seen in our market share
the result is that more consumers will ask for goodyear tires and our customers will prefer to sell goodyear tires sales and marketing excellence is about making it easier to do both
this temporary increase in our cost is primarily related to labor and engineering expenses that were incurred toward the end of 2015 and early this year
back of house is the logistics so its the vehicles the (mortuary->mortary) facilities its the funeral vehicles on the day of the funeral and the people and the funeral directors themselves
for example collaboration and agility are simple words but key competencies mastered only by toptier companies to help deliver outsized results for customers and for shareholders
the majority of our 2015 capital spending has been related to wells in the permian basin completed earlier in the year and co2 purchases at aneth field to support the ongoing tertiary recovery projects there
while we are early in our transformation i am pleased with the steps we are taking and finally generating strong free cash flow and return on invested capital remains a top priority
i think (*->that) the first couple of these will take a little longer just because of the learning curve (would->we) go up on how to structure these deals appropriately and deal with state and federal regulations but after we get a couple of these done i think the
while our emea business delivered good results in the first quarter we are continuing to look at our cost structure and working to strengthen and further differentiate our value proposition through our distribution and service network
maybe pulling content off the platform in 2019 thats been talked a lot about publicly how do you think about either replacing that content from a volume standpoint or just redoubling your efforts around
in summary although the overall end markets remain dynamic i am very pleased that we are driving towards yeartoyear revenue growth for the fourth straight quarter in a row
we generally saw devaluing currency movements across most of our countries during the quarter that resulted in currency gains in those countries that had net us dollar asset positions like costa rica and the dominican republic
not only just (a->the) direct content enjoyment part of the experience but things like previews and teasers and whats coming now and how can we sort of create a continuum of experience which is
what have you learned in some of the changes you made (in->about) marketing this year and how do you think that might inform how you go to market as a company going forward both for subscriber growth and then support on the content side
our first priority is to build upon the strong foundation we have at celestica by increasing the investments in the front end of the business to accelerate revenue and operating margin growth
cost reductions for that segment not growth and youve got (*->the) low natural gas (as another headwind->and other headwinds) so (i was->im) just curious why not model that actually down instead of flat are there specific things that you already have there that
at that time and see if theres any upside settlement opportunities that project although we didnt particularly like its individual performance in q4 we very much have our arms around at this point theres a little bit of work left to do
the fabrication in the yards in asia and also whats going on on site i would encourage you to go on and look at those because i think youll be impressed by the extent of the physical progress that (youll->you) see on the project
sure (*->so) its not so much competition i dont think because in most of our markets were facing the same competitors in the past and we havent seen anybody necessarily step up
yes so josh its pat the acv from the enterprise was the number of customers was up significantly from what we had seen in the second half of last year
i think the margins might be a little bit more reasonable on the manufacturing side of new industrial boilers but if the margins were really good we would have already done a deal (*->so) but were looking there
the specific segments may differ from region to region but the value proposition is the same we want to win in the parts of the market where we can capture the full value of our brand our technology our distribution and our products and services
(also->those) will be the kind of the new competitors the rest of the competitors are pretty much the same (as->ones) we have seen through the years and i think we have been (actually->naturally) learning how to compete with each other i think the big hypermarkets there either exito or jumbo
we also had several positive developments which got overshadowed due to those challenges for instance the pennsylvania mining complex achieved the highest monthly production run rate in its history during the month of august
obviously we dont have to do that now so i dont think this affects our cash flow ability to begin buying shares back so i dont think it significantly affects our goforward plans although
how much do you think that the lower shipments weighed and then with the sourcing of tradable currencies having improved a little bit recently how should we be thinking about that impact as we move forward
that were feeling more confident that were putting a floor under the volume erosion that weve suffered in the past theres more to come theres significant investment to come but we are feeling more confident that our volumes are under control
(*->the) deal that we did in q1 was actually a representation of our analytics it was a compilation of different dashboards that our customer needed to be able to take a look at metrics associated with wifi
into the new industrial environmental segment that we think will manifest itself in sales in 2016 the one other overriding or not overriding one other factor to consider is fx had a small impact on us as well
it feels like were getting a grip on our volumes weve got a strong plan for the future and the changes that steve talked about in terms of when we take money from the (trust->trusts) for prearranged or when we request that money actually i should say to be precise
(everybody has->everybodys) been talking about the shift to ecommerce you guys have an ecommerce program for colombia but what are your plans looking long term as moving further into ecommerce
looking ahead (well->we) continue to work on the trials and we believe the second half of the year and 2019 well see average incomes more akin overall to what our original thoughts were at the beginning of the year
as you may recall we had a record fourth quarter acv with few deals left to spill over into january and as (darin->darren) will explain the actual bookings in the quarter were actually not far off our plan
our goal is to model our next acquisition after (megtec to->megtech) buy a solid business with a good management team that will deliver on their pro forma with a complementary technology base and a good aftermarket all at a fair price
i also want to point out that most of the members of cnxcs management team are expected to also serve (as consol->askansas) mining management team which we also think will allow for better strategic orientation moving forward
and we have great access through both railroads to the whole eastern us and as you well know we have access to the export market more efficiently and cost effectively than anybody in the country
so again through the acquisitions over a number of years weve ended up with an inconsistent and overlapping management structure out in the field so our plan is to create a much more cohesive consistent management structure
our commercial truck business also continues to deliver consistent results growing market share based on the strength of our (premiumbranded->premium branded) products (in->and) a relatively stable industry environment
in the second half the unbundled pricing that weve just been talking about in many ways is taking the limited upgrading it a bit and then from there giving addons for clients so the limited i would expect
we will continue to evaluate the potential to layer on additional hedges opportunistically our core assets in the permian basin continue to offer attractive returns on capital and we are looking forward to our 4well drilling program
consumer replacement summer industry volumes were up 3 during the quarter and in winter tires channel inventories are more normalized following the first quarter sellout
greater consistency of the reports that we send out there automating and centralizing supplier and client payments in terms of marketing hr procurement so well take admin out of the field and concentrate it and do it more efficiently
though the original road map served us well we believe that an update was needed to more accurately reflect how well win how well work and where well focus in an increasingly complex and competitive market
and secondly when we perform the funeral under ifrs 15 were anticipating not being allowed to recognize revenue at the point of sale but rather having to recognize that as deferred income until the point of the funeral
the successful execution of our business plan our focus on cost control capital discipline and liquidity preservation has positioned us to begin making new investments (and to->that have) put the company on track to grow shareholder value
i would like to remind you that this is another important (and->*) fundamental asset in order to reduce our debt because we expect
just you closed the foundry it looks like youre working to become a bit less capital intensive (may be->maybe) can you just talk about what kind of impact thats actually having on your working capital and ability to deliver better free cash flow
over (a thousand->100) every day and the reason that its even that low is because every new subscriber thats signing up is almost (almost->*) every new is (activating->activated) thats right so youre seeing a real uptick in the folks that are coming on new into (our->a) service (yes->*)
more independent than big 3 so theres a lot of things we like about that space that we dont see in our existing lawn and garden space although the existing lawn and garden business really
all sorts of other stakeholders and (in and->*) theyve talked to our staff very importantly as well so an enormous amount of work (in->and) research has gone into
talked to their friends more about that was written about more in the press and certainly talked about more by influencers and then delivered with content
invest in providing our members incredible experiences more great content great product experiences and when we do that and we do it well
didnt happen until later in the quarter which also had an industry impact in terms of how tires (float->flowed) and (*->how) tires changed over
will take cost out of the business its not going to happen overnight but there are substantial savings to be made here in terms of properties that we dont need
and we are very alert to the fact that that is crucial to our continued success so our time frame of doing the various things ive described is
but really when we look at sort of the (mixup->mix up) thats going on over there im really very optimistic on where the market is right now
as youve seen in the last 2 transactions theyve agreed to (allowed->allow) us to pay down the revolver which allows us (to have->*)
with the holder of the second lien notes they have an opportunity to have cash repaid to them
as in this quarter with the increase in strategic partners who have embraced ipass smartconnect it marks the most tangible evidence to date
are not overcommitting and we have taken steps to assure that we have not done so in kicking off this drilling program
australia europe russia the middle east and africa increased over last years first quarter dramatically
to support the execution of our growth strategy a component of which is to have greater flexibility in how we allocate capital
the final priority is mastering complexity this is a major challenge for every tire company
we absolutely know the cost of the repair of the (dragline->drag line) as to the insurers (we->weve) just got to work through the process but as you know there are (a lot of->*)
because if i look at the trade receivables it seems that youre actually getting paid on time and it is the line item (amount due->amounts you) from customers
so we find ourselves here after a period of some change and some turmoil for
i felt very comfortable in the bottom end of that range just based on execution against backlog ive got no reason coming out of q1 to have (*->any)
under the current structure and the current contract it will be (*->the) exact same rollout which is we (paid->pay) they pay a fee per device
in any case to protect us against adverse market conditions and therefore we are
im just going to make a few comments to remind you how we arrived here then im going to hand over to steve to talk about our results for the first half of the year
(*->but) somewhere in (the->*) during the next year that we should start to see the result out of those discussions what we are now having
and our customers so we stay the course on what we established as our gotomarket model for the year
(to->*) make sure that we had some equipment on standby so theres a little bit of both but i would say that the majority of our cost savings
and that clearly had some advances and were continued and its clear (*->that)
we have a variety of models in which (weve used->we use) to get content so really what we want to do is focus on what is the best programming
ill also provide an update regarding our full year outlook for 2016 before we open the call up for your questions
and pay your respects to your (loved->love) one at just before the cremation we expect to extend this further again
expected financial performance for the year is remaining consistent with original guidance
if we are successful in completing (1->one) or more of these initiatives then we could consider accelerating development of our delaware basin assets
this future pipeline provides a view (in the->into) capstones potential revenue mix by region as we move forward with the business
the americas also benefited from improved factory utilization and our operational excellence initiatives
therell be some further investments required because there are some areas (in->of) the country at the moment where were just physically not there (and->*) we do have some plans in the fullness of time
notwithstanding those production declines and asset sales we expect to end the year within the full year production guidance range
as a result well be a more reliable supplier by having the right tire at the right time to meet customer and consumer demand
in addition as i mentioned we continue to work on several strategic initiatives including the potential sale of our (gardendale->gardenale) property
this was no minor effort with over 70 component system and design improvements and upgrades
these impairments result almost entirely from the effect of applying current product pricing to the economic analysis of our reserves
this is a significant structural shift in our business and we are well down the path of making this a reality
we saw declines in brazil oe as a result of decreased vehicle production versus last year
there might be further adjustment as expected in november this is the first question second question
importantly we are on track to meet production guidance without any adjustment for the asset sales that we have announced previously
although our replacement (in->and) oe segments both weakened in brazil its profit contribution was positive in the first quarter
and the americas we have maintained our option with trilogy metals for the third and final year of the agreement
and while of course there will always be learning required with new code we anticipate a steadier cadence going forward
marked panic in the mobile operators and that would include even those who did it just because
forwardlooking statements in this conference call include matters that involve known and unknown risks uncertainties and other factors
funeral network and get some of those locations that are too big let the leases terminate relocate into smaller physical properties
what we talked about in terms of extending the partnerships the kind of partnerships we have with mobile operators whether thats a bundle model like we just did our first
the sales comparison to prior year was also negatively impacted by the deconsolidation of venezuela
whereas amount due from customers seems something that is sort of you can basically recognize revenue without actually getting paid for it
be kept on (cellular->sellular) or vice versa so its a much different world when you look at intelligent connection management
and we are required to recognize that revenue over a waterfall of how long they have to use the wifi on that device
i would certainly say that our bias is to keep that rig working in this volatile environment we have to make sure that we
thats exactly what well continue to do in that very difficult environment i will tell you our volumes there as weve talked (down->on) in the past
i think demonstrates the confidence that we have that weve got a floor under our funeral business and
first one is this sounds like a technology you offer can you comment on this and second question (wouldnt->would) it be a better business model
the bets we placed 2 years ago were on target and were not diverging but doubling down on this direction
consistent with our previous communication we remain committed to repurchasing additional shares
generating a benefit which is quite substantial for the project company in terms of
projects and options available to the team that (they continue->theyre continuing) to work on (weve already->were only) just recently seen the numbers out of january but
and perhaps tell us exactly what is because i understand you have a judgment in your favor on the (romanian->remaining) receivables
i said that were separating our business front of house and back of house and our management structure will be reorganized to reflect that
we resisted following suit because we didnt think that it was necessarily commercially the best way to go
this acquisition expands our product offerings to existing customers and allows us to better address the market needs
how to effectively cooperate in order to create value for the stakeholders of both companies
reliable and scalable and are supported by employees who are extremely knowledgeable in both the industry and our solution sets
regarding potential new entrants we are prepared to compete (even->if and) when they enter the market and have years of experience competing in the shortacting gcsf (markets->market) across the globe
the markets and so thats really what were watching were not you can just watch and see what other companies are talking about too that general consumer (sentiments->sentiment is) a bit strained i do think
we are very excited about this initial use case and the potential for further expansion of the full solution set down the road
the cost basis for products shipped from the new contract manufacturer are lower and this quarter included a mixture of (unit ship->units shipped) from inventory at a higher cost
commercial aviation and defense products we expect growth within etg to be principally driven by demand for the majority of our products
were very excited here this tumi story continues to run as i would label it probably slightly ahead of our own expectations as it continues to penetrate around the world
enhance their operations and reduce risk and compliance exposure black knight remains the right company at the right time to offer solutions and insight
so as we think about lumpiness (in->and) margins how should we think about how that could play out into the future to get the benefit of that new manufacturing
continuing confidence in the strategic trajectory and longterm growth of the business while at the same time rewarding shareholders
so things like tax things like really slick insights into performance and performance attribution more things when it comes to regulatory
will resolve the (prandial->preandeal) hypoglycemia problem and get patients to goal while additionally keeping them or improving their time and range
i would like to take a few minutes to summarize the highlights of our record fourth quarter and full fiscal year results
in contrast to europe the coal market has been showing signs of weakness lately as the chinese power utilities have built high stock levels and authorities seek to reduce coal imports
i dont know if it is going to be more in the etg or the flight support group we have always said
those customers are watching trade tensions and being very cautious on how they buy because (they are->theyre) unsure how consumers are moving and acting and so
ill now turn the call over to tom (wholl->who will) provide us with an update on the biggest on the business and the progress weve made towards the execution of our growth strategies
as you can see were continuing to target a refined portfolio of hospitals that will deliver better profitability and prospects for growth
so yesterday in our board meeting we have been talking the first thing for quite a long time is the safety and each individual incident that has been happening
well now they have these 3 separate vendors right and so the body analogy is the circulatory system that feeds the organs
what weve been talking about the last couple (*->of) quarters so there really wasnt a difference in this quarter from the implementation delays i spoke about it on the last quarter call
but then the client has to knit that into their environment and that has (with->but) my experience thats always the most complex piece of
sometimes things just dont go perfectly and this quarter was a pretty good example of that however more often than not things go pretty well despite pushing the envelope pretty hard
that its the question of the liquidity people like to buy and sell and so they pay up for (the->*)
and then (a->*) proper review of the processes to understand that how can things be developed together with the exchange to avoid (this->these) kind of situations
we have access to all the capital we need for any of the purposes that we can imagine going into the future
(*->the) drug is proving to be something that physicians and cardiologists are prescribing consistently (*->and) continually and the demand from patients is still there
the way that were going to be i think the most important point for you to be aware of is as we look at this year and were going to be doing our future disclosures were going to break it all out for you
but i would not discount the importance to heicos growth strategy of our bolton deals or traditional smaller transactions that were very good at doing
these initiatives have already had a positive impact on our physician group and were excited about (*->the) potential improvements that we can realize in this area going forward
i would say that as you watch the evolution of the prescriptions coming out of that you start getting a feel of the size of the bolus
in the etg so i just (wouldnt->*) want you to expect that or this rate or this growth rate in every quarter in this way that it came
what i would say is that its difficult given the costs and complexity and duration of these kind of trials to imagine
my customary reminder that we will use nongaap financial measures in todays presentation and some of the statements will be forwardlooking statements
return true value to shareholders and we look forward to all of the opportunities ahead
if you make it wide enough and then you have a strong enough linear reduction factor it will achieve the result as you want and the problem is that
is it fair to assume that (the source->sourcing) include quite limited amount of (area->eria) price premiums so its basically a lot of system price which is included there
research platform is very robust because when we redid this we saw pretty much the same thing we did the last time when we did it originally
so i dont really see that terminating these providers is going to continue to have anything but a lift on both the clinic side and the hospital side kind of going forward for us
good afternoon and thank you eric thank you for joining us on todays call before we proceed please note that comments made during this call
the conclusion that has come from many different major investment banking firms when they study it and opine on it
and then having the loan origination platform with our data hub product that consolidates all that information
theyre talking positively about our drug theyre very excited about this product and what its meant for them and so we want to harness that context and really get people together and start spreading the word
as ive mentioned many times before this is a key driver of heicos success our ability to (*->reinvest)
this conference call may contain certain forwardlooking statements including all statements that do not relate solely to historical or current facts
innovative medicines (and->that) make a big difference for serious disease so thank you to all our staff for their focus the results of which you see in our report through the first 6 months
given the size of the global shipping lines and their respective fleets we believe that this group will generate some of our largest future opportunities
to give people confidence to join the company that we made them shareholders and we continue to progress in the way we knew we could to make it a commercial success
almost everything that we do there is some form of competition somewhere our growth generally is not a result of price increases in fact
further market penetration aggressive acquisition strategy and we will maintain our financial strength and flexibility
we believe the presentation of financial results as one reportable segment is consistent with the way we now operate our business
and i can confidently declare that we now have a wellbalanced healthy earnings structure
then we have to (look at->live the) difficult life for one season we have very little to do but what will happen this time around (too->though)
you keep your guidance and the market (overall->tomorrow) will punish your share price because its going to be viewed as a profit warning
decreased sales in the highly profitable avionics business had a substantial impact on operating profit
i guess as you go if you look at americas and (*->then) granted it isnt total for americas revenue per tire is flat
and so as we look at where the (industry is->industrys) going i think the mix opportunities still get us very excited and (well->would) say
locally here in houston you do have some of the money center banks where were looking at some of those lenders
we can now provide you with a continuous view of the security and their compliance thats quite significant and very
they closed like a bridge that communicates a big portion of the city with the other one so that caused a little bit of disruption no question
of sierra to limit that (the->*) volatility and we feel comfortable with that process moving into the next year
is providing the kind of operating leverage necessary to achieve our longterm profitability goals
the best possible rates out in the (markets->market) for their personal circumstances to take advantage of these rates
in this area and youll see us continue to make significant investments going forward in the software development area
that part of the market thats growing both in demand both in volume and in profitability is the toughest part of the market
share is netting out in (this->the) space or some of the other drivers beyond the obvious on price in the collectibles category
thats what creates the volume and our growth in this area so thats something that we enjoy and we are probably the only one to enjoy
moving now to the business units on slide 9 ill start with our new americas business unit
people are beginning to see a deceleration in the fall but nobody wants to
from a financial perspective were very excited about what yodle can bring webcom in terms of sales and earnings growth
even if its (at->*) even if its fewer subscribers but at higher arpu we think we can actually generate better revenue growth
and to your first question i want to be crystal clear (the->*) one of the reasons we made this acquisition is we like
what weve been talking about is what i would call the paid search product on a standalone basis which is
including our outlook for the balance of 2017 and ben will discuss our operational results and our growth initiatives
but again you know our business normally the first and second quarter are not the best of quarters
for that business to fully meet the needs of the customer and well see how that industry unfolds but im really pleased
(*->yes) so i think we are right now in the process of making that transition so we see this as a very nearterm
we believe we are very well positioned to capitalize on this highgrowth market with the leaders in (the->this) space
i would now like to turn the call over to rob for some additional comments (in->on) the second quarter and third quarter outlook
and growing with business applications and digital advertising growing faster than the web presence market
also over time we will work to optimize our marketing spend across the combined customer acquisition channels
we believe our retailers continue to invest behind brands that have momentum and are bringing truly innovative products to (*->the)
i will let tom give you a little bit more color on the market but before we go (*->in) i want to go on a very big picture
and i also believe (that->its) strategic in the sense of enhanced coordination of care for patients
how much do you think that they outsource today to (the->*) vendors such as yourself
(*->f) i guess getting different efforts to try to improve the performance in those but there is not necessarily new market
incurring and this is why we are today speaking to you because the prospect for the fourth quarter
in addition to the launch of the rock shoe collection a few of our new products include the expanded spring stretch rainwear collection
and as our strategy began to evolve that we wanted to really differentiate ourselves by owning
excluding the impact of premium domains outperformance from both periods arpu was roughly in line with last quarter
so i dont see any headwinds we dont see anything in the trade right now that is negative to us
given where the (dollarlira swaps->dollar lira swap) is at now compared to when you entered into the
so i guess the bad news is we havent got (across->to cross) the goal line the good news is we still have the ball and theres still time (on->in) the clock so
(*->guess) can you talk about your expectations for that part of the business for the remainder of the year given that its not really subject to this
but even if we were to take these 2 events and all of us are aware that what we went through as a liquidity crisis
(really->*) i (*->really) think (*->that) the biggest issue is just getting the vendors to manufacture more of the new parts
our insights and research build (*->a) value proposition for our customers that goes beyond products alone
now id like to turn the call over to the president of clarus outdoor group john walbrecht john
and my response to that question is exclusively on 2 subjects (nearterm->near term)
of moving from a search to a serve business model using data to differentiate the group
i think the only thing you can read from the fact that were doing a return of capital is we have literally nothing on at the moment that would require that
now im pleased to introduce chris martin who will offer his perspective on our second quarters financial results chris
in sierra we also acquired a business with industryleading brand recognition and a very strong management team
i know (you->youll) all have lots of questions and want to know lots more about what i plan to bring to the business going forward
this comes on the heels of nearly a year of no significant product payments or product shipments
(youre->your) and i guess because this is what you do versus it being one of many things that aecon does you do it better
in other segment profit increased mainly due to the revenue from intellectual
the european market on top of that it was difficult for us in the beginning of september to assess what was the
but the operation itself has actually been reducing capacity there over the last 2 years
at much lower and much more attainable revenue levels than weve ever had historically
that focus on performance in this type of environment also makes us stronger when the markets turn
is it fair to say now that you will have more scalability and operational gearing
and i believe theres real opportunities going forward to continue to grow and develop by fulfilling that promise
larger upsells are a little bit less predictable for us in terms of which quarter theyre ultimately going to get signed in
and the symmetry of the organizations would really complement one another so i think thats where we would look at also
you can come back whenever you want to see whats changed before making a decision
developed specifically for that market and with a potential for exporting it to other markets in our region
and depending on how that plays out that can also impact our tax rate again because of those differing
looking at the european market trends i will note that weakness is widespread
we expect raw material spread to be favorable sequentially as we anticipate stable scrap markets during the first quarter
this confidential proceeding is progressing we (continued->continue) the construction of the new (*->terminal)
thats the biggest single reason that drives churn (and->in) all of the presence marketplace is
these investments should deliver aftertax returns on equity at the higher end of our target return threshold
what we have seen is that a number of transactions that people were
on projects very often a situation where (you have->youve had) a physical event on (a->the) project
and therefore i dont really see this as a battle between us and the coop so much as a battle between us
some of these changes will take a little while to come through but were not expecting that 20 number of limited and simple to increase
(*->my) answer is a lot of execution i took the time to go through some of those deals
and its (*->just its) another target area for us as we look to grow and diversify the business (do->*)
to build our supply up so that we either own or control through longterm agreements
and so its just a matter of bringing downtime under (a->*) better discipline better control
of the general (contrast->contest) uncertainty that is particularly hitting and (thus->*)
as to how this particular asset can fit into their overall portfolio so we tend to get the broad distribution of
from one with a primary focus on coalfired generation to a global diversified industrial company
so those are the 2 things and by creating a degree of specialism we expect to be able to operate our business more
versus pursuing acquisitions so thats really where the (use->uses) of (the->*) cash will come from and naturally well just increase our leverage over time
so we plan to create a crm system so that the single point of view
so and thats what were seeing kind of across the board that theres a lot of that going on but
so were just going to focus on that for a very long time unfortunately lots of other companies are also focusing on that
and our ability to hit milestones that allow us to take it from construction (in->and) progress into accounts receivable
so let me start there and then ill go into some more details about what were seeing so far this season
and are expected to continue to decline as we progress through the second half (darin->darren) will give you more on that
and there was a net improvement in those 3 together typically
(it->*) could be a matter of days over the end of one period or another so its going to jump up and down
but theres also a great sort of subscriber experience component of it too which is something that were exploring more and more (is->as)
a reconciliation of these nongaap measures can be found in our fourth quarter earnings release issued late yesterday and in our company overview presentation
it looks weve never set out to be cheap but we look particularly uncompetitive by putting everything in the price
and when you look at the content we have coming out this quarter and next year we couldnt be more excited we couldnt be more busy
the safe harbor provision identifies risk factors that may cause actual results to differ materially from the content of our forwardlooking statements
the fact that were up 1 entering may is in line with our guidance and keeps us on plan for the full year
so well try to make sure everyone is on the same page let me cover a few other quick items
under a little bit earlier times that should help you kind of frame it in a little bit but we will (*->be)
steve briefly mentioned market share and i dont want to dwell on this and i certainly dont want (*->you) to be
and increasingly important in harnessing (that->the) data that fuels this intelligence
that are going on literally all over the world with smartconnect and so its execution
and they pay for their salary really quickly just in the volume of deals that are getting done on that end of the business
(costcontainment->cost containment) results and our hedges (had->have) had a positive effect on our liquidity and capital availability
and then they have to decide how that fits into their individual strategic objectives
we think well be able to concentrate and consolidate some of those clientfacing locations
and some of the benefit of that you will see more in the second half also the first half is a funny half because its so much smaller
along the lines of the strategic fit not being right or is it valuation or is it
as a reminder project focus is all about putting our emphasis on our us consumer business
its harder for them to get the activation (actually->energy) to go directly to the website and sign up but if we can actually put
so its not that you are losing market share basically walking away from too aggressive pricing there
small and (midsized->midsize) orders and some of those are happening quite quickly also that there are
as we continue to look at how the business is going to change in the future we are beginning to think about what else we can do beyond that
the period during which customers buy because you can imagine (the->*) logistical difficulties of handling
i look forward to your questions in a few minutes right now let me turn things over to randy to discuss the numbers
the vast majority of that is the reconfiguration of our network the reorganization that ive talked about
so the fact that it was put in place and then it looked like it might get held up and now we dont quite know what will happen to it
ive told you already that organic and natural products are leading the way as weve seen tremendous interest
where the growth in operating profit is going to grow faster than our growth in content cash spend
(*->kind of) the fog lifts on the broader industrial marketplace we think that
you are very much in at the early stage where youre working with (the->a) client on an (openbook->open book) basis
how are you going to be marketing that online are you going to be marketing both the prestige brands and the dignity brand
which will be somewhere we can meet clients we can arrange funerals but they wont have viewing facilities in those locations
so a degree of core market share erosion was inevitable but we were able to compensate with our average income per funeral
without marketing to them and we decided its been going so well weve just hired
outlook on commodity prices and reach a conclusion as to the rates of return
but i can assure you that there are others that we cannot talk about big brands whales
mexico which i think over time will be helpful to us from a competitive standpoint in the marketplace
basically on a weekly basis on a monthly basis and we want to be where the best capacity factors are
and (concentrate it->concentrated) centrally in our head office so in addition to the management structure out in the field
over optimizing network connections and expect payperuse revenue to rebound in the second quarter
from the sale of noncore assets in texas and wyoming with the net proceeds being used to reduce bank debt
including without limitation those regarding our projected performance of the business financial outlook
ill just say this if we had the choice to make again we would do the same thing
and actually one of the things youll see in this deck you wont see the slides you (would have->all) been used to on customer service
given (thats->that) secured against more recent acquisitions its still very much open for business so if we need it
we expect all of these initiatives to generate meaningful growth in our ffo per unit
and finally our efforts to bring internet technology to the garden got off to a great start last month
the moment has come for us to make a more cohesive whole of our business having added so many over the years
(*->this) is a people business we have lots of people very good people dealing with clients on a daily basis
so were keeping our eyes on that and i think being a little (*->bit) prudent on that side for us is (marked->smart)
ill start with an update on our capital allocation program as i mentioned in review of our strategy
but we did feel it was important to kind of tamper any potential upside that you might feel compelled to build into some of your reports or models perhaps
were going to keep doing what weve done through the third quarter into the fourth quarter and our hope is that we will meet or exceed your expectations at the next call
and were strategically placing those increase to what we need to have by segment as for the competitor i cannot comment on what they do or what they wont do
such risks and uncertainties include but are not limited to the risk factors described in the risk factors (section->sections) and other information on the companys most recently filed
other factors include lower premium domain contribution and (a->the) seasonal slowdown in the fourth quarter selling activity that manifests itself in the following quarter
in a century of operations we have managed through many economic cycles as i reflect back on the year its clear that this downturn is as deep and as long as any
(emphatic->emphat) when i said that it is not (caused->cost) by (seizing->chasing) asset growth or it is not (caused->cost) by changing any of our policies of (overlending->over lending) or (high ltvs->highltvs) and things like that
out of all of them is that listen the longer this thing lasts the more pronounced the rebound will come when it actually happens and so the minute
how you see the outlook kind of for the second half of the year i imagine probably somewhere in the middle of these kind of 2 areas but any thoughts would be
approach so that we keep we drive our product retention to higher levels than anyone in the marketplace and if there are opportunities to invest in this space
and an improved product with a strong foothold in the market yodle has customized their products and sales process towards specific vertical markets
it was essential that we focus our resources on the areas of the business where we have the strongest competitive position and where we could generate attractive returns on our marketing investments
and (we have->weve) said this all through the year to see that how our asset quality improvement would happen and we exactly are ending up at where we think we would have ended up
the main export countries for grain tend to be atlantic based and the main import regions are (pacific based->pacificbased) also contributing to longer haul routes
of course it would not be appropriate at this stage to comment on the status of these discussions in any fashion and i do not intend to do so on this call
just a couple of questions here one is could you just walk us through on how you guys came up with a valuation metric for a company thats barely profitable and
how should we (be->*) think about that is this just testing the waters for now or are you kind of on your way to putting out a movie in the next 1 to 2 years no we are
it was clearly identified as a need for branch managers and the field executives to be able to handle the volume by
im sure all of you must have had the opportunity to look at the results which have been uploaded and i would therefore not spend
the slide deck posted on our website provides added color regarding our overall mix of loans the mix was little changed during the quarter in terms of concentrations or average size
base sales per ton were about 5 lower than the third quarter as a result of a shift in end market demand (in->and) product mix as well as pricing pressure from imports
in fact sierra builds custom machines to have complete control (over->of) the manufacturing process in order to achieve the tightest tolerances in the industry
with many of our competitors taking on additional credit risk we remain conservative on the deals we can bank that meet our return thresholds without waiving important covenants or structure
firstly the average selling price in europe decreased by 1 this is the result of weak demand and the depreciation of the british pound
order inflow level remains lower than last year level while recycled fiber prices continue to be slightly higher due to export activity
focus (nearterm->near term) has been on that subject generally and that in terms of physician relations i dont believe that weve lost
there were a number of unique factors that affected the industry in q3 some were of a onetime nature and others indicative of emerging and ongoing trends
primarily a reflection of stronger seasonal sales in tissue and (containerboard->containerboar) the sales increases in these segments were offset by a weaker performance in europe
and the outcome of that will also be seen in the third quarter after the (monsoons->monsoon) and therefore we would wait and see how that (event->even) unfolds itself
thank you cody and good afternoon everyone its a pleasure to be joining you we believe our third quarter was an important confirmation of our strategy is right on track
i think well be in a much better position to talk about guidance in more granular detail (than->and) to give you some more insight into that at this point id rather stay away from 18 okay
and containerboard maximizing our capacity utilization and being disciplined on our capital allocation and execution
(i->*) think you said that was just in canada could you maybe just (described->describe) that again what that is and if your competitors have followed suit on that announcement
we know when people buy on the app we know we can watch the journey we can engage with them afterwards they can use our service because all the (datas->data is) in there
however this negative impact shall be minimized through rationalization and fixed cost management (effort->efforts) from the second quarter onward
whether were talking about the folks who work in the fort myers corporate headquarters or folks who work in the field and those are communications that go out
our focus on the core black diamond equipment consumer generated sales growth across all of our primary product categories of climb mountain and ski
this has seen exporters outside of brazil and australia increase their ore shipments over the quarter a reversal in the decline seen over the last few years
i will say that we are not done and we are focused on a number of important issues including the stakeholder negotiations were involved in
(*->well) thank you all for joining us today to review our fourth quarter and the outlook for our business we appreciate your interest and look forward to speaking with you about our progress
this is why you may see us layer in some junior debt into the capital structure if we can secure it on attractive terms
right by the time they start contributing they (will->just) bring some cost without bringing in revenue already so i think its clearly an outcome of a growth story
we will follow a very similar process as we have the last 12 months with bd so in closing we are really pleased about where our business stands today
i think we will obviously manage toward it and like this year we think some of those investments will have sooner than longer returns
consistent demand supported by term contracts enables operations to fully realize the production efficiencies that have been incorporated into the business model
we pioneered showing customers deals that they were most likely to get accepted for back in 2010 when we were the first to launch smart search
time on the numbers but i would rather spend a little more time on what caused this to happen and therefore what do we look at going forward
overall we are pleased with the positive steps weve taken to improve the business in 2015 and we exited the year in far better shape than we entered (it->*)
so im afraid the q2 q3 story is probably mostly an issue of forecasting as opposed to anything changing in the business and you can see the noise that the free trials added into the (paid->page) which (gets you->could see) the total creates
may we gave you a further update (and->in) august we said that we would give you a more comprehensive review of our revenues our market share and also our plans for the cost side of the business and thats where were at now
so weve never hidden dignity you can see from the pictures that dignity 90 of our locations have dignity signage its been like that for the best part of 20 years but weve never really promoted the (dignity->dignancy) name or spent a lot of money on it
a software company (cutting edge->cuttingedge) software technology that requires defining and collecting data as the basis for managing connections intelligently massive amounts of data
online of course people are searching for information about death (bereavement->believement and) various other things so by placing ourselves there and investing in that were getting our money and our messages in front of
and then as part of our tests later in the year we introduced a limited funeral (*->and) the limited funeral is sort of halfway between the simple and the (fullservice->full service) funeral so we introduced that in about half of (that->our) network
so i think its quite difficult to extrapolate either positively or negatively whats happening now to the wider market over the next couple of years if we look at what we do
in europe currency and the closing of a business there led to the decline (and->*) in (other->another) the results were driven mostly by acquisitions and as jim said strong organic sales growth from general hydroponics (on->*)
but its all mostly centered around getting people excited about watching a show thats only on netflix because its a great thing for netflix and how to sell the service so that gives us and we do it over many titles because peoples tastes are very different
approximately half of our annual (peat->peak) requirements which are very basic for our soils business so i think that part of what we like about our strategy is its pretty simple
a nice benefit of providing a better service using those tablets is that (well->wheel) data input something once and there wont be all the repetition that we currently see so more flexible dealing with our clients
so the way (we->weve) presented our results this time is that the limited and the simple have been lumped together thats why the percentage increase has increased from 12 to 20 because its (simples->simple) and limited
of a line of multiple product updates that we anticipate having that we think will magnify that effect that ted is talking about about incredible content being discovered in the show and then becoming a big social (phenomena->phenomenon)
should we also think about (*->the) potential of selling down a percentage interest in some of your assets (that->*) you may still retain control but maybe just sell down a percentage (of->*) ownership
understand what the going forward projections of these various entities look like given kind of some of the pressures we think they might be facing going forward so that ends up in a bit of a discussion as to
with that let me now provide an overview of the coal market and an update on our marketing efforts demand (pull->pool) in our primary market areas continued to strengthen throughout the third quarter
weve had a solid bounce back with our grass seed business which is up 12 so far this year the category picked up a lot of momentum last fall which has continued with the break of the new seasons
early on but we know its going to be somewhat of a tough market right so theres that notion is along is (a->1) million at a time right its not going to be overnight where were going to get to those higher numbers
the outstanding first quarter performance of our (asiapacific->asia pacific) business confirms our confidence and our commitment to targeted growth investments in the region
very impressive existing backlog of projects in that business but you also mentioned some opportunities to add connectivity into mexico so i was just hoping you could give us a bit more color
but i think youll just see more of (a->an) emphasis on the local name and the local heritage on the prestige ones and slowly over a period of time a greater degree of the dignity name becoming a bigger deal for the rest of the network
our cost control initiatives that we have discussed in prior calls continued during the third quarter i think that the results are impressive but i will leave it to ted to walk you through the details
(focused->focus) but our plan in the short term in most places is to try and move as quickly as we can towards a standardized pricing across the country and then you (asked->ask) about brands and again its time
that may cause actual results levels of activity performance or achievements to differ materially from those results expressed or implied by this investor conference call
we also told you weve been pursuing a transaction in our european business discussions with the partner we had been in talks with were terminated a few weeks ago (here is->heres) what happened
excess capacity or potential excess capacity in our fleet i think we still feel that the heavy lifting is very much behind us and i think that puts us in a good position
we are in exclusive discussions (*->to) acquire a natural gas transmission company in southern brazil from petrobras these are (long life->longlife) natural gas pipelines that are well located and represent the sole infrastructure
we think theres a fair chance that we can hold revenue flat in the sector youre right though the primary focus is cost reduction and driving margins higher
well when we put together the budget for 16 we do a (bottomsup->bottoms up) based on the work we have in our backlog combined with what we anticipate coming in from our customers
is that although our entry point will be lower and more consistent because with pricing online we do need to make our (patchwork quilt of->patchworkquiltered) businesses on different prices more consistent but well have a lower entry point
our first choice remains to find a potential partner that would allow us to expand both the reach and profitability of our existing business from there our bias is to exit
its better than anything else we (can->could) do with the money i think it represents a very good use of our money and this will all be funded out of resources we already have theres no equity raising necessary to achieve it
weve got a good plan at the end of the day the best implementation in the world cant implement a bad plan i think the plan is good and were going to do the implementation as professionally as we can and as i said weve appointed a transformation director
the third piece of our strategy to grow and diversify through acquisition is moving forward although we havent made any announcements yet we have multiple acquisition opportunities in the pipeline
net this is very good news for ipass and finally we said we needed to change the product that our future was not reselling wifi but
if we were trying to get into a gas services type business for example some of the businesses that do service work and aftermarket parts work on gas turbines (are->*)
you dont expect to progress (on->in) collection (of->with) them beyond until (about->by) april or after i was wondering if you could give us a bit of background on romania and algeria as well
now the skeptics among you may point out that partners in regions like serbia south africa and (the->*) sudan are (hardly->hardley) household names which is true
significant majority of our network will end up on a standard price pretty soon and its necessary for online because if you search our website and there are 10 locations near to you
and lastly (we are->were) in exclusive negotiations to make investments in brazils gas and electricity transmission sectors which will meaningfully expand our utilities operating group
which is predictable and which is structurally lower than what it is today but im not going to put a date on that i can just tell you that clients are working very actively on making this happen now
(you will->youll) recall that we booked significant expenses in the second half of last year related to problems with our bonus s product in the south we treated the cost of repairing and replacing consumer loans as an adjustment to earnings at that time
notwithstanding that congress and regulators have yet to address these longstanding issues given these factors were pleased with the performance of our pyramid brand and continue to focus on supporting its wellestablished nationwide presence
what weve said the company we like the best is us and that wed like to significantly reduce our share count over time so i think that the big deal youre talking about probably is us and
and based on the open enrollment we will know how next year will pan out but what is more important is that we have new leadership in that business we are making investments in adjacent areas
what the next move is and i think weve got ideas but i think that the most important thing right now is were in season and weve got to run the business so could that part push into 17 i think
as always we are committed to working for patients with unmet medical needs and maximizing shareholder value creation by investing in the areas that we believe have the highest potential return
they have a cycle that they go through where they spend a lot of money and then when they start raising their prices they lose their volume base because they dont have the expansive distribution thats necessary to hold it up
we remain committed to developing effective differentiated medicines for these devastating diseases and we believe that our focus on and asymmetric capabilities in neuroscience position us to lead in this critical area of medicine
that knowledge is being put to use to explore partnership or investment opportunities in precision irrigation and in growers of (droughttolerant plant->drought tolerance plants) varieties that can redefine the yard
i want to take this opportunity to thank the telus team for their ability to consistently deliver on our strategy regardless of the competitive environment or economic challenges that we face along the way
our acquisition benefits will continue to grow as we fully integrate these companies over the planned (periods->period) absorb integration costs and see the full (benefit->benefits) of our synergies from these growing businesses
let me touch on each of these within the context of our second quarter results and ill start with growth ptc extended our early market leadership position in the highgrowth iot market with continued momentum this quarter
our teams are doing an excellent job in integrating these businesses into our finishmaster family the integration team and our formal integration processes are delivering on our planned business results and synergy capture
as you know we are exploring (very->various) strategic options that would enable us to increase our market share as well as better capitalize on the opportunities created by the evolution to 5g meanwhile
first off and just (in->on) our distribution levels given our strong performance during the first half of the year and (a->the) significant amount of growth opportunities that were currently progressing which sam will be discussing in his remarks
so i think youve seen us in previous quarters where theres been lots of msos that are acquiring companies (with that->weve had) opportunities as those big msos acquire some of the traditional business to be able to acquire and integrate those businesses into the finishmaster network
in addition (were->we are) seeing healthy organic growth from our growing corporate store network we are now up to 50 locations have a leadership team in place and are focused on building out this platform nationally
find (the->a) valuation and found a buyer for their business at such a high multiple i think its pretty encouraging for us going forward as well so a lot more to come on that and i wouldnt expect (them->anything) to happen by the end of the fiscal year for sure
as part of our (land and expand->landandexpand) strategy weve now implemented a freemium model for our thingworx technology in order to open our aperture beyond what we could reach with just a direct sales force and a partner ecosystem
if you look at what we have done we have materially improved our pipeline we have materially diversified our pipeline we are basically positioning the company for the future
that we were able to ill say take to the rest of our customers and we (have->had) one that was very interested in terms of weve got over roughly 3300 customers that we can actually go back with this service so thats whats exciting to us
with the shift in our fiscal calendar 2 new minority ownership positions new reporting segments and further changes anticipated in the second half our financial statements are going to be pretty confusing for a while
the different longterm contracts and how different countries bid and were very encouraged by whats happening in germany where we really kind of have started out strong so i would say the pricing is more or less in line with expectations (and->than) what weve seen historically
however the overall level of growth across the portfolio is consistent with what we had projected and as always we have solid contingency plans in place that are designed to absorb any unexpected weakness
in addition to the notable benefits our capital investments delivered to our customers and importantly the communities that we serve they also deliver meaningful benefits to our shareholders
the (gro->grow) app aggregates data relevant to whats happening in your own backyard helping homeowners better understand when to water when to feed and how to care for their lawn and garden
as a result we continue to pursue opportunities that we believe will generate incremental volume including an expansion of targeted businessbuilding programs in geographies of focus for us
foreign exchange impacts due to the strong dollar and a general downturn in global industrial markets which we see having a moderate impact in our industrial environmental segment
in 2015 we took several actions to reduce overheads such as consolidating our multiple parts organizations and closing both our foundry and our last manufacturing facility in canada
so we have to wait for the team and (it is a->the) team of (statisticians->satitiation) and clinicians to look at the data so that we can best indicate educate the (cause->course) forward
thank you jim and good morning everyone ill start by building upon jims remarks the year is off to a very strong start our margins are in great shape and i share (this->his) confidence in the guidance that we provided for the full year
the other comment is we do feel like were a year early we havent done our business planning yet for next year so its too early to give updated guidance for next year we certainly feel good about where we are
the risks relating to the concentration of ceragons business in india latin america and in developing nations and the political and economic and regulatory risks from doing business in those regions including
so (*->with) that (is->as) an overview ill now take you through our financial results and operating performance for our various operating segments and then conclude my remarks by touching on a few corporate matters that were pleased to report on
the largest driver of the decrease in the tax rate is going to come from the jurisdictions in which our income is created as we move into some of (*->the) those global projects that are
so were going to be a little less than our target this year but going forward our sulfur improves rapidly over the next (five->5) years and we should be able to infiltrate that market without any problem
(market share and thierry->deeran) just to follow up on that one but i mean without a material market share gain if both yourself and some of your clients openly talking about up to 50 reduction in project sizes
weve also built up our managed services and enhanced maintenance services portfolio of solutions that our customers are looking for so its a combination of consultative services upfront consultative services
well we talked a little bit about our financial position i think were in a strong position so we dont have any immediate (need->needs) for funding
and our high return capital allocation priorities and we will continue to pursue opportunities to
and providing a wide array of new technologies that will change how we do science at the bench and advance molecules in the clinic
the need for wireless backhaul in africa is growing whether the spending is or is not
we kicked off the year with a strong first quarter top line results were in line with our guidance driven by
different strategies and different geographies we have seen them (working->walking) out most of those slowly
as these changes take effect in the second half of this year we expect (a->the) proportion of commercial plans requiring documentation
(*->in) that segment very differently than what we execute or what we drive the (objectives->objective) which we have for the rest of the business
more importantly all of us remain confident in our ability to deliver the year while also delivering on the future
in greece we have continued to trade well in the third quarter despite the impact of the political uncertainty on the greek customer
(*->at) the same time our bd team is working very hard on looking for other opportunities with high return
administered presymptomatically is likely to be the best approach to address this pathway (and->in) disease
the other thing you can see (*->that) thats not always transparent to the marketplace is we look at something called medical possession ratio
india business pushes into (2018->18) then we would probably sustain margins closer to
i cant express strongly enough my deep appreciation for the contributions these 2 leaders have made to amgen (they->*)
incremental service revenues contribution margin which is service revenues less direct cost of services
and higher revenue per internet and tv subscriber as well as strong growth from telus international
highlighting a few other areas of the business we continue to see momentum in containers and port solutions or (*->our) caps business
one figure that we want to highlight is our nongaap net income for the 9 months of this year
the other part is the weekly average trxs and you see that continue to grow as we progressed from july through december
(*->it) is always a pleasure for my team and me to speak to you on this (call->*)
there are 4 key takeaways from our fourth quarter results that speak to the work we have been doing to position the business for the future
is to create the value and use it to capture more of the market one way or another
primarily from volume as we continue to compete effectively maintaining a majority share on a global basis
such as moving out from a contract sales force to a fulltime mannkind employee sales force it was really important that we had runway
and we feel that we need to (pivot->prevent) from what we have been traditionally doing in terms of services in india
patients are really finding this to be a definitive difference in (a->the) way of managing their migraines
quantify those patients (or->*) give us a better sense of how many patients may be queued up in this bolus that may be coming (so->*)
the number of copay cards redeemed and downloaded as well as referrals into mannkind (cares->carriers) so we know daily whats happening and how quickly
we believe that means that people have to be cognitively normal on an intense battery of cognitive testing
get access to our products where theres insurance barriers this is really meant to help patients navigate through the process so that they dont get lost
at this point i dont have we have our estimations but if i look at the market estimations from
were expecting additional orders from this region during the near term but we dont know the exact timing
if there are potentially minimum (wage->waste) legislation coming up for maine or for massachusetts then
but i think these are the 2 earliest indicators you can look at in terms of samples and trial and getting people started
finally id like to thank everyone at amgen and in the investment community for the support ive received over the years
third security product sales and services were another strong point for the fourth quarter and the year
more than ever before we are sending a strong message that we are canadas parts people
better dollars if you can say it this way in places where the margins are a little bit better
we believe that the data collected from engage and (emerge->imerge) are extensive and that a full analysis will inform future efforts
so at the end of the day to see strong performance for the industry i think is a good thing for investors
that gives us a little bit of extra margin and it also helps us control our inventory and our relationship (in->and) stocking at the local levels
assuming all (stayed->stay) constant in terms of the business which obviously is not the plan the (plan is->planet) to grow the business and grow those cash flows
this also gives us confidence in the future of the amgen biosimilar portfolio
the decision to stop these trials was based on a futility analysis conducted by an independent data monitoring committee
product upgrades awaiting final approvals from our carriers and the pace of the contracting process
in 18 and again apologies if this was already discussed ive been on and off the call given the length
so this was done (*->on) as a (planned->pan) government effort to ease the peoples inconvenience
product sales can be lumpy and we believe these timing issues do not represent a change in overall demand for our products
the change in the subscription mix percentage is what drives the trough the greatest
thank you mark and thank you everyone for joining our call i would like to lead off with a few financial highlights
(yeah david->vid) this is steve i think over the course of the year youll see some of the return there but again
are they selling a bunch of stock because i think there were some reporting that led people to believe there was a lot of selling going on
so they are presumed to be completed but then there are no news of (their->the) operation yet so i wonder (where there are->whether)
we acquired kepware in q2 and this business provides a further boost to our smart manufacturing strategy
the relationship started with a paid onsite engagement to assess their requirements and develop solution designs
given the distinct operating rhythm and the need for differentiated execution (trigger->rigor)
i also very much look forward to working with all of you (in->and) the investment community as we focus on creating value
let the customers convince themselves how great the technology is and call us up when they want to expand
we followed the science and the outcome was not as we hoped
to be capable of generating early data small numbers of patients very dramatic results
again marking one of our largest organic quarterly increases to date led by growth in nearly all of our business units
i want to clarify that because many people sometimes think we had more reps than we had as a result
we also had probably about a 30 vacancy rate that we held at that point in time we (knew->know) that was hurting our sales
such significant departures combined with the implementation of our new store organization
i do think that this study is powered in a way with the right endpoint to detect a clinically meaningful
our existing reps that we had hired back (under touchpoint->on their touch point) didnt always have existing relationships within the targets that we were calling on
now (on->*) to aimovig the first and only therapy specifically designed
presented our position very strongly to both the environment and to cms and the government
we believe that afrezza is uniquely situated to address this situation
we would anticipate the initial forays to be as monotherapy but there are a variety of
(will->well) take the historical core customer base and the new technology base and bring them together
on those (win backs->winbacks) that we would have in the support and now thats going to be recognized forward as opposed to
we will continue to report our progress quarterly against the december 31 2016 backlog expectation as that conversion is a key driver in our annual guidance for this year
at the beginning of the year is making sure that we have the diligence on cost again on a tactical basis but then also strategically as we look out to the future to make sure that
we dont expect only to (blend->blame) in on those kind of events although we recognize that it was harder to get to our locations but i also think in general one of the things we are
its too early to be absolutely sure but the performance in the first half of this year gives us great confidence that we can achieve an outlook of stable comparable market share
since these plans are starting to become more ubiquitous has this started to become a reality (to->for) your offloading business and can you further comment how this could impact this part of the business
make no mistake this is a significant development and a critical step to diversify our business in a very current (slow growth->slowgrowth) global economy
(*->and) the third item which rob alluded to or commented on in his prepared remarks is we had a program in an aftermarket program in our consumer business that (we->*)
conditions in brazil (remain->remained) challenging during the quarter the ongoing recession and political uncertainty contributed to the overall economic stress in the country
so there will be people focusing purely on clients making sure that the funerals go out on time that any issues are resolved promptly and efficiently that the branches look good and are appropriate
on slide 13 weve provided a quick bridge of how you get across from last year to this year picking up on all the things ive spoken about so far
and more effectively centrally and build up our resource there and of course to do that were going to require a significant investment in it
work is not finalized yet we dont have an agreed position but we think its likely that our accounting for preneed and just preneed will have to change
could you imagine trying to sell wifi based on usage and let me assure you that unlimited cellular data plans put even more pressure on carriers
(he->you) said the best part of this offering is that it automatically identifies your wifi without having to log on or do anything if you are on the xfinity wifi so 2 questions
due to (the->*) just the amount of data thats (been->being) pushed through the capacity of the wifi or the cellular spectrum that is out there and available
yes so it when we report the (crowd->cloud) agent statistics we are seeing that both from existing customers as well as from new customers to be clear and it is going to skew
our asia pacific business delivered another strong quarter fueled by robust volume growth in china and india and because of the acquisition of nippon goodyear in japan
(*->as) this customer is currently exceeding their commit we dont recognize acv on this deal as it is not incremental to the last quarter run rate but it is hard to argue
the next announcement will be november with our third quarter numbers well be able to give you a bit more information on the detailed planning of what im just about to discuss so
we undertake no obligation to revise or publicly release the results or make any revisions to these forwardlooking statements in light of any new information or future events
our unit volume decreased 2 this decline was primarily driven by lower unit volume in our consumer business in brazil
a declining but an ongoing input (of->*) from lek to make sure that the structure of the plan feeds through into what we actually do but the implementation of the plan that weve got
our intention in the digital age is to heavily promote our dignity brand as premium (fullservice->full service) funerals and our simplicity cremations brand
saying were going to do this if you look at our track record of offsetting increased raw material (costs->cost) it is quite substantial weve been quite successful at it
weve got a really good platform to build from and the changes were making both in terms of structure and in terms of how we present ourselves i think give us a significant opportunity for the future
confirming the value of this data and we believe setting the stage for much larger opportunities with this and other partners in the near future
and our revenue from payperuse customers suffered as a result some of these issues were subtle and difficult to diagnose but they have been resolved
i expect us to have to raise our game and there may well be some costs or there will be some costs associated with that but i think it will raise the bar far higher for a lot of the people that have come into the market recently
and given the increase in the portfolio that we have available to us and hopefully as we continue forward with (the->*) additional products that (we->you) either develop or acquire
in the third quarter we are targeting to deliver our fourth straight quarter of yearoveryear revenue growth driven largely by growth in our diversified end market
weve also continued to make progress towards our diversity objectives overall representation of women in our workforce (remained->remains) at 17 and the percentage of women
but what ive always said is there may be some shortterm pain to get some longterm (gain->gains) so i think im not saying that were at the standard necessary already theres more to do and
(well->will) be drawing down this will serve to reduce the amount of operating profit we anticipate to make in the second half of this year and also 19 and beyond
in the longer term i think that plays to our strengths a lot of our partners are already fca regulated a lot of our marketing material goes through their compliance teams
and that actually is the only question that weve had so i think it falls to me just to thank you all for coming well conclude things now
resulting from the leverage gained with the higher revenues in addition to favorable program mix largely in our diversified and communications end market
then you know what well do with regards to the balance sheet i guess there are a couple of other considerations the primary one is obviously the energy coal process that is on foot
so as we went into 2018 we felt we had no commercial alternative but to follow the coop so in january we announced that we were cutting the price of our simple funerals
and then the last aspect of that is to centralize the administrative functions of our business so to streamline the support that we have
in the number of church services that precede people going to the crematorium and in terms of the number of people coming into our funeral locations to pay their respects to the (deceased->disease)
(and->*) the second aspect is of those locations that we have many of them are not the right size for the operations that go on there so were going to categorize those
thats where were headed thats where our focus is and thats why i think as we look at where our margins will be were not giving a forecast next quarter or 3 quarters down the road
is that something that youre providing and that is going to be something thats going to move the needle for you and how (are->*) you (differentiating->differentiate) relative to your competitors
we will not chase volume for volumes sake focusing on highvalue segments is critical to creating sustainable value and profit growth
i did note in the recorded speech that youll find (in->on) our website that our cash balance is actually lower in january because you do have timing differences around various aspects (of->*)
because the (current->*) regulations impose us as soon as we have very clear views on what has to be seen in the coming months
the fact that we have seen that stability for more than 6 months give us also the ability to improve our prices in all our imported merchandise and also
but maybe following up on something that reed has talked about publicly in terms of the potential for growth in india longer term how does the model have to morph to maybe line up with
and then lastly on that process (that->*) do you have is there a formal process with where you have somebody engaged and is there a time frame in terms of
and we expected production to crest in the second quarter and then decline slowly as we see both the effect of natural declines and also the production effect of property sales thats exactly what were experiencing
when we see the weather changing like we saw in july and august and it getting mild and going against us we have the capability to pivot quickly to the export market
specifically in the (north app->northern out) markets coal supply is very limited given production issues at several mines in the third quarter including our own and demand is strong
the mild summer did impact power prices in our region and as a result our netback contracts underperformed during the third quarter which weighed on our average revenue per ton
the cumulative effect of price increases across the board has generally slowed the growth of several previously growing deep discount brands which has proven beneficial to our brands
i wont say put us on the map but really expanded our capabilities in our cloud capabilities that we can bring back to our customers so (well->*) we are going to continue to invest in key areas of growth
we believe both our tobacco and real estate businesses are well positioned for continued success as always we will assess additional opportunities with the highest potential to build longterm value for shareholders
i want to take a moment to remind you that the statements we make this afternoon that are not historical facts may be deemed to be forwardlooking statements and are based on managements current plans estimates and projections
given our positive start and contingency plans we put in place every year i am confident well be fine with that let me jump into the quarter admittedly a very confusing one
we are principally focused on the infrastructure assets that we have in place associated with our reeves county drilling program in the permian basin
our strategy to grow internationally continues to deliver our global power segment has transitioned from projects primarily focused on adding new environmental controls equipment
(*->but) weve been in europe for 18 years and were not going to get impatient were going to pursue a path that makes the most economic sense for our shareholders
weve been able to continue our successful longterm capex investment strategy and simultaneously reward shareholders with our longterm dividend growth programs
not persisting as when you talk to people who are sort of kicking the tires as far as buying in the permian can you just give a sense of maybe how (their->theyre)
if were a solid company with a solid balance sheet and ill let (thierry->terry) come back to that then we should be able to make that and the volume of our business count in our procurement
take the price cuts or take the offers and sell and thats what tends to happen in (a->the) market as it changes a little bit so a lot of the a lot of the sellers just stood firm
we entered into a partnership agreement with an australian ports operator and other institutional investors to acquire asciano a leading australian port and rail logistics business
so that if they are (getting->hitting) the upper echelons of their data package usage then lets offer them an opportunity to either permanently move to a larger data package or top up just for the month
in the fall of 2014 the management team determined that the best way to unlock value for the combined bwc was through spinning off the power generation business
there are other ways that weve been able to save money one example (was->is) when everything was running really hot and hard in order to get a workover rig
were going to start in a few minutes with prepared comments from jim who will update you on our strategic plan as well as provide an overview of the consumer activity (we have->weve) seen in our us business so far this season
as lima has experienced significant growth (in->from) recent years but has had low urban investments we have identified further expansion projects that would provide accretive returns
and for adjusted eps consumer purchases were outstanding through the first half and have been solid all season when weather didnt cause a disruption
to enhance the effectiveness of the capital employed there reduce the capital employed there over a period of time and restructure and improve
and delivered a strong performance in 2015 im often asked why i chose to go with the power business on the spin and not stay with (the->a) larger parent company
as we were preparing for this call jim and i were (laughing->lapping) that the first few lines of the initial draft in my script sounded just like they did last quarter and the one before that and the one before that
in terms of dedicated people doing it and were executing on the game plan which also includes reviewing it on a constant basis so we were just with steve and his team reviewing the detailed
weve continued to execute the exit from some countries for example myanmar in the quarter and weve also sold our activities in belgium in october
points of information you point us to that might help us kind of get a sense for valuation potential of any midstream monetizations thats a very good question and we are going through the process right now
that we can now go back to that customer and sell all the other types of services that we sell in that space as well and we would hope that we can take that service to more of our customers over time
(*->so) we were able to invest what we targeted to invest and make additional profit on top of that because of the strength of the underlying business
and ted will discuss the financial implications in a few minutes we previously announced our initiative to market our midland basin properties located in the (gardendale->gardale) project area
our focus continues to be on growing organically and our teams are adding new customers and expanding business with existing customers in both our key segments
we have maintained a competitive price point for eagle 20s since its inception and based on the success of our strategy to date believe that the brand is well positioned for continued growth
and building up our digital (capability->capabilities) so those are what (i->id) call valueadd solutions that our customers are looking for and the services that were looking for you would hope that it would trend up
this opportunity is driven by new regulations in the sector this is a new industrial customer base for us that requires a utility scale solution
the export market continued to improve through the quarter and with production issues at our and other operations in the region the northern (out->app) market has tightened significantly
margin recognition is much more based around the risks on the project the phasing of the project (and->*) some key operational milestones which trigger that so you have
and be able to tuck them in and make them part of the family and thats something that im extraordinarily pleased in terms of our progress on weve got the right team in place weve got the right processes in place
probably get rumored or whatever in the press im not sure how reliable those things are going to be i think its at a very early stage yet not a lot has happened over the last 3 months
i will assume that you have had an opportunity to read our press release and our form 10q that went out last night both of which were comprehensive so i will keep my comments to a fairly high level
from a currency perspective we hedged the entire value of (a sterling denominated->our sterlingdenominated) investments ahead of the brexit vote through a combination of ffo and balance sheet hedges
we havent seen much of it yet but we see continued low natural gas price flat load growth a little bit warmer winter than one might have expected
we did not claim any additional upside from the customer on that particular project it just didnt make sense to do that our discussions had not progressed to that point
we gave some of that benefit back in april which i expected and we continue to believe sales growth in the low single digits is an appropriate estimate for the full year
looking at recent overall industry trends in 2015 the conventional cigarette market demonstrated considerable volume strength in comparison to prior years
an opportunity here they learned what it was and i think frankly you still only have a small number of our sales reps (who have->whove) actually done it clearly i think its spreading through the
sometimes make it difficult to figure out how things are trending and we will try to help with our views on whats on that during our remarks
while we know that (there->here) remains significant uncertainties for the consumers in the coming years were also optimistic that we continue to grow our operations
which is consistent with the guidance previously provided of 11 to 13 growth that was contingent on achieving certain capital deployment targets
were taking our time and carefully evaluating multiple opportunities to find the right deal or deals that we believe can deliver longterm value to our shareholders
and the combination of those 2 things followed by the focus on our branding is really positioning us extraordinarily well to grow the canadian business and extend our leadership position (in->*)
revenue growth will be driven by midsingledigit increases in global power and industrial environmental while revenue in global services is targeted to remain flat
as i said previously i think we will get there in the near term in terms of that particular leverage ratio and i think thats a positive thing for this organization
the marketing kind of has flexibility but you really want to launch the title so it follows the content schedule and you cant shift it around trivially (so->*)
just by nature of those projects the margins will be lower (up front->upfront) as we reach major milestones or perhaps actually complete projects that allows us to free up contingency
so yes there is activity which (they have->theyve) been going through to make sure that their operation is suitably scaled for that new (software as a service->softwareasaservice) model we now need to win clients
of investing in the country as operators and generally as 100 owners of assets which is probably quite different than how a lot of other people would have done it in the past
(*->the) good news for us is the heavy rainfall nearly brought our texas business to a standstill last may so our comps are pretty easy over the next month (and->*)
all of that was following (a nice->*) steady increase in viewer engagement prior to us launching those big original shows so what they had was a product that people understood more
one thing i can tell you is that all our clients are telling us that at some stage the delay on projects or the cancellation of projects
the consolidation between vodafone and idea will create a stronger third competitor at some point as well which is a positive for us
indications of direction but not a lot of granularity around it so i was hoping to pin down a little bit of what youre trying to say it sounds like you expect
we are committed to maximizing the value of our investments and to allocating capital and resources towards the areas we believe to be
and importantly the solution subscription model can give us several years of visibility giving us annuity quality revenue and the potential to upsell additional services
the initial results exceeded our expectation but its too early to say if this is a format which we could use more actively in expansion going forward
(*->do) you think there is an argument that actually (these->this) should be taken over the term of the contract rather than booked upfront as you currently do and then subsequently
although the primary endpoint of this phase iib study to demonstrate a dose response at 24 weeks on the british (isles->ales) lupus assessment (group based->groupbased) composite lupus assessment
can you talk a little bit about what you mean by that what is the range of options that you are looking at does it range from
materially factors that may have a material effect on our business are detailed in the cautionary note in our earnings release and are also contained in our sec filings
and (now->*) therefore the benefits of (and->at) about the same cash outlay but with much more efficiency meaning people are watching them in greater numbers for the same dollar spent
marketing and increasing roi around existing content and scaling against your own original content plans rather than thinking about those licensed buckets
both we and our solution partners also signed a number of (sixfigure->6figure) expansion deals with existing customers weve landed across (the->a) variety of verticals in the quarter
even though the comps get easier we know that some of the most critical weeks of the year are staring us in the face so we cant let up when it comes to focus and execution
now what weve done since then is weve hired sales and service management weve added sales reps we noted that we got the cisco gold certification so we now have the ability
we do try pretty hard once we bring a company on board to integrate them into eplus on day 1 and then ensure that they get on track and understand everything about eplus and all the offerings
yes i dont have that because this program is quite new i know how many have entered it not that many since the beginning of the fiscal year it would be a fairly small number that weve
its a circular equation of sorts and one that we wont have a firm handle on until late in the fourth quarter but its another reason to keep our adjusted eps guidance where it is
we expect to announce in the next few weeks (a->of) further expansion of our hydroponic gardening business which is a foundational pillar of the hawthorne gardening company
okay and then just a followup (from->for) me it sounds like the acquisitions youre targeting this year are still kind of a modest size relative to the size of the company at this point
run through (a->*) operating (lease->lead) model for any cloud licenses or that is factored in because it is
for the full year 2015 we accomplished this through strong working capital management during the year and positive cash flow from all 3 business segments
our consistent wireline results also reflect the benefits from our ongoing enhancements to telus broadband footprint in both urban and rural communities
and at the beginning of april we announced a support (win back->winback) program in the channel that converts customers to subscription
that one would encounter in a factory or plant or industrial site (kepserver->capserver) makes connection easy so that we can quickly progress toward applying analytics
and they continue to feel the pressure (the->of) low natural gas price creates low electricity price in the market which drives down their margins which drives down the amount of cash that they have
with respect to guidance for power a fairly high percentage of the revenue for global power is in the backlog at the end of the year
and allow us to generate significant operating cash flow which well use to reinvest in our business most likely by repurchasing shares
any kind of potential issues on projects youre currently executing and maybe can you talk a bit more on the potential clawbacks from i guess the labor issues you had
it went from like 53 a year to 13 and that within those that doesnt change your ability to get to the full year
but (its->is) still an important region for us long term and demand should improve once the operators have access to hard currency and can pay in dollars
in our quarter ended june 30 2018 we will adopt the new revenue standard using the full retrospective method we have determined that our accounting for revenue within our technology segment will not materially change from our current policies
it was being offset a little bit by that weakness in brazil which also hurt our arpus so what you have right now is 2 major reasons that service revenues are coming on strong number one
over to you (henry->andrew) thank you louis and good morning everyone thank you for joining us i want to begin my remarks today by expressing how pleased i am with the performance of both our businesses in terms of executing our strategy and delivering results
now just in essentially safety trials in this als patients (so->but) we will be looking at similar types of things target engagement lowering of the toxic species and as well as assessing some of the same types of clinical measures
in immuno you speak about rare disease its too early for the organization to state that clearly we need to regroup as a team and we are doing that while we speak share and align with the board and then come back to you
(*->this statement) the statements made during this conference call that are not historical facts are forwardlooking statements that are subject to risks and uncertainties that can cause actual results to differ materially (from->*)
for investors who are interested in when they might see the revenue impact we continue to believe that commercial deployments of 5g will begin only in 2020 and only in a few regions initially
in psp i do think that this will have significant positive ramifications for our ability to intersect (tau->tao) across many tauopathies i would also add and say that we have also very consciously not just limited ourselves
we are confident that our sophisticated analytics and over 15 years of experience as well as all of our data allows us to effectively maintain excellent credit quality across our products
consumer lawn and garden the other thing id add is if you look at the one acquisition that we did do about a year ago with general hydroponics its actually (had a->ahead of the) business case which wasnt any kind of a layup anyway so we feel really good about how (the->that) business is performing right now
weve been competing against a longacting product in the independent and midsized (dialysis->dialys) organizations since the beginning of the year we have volume and sharebased contracts in place with some of these customers and (will->well) continue to compete on an (account by account->accountbycount) basis
and adding to what mike is saying its all about adding value and highest return for the shareholders and finding synergism with the core capabilities of biogen the way others will not be able to deliver
because we are looking at this type of enriched population that (well->will) be able to conduct in a feasible way these trials which otherwise would be very difficult to conduct if you were taking
reasonably clear guidance around whats necessary to achieve the (interchangeability->inchangeability) but that hasnt really been put into practice yet people are doing trials that are designed to meet that standard
resulting from the first installment of the repatriation tax paid in q2 of 2018 partially offset by lower ongoing income tax liability as well as higher net income
to demonstrate their (hololens->holo lens) during the keynote at their massive (build developers->builders) conference on march 31 our ir team can provide you with access to a replay of the (vuforia->vuphoria) part of that conference if you wish to see it
but while we speak we are working thoroughly on that its not that the organization is without any alternative but we remain confident on our patents for (tecfidera your->tecfidra)
entering last year we (believed->believe) that we were well positioned to take advantage of the market (opportunity->opportunities) resulting from the (reynoldslorillard->reynolds lorillard) imperial tobacco transaction as well as opportunities relating to developments in the deep discount universe
(were->we are) making good progress on all these fronts as evidence you can see our strong growth in prolia and repatha and our early success with aimovig (3->to treat) medicines that treat diseases affecting tens of millions around the world
given the significant upside we delivered on subscription mix naturally our reported revenue and eps were below our guidance range because we deferred more license revenue into future quarters than we had projected in our guidance
so weve been managing that and just understand when you start streamlining this manufacturing relationship youre taking a lot of inventory everything down (from->to) the component level and youre putting it into play with the new contract manufacturer and that is
the statements are made as of the date of this presentation and (delhaize->the leis) group assumes no obligation to update this information there is a more detailed disclaimer to this call which you can read on page 2 of the presentation
while net (charge offs->chargeoffs) were higher than last year this is largely a result of the high mix of new customers over the last several quarters as well as our ongoing portfolio mix shift to installment and line of credit products
the efficacy and safety profile of spinraza in the postmarketing setting has been viewed very positively by patients and physicians and we believe the (nurture->neutr) study
at a little bit more granular level your level of confidence at this point in the season as it reflects as it relates to kind of consumer engagement and your ability to kind of hit your kind of full year top line expectations
and were very clearly doing that and were committed to pursuing that goal moving forward the same goes for canada in canada weve got a strong position in this marketplace were building that out in terms of growing our business with our independent customers
we have spent quite a bit of time converting the market to the onpro device which is a unique and innovative device which is beneficial for both clinical practice and for patients themselves and i think
at the same time we remain open to strategic acquisitions like (onecloud->one cloud) and ids that help build out our cloud offerings and capabilities by leveraging the strength and flexibility of our platform and our strong balance sheet
this level of involvement creates a much larger impression that no amount of advertising or (webinars->webinals) could be expected to achieve and it helps us keep our marketing (budgets->budget) tightly focused
and when you see the numbers of people leaving the stores then we talk about close to (a->*) 20 so we have to (lot to->*) learn a lot of new routines with the new store organization with a lot of routines and experienced people leaving our company
he really has a ton of passion hes been a type 1 diabetic for over 30 years and he happens to be a person taking afrezza he has genuinely taken an interest in the product and with diabetes and (educating->educated) others around their diabetes health
and without innovation and improved access to it the burden of chronic disease which already runs into the hundreds of billions of dollars annually for any single one of these diseases will only grow larger as the population ages
these opportunities are expected to start generating revenue in q4 in our satellite connectivity business we started to see sales in latin america rebound our key customers in brazil saw (a->*) growth in the region
in addition we intentionally slowed originations in brazil while we reconfigured certain operational practices to deal with new debiting practices implemented by the banks (there->*)
and its hugely important in the way that weve designed the new technology platform to give (it->us) different tools to help families make the most of their money
its going to really accelerate our ability to help small businesses and create value so we plan to protect that and really have left in
the pricing or is it just the visibility and the ability to manage around other jobs and maintenance on the equipment
capacity expansion in indonesia in the first quarter was expected to make profit contribution starting in the second quarter
it means that the floor considered for our operating (result->results) on recurring activities would be
and that concludes my prepared comments and i will now turn the call over to bob (kramer->kleimer) for details on our financial performance bob
(they are->theyre) able to push out because they have scale they are able to reach a wide much wider audience but again (as->its) these innovative new things like
our dynamic were not giving guidance for the fourth quarter but i do want to highlight that to you because it does change what youd expect for fourth quarter for us
property with regard to the eliminations and adjustments profit increased because a loss from business transfer was recorded last year
and so we would anticipate within the next 2 to 3 years the product could be available for purchase under emergency use authorization
coupled with the effects of heavy scrapping earlier this year dry bulk rates have been well supported into the seasonally strong fourth quarter
while our bookings continue to track at historical levels we are seeing early indicators that our efforts are increasing (in->and) our sales activities
(ive loved->veloped) every minute of it and it has been a complete privilege i know when i met mark i know the companys in hugely safe hands and i just
(and moneysavingexpert->moneysaving expert) is uniquely positioned to be able to bring in very large numbers of customers in a way that others dont manage to
as david mentioned yodle has historically operated with minimal ebitda as the company has been investing in growth while trying to reach scale
making sure that if once their website is built if they want to buy ecommerce (capability->capabilities) so they can sell online is an obvious
as i take you through it theres one important thing to keep in mind the updated road map does not represent a change in strategy
(*->can) you talk about what the pipeline is looking like for the cloud agent and the mix of that pipeline in (regard->regards) to new versus current customers
we have an array its a very heterogeneous mix of customers and so weve got more mature
to get the value of our products by recovering the cost of raw materials and dealing with the devaluation impacts there
and returning to our historical adjusted ebitda margin of 29 im pleased to say that we achieved sequential revenue growth each quarter
as we remain constrained in our ability to satisfy growing market demand for our premium (highvalueadded->high valueadded) tires
of gross profit margin from 2017 reflects the profit that is achievable from consistent and steady demand for our services
we are pleased with the results of the quarter in summary we executed well and made steady progress over the past several quarters in returning the company to growth
(i would say->outside) the oil sands bidding activity is brisk and we are hopeful of building on our revenue diversification efforts in the near term
is that correct and if things get to a new level in terms of wholesale prices and fx and stuff like that theres no reason why
earlier this year and those are going extremely well i think the customers are very happy with our performance
where you integrate all that information which again (cost->costs) a lot of money you need to find the people for you to be able to do that
we remain focused on the execution of our growth strategy as we continue to recruit the best financial professionals in our market
shopping around when prices go up or down is clearly a massive benefit for customers but the most important thing about insurance is
to one day be in a position to attest properly and beyond that weve not in our public filings spoken to
about this deal that gets us very excited but first and foremost is that yodles business is perfectly aligned with our strategic direction
we spend our dollars where we can measure the return on investment and so youve been watching our tv ads which are in fact
let me provide some additional color on our solar business i am pleased that we continue to see improvements in our operational performance
the increase was primarily due to a favorable mix of highermargin products and channel distribution the stabilization of our sourcing strategy
what is the kind of the normal path (a->*) customer comes in and whats the split of revenues between those 2 kind of groups
given our third quarter results we are seeing these campaigns have their intended effect and (well->will) continue to remain positive on our spring 18 outlook
representing a continual investment in growing revenue our customer base and increasing our market share
and going forward our apis will allow us to align our service with whatever devices customers choose to deal with us on
both those who are (a->*) part of the organization today as well as those who have expressed interest in being a part of its future
and that kind of value really makes the contractor a lot more efficient (*->it)
were focused on earning loyalty and thats about having the best deals (in->and) a great range of products in each of our shops
okay and i think you mentioned that there was a benefit in the pipe in the aerospace component is that an area where youre (weighting->waiting) the investment
important is the growth i would like to highlight specifically that if you compare to 2016 so excluding all the effects
so during the call today i will give an overview of our second quarter financial results and then provide an update on our recent business accomplishments
due to continued strategic initiatives around new product introductions and increasing black diamond (equipment->equipments) brand equity
which is focusing on the growth opportunity that was possible in the rural market given a lower competitive landscape
discussions are going very well with the supportive syndicate and we fully anticipate closing this concurrent with the asset purchase
to drive bookings and drive frankly value for our customers so you should look for us to continue
they all expressed their need to consolidate the stack of the many security and compliance solutions they currently have
we wish to note the benefit of the reduction in the statutory tax rate (is->as) a result of the recent tax reform legislation
money also had a strong year with credit products demonstrating some really strong products for customers
thank you matt and good morning everyone thanks to all of you for joining us today before we begin id like to review the safe harbor statement
(the->*) potential of this division in the future because lets remind us that when we
this is your goal your intention despite the fact that you need to protect your per unit margin do you intend to grow in line with the market
because people dont want to sell their old vehicle at such a low price they would rather use it for longer before they decide to buy a new vehicle
a further rate reduction of 04 occurred as a result of not achieving the meaningful use criteria for electronic health records
this increase was expected given the rising proportion of new customers in our portfolio over the past several quarters and was reflected in our ratio of allowance and liability for losses as a percentage of gross loan and financing receivables
the lower demand we experienced in our specialty products product line for certain aerospace industrial and defense products was principally due to delays in customer orders that have pushed to the right
but when you (weigh->weight) what were seeing for the first quarter against what was a really strong quarter last year and you just play it for the year we end up in something that feels more like a midsingledigit story for us its been a little while since weve had that kind of
we have been steadily growing the software as a service quarterly revenues but the relative performance has been (*->masked) due to the expiration of a substantial software as a service contract last june
including the (tecfidera->tecfidura) ip challenge and preparing for the expected launch of (vumerity->imerity) by the end of the year as always we will invest in the areas we believe have the highest potential return for shareholders
and by the change in gross profit margin for international installment loans which reflects the recent growth of new customers from the purposeful repositioning of our uk business to focus on installment offerings (as->that) david mentioned earlier
product sales are expected to rebound higher in the fourth quarter from q3 although not likely to reach levels that would achieve our full year target unlike service revenues which are expected to achieve our goal for the full year
growing at a very fast clip the margin of american tourister is obviously lower than samsonite and were still in a push mode with american tourister in europe so the margin is a bit lower than what we operate in asia and so one of the things im working with europe
what were the drivers for organic growth improvement in this quarter as well (its->and) just in terms of the core business versus contribution from advent and stuff like that if you can help us parse what have been the drivers for organic (*->growth)
make sure (we->*) were hitting our return thresholds with our marketing and not exceeding them and just given the lower levels of demand because of the tax return season thats where marketing played out so unlike q4 where we (purposefully->purposely) pulled back
document the main one to look at there if youre looking at prediction of health of book using a model called (markov->mark of) that is the standard in the industry (its->is) the second from last row which shows that our provision
the exemplary execution by our subsidiaries and the acquisition of profitable wellmanaged businesses within both of our operating segments
and other filings with the securities and exchange commission todays remarks will also include references to nongaap financial measures in order to provide more meaningful comparisons between the periods presented
and for this year youll see us continuing to support all the brands youll continue to see the same (levels->level of support) for tumi but youll see some (stepup->step up) on our samsonite focus and were quite excited about whats coming in the next few months on the samsonite campaign side
(his->its) alternatives business plus he has a controller that helps him run the business (then->and) he has a development manager that helps him run the business i just think its a much stronger organization and thats why we did
then i would have a last reminder finally and that is related to our upcoming capital markets day that we will host here in (espoo->espo) on the 13th of november
creates what we see and what is confirmed consistently over 15 years by market research (an->and) aspiration appeal to those customers who we are targeting and who are (already defined->readyfined)
i think part and parcel (of->*) that was planning as it relates to some of the full expensing that the legislators are talking about now and so (and->*) that means its equipment that could have waited
(*->but) we really thought the prudent investment (would->will) be to (extend->spend) our runway in 2017 when we had a much better probability of success of securing patients and making sure they get (on->them) treatment right but also making sure we (have->had) coverage at the appropriate time
we are not experiencing a similar anomaly (in->on) any other satellite and we continue to monitor them closely again this has not impacted service expectations our customers are pleased with the networks improved performance and quality of service
(*->our) debt component of our balance sheet were looking at really where we have high interest loans that are residing in specific countries so thats where you will see the delevering that will happen in order to bring down the cash interest cost that goes there
while this is clearly over small (competitive->comparative) hardware revenues its definitely a step in the right direction (two->2) of our channel partners were selected to assist one of the largest utility companies in brazil with their scadabased recloser application
perhaps (a->the) more important thing is when we consider our outstanding debt to our cash flow the ability to pay down that
while the timing of full internalization of our revenue cycle is beyond our control our team has been hard at work setting up capabilities to take over services currently outsourced to chs in late june
its one of the things that (we are->were) very proud of in the business we were a little off track in 2018 (we are->were) lower than (*->where) we were in 2017 by design a little bit we took our eye off of working capital to allow things like the american tourister campaign
as a consequence actual results may differ significantly from those expressed in any forwardlooking statements in todays discussion the company does not intend to update any of these forwardlooking statements
what i cant fully map out is where are we going to settle out for the year so i think well be flat to slightly up on margin but im slightly more cautious on the guidance just because were watching kind of what the worlds doing at the moment
thank you ruth and good afternoon to all those listening in today our ongoing focus on diversifying our business model and delivering great products is creating solid market and financial momentum
based on the business environment as we currently see it and as such does include certain risks and uncertainties please refer to our press release and our sec filings for more information on the specific risk factors
as approximately 60 of patients who develop alzheimers disease have at least one of these predisposing disease (alleles->aeals) we havent been surprised by how the alzheimers clinical landscape has played out of late
to wrap up we certainly faced some challenges in the third quarter but id like to emphasize that orbcomm has an aggressive growth plan and we typically have a lot on the table not just this quarter but every quarter
could you talk to that i noticed you flipped very quickly past that slide and secondly youve had a significant increase in the sales growth rate of office over the last 6 weeks
for instance we had a million dollar order that was delayed because an oem changed their installation guidelines late in the process causing us to redesign the electric harness
and we would certainly hope that the capacity or the modernization auctions would not lead to a situation that we artificially prolong the lifetime of the most polluting and the oldest units
and then we started its really in the second half where tariffs started to move in and we started to see sentiment shift a bit and we ended up with growth levels that i would say in the midsingledigit range for the second half (*->im) still very respectable when we think about the headwinds that were seeing
as mentioned last quarter we continue to evaluate incremental investments in our products and pipeline as well as external opportunities to drive growth and maximize shareholder value
the way in which the (glial->glile) cells in the brain handle the subsequent cell (detritus in->detrius and) death and inflammation and thats pretty clear from the genetics
you could also see in our appendix for free cash flow that even after dividends as we lead out into 17 and 18 that we will be free cash flow after dividends
and we continue to believe that biosimilars represent a meaningful growth opportunity for us we look forward to launching amgevita which is our biosimilar to humira internationally later this year
but that will all have to be figured out in the clinic and were just at the first step of trying to understand whether as monotherapy we can see efficacy of the pac1 pathway in the first place
the way to think about it is that (we are->were) focused on testing people before its potentially too late to be able to show disease modification and so
we have had a low level of business with these customers recently for different reasons so we see the impact of this issue as more of a delay in when the business will pick up
ill tell you what were not looking to do is to do large extensive trials where the only thing were relying on are subjective endpoints in that regard so you will see less and less of that and more and more
fundamentally we believe that innovation is the key to alleviating the massive financial burden placed on society by chronic diseases like cancer neurologic disorders and cardiovascular disease
since we did own sls in the first half however and reported a loss during that period just like it does every year i believe the pro forma format will give you a more complete understanding of the business over time
and our discounting (*->and) pricing initiatives we believe our strong q2 results are (*->a) promising indicator that our early efforts are beginning to show results we look forward to sharing more details in coming quarters
they care about the environment and they expect us to care as well we cant simply (pay->play) lip service to their issue to the issue they need to know that we have their back
we remain confident that our newer product launches as well as the medicines advancing through our pipeline will enable us to drive attractive volumedriven growth globally over the long term
into ophthalmology in addition we continue to advance (all the->other) assets and pursue therapeutic adjacencies with scientific promise
most of the softness in brazil and other foreign markets seems to have hit bottom and much of this should be comped out over the next couple of quarters in addition opportunities such as hub group are almost fully deployed
most of the third quarter from our perspective some of the slowdown by the way in both were not related as much to the merger but were related to
in the third quarter in terms of profitability we have continued to narrow the gap with our expectations and we are cautiously optimistic to continue this trend in upcoming quarters
this was achieved on a stable revenue base which was an accomplishment given the runoff of the large project that we called out in prior quarters as well as the impact of changes in the way software and solutions are consumed
financial results reflect our typical first quarter seasonality with sequential declines in originations receivables and revenue which contribute to strong bottom line profitability
and while they leave big shoes to fill im excited about the 2 leaders who are succeeding them and i know sean and tony are committed to working with me and my team to ensure that our new leaders successfully transition into their roles
as you all know succession for this particular role can be very challenging dave is truly ready and just as importantly after 21 years in the industry im ready for a change
what i can tell you were cautiously optimistic on what were seeing both from a pipeline as well as what were hearing from the customers and some of the customers that im visiting with in terms of what theyre looking for
as i mentioned we also saw excellent credit performance from our customers with noticeable improvements in credit quality across our portfolio and chargeoffs in line with our expectations
the administration is focusing on an important topic here which is rebates and the impact that the rebate structure in our industry has on patient affordability so we welcome an opportunity to be able to share
following on the heels of our solid performance in q1 we delivered strong q2 results by executing well across all of our key operating and strategic initiatives
particularly through the nurture study the data that weve generated with spinraza really sets the bar for the degree of efficacy thats really going to define standard of care so we think thats an important
i will speak more in a little while on the changes to revenue recognition and while we look at gross profit as a key metric to track our progress in todays industry landscape we are pleased with our increased gross profit
over the last several months weve also been working with universities landscape architects and environmental consultants to help us better understand the landscape of the future
as i discussed earlier in my comments our accelerated transition to a subscription model will have a nearterm impact on our reported margins as we defer revenue recognition into the future
however in our financing segment we will recognize revenues on the sale of offlease equipment on a gross basis under the new revenue standard which we currently recognize on a net basis
okay understood and then just one quick one if i can squeeze it in you mentioned further optimizing the cost structure what additional steps do you need to take to continue doing that
the better the execution of our strategy the better the execution of our strategy the better the operational customer and economic outcomes for investors and i think (that supports->thats a) smart thing to do
we continue to grow our business to gain additional share in this increasingly important arena as evidenced by the (479->47) growth in sales of security products and services in the fourth quarter
we have targeted during the recent quarters or just slightly above while continuing our investment in (technologies->technology as) planned we also expect lower financial expense next year
we had a number of incomplete (systems->system) shipped which prevented us from recognizing a significant amount of revenue in addition there were shipments that were completed but not delivered and still at the dock in quarters end
on the commercial side of the ais business we recently announced our agreement with global (fishing watch->fishingwatch) to provide data from commercial fishing vessels for its new online technology platform
noted that canadian wireless carriers have established networks that already offer speeds more than 10 megabits per second faster than the average global lte connection
as we diversify and balance risk within our pipeline we will also thoughtfully consider therapeutic adjacencies that synergize with our core and emerging growth areas and where we have existing assets or expertise
so is it fair to say that this is now (toppish->topish) but we have (*->a) lot of work to do in terms of achieving (a->*) 100 gains within the existing (fixed price->fixedprice) projects so how should we look at this
the impact of the slowdown in the oil and gas segment in the prairies is (a->the) primary driver the balance of the year outlook remains optimistic as we execute on our organic sales growth strategies
effectively integrating our acquisitions and building the best team in the business finishmaster delivered strong performance in the quarter both growing organically
in recent quarters (we have->weve) seen a strengthening of demand for our small business products at attractive unit economics leading us to be moderately more assertive in expanding in this space
and im always impressed with what our organization achieves as a team and how this translates into strong results for our customers our investors and the communities that we work in
the recent developments in arbitration dont give us visibility towards the timing of transition of these agreements and therefore we dont believe that providing guidance on the potential benefit is appropriate at this time
debt in very short order is really the key to the financial strength of heico and carlos can get into it a little later but its probably
a stable visionary and longterm political framework for the economy is a prerequisite for european businesses investing in (lowcarbon->low carbon) technologies to remain competitive in the global market and
and on the back of the advertising campaigns and what i would label an amazing array of products (*->in) the american tourister business came back very strongly at 9 and with very good momentum continuing with lots of exciting products continuing to come out
certainly more challenging than the second and third quarter for you is it fair to say that we should maybe see lower growth in the first quarter relative to the full year guide just considering the comparison and (*->maybe)
we closely monitor receivable collections and all efforts to in order to limit credit exposure we have very little loss from credit exposure
as german price has got continuous support from increasing cost of thermal production and at the same time nordic price has been depressed by (wetter->weaker) hydrology the spread is actually pretty high at the moment its
coverage or the scope of ets could be widened so that when it comes to heating it could potentially include also decentralized heating not only district heating and
and so it would indicate that the opportunity to drive home equity business should be pretty good and so were hoping (*->that)
because such statements are based on expectations as to future financial and operating results and are not statements of fact actual results may differ materially from those projected
but generally speaking we pay a fair price and people who are looking for a good home for their businesses who are not concerned with squeezing the last penny
frankly looking forward to taking advantage of some of (the->these) tax benefits that are being (credited to->created through) tax reform so thats part and parcel of it secondarily we have some growth opportunities that were looking into
done sales reviews with (the with->*) our sales folks over the last number of weeks and i can tell you that they feel very good about where were going our product offering the customer acceptance
and as you know we remain available to you to answer other questions or (*->tom) take comments that you may have you know where to reach us at our offices
resulted principally from continued penetration of our customer base with new and existing proprietary parts and the continued success of our component repair (*->business)
especially in this day and age when you see when you read in the press issues that other folks are having and where some tech companies are adding investment is around information security and thats something that (we will->well) always continue to
we also think that our learning process with our zoologic process and our (nervanix->nevanics) can be (in->an) addition into this space as well as people want to get increasingly conversant
we also recorded our first full quarter licensing gain from our china server jv with thatic and improved our balance sheet with cash proceeds from the formation of our atmp joint venture
this is the next step in our process of receiving industry acceptance for (flyhts->flights) technology and intellectual property to meet the industry criteria to satisfy these forthcoming mandates
in the decarbonization when both nuclear and coal is to be shut down in germany so this is the overall logic as we have communicated several times
we believe we are in a unique position with our servicing and origination software solutions and the data hub to help clients meet their strategic objectives
as we were guiding through the year last year we had some anticipations of delivering a little bit of upside there and weve ended up with a little bit of downside partly to do with the trading off that we saw in the back half so (*->when) we look at
and im not guaranteeing it but in my own mind i truly believe it will be very significant that has not been baked into these numbers
and i strongly believe one that they will pass this tax bill of course theres still speculation its my opinion but you will know in a few days if its passed
weve had for over 100 years and we continue to invest there and so this advertisement we tied in with some of this innovation thats coming to market as well and so were very excited about it and were working lots of technology into our bags
is a new product that we now have sold and in the process of implementing (there are->theres) some that (are->arent) live but most are in the process of implementing
and theres a number of them that are being worked on at the moment and getting close theres a number that are close to being implemented at this point
autonomous (distressed->distress) tracking and timely access to (flyht->flight) data requirement so there are companies that are proactively taking product in order to satisfy those mandates
and we want to thank you and both of the (mendelson->metals and) boys who grew up with my daughters for the outstanding job youve done not only for us but for so many other investors in our community
in client mobile apu sales increased for the third straight quarter partially offsetting decreased desktop processor sales led by channel softness in china
(*->yes) well go in any way we can if we get an opportunity to get into a significant lender and the opportunity happens to be initially with
reductions real (emissions->emission) reductions because you are just moving the problem to another place (a->the) long answer but this is a really really central question and these are the reasons why we are definitely in this camp
for eu carbon footprint reduction and it would be perfectly possible to design the ets system in such a way that it delivers pretty ambitious coal
you have done good for a lot of people and we congratulate you wish you a very happy healthy wonderful new year and we will be in touch
that we caused because we knew affordability regulation was going to be damaging and so prior to the regulations for 6 months before we
does that pose (*->a) potential threat to your software business or do you (think youre->figure) even if one of your clients consolidates youre probably also working with the other firm that it might join with
welcome to all of you both those of you who are here with us today (and->at) our headquarters in (espoo->espo) and those of you who are listening online
weve been developing new opportunities for revenues including new product opportunities and methods to introduce new revenue verticals i cannot share the details of these efforts yet
weve recovered a portion of that contract and remain hopeful that we will converge on the remainder in time even so we expect to begin to show growth here next quarter
so generally speaking i would say that theres no reason to think that we wouldnt have a consistent pattern of incremental margins as weve had in the past outside of the eventdriven
were looking forward to the second half of this year with a great deal of enthusiasm (there is->theres) a significant potential for more than one of these strategic opportunities that ive been working that weve been working to bear fruit
if we end up with massive home runs our film costs will be higher if they are made up of singles and doubles then on average the film (costs->cost) will be lower so its largely dependent on the performance of the films
box office performance is secular or just cyclical but if i just look at the full year for this year a lot is certainly riding on the fourth quarter and a lot is riding on the film slate especially star wars
but we also have to be careful as to our best applications of capital and where we deploy them as we move forward between the different new businesses and the exhibition business
page 7 shows the net investment income section of our income statement for the fourth quarter of 2017 compared to our results for the third quarter of 2017 and for the fourth quarter of the prior year
finally as we previously disclosed we expect to update you on the review of our midstream investment ownership alternatives on or before our second quarter 2017 earnings call id now like to turn the call over to bill
theyre definitively true to happen because we still have to do as any biopharmaceutical company does we have to dot our (is->eyes) and cross (our ts->rts) in terms of the feasibility assessment as well as the commercial opportunity (and->*) so but i will tell you
we are evaluating various tax planning opportunities that could result in lower income tax expense for the year however (weve->we have) not completed the analysis and have not therefore updated our assumptions
it is moving in the right direction but it is still fundamentally a different industry its still the midstream space whereas the rest of our investment is in utility so (our->*)
how long did it take to deliver significant synergies in terms of multiple (terms->turns) on ebitda how much were you able to lower the purchase price by and how long did it take
i mean the learning curve was a bit difficult but given that you now had that learning curve is it fair to assume that when you put in new technology now that the learning curve will be much (deeper->steeper)
would you please provide your helium shipments for the september quarter and then also provide a breakdown for what youre seeing for the december quarter please
and were managing those with our customer base tom said where we can were at were trying to get exclusions thats one id like to see another quarter behind us
relative to the numbers (they have->theyve) been disclosing but we cant be completely comfortable because they have a different client base in some cases so we think were doing a very good job managing
(it->*) a few weeks ago (we->you) heard in the media that tesla started asking for some of their partners who (they have->theyve) been working with for some cash back on some projects that they might have done over the last few years that maybe didnt pan out as they expected
as for (sky59->sky 59) you mentioned before that there will be data readout in the third or fourth quarter is it going to be delayed also
to make this bet and there are a number of models that we believe are very relevant to the migraine pathophysiology and in fact we have compared a pacap antibody versus a pac1 antibody in those particular systems
okay got it and just the last one is as we think about eventually prevention data coming from the oral players can you talk about your view on whether those products will compete
distribution and advertising to strengthen our position in the market with the best brands and most innovative products in the mattress industry we are well positioned to improve our customers lives
changes in availability of property financing in italy and if so how will that affect values going forward in your best opinion
and then finally to your question on speaking about pricing we believe its too early to be discussing pricing and we continue to monitor the uptake of the anticgrps and how thats playing out in the payer space
i guess the first question you got asked around some of those lcm activities that you kind of were working through and you werent ready to share them at this time can you at least commit that we will those some of (these->those) activities will start
that would present (a->our) compelling data package in the best possible way to facilitate the fdas filing acceptance review and subsequent approval with a differentiated label
and we also participate in asia through our asian joint venture and our asian joint venture which (*->primary) is (primarily->*) focused in china is doing very well you dont see the consolidated numbers it comes through
we believe that the cost of sales ratio versus sales is not very different between the first quarter and the remaining 3 quarters even with the price revisions this year
the way i describe it is were not resetting our expectations today because we dont know what the cost of capital is going to look like the better part of 9 months from now
and then weve heard from some of the other energy lenders that are involved in the snc business like texas capital is that theres going to be kind of a special (winter->winner)
we very much focus on businesses that are not negatively affected by changes in interest rates we dont tend to do things that are cyclical because quite frankly its
earnings or losses from the change in value of the zeropremium exchangeable subordinated notes or zens securities and the related stocks or the timing effects of marktomarket accounting in the companys energy services business
much of what theyve been doing (and->*) the nature of their contracts have been going down the path of creating less volatility which is one of the objectives we were seeking so in that regard
kind of get announced in your region pretty much every month or so so im just curious kind of are there more of these kind of incremental behind it that could pop up
we expect to continue delivering on pace for the rest of the year with the remainder of the volume on the initial order to be delivered in q1 2017 the dod has also exercised one of their options on the contract
really reinforces the decisions that we made to invest behind that growth this year by feeding by going out and focusing on more new customer activity customer acquisition im sorry
i dont think (hemodialysis->hemodaus) is very profitable and the situation is going to be more difficult does it have a significant impact on your business we assume some impact
(*->and now) i know youve mentioned that (the->*) focus would be on building hvac or cis but is there any technology that your portfolio needs in your opinion on the electric vehicle side
we continue to believe enable is well positioned for success in (our->their) industry turning to slide 9 given our strong start to the year and expected growth in both utility operations and midstream investments
based on the safety of that so in summary before we start some questions in summary the company sees an improving position in private businesses that are (midsized->midsize) with a good management team
there have been 5 cases of death in total for hemlibra including (the->*) 2 cases you mentioned (causality->cosali) with the drug was ruled out in all cases as you suggested
really what were looking for as were doing this is which channels are giving us a higher percentage of new customer acquisition above and beyond our regular investment (space->base)
in q1 they seem to be winding down or ramping down at a slower rate whether thats just the transition or the strength of the market
down in the first quarter were having the impact overall of kind of getting off to a slower start in production (in->and)
we recognize (there is->theres) a lot more work to be done to return amd to sustainable profitability and free cash flow generation
strengthen diversify and grow will continue to drive our decisions i am very excited for the next phase of our strategic initiatives that will build upon the strong base that our teams have created
because we have started up numerous businesses we are showing good agility and (fine tuning->finetuning) our positioning to engage prospects and win market share
but we can see the total market behavior and size and then we plot our own performance against that and as you can see
in canada for the fourth quarter we are in a better position because blade (runner->run) actually overperformed in canada compared to
lets now go to page 16 while the portfolio may be smaller this chart does show a material difference in the composition and diversification of todays portfolio
at cheryls we introduced our new chocolate chip (*->of) brookie a combination (of brownie->browny) and chocolate chip cookie that is already becoming a customer favorite
there are very few places in the industry where you have access to it i think the applications that need it whether youre talking about consumer applications or
i understand that theres some anxiety over the first half and with the languishing stock price and its been a quiet first half in terms of news
these figures represent increases over the same period last year reflecting our commitment to advance the (epti->ft) program and position the company for commercialization
our various business segments continue to implement their strategies which are focused on safely addressing the growing needs of our customers while enhancing financial performance
it will depend on the marketing and distribution scheme so we dont know yet including these issues we are discussing internally right now
those maturing loans are only with swedish banks and we are already looking at these loans and are in discussions
we have stated previously that we believe this increase in direct hardware sales will ultimately improve the revenues in the (software as a service->softwareasaservice) category
or exclusive to truworths quality and fashion are combined in what we call a unique formula and this together with our modern stores
operating margins in the asia pacific region improved significantly as production continues to ramp up in our new chinese manufacturing facility
yield trends have actually remained very favorable especially given the magnitude of growth and the competitive environment in which we operate
which includes our plans to increase investments to take advantage of market conditions and build on the revenue growth momentum we are seeing across all of our business segments
speak only as of the current date and as such involve risks and uncertainties that could cause actual results to differ materially from our current (expectations->expectation)
mortgage finance remained a significant contributor to yearoveryear earnings due to (the->*) market share gains we have accomplished yet again this past year
we will focus on those markets where we have marketleading technology and strong channel access or where there are technology or market drivers that will lead us to success
last year the negative impacts associated with lower production and weaker sales mix and other cost increases all contributed to the decline
these patients average 16 migraines a month thats 4 (a->*) week i mean i think we should just step back and think about if you were suffering from 4 migraines a week
there is a certain structural size dictated by operational functions that flyht must maintain to be a viable entity and a candidate for growth
and identity tends to be skewed towards younger even still younger than that customer who tend to be
so you guys always seem to give us conservative guidance and find a way to beat that guidance so i just wondered if we could get a little bit of a sense
that gap expanded to 40 and since then we have managed to claw back a bit through lots and lots and lots of activity
as a result we recorded a higher tax benefit in q1 a year ago which was subsequently adjusted to the lower rate in the second quarter
thank you for joining us this morning a replay of this call will be available through our website in about 2 hours we hope that you have a great day
slide 9 looks at the investments we have made in business in our business over the last decade through capital expenditures and research and development
phase i study in japan started in february this year i will explain the details for this project later also
it encompasses the entire revamped line of mattresses pillows and adjustable (bases->basis)
and were very very focused on ensuring that were developing platform solutions that can be (leveraged->leverage) across oes across models
compared with the prior year when they were recorded primarily in q2 now breaking down the highlights of our fiscal first quarter
and we expect basically that we will continue to do that for quite some time exactly how much time we dont know but we indicate to you that
this strategy has served us quite well over the last years resulting in a much more diversified portfolio improved financial metrics and increased shareholder value
and look forward to continuing our progress over the coming quarters with that ill turn it back to ruth ruth
and they purchased our product and performed (the->*) integration activities with a third party on their aircraft in order to install and get the
and with some of the new ones that are coming on its difficult to quantify the exact (time line->timeline) of what the rampup would be and what the maximum opportunity would be
(theatre->theater) exhibition is the engine that drives the train it is a social experience which drives the overall success of (a->the) film through its life cycle
thats really not something i could speculate i would only be speculating and i dont think that would be helpful to (you->*)
in the first quarter of 2016 primarily due to the inventory build in support of strong second half revenue
return to (*->the) shareholders are all part of that i do view the opportunity to increase our leverage
and we saw the same things we saw in the fourth quarter in the start of the first quarter in that (tempur->temper) is stronger
on the sales forecast whats more important to this business model rather than the gross sales which i know thats what the streets focused on is where those sales come from
theyre clearly going to close some stores i would suspect that there is some benefit to us in closing stores as
we interviewed many candidates and took our time to make sure that we had the right person in place to drive this business forward for the next decade
reduction efforts as well as continued progress on our productivity and purchasing initiatives partially offset by weaker sales mix
online traffic has lowered considerably amidst the recession while available consumer financing in stores has helped offline performance
the nature of the synergies would not be that dissimilar from deals that weve done in the past i think
i would say its really more (in->of) the montgomery (in->and) that region not cross the river into
with customers looking to us to take on much increased volumes of recurring earthworks (this->*)
similarly on the recovery front our confidence was from the sentiments of the market
so when people have been to the site and (are not->arent) quite in the mood to buy or dont have all the information
touched by the chinese uncertainties where we used to
price increase were recently announced for the beginning of november at this time
moving on to the cost and pricing dynamics during the quarter on the raw (materials->material) side
the basis for this (shareholderfriendly->shale friendly) hedge was that i learned in previous cyclical downturns
in the first half of the year we have taken targeted steps to increase our (front end->frontend) focus
and we have a team of folks focused on it and working on it diligently
we wanted to make sure that customers publish their websites successfully
has been offset by lower interest rates than expected
we see continued improvement as we move through the year we do not believe we are at peak margins
the improved performance was primarily due to actions we have taken to reduce costs across the enterprise
to control recovery i am (a->*) little doubtful that (were->*) there are many more things to learn
and when all those numbers are an (uptick->uptake) it will automatically be higher than the previous year (what->*)
our organic growth steps will continue to contribute nicely to the overall growth picture
rather i call it out as a positive note in what otherwise was a weak quarter
is a very positive step for a small business in their branding program
and europe in general if you look at the numbers over the last couple of years its actually held in there (fairy->fairly) well if you take out russia
excluding the impact of our acquisition of the replacement tire business in japan
are getting customers that dont generate good returns on investment over time so
to reflect the occurrence of events or circumstances which may arise after the date of this call
good morning my name is sean and i will be your conference operator today
our intent is to offset increases in raw materials with price and mix
from a financial perspective (sierra->ciera) has a very strong cash flow and margin profile
the new team in there and sort of the changes theyve made i wondered if you (can->could) expand on that a little bit (and->on) the sort of early momentum
thank you darren and good evening to everyone on the call and thank you for joining us today
further details on the conference will be forthcoming now ill turn the call over to laura
webcom expressly disclaims any obligations or undertaking to release publicly
plus the app investment gives us the tools to continually focus on that metric
(*->a bit) patient we expect to be able to work through these contract negotiations and discussions
primarily due to the timing of projects within the remote control and interactive characters business (segments->segment)
the recalibration of our apparel line was largely completed in the second quarter paving the way
from any of the other events that normally people talk relationship to growth
what does this do for you that they couldnt do with the assets
who will be building up our strategy and corporate development office to accelerate our transformation
(so->sold) directly i would think youd be able to negotiate a price of the product and then
these attributes have driven the financial characteristics we are seeking in our acquisition strategy
free cash flow was negatively impacted by higher working capital required to support our growth
of an inventory of domains and the market has been very interested
in china we have clearly experienced a general slowdown
the transition of manufacturing operations is tracking to our previously announced plans
committed bank debt which does not require us to go to the market second
but (theres->there is) some public announcement on their side that they do (sometime->some time) that you should refer
results benefited from the weaker canadian dollar and reduced fixed (costs->cost)
this will be a very important base in enhancing our supply chain in europe
we would definitely look at something like an asset like that but it (has->would have) to be something with a very long
as expected in a weakening environment late in the period
all of this has contributed to growth and therefore it appears that the other side is (a->*) little lower
over the past 8 years our growth has been driven by innovation and investment
chinese steel production rebounded (in->at) march and has remained above last years (levels->level) since then
our third priority is to continue to evolve our customer and product portfolios
our success in oe gives us a favorable position in the subsequent replacement market
on an operational basis we continue to improve our productivity
and tata is another very strong partner of ours where we are finding
we didnt help customers compare holidays in a way we used to
this obviously implies acceleration of growth of both types of (lending->lenzing) in the second half of the year
because (i->*) if you can confirm if the volatility in the price of tires
this is a testament to the strength of our brand and our team
so as a group (weve->we) set the group up to have the brands that are most known
(its->*) about providers wanting to acquire new customers to grow their business
now let me turn to our third quarter outlook and our overall end market
to announce a downward revision of passenger car and truck markets
these investments continue to be centered around the following 2 key themes first
i continue to believe a path forward exists to address these issues
we want today to refine the guidance
so weve compared notes and known many of the management team for a number of years
in addition we are also in process of signing several new distributors in russia and the cis states
note our first quarter results (have->had) the benefit of reduced taxes related to decembers tax reform
when coupled with a greater generation and recycled material following the end of the summer
we have a call center where sometimes the costs are going to (be->*) end up being like in the case of the (temps->tents)
i expect that we expect that to improve in the third quarter generate positive free cash flow
our storage revenue in the third quarter is projected to be relatively flat
to help maximize our future service revenue and service business potential
and a decline in replacement in line with the overall industry
(us->*) i cant really ask you whether that answers the question
these will be the focal investment areas as (well->*)
i continue to be extremely impressed with the effectiveness of our bankers
in the near term this market weakness will likely continue in europe
i think as much as anything else theres a little bit of mix that goes on there
things havent connected as much as they have in previous years but i think its a cyclical thing
given you some information so that youll be able to refine your calculations and
and therefore even when we were not doing so well that time i was very very
and weve always said we welcome that complexity its actually a good thing for us
between profitability and growth as you certainly recall
excluding a fair value inventory stepup associated with the (sierra->sier) acquisition
(off treatment->offtreatment) viral control was achieved upon further addition of an hbv vaccine in this preclinical model these data are consistent with the hypothesis that management of santigen is a critical element
and run a successful business over the year thats where the (highperformance->high performance) lightweight (recycled->recycle) comes in and it allows us to perform better in some of the best industrial segments versus using
we are also enthusiastic about the conversations we are having with multiple oems we continue to look for opportunities across a variety of product offerings to expand our relationships in the future
in total than we were in the first quarter last year part of that in fact (the->a) big part of it is really turkey and the dumping tariff that has been imposed and just simply how were
and also actual cost value in properly maintaining the equipment before the expensive failures occur and so that few percent on maintenance and that few percent on economic flexibility economic downtime
this product provides dealership management with enhanced visibility and actionable business intelligence on a realtime basis through consolidated reporting and key performance indicators
as defined by the sec we have provided a reconciliation of these measures to the most directly comparable gaap measures in the tables attached to the press release and with that id like to turn the call over to ed for opening remarks ed
theres not going to be 10 winners in this space when we look back theres going to be a few and we plan on being one of them (were going to->we can) look at the computer industry in a similar evolutionary way see what happened as it took off
and if you would turn to slide 3 now this graph which is based on (the->our) 2017 results and is similar to what we showed you last quarter shows our profitability by region it gives you a clear road map of where
now in our (earning deck this->earnings sectors) quarter we are providing you with greater transparency into the profitability and returns of each of our business units that jim touched on similar to what we did on our first quarter call for the total company
to be clear though im looking to build on the progress demonstrated this quarter im asking the team to plan for 5 or so and ill give you an update on that number next quarter
as you can see the 2017 figure came down by about 1 gigawatt during (midyear->the year) reflecting some developer uncertainty in the face of changing tax policy and an uncertain regulatory environment
before i discuss ald1910 id like to review key aspects of eptis clinical data and highlight why we continue to believe its clinical profile is so compelling
grow over time and weve seen a little bit of both here over the past year last year we were underperforming because of some of that exposure (and->*) in the first quarter of this year we were right on top of it so
let me give a little more color on (riegelwood->reaglewood) as mark said we are pleased that the conversion has been completed on time and on budget in the month of april and startup and qualification of the machine has commenced
we are seeing some recovery in orders in 2018 and although it is too early to say for sure we believe the low 2017 order rate represented in part an inventory correction on the part of our predominant customer
when there is a bit of flexibility in the system and we create less value when we try to run everything to its limits and i mean commercial value in our ability to respond to customers run an efficient box network
we invested capital to complete the expansion of our abilene tower plant and to enhance our broader coatings and manufacturing capabilities to reposition us to grow and diversify our heavy fabrications offerings
turning to europe as mark mentioned we recently announced a strategic move to acquire a unique asset that can be converted to very effectively complement our corrugated packaging network in the region
it will also allow us to sell additional products to high net worth clients with sophisticated financial needs the (jarislowsky->jarasofky) fraser platform will be used for expansion across the banks footprint
distribution earns a strong profit selling (to->*) dealers (and->*) dealers (make->get) good profit selling to growers and yet the grower still earns a great profit from the extra crops he produces with the same land and the same fertilizer program
(well->we will) of course take the necessary time to make these changes in how we report to shareholders in order to ensure that this is carried out in a controlled and transparent manner
see if you could help us understand how thats affecting your cost structure right now are you able to pass some of that cost increase through to your customers and then is it
in order to make sure that we have geared our organization and sized our organization appropriate with the uncertain market that we have right now weve undergone a (cost reduction->costreduction) program this year
while we see a potential path to approval for (arb1467->arb16) in combination with currently approved agents we are striving to continue to improve treatment options for (hbv->hpv) patients by developing new combinations
which provides improved performance and scale lower cost and support calls and improved resiliency this upgrade will provide an improved experience for our customers
pursue some other venues like that some of them will probably fall into small cells so the large ones will be das the smaller ones will be small (cell->cells) so we think its a category that
including processing payroll replacing hardware and reestablishing connectivity i am proud of the way our employees have responded in support of our dealers as well as the communities impacted
we remain focused on eptis commercial launch targeted for the first quarter of 2020 and we are confident in the team resources and plans we have in place to ensure that we will go to the market successfully
and weve been working with this company for quite some time (and->in) cooperating and looking at how their product is very synergistic with our data library and our geologic products and services
and another recommitment to the dividend flow out of the business given that its generating significant cash and also if you look at their debt balance their debt has actually come down as well so the financial condition of that business is
strong growth in underwriting and advisory fees and the favorable impact of foreign (pay->*) exchange was more than offset by lower revenue in our fixed income commodities and equities business
the strong business that fits inside what in the aggregate is a somewhat mediocre business because of the lowperforming elements that we still have but its a road map in terms of where were going to allocate more capital to
in digital technology smart automation and process improvement is generating good productivity gains while simultaneously improving the customer experience
content to them so were looking for higher hurdles when it comes to approving new projects and investments license rounds continue to be important for our business they provide a trigger
its important to recognize that partnerships which are a part of our fitness toolkit are already an integral part of our european operations and going forward we expect them to play an even greater role
in terms of the build rate i guess building on the earlier question youre now at (the->a) run rate of somewhere around 3 to 4 trucks per week
the first is to modernize our client proposition so we are going to have a more flexible
i guess you said youre going to be providing some information later on just wondering if you had handy
each of these areas provides us with an opportunity to achieve incremental longterm growth
and offer clients the opportunity to book a full 1hour service at the time of their choosing
our 9month revenue results also reflect the sale of our howard and martin county properties in may
against this backdrop we continue to expand our reach in the international markets
(*->and) our answer would be no we think weve changed our processes and were thinking about our business (in->*) the right way
i dont think its changed our view and so what we have to do is
and leave a greater proportion of that money in the trust until the point where we perform (a->the) funeral
the second aspect of modernizing the client proposition is to break out our pricing
lower than the average for q4 16 and should continue that downward trend through the remainder of the year
in summary a bad quarter but hardly a trend our technology is setting new standards
this does conclude todays conference thank you for your participation you may now disconnect
to earn greater returns on capital than one might have otherwise earned in a normal environment
we believe that our next increase may be at the higher end of our annual distribution growth target
and the need for utilities to have flexibility and the demands that (they have->theyve) put on that
we did in fact have a record black friday itself but we had a very strong black friday trading period
there are changes in consumer behavior and our competitive environment and we need to respond to those
as i noted on the last call while we expect our datarelated revenue to be small this year
of (sort of->*) segregating those assets out in a way that focuses more
okay and then just going back to the (gardendale->gardale) properties i know
and we are now operating that panel at normal production levels
that are also cyclical businesses we believe we (*->are on) in the next up cycle for coal
at our other (four->4) longwalls when conditions turn out to be more challenged than anticipated
i cant say enough good things about their drive and their focus both in the field and in corporate offices
and a financial standpoint when one takes into consideration the environment in which were operating
we are pleased with the numerous (high quality->highquality) opportunities we have to expand our various operating groups
as we enter 2016 with the tools we need to continue execution of our strategy
which we are very happy to announce as this was ahead of our expectation for this year
our track record and our capital management framework (is your->gives you a) clear guide as to how we think about
some of our growing impressive film titles that you can really immerse yourself into and thats just one
well be looking to reduce the amount of marketing allowance we take out of
whats your sense of how investors are reacting like do you expect them to pull back for a while or
we do continue and were making progress on some other tax initiatives as well
are an increase in value that was defined
the last aspect of modernizing our client proposition is the brand and ive already talked about this
of a spotlight on how they stand on their own as opposed to how they stand
primarily in the digital space the second aspect is to simplify our operating model
weve put up or we will put up a series of videos which cover both
revisited all the time and maybe you could (ask->answer) the same give the similar answer on your warranty
declining inventory levels at power plants steady natural gas prices
there is no issue when you have an opportunity to educate and communicate effectively
lets start with a look at where we stand relative to the guidance we issued earlier this year
we have dealt and been dealing with our liquidity situation i think that those
and we have enough subscribers in the different territories today that we can have a real global hit
and once things settle down we would expect the limited to be a smaller percentage of the whole
earlier this year and we are now going through those and you will see result out of that
and theres a lot of evidence so if youre advertising through traditional media
okay got it and then the second question has to do with the margins that youre getting on exports
we will continue to improve our own efficiency but we will have
we have also included a slide in our investor deck to summarize our progress on this metric
while the country is experiencing political turmoil and a severe economic downturn
we do not undertake any obligations of updating any forwardlooking statements for future events or otherwise
more than (these->this) at this time of negotiation it would not be (advisable->advisible) to
come across some things that are we think (could->would) be strategically attractive to us
back to (historictype->historic type) levels then you would expect to see a normalization in that tax rate
so that there will be a fully flexible full funeral service from a much lower price point
so if we then turn in terms of operational performance and looking at the funeral business first
as i said earlier on the overarching theme here is cohesion
that many of those unlimited users are actually on the network (and->in) driving usage
that we are indeed a software company our future is no longer simply selling wifi
has the opportunity to deliver significant value to our shareholders in the coming years
we also began the process to transition out of our west point mississippi facility
(*->a) reduction in our funeral volumes and our objective has to be to stabilize (that->*)
you have to have the advertisers on your side in order to deliver
and we spent i would say a good part of our meeting discussing security
and i think this is exactly what has been described
(but->where) weve worked that down to about 2 a month and thats been based on a lot of attention
and that process is ongoing which at this time is all we can say about that subject
we will be making some changes which ill come on to in terms of the level of marketing allowances
fair to say that maybe theres a bias towards keeping this rig to work in the delaware after the forward program or
as they look forward right they still point back to their valuations the year before
affected the calculation of the quarterly and full year adjusted effective tax rates
were beginning to see some folks thinking about the potential upside
the next country they roll in maybe 2 months later has (a->*) term on top of that so
and then ill take over again to talk through the transformation plan that we have for our business
and there are practices going on in terms of how plans are sold or how the capital is looked after
thank you (kristen->kirsten) we said this would be a difficult quarter and it was
has been in line with the assumptions we took at the end of july
we should remember that the project is based on dollar
we have a natural staff turnover in that division of between 15 and 20 per annum
associated with the difference in cash flows over the remainder of our lease term
so our response to that is threefold number one we have to be the (best->bestinclass) in (class in->*) the digital world
and we think we could be great partners with local public broadcasters and networks around the world
but weve been able in the past to pretty much run our other (four->4) longwalls harder
our capital spending through the first 9 months of the year is well within our operating cash flow
good growth in sales driven by extending the ranges quite a lot
so were seeing some categories (are->of) stronger than others but thats always the case
we do not expect revenues in this category in the third quarter based on the forecast that we have received and projected
with that information i just gave you but as were sitting here right now those numbers from our standpoint are pretty good ones
and as i look at heico i see a snowball of cash thats why we are in business
and to remind those of you who still have not signed up that there is still time to sign up during this week
that will run for a year and when that year is up that will be a pretty nice kick
segment begins to be a larger portion of the overall business basically
agreement where most of the opposition parties also supported it and the whole purpose of that agreement was to
emission reductions and as i just said we are calling for more ambitious targets
but everything that we can achieve for the tumi margin from kind of initiatives weve achieved and were very very happy with where we ended up (its->as)
is becoming more of a focal point for differentiating providers during the rfp process
in fiscal 16 the increases were principally due to higher interest rates
weve invested in marketing and we continue to invest in marketing we think its one of our scale advantages for this business so well continue to spend advertising
and thats what allows our accountants and our operations personnel to have the best tools to be able to
china is installing similar systems which of course is very good and already if we were able to get
and (then samsonite->in samsonut) youll actually start to see here a mix (*->and) weve been guiding you on this a mix of very good luggage products but a lot of products
part of the capital recycling strategy as we call it where the idea is to be able to continuously invest in new
(*->to) be more specific because we saw some movement that was out of our control this time i mean as far as
as we (delved->go) deeper into our business model one of the items we discussed was at the time of the road show
already taken already (placed->place) to take (the->their) product sooner than later and for new companies to place orders
but in office specifically theres a big difference in the first and second half and we expect that
moving on to diluted earnings per share consolidated net income
for retaining and rewarding our employees as they support the company in executing our longterm goal
upsell them on several of our other products and services and also were doing a little bit better with synergies than we had originally
our alternative assets business in particular has seen (an->*) impressive growth and it now has (an->*) even more opportunity
and some very good subsidiary brands many of which have recorded excellent growth this year
decision processes either on market share opportunities for you guys or
our offering to our customers more quickly more efficiently than any of our competitors so
pressures that were seeing that are navigating into the first quarter we still are very optimistic for the full year
the classical source of abatement is to switch gas in front of coal in the merit order
and that also helped us because of our focus on the top
the enhanced regulatory environment and the need for an integrated software and data solution
okay and just a couple of quick ones for eric and victor on the margins
the investments we made over the last 3 years to connect all of our products and to build the data hub
there are reasons that flight support and this is very interesting the shareholders on this call
of course as a happy shareholder and seeing that you have done so well and then have taken
between german and nordic system price has increased clearly during q3 as you can see in the graph
but we think software is the underpinning of all of what we do
good morning my name is nan and i will be your conference operator today
their current form 10q and other reports filed (or->*) with or furnished to the securities and exchange commission
its just the i guess the there is a limit in our business
all represent record results driven principally by continued organic growth
but this was a natural process already for us china is becoming more expensive and so weve been naturally looking at the mix of our
the key to the turns of ebitda is how quickly we pay it down
know that theres going to be much of an impact on the tax reform i will tell you this that we do have competition on
and this is what we are focusing on right now to making sure that those checkpoints would lead to ambitious results
were because we are interested in the bottom line the only thing that makes
so here are some components that you can think through but the reality is that there are a lot of moving components
are always keeping our eyes open for both investment and (others->other) structural opportunities but we
and its just interesting that your platform seems to be strengthening and actually accelerating as this (higher margin->highermargin)
but as you know we have agreed with uniper not to comment on any specifics
(if->its) what youre getting to is some of the talk about some of the large airframers starting to
a matter of when but rather how its not a matter of whether but rather how and when
if you raise your hand i will give you a microphone and then please state your name
(and->*) transaction last year which impacted both the acquisition and divestment of shares so you can see the
we targeted a sum that was necessary to reinforce (a->the) strategic initiative which we have been working on
(*->we) will open up the overall strategy a little bit more and there we will also be talking about the role of recycling
please refer to the cautionary statements in todays earnings press release and cfo commentary for more information
to make a finer point on the evolution of the top banks decisionmaking process
and our stores are unique in that respect we do not operate big boxes at the end of malls
we have continued our normal business because our dependence on the debt market has been
would hope that when the csa system in russia is further developed that this system would be
more traditional organized business where he has individual units within
thank you very much and good morning to everyone on the call
we have not seen or heard anything that would put that agreement in jeopardy
next slide american tourister has had a fantastic year and i think has now
thank you for participating and have a pleasant day
and furthermore these estimates exclude any additional acquired
and i think if you look back in the fourth quarter of last year we had a lot of very good things bunched up
stage 3 has moved up so if i just add the 2 that doesnt really match exactly with what the
getting to the numbers im going to go very quickly through these because im talking to people who are analytical
that we expect our businesses we would like to keep diversification
and then taking into account your recent 30 increase in credit capacity
and then we had a small amount of currency currency wasnt so impactful to the reported sales for this year
exploring all the sensible combination ideas that might be out there in alzheimers given all the frustration that the (industry has->industrys) had with single product trials
a new heavy equipment oem and a government opportunity and were working through the contract process we believe these customers will lead to tens of thousands of deployments over the next year
so our business as we have said before continues to be a robust very diversified business with 3 very strong brands
many of our products now contain sustainable materials we launched our first range made up entirely of recycled materials we are focusing very much
now moving on to the balance sheet and cash flow our financial position and forecasted cash flow remain extremely strong
allows operators to overcome constraints on densification by mitigating interference to allow more links that use the same frequency to (coexist->coexiate) close to each other
this reflects our commitment to identifying opportunities to improve affordability and access for patients while there is no simple fixes we want to be part of the solution
finest banking group that exist (on earth->under) the best strongest and best banks in america are participating in that group
all of these are the best theyve ever been not to mention the relationships i have based on mutual trust and respect with (you bob->youbob) and many other amgen leaders and staff
thats why we are saying that it is marketbased as long as we would be able to minimize the overlapping decisions by countries or that in any case
we believe our simple consistent strategy of compounding cash through focusing on new product development new services
this was largely due to a tough comp as we did not experience the typical tax seasonality in 2018 which resulted in much (higher than expected->higherthanexpected) originations last year
that will be one of the first times you see our tv commercial air as part of our sponsorship we are going to get exclusive commercials during that show so the more successful that show is the more viewers will see our ad
we are having a good amount of success and a growing amount of success selling the iot platform through channels other than the ptc direct sales force
i dont anticipate as (airframers->air framers) try to get into some of the markets that were in for there to be an impact on our business i think that
we stand by them and we will provide them funding no matter what the cost is and we have also decided to pass on the cost of the increase in funds on the first lending that we do
we have nearly 100 active engineering and design projects we are on a path to reducing (costs->cost) through both product redesign initiatives and the movement to a new contract manufacturer
please note that this event is being recorded and a replay will be available after the webcast on our website
one of our customers had some technical issues with the implementation which delayed its internal processes and caused our collection from this customer to be lower than expected
separately oklahoma just passed a new installment lending bill which will open up a nice new product opportunity for us there when it takes effect next year
and so its not that (touchpoint->touch point) didnt work out we were unhappy its just in order to scale up and launch a new commercial business model thats differentiating and putting patients on drug quickly required a different mindset
you define that what is the annual volume of emission rights that are auctioned and then that volume is every year driven down by this linear reduction factor
turning to our proposed acquisition of nightstar therapeutics we are extremely excited about the opportunity to join forces with this talented team of drug developers
as we have said several times our opinion is that when it comes to policy instruments carbon pricing should be the key for reaching carbon neutrality
efficient marketing and operating leverage in our scalable online model contributed to our ability to generate record quarterly levels of profit while meeting customer demand
(*->well) sheila this is carlos so the limitations as currently proposed by both the senate and the congress (of->with) their committee consensus
sorry and the third was really getting ready to accelerate our growth in a way in terms of partnerships with third parties where people with diabetes are going for information
we do not give out power price forecast so thats why we (did->do) not give out spread (forecasts->forecast) either there are certain factors that are supporting prices getting closer to each other
generation which of course was the division that was heavily in this quarter impacted by low hydro production this was clearly
any forwardlooking statements that we make on this call are based on assumptions as of today and we undertake no obligation to update these statements as a result of new information or future events
so i do not plan to incur additional expense associated with external consultants at this time lastly we remain focused on taking control of our revenue cycle
now moving on to our results were pleased with our second quarter as we believe the results represent good progress on the initiatives that (were->we) that were discussed
to deliver margins that are now at the zones that weve anticipated when we acquired tumi and our overall core business did an excellent job of maintaining margins when you think about the growth
im very very proud of the team (and->in) all areas of our aftermarket for hitting those numbers because this was not a year where we had any special
in the fourth quarter of fiscal 16 our management team continues to have a laser focus on cash flow generation
the momentum within the banner at the end of the quarter was encouraging and was partially supported by some level of price investment which we made in some regions
would it be reasonable to expect for black knight to recognize that revenue and maybe some color (around->on) the types of delays and whats causing the delays im just trying to
and we have a large amount of excess cash following tax reform and we are committed to return excess cash through time to shareholders so
were obviously seeing the scripts but we dont really have a good idea of the translation of those scripts for free drug into revenue so i dont know if youre
record results driven principally by the impact of our fiscal 17 and 16 successful acquisitions
and these are partially offset by lower effective state tax rate in fiscal 16 due to the amendment of certain state tax returns in prior year
and can you give us an idea of that mix of services in your business or perhaps if you cant give that much detail just how thats changed over the last couple of years
turning to the outlook for the business for 2018 on page 8 we remain on track with our plans to continue investing in our pipeline
(and->calvinas) whos actually here (are->*) saying okay now that the brands establishing itself we need to make sure that what were selling with american tourister the margin profile improves because we know that it can improve as the brand
on a companywide basis income attributable to controlling interest from continuing operations
the california legislature is once again considering a number of bills dealing with consumer credit
and we now have the opportunity and the obligation to rebound
our priority remains reaching the large population of highrisk cardiovascular patients
our cfo david meline will then review our financial results for the second quarter in some detail
and thats something that well continue to do moving forward and if one of those big opportunities comes up
we have consistently supported good regulations based on facts that help consumers
ensuring that we can have customer service excellence and drive strong operational loading
the kind of powering of trials in a way where were looking for big effects and looking for them early
we also made the strategic decision to advance and bring to market a broad biosimilar portfolio
dave has joined us on the call and hell have an opportunity to say a few words a little later this afternoon
(just->*) a chunk of money (out of->on) a bunch of smaller deals i guess is the first piece of what im trying to understand
the following slide provides you with more details on the margin evolution in southeastern europe
and just look at whats there and i think that we
we (will->*) remain committed to enhancing our solutions and services while expanding our overall footprint
do i think it (helped->help) the margins yes without a doubt the hard thing to tell you about the margins going forward though is
because of the fact that we do control our direct sales channel so were able to get that message
it could be some time before these operators can come to new resolutions (to->*) how they proceed internally
let me give you a few examples of some of the newer medicines that (we are->were) seeing driving our growth
that could cause our actual results to differ materially from the projections described in todays discussion
(*->so) i wouldnt read our ongoing repurchase activities to be anything other than
importantly we continue to progress our clinical programs in lupus and idiopathic pulmonary fibrosis
as a reminder our royalty rate on sales of (ocrevus->orkrevis) resets at the beginning of every calendar year
we are busy working through these requests and expect to see the prescriptions coming through over the coming weeks
and drive integration success so thats one of to me one of the highlights of what were doing strategically today
the question becomes the modality that you go after it with as i mentioned were
this growth demonstrates the benefit of our investments in delivering high valueadded services
community that we cover thats a bit competitively sensitive to us
that is the promise of (innovations->innovation) spawned from creative ideas and risks at the forefront
we have and will continue to work to expand access to repatha globally
so when we look at our (fullyear->full year) guidance all of us have a high degree of confidence
the dividend so (kind of just->*) can you give us an update on where you stand there and what the outlook is
that can be upgraded or refreshed up to this cat 9k series so theres a nice opportunity there
and this just reflects the volatility that is present in the segment
speaking of being leaders i want to spend a few moments explaining our announcement last month
to recapitalize that business in europe under the existing deal structure that we had talked about
and roughly half has come through automation and other core operating
gross profit on the other hand should continue to be a good indicator of our success and performance
we also (learn->learned) from them as they discuss their problems pain points and future needs
so its about both and it gives us a lot of confidence for the future
build on our strength as the leader technologically and geographical spread
on slide 10 we provide you with (a->the) revenue evolution in southeastern europe
and then related to that i mean obviously you guys have learned a lot from the sma launch in the orphan space
several states are currently considering a (ban->band) on neonics for consumer use
while were studying a genetically defined population its a large and representative one
the conservatism and the variable comp that would offset it but are you basically saying
the remaining 16 is attributed to certain smaller client types that we classify as other
all sorts of deployment issues that they had around
you will see more and more (*->of) that this is what we try to do across the board but youll see more and more of that that means
going directly into combination without having demonstrated some
and then on biosimilar pricing dynamics in the eu can you give us a sense of what youre seeing right now
i think thats a more efficient model than using a direct sales force to land the first transaction
(vat->*) a positive economic climate and by the success of our commercial strategy
it is the incubator of future (spinrazas->spinrazes) and solutions for patients and families that change medicine
ridiculously cheap fares (like->linked) to the states every now and then that come out with
the key is being able to integrate those businesses successfully capture the benefits
on the uplink as well as the downlink and all sorts of future (for->*) home services
but im going to tell you right now dont expect that we are going to do something
but equally investing in the online journey and making sure the whole thing nets together
turning to the financial results on page 6 of the slide deck
because i think we told you guys that we probably would have had to reinject cash
its worth adding that its difficult to define what is a normal level of business from india
was wondering what percent of lives now have the eased utilization management criteria
so there (was->were) some very large established customers who converted
perhaps than it has been in the past can you speak to that am i hearing it correct and also
the other thing in terms of thinking about the market is that
but we also believe that nowadays we are able to mitigate some of them
new things and were hungry for knowledge now because weve got different attitude than we had for decades
and we are clearly leaning into the marketing i think over the last couple (of->*) years the big
thank you for your time today i will now turn the call back over to mark mark
that needs to be validated in humans through this experiment
our intention is to use it for the next year until we anniversary the (trugreen->truegreen) joint venture
which we will have implemented in 53 stores by mid of november
and together address serious genetic causes of blindness for which there have been no treatment options
we continually monitor the marginal and portfolio economics across our products and vintages
ill now review our financial performance for the first quarter (of->*) 2019 starting with revenues
overall the credit performance of the portfolio is stable and in line with our expectations
in the offering in a simple and easy way to digest it
the bad news is that it didnt really change the data set for (the->*)
this dynamic is likely to persist as we aggressively drive our subscription model
during the first quarter of 2019 total operating expenses including marketing
and we did that at (the gh headquarters->ghars) in santa rosa
we could have tried to chase it down and overpaid but thats not what were in the business of doing so
so while its early days for navigate given the relatively low
also with shifts in the types of technologies and a lot of the stuff that we are doing
were now going through region by region because remember we are a very regionalized
(*->our) next question comes from olivia tong with bank of america
i think for water quality is one of the most important
now i will address (tecfidera->techfidera) intellectual property
i think that at the moment the portfolio has more programs that are in the latter stages of their model (lives->lifes) than new programs coming on
and also the first half of 2017 as discussed earlier the third quarter decline resulted from the poor results in august and 1 month does not equate to a systemic decline
there we could also show that our strategy and positioning (agent is->atent as) one of the technology leaders in the interconnect industry (is->*)
(*->the) part of the reason why we have the higher selling and marketing expenses growth that is because in the (*->summer term) that is a very important time for the students
develop great products that improve customers lives clearly communicate the benefit of these products and then make these products available in whichever channel the consumer wants to purchase them
we feel that several features of our business model distinguish us from our peers which in our opinion makes us a sustainable longterm
it is critical to maintain our brand position as the leader in the premium bedding market and drive traffic to our retail partners so we have continued to increase our overall advertising spend despite a lower sales base
we benefited from increased customer count and throughput primarily related to the acquisitions of atmos energy marketing or aem and (to->*) the energy services business of continuum
were setting up the company for long term if we look at (the->*) reported results (were->you will be) very pleased to report that our reported results with profit for the year
we do each year create a strategic plan that attempts to align our current environment and our current performance with what our business philosophy determines
although there were no changes to the fair value of our (0 value->zerovalue) legacy energy investments i want to provide an update on castex and our atp limited term royalty interest
and expanded hard good offerings from (glassware->glass wear) and ceramics to balloons (in->and) baskets that leverage bloomnets scale to provide competitive pricing and help our (florists->floris) improve their profitability
as you look out i know its difficult to predict but i think in order for the market to start to side with the (*->bulls) and think that this is not a secular trend
so in the past we have been reporting that this kind of business was more or less flat in the outlook but due to technical changes which i will refer to later on in the presentation
yes theres a little bit of learning curve but we really did (a->*) great improvement as expected but we are going very fast (and->in) improving the process there
so again despite the challenging environment cvc had a growth in all financial metrics both in the second quarter of 2016 as well as in the first half of this year
we have seen an improvement in the performance of bookings in the second quarter there has been a strong (acceleration->deceleration) when compared to the first quarter
subject to a number of specific provisions relating to pediatric therapy reimbursement oci has started to see the benefit of the rate restoration and management continues to address its cost base and (reduced->reduce) visit volumes
i would tell you that our used equipment is actually down some (a->*) little lower than normal in brazil and the new equipment is up a little from where it is normally
we continue to work through negotiations which have gone well and based on our current information we are expecting it will be resolved in 2018 without any negative financial impact
and mark just (to remind you->a reminder) that part of the increase that we saw in marketing spending in the first quarter was the change in accounting and the expensing the immediate expensing of catalogs in the first quarter
if we found something that had a high return on invested capital we would think about it more aggressively but we havent seen anything but assuming that the business doesnt need the cash flow and assuming theres not
this was in line with our expectations and in terms of product mix was primarily related to the timing of certain wholesale gift baskets and the food of the month club (shipments->shipment) that chris mentioned in his remarks
the market requirements the market needs and the technology development is there and as we always have been (saying->stating) we dont want to do more of the same we want to participate in
in summary both businesses are perfectly positioned for accelerated growth as we sit at the forefront of new opportunities to monetize future mobility and propulsion solutions
both new and existing customers continue to be attracted to the strength of the brand because of our focus on truly original products designed for a broad range of (every day->everyday) and holiday occasions
and we are working closely with our studio partners to whatever ends up happening to be in a situation where its a winwin for both of us
our international segment continues to represent a significant growth opportunity for us as there remains a lot of white space for us to further penetrate many of the worlds fastestgrowing markets
as far as just the normal (give and take->giveanddaq) in the marketplace between customers i think were doing very well in gaining placement just overall in the marketplace based on my
in the coming days okay i dont want to put anything i dont want to make you not comply with the rules im sorry about that and
now weve spoken before about the length of time it takes to get qualified and so thats one issue and then of course when you get qualified you typically get commercialized into sort of slower or lower (volumes->volume)
engage with another brand which is nice when we see customers (engaged->engage) with another brand what we are seeing is that theyre finding that product to resonate for a different occasion for a different recipient
please be advised that this conference call will contain statements that are forwardlooking and subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated
our awareness of what youve seen at the theaters what you havent seen and we can basically send you notifications that you didnt come to the theater and this movie (has->is) now
we have a very strong track record which also comes with a healthy level of followon investment opportunities as we have experienced in the prior quarters
we do still have a few very large customers and so a lot of those customers are quite small and some of them will grow but the changing paradigm of that business
look through that i would recommend that you look more at (what->whats) happened for the full year and as we pointed out the market was down modestly for the full year
so its not an active strategy to stay away from those areas its just you have better things to do with your time and money than to chase after acquisitions before you fully integrate all the (biz is it->businesses)
what marketing and distribution scheme are you considering as an option right now itagaki speaking both chugai and roche have presence in china
are generally not affected by the tariffs because of the shortterm contracts where we can move quickly to adjust prices these are clearly benefits of having (an->*) improved diversification of our end markets
since first quarter results are not affected by the price revision you are suggesting the cost ratio should be lower or in other words the profit margin should be higher
we do think that the extensive experience weve gained in development over time in als has significantly enhanced our ability to conduct and execute these trials efficiently
which is all on top of the fact that a lot of patients live (far from a->pharma) hospital and have a problem to come back the next day when they are suffering from the side effects of highdose chemo
these forwardlooking statements are subject to a number of known and unknown risks which are described in headings such as risk factors in the companys form 10k filing
and you understood the value of longterm investing and we could not be happier having you as a shareholder
for medicare patients the data is so discouraging that they dont even track patients that are below 7 the problem
when you look at weekly data that i (know->notice) comes out there online thats an early view its not a full data set you have to wait for the monthly data which on average is going to be higher than the weekly data and so this is a true
just highlight some of the key things in q4 and then just tell you where were going (year to date->yeartodate) and what to expect in terms of the last few weeks of launch as you see the prescriptions come out
like many businesses we are continuing to put real emphasis on our efforts to be a greener and more sustainable business
to alternative investment managers this acquisition enhances our presence in asia pacific with clients and offices in singapore and hong kong as well as london new york and minneapolis
and in addition to that if we really want to go to complete carbon neutrality by 2050 most likely we will also need market mechanisms
this is not automatic its not the type of thing where we can just close our eyes and come in tomorrow and anticipate the business will grow it is extremely hard
in origination software we have begun to see increased interest in our loan origination software solutions from the top 10 banks specifically
thats a hell of a nice benefit to heico i dont want to say a whole lot more than that because as you know these things are changing every hour but from a macro perspective
the risks and uncertainties that forwardlooking statements are subject to include but are not limited to the risks and other factors detailed in our press release issued earlier today
were pretty excited about that and we continue to not only acquire new clients but on renewals to add other products at black knight
of course its impossible to predict what the future will bring but at least we have not seen or heard anything that would risk this agreement
the beauty of that system is that it directs the efforts to places where you get the most (cost efficient->costefficient) co2 reduction
(in->you probably) many of you probably have seen some of the products that were starting to work recycled materials into and i would say were starting to scratch the surface here theres a lot we can do and as the leaders in innovation
data from these studies will be presented at future medical meetings to advance the fields understanding of the neurobiology of alzheimers disease and help guide ongoing research
(*->in) light of the increasing convergence among asset owners and (*->the) types of asset classes they invest in this change will allow us to bring even more resources to the very important insurance market
with that came some challenges and we just didnt have enough time to get the right things done in the right way and thats why we really didnt scale up as fast as we wanted
our own safety track record is on a very good level when it comes to own personnel its excellent when it comes to contractor that is the area that we are working on
(in q1->*) just because of the way that customer is managing kind of the uncertainty in buying which is not unusual for (a->*) us business weve seen it in the past that weve had quarters that are a little down and then the next quarter pops up
in closing black knight continues to see significant momentum as we execute on our growth strategies of winning new clients in existing markets
and then just lastly any changes in the opex expectations for next quarter or beyond
will address this potential gap we are very pleased with our portfolio we are very pleased with our performance we do not intend to stop here
in full year net sales and in full year net income over fiscal 17 levels
we launched the campaigns for american tourister at the beginning of last year and (youve->you) got the natural effect that you would anticipate so part of the real big strength (of->*)
how much flexibility do you think there is on spending and just im not asking for a number but just qualitatively how are you thinking about profitability versus investing in these opportunities next year
you think the overall cost growth will be in the first half for australia (it->*) sounds like it will be very low and secondly what benefits that youll
higher amortization expense of intangible assets and depreciation expense attributable to fiscal 17 and 16 acquisitions
we would like to thank all of our banking partners for their continued support and confidence in heico and our management team
probably unlikely ever target that in your guidance number but any reason to believe qualitatively as some of these products have incubated and maybe
and remain pleased with the returns were generating on our originations net chargeoffs as a percentage of average combined loan and finance receivables increased in the first quarter
manage that fairly well it has to do with mix of business so (*->as) some of the retail stores came down and the comp stores came down and those margins tend to be a little bit higher
is theyre all looking to improve profitability in their origination business
negotiations with payers are progressing well and we have successfully completed contracts to obtain coverage for just under 30 of lives already
as i said theres a number of opportunities that we have closed or believe we are on a path to closing many of these could be quite large and (weve->we have) not discussed them publicly to date
as (we have->weve) described in the past we typically see gross profit margin in the upper end of our guidance range during the first quarter of the year as we experience seasonally lower growth
we implemented our beta product with a client recently and that (went->one) well and we recently just signed on another client
that are commercially insured is if you dont get coverage in the first 5 days that were processing reimbursement we will ship you free goods from (mannkind cares on a->manton carolina) titration box to get you started
and where you have competition do you see the tax reform maybe accelerating the price aggressiveness between you and your competitors
and then we are of course whatever our voice is worth we are discussing with the right people about possibilities to extend the system both
building on our decades of leadership in nephrology (we are->were) seeing strong early adoption of parsabiv which is the first new treatment in more than a decade
we have fairly strong relationships with our customers and we have continued to work hard to maintain and to expand those good relationships yes
would it be unreasonable for me to try to size or to ask you if youre looking at things that are larger than anything youve done historically
we have no significant debt maturities until fiscal 23 we plan to use our financial strength and flexibility to aggressively pursue
yes you were there at the beginning and ive always said you have a brilliant mind as a scientist and as an investor
as weve said were expecting binding bids towards the middle of this year and that is also an important consideration for us and so were looking to see how that (turns->firms) up
contributing our business to the jv not only is a path to future growth but also the best way to drive our shareholder value
full service its not the prestige names youll slowly see dignity begin to make more of an appearance in these places very slowly
and happy for them when they win but in general what we want to do is try to make great content elevate it to the right audience in the most efficient way possible so we (could->can) do more of it
the parties in the new fund (or->*) to write additional direct (co invest->coinvest) checks that have been helpful in some of the acquisitions that (you have->youve) done to date
i think still and ill give you the example of browse when we announced browse we took the feed
so with that let me thank everyone for participating in the call thank you eric for conducting it and look forward to talking with you all soon
got it let me sneak one last one in and then ill be done (i->at) promise when you think about pricing and what your average realized price could look like
(*->so) the first thing is a more flexible way of dealing with our clients so we know from our research that clients want choice flexibility
in terms of what the business model looks like there what you can charge for and can (you->*) maybe provide a little bit (*->of) color about how that will evolve over the next several quarters
it seems like competition is the issue there so can you just give a little bit more color on where youre seeing the increased competition (im->*)
securing approval for our coal to be used in an african industrial market that typically has been dominated by south african suppliers
the (peat->peak) deals and i understand the strategic nature of the latter but can you talk a little bit more specifically about directionally where youre going are these
id like to take a minute to touch on our business in china where we had another strong quarter as volume increased more than 20 versus the prior year
earlier they are in a low level so that they havent come back but holding up to (the->a) level as they are today and the spares have been
while many (question->questioned) the wisdom of this 2 years ago today as carriers are beginning to offer unlimited cellular data plans
before we start we want to emphasize that some of the information and statements (youll->you will) be hearing during our (current->*) discussions today will include forwardlooking statements
if you look (at->*) the other side of bailey mine we have (*->a) 10 years permitted out over there so i dont see permitting being an issue for us again
as our talks progressed it became clear our business was outperforming others in the industry to a greater extent than we had realized
they manage it pretty well however we do run into (some times->sometimes) that slows us down a little bit more than anticipated so we have that in our forecast
potentially (postponement->performing) on top of that is there any reason that i shouldnt expect it to flow through in a similar way to (the->*) q4 last year so
much better weather in july and august than we received we got very mild weather and those contracts did not perform as well
so were expecting some significant property disposals in many cases some of these locations have alternative use (in->*) theyre in residential areas and have residential use
and how easy perhaps or undemanding does the may and june comp get and im trying to kind of just ascertain
(it->that) says we think given our calls for regulation and (pass->part of) that call being around the need to ensure customers money is protected
i think the most immediate opportunity to improve working capital (is->as) a result of some of the restructuring is evident in inventory
that we can segregate to send to different marketplaces this past year we didnt have that same availability we had a little bit more high sulfur
consistency around it we wont be able to go to a complete national pricing overnight because some of our locations just arent in the right place but you will see
which last year we had no unscripted original programming on netflix and this year about half of our weighted watching of unscripted programming are netflix originals
weve talked about them before the first one is phones have become more expensive therefore and the technological improvements have become more marginal
good morning my name is carol and i will be your conference operator today
weve discussed that in the past where we have contracts where we partner with our customer in terms of generation and power pricing
so i can only see benefits in unbundling theres a degree of uncertainty as to where will the average income settle out and over a period of time
they still have to invest in their plants to maintain them but where they can theyll tend to (just->*) slim the projects down or push them out
and again we provide a really useful and valuable service to those networks how do we talk to them about reimagining together the new world which addresses
these benefits were partially offset by the impact of lower volume and unfavorable foreign currency exchange
but we told you back in december our real focus would be project focus which is all about putting the company on the right trajectory for the next several years
these improvements are being made without a great deal of planning since the deal wasnt done until after the start of the season
this call is being broadcast at (investoripasscom->investorpasscom) and a replay will be available on the website until the next earnings call
our insurance providers have reimbursed us for the vast majority of the costs we incurred last year (so->though) we still expect additional dollars from them later in this year
our emea business delivered solid performance in the first quarter of 2016 we are very confident in our team
putting them in writing reaffirms our commitment to them focusing on highvalue segments is something else weve talked about frequently
and as we think about the opportunities that the digital age brings to our business i think being a national player will be a very very strong thing to be
and as a result we are investing more in acquisition (costs->cost) to do that and that is expensive we will talk a lot more about that later on
looking back we were right to make that bold decision as our longterm shareholders have enjoyed a 48 increase in value
its culture that respects capital favorable tax and regulatory (regimes->regime) for foreign companies and its central location globally
however we will then include the benefits from our 30 ownership in the (trugreen->triggering) business during the second half when the business makes money
weve made great progress in each pillar of project focus over the past 90 days so let me fill you in
there is a lot of reason for a large enterprise to (adopt->ad) ipass across the entire
exactly where our marginal spend on online advertising and search is paying off in store and thats a really helpful thing to have
the commissioning of several organic growth initiatives in our district energy operations also added to results in the quarter (the->*)
and what we have found is that a good story well told works and it works in almost any language so (as->we) long as we focus on the quality of production
while maintaining our focus on operational excellence and delivering strong soi across the region
and then you add in the data on top of it to provide the insight they need in order to know what to do with
it is not so much the top line that is by project that is interesting its to make sure
the last month has looked like a (rollercoaster->roller coaster) around here weve got a tough comp this week and easy ones after that
faced by resolute appears in our form 10k and is updated periodically in the form 10qs and our other public filings
the increase in inventory supports our expected growth and includes the strategic prebuilding of some inventory for the holiday season that we discussed back (on->in) our august call
we are committed to our healthy balance sheet and continue to invest in key leadership resources to further improve productivity and build best practices across the organization
to manage some of the orders from backlog weve been receiving (flyht->flight) management has been working to develop new revenue verticals to more quickly grow the revenue top line
this allows us to use core workforce during the slower summer months to somewhat mitigate the headwinds associated with (the->a) very tight labor market and rising hourly wages
can you maybe quantify the things to consider that detract a little bit from growth just so we dont get too ahead of ourselves in modeling out
(*->as in) the previous 2 years we expect semicustom shipments to peak for the year in the third quarter as both microsoft and sony prepare for the holidays
the 3 price increase thats coming in march and then also the possible mix issue that might happen because you guys are focused on kind of the lowerend (tempur->temper) first during the new product launch
please note in the first quarter we expect retailers will likely reduce their inventory ahead of new floor models anticipated to ship in the second quarter
so were not doing anything different than we were doing before we will continue to originate assets (they->that) are accretive given our current cost of capital
houston electric is on track with our expectations turning to slide 12 the natural gas distribution segment also performed well for the quarter
the outlook for the companys last mile fracking material transportation service continues to be strong as does the demand for drilling their drilling fluid and cleaning services businesses
so we dont have a ton of industries that are either (insensitive->sensitive) to interest rates now with respect to the actual
just to talk a little bit about what we see as the distinguishing features of truworths which make us unique
these are sometimes called bonds and this has substantially enhanced the diversification of the companys capital base with the attractive price
in bloomnet the investments we are making are enabling us to capture a significant increase in orders from local flower shops and thirdparty online floral companies
streaming that revenue because they already got the box they already have the ability why not do it since theyre going to have to anyway
of 1995 these statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the applicable statements
and i cant share targets of office more than i have we dont do that (the->we) office we think were going to improve and we really think that you and we are going to have
and it is interesting to note that when youre facing headwinds okay its waves in the sea and (the->*) ocean we got through them how will we perform when good times
were cutting the number of models in half from down from 6 to 3 saving our retailers working capital and simplifying their inventory management
and a leasing company during the second quarter flyht also sold hardware kits and technical services to (three->3) existing customers in the second quarter
and while that company was pushed into protecting itself with a voluntary bankruptcy they are looking to solve their problems and i think well see something in the next quarter (or 2 the->*)
to provide to mobility providers and oes but to the extent we can advance the development of the underlying technology
the segment did benefit from a onetime property tax refund in minnesota as included in the taxes other than income taxes line item on the income statement
companies like that use products that we make and products that our customers make
but if you look at the contribution profit of sealy the contribution profit from sealy increased in the fourth quarter even though the sales slightly decreased
as we may see the cash flow was positively impacted by a reduction in working capital needs mainly driven by the usage
as the investments we have been making to develop leadership graphics hardware software and drivers combined with new marketing campaigns are paying off
(their->the) packages could you do you think that with an improvement in the consumer scenario there will be a reversal of that trend until the end of the year do you think
additionally although we are not yet able to formally announce the new client cineplex digital media signed an agreement and (has->have) started to roll out installations
(are->or) any contracts in danger of going unfulfilled for this reason are there punitive clauses in the contracts for customers not taking the units that they have ordered in a timely manner
enable performed well operationally this quarter daily volumes of gas gathered processed and transported were all higher than the same quarter last year
is there is an inflection point that if they grow too much and sort of start getting into the 40 million to 50 million pounds a year type (requirements->requirement)
gross margin was impacted by both higher material (costs->cost) and operating inefficiencies at 2 of our plants that are working through large volume increases due to many new program launches
priority server customer sampling began in the quarter and (dual socket->dualsocket) server platforms are now running at both our labs and our customers labs
had to compromise on margin or quality in fact because of the stronger rand and im talking about (round about->roundabat) from july onwards
in rubber compounding many of our traditional market segments remain under significant pressure with volumes continuing to decline at a pace greater than the new customers were onboarding
we also continue to have a strong pipeline of new customers at various stages in our development funnel and are working diligently to transform those into commercialized accounts
in both developed and emerging countries and office is (a->*) key to that the successful implementation will obviously result in
in a forum like this for the simple reason that obviously others who are involved in that transaction are on the phone or will listen to the playback
during the fourth quarter after our third quarter earnings call we became aware of certain accounting and operational irregularities that violated company policies
assuming we cannot get the necessary exclusions these are certainly challenges for our business however we believe that we are in a unique position with regard to these (tariff->tariffs) concerns
were showing some sign of strength last in the second quarter and had a significant dropoff in the third quarter
that concludes todays conference call please disconnect your lines at this time and we thank you for your participation
while our primary focus will always be thirdparty retail distribution ive said this many times we need to be where our customers want to shop
its what you hear everybody talk about labor and trucking we really went into this year i think with one of the best plans weve ever had developed on recruiting seasonal labor
with local fans and spectators enjoying the live competition in theater and others from around the world tuned in via twitch tv
maybe ill pick it back up with (the->a) commodity question can you actually quantify the raw material headwind you absorbed this quarter
this provide us with the flexibility to grow our business by investing in initiatives that create value for our shareholders
the company does not include other potential impacts such (*->as) changes in accounting standards or enable midstreams unusual items
come back so second half of the year the production will be up from what we have in the first half
as of now we can say that early timing will not come by the end of this year
but corporate enterprise tax was being raised which we have used as a main explanation
so i think we have plenty of capacity we will have to reassess that based upon
while also being designed for manufacturability driving improved product quality and efficiency
(*->which) we get up in the morning every day to do but also making sure that (we are->were) making the appropriate (moves->move) the appropriate investments
and you establish software platforms for these solutions whether they be infotainment user experience
also during the quarter we announced an agreement with imax to install 2 new imax auditoriums
page 8 shows the progress in the first quarter against the forecast announced at the beginning of the year
fashion footwear that by the way for those of you who are unaware of that already makes office unique
we appreciate your interest in our company and we always get great questions that are very helpful to us (too->to)
and we provide some of the hardware some of the software and the integration solution for audi
the improvement weve seen in the industry and at enable are certainly great to see and
this has had a negative impact on all of the exhibition industry stock prices including (*->io) our (own->*)
we believe the combination of nutonomy and (ottomatika->automatica) will accelerate the development and commercialization opportunities
this was driven by operational improvements lower (floormodel->floor model) discount and favorable product and channel mix
and is pursuing operating initiatives to best position itself for success in the new rate reimbursement environment
but i suspect that were going to see as i said (i think in->*) my closing (sentence->senates) were expecting a changing retail environment
linda i think the were very pleased with the results of the first quarter
a high end or a low end i would say were feeling really good about our range
the company executed a significant rightsizing of its cost structure earlier in the year and has been able to stabilize the results
i also want to spend a moment reviewing our tax environment which remains fluid and very complicated
studio executives do not want to trade dimes for nickels and (hurt->heard) a business that has been so successful
but rather produced by batches and shipped according to the orders from roche
in order to continue to strengthen our business we have completed the strategic portfolio assessment that we started working on last year
give a little bit more color on what (cimbria->cambria) may have added to operating profit during the fourth quarter
so we will be exporting based on the price agreed to by roche and chugai for the time being
given these circumstances were pleased with the progress and positive impact the work were doing to diversify our customer base
as you know the (1->one) down at the roundhouse is doing extremely well and exceeding our expectations
as for sky as i mentioned earlier we are now getting ready for restart
to grow and prosper (the->*) company is executing on a good number of the new investment opportunities
ladies and gentlemen thank you for participating in todays conference this concludes todays program you may all disconnect everyone have a great
we dont expect surprises again if youre in our business you get them once in a while but we dont expect that to occur
these forwardlooking statements involve certain risks and uncertainties that are based upon our current plans which we believe to be reasonable
and what that is as a percentage of our sales and thats clearly in the double digits now as a percent of sales for us
so we feel from a footprint perspective this really does give the automated driving business what it needs to
kind of negative transition period to the impact from that to slow down or stop
these and any additional rounds of tariffs could result in additional cost increases if we have to fully absorb the cost
despite a very mild winter in our southern service territories we are on track with our expectations
although the fourth quarter did show signs of slowing down as the broad highyield index ended the quarter up only 40 basis points
favorable market trends market share gains and maturing program volumes
lets move on to page 17 ill focus my comments on the meaningful changes in the portfolio during the quarter
which should be generally consistent with q3 based on exposures already taken into consideration
(and->*) it looks like the traditional retailers are beginning to push back and we certainly are helping them push back
the exhibition business is dependent on (hollywood film->holywood foam) product and as such is outside our ability to control
and margins and its terminal stock extraordinarily well under these tough circumstances
but if you think that now we have the same brand for the same portfolio products at the same price
id like to explain about our development pipeline status in the first quarter
and as a followup question would you expect that in terms of your strategy of
poorer than the (truworths->trueworth) customers or lower earning level but similar to the marketplace
most of our customers were not forecasting much growth for next year
now office london which is what were going to call it when we bring it to south africa
commission given all those steps and the timing for each of those steps we would anticipate
in terms of structure our call today will begin with brief formal remarks and then we will open the call to your questions
on slides 6 and 7 we show you quarter end highlights on our energy business
in this area in addition to increasing numbers we also continue to see strong growth
industry retail sales declines were most pronounced in france and germany
improving our competitive profile on certain (seniorrelated investments->seniorelated investment) and increasing the
that as you know isnt you cant look at an incremental margin on its not a volume or a variable
and material costs were offset by a weaker sales mix and higher engineering expenses and other costs
we are not expecting any other material charges relating to the latin american issue
this is sakai with regard to the profit margin in the first quarter
for the normal economics that we see steel prices and other increases
in addition to (dividend->diligent) cost management we will be concentrating on initiatives
now lets look at the net unrealized gains and losses on the lower half of the page
now in those channels i can tell you we are growing at a rapid percentage
so as a result we are currently working diligently with our customers to pass along the impact of tariffs through price increases
and when you consider the growth of our inhouse products in the second half
and our new product is designed to win at retail with retailers that support us
and we now expect to be delivering gloves for the majority of 2017 on the filter program
we refer you to the periodic reports that we file from time to time with the securities and exchange commission
before i do that i want to provide some context about consumer activity (you->youve) heard me say many times that lawn and garden is not for the faint of heart
most industry watchers attributed this to the positive effect of lower gas prices that aided certain brands such as discounted (marlboro->malboro) line extensions
but at that point the metric will need to be remodeled a bit because it does not reflect customers who start with kepware or (vuforia->euphoria) of which there are many
these people are very smart a lot smarter than i am the guys in wall street financial people have figured out everything that i just said openly
i think well leave it that were doing very well without giving specificity on the market share front per
but again what we saw in diligence was (an->a) emerging valuation problem to our benefit
and the timing of revenue recognition depends on the different elements of each deal which can make it quite difficult to (describe->disclaim) the (trends->trend)
we realize its a very busy day with a number of companies reporting but unfortunately we are going to add to your already long day as we have a lot to discuss today
its a fiber investment thats not just for consumers but for businesses for public sector and for the important thrust that weve got on primary care health
our serbian operations continued to progress in terms of revenues and profitability according to our expectations
(*->yes) the (contracts->contract) the speed of it typically what happens is we just throw more into the top of the funnel and then the bottom it just comes out with the right number
which is why our insurance program has (a 3satellite->its 3 satellite) deductible however the resiliency of our entire constellation design and the increased capacity
because we wanted to get our new sample packaging out there which just took place in january we wanted to get our new packaging out there which also just took place this january
in canada we continue to be focused on growth while we achieved overall growth in the quarter our organic growth was below our expectations
our outlook also reflects an expectation of continued faster growth relative growth in installment and line of credit products
the first is when we received the product back from sanofi (*->and) one of the reasons we were told is it wasnt promotionally responsive and so before we spent
and when youve got a program like what we are doing on the tv and the hsia front
this is driven by (a->*) continued strong performance of our network of affiliates the performance of our companyoperated stores is also improving
much of this is going to have to play out over time right now (we are->were) very very confident in spinrazas profile in terms of safety and efficacy
(at->*) the same time its undeniable that weve entered a period of remarkable technological (ferment->for met) leading to both a deeper understanding of disease
optimize our clinical resources and manufacturing capacity biogen has key competitive advantages
on your second question with regard to the pricing dynamics i would just say that the pricing dynamics are more or less in line with what we expected
we will also have to find more temporary labor in order to fill the gaps in the stores before the new store organization is fully implemented
yes so on capital allocation i think weve been quite clear in the past and we havent changed our point of view which is
through treasury just wondering if you can help us with that and then as we look out after the end of this arrangement i know its a few years out but
and we do recognize our responsibility to shareholders to maximize the return over the long term specifically
so thats the organic story thinking about acquisitions weve got a really clear view of which brands we want to represent at which locations
so we had an inventory title model that was a little bit more expensive that we had to transition out of that was also happening in the background and that happened in the month of december
devotion to our company and devotion to our customers and to each other it is a remarkable group of people who
we launched our concept of the connected yard during the (south by southwest->southbysouthwest) conference in austin by unveiling our new (gro->grow) app
if you think about where we were in canada we are very good at running independent jobbers and our focus has been to ensure that if were going to be in the corporate store business
so to do a deal we had envisioned there was going to be a value gap that (wouldve->would have) forced us to chase a deal that we didnt think was worth chasing
we have added solutions and services organically and through acquisitions to support our customers in key areas and help them achieve their business objectives
and represent our views only as of the date they are made and should not be relied upon as representing our views as of any subsequent date
which has largely been elucidated by (decode->d code) and so we think that well get there and that there will be combination therapy
hell be launching something called dash diabetes network over the coming weeks and (there will->therell) be targeted content launching out of that process
eventually be differentiated we need to wait for some data readout in the context of the ip challenge
tony will be in his role through much of the third quarter (*->and) hell join us in welcoming murdo on this earnings call in october
i dont have a unit number for you but they are fielding pilots and moving along and the relationship (has->is) certainly
but we followed the science i am incredibly proud of everyone at biogen involved in this journey
at the end of the first quarter the allowance and liability for losses for the consolidated company as a percentage of combined gross loan and financing receivables
the other 2 planes will continue drifting for the next 8 to 12 months during this time the networks messaging performance will continue to gradually improve
i think its also important to note that there was a significant portion of the (lumpsum->lump sum) payments that were paid out in (telus stock->telostock)
weve been very encouraged by the enthusiastic reception for aimovig from physicians and especially from migraine patients
in fiscal 18 for heico we want to wish everyone on this call their families
market dynamics appear to be positive heading into our fiscal 2019 benefiting from corporate tax savings and the strong economy
the decrease in international gross profit margin from the yearago quarter was driven primarily by the seasoning of new customer originations in recent quarters
and we believe that that will allow us to maintain our strong financial position execute disciplined acquisition strategy
coupled with changes in reserves for credit losses that were partially offset by lower professional and other fees and interest (in->and) financing costs
and margins in the 30s and i think that we have some distance to go but given the progress were making on all of these fronts were at the point
not only from the direct feedback from the fact that several of them sent more than 1 person to attend at their own expense
which meant by week 3 they were out of stock out of supply and would have to go back to the pharmacy and (discover->be discovered) that (it->*) was refilled too soon
last but certainly not least as it relates to growth were focused on improving execution in our traditional solutions business
well continue to focus on developing medicines that produce large effect sizes in serious diseases where there is significant unmet medical need
yes so josh to be frank were in the midst of changing that model which is a little bit what i said about the logo number being a funny number now
so now we see that number well over 95 and so we see the average patient who gets a prescription filled has enough coverage to get through the month
and we maintain a very very strong credit rating with all of the banks with whom we do business
so we intentionally look for high margin high margin is what permits us to constantly explode the company
the answer is at this point i dont know of any way weve checked (weve->we) thought about it and there is nothing that i know of that
as to what were assuming and how were thinking about it because well be a little (itll->it will) be further along and have better visibility than we did coming into this year
these are important financial performance measures for black knight but are not financial measures as defined by generally accepted accounting principles
were more confident in the second half but as you are probably trying to figure out and as were watching as well where does kind of world sentiment set out when does the tariff sentiment (*->set)
on the top 50 institutions in our key verticals who are responsible for a majority of the volume and spend
weve had tremendous growth over the past few years weve increased our assets under (administrations->administration) to become the second largest administrator in the world
and its very accurate (truworths->trus) market share of the total credit market continues to grow even through the last 6 months
all discussions today are supplemented by the press release the earnings presentation on the companys website and the form 10q filed with the sec
to enable our clients to benefit from an enhanced digital experience while driving incremental revenues to black knight
but generally the economic climate in europe is a little bit softer than what it was to start last year and really what was happening through the year
on an emerging market basis as weve kind of defined emerging markets up 20 and these are real opportunities for us and they continue to be opportunities for us every one of these
by 3 thats not because we did anything significant with staff other than the fact that we didnt earn incentives a large part of the year because
their operating environment and be able either to take technology in or outsource to providers like us
directly an impact in the market of affordability regulations you can say (this is->theres) also an economic thing because you can see that
the acquisition if we do one in a couple of years time will be a business that matches customer profile with
that we originate in the marketplace while providing incremental cost efficiencies and enable us to improve the returns to our shareholders
on the subsequent slide this is the bridge that i was mentioning a little bit earlier we just wanted to make sure that this is (*->very) broken out clearly if youre looking from left to right here
the (mendelson->medlson) family and our team members own a very large percentage of the company and
last year probably looks like midsingle digits this year because of some of those pressures also (weve->we) throttled off on store (opening->openings) so youll get a little bit
i believe it will be in the first quarter of 17 we may (shift->ship) some limited volume towards the end of the fourth quarter based on how bringup goes and the customer readiness
so weve been strategically looking at ways that we can (actually->essentially) round out the (portfolios->portfolio so) that we can get growth in other areas
you are also able to ask questions online in the chat i now hand over to (pekka->peka) who will start the presentation
but well have to go through our process and get to january to see where things are because as you know from one month one quarter to the next
generally and historically speaking that has been higher than when we turn up at the end of the year but as were sitting here today
partially offset by lower demand within our specialty products product line for certain aerospace and defense products
we also just announced (an->*) acquisition this is a small bolton acquisition of a metal recycling company in finland
liquidated their position in (flyht->fly) during the first half of this year their selling began in the february time frame and accelerated into the summer
significant hydro capacity both in sweden and in germany they have significant nuclear capacity in sweden
and then we are prioritizing our activities we are prioritizing our cash flow and working all the time on the efficiency
for the challenges of the affordability legislation but again it cannot compensate it can only go a small way towards doing that
tom will then provide an update on third quarter accomplishments as well as an update on the progress that weve made towards the execution of our growth strategies
product development or manufacturing difficulties which could increase our product development cost and delay sales
but do you and again this is a question for anybody but is there a way we should think about your appetite
after reviewing the margin and improvement plan with marty and his team i feel comfortable with its scope and structure as well as our ability to execute it
but of course this could not compensate the historically low hydro volumes that we had because of the dry weather
the next question says for licensing revenue to bring (flyht->flyk) closer to profitability (*->it) would take more oem installs and (*->a) steadier stream
and we bought office for the reasons ive said before which is to expand our horizons beyond africa and
listen at the end of the day ive done i dont know how many dozens of these in my career
you create a lot of dangling lines when you rip it out so theres there could be in some clients dozens of
rate notes that we sold this helps the company mitigate some of the impact of the expected (bad->fed) rate increase on the horizon
weve been developing and investing in a strong customer service platform and making significant investments in our people
derived and audited from (markov or->mark of) in other words the quality of the future book is roughly the same from one year to the next
as a reminder i (wanted->want) to outline that glads typical proprietary investments often are initiated as senior secured investments
many of these are owned by midsized buyout funds that are looking for experienced partners like ours that can lend money and also
since the late 90s and they just wont sell it so its the again these advisers have told us
and then again the overall kind of growth of the business delivering what i think is (a->*) very respectable growth (in->and) adjusted net income for the business (on->*)
but this industry we operate (in->and) if you guys just move through airports and im sure many of you do theyre as busy as ever so (*->that) its not that we have this kind of big
price increases and higher transactional volumes on our core servicing software solution partially offset by lower specialty servicing volumes
the strategy of having a single integrated provider with a consistent approach to enterprise business intelligence
office is improving the groups ratio of cash to sales because obviously office is all what we call cash credit card
as you can imagine its always good to borrow some money at fixed rates when rates are going up that sort of keeps us out of that problem
i would stretch and do it (if->it) would have to have the margin it would have to have the cash flow it would have to have all the things the outlook and everything else
results discussed today are the consolidated results from quorums 28 owned or leased hospitals and the results of quorum health
to combine the technology capabilities of our software platforms with the digital capabilities from these providers
economic circumstances not much internal problems there is a price resistance because of the fact that (is->theres an) economic situation
our pricing is exceptionally good with even improved product and without sacrificing margins
that reflects a couple of things the (investment->investments) weve been making to increase the order volume of orders running through the platform the really great work the team is doing
so you have to look at those differentiating factors first and then try to dig into it and unfortunately (the->*)
(*->the) company is continuing to build its business of midsize business area focus and i think this company is well positioned
(they->it) had been laboring under (an->a) upside down capital structure for an extended period of time and as part of
and with the holiday season rolling into full swing id like to wish all everyone a happy and healthy holiday (and a->*) happy thanksgiving and encourage everyone to visit
in addition this morning we will discuss certain supplemental financial measures that were not prepared in accordance with generally accepted accounting principles
where solid farm fundamentals are beginning to overcome previous weakness caused by political and economic challenges
the starting lineup of the allstar team as weve been saying for a few quarters now since that record pace that we put together 4 quarters in a row
i will now turn the call over to andy beck who will provide you more information about our fourth quarter results
so as they look at sncs i wouldnt be surprised (if->that) they took a particular look at the energy piece but we havent heard that it was
and the growth of (revenue or->*) bookings in the second quarter was mainly driven by the strong growth in revenues
this assessment and framework allows us to prioritize those end markets where we have the right products and channel access along (the->with) positive market drivers to foster growth
we believe much of this has (contributed->contributes) to (a->the) large increase in midwest transaction premium which is the premium added to the base cost of the metal to cover logistics (costs->cost)
have in the business and then we address the other attributes and of course were going into the softer fourth and first quarters
this results in the fact that we now only pay part of the margin to the banks as we do not have 0 (floor->fraud) clauses in the loan documentation
and (then->*) forgive me if i was distracted earlier but and missed it but can you give us an update at all on the process of the strategic review on enable
please confirm if my impression is correct in that the margin level for the first quarter was rather low
the online channel has been suffering more than the offline channel in 2016 not only within the (cvc->cdc) group but in the industry as a whole
and finally we are carefully following the tariff situation and our guidance reflects our current expectations in (the->this) area
while at the same time enhancing vehicle performance and provide the power needed to support the increasing electrical content being added to the vehicle
factors that could cause results to vary include among other things adverse factors generally encountered in the film exhibition industry
as much as people want to have a homogeneous kind of template where we could all look at (applesandapples->apples and apples) relative to different banks we think actually
now i would like to highlight some of our key accomplishments during the quarter beginning with film entertainment and content
just the broad measures are not going to be indicative of actual exposure i think we can say this peter
italian banks are in line with their european peers and please remember that portugal and greece did not take part to this stress test
but also enables us to add complementary (higher return->higherreturn) lines of business and products as we diversify our income stream
we anticipate as we move through the year and new products are floored we will realize improvements in velocity and benefit from our price increases
turning to the current migraine landscape and why we are so confident in eptis ability to capture (*->a) distinct segment of the market
any forwardlooking (statement->statements) speaks only as of the date on which it is made the company undertakes no obligation to update any forwardlooking statements
and to extend into highermargin compounds as well as our operational (initiative->initiatives) is having on our results despite substantially lower volumes
(*->it) makes those choices so a lot of that really will depend on when the private equity is ready to hit the offering price
as private consumption has steadily increased on the back of a very healthy economy supported by rising employment real wage growth and lower commodity prices
we are formulating a very aggressive plan this year but its progressing well in line with our expectations according to understanding (*->understood)
we believe all these initiatives and many more that we have underway (positions as->position us) well to drive strong performance in the upcoming holiday season
passport is a component of that and really its we continue to see that growing nicely and to see that kind of growth in q1 which is a slow quarter
certainly have some concern about just what shapes up over the course of the next couple of quarters and one of the key reasons
from that point of view that i think people (have->*) come back to the shops to return the goods i think they are a negative for the turnover in our (shops->shop) so
in addition bloomnet continues to focus on leveraging its growing order volumes through its expanded suite of products and services for florists
with no indexation again during 2016 this rental growth has come from a combination of leasing and higher turnover rent
no specific timetable or formal process has been set and (ohai->ohi) does not expect to comment further or periodically provide updates to the market
the (signal->segal) length so bringing components closer to each other and also improving
raising additional capital a merger or joint venture with another party the acquisition of existing investment portfolios or other strategic transactions
and we continue to have an advantage relative to the biggest banks against whom we compete in terms of just
so paul the first thing we know is that if i infuse (pacap->take cap) into migrainers thats what (causes->caused) the migraine so thats actually the first thing to take out of the gate and
we exceeded our 2016 earnings performance this quarter despite a very mild winter in our southern service territories
(*->while) this resulted in lower sales the overall impact to the company was mitigated as these are (lowmargin->low margin) products
its still not clear yet on the (citing->siding) so as they get firmed up on (citing->siting) it may create more opportunity
to increase your desire to keep it or do you still feel that there is a structural (dissonance->disonance) between the longterm volatility and
despite these current market condition our business remains strong financially reflected in the other financial metrics we use to measure the business
given the movie slate and the prior advertisers with the movies that we have coming into the fourth quarter
the average loan term of the portfolio at june is 5 years and the interest costs are hedged at the same level as last year
primarily related to the completion in 2015 of deliveries on an overboot contract as well as an upgrade kit program with the national guard
but thats more of a local thing rio accounts for 8 of the company
is once again able to show robust results and has been quite resilient in such a turbulent market
(so->but) relative to what you provided in december it sounds like some of the headwinds might be a little bit less or some of the business performing a little better
as for the first quarter majority of the transactions are based on the hedged rate and as a result
to think about a value type of contract however you get mixed opinions on that because theres a ton of work that goes into
but that rebound is largely dependent on what happens in texas which is one of the few markets that has been negatively impacted by weather (all season->allseason) long
ill wrap things up by coming full circle im pleased with the results were seeing so far this year and feel extremely confident in our guidance
i think the customer had a need in that space that we were able to provide whats nice about that is that is (a->the) service that we picked up from our ids acquisition
together we look at construction in progress (advanced billing->advance billings) from customers and accounts payable
well support the work of those organizations over the next several years and use their input to help shape our own thinking
will be used these terms are nongaap financial measures and should be considered in addition to but not as a substitute for other measures
so lets start to bring all this to the bottom line on an adjusted basis which excludes impairment restructuring and other charges
i think (at->in) hawthorne or gh can you just expand a little bit on that i know that youve talked about smaller deals and
some relate to anticipating and adjusting to the underlying trends in our industry and some relate to our focus on strong execution
we have posted prepared remarks where we compare the quarter at our guidance mix percentage
over the next couple of years so that we will be positioned to further increase our market share at the expense of the weaker players
and yes if that happens this will give us a good start most probably
while our decision has been applauded by environmental groups some in the industry are less than happy and have let us know
in greenville which is more impacted by competitive (openings->optings) as you know sales trend have continued to improve over the last few months
i would also say that with respect to our initiatives for cost savings we actually are tracking very well to the commitments we have made
all progress relating to the disposition of our european business is enabled by this update to the
and then to follow up on part b of your question in regard to the labor challenges we had on just one specific project
otherwise there are a number of initiatives that we are looking in the country and i just cant comment on them right now
looking at the remainder of 2017 we are completely (sold->so) out and working very hard to meet our customer requirements
our healthy balance sheet and strong cash position allows us to consider strategic acquisitions to further scale our business
with many important and promising drug candidates each with significant potential to address some of the most debilitating diseases of our time
are the result of just really hard work over an extended period of time and then some of it certainly is related to some of these efficiencies that come along
assuming a fairly weak condition in india again in the fourth quarter implying a number similar to what we just reported
we appreciate that these results raise questions about the precise role of aggregated forms of beta amyloid in this patient population
i would not raise now expectations based on what we see at the moment (but->what) were doing quite well (whereas->but as) you see (in->*) the fourth quarter with (the->*)
other than a small amount of churn where people drop out of their (contracts->contract) early you really do have to book that because its really very (*->certain)
lower vehicle traffic in our brazilian toll road business and the impact of tariff relief that we extended to one of our clients in australia
and then my second question would be on the power guide just trying to understand the backlog growth versus
i want to be clear im not an authority on the science and our decision wasnt about science
so lets look for the way to innovate most and we can like i said we can aim to innovate and grow without aiming to get fat in the process
so theres at least one major player that is independent is that somebody (whose->who)
just to give you a bit of data on how the market has moved as you can see in the first half of this year compared to the full year last year theres a big jump
but when all is said and done we remain confident well finish right where we predicted somewhere in the low single digits
these results were driven by yet another strong period of connection activity at our uk regulated distribution operations
we will have to continue driving change and making key strategic decisions but that is where this team excels
a full year of contribution from our new industrial environmental segment and the effect of the margin improvement program
as we had more visibility to numbers on our end and their end it became obvious that the deal wasnt going to work and
thank you and (im->i am) not showing any further questions at this time i would now like to turn the call back over to mark (marron->merin) for any further remarks
even though were already using our vertically integrated technology to innovate ahead of the industry
were i think within reason operating about as quickly as we can meaning to kind of keep things under control
a good portion of our bookings upside this quarter was driven by the incremental acv from these conversions
we continued to see strong interest in the offering by our alliance with fmc technologies
these 5g networks will eventually enable business models and services that are completely different from what we have today
this is where the capital also had been we believe we invested the capital over the highest return opportunity
on the production front we navigated several challenges that we disclosed in our midquarter updates
these results were driven by solid performances for most of our businesses in particular our energy operating group
i dont think we see the same pressures on risk (or->*) the same pressures on schedule because its much more (*->of) a collaborative process
weve got many deals in the pipeline similar to this that are out there that at any time could pop in a given quarter or (a->*) year
given all these moving pieces im keeping the guidance where it is right now with an admission that its an area for potential upside
(because->doug) i dont look as much doing better than the market at
the proceeds of this issuance will be used to repay upcoming maturities and fund future growth projects
on the other hand we have some construction services that are a nice strategic fit for us but tend to come in (*->at) a little bit lower margins
while tv remains a critical medium for us we know that digital marketing will be more and more important going forward
our potential partner had another opportunity that we never would have replicated so both of us have moved on
as one of the major operators in the region with business in other region as well is allocating resources to other places
we are working on technical qualifications and developing relationships with partners to be ready when the opportunities emerge
providing us with attractive opportunities to add to our existing solid base of sales for the next several years
we also believe that our associate engagement has considerably improved since we started this initiative
improved material and distribution costs as well as fixed cost leverage all had a relatively equal role in the improvement
our primary focus in operations will be on delivering for our customers strong project execution and cost reduction
a sustainable level of competitive differentiation versus your peers on the technology front
the opportunity that we see to be able to sell in the india market new services is very high it will see (*->a)
those are the kind of time frames that we have for all of the acquisitions and again (ive->i) got to tell you were very pleased
(and theyre->are we) still waiting for a new government to be formed after the september elections so clearly we dont know how this will shake out but can you give us any sense of what the energyrelated issues at (stake->state) are and how various political outcomes could affect you
resulting from the adoption of a new accounting standard on sharebased payment transactions in the first quarter of fiscal 17 these decreases were partially offset by the benefit recognized
but we do have distribution where we dont own the intellectual property and some of the other overhaul and repair facilities which are wonderful and profitable and generate cash and everything
and you just blend that together we just want to make sure that people understand thats what were seeing feeling for momentum in the business so i dont think theres anything fundamentally wrong with the industry its really this macro trend that youre feeling and seeing across many players
finally we are mapping out a strategy that will significantly reduce the time to filing for a pediatric indication this will obviously involve some discussions with the fda and well update people as we (get as we->*) progress
to 63 days from 70 days at the end of the second quarter of 2017 the decrease relates primarily to improved collections from the state of illinois where (we have->weve) opened a billing office to support collection efforts
another emerging technology that black knight is embracing is the delivery of digital capabilities as a key factor in our product strategy and a focus of lenders and servicers of all sizes
huge amounts of money in receivables and inventories other guys who have low margins they have all their money stuck in nonproductive assets of receivables and inventory so if anything sets heico apart from other companies
(the->*) tax the new tax plan will be implemented i leave it to all of the analysts to do the calculations as to how the tax reduction
as we push through particularly as we have some more turbulence just making sure people are focused and thats a really inherent part of strength of our business is this kind of decentralized structure which allows us to be very close to the (consumer so->consumers) thats very much intact in the way were managing the business
sourcing locations around the globe and we continue to do that and i would say were probably accelerating that probably at a pace thats even a little ahead of what i was anticipating we could do and so (when->*) we think about the percentage that were sourcing in china
we welcome the opportunity to (*->best) embrace the best of what (acquisitions->acquisition) technology and management has done to our business i will let rahul explain what he is doing later in this call
korea has been a story of ups and downs for us and we were feeling pretty good about first half of last year with 2 growth that quickly kind of reversed itself in the second half and i would say those the pressures there really carry into q1 as well for korea
with how people are investing their money and what (risks->risk) they are taking and what expectations they should have on a reasonable basis right most of us with our retirement funds arent trying to go to vegas and put it on red
the first one is we have integrated a new patient teach program that really helps enhance that process at the local level and will turn that patient into (a->*) starting patient very quickly within days and weeks of (a->the) doctor making the choice
while im still new to the company its been very encouraging to get to know the experienced senior team here and the strong operators that drive this organization im still in the early stages of reviewing the strategic plan and assessing our portfolio
were very excited about that whole trend so (and->in) not only in acquiring new clients in servicing as an example but also on renewals of existing clients
(youve->you) had an amazing year its been extraordinary as you know ive been with you from the time we are the original shareholders who took over heico and you have allowed us to and our family to
for specialty products is there anything youd specifically highlight on the guide for the more legacy aftermarket parts of the business are you seeing anything structurally (changed->change) there or is there maybe just conservatism in the outlook
while we have ways to go (i am->im) confident in our ability to capitalize on a number of significant opportunities in a relatively short period of time this company can become much stronger which will benefit all of our stakeholders
and they need it we do it and thats really how we create a lot of customer goodwill and thats one of the things in the etg that makes it such a sticky segment with our customers because we are truly customercentric and friendly in that segment
but i wouldnt be surprised if it builds later in the year and the first quarter is not as strong as future quarters but honestly i dont know that thats going to be the case either (*->im)
and then this investment in research and development and really materials and products i think youve many of you have been watching us for a few years i think you can see that the development of product the materials we bring to bear the innovations we bring to the market
segment as you look at organic growth specifically within the replacement parts and the repair and overhaul parts of the business youre obviously up against a 9 it looks like the guidance implies maybe a little bit slower organic growth there
(and->in) flying in asia and europe as we get that really penetrated as well and then our retail stores are up as we added some stores we added 9 stores this year i think 7 stores in 17 and we had a decent store (count->comp) for our retail business overall for tumi as well
thats in the normal course we analyze all of our leases and the performance of our stores so the point that i was making earlier was really around in the normal course last year (*->we) were in the mid60s in terms of closures that we did sitting here today were going to (keep continuing->continue) to do that and have that discipline around (*->it)
talk about it from a growth perspective but we talk about what is the ecommerce sales in the business and its now starting to be a more meaningful percentage and (will->well) continue to grow at a very rapid pace within latin america and weve invested in a team there to really push that
the most important guy in the whole formula is the customer and we are here to serve that customer and do the best possible work for that customer and that is our (creed->creep)
deployed around the business running and managing this business with very strong regional presidents and very talented teams and country managers continues to be very much intact and one of the things i focus on in my new role is making sure all of those people are feeling the energy
continue to be a huge part of our business were very focused on the investment there and i think youll see some very exciting things coming in 2019 and (in the nottoodistant->not toosistant) future so keep your eyes open youll see some exciting stuff coming when we think about material development
within the flight support group we (spent->spend) a fair amount of time speaking with investors throughout the year and i think that everybody recognizes that we operate in extremely competitive markets
is pretty broad and pretty deep and so were getting to be very selective on what it is that we want and i would tell you that most of these assets
(reflect->reflects) aggregate organic growth of 9 in our aftermarket replacement parts and repair and overhaul parts and services product line and the impact of our recent profitable acquisition
so i think theres a lot of things across that in the wealth management sector weve been putting a very big push on tax across all of our businesses and we think thats another area that will be quite attractive (to->*)
dealing with key stakeholders tech partners revamping china it requires someone to be in (the->a) seat a fair amount of time to see it through so to be direct with you jim whenever you do reschedule
we enable millions of subscribers to stream hundreds of thousands of assets millions of times per day with (the->a) reliability and responsiveness that we believe is unparalleled in the industry
it faced however a difficult comparator as it was up against the spectacular (prioryear->prior year) results our best quarter ever which enjoyed strong mix volume and falling feedstock prices
board thats available is geographically available so you have to have what you need where you need it in a reliable way to build out your offering for your customers and thats what this does to improve that business
thank you operator we appreciate your participation in the call today and we look forward to sharing updates on our progress with you in the months ahead this concludes our call today thank you (everyone->*)
and marcy (and->*) a whole bunch of other people the (plan to->plans) keep shifting and its kind of difficult to operate in that kind of environment is there any risk of retention or any idea to go out with retention packages because it sounds like this is going to be
no its just (*->a) little too early to say we are building it now (so->its) a little too early based on for the reasons that keith mentioned to predict what that average balance will be
we have recently introduced some changes to our borrowing policy the first change is that we now also look at the possibility to involve nonbanks as lenders to us
after starting the year producing at full capacity our primary customers merged and underwent an inventory correction and dropped down to minimum annual purchase volumes in the back half of the year
the same discipline that was brought to the transformation plan will be used in a number of projects to improve our revenue growth and i am very confident we will see improvements in the coming quarters
so let me just give you a couple of things that will dimension this for you if you go back to the 15 16 14 15 16 period the balance between the engineering that ford incurred (in->and) the current year
well im not going to forecast what well produce weve said that over time our goal is that we position ourselves with the right segments and with the right customers and we would expect to perform
related to (perhaps softening->perhapsening) of new car auto sales or was there something there with the hurricane or something else that impacted the transactional revenue for the quarter
which have largely been rubber in the past into specialty and qualified those to be able to produce all (that->but) we need to produce in those areas and recognize what were doing here is when we make this move
is that the largest factor in most markets an improved competitive landscape for the pricing dynamic and are there any markets where youre seeing pricing pressure today
let me remind you of all that we accomplished throughout the year and youll understand why we feel so confident about where we believe our momentum will take us
on the entertainment venues that i just mentioned so youll see a lot of activity and certainly future commentary on small cell deployments as we get a little bit further down the road
given the large increase this year in ford engineering expense to support a substantial expansion of our product portfolio including (allnew beds->all new bevs) along with a number of imported products to be localized
specifically to see what was going to have happened and in our hands with those particular preclinical models we believe are important for the migraine biology (that->the) pac1 antibody was ineffective
in other words patients have the potential to receive the full benefit of the medicine 1 day after administration perhaps compared to weeks or months for other preventive treatments
generic tons were adding products and grades and basis weights for where we see growth in our channels and the types of products that we need to support that growth so
our success is going to be determined by our commercial effectiveness in the marketplace and not by our cogs and we feel confident where our cogs are going to end up but were not in a position to give you details on that
at this point what id like to do is turn it over to carol and shell walk us through the performance of our individual businesses and the second quarter outlook (and->*) then ill return to wrap it up and well open it up for your questions
(we have->weve) seen positive profit contributions from these higher volumes in the west and our utilization due to the operating leverage that the team has built into our cost structure there over the last several years
well theres a huge commitment to that i mean the way the company thinks about this we think about it in time phases of now near and far and each one of them gets
they have a video distribution platform in a lot of places that theyre comfortable with but where theyre really struggling is on the content management side and this is where we (have->had) a lot of interest
you will see that our estimates reflect a reduction in interest payments as a result of the may 2017 previously announced repricing of our term loans
results in a differentiated clinical profile due to the rapid effective and sustained suppression of migraine as demonstrated in our clinical trials
the third thing is (is->*) this team has really come together i feel like in any kind of endeavor ive been in it takes time for a group of people to come together and work closely
i wish i could give you a better answer but the data points will be up and down depending on the particular client theres really not a generic energy loan i could describe for you
the drop in contribution margin was largely the result of lower volumes mix and price with favorable foreign exchange effects providing a partial offset
and have not been able to build a lot of business and make enough profits to maintain the operations over time so (thats->that) certainly theres always something like that going on in this business
we like the diversity of these end markets and our ability to leverage our core competencies we are investing capital and refocusing our organization to support this growth
this is just an endorsement that these kinds of things arent hard for us to manage and im confident that i really believe in everybody here (and->in) our ability to address all these (things->*)
as we look deeper into 2019 we are committed to finding relief for all migraine patients and building an integrated biopharmaceutical company not just for the short term
but we believe they could represent a growing threat if the section 232 steel (tariff->tariffs) under discussion are enacted and if (wind->winds) towers are not included as a protected product
centering the operations on our profitable lcv business we are aggressively attacking (costs->cost) and driving improved capital efficiencies across the business
that will significantly enhance the banks scale in key markets grow earnings and improve business mix we also like the positive impact to earnings quality
for example we recently completed the install at a (12 store->12store) group in florida and weve signed an advertising agreement with one of our largest enterprise customers
the improvement reflects continued effects of our restructuring program and a larger contribution to total revenue from the highermargin software license sales than in the prior years quarter
thanks lynn and thanks everyone for joining us today before we begin id like to take a moment to honor the contributions of sergio (marchionne a charismatic->marcioni arismatic) leader who
youll remember in my remarks last year that i said that we want to ensure a highquality bla submission
primarily because of the branded nature of the consumer product that it goes into and weve been at it for a while and have
given the seasonality trends in our business we may have quarters where we are not profitable and may burn cash
over the next couple of quarters what we do know is its a challenging next couple of quarters because of the hedges bleeding off
on the commercial side you guys have continued to affirm that you think you can target this market with a small specialized sales force
this was offset by a decline in transaction revenue and lower oem advertising and website services (spent->spend)
has generated very promising results from a phase ii clinical study and yielded important data
to brians question so youve reevaluated sort of the entirety of the fleet between what you talked about in august and today
and you look at it piece of equipment by piece of equipment and it just happens that you will hit periods when
we are also participating with the tower manufacturing consortium to petition to extend for an additional 5 years
and invest to grow our top line and thats really where were putting most of our focus
this results in a higher receivables balance than the amount recognized in revenue as only the net margin is included in revenue
you can have a credit rating at a certain point but it can change very quickly due to sometimes (a->*) very
your discussion with the local regulator (or->*) the (ebitda->ebp) on this
we gave them pricing tiers they got the price they wanted and as they move up those pricing tiers we get the volume commitments
or the turbines are on order or the project is being developed by a utility for its own portfolio
taking appropriate and decisive action to drive profitable growth maximize returns of our business over the long term
and weve had a little bit of slippage in our ebitda progress over the last couple (*->of) years so its just an attempt to refocus
at the end of the prepared comments well open up the call for your questions i will now turn the call over to mark
thats pretty much as we indicated it would be i think we showed good discipline this quarter
not the average of containerboard supply and demand for all of europe which is a very diverse market
the favorable effect of (the->a) gain from the ipo of pivotal and the adverse impact of the takata settlement
which will be important as we expect this carrier to push out passpoint profiles on millions of devices by early april
so we are not able to invest the money in such things (so that->where) depreciation can be (availed so->available)
to image the shallow geology (where->*) the reservoirs occur in the north central (barents->barren) sea as well as the eastern (barents->barn) sea
our uses of cash over the same period which include capital expenditures interest payments
consistent revenues and profitability we were all disappointed that our gearing segment did not become profitable in q4 as expected
particularly the argentine peso and very high levels of inflation especially in argentina
i am always surprised when people ask me why speed is important in a chronic disease
the decrease was driven primarily from the completion of the acquisitions discussed earlier
our stock continues to offer a competitive dividend yield to our shareholders and we steadily reduce leverage
return on assets is obviously reduced by the very significant impact of liquidity increase
we have seen some select opportunities that are coming from the big banks its not a
the incremental employees that well be hiring as you would expect will be more related to the volumes
i think its really important that we continue to educate the market on the disability associated with migraine
our stock (prices->price has) moved up from the average of last year as we believe the markets are recognizing the value of orion
we know that when we play to our strengths for customers we drive strong profits and returns
with a significantly differentiated clinical profile in terms of speed and efficacy
in summary this quarters strong performance reflects the ongoing execution of our strategy
definitely there will be some correction there will be some correction i said im expecting (a->*)
we said were going to feed the highperforming parts and deal decisively with areas that destroy value
input costs were positively impacted by lower cost of occ diesel fuel
i think given our accomplishments were looking to innovate we want to become an innovator and a leader again
we expect this will provide years of growth ahead as we get carriers signed up to deploy networks in these locations
while the sequential pace of growth moderated provision for credit losses on impaired loans
the remainder of this year the 3d projects that we have been active with in
well just have to see how that plays out but again its not as though were going into this redetermination with
technical nature of it and the (consumerbranded->consumer branded) equity thats behind those products that it goes into
cox communications became the first customer to purchase the new version of our content management system
were going to be pretty conservative with the cash balance that we have and we want to make sure that were maintaining that war chest
the jvs and you can see that theyre giving us less on a yearoveryear basis because of the volume decline
we sold 9 towers during the quarter as customers (continue->continued) to manage down their inventories
we are watching this closely as a widening steel price differential could increase pricing and margin pressure
which enabled our customer to secure a portion of production capacity following the ptc extension
because the velocity has increased then we obviously dont need as much inventory in the system
and our ability to make improvement in our businesses both commercially and operationally so i think were very much still
offsetting this volume impact were positive moves in price and fixed and variable cost improvements
that adding of capacity appears to have stopped if not possibly reversed for standard tire grades
we look forward to seeing our shareholders there and also want to remind those investors unable to participate in person
its kind of a complicated answer so first of all we dont take steel price risk
and so im really proud of that and im a little mystified why that doesnt come through because this in previous calls
cost of goods sold was low also in this quarter due to low activity with respect to proprietary sales
and we are continuing to focus on ci events that will improve our production flow including optimizing (sales->cells)
who have focused on our av development for the past 18 months with a singular focus of commercial deployment
sorry if my question is not very clear but i would like to understand to what extent
so could you speak to where (we->*) youre at in the branch sales and what that might mean to operating leverage going forward
experiencing i mean is there i mean are you looking at this market and thinking that there is (a->*)
(and->in) rich in protein and it has a proven track record over many years of promoting effective weight loss
enabled us to be profitable on an operating basis for the second consecutive quarter this fiscal year
and safety is about its all about what we are and its the major (valueadd->valueadded) we bring to our customers
in support of fitness initiative this realignment will help us accelerate the integration and application
and provides a rationale for improved potency through increased binding interaction with its target
and the thing thats interesting about this and this is another thing thats important for investors to understand because everybody wants to have
aerospace and defense industry for the second time second year in a row
that would obviously be very good timing for us as we grow our
(i will->ill) take you through that in detail shortly but as we say every quarter our hardware revenues can be lumpy
our enhanced trading liquidity will make our stock more accessible to a broader base of potential investors
and research has proved that we dont need it because we have risk criteria that do the same thing so that
for you specifically it sounds like maybe more of these products will have contributions this year compared to last
primarily driven by investments in product launches and marketed product support
by delivering great products strengthening our customer relationships and simplifying our business
to leverage throughout its servicing operation and to link data across the enterprise
this certification makes flyhts (afirs->afiers) products the first certified application for use
things as quickly as possible so i think thats kind of steady state for us they
our current key priority remains to agree with unipers management on
some of the questions in email that i feel were answered in the body of my presentation
what we are working on right now is then of course to see what can be recovered of that position
projects to take advantage of our competencies in designing building and operating
the total expenses for the first half of this year are down 8 relative to the same period
because the overwhelming majority of feedback on the internet are patients voting for their health
and its also resulted in several formulary and clinical presentations at the top payers that all of us will be familiar with
know what they bought the other thing is on the getgo when we started
you gave some color in your prepared remarks about server opportunities for zen
during fiscal 18 we will continue our (commitments->commitment) to develop new products and services
its that basic philosophy of how to manage that money and thats
as well as organic growth within both operating segments
so much i mean our companies are always very aggressive about shipping
no restriction the reason why we havent taken earlier is that we just completed actually
the only way we (well we->*) know how to do it is shoot at big margins and
we will not comment the content of (the stocks->those talks) in public before there are
was the plan (of->a) function of the changing (endmarket->end market) demand in (*->an) environment or a function of the mix
meeting in (kelowna->colona) canada in 2 weeks covering the applicability of the work that we did with boeing
and i could not be happier to work with such a terrific group of human (*->being)
therefore weve always felt the potential treatment should be administered as early as is feasible
first weve now moved the majority of our products to a new contract manufacturer in mexico
thats struggling more in the mining and the commodities businesses than it is in the
as i stated earlier i feel like weve done a good job as a management team in controlling costs
how we kind of (give->get) back to the markets that were in how do we manage our people and incentivize people and manage
(that->*) then everything kind of flowing through him and so i think thats what weve done and we expect
we put a new constellation in space and are in the process of adding additional services and products
roll that through (his->as) client base there will be all kinds of ways to have our resources support that (*->and)
a second issue we ran into was that we had distribution partners that pushed some of their deployments
as our working capital requirements reflect strong collections and inventory management
any reason to believe that that wouldnt be the case as your big pipeline of wins (comes->*)
(*->a) sale where the operator wanted to implement fans (the->a) future (air->*) navigation system
signed pipeline and recognizing that its difficult to gauge timing
to assist patients to gain early access to the product while we complete negotiations with payers
i was very pleased that cash flow provided by operating activities
so and there are many good businesses that come in close to 20 so
to redirecting advertising dollars to digital to really drive whats a real opportunity
so with that i would like to answer some of the questions that have come in from email
we operate deeply in 8 states which contribute to a large part of (our->*) growth
to be clear i do not believe were seeing a change in (demands->demand) or a slowing market for our products
these estimates exclude additional acquired businesses if any
when we have ets if we then on top of that put a lot of overlapping policy measures
of releasing capital so that we will be able to reinvest
but now looking at the recent development the forward price spread
those analysts and shareholders on the call
that allows us to make a significant investment upfront to make sure people are doing well in the beginning
it was not a loss of business it was just simply a (slip->flip) to the right and we all know that in
all that we dont our management were not focused on that and we dont want to go there
we anticipate our fiscal 18 consolidated operating margin
that causes some strain american (tourister->tourists to) continue to play out so it has more to do with the mix of the business
get a sense for how many over how many years that could stretch
(*->so) while the funding we have received through (win->wind) has allowed us to fund our development efforts
earned by our team members as a result of the record operating results
but i believe we have the right building blocks to achieve sustainable and profitable growth
thats why we are choosing in the recycling business a strategy where we are now focusing on
and thats why im excited about the ot business and the future there because
so if you go with a kind of (*->a) buffet on those decisions
and to launching a steady stream of biosimilars in the years to come
both of these awards were won by (orbcomm->orbcom) and its partners following a highly competitive process
what i would say just a general outlook is we continue to win deals
but there is significant effort underway to bring diversity to our revenues
(*->state) the amount of effort that everybody needs to put forth in every single part of our business
and expect an increasing benefit from the initiatives that weve already completed
as the premier provider of software and data and analytics to the markets we serve
that seems to be a pretty good level in terms of how quickly we can get this stuff moving
the company recently filed their quarterly report for the second quarter on form 10q
we are confident in the ability of these skilled executives and are primed for future growth
so they dont get reported as part of the (mann shares->manshares) theyre out there somewhere we have no reason
and a discrete income tax benefit related to stock option exercises
let me just talk about brazil because brazil is going to lead into your other question
and so thats going to be a governor on our margin expansion in that segment
best thing is to expect (that->as of) next year is going to look much more normal as we used to
and i am truly proud to serve with and be part of this talented group
were looking at increasing our capital expenditures a little bit taking advantage
and i think youll continue to see us do that and that helps obviously with these new (products->product)
on the provider side our sales force today we wont give exact numbers for competitive reasons
so that takes time for people to understand it takes time to make those calls to get into the physicians office
reinvest develop new products for sale to the market
and where we start to see some what i would label headwinds or turbulence in the second half so we had
as i mentioned before weve been very active off of (newfoundlandlabrador->newfoundland labordador) and weve been very interested and excited to see the government
move the lowperforming parts of the business through fitness or other means in the (lowerleft->lower left) quadrant up or we will dispose of them
recently reimbursement based on outcomes and what how the manufacturer views
we typically have a substantial portion of the retail shelf within our aisle in the health and beauty section and (are->*) an important brand and profit generator
as we see stronger advertising growth aided by the ramp of new dealer spend and easier oem advertising comparisons
demand across our businesses was at or slightly better than expectations our operations performed well and input costs were favorable
and hell yes i expect to be in front of everybody declaring where were going and what we want to get done so i think there should be 0 question about that
of (1000->100) and we want to make sure that patients are actually seeing a decline from an amount above that of at least 07 logs
and you see the extent of what it could have done to damage our business and we think were going to actually recover by the end of the year there so
generate the cash flow and manage that in the appropriate way that is exactly the same approach that were going to take now
the increase was largely attributed to software licenses sold to liberty global in the fourth quarter of this fiscal year as i mentioned earlier
we are closely monitoring steel prices and in most cases are able to effectively pass through price increases to our customers
to impact results in the second quarter and the second half of 2016 this is consistent with the outlook we provided last quarter
the decline was driven by unfavorable market factors for ford and lincoln imports into china and continued negative industry pricing
weve talked about increasing capacity and adding flexibility its not that all capacity is the same what were doing is were
and were very pleased with our operations there on this very heavily funded 2d survey that will wrap up next summer with the final season
while the launch of anticgrp promises to provide significant benefits for a large proportion of patients suffering from migraine
the grades of highperformance test liner that we intend to produce on this machine have the greatest application for our broad base of industrial customers
were concentrating our efforts on the markets and product lines that give ip the greatest potential to generate meaningful earnings and attractive returns
we run our business completely outsourced in terms of supply chain and distribution and we employ a lean operating philosophy
there is growing scientific consensus that lower carbohydrate intake can help reverse the trends in diabetes and obesity
we will remind everyone that statements made during todays call regarding managements expectations or predictions for the future are forwardlooking statements
i can tell you that once we jump through those 2 hurdles we would execute against them as quickly as possible but i cant sit here and tell you that
with respect to personnel (costs->cost) we are clearly seeing the results of the cost efficiency measures that have been initiated earlier this year
is included in license rounds that the (newfoundlandlabrador->newfoundland laborator) government have been holding or (has->have) started holding (and->*) will be holding for the next several years
we are also contemplating additional studies to further elucidate the opportunity of this important agent so please stay tuned on this front
i wondered if you can talk about how youre taking that are you slowing back (or youre->are you) actually idling machines for a week or 2 here or there
to grow organically and through strategic acquisitions with a focus on achieving greater scale in our key markets
the main reason for this is that we had good production on service with high prefunding and correspondingly high amortization rates
(or->*) how does that play out i wouldnt say its necessarily linear i mean it is an annual revenue impact number
case studies where you can present and capture more customers or do you still have to prove a point to the industry grab more customers
the decrease in services revenue was driven primarily by the completion of certain projects at liberty global and (quickline->quikline) as i mentioned earlier
the operations team has done a lot of heavy lifting (*->lifting) over the past several years and has reallocated (their->the) fleet to markets with growth opportunities
thinking about our participation in the market its still a very key market for us but not every account there is equal and so
at that time (and->in) filtering for value creation we also put a spotlight on the divergence between the accretive and dilutive parts of our business
joe will then take you through the details of the first quarter results and our guidance for the remainder of fiscal 2018 a few items before we get started
a good predictor of what the human response will be also indicate that ald1910 has the potential to be a safe compound
after that i will hand over to arnaud for the financial review of the quarter before coming back for the outlook and guidance for the rest of the
the quality of the product and if necessary to make more product at a second facility and the plan for that would be to
the decrease in revenue guidance for the first quarter compared to the prior year is primarily related to the timing of certain closing of certain opportunities
(but->that) reported in euros and thus gets revalued every quarter as these currencies fluctuate
for restructuring were going ahead and starting to deal with the effects of all these things in a way that we get more control of our future
so if i read into that a little (*->i mean) it sounds like your inventory levels over the last couple (*->of) quarters have come down a good chunk then (*->and) theyre not flat
inflation and higher technology costs were partly offset by the benefits of cost reduction initiatives
the current pricing environment for softwood market pulp which is used for paper towel and tissue products is under pressure in the near term
quarter the quarter they just have shouldnt be lost in our news today they had very solid quarters and while europe and china are notably challenged
i dont think that (it->*) is the current environment so there will be some delta between asset growth and deposit growth
from an operations perspective we continue to invest in technology process improvement and talented people
and (the and->*) our clinical profile and really when we talk about the speed of response within day 1 and our depth of response
as well as certain adjustments that we (*->have) made of the net book value of a couple of the service in our portfolio
another source of pricing pressure has been imported towers that are generally fabricated using lowerpriced asian steel
and then as it relates to cost savings i think were going to continue to focus on improving business process throughout the organization
with this and other fitness actions we are determined to reshape our portfolio of products and markets
is greater than episodic migraine patients and so they like to focus there when you look at the depth of response that were getting
our focus remains on execution and we saw benefit from our efforts in the first quarter in terms of good operational performance and lower (costs->cost)
in hiring in terminations professional fees and project spend i want you to know that discipline will continue
in key management (positions->positioning) such as marketing sales leads for both ford and lincoln to drive not only our strategy
way to do it like if you had (the->to) time how you would have liked to do it so post that youre looking at (a->*) business thats grown significantly in the expense
or this is really where we get into our smart architecture discussions when you talk about vehicles being launched in 2022 2023 (*->with) the discussions were now having with the oes is how to
and we have developed a business philosophy which identifies the core customer of office its brand positioning and its own differentiating features
we experienced several notable movements in the portfolio within the quarter fdf energy is one the company experienced several customer losses over the summer
i would ask you all to keep in mind that our (fundamentals->fundament notes) have not changed our business which we have diversified over the past few years (remains->remain) strong and will continue to grow
a fairly large number of outstanding units that weve sold under contract that have yet to be delivered and the schedule with which we can deliver those units is determined by our customers
starting in the first half of next year maybe you could give us a little color on potentially what markets youre going after there where you see the opportunities it seems to me that
we will also have to modify our underlying bank covenants but weve had every indication that that will not be an issue given the current asset coverage those banks have
but does not include price increases organic volume growth or any other new deals we have signed in the meantime or may sign in the future
i will note that even though these investments are still classified as unrealized as shown on the prior slide several of these investments berlin and equinox have had partial realizations to date
a small number of warrants were exercised in q2 and the remainder that were being carried on the balance sheet expired on may 12 as per the agreements with those warrant holders
the third longterm initiative is to optimize worldwide distribution to make sure our products are properly represented in all channels
we have a very strong order activity in our building hvac segment and expect our markets to remain strong in particular we expect continued yearoveryear improvements in heating and air conditioning sales for the (reminder->remainder) of the year
increases resulted from rate relief customer growth midstream investments contribution lower interest expense and a full quarter benefit from our investment in enable preferred units
that those projections are correct because it would be great for black knight and certainly the economics of where home pricing is right now would indicate that
although (flyhts->flights) software as a service revenues were slightly down this quarter relative to last year q2 we do project that this will not be the case next quarter
partially offset by lower customer requirement for certain business jet and large commercial aircraft program as well as unfavorable currency (fluctuations->fluctuation)
and then just looking at the automotive im just wondering when this the negative impact on revenue from the transition from older to newer programs and is that something that should
shipments of our recently launched (7th->seventh) generation apus are ramping well and outpacing sales of our (6th generation->sixthgeneration) apus at this point in their life cycle
office we (have->had) a lot of work to do with office its a business that has been private equity owned for 13 years and its evolved really as a small business
which was upheld by a district court the matter is still under appeal at the fifth circuit oral argument was held on february 7 2018 and we are awaiting the fifth circuits ruling
this is a trend that we saw take place years ago in the servicing space and we are very excited about this potential opportunity in the origination business
you asked about customer acquisition cost my memory is better than i thought today customer acquisition cost theres no question customer acquisition cost online is going up and has been going up
this lower revenue contribution from (xueersi peiyou->surezup payo) small (class->cars) was mainly due to the faster growth of online course business and the consolidation of the newly acquired businesses
they are able to capture the entire portfolio of (product->products) of (cvc->cdc) but in terms of results that will only show in the second half
and we continue to make shopping easier on our conversational commerce platforms where were seeing increasing use of (*->things) tools like apple business chat and apple pay
our order book is were feeling really good about that and that is continuing to give us confidence through q3 and into q4 as tom said
we expect these originations to comfortably outpace prepayments and should serve to support the continued growth of our net interest income in the coming quarters
is that pushing up customer acquisition cost and (then->*) the second part of my question is how do you how will you look to try and take advantage of some of the issues (at->that)
unfortunately (there has->theres) been a great deal of speculation in the press over the past few months on this topic with much of the information being inaccurate and speculative
and then what i would say is point technology solutions to kind of put a bandaid on something but maybe not the most integrated
after adjusting for decoupling and weather normalization adjustments we would expect to recover some additional amounts later in the year through our normalization mechanisms
moving to media media was faced with a tough third quarter with declines due to decreased (onscreen->onscrete) cinema advertising and the timing of digital signage installations
(the->*) depending on which one you read that the home equity volume people are thinking over the next 5 years or so will double from where it is now
by increasing their market share inside the airline companies despite the declining market they still have a good performance
but if you look at (truworths->truest) customers compared to direct competitors and (truworths->the truest) and identity what you see there is something quite interesting which is
and retaining truck drivers triggered a liquidity event which precipitated the company filing bankruptcy on september 29 the company continues to be profitable
but as you can see the rate of deterioration has stabilized even though it is still deteriorating so the market is in stress but it is not
this conference call includes forwardlooking statements that involve a number of risks and uncertainties statements that are not historical facts including statements about our expectations
youre looking at that would put you at the high end versus the low end if you could just maybe provide a little color and if you already commented on it i apologize i had to jump on late
before i turn the call over to gord i would like to address a few of the common questions we have received over the past several weeks while meeting with the investment community
(sign the->signed a) division order confirming our proportional ownership of produced hydrocarbons if production does resume the company expects that statoil will distribute monthly royalty payments
in a trafficchallenged retail environment the tempurpedic brand is more important than ever to our retailers because it allows them to raise their average ticket price
which would be incremental to the 5year capital plan that we provided on our earnings call this past february we anticipate (the->a) decision from ercot later this year
away from the energy positions we have substantially diversified our portfolio into a wide range of industries (ill->i will) note that our legacy position in oci shown here as therapy services
bill yes so what were looking for is really some criteria which weve set up based upon the results we saw
supporting our customers q1 demand as well as the production of a large prototype design tower for (our->a) customer that we havent produced for (now->in) over 5 years
while we are actively working with kbw to explore these options and committed to taking actions that we believe will maximize shareholder value there is no assurance that the company will execute on any of them
so we will continue to experiment but we also have to work with our studio partners to make sure overall that we are doing the right thing for the business going forward
we have completed the multiple ascending dose portion of this study in healthy volunteers and expect to begin dosing hbv patients in a multiple ascending dose study early next year
we launched a bunch of beds in q4 (*->of) 2016 but they launched later in the quarter and as a result some of that capital expenditures
theyre showing up well in the profitability of the company through these tough times we also are asking our project developers to deliver projects that have strong prefunding
extensions to our advertising product family including a virtualized (inserter->inser) to update our linear ad insertion capabilities for service providers
(it->*) due to a laterthanplanned launch date in late september rather than late july we have less to report in terms of actual results than we would otherwise
the i guess maybe from a different vein then a couple of quarters ago you talked about one of the incentives or motivations to
we actually had more profit from our build projects (that->than) we initially anticipated so i look at this as a positive overall (as our->*) margins came in stronger (and->*) we still got to (that->the) overall
including medium and so what has to happen is (a->*) converter like international paper has to have what we need where we need it so if its in the north of europe its theoretical
and we really admire the management team this is a business with low operational risk the advisers and the management team i think are very well aligned
at the same time (we have->weve) developed stronger relationships with existing and new customers as we strive to grow profitability within an evolving changing market
because of the difference in growth rates in loans and deposits we do expect to see continued growth in the level of liquidity assets
the third major difference also occurring in all quarters is taxes invoices include sales in local taxes which badger collects and then remits to governments
physicians if a patient has an inadequate response or a toxicity issue or something else going on with one subcu they have the physicians have not been reticent
the consumers is clear there so is there any reason to believe that kind of over the next 3 to 5 years you dont get materially higher than kind of the outlook that (youve->you have) previously given us
and its also part of the super ticket that we talked about previously where you can watch a movie and then you have 48 hours where you can
we will try to minimize the impact of hold and catch up with the schedule but therell be a little delay
there will come a day kevin where we believe this liquidity build is going to be a nice incremental income opportunity but not in the rate environment we see today
but in fact the gain on sale component of that is virtually gone temporarily in the market so its going to be a much more modest fee run rate
more aggressively if that number pushed above a certain level to kind of mitigate the impact it has on the margin or can you talk maybe about the upper limits of (liquidity i->liquid)
we still believe its going to be one of our top most profitable roe businesses we having a 2month later start in the third quarter than we anticipated
this is a high percentage in a historical perspective and is a result of strong production on some highly prefunded service during the quarter then
the price is going to be stable correct what i can answer now is as follows (while->when) we (announced->announce) the results of the previous year
have an idea as to what percentage of your borrowers are likely to be divesting properties over the next couple (*->of) quarters as you kind of look at the overall portfolio stress
which we plan to convert to highperformance recycled linerboard to strengthen our value proposition to our customers and enhance the results for our european industrial packaging business
so what we focus on in our european corrugated business is very good for the company and when you take it back and look at the way we think about industrial packaging globally
we added some key new customers for these products in 17 and we think well make further progress in 18 in gearing were making progress stabilizing the (supplychain->supply chain) situation and driving for
breaking in as a new player in the market were going to have to obviously meet competitive pricing on the fee side so well have fees but they wont be as rich as we had hoped
a key difference in our fiscal 2019 pipeline compared to last year is that this year it is composed of more opportunities in europe
the real underlying strength of this company can come through and i can tell you its kind of interesting again i went back and looked at (i->*)
martin said at the analyst day the competitive environment had been pretty bad so putting all those things together how do you think about overall profitability i guess thats my first question
can we expect the restart of the development for this or do you need to take a long time to consider
in the marketplace but i would tell you were not ready to share that yet because were working through our feasibility work as well as the commercial opportunity work and so (that will->thatll) come
not only before they start but while theyre working and then when they finish up to return from a job site so thats been our experience mainly driven by safety
we do really like the dynamic of that being a filling capability with a higher yield than the core mortgage finance business
going forward we will no longer provide those discrete benefits as the program has matured and the impacts are integrated into normal business operations
and such statements are subject to many factors that can cause actual results to differ materially from our expectations as expressed in those forwardlooking statements
some of those overhead costs from that region are going to be carried by the units that then get sold in the other regions so we are looking for margin improvement partially because of
its obviously got some stretch in it with some of the pricing headwinds that have occurred but at the same time as i mentioned in my comments we feel really good about our execution
we hope that shareholders will cast their (votes->vote) in favor of the second tranche of this investment and we would welcome the opportunity to answer any questions about this investment
in addition the chinese government has announced more stringent environmental standards for the control of emissions which will weigh heavily on some of the marginal producers in that country
how difficult it is to operate in those biggest banks in this regulatory environment and still take care of your clients and of course thats our key calling card
phase i study was started for a planned indication of (endometriosis->endomateriosis) mechanism of action is not to be disclosed for now
and we extended that (pcable->pkable) data really over all of the blocks that are being offered in the 23rd norwegian exploration round
its a little bit of a challenge to kind of manage those i think the positive news is
sticking to our business philosophy and running our business in the way we have but with improved things that ive been trying to show you
sales increases in the industrial products business within aep were offset by softness in our defense business
because of economic environmental factors we never have and i can assure everyone listening
margin expansion in electrical architecture increased 60 basis points despite the decline in sales
moved on to the next cycle on the est so we can prompt you to go and watch it on our (store->stores)
consumers are more conservative and try to buy (at->*) the last minute
and skills transfer both ways that is going extraordinarily well and you will start to see the benefits
this was driven by unfavorable operating expense deleverage including the impact of investments in marketing
then a mismatch can occur in the event of certain floor clauses in loan documentation
(*->there) has been relatively little evidence at the prime end of the market since the transactions completed last year
the other thing were hoping to see is (the->an) ability to bring cash back on a
you can see it in our results as the sealy (fourwall->4wall) margin continued to expand
with relatively low deposit (data->beta) because of the composition of the deposits
as i said earlier we expect to complete this phase in the current fiscal year
which were very tough in the industry and if you look at a different thing which is now internal
this last 6 months certainly because of the economic environment it dropped from
which are global brand aimed at the fashionable uk and european customer
we welcome the opportunity to provide an update on our company and the investment portfolio
in addition to strong revenue growth the results of these initiatives can be seen in several key areas
(*->you) really have a lot of conviction to say the provision will be stable in fourth quarter or could a lot of things
(we->*) come across situations where we feel its going to be beneficial to the bottom line
our designer (emporium->imporium) which sits in our large (emporium->imporium) store alongside
a portfolio that wins at retail and delivers personalization and choice
we continue to see our margin increasing in that channel
going over there and installing the base assets and technologies for the future theyre all hitting
by international investors and they are amongst the largest (offshoring->offshore) funds in the world
this ends our formal presentation for today ill now turn it over to the operator to coordinate
a broad portfolio of advanced (technology->technologies) and strong partnerships and commercial relationships
and then of course also i think some of our core markets in europe
unrelated to their operating performance which combined with the cost of maintaining their aging truck fleet
and significant marketing will drive traffic to our retailers and help both of us
best news for you in the next quarter based on the results that we will build
we will provide further updates each quarter including targets and accomplishments towards our goals
this is supported by the consistent desire of new applicants
the distribution inside the home is not a fair game between yourselves and some other
(males->miles) are included just as (our->a) usual study design in general
that our business philosophy is exactly the right thing for our business
(*->where) we sometimes dont have to do it (as->is) if a customer has a credit limit
the margin profile for their business is sort of slightly below
that is better equipped to adapt to the rapidly changing business (environments->environment) in the markets we serve
but also to talk a little bit about the operating model that we are evolving into
(*->and) are based on texas (capitals->capital) current estimates or expectations of future events or future results
actual results could differ materially from those expressed in the forwardlooking statements
so if one look at traffic over the network would go significantly up
and it gives us some ability we think going forward that weve not had before to manage total
in other words we wont be offering anything that looks like
while the investment market remains very strong with much unsatisfied demand (there->*)
it would be my intent that there are probably a few very attractive assets
provides us with substantial resources to execute our (plans->plan) including any potential acquisitions
the decline in the august box office negatively impacted the results for the quarter
that does not include other potential impacts such as changes in accounting standards or unusual items
is there a potential margin benefit happening over the prior year for that business
larger in a way that created value for our customers we would certainly consider (*->it)
based on the governments recent pullback in the development of (high voltage->highvoltage) direct current lines in their grid network
and ill use this opportunity not just to talk about our outlook
after covering our increased spending on strategic investments we are targeting free cash flow
and our deposit growth is important to our longterm success and income growth
stronger than that i mean for one thing were in a seasonally slow quarter
okay and then i guess one more related to energy kind of any
so im wondering if there is a strategy in place to try (and->*)
inclusive of the funding of our purchase of aem earlier this year
and will improve capital efficiency in our mortgage finance services division
and we are quite excited about the opportunity there but i alert the foreign investors
to the benefit that any higher interest rates may generate
for a complete overview of natural gas distributions yeartodate regulatory developments
the (agents->agent) channel also has a very good performance
in exchange for the potential to receive cash and warrants in the reorganized company
the professionals as well as the rms had actually been hired
your expectations are for both those countries in 2017 in terms of
our strategy is also to increasingly appeal to more affluent customers
very often you see changes like that happen in (the->a) summertime when its a slower period of time for them
is a breakthrough formula that we have been working on for over 3 years
is that something that could become more viable or interesting to you again
of 2017 compared to the same quarter in the prior year
but as long as we are hearing treatment is penetrating steadily
we do know it will at least partially offset what we would expect to see (as->is) the
comfort revolution sales tend to be lumpy depending on specific customer orders
see some additional (costs->cost) into sort of to the first half of next year
a year ago we were adding we were overproducing to build that stock
at current exchange rates we expect currency translation (*->to) negatively impact our sales
we replied that wed like to do this early
there seems to be a good progress in your comparison against the full year forecast
and now with that introduction it is my pleasure to turn the call over to scott
the new platform will increase the portfolio of hotels and improve competitiveness of products
we also benefited from an 18 increase in sales to automotive customers globally
the competition was held at our (scotiabank theatre->sportshabank theater) toronto in september
as well as information regarding the methodology used in our (constantcurrency->constant currency) presentation
interest rate sensitivity and exposure to regulatory and legislative changes
(it->*) so i mean it will impact the top line this year but it really depends on when were delivering those products and services that
(*->screen) bases around the world including our recent launches in japan (well->we will) continue to work with the military to add additional beds as they arise and to that end
we know that when youre stretching the system in terms of utilization rate things dont always work out the way you want them to and
and we believe that we have a product there that is something they will use in conjunction with other (vendors->vendor) video platforms
canadian (bankings->banking) results also reflect margin expansion improving credit quality and positive operating leverage
we have successfully remediated an environmental issue associated with an idle facility and were really excited to have the project behind us
now turning to 2018 this was a seminal year for us as we demonstrated strong execution with the completion of key milestones
challenged environment in some cases in terms of those discussions but we are we think we are having some measure of traction as we have those discussions
a need for the type of product that were supplying to the export markets and weve been a strategic supplier to those markets for decades so
i was wondering if you could talk about the change you made to your management incentive plan in early february it looks like you
you can clearly see this in our strong productivity improvements and we are well on our way to achieving an (all bank->allbank) productivity ratio goal
and more liquidity accordingly there was (*->a) recent sale of additional shares into the public market with a view to boosting trading liquidity even further
we have an open platform architecture that allows customers to choose a wide variety of thirdparty products to integrate into their platform
and that as we said before has the impact of bringing in a margin in this regional production particularly in china where were bringing specialty production into
and as i said you dont necessarily time these acquisitions but a number of these have been in the works for 2 3 4 years if not longer
was set to be repeated in 2015 however in that year texas experienced massive flooding with much loss of life and property
and this includes wireless carriers content owners and aggregators these opportunities are predominantly subscription revenue based and thus if we win them
(*->but) for the markets to appreciate our stock a little bit better and we as charles has mentioned (we are->were) taking some additional steps to remove some of the impediments that we think exist out there
and heavier outage expense resulted in lower earnings for the business in the first quarter most of the pricing pressure was felt in the commodity plate segment
and our investments that we have made in the (barents->barron) sea in particular are playing a strong role in oil companies evaluating the 23rd round
we have multiple large perpetual license opportunities in our pipeline and (the->a) subset of those opportunities support our full year revenue expectations
even if its an overhang it doesnt really affect so what you have to look at is regional capacity and weve been a large open market buyer for a long period of time
we like the client base we like the business model we like the management team this is a client base that has complex financial needs
combined with our existing operations the acquisition of md financial creates the largest private investment (counsel->council) business in canada
which are based on current expectations that are subject to a number of risks and uncertainties that may cause actual results to differ materially from expectations
impact in (patientreported->patient reported) outcomes at week 4 which ties to our rapidity of prevention that theyve seen in the promise 2 data and so
okay and then can you quantify how much more is left from the (layer3->layer 3) sale that youre supposed to get
for oil companies to come in and license the data that we have assuming that we have data in the right places for those license rounds and we continue to see a number of important license rounds that are
strong cost management improved canadian bankings productivity ratio this quarter and yeartodate which is on track to achieve its productivity target
not only can you drill down and look at the details of the fields but the company has developed a very attractive product that links
that means that (there is->theres) something very significant on a repair or maintenance thats come up and you have a unit with a certain number of hours on it
as you can see on the capital expenditures graph our capex investment has been elevated the last 2 years due to the now completed abilene investment
would you be able to maybe give us some indication (of->*) what the net impact of roaming in and roaming out actually is
developing relationships and establishing partnerships which allowed us to take advantage of these opportunities when they presented themselves
than what we recorded in the same quarter in fiscal 2018 we continue to see a healthy pipeline that should position us well for annual revenue growth
was the ending share count significantly different did you maybe ramp up the repo as your confidence grew through the quarter (i->*)
our monetization platform is unique in that we can offer (*->a) wide variety of products and services at any given venue depending on the needs of that partner
im impressed by the data availability and the opportunities we have to leverage the data and analytics as we continue our transformation plan and look forward
the industrial business the highend industrial business that complements your mix in your plant because obviously agriculture (is->*) seasonally and you want to run your plant
we will continue to make investments in our heavy fabrications business and opportunistically in our gearing business to support its growth
service provider is different its where someone comes to us and we run the network on their behalf and so its typically a fixed monthly fee to run the network
of mnos intention to compete directly with cable companies seachange is in an excellent position to capitalize on these industry trends
including forwardlooking statements about guidance and future results of operations business strategies and plans and market and potential growth opportunities
the third quarter performance is principally driven by the timing of promotional and new product support yearonyear as well as competitive activity
there were several smaller deals in q4 to existing customers for additional licenses that reflected growth in their subscriber bases
tightening of the global supplydemand picture is expected to follow ill now turn the call over to charles for more detail on our performance
and we remain focused on further diversification and expansion in other markets notably mining and other industrial
that should lead us to tracking a lot more consistent with what the overall (market is->markets) doing versus maybe our past experience so we feel good about that
this new approach is working as the number of consumers using (*->the) atkins program in 2017 has shown a meaningful increase over the prior year
endtoend ott platform featuring all of our products and using a managed service model that will be targeted to content owners
and i think the market opportunities are there as you heard in my comments so i think our focus now is on how do we innovate
joe will provide more details on our financials in a few minutes but first id like to provide some business updates
mobile video to meet the any device anywhere challenge and cloudbased technologies that are required to support personalization and mobility
phase i study in japan started in january this year its mode of action was already explained at the last time we announced our business results
if youre talking about very large credits that have subordinated capital of one type or another obviously the service component of the portfolio is a huge driver (of->*)
change depending on this process youre going through that it comes in much differently than you expect we dont expect any surprises i didnt mean to suggest in any way that
the company is a multiclient data company that delivers very detailed field outlines and pool field information via a gis platform
acceleration earlier in the transition or does it start to really accelerate as you go out 6 to 12 months from when you (received->receive) the endorsements
were also using new scheduling tools to optimize staffing to meet fluctuating demand levels and have doubled down on our efforts to improve our case resolution time
i assume there are various changes like change of product mix in the first quarter but it is not affected by the nhi price revision
i assume it is because of that (that->but) the number is so large would you please discuss the background of such a large number if you may
we made some decisions in terms of how we were going to position ourselves in the first quarter and going forward id say demand is good price gets written about a lot
a lot of impact from the price increase which is just currently underway in the second quarter and so success on that if it comes through would largely show up in the third quarter
these people are trying to make better choices around nutrition and lifestyle but their approach is often flawed due to common misperceptions about nutrition
we shifted more to (fixedinterest->fixed interest) coupons because its more difficult to work with floating loans together with interest rate swaps in a very negative interest rate environment
in identifying superior investment opportunities during all cycles allows us to perform financially in all cycles and i think thats borne out in the value of the company and
thank you katie good morning and thank you for joining us today im excited to be speaking with you on our first earnings call as many of you know the simply good foods transaction became effective last week
that will drive longterm benefits and raise the efficiency of our factories improve our service levels and strengthen our product offering
and we remain cautious about (*->in) predicting improvement until we have a better view of ability to increase mortgage (correspondent->corresponding) aggregation balances
i guess first of all in industrial can you update us on your thoughts as to how you might be able to increase your vertical integration are you seeing
so (it will->itll) be an open question about whether or not a mill that in theory can make the product actually ends up with a large book of business in that and there are different degrees
shifting to marketing since last october we have taken meaningful steps to strengthen our marketing (abilities->capabilities) and we expect to be sharing highly visible results this quarter
with respect to speed of onset we believe that epti will uniquely enable physicians to provide patients with the potential for prevention within 24 hours (and->*)
how you think about assets that you might acquire as far as your philosophy the size and nature of the deals and how might those potential deals transform cdk going forward
the opportunities in central america and latin america as well as apac particularly can be largely attributed to the channel partnerships that we entered into last year
weve also made some key decisions that will improve ips portfolio and make it stronger and further improve returns on invested capital namely our decisions in asia and madrid
we are delighted to welcome them into the cdk family and the opportunity we have to enhance the value of data in the dms through this offering for our dealers
is to forever change migraine treatment and give patients their lives back 2018 was a very successful year as we achieved a number of significant milestones
in summary last year was an exceptional one for alder we are particularly excited about the consistency of data across epti (and->in) our clinical development program
reimbursement can you put a little bit more color on what the puts and takes are in the discussion with payers in the context of valuebased contracting
but we are going to discuss marketing and distribution from now on we dont have anything in particular we can talk about at the moment you have your own presence
that portfolio and we have a client base thats really working with our bankers and we think well make it through this cycle as long as its been and however long it takes
thats to say based on cost with a reasonable margin however we have argued that the draft decision does not bring clear improvement in the short term
the onshore us but we have negotiated very favorable conditions with our suppliers and do not expect to exceed costs on the surveys very significantly at all so
i assume the level in the first quarter should be a little higher and then with the impact of price revision the full year forecast is developed
because we do have the network were able to do that in certain areas and in terms of utilization of the network its difficult because
importantly we understand there is a large segment of patients that prioritize relief of their disabling symptoms over convenience of administration
the (passpoint->pass point) has to happen first otherwise there arent any customers out there to connect so thats job 1 and then getting the networks (outrolled->out roll) 2 i think were comfortable saying
we enjoyed speaking with many of you while out on the (roadshow->road show) earlier this year for those of you who are new to our story id like to take a few minutes to discuss our business
information concerning potential factors that could affect the company is detailed from time to time in the companys reports filed with the securities and exchange commission
adding capability around certain products that we think are growing through our segments and (that->*) we think we need and were building that capability so
according to our amortization policy all seismic (surveys->service) has to be out of the balance sheet no later than at the end of the fourth year after completion
all sites in the continental united states are fully functional we expect the efforts in puerto rico to take more time given the level of devastation on the island
while driving earnings growth and improving both earnings quality and diversification as i said before its difficult to control the timing of acquisitions
under construction and development for some time in fact i dont know of any significant projects that weve undertaken that are new in the last 6 months in houston
as we work through this expansion we continue to expect liberty globals latin america properties to transition to the one backoffice platform over the next several years
regarding gourmet food and gift baskets as we noted in this mornings release the results in this segment were in line with our expectations the flat revenues primarily reflected the timing of certain shipments during the quarter
im pleased to tell you we met our financial goals launched important new products completed a strategic acquisition and made important investments to improve our product offering
one of those new customers which we sold less than 1 million pounds to last year (were->we are) selling 7 million (or 8 million->*) pounds to this year and our forecast to triple over the next 2 years
(*->well) the mandates and the motivating factors are those which we have been communicating the first of which has been the requirement within china for aircraft operators there to
acquisitions and compared to (a->*) couple of years ago when i first heard you talking about that i just wonder how you feel where you are on that journey and what the opportunities are as you go forward
to suppliers who are exclusive to (truworths->truworth) which is an enormous advantage so our quick response fast fashion model with our impressive systems and processes really works well
okay external source transunion this is the health of the south african consumer credit market many of you are very familiar with this what it shows you when its below that line means its deteriorating
last and most important for both near and longterm growth objectives during the first quarter we saw accelerated doubledigit growth in our passport loyalty program as well as in the creation of new multibrand customers
given the operating cash flow we reported negative free cash flow in the quarter as a reminder it is typical for us to run negative cash flow in q1 due to the timing of certain cash payments
you should note that these revisions will have no impact on our reported historical ebitda moving forward we have put in place new leadership for the latin american subsidiary and are reviewing strategic and operational plans
relative to our peers in (this->the) space and we think we can leverage for incremental sales on the infotainment side on the active safety side the autonomous driving side as well as we can use those software capabilities
ecommerce in south africa is going to grow and be an opportunity for sure but its not going to be as immediate as it has been in the northern hemisphere we just want to make sure (we are->were) right there with the best technology as it evolves
(*->with) the added flexibility of the recently issued baby bond (as->*) it diversifies our sources and gives us more flexibility to address that call we obviously have a very significant amount available under our current line
this agreement was approved by the court on february 27 2018 at this time we are unable to determine the value of any recovery we may receive as a result of this settlement which is dependent upon the ultimate pool of unsecured claims
yes as weve covered in the past we have an outstanding preferred stock issue that has a separate and distinct leverage covenant it does not modify with the revised regulatory change
regarding the price in the roche territory chugai is not in a position to say anything about it but generally speaking we dont know the price yet as it will depend on regions and indications
but we want to make a big difference to the (*->will to the) footwear experience (*->we) you do experience when you enter the office stores which we think can be massively modernized and the first of those will be rolled out over the next few months
operating margins in the south america region were up on the extremely low levels experienced in the fourth quarter of 2015 the benefits of higher sales and production were partially offset by material cost inflation
black friday and christmas month the proportion of profits (and->in) sales in the first 6 months is much greater than the second so you probably will find that trend that (you->youve) just picked up on happening this year as well and in future years
thank you very much and thank you for joining us this morning we wish you all a very happy and healthy holiday season and look forward to speaking with you in the new year with our q4 and yearend results thank (*->you)
production levels share repurchases and our future revenue price levels earnings cash flow tax rates and other financial metrics we wish to caution you that these statements are predictions and that actual events may differ materially
of international hotel rooms paid in advance in december 2015 due to a law change related to international payments implemented on such (stays->day)
we are excited by the opportunities we see to deliver accelerated growth by focusing on providing our customers with truly original gifts to help them connect and express and by continually enhancing our customers experience
in fact early findings indicate that our companyowned stores actually (increased->increase) tempurpedic sales at our surrounding retail partners (locations->location) because they increase the brand awareness in the local market area
partly due to a difference in the contractor versus fulltime staffing mix but also as a result of changing our employee option plan in 2018 to extend the vesting period (*->out) over 3 years
in the second half of the year so our visibility there is short and partly (tied->ties) to weather although we have we feel really good about the order bookings
we never will our business philosophy is our business philosophy it clearly does get updated from time to time but if you look at it over a 20year period (you will->youll) see that the business philosophy has changed in words
of gladstone capital for the quarter ending and the fiscal year ending september 30 2018 thank you all for calling in were always happy to talk to our shareholders and analysts and any potential shareholders
coming out of q1 and before i would say were at the high end id like to see another quarter and address a couple (and->*) make sure we have good visibility in a couple of the risk areas that i highlighted
as part of what i call our program life cycle management we are actively seeking to minimize the impact between the completion of production on programs and the start of production on newer programs by seeking additional opportunities in the market
well we continue to look at opportunities to work with our partners that have spent money with us in the past (we have->weve) also got specific contracts with companies like scotiabank and cocacola
in summary were excited about the new tempurpedic and sealy products in 2018 early feedback from retail partners has been the best weve ever received and we believe the combination of great product
different from the previous one which is pure (truworths->truest) plotted against the market this one is customers who have a (truworths->truest) account which gives us the ability to look at share of wallet of those customers
then of course the balance on what people (owe you is->owee) slow and then because of the lag effect of the sales 6 months and a year earlier flowing through to the 6month period in which
and then the other key element is they really do like the quarterly infusion because they think it enhances compliance
we expect to release the initial version of our nextgeneration content management system later this month
on the opex line that kicks in kind of whats the right run rate to think about for opex for starters
that the presentation will also be webcast this company has always managed for the long term
and then you look at what were providing today which is like a next step forward so were showing you what (it->that) looks (*->like) geographically
so as interest rates change margin could move up or down on those assets
and with a very strong operating leverage earnings are growing very strong this quarter
is it perhaps that this quarter it was elevated because of acquisitions coming in or was there something else happening
first and foremost as previously mentioned we are developing and expect to launch shortly a new generation
taking all (of->*) these factors into account we now expect to deliver a loss this year in europe
have a point of view maybe not complete yet because we still have a lot more work to do but we have a point of view
primarily due to the impact of bank of canada rate increases and changes in business mix
and our response to the investing communitys request for consistent earnings lower leverage
and so the quarterly infusion fits right in line with how these patients are engaging (their->theyre a) health care provider and so
any additional cash restructuring charges that we incur going forward are not expected to be significant
which are subject to receiving planning and building permissions from the authorities can be funded with debt
so first of all would you be able to share your thoughts on pricing
and we look forward to enhancing the customer experience and rewarding the shareholders
shifting to the revenue pipeline while our q1 19 outlook for revenues is lower
we havent seen the time of which they actually (occurred->occur) the other competitors shared some data
but it does continue to grow what we do see more often though is the upgrade cycle happens quicker
(weve->we) put ourselves in a position to be a successful acquirer by building capital
we are very pleased with where we are today and are very optimistic about (alders->all this) future
we continue to have success growing revenue in (3 plus->3plus) dealer site groups
for the same reasons revenue in the second quarter will be similar to the first quarter
(*->mean) we made a move to increase liquidity we think that opens up some opportunities for us to appreciate
although we did make some notable progress with our product and customer diversification plan
so part of the deal we did was to do an upgrade to a platform that (cox->cock)
who want to come in and then you get the bulk of people moving over
now i will turn the call over to mike to discuss our research pipeline mike
anyway the financial situation of the average family remains sound and from our perspective
did you want to take (the bait->debate) on the value of fluff pulp assets in general
so not having that negative influence is a very positive thing and
its also a road map in general of where were going to allocate capital from
more holistic (turn->churn) in the company to something that is totally different than what were looking at right now
we also have deployed technology enhancements to improve our quoting and contracting process
as we mentioned in our earnings release we have postponed our september analyst meeting
so back to the growth strategy let me start with our commitment to cultivating (the->a) winning portfolio
we agreed one sale during the year and signed a share purchase agreement last month
different products but the humidity from the harvest all the way through the supply chain to the market
the slide shows the sequential bridge for the entire segment which does include our pulp business
were quite pleased with where we stand on these (two->2) new additions to our shale play investments
for the industry so in addition to a nice improvement that (we are seeing->weve seen) in the rubber black business we see (it->*)
reflecting positive economic growth and strong demand across all products
but also some of the bespoke products that we sell to the tire industry which can sell
and its the first deal weve done with an insurance company and i think there will be more of those in the future
this quarter we launched service connect to our (websites->website) and advertising customers
to see what we can do in the near future with our swedish partners
our ongoing focus on productivity coupled with our revenue growth opportunities
to interpret this chart is that the change in china equity income is reflected in the jvs category
maybe just an update on how we should think about that and cut some of the drivers behind (it->*)
the significance of what goes on outside the joint ventures which is all that we disclosed previously so
also by them pushing the software in april and essentially going live and you can start booking revenue
(we are->were) pursuing a compelling business opportunity with a very large consumer group that weve only begun to target
we are focused on ramping up production to support rising tower demand from our customers (and->*)
working with the local (government->governments) there for rezoning in order to be able to sell the property ultimately
really ends up creating the best opportunity for us to generate the highest (margins->margin) so
of some conflicting stories (in->and) deposit growth in canada can you maybe talk to
and were just getting started with a lot more to learn about this group of consumers
we plan to use all of that containerboard inside of our converting system
but for the full year we have grown these volumes close to 8 well above our view of market growth
we make these forwardlooking statements based on certain assumptions that we consider to be reasonable
since our kitting and fabrication capabilities can support other industries as well
associated with the (riegelwood->reaglewood) conversion and this was a significant drag to earnings in the quarter
and maybe ed if you could give us some comfort on your ability to
no doubt (it will->well) end up much higher than the market growth rate also this year as we
are there (are->*) things like that i think thats what you see us doing with some of these investments that were making
and working with them to think through whats the best deployment strategy
but was limited by material availability and other supply chain disruptions
we also continue to progress our investigations on a further round of extensions
and you say you have a lot of exposure in the fruit (and->*) vegetable area
im going to provide some insights on our strong performance in the quarter and key sales wins
competition from (a->*) certain type of product range i think the way we think about it is
just to see our oil and gas markets coming off the bottom and starting to recover
we were able also to close a 7year bullet loan with allianz real estate
remain excited about the opportunity of small cell deployments to enable our business to expand into new venues
so we wont be very aggressive in terms of how were investing
just the (week to week->weektoweek) operational management in the quarter and
in order to accelerate some of that supplydemand dynamic which we think would be helpful
you may listen to a live webcast and listen to a replay of todays call on the investors section of the website
goes back to supply chain efficiencies and just not needing as much inventory
we do feel very excited about them choosing that (and->*) not choosing something else
we have reconfigured our (plant->plan) to improve throughput and production efficiency
and weve invested in people and equipment to support sales growth in our other fabricated (involvements->weld)
coming from expansion of materials expansion of products sold at margins
offsetting some of the expected decline in professional service revenue related to the completion
and if it just takes less time to get product from (mill to box->milltobox) plant
we continue to make progress in the enhanced customer service work stream
our market research shows that patients who are highly impacted by migraine and in need of preventive treatments want products that provide a rapid onset of prevention with deep sustained responses and limited side effects
mark if i could just add to tims comment one of the things weve learned as our system has been optimized and its gotten as large as its gotten is we clearly create more value in our containerboard and box system
if it is within your expectation it is fine and you expect the impact of the price revision after april prices of purchased products will also be adjusted based on the nhi price revision as usual
in addition our media business started to rebound in q4 from the softness we saw in q3 all in all we are very pleased with these financial results which reflect the strength of our business model and our success in executing against boingos strategic plan
used as a biodegradable additive in fracking fluid (tpa->ppa) has the same effect on the pipes but is also known to reduce scale plugging of rock (pores->fores) thus increasing the flow of oil and gas to the pipes from the rock
as expected mortgage finance outstandings showed some seasonal slowdown that is typical in the third quarter as compared to the seasonally strongest second quarter but also was affected by the softening in the refi market
(*->now) if you take if you look at from a risk perspective if you look at the mortgage finance portfolio at something like a 40 risk weight which is the effective underlying risk weight of that portfolio
from a market segment perspective we continue to serve the traditional service provider market but as weve told you before were expanding into new segments such as content owners wireless carriers and internet service providers
their progresses are somewhat better than last years progress but they will be affected by the nhi drug price revision due to the return of the new drug development premium
somewhere in the back half of the year we have another sizable opportunity that were hoping can be in the first half of the year but its still somewhat difficult to get a read from that prospect on when theyll make a decision
what weve got is that particular annual plan is focused on the majority of our employees who are running our operations thats the level and type of job and we all talk in ebitda in the company thats what our plans are based on (thats->its) what people are measured on
on the basis of having confidence in our ability to meet our capital allocation priorities (and->of) supporting dividend payments investing in optimization capex and continuing in due course to deleverage the balance sheet
as part of this license round in november of 2015 and we have our surveys that weve been acquiring over the past few years with our partner there have illuminated a number of very prospective new basins
first we have enhanced visibility on (keylock->key loss) drivers we continue our renewal efforts and are directing our customer service experience initiatives towards customer advocacy and customer success programs
and scale of our key businesses and be accretive to the banks earnings going forward well be focused on the integration and execution efforts of these acquisitions secondly our continued investment
and the redeterminations will inevitably show some that have fallen out of the borrowing base compliance but we think weve been working on a path to get them back in compliance in some cases for 6 or 9 months
and not on the vintages as a whole given the weak development in the market for seismic data we generally see that the likelihood of impairment charges is increasing across our portfolio
in terms of our financial outlook on an annualized basis (we are->were) expecting modest top line growth but more significant bottom line progress as we lap the completion of our restructuring program in the last fiscal year
us demand seems to be sort of clocking around that middle 80s is our view right now were a little lower than that because we mentioned we took a line out of production this year for (a->*) significant amount of maintenance
this is a significant shift in the global supply profile for carbon black as the vast majority of capacity additions needed to meet the growth in global tire demand (have->has) been met with new capacity coming out of china
this includes current and future product launches as well as legacy products that were going back and reformulating the latter group includes 6 meal bar flavors that have been reformulated and are now shipping to customers
all of these statements involve certain assumptions risks and uncertainties that are beyond our control and can cause our actual results to differ materially a description of these risks can be found in our latest disclosure documents and recent press releases
you hear me better now (now->no) we can yes okay im sorry can you just talk about your comfort level in growing houston commercial real estate loans going forward over the next few quarters given
i also want to emphasize that our current pipeline includes only opportunities for products that we sell today in other words it does not reflect potential contribution from new products that we are planning to launch this fiscal year
therefore when you look at the amount in a quarter there are significant fluctuations depending on the timing of the shipments and the progress against the (focus stays->forecast is) within expectations
it is for endometriosis you include males in phase i study because this compound has a potential for other diseases also for males in terms of the mechanism
going into this year we see an overall tightening of the business as we move into 2018 (supply and demand->supplydemand) dynamics are i think favorable at this point and weve taken some moves both in europe and the move that weve taken in united states
mr (muraoka->moroka) it is related to impairment but im sorry that we are not able to disclose the details but i could give you a little hint
but note that in the second quarter we will have to wait with both the (ex->x) date and the payment date until after (another->annual) general meeting that will take place (in->*) on the 10th of may
this provides us with the enviable optionality to deploy capital over the long term and continue to grow earnings in closing we are taking the steps to realize the full potential of our platform
this further supports our view in developing new therapies that blocking the ligand versus blocking only one involved receptor is likely to be a more effective approach to treating migraine disease
i presume that you made an assessment why this is and (a->*) followup question on that is do you have any plans to try and get the (epra->uppra) cost ratio more in line with your peers
we have winning strategies in the right markets (and->*) our focus is clear as youre seeing in the moves we are making were focused on producing products where we have a distinct advantage with good access to fiber and lowcost manufacturing
within that context i know you mentioned market risk increasing but also book quality increased the riskweighted assets so im just trying to get a sense is there any change now that these acquisitions are on your books
over the fourth quarter of fiscal 16 the increases principally reflect strong net sales
willing to just give us any thoughts around how we should be thinking about the script trajectory versus your ability to generate revenue from them and then
and nfi industries and have launched a record number of pilots with more than 20 additional companies which is (*->a) leading indicator of business to come
and well continue to work with our colleagues in the industry to engage with the administration congress and the entire health care community
the lower hardware revenues were mostly attributed to logistics issues coupled with shipments from oem distribution partners that pushed
now for the outlook as we look ahead to fiscal 18 we anticipate net sales growth in flight support
as we have demonstrated we will continue to manage the business to effectively balance growth and profitability
in this regard we are breaking ground on our new manufacturing facility in rhode island in the next week
and were somewhat offset by declining volume most of which were associated with our margin improvement initiatives
a new schedule at the end of the year this is all we can say about it we dont have any other information than this
and were working on reducing the inventory days as well we have already taken actions around purchasing in the fourth quarter as youll see on the last bullet point on the right
while this business remains in the early stages we still believe there are opportunities for us to use our sophisticated data and analytics
throughout the year we have emphasized the choppiness in product sales to be the biggest obstacle to reaching our expectations for total revenues
quite much less relevant than for some other actors because our capacities
gap which over years tends to be rather stable has blown up so much and has not corrected yet
and we will be happy to spend kind of in the upper teens if we find the right opportunities in some of the more growth quarters
a lot of money and a lot of infrastructure investments we really wanted to get out there as fast as possible and demonstrate that this product was promotionally responsive
(*->puts them) into the msr and this decreases the total allowance supply and leads to an increased need for abatement
we articulated our goal of becoming the leader in neuroscience by building and diversifying our portfolio beyond alzheimers disease
and in fact one of them passed away unfortunately and that did hurt the q4 performance when we expected a certain amount of prescribers to come (on board->onboard) when we did our forecast
and thats why kind of our guidance for marketing for the year hasnt changed a lot we think we can deploy more marketing dollars throughout the year
wonderful experience ive had over more than 16 years at amgen i love the mission the people the science and technology and
we have a few more openings left and were really out there hitting the ground running and ill share with you some of those early indicators towards the end of my talk
for acquisitions in 18 i know you still look at them and youre still positive on that but is there any way for us to quantify
and they are really the ones that make it happen i could not have accomplished this
our view is that they are on a pretty attractive level we have in our previous communications published what those tariffs are
the sector also witnessed (a->*) significant capital (flow->flows) in the past few years and as a result the industry is (wellcapitalized->well capitalized)
since then we have made meaningful progress toward that goal by adding considerable depth across our core and emerging growth areas
were seeing many new opportunities with top shipping lines to outfit their refrigerated fleets and expect some of these to close shortly
expensive issue for the world and in a cap and trade (ets->it is) type of system which is volume based
its not growing to the extent that it was a couple of years ago when heavy equipment was booming i think heavy equipment
(we are->were) enthusiastic about the opportunities ahead of us and optimistic to have a lot of exciting news for you on our next call
after that the impact on heico can be calculated by taking our
for our numbers we do however if a customer needs something and its done we will ship it and if that means it goes early
the process at least it seems that it has worked according to regulation and nasdaqs own rules
key for us is where we can get early signs with objective types of measurements that we know are connected to disease so
the loss of this (1->one) satellite is not expected to have a material impact on communication services or service revenues
with our share of new prescriptions exceeding our share of total prescriptions for the first time in almost 2 years
we will be focused on maintaining growth in this market to the extent we continue to see attractive opportunities
and are now nearing their optimal service levels hardware revenues decreased from last quarter due to a number of factors
for factors which could cause actual results to differ from expectations please refer to the (reports->report) filed by the company
and thats what theyre betting on so again i see i speak to bankers i speak to
where our legacy brands have faced competition now for many years this includes 9 growth in the second quarter
who are very familiar with heico will probably note that for the first time in many years
goal that some companies will pursue with their products then theres the question of whether there may be
well thank you very much and as you know ive known you since you were in high school and your (dad->dead) since he was just doing deals
and then other brands within the market like (high sierra->hycierra) and many of the other brands that were pushing within this region continuing to do very well
to find ways to promote innovation while also ensuring that our medicines are accessible and affordable for the patients who need them
few months of the year with the distractions we had within paris but you can go across the page and see healthy growth across all of our markets
weve received verbal indication that (we have->weve) been selected by a major transportation company one of the largest global retail companies
of another award in cooperation with one of our global partners were working through the contract and hope to give you more (details->detail) shortly
change the way that your dispatchers and operators do business and thats the positive momentum that were seeing in those markets
throughout their manufacturing process using orbcomms rfid technology and web platform within their factories
we needed time to set ourselves up for growth building out a commercial infrastructure from the ground up usually takes years
thats something that a lot of companies couldnt do of any scale that we did and im really proud of the team that weve hired the people that have joined the company
to overwhelm the other so there is no intentional bias or managerial
give a little bit of a flavor for it so in terms of how it is that we design and think about trials
whats also true (as->is) i think we all know we have a tremendous capability for cash generation
as investments in support of our newer products delivered growth and our business continued to generate strong cash flow
okay well i want to thank everybody who has been on this call
enables us to reposition the satellites in the (events->event) of these circumstances which greatly minimizes the (impacts->impact) on network services
have the opportunity to ask a question if they wish but as you recall we did solicit questions from stockholders generally
so it (*->is) a tool that delivers exactly the result as it is supposed to deliver so thats why we are now calling
or whether in the next half or from the next quarter onwards that effect will be seen or whether we should expect
though the projection for the year is unchanged (and->*) as we have covered in the past this revenue category is quite lumpy
and skill and thinking to try and claw back the difference so that is the direct impact of affordability legislation
and will drive accelerated growth in both businesses going forward which underscores the success weve had bringing new technologies to market
so it is difficult though because they do range between a few hundred thousand pounds to a few million pounds
and consumer loan real estate and capital market verticals as our clients continue to search for ways to increase efficiency
so that we can reposition the business for how the industry is going to change and have it (be an->being) even more profitable highergrowth
i have provided the details that i feel like i can i will say that were excited about the opportunity
(*->the) strongest management team we ever had weve got a good balance sheet there are lots of business opportunities both
we learned a lot (a->*) good experience from the luvata integration but to do it well (takes->take) significant
but theres no evidence in our numbers that when they open in a very specific mall our stores around them do worse in fact
since that time we have seen incremental pressure on that amount but as i noted in my prepared remarks between the combination of the price increase
is a matter of balancing the smaller customers along with the bigger customers (there is->theres) obviously a huge benefit to having big volumes
adjusted revenue and adjusted ebitda in the quarter were less than the internal plan that we set for ourselves at the beginning of the year
that of office and it will be clothing even though it will not in any physical way storewise
is a legacy investment in the publications and marketing services sector which had been on nonaccrual for some time
the report that will come out this year will be more robust weve actually done the materiality assessment weve taken the initial phase 1 view of our carbon footprint
we also expect this to close in the first quarter of december ill turn it over to norm now for an operational review
we also had leased aircraft which were installed (afirs->with aprs) make their way to a new customer in australia
we expect and have planned for a changing retail environment and were making investments in new products
the decrease was heavily impacted by the timing of cash (payments->payment) and a combination of several other items
related to a noncash gain resulting from the update of the estimated repayment schedule for (*->a) governmental authority loan
we expect the judges proposed decision on the settlement shortly and a final order from the railroad commission later in the month
in addition to the revenue growth we are planning to drive earnings growth through margin improvements across all segments
the pipeline on acquisitions is pretty high and the opportunities that are being presented to us
and yes just your thoughts on can the industry in south africa sustain such high margins going forward
we are letting customers choose where they want to shop and are not trying to influence which channel they choose
including temporary working capital builds along with higher employee benefit and incentive compensation payments
are still despite the tough period weve had the last 2 years amongst the highest of any fashion retail company worldwide
which is step 1 that hasnt changed and as i showed you in the presentation the quantity of applicants
i will summarize the answer to this question to say that we are and have been very aggressively working with
the outcome of that is fraught with risk i got to say that there will certainly be a lot of options on the table
before i jump into some of the metrics for the quarter i would like to hit on 2 specific areas to provide some additional clarity
we believe that we are able to sustain our margins through the differentiation strategies that ive mentioned to you
although we see a recovery because we didnt have any decline when we talk about results
i will begin by providing a brief overview of our third quarter results and a summary of our key accomplishments during the period
as to how to try to move that forward i would not want to lock in a particular view i think
with more expected to come to help drive strong revenue growth and (improved->improve) financial performance in the third quarter
now because of the new regulation after weve scored and approved their score they have to go and prove to us
this (places->place) a great deal of downward pressure on the stock price it is our understanding that the shareholder has completed the (*->exit)
we are in the process of producing the volume required for first article testing and expect the testing process to take approximately 6 months
such as our expanded (succulents->succulence) line thats getting lots of play in social media especially among millennial customers
your portfolio how do you think these borrowers will perform in terms of their cash flow as
and the first information ive received from our retailers it looks like its solid if i just look at our direct business
and finally black knight will benefit from a less complex corporate structure and will now be eligible for index inclusion
(*->as) we discussed in the third quarter we recorded unexpected charges related to certain matters in our latin american operations
overall as we enter the holiday shopping period the positive (trends->trend) we are seeing across all 3 of our business segments
the company undertakes no obligation to publicly update or revise any forwardlooking statements which speak only as of todays date
as you saw it increased 50 when compared to the first quarter this product has a better margin and it contributes
this was partially offset by favorable channel mix lower launch expenses and operational improvements
the aem acquisition is expected to be modestly accretive this year even after accounting for integration expenses
and its across the board its areas where weve seen good progress but certainly during q1 were going to do some testing of new channels
how should we think about the full year revenue growth and how should we think about the (fullyear->full year) margin
plans and prospects including the financial outlook we provide constitute forwardlooking statements for the purposes of the safe harbor provisions
we continue to gain market share through our deep systems knowledge reflecting our unique ability to integrate the software
with the gain of market share given the situation of the economy
which is at the top end of our earnings guidance im proud of how the team managed the shortterm deleverage associated
thank you that concludes todays conference thank you for your participation and you may now disconnect
whereas the (rec room->recroom) is designed with millennials as the primary target market with a wider food and beverage offering
we really focus our energy around investment in our utilities we look at
so as long as we stick to focusing on cash flow and fixed charge coverage
while we are proud of the meaningful success of new investments made under oha leadership these gains have only cushioned the substantial losses
as something that will benefit the underlying shareholders and that will be a critical element of
well carefully manage our overhead and selling expenses we expect healthy (flow through->flowthrough) to ebitda and cash flow
the company expressly disclaims any intent or obligation to update any of the forwardlooking statements made in todays call
as both the investment adviser and a shareholder of the company we are surely disappointed by the magnitude of writedowns in the legacy investment portfolio
its important to note that we now have more new venues under contract but not yet deployed than our entire existing das footprint
and we can run a much more efficient supply chain so theres benefit in that i think what we worry about is
investing in technology and operations to drive productivity gains and enhance the customer experience
(then->*) the progress in the first quarter against the full year forecast for such products usually appear better
so once again were excited about the prospects of this move and what it can do for our customers and international paper
all of this will enable international paper to continue to generate strong free cash flow which we will allocate to create additional value
we will continue to see cost impact from the conversion in the second quarter along with startup and qualification (costs->cost) that will continue
the organic growth business model at texas capital is solid it allows us to not only produce healthy growth in our core businesses
well talk to you about third and fourth quarter as we go through the year as we continue to work through all of the customer contracts
i believe i heard you say before you thought the provision would be stable third to fourth quarter and i just wanted to gauge your
that our customers are looking at quite closely when it comes to picking up acreage as part of these license rounds the
differently than weve made before making our system more flexible meaning we can make similar products at (a->*) similar mill at the same mill
compared to what normal inflationary cost would be so what we want to do is beat (*->the)
am i correct to understand that dose escalation has been completed as for sky
on value contracts can i just ask you to provide a little more detail i dont want to infer what you mean by that question
and then have that better performance on what actually comes that we capture in our material (costs and->cost)
according to your plan you expect the similar margin level to continue after april
the conversion at (riegelwood->reaglewood) went well (*->it) was on time and on budget and our team is now ramping up and qualifying the new capabilities
with economic downtime and some capacity creep on a net basis do you expect to produce more or less boxes this year
turning to acquisitions for a moment id like to take this opportunity to provide an overview of our recent transactions
under our affinity agreement with the canadian medical association scotiabank will become the exclusive provider
the timing of volume and higher value mix in the foodservice business was slower to materialize than we had expected as well
types of products i think should characterize the value of fluff pulp is a highly valuable product given the
did you also say there was a decline in the carrier wholesale revenue in the fourth quarter that also contributed to that decline
so just to be clear on this then if the elevated branch sales or that source of revenue
potential migration so that were not anticipating any huge surges in credit (costs->cost)
thats obviously having an impact on the discussions you have with carriers about rate structures (its->is) still a very
(the nii->*) we feel good about where we are on credit despite the uncertainty related to the
on both sides so imports and exports with a slight i think (the->we) export a little bit more than the import
we really feel like we shouldnt have a lot of slippage there going forward again we feel like
i think it goes back to the power of the system we have tremendous flexibility and were trying to create more flexibility through these investments so that
average if there is such a thing in this business and then theres some on the smaller side so but as an overall mix theyre quite
between 10 to 15 basis points per quarter and increasing as some of these acquisitions start contributing to our results
the markets that youre in and just needing the markets to improve or is there something more fundamental
the field data and the field locations to information located in other databases and other (news->new) sources
and so what its meant for us at a moment in time is we just need less inventory and so weve adjusted our production accordingly
but remain highly (assetsensitive->asset sensitive) if rates rise and (well->will) benefit from rate increases at some point
i now (i would now->*) like to highlight some of the key themes from todays presentation and discuss our outlook for the bank
for additional acquisitions presenting the opportunity to expand our business into other food categories
(and->*) on all (of->*) the various (loops->looks) that they manage and we need to be able to make sure that
there is ample equity capital and experienced management talent available to absorb the change in ownership
where we have seen rapid effective and sustained responses combined with a favorable safety profile
turning now to retail and media im pleased to share that we grew our retail subscription base for the second quarter in a row
and as a result that will have us have a much higher tax expense in the first quarter and not be a
could (*->you) just help us a little bit as we think about sort of these ppw adjustments back in february
its clear that some patients will not fully benefit from therapeutic antibodies that block cgrp biology
not thinking of additional indications in the future so it doesnt mean much right
(are->were) you suggesting that you dont rule out the possibility for you to review the price depending on the situations
do you think the whole belgian market is still benefiting from the prepaid registration law change and secondly
and most of these are served out of our box plants in spain france and northern italy as shown on the highlighted area of the map
never has one contract brought us so many venues weve already (have->had) great reception from the carriers to join these locations
to cause us to be less optimistic overall about what this can do relative to our other businesses
it was encouraging to see the return of important local institutional investors who were particularly active in the provincial retail market
the value that they bring to the table versus like what sort of
and continues to be a factor is just how efficiently the supply chain network is running right now
our wealth management platform will benefit greatly from the acquisitions of (jarislowsky->jarasosky) fraser and md financial
the proof (will->would) be in the pudding i am confident that if we put that property on the market which we have absolutely no intention of doing
the real estate portfolio has modestly increased as we continue to experience no downgrades
by cleaner we mean fewer ingredients comprised of real foods easily recognizable to the consumer
in the expanded access in march roche explained at that time it was not aware of that
so that gave us a super performance in geneva last year which weve lost the benefit of this year and im afraid the other thing i should mention is that (our->*)
the things that need to be tended to in an annual outage cost more because of the nature of the work in a given period than in others
was offset by higher corporate and investment banking results and lower provision for loan losses
we are dedicated to providing physicians with solutions that help them more effectively treat (fluidoverloaded->fluid overloaded) patients
net income also benefited from the application of lower federal income tax rates on higher pretax income
on the data analytics side we look forward to our unique offerings driving additional value from our pharmaceutical clients
our recurring revenue was 80 of total revenue in the quarter and this is the third quarter in a row at or above this level
(*->a) bit lower revenue in switzerland mainly driven by the service revenue
with all of the (beliefs->belief) that you stated (at->in) the beginning that it was a good space it was going to grow faster
through monetizing our investment in netsmart after researching and discussing several possible alternatives
we expect to see similar trends across other markets as more data is released over the coming weeks
if you go on slide 10 you see that we are upgrading our network
i think well be able to continue to compete effectively
i think the financial situation of those end market customers
are interested in us where we are in contract negotiation or some advanced state of work with them
south texas regional medical center in (jourdanton->jordan in) texas we expect this transaction to close later in the second quarter
and is reported as the third most common cause of hospital readmissions within 30 days of surgery
but its a changing demand environment which is a little less predictable than it used to (be->*)
in contrast the erosion weve seen in both europe and china is unacceptable highlighting why we are changing our portfolio in these regions to profitably grow
to address the evolving health care ecosystem needs including use of realworld data derived from the point of care and transforming clinical trial management to accelerate drug development and effectively reduce (costs->cost)
to valuable oemgrade vehicle data this is the power of the apis to allow them to better manage their fleets let me go back for a moment to the winning portfolio
regarding our operating expenses in 2019 we will focus on leveraging the investments we have made in prior years so we should see modest increases in our spending levels
oh well if you (could->*) go trace it back i mean those interest rates have a very big impact on the net interest margin plus a lot of our loans are variable
finally i would like to provide a quick update around our (highopportunity->high opportunity) hospitals initiative as ive mentioned in the past we started this framework in the fourth quarter of last year where we identified an initial 15 hospitals or 3 per division
(the->at) aggressive repricing of the deposit beta so were going to continue as the market (readjusts->readjust) to rising interest rates on the funding side and (the->theyre) more fixed rate youll see us
how we look at a quarters expense run rate when theres not a loan sale in it and thank you for providing the line item detail on some of the expense lines
and will focus on leveraging the investments we have made through 2018 as previously announced we have expanded our commercial focus into the (postcardiovascularsurgery->post cardiovascular surgery) market
our acquisition of healthgrid strongly positions us in the rapidly growing consumer side of the market we look forward to the crossselling (of->*) this platform across the base and to new clients
so again thats how i look at q2 when we look at the second half of the year i think you could do the same type of math for the full year relative to the guidance that we provided
so if you adjust for those components our organic growth in the quarter would be approximately 4 versus the same period a year ago absent the impact of acquisitions
so we feel good about it from the beginning we set up an ownership structure that was not sustainable for the long term (it meant->in that) we were either going to be a seller or a buyer ultimately of the rest of that
we remain focused on identifying and researching multiple diagnostic technologies that more clearly inform treatment providers on appropriate aquadex patient selection
the value of music should always be treated as independent from the choices that streaming platforms make about the pricing of their services and their customer acquisition strategies
these childrens hospitals are treating pediatric patients for many conditions that can result with fluid overload including kidney replacement therapy heart disease
theres plans for restructuring that i will discuss in a moment as well as an update on our near and longerterm targets and im also going to touch on our underperformance in china and europe
we plan to do 2 things first were going to reconvene when we have concrete details to share but were going to update you more certainly with touch points such as conferences
fseries and transit make up the industry leader in commercial vehicles thanks not only to the product but our distribution and commercial capabilities
well i think theres always 2 components theres the operating performance that will largely drive the cash flow but certainly weve seen in our business that working capital can be lumpy as well
however forwardlooking statements are always subject to certain risks and uncertainties and undue reliance should not be placed upon them as actual results may differ materially from those expressed or implied
while overall industry conditions improved and we held (costs->cost) essentially flat excluding (the->*) inflationary effects this was completely offset by the significant weakening of local currencies
these statements are subject to the (risks->risk) and uncertainties as described in the companys filings with the sec actual results may differ materially from those described during the call
financing project through an asset that wasnt obviously because of the way things (were->are) accounted for valued (*->valued) fully at its current value in our balance sheet
(that->*) the trade structures always have existed and the best times that you can see business perform inside trade is when theres equilibrium
first of all we continue to look at more what you would describe as traditional deals that weve done in the past music catalogs music labels et cetera we continue to evaluate those
tariffs that we have today the piece that you dont see and thats changed and that should change in a positive way as we move forward is around what i call net engineering expense
(we->*) wouldnt see a lot on the run rate any different than we would have seen in q2 and as i mentioned a minute ago we are trying to get ahead
we also signed a letter of intent with baidu in china to jointly explore areas of cooperation in connectivity artificial intelligence and digital marketing
during the second half of the year tower margins were compressed because we retained key personnel in the face of what we believe was a rapid (and->but) temporary slowdown in purchases
your comment earlier about lead times remaining fairly constant what impact (or->your) influence does that have on your decision from a build standpoint going into next year
and it is to allow for other partners or participants in the future we will be establishing a balance sheet if you will for them but for now it will be
who (use->used) our prior version of our content management capability and theyre all candidates to upgrade to this the newer release of our product that we just announced
this provides investors greater transparency into how we are executing in this critical market and also how our business in asia pacific outside of china is performing
but generally the trend is up i think if you look over the last year youll see the trend has been going up we did have that deferred tax asset adjustment based on the tax rates but with the (lower->*)
we have losses for lincoln no surprise because weve just started over the last several years to establish it its off to a good start we even grew in the first quarter
have a great day byebye this concludes todays conference you may disconnect your lines at this time thank you for your participation
the decrease reflects invoicing against service contracts from one of our largest customers for which we received purchase orders in the fourth quarter of this year
as the (fin tech->fintech) movement continues to challenge the retail and community bank model we want to be on the forefront of that and have exciting new opportunities (at->of) which we have some now
were through this process of identifying opportunities by region to redesign our business model we are actively reallocating capital to areas where we can generate the higher returns
its important to highlight that we believe we can fund these cash effects without impinging on our other capital outlays including investments for growth and our regular dividend
to remind you our partner program is focused on channel partners and technology partners we have previously discussed channel partners in our prior conference calls
in a managed network or managed service model for content owners wireless carriers and service providers we will be announcing this new platform shortly
so while certainly some things will be left behind and they should be there will be new things that well be investing in that actually are already more friendly to us were already strong
on the consumer front we closed the acquisition of healthgrid in the second quarter healthgrid is a very innovative way to reach a very large patient population
thousands of doctors being convinced to pay for what was previously a free offering demonstrates both the platforms value and the leadership of this seasoned team
also in the ambulatory market practice fusion has achieved several tens of thousands of subscription signups and overall has exceeded our expectations
the adoption of the new standard resulted in a midsingledigit adjustment to revenue and income and therefore did not materially impact our second quarter results
havent come down that much in the second quarter (and->*) we look at liberty numbers last week and see they were quite weak so i just wondered from your perspective where you have lost subscribers
and we think our brand as well and well continue to leverage them in different ways for more value and im sure there will be some more acquisition behavior in the future
it probably wont be noticeable in our financials but ultimately (we will->well) have a much more productive capability so there wont be a lot of additional resourcing as volume grows so its
over the next 3 to 5 years which we believe will provide substantial benefits from both a growth and a profitability and return perspective
and ford commercial solutions introduced 2 new connected vehicle products to provide fleet managers and (telematics->telematic) service providers direct access
i was looking at the (projection->projections) that we made of what would come out of what we (called->call) the way forward plan i mean it (paled->pales) in comparison versus what we actually delivered
this is paul theres a number of decent (sized->size) or large transactions that are out there that we continue to go after that we continue to work with over the course of the next
clearly our european business requires a major redesign and refocus particularly given the ongoing effects of brexit on our most important and profitable market
as well as the timing of certain receivables related to the eis business as a substantial number of eis contracts are structured to receive payment in the first and fourth quarters
this move ensures that these critical functions have an even stronger voice at our leadership table as we execute on fitness and we create the winning portfolio around the world
so theres a fair number of sizable transactions that we would expect to close over the course of the next ill just call it 4 quarters versus the rest of the year
its going to be a very good (its a very good->*) deal for us and for the buyer (in->and) the fort lauderdale property so were happy to do that we think its
full get on the same page and we want them not only comfortable that we solve the issues from the past we want them comfortable that we can be new product areas as this market develops
we are improving our cost competitiveness with aggressive fitness actions as well as more localized product as bob said in china such as the explorer
and very very strong returns on invested capital it will look different it will be different but it will be a much stronger business and thats exactly whats behind
during a 3day aquadex treatment approximately 4 gallons of fluid was removed and the patient was discharged from the hospital the next day
oil and gas and mining markets as shown in (*->the) chart on the right oil and gas and mining markets are posting doubledigit growth rates
planning (with the->*) 5 years out and forgetting about the 5 weeks out how you make sure that part of the business is running well
we talked about numbers of plants that we might close i actually looked at the details today it turned out some of those plants were different
these assets have enabled us to better serve our clients increasing our scale to further drive our investment in innovation
and that transaction should close this quarter so thats good news on the credit front now (ill->*) turn it over to
and we are beginning to hear about and also see market impact from changes in the ontario ministry of transportation regulations
our development teams have already made and (streamline->streamlined) future decisionmaking and better capitalize on market opportunities
we will continue to evaluate our production footprint to align our product mix cost structure and capacity with demand
we expect this updated offering to appeal to a broader set of prospective customers including those struggling with other (vendors->vendix) platforms
and we are certainly not immune to this we are working with our customers to optimize tower design to reduce our cost
id say the hospital side is probably the least predictable at this point
driving our revenue performance in the fourth quarter this year was stronger product revenue from software licenses especially from liberty global
based on the work accomplished to date we expect to enter a definitive documentation on the sale during the third quarter
the pipeline once again is characterized by several important 7 and 8figure opportunities with service providers
however most nitrogen conservation products are bought in q1 and we do not see significant sales the rest of the year
but the more fundamental risk is that our customer could get that tower
and forget for a moment whos winning and whos losing just think about you design your business to the certainty of that
while there will be more lumpiness in our quarterly results this year due to the implementation of the new revenue recognition standard
this strong improvement allows us to continue to reinvest more aggressively in our operating and product development initiatives
about how long (are->have) those weights been on those ankles and so (i->*) this is a credit to the team in a very short time
if you will tip our hand before we need to so that we can manage this in the most efficient and effective way thats possible
surgical patients can be challenged by fluid overload (postprocedure->post procedure) due to the extra fluids administered during surgery
(*->very good) however the one thing i would say is that the plan is tied to both operating performance and valuation of the business
they are not organized to create value for artists
and these numbers are in spite of the fact that if you go through the new accounting system last year we had
in improving both the predictability and quality of deliverables our team is focused on more rapidly bringing new products to market
been able to qualify the majority of grades now in the other locations weve done conversion of a couple of units down there
cardiovascular surgery patients often need treatment for fluid overload and frequently fail diuretic therapy
may help with that product or is there something competitively going on in the industry thats impacting you
but will also help the facility efficiently produce multiple tower designs and other heavy fabrications concurrently
is that the net margin is included in revenue whereas the total gross charge is included in the receivables aging category
and i think as the market is shifting certainly certain segments of the market are shifting to subscription
this was due in part to unexpected events over which we had little control such as the fire at our us supplier meridian
following the expansion of our engineering resources in poland last year i am pleased to say that we are making substantial progress
and thereby introducing the clinical value of ultrafiltration treatment as an opportunity to improve clinical outcomes
this has been somewhat overdue and as a result during this year we took an extended downtime on (1->one) unit which is now back up
and making sure that the market knows that there are certain adjustments if you think about last year matt
as far as i dont think it will surprise this year because were trying to
but notably higher than the prior year as the rebound in oil and gas markets and the expansion of our customer base (continued->continue) to drive yearoveryear improvements
and also jim is working to identify and get ahead of future trends and try to get us in the forefront of providing products to address those consumer needs
good morning and welcome to the chf solutions earnings conference call for the fourth quarter ending
demanding the most of himself and those around him courage to speak plainly in the face of adversity and an unwavering commitment to his values
we will continue to update you on any progress on these discussions obviously to the extent we conclude a transaction we will cease to consolidate netsmart in our financial results
we (got->get) all this credit risk off our balance sheet at a period where the loans are highly unlikely to have any problems which is the first 3 months of any of these projects
when we convince a client they usually get a good reward off of it because youre automating something that was manual or otherwise had some embedded inefficiencies in it
our international business continues to grow with the fourth quarter negotiations and recent addition of distribution in india and brazil
and clinically proven alternative to diuretics we continue to develop and refine our focus to demonstrate a strong business model by driving revenue
and its historical (deliver->delivery) performance positions the business to not only enter new markets but also expand its existing relationships
they go into a securitization trust and then securities are issued we do not service the loans so theres different tranches to institutional investors and then theres the
so the power of what this company can bring in terms of returns if it just invests in the right things in the right way
in fact we have not earned an appropriate return on investment over the most recent economic cycle that spans from 2004 to the present
also in the quarter netsmart closed the acquisition of the home care and hospice solutions of change healthcare this was a deal we had previewed for you last quarter
that work is already underway focused on addressing the lowperforming elements and expanding and strengthening the healthy pillars of our portfolio
not a big change (no->now) we have some nothing that will i think meaningfully impact the financials we have some duplication during the move period
to determine best practice protocols and deliver the best possible care we believe this is just scratching the surface of the capabilities well be able to provide and deploy
so i think its having i think were moving along at the appropriate level i dont think its constraining our business very much
we are dedicated to bringing proven solutions that improve the quality of life for these patients and the clinicians who have the passion to treat them
is there any color regarding the level of buying activity that you could provide and then what youre expecting for the second half relative to the back half last year
and as we do this how critical it is that we consistently focus our capital on areas where we have confidence of earning (that->an) appropriate return
or leverage our distribution footprint thats what weve usually jumped on and so thats driven some of the activity youve seen over the last 6 months
(*->the) capabilities we have and our ability to grow in a safe and sound way in the future so i dont i think were going to work with our regulators and were going to get on
turning to our outlook we are maintaining our 2018 guidance which reflects the first half performance as well as our outlook for the back half of the year
im not blaming anyone in the rearview mirror but i had nothing to do with the portfolio that were now kind of laboring under in a couple markets
(escort->escored) are sedan silhouettes and most of the profit uplift for us and others is really around utilities so
so you see the compensation line is up thats where its coming from so were still (*->on) well on track with where we wanted to be
we now maintain we havent maintained a fresh enough product lineup for this rapidly changing and dynamic china market
and the anticipated sale of our ownership in the netsmart joint venture including our ability to enter into and complete the transaction and the expected timing
in later quarters as our internal production volumes and efficiencies increase we expect to see additional margin (improvements->improvement)
as well as the technology people so you wont see a lot of associated expense but you will ultimately see the shutdown of the tampa some a little bit of
this reflects both the impact of bookings as well as a substantial number of renewals in the quarter that are not included in the bookings metric
he will report directly to marcy (klevorn->clevelan) and marcy had a rich history at ford building the software stack as our chief information officer
so seizing on the momentum weve created at netsmart during the quarter we took further steps to position ourselves to unlock value for shareholders
so overall we are able to have a stable or slightly increasing subscription base
i hope this quarterly summary will be helpful in assessing our business and financial performance in addition (we will->well) be updating our strategic business review on our website
genesis invested in our (2bprecise->2b precise) solution and the physicians are incredibly excited to be able to leverage this precision medicine technology
its really been more of a financial asset than a strategic asset for us and i think its the right thing for us to do
gives us a lot more focus on this but probably (we->weve) spread our wings a little too far to start with but this is a great opportunity i think for them and for us
prepaid card deposits are our largest funding source and should continue to adjust to only a portion of future increases in market rates
we are not currently marketing to the pediatric market but we are aware that our products are being used to treat pediatric patients
from an executive management standpoint but that was not baked into any of the projections that we had when we bought the business that some of those clients were going to be
while market factors were slightly positive we had expected a much stronger boost from the top line both in volume and net pricing
tax shield that we have unutilized we think its a fairly efficient transaction from a tax perspective
(*->now) this redesign includes the reallocation of capital to opportunities with higher returns restructuring and strategic partnerships
provide some clarity in q2 so weve already provided you some information to help you get to an organic growth number
the only major other piece that you would need to back into an organic growth number is the practice fusion revenue number
the ebitda margin opportunity for the buyers or do you think theres a general disconnect between public and private markets and that
so it provides us with (a->*) significant amount of revenue visibility over the near and medium term and lessens our reliance on inyear new bookings
and then smartly and selectively disposition where we cannot make an appropriate return
that are looking at sunrise which is a nice additional benefit of that
all those are embedded into the plan to do better and theyre all pretty much on target we did also
quarterly results reflect continuing revenue growth in bancorps major lending lines
reduce hospitalization rates and reduce a major expense to the (healthcare->health care) system
so with that ill now turn the call back over to dennis to go through more of the financial details for the quarter
and i would like to start on page 26 and to give you some (details->detail) on the (revenues->revenue)
so they have a profound impact on many of these businesses and youll see that profound impact go up
for clarity purposes let me make a few opening remarks before diving into the results
good what is our dynamic in the service revenue in the retail market
demonstrated by our recent announcement to no longer allocate capital to traditional sedan silhouettes
deserves praise not only for his business accomplishments but for his resolute discipline
the lines of business comprising those totals have historically had low chargeoffs
were also (subtlety->suddenly) making a linkage between the market leadership and the product leadership here
were already advancing the neural network learning of this system beyond
driven by fitness and our decision we talked about last call to no longer allocate capital
this is a move that significantly strengthens the companys position in the southeast of england
said another way can you quantify how much the interest from those loans benefited the margin
as rick already noted as we stated last october when we made the acquisition
last night we signed a purchase sale agreement for the full principal amount
good day my name is imani and i will be your conference operator today
so when you think about the rest of the business and the consolidated business
our vision is to become the global market leader in fluid management with solutions to improve
first half year and we confirm our guidance
and just so you know when we do that its typically the playbook which is
senior director of clinical education and (vp->bp) of international business development
and the royalties that we were receiving from the joint ventures was pretty much
to modify our label to specifically include pediatric patients
what people thought it might do which is great because thats what it has to have in order to be safe
and then ill make a couple of comments (on->and) thoughts around our current portfolio
exactly when that will happen simply because its being managed by the physician (and->*)
in recorded music we hired a new svp of global digital marketing
i think thats the opportunity (and->in) deploying our capital in markets where we have
when to initiate therapy how to manage throughout the therapy and when to discontinue ultrafiltration we expect to initiate a clinical evaluation with daxor corporation soon
(*->but) as i said in my initial comments we know that because the securitization happened at the end of march that and because it takes time to ramp up (and->in) loans to fund and so forth
over time and to do that were going to obviously have to be higher volume and lower risk or have greater risk control so im not really thinking consent orders and its impact on the business i think about the
why we shared what we did today so first of all you should expect that we will be using the earnings calls and other interactions that we have with you and investors and buyside
either our software tools help them become more efficient or our services tend to be lower cost than they can do it for themselves and so as providers continue to struggle with more and more financial pressures we actually think our value proposition gets
but your supposition john is correct in terms of the magnitude of what were having to address but what i would also remind you is that theres a capital reallocation (to->2) new things
i will now turn the call over to claudia who can walk you through our q4 2018 results and financial details following that i will provide some closing comments and (will->well) open the call to questions
were dealing with a moving bar and we dont know what (to->the) compare (it->*) to thats sorry (its->*) just (a->for the) feedback i really do hope you can reconsider the communication strategy because its just not good enough bob no i understand what youre saying but let me just provide another (a->*)
well were looking at that i mean obviously when you go market by market and we even provided a few specific comments today that would tell you in certain regions that the majority of volume or revenue is actually low performing we havent done that across the board
those risks include but are not limited to risks associated with the possibility that the company may be unable to grow revenue in future quarters that the company may be unable to execute in its commercialization strategy
we undertake no obligation to revise these forwardlooking statements in light of new information or future events please refer to our earnings release and sec filings for more detailed descriptions of the risk factors that may affect our results
now this was driven by the fact that were in the midst of our global business redesign efforts theres important partnership discussions that are taking place and because of the uncertain policy environment that were all in
when you have strong and weak franchises in regions its not as simple as just pulling the plug or exiting markets we know we can capitalize on our strengths we have a strong brand bolster underperforming products and regions
our performance in the quarter reflects the underlying strength of our current portfolio and mix of trucks and the intense focus the team has on fitness you can feel the momentum
in terms of modeling 2019 we expect revenue to continue to grow double (digits->digit) versus the prior year and to continue the trajectory we have been for the last 7 quarters
i do understand its fair that you want to know what kind of returns these bring in so we plan to update you on that but i think this hard work (has->is) really happened and so im happy where we stand tonight with what we know
we believe that this collaboration with daxor is another important building block of our strategy to evaluate diagnostic tools which may refine and maximize fluid management therapy
were very pleased to announce that on june 15 we released a new version of allscripts pm that delivers on our promise of continued automation and enhanced users efficiencies client feedback has been extremely positive
now please turn to slide 2 in april we shared our framework to improve the competitiveness profitability and returns of our portfolio and to drive sustainable value creation
open a lot of time for us to work on other issues so once you kind of get through this the margin i think theres a slide somewhere that shows you what the margin goes to (it->*) goes to almost 13 and thats just with the things thats basically
(we have->weve) really begun to focus more intently on penetrating in hospitals that are utilizing (the->*) equipment on a regular basis so i would probably lower that down to the attention our sales team is focused on
so as you can imagine that is a complex thing to do in terms of over the whole business were going to have to orchestrate this it will play out over time there are many constituencies that were going to have to manage because
about what that redesign is going to entail were not providing the specifics for the reasons i mentioned but its clear that that redesign is going to be fundamental and its going to be deep and its going to really address these underperforming parts of the business
now the next area of growth is autonomous technologies so coincident yesterday we announced the reorganization of our autonomous vehicle efforts into a single entity under the ford smart ford mobility umbrella
(at->*) as we move forward and those and the engineering becomes more normalized and we start to see the volumes grow coming from the expanded portfolio our expectation is that we go back to a much more balanced position which will be part of the improvement that takes place
on the other hand the lowperforming part of our portfolio represents a majority of our volume revenue and capital deployed in the region consisting principally of cars and multiactivity vehicles such as cmax
they are an awardwinning consumer engagement platform and we have a very widely deployed consumer engagement solution through (followmyhealth->followmahealth) combining these new capabilities with this existing footprint is exactly what the market needs right now
where you have 2 people on a truck and the one person expects or thinks the other person has secured part of the equipment before they start to drive away (and->*) vice versa and we have a number of incidents like that
and i believe october to do a full safety and soundness weve made a lot of progress i think the last were talking about in the order of (100s->hundreds) rather than a few issues
that happens out there related to the truck or any safety im copied on every single one and statistically and over a long period of time its been badgers experience that (oneman->one man) crew is safer
as our pls business now approaches 10 of enterprise revenue we believe we are building critical mass in this highgrowth sector of the market our strategy to invest in this area is paying off and we continue to see some very strong results
we continue to stand by our global commitment to the paris accord 2degree stabilization glide path and were using this to guide our business for example were on track to add hybrid electrics to our highvolume profitable vehicles
moving forward were focused on getting our china business back on track including localization of most (imported->important) products sustaining the strong performers in the region outside of china and getting appropriate returns from our business in india

SUBSTITUTIONS: count ref -> hyp
26   in -> and
25   a -> the
24   costs -> cost
22   and -> in
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16   we -> weve
13   we -> were
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9   were -> we
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4   its -> is
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3   you -> youll
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3   riegelwood -> reaglewood
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1   ship -> shipped
1   shifting -> shift
1   shift -> ship
1   shareholderfriendly -> shale
1   shaping -> shipping
1   separator -> preparator
1   sentiments -> sentiment
1   sentence -> senates
1   seniorrelated -> seniorelated
1   seizing -> chasing
1   segments -> segment
1   seem -> seems
1   section -> sections
1   scotias -> scotiaz
1   scotiabankers -> scotia
1   scotiabank -> sportshabank
1   scotiabank -> coshabank
1   saying -> stating
1   samsonite -> samsonut
1   sales -> cells
1   runner -> run
1   round -> roundabat
1   romanian -> remaining
1   rollercoaster -> roller
1   roadshow -> road
1   right -> righthand
1   right -> out
1   reynoldslorillard -> reynolds
1   revenues -> revenue
1   requirements -> requirement
1   reports -> report
1   reminder -> remainder
1   remind -> reminder
1   remains -> remain
1   remained -> remains
1   remain -> remained
1   regions -> region
1   regimes -> regime
1   regard -> regards
1   reflect -> reflects
1   recycled -> recycle
1   received -> receive
1   rec -> recroom
1   realtime -> real
1   real -> realtime
1   readjusts -> readjust
1   reaction -> direction
1   rate -> ratepayer
1   ramp -> rampup
1   quickline -> quikline
1   question -> questioned
1   quarter -> contract
1   quality -> already
1   purposefully -> purposely
1   purchasers -> purchases
1   pull -> pool
1   proofs -> proof
1   projection -> projections
1   progress -> promise
1   profits -> profit
1   problem -> problemsolving
1   prioryear -> prior
1   prices -> price
1   premiumbranded -> premium
1   prandial -> preandeal
1   postprocedure -> post
1   postponement -> performing
1   postcardiovascularsurgery -> post
1   post -> postbrexit
1   positions -> positioning
1   portfolios -> portfolio
1   pores -> fores
1   plant -> tolerance
1   planned -> pan
1   plan -> plans
1   plan -> planet
1   places -> place
1   placed -> place
1   pivot -> prevent
1   pieps -> peaks
1   pickup -> pick
1   phenomena -> phenomenon
1   personal -> personnel
1   periods -> period
1   periodization -> prioritization
1   perhaps -> perhapsening
1   pekka -> peka
1   peiyou -> payo
1   pcable -> pkable
1   payments -> payment
1   pay -> sell
1   pay -> play
1   patientreported -> patient
1   patent -> patentpending
1   patchwork -> patchworkquiltered
1   passpoint -> pass
1   pass -> part
1   pantaloons -> pantalone
1   paled -> pales
1   paid -> pay
1   paid -> page
1   packs -> tax
1   pacific -> pacificbased
1   pacap -> take
1   owe -> owee
1   overlending -> over
1   overall -> tomorrow
1   outrolled -> out
1   out -> on
1   out -> app
1   our -> urban
1   our -> rts
1   our -> are
1   ottomatika -> automatica
1   others -> other
1   other -> another
1   ore -> or
1   orbcomm -> orbcom
1   or -> your
1   or -> of
1   opportunity -> opportunities
1   openings -> optings
1   opening -> openings
1   opened -> open
1   openbook -> open
1   onscreen -> onscrete
1   oneman -> one
1   onecloud -> one
1   on -> under
1   on -> them
1   on -> onboard
1   on -> and
1   ohai -> ohi
1   offshoring -> offshore
1   off -> offtreatment
1   of -> our
1   of -> more
1   of -> browny
1   of -> are
1   of -> and
1   of -> a
1   ocrevus -> orkrevis
1   occurred -> occur
1   objectives -> objective
1   nurture -> neutr
1   nsrrep1 -> nsr
1   npower -> mpower
1   now -> no
1   now -> in
1   north -> northern
1   no -> now
1   news -> new
1   new -> newbuilding
1   nervanix -> nevanics
1   need -> needs
1   need -> mean
1   naturally -> in
1   muraoka -> moroka
1   moves -> move
1   move -> some
1   mourning -> morning
1   mortuary -> mortary
1   monsoons -> monsoon
1   moneysavingexpert -> expert
1   mold -> moved
1   mixup -> mix
1   mix -> mixup
1   mill -> milltobox
1   midyear -> the
1   middlemarket -> middle
1   mendelson -> metals
1   mendelson -> medlson
1   meline -> maline
1   megtec -> megtech
1   meant -> that
1   may -> might
1   may -> maybe
1   materials -> material
1   match -> march
1   marron -> merin
1   market -> markets
1   market -> deeran
1   marked -> smart
1   margins -> margin
1   marchionne -> marcioni
1   mannkind -> manton
1   mann -> manshares
1   males -> miles
1   make -> makes
1   make -> get
1   luvabella -> lobobella
1   lumpsum -> lump
1   lowmargin -> low
1   lowerleft -> lower
1   lowcarbon -> low
1   loved -> love
1   loops -> looks
1   looked -> look
1   look -> live
1   long -> longlife
1   locations -> location
1   loanstodeposits -> loans
1   liveworx -> liveworks
1   lives -> lifes
1   liquidity -> liquid
1   like -> so
1   like -> linked
1   leveraged -> leverage
1   level -> levels
1   lets -> look
1   lending -> lenzing
1   leavers -> levers
1   leased -> lease
1   lease -> lead
1   learn -> learned
1   layer3 -> layer
1   laughing -> lapping
1   lapped -> lap
1   lact -> lacked
1   kristen -> kirsten
1   kramer -> kleimer
1   know -> notice
1   knew -> know
1   klevorn -> clevelan
1   keylock -> key
1   kepserver -> capserver
1   kelowna -> colona
1   keep -> continue
1   jourdanton -> jordan
1   jarislowsky -> jarasosky
1   jarislowsky -> jarasofky
1   ive -> veloped
1   its -> as
1   its -> and
1   it -> well
1   it -> us
1   it -> the
1   it -> itll
1   it -> in
1   isles -> ales
1   is -> these
1   is -> theres
1   is -> of
1   is -> if
1   is -> gives
1   is -> eyes
1   is -> does
1   is -> are
1   involvements -> weld
1   investoripasscom -> investorpasscom
1   investments -> investment
1   investment -> investments
1   interchangeability -> inchangeability
1   inserter -> inser
1   insensitive -> sensitive
1   innovations -> innovation
1   innerwear -> innowear
1   initiative -> initiatives
1   indas -> indias
1   increased -> increase
1   include -> includes
1   in -> you
1   in -> not
1   in -> into
1   in -> from
1   in -> at
1   in -> an
1   in -> about
1   improvements -> improvement
1   improved -> improve
1   imported -> important
1   impacts -> impact
1   im -> i
1   ill -> i
1   if -> that
1   if -> its
1   if -> it
1   i -> outside
1   i -> our
1   i -> ill
1   i -> if
1   i -> id
1   i -> at
1   i -> and
1   hurt -> heard
1   hubristic -> hubistic
1   holyoke -> julioke
1   hololens -> holo
1   hollywood -> holywood
1   historictype -> historic
1   his -> its
1   his -> as
1   highperformance -> high
1   highopportunity -> high
1   higher -> higherthanexpected
1   higher -> higherreturn
1   higher -> highermargin
1   high -> hycierra
1   high -> highvoltage
1   high -> highquality
1   high -> highltvs
1   high -> higher
1   hess -> house
1   hess -> hets
1   henry -> andrew
1   hemodialysis -> hemodaus
1   helped -> help
1   height -> high
1   healthcare -> health
1   headwind -> headwinds
1   he -> you
1   hbv -> hpv
1   have -> voice
1   has -> would
1   harvey -> harveyfirst
1   hardly -> hardley
1   had -> ahead
1   group -> groupbased
1   government -> governments
1   got -> get
1   goodyearbranded -> goodyear
1   going -> can
1   glial -> glile
1   glassware -> glass
1   give -> giveanddaq
1   give -> get
1   getting -> hitting
1   gets -> could
1   gardendale -> gardenale
1   gain -> gains
1   fundamentals -> fundament
1   front -> frontend
1   from -> to
1   from -> rather
1   from -> for
1   fractures -> structure
1   fourwall -> 4wall
1   forward -> forwards
1   foreigndenominated -> foreign
1   forecasts -> forecast
1   for -> to
1   for -> further
1   for -> from
1   for -> frescotia
1   for -> forward
1   followmyhealth -> followmahealth
1   focus -> forecast
1   flyht -> flyk
1   flyht -> fly
1   fluidoverloaded -> fluid
1   fluctuations -> fluctuation
1   flow -> flowthrough
1   flow -> flows
1   florists -> floris
1   floormodel -> floor
1   floor -> fraud
1   float -> flowed
1   flitch -> fresh
1   fixedinterest -> fixed
1   fixed -> fixedprice
1   five -> 5
1   fishing -> fishingwatch
1   fiscal -> difficult
1   fine -> finetuning
1   financial -> financials
1   fin -> fintech
1   film -> foam
1   ferment -> for
1   fenner -> feneric
1   fastest -> fastestgrowing
1   far -> pharma
1   fairy -> fairly
1   extend -> spend
1   express -> expressed
1   expectations -> expectation
1   expansive -> extensive
1   ex -> x
1   everybody -> everybodys
1   every -> everyday
1   even -> if
1   ets -> it
1   escort -> escored
1   equipment -> equipments
1   epti -> ft
1   epra -> uppra
1   environments -> environment
1   engaged -> engage
1   endusers -> end
1   endusers -> and
1   endometriosis -> endomateriosis
1   endmarket -> end
1   end -> interpart
1   emphatic -> emphat
1   eminent -> imminent
1   emerges -> merges
1   emerge -> imerge
1   elpida -> alpita
1   effort -> efforts
1   educating -> educated
1   eds -> ed
1   ebitda -> ebp
1   earning -> earnings
1   dyn -> din
1   due -> you
1   dual -> dualsocket
1   droughttolerant -> drought
1   dragline -> drag
1   down -> on
1   dollarlira -> dollar
1   dividends -> dividend
1   dividend -> diligent
1   distressed -> distress
1   dissonance -> disonance
1   discover -> be
1   dignity -> dignancy
1   dig -> big
1   differentiating -> differentiate
1   did -> do
1   dialysis -> dialys
1   dials -> dial
1   detritus -> detrius
1   desired -> decide
1   described -> describe
1   describe -> disclaim
1   demands -> demand
1   delved -> go
1   deliver -> delivery
1   delhaize -> the
1   deferred -> third
1   deeper -> steeper
1   deductions -> reductions
1   decode -> dcode
1   decode -> d
1   deck -> sectors
1   days -> day
1   datas -> data
1   data -> wafer
1   data -> beta
1   dad -> dead
1   cutting -> cuttingedge
1   crowd -> cloud
1   crematoria -> crematorial
1   creed -> creep
1   credits -> credit
1   credited -> created
1   cranks -> creaks
1   cox -> cock
1   coverage -> recovery
1   count -> comp
1   counsel -> council
1   could -> would
1   could -> can
1   costcontainment -> cost
1   cost -> costreduction
1   cost -> costefficient
1   correspondent -> corresponding
1   controlledrelease -> controlrease
1   contributed -> contributes
1   contrast -> contest
1   continue -> continuing
1   context -> contact
1   content -> of
1   containerboard -> containerboar
1   consumerbranded -> consumer
1   consumer -> consumers
1   constantcurrency -> constant
1   conscience -> conscious
1   conns -> cons
1   conns -> concells
1   concentrate -> concentrated
1   competitors -> competitor
1   competitive -> comparative
1   commitments -> commitment
1   comes -> will
1   coexist -> coexiate
1   co -> coinvest
1   class -> cars
1   citing -> siting
1   citing -> siding
1   cimbria -> cambria
1   chriss -> chris
1   chemicals -> chemical
1   charge -> chargeoffs
1   changed -> change
1   ceramic -> ceramics
1   center -> centers
1   cellular -> sellular
1   cell -> cells
1   causes -> caused
1   cause -> course
1   causality -> cosali
1   cascades -> cascade
1   cares -> carriers
1   cares -> carolina
1   capitals -> capital
1   can -> going
1   called -> call
1   but -> where
1   but -> what
1   but -> visits
1   but -> that
1   business -> do
1   build -> builders
1   budgets -> budget
1   broader -> broad
1   bottomsup -> bottoms
1   bless -> blessed
1   blend -> blame
1   biz -> businesses
1   billing -> billings
1   bezeq -> bezak
1   best -> bestinclass
1   bereavement -> believement
1   benefits -> benefit
1   believed -> believe
1   beliefs -> belief
1   been -> being
1   beds -> new
1   because -> doug
1   be -> being
1   bd -> bdps
1   bases -> basis
1   barents -> barron
1   barents -> barren
1   barents -> barn
1   bankings -> banking
1   bank -> banking
1   ban -> band
1   bad -> fed
1   availed -> available
1   at -> the
1   at -> that
1   assetsensitive -> asset
1   asked -> ask
1   ask -> answer
1   asiapacific -> asia
1   asaps -> aseps
1   asanko -> asanco
1   as -> we
1   as -> us
1   as -> that
1   as -> ones
1   as -> its
1   as -> askansas
1   as -> and
1   around -> on
1   area -> eria
1   area -> areas
1   are -> seen
1   are -> or
1   are -> of
1   are -> is
1   are -> have
1   arb1467 -> arb16
1   applications -> application
1   applesandapples -> apples
1   app -> out
1   anthrax -> athreats
1   another -> other
1   another -> annual
1   annually -> only
1   announced -> announce
1   and -> than
1   and -> teachers
1   and -> moneysaving
1   and -> it
1   and -> into
1   and -> im
1   and -> calvinas
1   and -> but
1   and -> are
1   and -> an
1   an -> had
1   an -> and
1   amount -> amounts
1   always -> heard
1   also -> those
1   already -> readyfined
1   already -> only
1   allowed -> allow
1   allnew -> all
1   alleles -> aeals
1   all -> other
1   all -> allseason
1   all -> allbank
1   alders -> all
1   airframers -> air
1   air -> airprom
1   agents -> agent
1   agent -> atent
1   afirs -> with
1   afirs -> afiers
1   affected -> effective
1   advisable -> advisible
1   advanced -> advance
1   adopt -> ad
1   administrations -> administration
1   additional -> a
1   adding -> having
1   actually -> naturally
1   actually -> essentially
1   actually -> energy
1   activating -> activated
1   across -> to
1   acquisitions -> acquisition
1   acheson -> atcherson
1   account -> accountbycount
1   acceleration -> deceleration
1   about -> by
1   abilities -> capabilities
1   a -> new
1   a -> its
1   a -> for
1   a -> arismatic
1   a -> an
1   a -> 100
1   7th -> seventh
1   700000 -> 700
1   6th -> sixthgeneration
1   60dayplus -> 60day
1   479 -> 47
1   3satellite -> 3
1   3 -> to
1   3 -> free
1   3 -> 3plus
1   2bprecise -> 2b
1   2018 -> 18
1   2 -> two
1   12 -> 12store
1   110 -> 10
1   100s -> hundreds
1   100000 -> 100
1   0 -> zerovalue

DELETIONS: count ref
55   the
49   and
48   a
26   are
23   is
20   have
18   of
18   it
15   to
12   will
11   that
11   in
11   i
9   or
8   we
7   you
6   an
5   our
5   be
5   at
5   as
4   well
4   so
4   on
4   just
4   its
3   would
3   there
3   then
3   has
3   am
3   about
2   yes
2   with
2   what
2   was
2   up
2   this
2   think
2   they
2   service
2   off
2   now
2   lot
2   line
2   im
2   generation
2   from
2   expand
2   day
2   current
2   by
2   based
1   youre
1   your
1   years
1   wouldnt
1   where
1   when
1   were
1   week
1   website
1   watch
1   voltage
1   viewers
1   very
1   vat
1   var
1   value
1   utilization
1   us
1   tuning
1   tshirts
1   ts
1   treatment
1   times
1   time
1   thus
1   through
1   thousand
1   things
1   thierry
1   theres
1   therefore
1   thanks
1   than
1   tech
1   take
1   store
1   stock
1   southwest
1   source
1   sort
1   solving
1   softening
1   socket
1   sierra
1   shares
1   share
1   sells
1   seeing
1   season
1   scotia
1   say
1   said
1   room
1   revenue
1   return
1   reduction
1   really
1   quilt
1   quality
1   q1
1   primarily
1   price
1   plus
1   pieps
1   perm
1   pending
1   payer
1   pay
1   parts
1   partner
1   own
1   ought
1   okay
1   offs
1   nottoodistant
1   not
1   nii
1   nice
1   million
1   mean
1   margin
1   making
1   ltvs
1   lower
1   loved
1   life
1   know
1   kind
1   investment
1   invest
1   ill
1   hey
1   headquarters
1   hand
1   growth
1   growing
1   good
1   gh
1   get
1   front
1   for
1   first
1   film
1   expected
1   everyone
1   even
1   end
1   efficient
1   edge
1   earth
1   do
1   developers
1   denominated
1   demand
1   defined
1   david
1   date
1   could
1   contracts
1   continuing
1   consol
1   comes
1   class
1   charismatic
1   cast
1   call
1   but
1   building
1   brownie
1   brexit
1   box
1   bob
1   board
1   bank
1   balancing
1   bait
1   backs
1   back
1   around
1   almost
1   air
1   account
1   8
1   2

INSERTIONS: count hyp
30   the
24   and
24   a
19   of
12   in
9   will
9   to
9   are
8   that
8   so
8   it
8   have
7   is
7   as
6   we
5   you
5   our
5   but
4   year
4   up
4   on
4   now
3   yes
3   with
3   well
3   valueadded
3   this
3   term
3   service
3   point
3   branded
3   be
3   at
2   where
2   were
2   very
2   users
2   time
2   there
2   supermarket
2   met
2   mean
2   market
2   line
2   just
2   im
2   i
2   bit
2   an
1   years
1   would
1   while
1   which
1   when
1   wear
1   valued
1   understood
1   type
1   truest
1   treat
1   touch
1   tom
1   things
1   then
1   them
1   than
1   terminal
1   swap
1   surgery
1   support
1   summer
1   sum
1   suit
1   statement
1   state
1   sorry
1   some
1   show
1   shops
1   set
1   sensitive
1   screen
1   say
1   satellite
1   roll
1   reported
1   rep1
1   reinvest
1   really
1   quantum
1   puts
1   procedure
1   probably
1   primary
1   precise
1   plus
1   plants
1   performance
1   pacific
1   overloaded
1   out
1   opportunity
1   onwards
1   one
1   okay
1   notes
1   no
1   new
1   my
1   model
1   maybe
1   masked
1   margin
1   many
1   man
1   loss
1   lorillard
1   like
1   lifting
1   lens
1   lending
1   leis
1   left
1   late
1   labordador
1   laborator
1   kind
1   joined
1   its
1   io
1   interest
1   if
1   how
1   has
1   guess
1   growth
1   good
1   friendly
1   framers
1   for
1   f
1   exit
1   doc
1   do
1   discovered
1   deposits
1   denominated
1   decent
1   currency
1   cross
1   containment
1   come
1   code
1   coaster
1   cloud
1   chain
1   certain
1   care
1   cardiovascular
1   carbon
1   capitalized
1   cap
1   can
1   business
1   bulls
1   book
1   bevs
1   best
1   being
1   bankers
1   aprs
1   apples
1   any
1   am
1   actually
1   59
1   3

PER-WORD STATS: word  corr tot_errs count_in_ref count_in_hyp
the   5175 174 5275 5249
and   3183 150 3272 3244
a   1722 142 1807 1779
in   2293 100 2345 2341
we   2390 77 2432 2425
of   2672 60 2698 2706
is   1030 57 1066 1051
that   1978 56 2010 2002
are   830 53 865 848
have   756 50 792 770
to   3343 44 3370 3360
it   563 43 591 578
you   852 40 869 875
will   495 40 516 514
were   473 34 487 493
cost   101 31 105 128
weve   212 30 225 229
as   907 30 922 922
well   265 29 281 278
i   698 28 720 704
our   1796 27 1812 1807
on   973 27 986 987
costs   29 26 53 31
so   577 21 588 587
this   729 20 740 738
its   294 20 304 304
there   275 19 289 280
at   403 19 414 411
had   135 18 138 150
but   418 18 423 431
they   199 17 214 201
an   233 17 243 240
would   206 16 213 215
with   680 15 685 690
their   158 15 164 167
or   266 15 279 268
one   133 13 135 144
has   223 13 233 226
theres   77 12 80 86
high   43 11 48 49
for   908 11 914 913
1   18 11 25 22
youve   23 10 29 27
im   82 10 85 89
be   591 10 597 595
theyre   31 9 32 39
now   212 9 216 217
these   237 8 241 241
market   265 8 267 271
if   190 8 193 195
could   90 8 93 95
continue   201 8 204 206
up   158 7 161 162
truworths   2 7 9 2
just   239 7 243 242
from   374 7 379 376
can   275 7 279 278
where   177 6 179 181
time   173 6 175 177
then   151 6 156 152
than   153 6 156 156
service   66 6 68 70
plan   66 6 68 70
out   166 6 168 170
continued   53 6 57 55
all   207 6 210 210
3   41 6 44 44
youre   64 5 68 65
youll   28 5 30 31
yes   27 5 29 30
year   372 5 373 376
when   170 5 173 172
through   159 5 160 163
theyve   9 5 10 13
thats   165 5 168 167
remained   4 5 8 5
remain   43 5 44 47
products   139 5 142 141
product   127 5 129 130
new   239 5 240 243
markets   96 5 100 97
higher   68 5 71 70
full   64 5 64 69
about   291 5 295 292
2   67 5 69 70
your   154 4 156 156
who   64 4 66 66
what   335 4 338 336
was   248 4 252 248
very   313 4 315 315
valueadded   4 4 4 8
truest   0 4 0 4
some   317 4 318 320
pay   17 4 20 18
other   170 4 171 173
mean   26 4 27 29
line   65 4 67 67
levels   35 4 38 36
level   51 4 52 54
get   125 4 126 128
flyht   2 4 6 2
event   8 4 10 10
even   56 4 58 58
end   94 4 96 96
do   260 4 261 263
day   29 4 31 31
am   23 4 26 24
actually   66 4 69 67
100   7 4 7 11
win   11 3 14 11
want   99 3 100 101
vuforia   0 3 3 0
use   40 3 42 41
us   330 3 331 332
under   36 3 38 37
two   1 3 3 2
those   197 3 197 200
third   71 3 72 73
think   329 3 332 329
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